Ituran (ITRN) delivers robust recurring revenue growth, strong free cash flow, and outsized capital returns, supporting a continued Buy rating. Subscriber base expanded by 221,000 in 2025, driving 9% subscription revenue growth and underpinning high-margin, predictable cash generation. OEM partnerships with Stellantis, Renault, BMW Motorrad, and Yamaha secure future subscriber growth and embed ITRN's technology at the factory level.