Insteel Industries, Inc.
- Open
- 32.20
- Day high
- 32.58
- Day low
- 31.98
- Prev close
- 31.85
- Volume
- 53K
- Mkt cap
- $625M
- P/E (TTM)
- 17.2
- EPS (TTM)
- $1.87
- P/B
- 1.7
- P/S
- 0.9
- Yield
- 3.48%
- Per share
- $1.12
Insteel Industries, Inc. (IIIN) is a Industrials company listed on NYSE. The stock is down 15% over the past year.
Insteel Industries, Inc. (IIIN) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IIIN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 16, 2026 | $0.45 | $0.46 | +2.2% | $198M | +2.9% |
| Apr 16, 2026 | $0.80 | $0.27 | -66.3% | $173M | -3.1% |
| Jan 15, 2026 | $0.33 | $0.39 | +18.2% | $160M | -11.1% |
| Oct 16, 2025 | $0.75 | $0.74 | -1.3% | $177M | +10.0% |
| Jul 17, 2025 | $0.68 | $0.78 | +14.7% | $180M | +2.2% |
| Apr 17, 2025 | $0.33 | $0.55 | +66.7% | $161M | -5.6% |
| Jan 16, 2025 | $0.09 | $0.10 | +11.1% | $130M | -4.4% |
| Oct 17, 2024 | $0.31 | $0.24 | -22.6% | $134M | -7.5% |
| Jul 18, 2024 | $0.43 | $0.34 | -20.9% | $146M | -4.7% |
| Apr 25, 2024 | $0.30 | $0.35 | +16.7% | $127M | -5.6% |
| Jan 18, 2024 | $0.05 | $0.06 | +20.0% | $122M | -6.1% |
| Oct 19, 2023 | $0.66 | $0.29 | -56.1% | $158M | -9.2% |
IIIN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Feb 27, 2026 | Wagner Richardofficer: Senior Vice President and COO | Sell | 1,679 | $37.67 |
| Feb 17, 2026 | WOLTZ H O IIIdirector, officer: Chairman, President and CEO | Option | 5,781 | — |
| Feb 17, 2026 | Jafroodi Scot Rofficer: VP, CFO and Treasurer | Option | 2,065 | — |
| Feb 17, 2026 | WOLTZ H O IIIdirector, officer: Chairman, President and CEO | Tax | 1,508 | $37.58 |
| Feb 17, 2026 | Jafroodi Scot Rofficer: VP, CFO and Treasurer | Tax | 538 | $37.58 |
| Feb 17, 2026 | York James R.officer: Senior Vice President | Option | 1,239 | — |
| Feb 17, 2026 | Wagner Richardofficer: Senior Vice President and COO | Option | 2,271 | — |
| Feb 17, 2026 | Wagner Richardofficer: Senior Vice President and COO | Tax | 592 | $37.58 |
| Feb 17, 2026 | York James R.officer: Senior Vice President | Tax | 418 | $37.58 |
| Feb 12, 2026 | BOXLEY ABNEY S IIIdirector | Grant | 2,297 | — |
| Feb 12, 2026 | Zernikow Ericdirector | Grant | 2,297 | — |
| Feb 12, 2026 | York James R.officer: Senior Vice President | Grant | 2,475 | $37.00 |
| Feb 12, 2026 | LLOYD ANNE Hdirector | Option | 2,703 | — |
| Feb 12, 2026 | BOXLEY ABNEY S IIIdirector | Option | 2,703 | — |
| Feb 12, 2026 | THOMPSON G KENNEDYdirector | Option | 2,703 | — |
Source: IIIN SEC Form 4 filings, latest Feb 27, 2026. For informational purposes only — not investment advice.
See the full IIIN insider & 13F page →Insteel Industries, Inc. company profile
Overview
Insteel Industries, Inc. (NASDAQ:IIIN) is a North Carolina-based manufacturer of steel wire reinforcing products for concrete construction applications. Founded in 1953 and publicly traded since 1992, the company has established itself as a leading producer of specialized steel reinforcement products used in infrastructure, commercial, and residential construction projects across North America and Latin America. The company operates multiple manufacturing facilities and has grown through both organic expansion and strategic acquisitions, maintaining a debt-free balance sheet while consistently returning capital to shareholders.
Business
Insteel Industries operates in the steel wire reinforcement manufacturing sector, producing specialized products that strengthen concrete structures. The company's core business revolves around two primary product categories that serve different construction applications. Prestressed Concrete Strand (PC Strand) represents the company's flagship product line. PC strand is a seven-wire steel cable that construction companies embed in concrete to create prestressed concrete elements. This technology works by placing the concrete under compression, which significantly increases its strength and load-bearing capacity. PC strand is essential for constructing bridges, parking decks, commercial buildings, and other large-scale concrete structures that must withstand heavy loads and environmental stresses. Welded Wire Reinforcement (WWR) products constitute the company's second major product category. These engineered steel mesh products serve as reinforcement within concrete structures to prevent cracking and provide structural integrity. The WWR product line includes several subcategories: engineered structural mesh that serves as primary reinforcement and can substitute for traditional hot-rolled rebar; concrete pipe reinforcement used in drainage systems, water treatment facilities, and sewage infrastructure; and standard welded wire reinforcement for residential applications like driveways, sidewalks, and foundation slabs. The company's revenue is primarily derived from PC strand products, which typically account for approximately 60-70% of total sales, while WWR products represent the remaining 30-40%. This product mix can fluctuate based on construction market conditions and infrastructure spending cycles.
Revenue model
Insteel Industries generates revenue through direct product sales to a diverse customer base in the construction industry. The company sells its steel wire reinforcement products to manufacturers of precast concrete products, rebar fabricators, construction material distributors, and general contractors. Revenue is generated when these customers purchase products for specific construction projects, with pricing typically based on prevailing steel commodity costs plus manufacturing margins. The company's business model is fundamentally tied to construction activity levels, particularly in infrastructure, commercial, and industrial segments. Key factors that positively impact margins include strong construction demand that allows for favorable pricing, efficient raw material procurement (primarily steel wire rod), operational leverage from higher production volumes, and the company's ability to pass through raw material cost increases to customers. The recent acquisitions of Engineered Wire Products and O'Brien Wire Products have expanded the company's manufacturing capacity and geographic reach while providing cost synergies. Margin pressures typically arise from several sources: intense competition from both domestic manufacturers and low-cost imports, particularly PC strand from international suppliers; volatile steel wire rod costs that can squeeze margins if not quickly passed through to customers; economic downturns that reduce construction activity and force competitive pricing; and operational inefficiencies during periods of low demand when plants operate below optimal capacity. The company has been particularly challenged by Section 232 tariff inconsistencies that allow PC strand imports to enter at lower tariff rates than the raw materials used to manufacture them domestically, creating an unfair competitive disadvantage.
Competitive moat
Insteel Industries operates in a commodity-like manufacturing business with relatively modest competitive moats. The company's primary competitive advantages stem from its established customer relationships, geographic distribution of manufacturing facilities, and technical expertise in producing specialized reinforcement products that meet stringent engineering specifications. The company's strongest moat lies in its customer relationships and market position within specific regional markets. Construction companies and precast concrete manufacturers often prefer working with established suppliers who can reliably deliver products that meet exact specifications and project timelines. Insteel's network of manufacturing facilities across multiple states provides logistical advantages and reduces transportation costs for customers, creating some switching costs. However, the business faces significant competitive pressures that limit the strength of these moats. The steel wire reinforcement industry is characterized by relatively standardized products where price competition is intense. Low-cost imports, particularly PC strand from international manufacturers, pose a persistent threat to domestic pricing power. The company's products, while engineered to specific standards, are ultimately commodity-like steel products that can be substituted by competitors' offerings. The regulatory environment provides some protection through trade measures and building codes that favor domestic suppliers, but these protections can change with political administrations and trade policies. The company's debt-free balance sheet and strong cash position provide financial flexibility to weather competitive pressures and invest in efficiency improvements, but this represents more of a temporary advantage than a sustainable moat.
Risks & safety
Insteel Industries demonstrates a strong margin of safety from a financial stability perspective, though valuation metrics present mixed signals. • Financial Strength: The company maintains a debt-free balance sheet with $28.4 million in cash and short-term investments as of Q2 2025, providing substantial financial flexibility and eliminating solvency risk. • Liquidity Position: Current ratio of 3.87 and quick ratio of 2.11 indicate strong short-term liquidity, though recent quarters show negative free cash flow of -$5.5 million due to working capital investments. • Valuation Metrics: Current P/E ratio of 12.5x appears reasonable for a cyclical manufacturer, while EV/EBITDA of 6.8x suggests moderate valuation levels relative to earnings. • Operational Concerns: Recent negative operating cash flow of -$3.3 million in Q2 2025 reflects working capital build-up during demand recovery, requiring monitoring of cash burn rates. • Market Position: Graham Net-Net value of 2.87 indicates the stock trades below conservative asset-based valuations, suggesting potential downside protection.
Recent development
Over the past several years, Insteel Industries has pursued a strategic transformation focused on expanding manufacturing capabilities, geographic reach, and operational efficiency. The company completed two significant acquisitions in Q1 2025, purchasing Engineered Wire Products and O'Brien Wire Products, which management has successfully integrated by eliminating redundant administrative costs and identifying freight and raw material procurement synergies. The company has invested heavily in modernizing its manufacturing infrastructure, with capital expenditures of approximately $30 million annually focused on installing new production lines and state-of-the-art technology. These investments aim to expand product capabilities, reduce production costs, and improve operational efficiency. Recent projects include new production lines in Missouri, Kentucky, and Arizona that enhance the company's geographic footprint and customer service capabilities. Insteel has also been actively addressing competitive challenges from imported PC strand through trade advocacy efforts. The company has pursued trade cases against countries violating trade laws and worked with government officials to resolve Section 232 tariff inconsistencies that disadvantage domestic manufacturers. A significant development occurred in Q2 2025 when the 25% Section 232 steel tariff was extended to PC strand imports, providing more favorable competitive conditions. The company has maintained disciplined capital allocation practices, returning over $50 million annually to shareholders through regular dividends and special distributions while maintaining its debt-free status. Management has demonstrated flexibility in adjusting capital expenditure plans based on market conditions, recently reducing the fiscal 2025 capex forecast from $22 million to $17 million to optimize cash flow during the demand recovery period.
IIIN company profile · for informational purposes only — not investment advice.
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