INSTEEL INDUSTRIES INC IIIN
Insteel Industries Inc. ("we," "us," "our," "the Company" or "Insteel") is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications. We manufacture and market prestressed concrete strand ("PC strand") and welded wire reinforcement ("WWR"), including ESM, concrete pipe reinforcement ("CPR") and standard welded wire reinforcement ("SWWR"). Our products are sold mainly to manufacturers of concrete products that are used primarily in nonresidential construction. For fiscal 2025, we estimate that approximately 85% of our sales were related to nonresidential construction and 15% were related to residential construction.
Insteel is the parent holding company for two wholly-owned subsidiaries, Insteel Wire Products Company ("IWP"), an operating subsidiary, and Intercontinental Metals Corporation, an inactive subsidiary. We were incorporated in 1958 in the State of North Carolina.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $647.7M | $529.2M | $649.2M | $826.8M | $590.6M | $472.6M | $455.7M | $453.2M | $388.9M | $418.5M |
| Cost of revenue | $554.3M | $479.6M | $583.8M | $629.5M | $469.1M | $416.8M | $425.7M | $382.4M | $329.1M | $333.4M |
| Gross profit | $93.4M | $49.6M | $65.4M | $197.3M | $121.5M | $55.8M | $30.1M | $70.8M | $59.8M | $85.2M |
| SG&A | $39.0M | $29.6M | $30.7M | $36.0M | $32.4M | $31.3M | $24.5M | $28.3M | $25.5M | $26.1M |
| Interest expense | $52.0K | $89.0K | $87.0K | $91.0K | $96.0K | $106.0K | $168.0K | $114.0K | $136.0K | $158.0K |
| Pre-tax income | $53.8M | $25.3M | $41.8M | $161.7M | $86.1M | $24.2M | $7.5M | $42.6M | $34.2M | $56.3M |
| Income tax | $12.8M | $6.0M | $9.3M | $36.7M | $19.5M | $5.2M | $1.9M | $6.4M | $11.6M | $19.0M |
| Net income | $41.0M | $19.3M | $32.4M | $125.0M | $66.6M | $19.0M | $5.6M | $36.3M | $22.5M | $37.2M |
| EPS, basic | 2.11 | 0.99 | 1.66 | 6.41 | 3.44 | 0.99 | 0.29 | 1.90 | 1.19 | 1.99 |
| EPS, diluted | 2.10 | 0.99 | 1.66 | 6.37 | 3.41 | 0.98 | 0.29 | 1.88 | 1.17 | 1.95 |
| Shares, diluted (wtd. avg.) | $19.6M | $19.6M | $19.6M | $19.6M | $19.5M | $19.4M | $19.3M | $19.3M | $19.2M | $19.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $38.6M | $111.5M | $125.7M | $48.3M | $89.9M | $68.7M | $38.2M | $43.9M | $32.1M | $58.9M |
| Receivables | $78.7M | $58.3M | $63.4M | $81.6M | $67.9M | $53.8M | $44.2M | $51.5M | $40.3M | $47.4M |
| Inventory | $137.8M | $88.8M | $103.3M | $197.7M | $79.0M | $69.0M | $70.9M | $94.2M | $81.9M | $71.2M |
| Total current assets | $261.9M | $267.3M | $298.9M | $335.3M | $246.9M | $197.0M | $160.6M | $195.5M | $160.2M | $180.5M |
| Property, plant and equipment | $128.7M | $125.5M | $120.0M | $108.2M | $105.6M | $101.4M | $105.0M | $106.1M | $98.7M | $88.2M |
| Goodwill | $37.8M | $9.7M | $9.7M | $9.7M | $9.7M | $9.7M | $8.3M | $8.3M | $7.0M | $7.0M |
| Other intangibles | $16.6M | $5.3M | $6.1M | $6.8M | $7.7M | $8.6M | $8.6M | $9.7M | $7.9M | $9.1M |
| Total assets | $462.6M | $422.6M | $447.5M | $471.7M | $390.7M | $337.9M | $293.0M | $329.5M | $283.1M | $292.9M |
| Accounts payable | $48.2M | $37.5M | $34.3M | $46.8M | $49.4M | $39.0M | $21.6M | $60.1M | $33.7M | $42.8M |
| Total current liabilities | $66.0M | $47.0M | $46.2M | $62.6M | $68.8M | $53.7M | $28.4M | $72.0M | $42.3M | $53.8M |
| Retained earnings | $262.7M | $245.3M | $278.5M | $289.2M | $206.4M | $171.1M | $154.4M | $151.1M | $135.9M | $139.3M |
| Total equity | $371.5M | $350.9M | $381.5M | $389.7M | $302.0M | $264.8M | $246.0M | $241.7M | $223.4M | $224.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $27.2M | $58.2M | $142.2M | $5.7M | $69.9M | $56.2M | $6.6M | $54.0M | $20.8M | $56.3M |
| Depreciation and amortisation | $18.4M | $15.4M | $13.3M | $14.5M | $14.5M | $14.3M | $13.6M | $12.8M | $11.6M | $11.5M |
| Stock-based compensation | $3.5M | $3.1M | $2.4M | $2.4M | $2.0M | $2.0M | $2.1M | $2.1M | $2.2M | $2.4M |
| Capital expenditure | $8.2M | $19.1M | $30.7M | $15.9M | $17.5M | $7.1M | $10.5M | $18.4M | $20.6M | $13.0M |
| Investing cash flow | -$75.7M | -$19.6M | -$20.9M | -$6.0M | -$17.8M | -$23.2M | -$9.6M | -$21.9M | -$20.9M | -$13.0M |
| Financing cash flow | -$24.4M | -$52.7M | -$44.0M | -$41.2M | -$30.9M | -$2.5M | -$2.8M | -$20.2M | -$26.7M | -$17.7M |
| Dividends paid | $21.8M | $50.9M | $41.3M | $41.2M | $31.3M | $2.3M | $2.3M | $21.3M | $26.0M | $20.9M |
| Buybacks | $2.3M | $1.8M | $2.3M | $1.2M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-25-031597.
Others in SIC 3310
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WOR | WORTHINGTON ENTERPRISES, INC. | $3.06B | 19.9x | 19.7% |
| WS | Worthington Steel, Inc. | $1.84B | 212.8x | 11.3% |
| ROCK | GIBRALTAR INDUSTRIES, INC. | $1.40B | — | 11.0% |
| FRD | FRIEDMAN INDUSTRIES INC | $328.9M | — | — |
| SID | NATIONAL STEEL CO | — | — | — |
| GGB | GERDAU S.A. | — | — | — |