Insteel Industries, Inc. (IIIN) 10-Year Financial Performance & Capital Metrics

IIIN • • Industrial / General

IndustrialsMetal FabricationConstruction & Infrastructure ProductsConstruction Steel Products

AboutInsteel Industries, Inc., together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete construction applications. The company offers prestressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. Its PC strand is a seven-wire strand that is used to impart compression forces into precast concrete elements and structures providing reinforcement for bridges, parking decks, buildings, and other concrete structures. The company's WWR engineered reinforcing product is used in nonresidential and residential construction. It produces a range of WWR products, such as engineered structural mesh, an engineered made-to-order product that is used as the primary reinforcement for concrete elements or structures serving as a reinforcing solution for hot-rolled rebar; concrete pipe reinforcement, an engineered made-to-order product, which is used as the primary reinforcement in concrete pipe, box culverts, and precast manholes for drainage and sewage systems, water treatment facilities, and other related applications; and standard welded wire reinforcement, a secondary reinforcing product for crack control applications in residential and light nonresidential construction, including driveways, sidewalks, and various slab-on-grade applications. The company sells its products through sales representatives to the manufacturers of concrete products, rebar fabricators, distributors, and contractors primarily in the United States, Canada, Mexico, and Central and South America. Insteel Industries, Inc. was founded in 1953 and is headquartered in Mount Airy, North Carolina.Show more

Revenue $648M +22.4%
EBITDA $73M +105.4%
Net Income $41M +112.5%
EPS (Diluted) 2.10 +112.1%
Gross Margin 14.43% +53.8%
EBITDA Margin 11.24% +67.8%
Operating Margin 8.4% +121.9%
Net Margin 6.33% +73.6%
ROE 11.36% +115.4%
ROIC 13.85% +129.9%
Debt/Equity 0.04 +767.2%
Interest Coverage 1046.85 +364.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 16.6%
✓Healthy dividend yield of 3.5%
✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.77%

5Y6.51%

3Y-7.82%

TTM22.39%

Profit (Net Income) CAGR

10Y6.57%

5Y16.63%

3Y-31.03%

TTM112.48%

EPS CAGR

10Y6.21%

5Y16.47%

3Y-30.92%

TTM112.12%

ROCE

10Y Avg16.95%

5Y Avg20.27%

3Y Avg9.27%

Latest14.1%

Peer Comparison

Construction Steel Products

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IIINInsteel Industries, Inc.	624.56M	32.20	15.33	22.39%	6.33%	11.04%	3.03%	0.04
SGBXSafe & Green Holdings Corp.	10.14M	1.64	-0.00	-69.88%	-5.69%	-77.2%

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	418.55M	388.87M	453.22M	455.71M	472.62M	590.6M	826.83M	649.19M	529.2M	647.71M
Revenue Growth %	-0.06%	-0.07%	0.17%	0.01%	0.04%	0.25%	0.4%	-0.21%	-0.18%	0.22%
Cost of Goods Sold+	333.36M	329.09M	382.41M	425.65M	416.83M	469.05M	629.52M	583.79M	479.57M	554.27M
COGS % of Revenue	0.8%	0.85%	0.84%	0.93%	0.88%	0.79%	0.76%	0.9%	0.91%	0.86%
Gross Profit+	85.19M	59.78M	70.81M	30.06M	55.79M	121.55M	197.31M	65.4M	49.63M	93.44M
Gross Margin %	0.2%	0.15%	0.16%	0.07%	0.12%	0.21%	0.24%	0.1%	0.09%	0.14%
Gross Profit Growth %	0.46%	-0.3%	0.18%	-0.58%	0.86%	1.18%	0.62%	-0.67%	-0.24%	0.88%
Operating Expenses+	28.61M	25.51M	28.3M	24.5M	31.35M	32.39M	36.05M	30.68M	29.59M	39M
OpEx % of Revenue	0.07%	0.07%	0.06%	0.05%	0.07%	0.05%	0.04%	0.05%	0.06%	0.06%
Selling, General & Admin	28.61M	25.51M	28.3M	24.5M	31.35M	32.39M	36.05M	30.68M	29.59M	39M
SG&A % of Revenue	0.07%	0.07%	0.06%	0.05%	0.07%	0.05%	0.04%	0.05%	0.06%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-183K	-53K	-274K	0	0	0	0	0	0	0
Operating Income+	56.58M	34.27M	42.5M	7.62M	24.44M	89.16M	161.26M	34.71M	20.04M	54.44M
Operating Margin %	0.14%	0.09%	0.09%	0.02%	0.05%	0.15%	0.2%	0.05%	0.04%	0.08%
Operating Income Growth %	0.74%	-0.39%	0.24%	-0.82%	2.21%	2.65%	0.81%	-0.78%	-0.42%	1.72%
EBITDA+	68.12M	45.92M	55.32M	21.18M	38.69M	103.68M	175.75M	48.02M	35.45M	72.83M
EBITDA Margin %	0.16%	0.12%	0.12%	0.05%	0.08%	0.18%	0.21%	0.07%	0.07%	0.11%
EBITDA Growth %	0.53%	-0.33%	0.2%	-0.62%	0.83%	1.68%	0.7%	-0.73%	-0.26%	1.05%
D&A (Non-Cash Add-back)	11.54M	11.65M	12.82M	13.55M	14.26M	14.52M	14.49M	13.3M	15.41M	18.39M
EBIT	56.45M	34.3M	42.74M	7.62M	24.28M	86.2M	161.82M	41.84M	25.38M	53.86M
Net Interest Income+	8K	112K	401K	125K	367K	-75K	235K	3.62M	5.34M	2.02M
Interest Income	166K	248K	515K	293K	473K	21K	326K	3.71M	5.43M	2.07M
Interest Expense	158K	136K	114K	168K	106K	96K	91K	87K	89K	52K
Other Income/Expense	-2.83M	-105K	127K	-168K	-269K	-3.06M	465K	7.04M	5.25M	-631K
Pretax Income+	56.29M	34.17M	42.63M	7.46M	24.17M	86.1M	161.73M	41.76M	25.29M	53.8M
Pretax Margin %	0.13%	0.09%	0.09%	0.02%	0.05%	0.15%	0.2%	0.06%	0.05%	0.08%
Income Tax+	19.05M	11.62M	6.36M	1.86M	5.16M	19.49M	36.72M	9.34M	5.98M	12.79M
Effective Tax Rate %	0.66%	0.66%	0.85%	0.75%	0.79%	0.77%	0.77%	0.78%	0.76%	0.76%
Net Income+	37.24M	22.55M	36.27M	5.6M	19.01M	66.61M	125.01M	32.41M	19.3M	41.02M
Net Margin %	0.09%	0.06%	0.08%	0.01%	0.04%	0.11%	0.15%	0.05%	0.04%	0.06%
Net Income Growth %	0.72%	-0.39%	0.61%	-0.85%	2.4%	2.5%	0.88%	-0.74%	-0.4%	1.12%
Net Income (Continuing)	37.24M	22.55M	36.27M	5.6M	19.01M	66.61M	125.01M	32.41M	19.3M	41.02M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.95	1.17	1.88	0.29	0.98	3.41	6.37	1.66	0.99	2.10
EPS Growth %	0.7%	-0.4%	0.61%	-0.85%	2.38%	2.48%	0.87%	-0.74%	-0.4%	1.12%
EPS (Basic)	1.99	1.19	1.90	0.29	0.99	3.44	6.41	1.66	0.99	2.11
Diluted Shares Outstanding	19.05M	19.22M	19.28M	19.34M	19.38M	19.53M	19.63M	19.57M	19.57M	19.56M
Basic Shares Outstanding	18.75M	19.01M	19.08M	19.24M	19.28M	19.34M	19.52M	19.5M	19.5M	19.48M
Dividend Payout Ratio	0.56%	1.15%	0.59%	0.41%	0.12%	0.47%	0.33%	1.27%	2.64%	0.53%

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	180.49M	160.19M	195.48M	160.58M	197.04M	246.91M	335.33M	298.85M	267.29M	261.95M
Cash & Short-Term Investments	58.87M	32.1M	43.94M	38.18M	68.69M	89.88M	48.32M	125.67M	111.54M	38.63M
Cash Only	58.87M	32.1M	43.94M	38.18M	68.69M	89.88M	48.32M	125.67M	111.54M	38.63M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	47.39M	40.28M	51.48M	44.18M	53.82M	67.92M	81.65M	63.42M	59.66M	78.72M
Days Sales Outstanding	41.33	37.81	41.46	35.39	41.56	41.97	36.04	35.66	41.15	44.36
Inventory	71.19M	81.85M	94.16M	70.85M	68.96M	79.05M	197.65M	103.31M	88.84M	137.78M
Days Inventory Outstanding	77.94	90.78	89.87	60.76	60.39	61.51	114.6	64.59	67.62	90.73
Other Current Assets	1.23M	5.95M	2.05M	2.83M	1.47M	4.89M	3.15M	2.41M	2.75M	6.82M
Total Non-Current Assets+	112.41M	122.88M	134.06M	132.43M	140.86M	143.8M	136.41M	148.66M	155.26M	200.7M
Property, Plant & Equipment	88.19M	98.67M	106.15M	104.96M	101.39M	105.62M	108.16M	121.95M	127.24M	128.69M
Fixed Asset Turnover	4.75x	3.94x	4.27x	4.34x	4.66x	5.59x	7.64x	5.32x	4.16x	5.03x
Goodwill	6.96M	6.96M	8.29M	8.29M	9.74M	9.74M	9.74M	9.74M	9.74M	37.76M
Intangible Assets	9.06M	7.91M	9.7M	8.61M	8.57M	7.67M	6.85M	6.09M	5.34M	16.55M
Long-Term Investments	170K	105K	40K	237K	170K	106K	41K	175K	125K	0
Other Non-Current Assets	8.18M	9.33M	9.91M	10.56M	21.16M	20.77M	4.94M	3.75M	12.8M	17.7M
Total Assets+	292.89M	283.07M	329.53M	293.01M	337.9M	390.71M	471.75M	447.51M	422.55M	462.65M
Asset Turnover	1.43x	1.37x	1.38x	1.56x	1.40x	1.51x	1.75x	1.45x	1.25x	1.40x
Asset Growth %	0.13%	-0.03%	0.16%	-0.11%	0.15%	0.16%	0.21%	-0.05%	-0.06%	0.09%
Total Current Liabilities+	53.78M	42.32M	71.99M	28.41M	53.68M	68.85M	62.6M	46.16M	47.03M	66.01M
Accounts Payable	42.76M	33.65M	60.06M	21.59M	38.96M	49.44M	46.8M	34.35M	37.49M	48.17M
Days Payables Outstanding	46.82	37.32	57.32	18.52	34.12	38.47	27.13	21.47	28.53	31.72
Short-Term Debt	0	0	0	0	1.23M	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	-999K	433K	0
Other Current Liabilities	2.95M	1.65M	2.99M	4.24M	7.32M	991K	6.67M	999K	4.36M	-3.5M
Current Ratio	3.36x	3.79x	2.72x	5.65x	3.67x	3.59x	5.36x	6.47x	5.68x	3.97x
Quick Ratio	2.03x	1.85x	1.41x	3.16x	2.39x	2.44x	2.20x	4.24x	3.79x	1.88x
Cash Conversion Cycle	72.45	91.27	74.01	77.62	67.83	65.01	123.51	78.78	80.24	103.37
Total Non-Current Liabilities+	14.54M	17.38M	15.88M	18.58M	19.42M	19.82M	19.41M	19.85M	24.66M	25.11M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	1.3M	695K	572K	936K	811K	12M
Deferred Tax Liabilities	5.47M	8.1M	5.34M	6.9M	6.57M	6.3M	7.09M	7.54M	11.63M	8M
Other Non-Current Liabilities	9.07M	9.28M	10.54M	11.68M	11.55M	12.83M	11.75M	11.37M	12.22M	5.11M
Total Liabilities	68.33M	59.7M	87.87M	46.99M	73.1M	88.67M	82M	66.01M	71.7M	91.12M
Total Debt+	0	0	0	0	2.53M	1.73M	1.57M	1.94M	1.69M	15.5M
Net Debt	-58.87M	-32.1M	-43.94M	-38.18M	-66.16M	-88.16M	-46.75M	-123.73M	-109.85M	-23.13M
Debt / Equity	-	-	-	-	0.01x	0.01x	0.00x	0.01x	0.00x	0.04x
Debt / EBITDA	-	-	-	-	0.07x	0.02x	0.01x	0.04x	0.05x	0.21x
Net Debt / EBITDA	-0.86x	-0.70x	-0.79x	-1.80x	-1.71x	-0.85x	-0.27x	-2.58x	-3.10x	-0.32x
Interest Coverage	358.10x	252.01x	372.83x	45.38x	230.56x	928.75x	1772.11x	399.00x	225.18x	1046.85x
Total Equity+	224.57M	223.38M	241.66M	246.02M	264.8M	302.04M	389.74M	381.5M	350.86M	371.53M
Equity Growth %	0.12%	-0.01%	0.08%	0.02%	0.08%	0.14%	0.29%	-0.02%	-0.08%	0.06%
Book Value per Share	11.79	11.62	12.54	12.72	13.66	15.46	19.86	19.50	17.92	19.00
Total Shareholders' Equity	224.57M	223.38M	241.66M	246.02M	264.8M	302.04M	389.74M	381.5M	350.86M	371.53M
Common Stock	18.98M	19.04M	19.22M	19.26M	19.3M	19.41M	19.48M	19.45M	19.45M	19.42M
Retained Earnings	139.31M	135.85M	151.08M	154.37M	171.07M	206.38M	289.25M	278.5M	245.34M	262.75M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.54M	-1.33M	-1.49M	-2.25M	-1.96M	-2.44M	-977K	-283K	-608K	-36K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	54.54M	20.3M	53.97M	6.61M	56.22M	69.88M	5.67M	142.2M	58.21M	27.16M
Operating CF Margin %	0.13%	0.05%	0.12%	0.01%	0.12%	0.12%	0.01%	0.22%	0.11%	0.04%
Operating CF Growth %	0.52%	-0.63%	1.66%	-0.88%	7.51%	0.24%	-0.92%	24.08%	-0.59%	-0.53%
Net Income	37.24M	22.55M	36.27M	5.6M	19.01M	66.61M	125.01M	32.41M	19.3M	41.02M
Depreciation & Amortization	11.54M	11.65M	12.82M	13.55M	14.26M	14.52M	14.49M	13.3M	15.41M	18.39M
Stock-Based Compensation	2.44M	2.25M	2.08M	2.06M	2.03M	1.99M	2.43M	2.42M	3.07M	3.49M
Deferred Taxes	536K	2.5M	-2.81M	1.8M	-424K	-118K	327K	238K	4.2M	-748K
Other Non-Cash Items	-1.43M	-1.22M	-107K	-1.81M	-1.15M	72K	-779K	-3.75M	-1.38M	726K
Working Capital Changes	4.2M	-17.42M	5.72M	-14.59M	22.5M	-13.2M	-135.8M	97.56M	17.61M	-35.71M
Change in Receivables	-607K	7.11M	-11.2M	7.3M	-5.81M	-14.1M	-13.73M	18.22M	5.12M	-20.41M
Change in Inventory	-5.18M	-10.67M	-12.3M	23.31M	5.06M	-10.09M	-118.61M	94.35M	14.47M	-36.47M
Change in Payables	9.01M	-11.93M	28.23M	-42.59M	20.16M	11.89M	-1.96M	-16.95M	-639K	19.26M
Cash from Investing+	-12.97M	-20.88M	-21.94M	-9.56M	-23.17M	-17.8M	-6.04M	-20.9M	-19.64M	-75.67M
Capital Expenditures	-12.98M	-20.57M	-18.45M	-10.51M	-7.11M	-17.5M	-15.9M	-30.7M	-19.15M	-8.21M
CapEx % of Revenue	0.03%	0.05%	0.04%	0.02%	0.02%	0.03%	0.02%	0.05%	0.04%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	5K	-305K	-190K	-255K	2.3M	-305K	9.86M	-118K	-492K	4.63M
Cash from Financing+	-15.95M	-26.19M	-20.19M	-2.81M	-2.54M	-30.88M	-41.2M	-43.95M	-52.7M	-24.4M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-20.86M	-26.01M	-21.33M	-2.31M	-2.31M	-31.29M	-41.16M	-41.25M	-50.94M	-21.76M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-144K	-287K	-942K	-263K	0	-665K	1.17M	-193K	76K	-425K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	41.56M	-272K	35.52M	-3.9M	49.11M	52.38M	-10.23M	111.5M	39.06M	18.95M
FCF Margin %	0.1%	-0%	0.08%	-0.01%	0.1%	0.09%	-0.01%	0.17%	0.07%	0.03%
FCF Growth %	0.53%	-1.01%	131.59%	-1.11%	13.58%	0.07%	-1.2%	11.9%	-0.65%	-0.51%
FCF per Share	2.18	-0.01	1.84	-0.20	2.53	2.68	-0.52	5.70	2.00	0.97
FCF Conversion (FCF/Net Income)	1.46x	0.90x	1.49x	1.18x	2.96x	1.05x	0.05x	4.39x	3.02x	0.66x
Interest Paid	0	0	0	49K	0	0	0	0	0	0
Taxes Paid	19.18M	9.3M	7.78M	1.74M	1.92M	16.8M	41.48M	7.83M	3.33M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	17.54%	10.07%	15.6%	2.3%	7.44%	23.5%	36.14%	8.41%	5.27%	11.36%
Return on Invested Capital (ROIC)	25.51%	14.4%	16.39%	2.82%	9.02%	32.42%	43.44%	8.67%	6.03%	13.85%
Gross Margin	20.35%	15.37%	15.62%	6.6%	11.8%	20.58%	23.86%	10.07%	9.38%	14.43%
Net Margin	8.9%	5.8%	8%	1.23%	4.02%	11.28%	15.12%	4.99%	3.65%	6.33%
Debt / Equity	-	-	-	-	0.01x	0.01x	0.00x	0.01x	0.00x	0.04x
Interest Coverage	358.10x	252.01x	372.83x	45.38x	230.56x	928.75x	1772.11x	399.00x	225.18x	1046.85x
FCF Conversion	1.46x	0.90x	1.49x	1.18x	2.96x	1.05x	0.05x	4.39x	3.02x	0.66x
Revenue Growth	-6.47%	-7.09%	16.55%	0.55%	3.71%	24.96%	40%	-21.48%	-18.48%	22.39%

Revenue by Segment

	2015	2016	2017	2019	2020	2021	2022	2023	2024	2025
Welded Wire Reinforcement	255.22M	256.8M	239.52M	290.42M	294.13M	358.33M	495.4M	375.77M	305.77M	424.53M
Welded Wire Reinforcement Growth	-	0.62%	-6.73%	21.25%	1.28%	21.83%	38.25%	-24.15%	-18.63%	38.84%
PC Strand	192.28M	161.75M	149.35M	165.29M	178.49M	232.27M	331.43M	273.42M	223.43M	223.18M
PC Strand Growth	-	-15.88%	-7.66%	10.67%	7.99%	30.13%	42.69%	-17.50%	-18.28%	-0.11%

Revenue by Geography

	2015	2016	2017	2019	2020	2021	2022	2023	2024	2025
UNITED STATES	444.48M	416.39M	387.2M	454.37M	470.42M	583.46M	820.64M	643.16M	526.7M	644.02M
UNITED STATES Growth	-	-6.32%	-7.01%	17.35%	3.53%	24.03%	40.65%	-21.63%	-18.11%	22.28%
Non-US	-	-	-	1.34M	2.2M	7.14M	6.19M	6.03M	2.5M	3.68M
Non-US Growth	-	-	-	-	64.03%	224.98%	-13.33%	-2.57%	-58.52%	47.24%
Foreign	3.03M	2.16M	1.67M	-	-	-	-	-	-	-
Foreign Growth	-	-28.82%	-22.45%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Insteel Industries, Inc. (IIIN) has a price-to-earnings (P/E) ratio of 15.3x. This is roughly in line with market averages.

Growth & Financials

Insteel Industries, Inc. (IIIN) reported $647.7M in revenue for fiscal year 2025. This represents a 78% increase from $363.3M in 2012.

Insteel Industries, Inc. (IIIN) grew revenue by 22.4% over the past year. This is strong growth.

Yes, Insteel Industries, Inc. (IIIN) is profitable, generating $41.0M in net income for fiscal year 2025 (6.3% net margin).

Dividend & Returns

Yes, Insteel Industries, Inc. (IIIN) pays a dividend with a yield of 3.46%. This makes it attractive for income-focused investors.

Insteel Industries, Inc. (IIIN) has a return on equity (ROE) of 11.4%. This is reasonable for most industries.

Insteel Industries, Inc. (IIIN) generated $18.9M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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