Latest Ratios: P/E Ratio 13.9x · EV/EBITDA 7.3x · ROE 11.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $566M | $753M | $609M | $635M | $521M | $743M | $362M | $397M | $692M | $502M | $691M |
| Enterprise Value | $531M | $718M | $499M | $511M | $474M | $655M | $296M | $359M | $648M | $470M | $632M |
| P/E Ratio → | 13.87 | 18.33 | 31.40 | 19.55 | 4.16 | 11.16 | 19.08 | 70.79 | 19.09 | 22.32 | 18.58 |
| P/S Ratio | 0.87 | 1.16 | 1.15 | 0.98 | 0.63 | 1.26 | 0.77 | 0.87 | 1.53 | 1.29 | 1.65 |
| P/B Ratio | 1.53 | 2.03 | 1.73 | 1.66 | 1.34 | 2.46 | 1.37 | 1.61 | 2.86 | 2.25 | 3.08 |
| P/FCF | 29.87 | 39.72 | 15.58 | 5.70 | — | 14.19 | 7.38 | — | 19.47 | — | 16.62 |
| P/OCF | 20.84 | 27.71 | 10.46 | 4.47 | 91.84 | 10.64 | 6.45 | 60.09 | 12.82 | 24.71 | 12.66 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.11 | 0.94 | 0.79 | 0.57 | 1.11 | 0.63 | 0.79 | 1.43 | 1.21 | 1.51 |
| EV / EBITDA | 7.30 | 9.86 | 14.07 | 10.65 | 2.70 | 6.32 | 7.66 | 16.95 | 11.71 | 10.23 | 9.27 |
| EV / EBIT | 9.76 | 13.33 | 19.65 | 12.22 | 2.93 | 7.60 | 12.21 | 47.08 | 15.15 | 13.69 | 11.19 |
| EV / FCF | — | 37.89 | 12.77 | 4.59 | — | 12.51 | 6.03 | — | 18.24 | — | 15.20 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.4% | 14.4% | 9.4% | 10.1% | 23.9% | 20.6% | 11.8% | 6.6% | 15.6% | 15.4% | 20.4% |
| Operating Margin | 8.4% | 8.4% | 3.8% | 5.3% | 19.5% | 15.1% | 5.2% | 1.7% | 9.4% | 8.8% | 13.5% |
| Net Profit Margin | 6.3% | 6.3% | 3.6% | 5.0% | 15.1% | 11.3% | 4.0% | 1.2% | 8.0% | 5.8% | 8.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.4% | 11.4% | 5.3% | 8.4% | 36.1% | 23.5% | 7.4% | 2.3% | 15.6% | 10.1% | 17.5% |
| ROA | 9.3% | 9.3% | 4.4% | 7.1% | 29.0% | 18.3% | 6.0% | 1.8% | 11.8% | 7.8% | 13.5% |
| ROIC | 14.1% | 14.1% | 6.0% | 8.7% | 43.4% | 32.4% | 9.0% | 2.8% | 16.4% | 14.4% | 25.5% |
| ROCE | 14.1% | 14.1% | 5.2% | 8.6% | 44.1% | 29.4% | 8.9% | 2.9% | 17.1% | 14.3% | 25.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.00 | 0.01 | 0.00 | 0.01 | 0.01 | — | — | — | — |
| Debt / EBITDA | 0.05 | 0.05 | 0.05 | 0.04 | 0.01 | 0.02 | 0.07 | — | — | — | — |
| Net Debt / Equity | — | -0.09 | -0.31 | -0.32 | -0.12 | -0.29 | -0.25 | -0.16 | -0.18 | -0.14 | -0.26 |
| Net Debt / EBITDA | -0.48 | -0.48 | -3.10 | -2.58 | -0.27 | -0.85 | -1.71 | -1.80 | -0.79 | -0.70 | -0.86 |
| Debt / FCF | — | -1.83 | -2.81 | -1.11 | — | -1.68 | -1.35 | — | -1.24 | — | -1.42 |
| Interest Coverage | 1035.71 | 1035.71 | 285.12 | 480.94 | 1778.22 | 897.91 | 229.02 | 45.38 | 374.95 | 252.24 | 357.27 |
Net cash position: cash ($39M) exceeds total debt ($4M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.97 | 3.97 | 5.68 | 6.47 | 5.36 | 3.59 | 3.67 | 5.65 | 2.72 | 3.79 | 3.36 |
| Quick Ratio | 1.88 | 1.88 | 3.79 | 4.24 | 2.20 | 2.44 | 2.39 | 3.16 | 1.41 | 1.85 | 2.03 |
| Cash Ratio | 0.59 | 0.59 | 2.37 | 2.72 | 0.77 | 1.31 | 1.28 | 1.34 | 0.61 | 0.76 | 1.09 |
| Asset Turnover | — | 1.40 | 1.25 | 1.45 | 1.75 | 1.51 | 1.40 | 1.56 | 1.38 | 1.37 | 1.43 |
| Inventory Turnover | 4.02 | 4.02 | 5.40 | 5.65 | 3.18 | 5.93 | 6.04 | 6.01 | 4.06 | 4.02 | 4.68 |
| Days Sales Outstanding | — | 44.36 | 41.15 | 35.66 | 36.04 | 41.97 | 41.56 | 35.39 | 41.46 | 37.81 | 41.33 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.8% | 2.9% | 8.4% | 6.5% | 7.9% | 4.2% | 0.6% | 0.6% | 3.1% | 5.2% | 3.0% |
| Payout Ratio | 53.0% | 53.0% | 263.9% | 127.3% | 32.9% | 47.0% | 12.2% | 41.3% | 58.8% | 115.4% | 56.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 5.5% | 3.2% | 5.1% | 24.0% | 9.0% | 5.2% | 1.4% | 5.2% | 4.5% | 5.4% |
| FCF Yield | 3.3% | 2.5% | 6.4% | 17.6% | — | 7.0% | 13.5% | — | 5.1% | — | 6.0% |
| Buyback Yield | 0.4% | 0.3% | 0.3% | 0.4% | 0.2% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.2% | 3.2% | 8.7% | 6.9% | 8.1% | 4.2% | 0.6% | 0.6% | 3.1% | 5.2% | 3.0% |
| Shares Outstanding | — | $20M | $20M | $20M | $20M | $20M | $19M | $19M | $19M | $19M | $19M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying IIIN stock.
Insteel Industries, Inc.'s current P/E ratio is 13.9x. The historical average is 21.2x. This places it at the 43th percentile of its historical range.
Insteel Industries, Inc.'s current EV/EBITDA is 7.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.7x.
Insteel Industries, Inc.'s return on equity (ROE) is 11.4%. The historical average is 9.0%.
Based on historical data, Insteel Industries, Inc. is trading at a P/E of 13.9x. This is at the 43th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Insteel Industries, Inc.'s current dividend yield is 3.82% with a payout ratio of 53.0%.
Insteel Industries, Inc. has 14.4% gross margin and 8.4% operating margin.
Insteel Industries, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Margin compression from steel costs
Metrics are mathematically derived from official filings.
Valuation Discount Reflects Cyclical Earnings
Insteel trades at a significant discount to peers with a P/E of 14.52 and EV/EBITDA of 7.66, suggesting the market is pricing in the cyclical nature of its earnings and the recent margin compression evident in its financial statements.
The company's valuation multiples are well below the peer group averages, particularly when compared to Nucor's P/E of 33.31 and Steel Dynamics' EV/EBITDA of 18.39. This discount appears to reflect investor skepticism about the sustainability of Insteel's recent profitability peak in 2025 and the current downward trend in margins. The PEG ratio of 0.88 indicates the market is not pricing in significant future growth, aligning with the cyclical metal fabrication industry's typical valuation pattern.
Margin Volatility Undermines Earning Power
Insteel's gross margin has swung from 17.1% to 10.2% in the last four quarters, indicating that raw material cost sensitivity is the primary driver of profitability, not operational efficiency or scale.
The decomposition shows that gross margin is the dominant variable in Insteel's profitability profile, with operating and net margins moving in lockstep. The recent decline to a 10.2% gross margin in 2026Q3, after a peak of 17.1% in 2025Q3, suggests the company lacks pricing power to offset input cost inflation. This volatility makes the trailing P/E ratio a potentially misleading indicator of normalized earning power, as it captures a cyclical trough.
Returns on Capital Are Cyclical, Not Compounding
ROIC has declined from a peak of 4.9% in 2025Q3 to 2.5% in 2026Q3, demonstrating that the company's capital efficiency is highly sensitive to the business cycle rather than reflecting a durable competitive advantage.
The trend in ROIC and ROE shows a clear cyclical pattern, with returns expanding and contracting alongside gross margins. The current ROIC of 2.5% is below the cost of capital for most industrial firms, implying the business is not creating economic value in the current environment. This pattern suggests Insteel's returns are driven by external market conditions (steel prices, construction demand) rather than internal operational improvements.
Working Capital Swings Dominate Cash Cycle
The cash conversion cycle has expanded to 89 days in 2026Q3 from 71 days in 2025Q3, primarily due to a 18-day increase in days inventory outstanding, which ties up capital and signals potential demand forecasting challenges.
The efficiency metrics reveal that Insteel's working capital management is a significant source of cash flow volatility. The increase in DIO to 84 days, coupled with a stable DSO of 38 days, suggests inventory is building faster than sales are being collected. This pattern, combined with a relatively stable DPO, indicates the company is absorbing more of the working capital burden itself, which may pressure liquidity if the inventory build does not convert to sales.
The P/E Ratio Misleads on Cyclical Earnings
The most commonly misapplied ratio for Insteel is the trailing P/E, which at 14.52 appears attractive but obscures the fact that earnings are at a cyclical low point, making the forward P/E of 19.00 a more relevant metric for valuation.
Investors often use the trailing P/E to assess value, but for a cyclical manufacturer like Insteel, this metric is highly misleading. The current P/E is depressed because earnings are near a trough, as evidenced by the net margin compression from 8.4% to 4.6% over the past year. A more appropriate metric would be the EV/EBITDA relative to the cycle, or a normalized P/E based on mid-cycle earnings, which would likely show the stock is not as cheap as the headline P/E suggests.