olivLaw · US equity research
Insteel Industries Inc. IIIN
Steel Works, Blast Furnaces & Rolling & Finishing Mills · SIC 3310 · Vertical: Steel Works, Blast Furnaces & Rolling & Finishing Mills (SIC 3310)
Insteel Industries is the largest U.S. manufacturer of steel wire reinforcing products for concrete, including PC strand and welded wire reinforcement for mainly nonresidential construction. Net sales reached 739.5 million USD in fiscal 2026, but gross margin narrowed under high raw material costs, making wire rod price trends a key point to follow.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Insteel Industries Inc. (IIIN) stock was 28.91 USD (+1.23% on the day), with market capitalisation 559.5 m USD, P/E 19.1 on diluted EPS of 1.51 USD over the last 12 months, dividend yield 3.87%, beta 0.92, 52-week range 24.48–38.11 USD. Latest reported quarter (Q4 2026): revenue of 209.3 m USD (+17.9% YoY), net income of 7.7 m USD (−47.0% YoY), diluted EPS 0.40 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 46.9
- neutral
- Bollinger (20, 2)
- 27.64 – 30.86
- in the lower half of the band · %B 0.40 · band width 11.0%
- SMA 50 / 200
- 29.71 / 30.86
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.34 / -0.32
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.9% | −2.0% | −0.9 pp | — |
| 3 months | −11.9% | −2.2% | −9.7 pp | — |
| 6 months | +8.2% | +4.3% | +4.0 pp | — |
| Year to date | −8.7% | +10.6% | −19.3 pp | — |
| 1 year | −7.8% | +10.5% | −18.2 pp | +19.1% |
| 3 years | −2.9% | +73.7% | −76.6 pp | +35.3% |
| 5 years | −32.6% | +61.7% | −94.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 03 Oct 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 129.7 m | 160.7 m | 179.9 m | 177.4 m | 159.9 m | 172.7 m | 197.7 m | 209.3 m |
| Cost of revenue | 120.2 m | 136.1 m | 149.1 m | 148.8 m | 141.9 m | 156.2 m | 177.6 m | 188.3 m |
| Gross profit | 9.5 m | 24.5 m | 30.8 m | 28.6 m | 18.1 m | 16.5 m | 20.1 m | 21.0 m |
| SG&A | 7.9 m | 10.8 m | 10.6 m | 9.7 m | 8.8 m | 9.7 m | 8.5 m | 10.4 m |
| Depreciation & amortisation | 4.4 m | 4.6 m ≈ | 4.7 m ≈ | 4.7 m | 4.6 m | 4.4 m ≈ | 4.4 m ≈ | 4.4 m |
| Interest expense | 13.0 k | 13.0 k | 14.0 k | 12.0 k | 13.0 k | 23.0 k | 12.0 k | 15.0 k |
| Pre-tax income | 1.5 m | 13.3 m | 19.8 m | 19.2 m | 9.6 m | 6.8 m | 11.7 m | 10.2 m |
| Income tax | 381.0 k | 3.1 m | 4.6 m | 4.7 m | 2.0 m | 1.6 m | 2.7 m | 2.5 m |
| Net income | 1.1 m | 10.2 m | 15.2 m | 14.6 m | 7.6 m | 5.2 m | 9.0 m | 7.7 m |
| Diluted EPS | 0.06 | 0.52 | 0.78 | 0.74 ≈ | 0.39 | 0.27 | 0.46 | 0.40 ≈ |
| Operating cash flow | 19.0 m | -3.3 m ≈ | 28.5 m ≈ | -17.0 m | -701.0 k | 5.1 m ≈ | 13.7 m ≈ | 18.6 m |
| Capex | 2.7 m | 2.2 m ≈ | 1.6 m ≈ | 1.7 m | 1.5 m | 4.4 m ≈ | 3.2 m ≈ | 2.7 m |
| Dividends paid | 20.0 m | 582.0 k ≈ | 582.0 k ≈ | 583.0 k | 20.0 m | 583.0 k ≈ | 581.0 k ≈ | 581.0 k |
| Share repurchases | 617.0 k | 1.1 m ≈ | 224.0 k ≈ | 307.0 k | 745.0 k | 0 ≈ | 1.9 m ≈ | 457.0 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 45 percentile of its own 40-quarter history (min 4.2, median 19.5, max 220.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 455.7 m | 472.6 m | 590.6 m | 826.8 m | 649.2 m | 529.2 m | 647.7 m | 739.5 m |
| Revenue YoY | +0.6% | +3.7% | +25.0% | +40.0% | −21.5% | −18.5% | +22.4% | +14.2% |
| Net income | 5.6 m | 19.0 m | 66.6 m | 125.0 m | 32.4 m | 19.3 m | 41.0 m | 29.5 m |
| Net income YoY | −84.6% | +239.6% | +250.4% | +87.7% | −74.1% | −40.4% | +112.5% | −28.0% |
| Diluted EPS | 0.29 | 0.98 | 3.41 | 6.37 | 1.66 | 0.99 | 2.10 | 1.51 |
| Diluted EPS YoY | −84.6% | +237.9% | +248.0% | +86.8% | −73.9% | −40.4% | +112.1% | −28.1% |
| net % | 1.2% | 4.0% | 11.3% | 15.1% | 5.0% | 3.6% | 6.3% | 4.0% |
| Free cash flow | -3.9 m | 49.1 m | 52.4 m | -10.2 m | 111.5 m | 39.1 m | 19.0 m | 24.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 03 Oct 2026
- Cash
- 37.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 379.6 m USD
- Total assets
- 480.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.72x
- ROE
- 7.9%
- ROA
- 6.3%
- FCF margin
- 3.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 590.6 m | 826.8 m | 649.2 m | 529.2 m | 647.7 m | 739.5 m | SEC (XBRL)· 29 Oct 2026verified |
| Cost of revenue | 469.1 m | 629.5 m | 583.8 m | 479.6 m | 554.3 m | 663.8 m | SEC (XBRL)· 29 Oct 2026verified |
| Gross profit | 121.5 m | 197.3 m | 65.4 m | 49.6 m | 93.4 m | 75.7 m | SEC (XBRL)· 29 Oct 2026verified |
| SG&A | 32.4 m | 36.0 m | 30.7 m | 29.6 m | 39.0 m | 37.4 m | SEC (XBRL)· 29 Oct 2026verified |
| Depreciation & amortisation | 14.5 m | 14.5 m | 13.3 m | 15.4 m | 18.4 m | 17.7 m | SEC (XBRL)· 29 Oct 2026verified |
| Interest expense | 96.0 k | 91.0 k | 87.0 k | 89.0 k | 52.0 k | 63.0 k | SEC (XBRL)· 29 Oct 2026verified |
| Pre-tax income | 86.1 m | 161.7 m | 41.8 m | 25.3 m | 53.8 m | 38.3 m | SEC (XBRL)· 29 Oct 2026verified |
| Income tax | 19.5 m | 36.7 m | 9.3 m | 6.0 m | 12.8 m | 8.7 m | SEC (XBRL)· 29 Oct 2026verified |
| Net income | 66.6 m | 125.0 m | 32.4 m | 19.3 m | 41.0 m | 29.5 m | SEC (XBRL)· 29 Oct 2026verified |
| Diluted EPS | 3.41 | 6.37 | 1.66 | 0.99 | 2.10 | 1.51 | SEC (XBRL)· 29 Oct 2026verified |
| Weighted average diluted shares | 19.5 m | 19.6 m | 19.6 m | 19.6 m | 19.6 m | 19.5 m | SEC (XBRL)· 29 Oct 2026verified |
| Dividend per share | 1.62 | 2.12 | 2.12 | 2.62 | 1.12 | 1.12 | SEC (XBRL)· 29 Oct 2026verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 89.9 m | 48.3 m | 125.7 m | 111.5 m | 38.6 m | 37.5 m | SEC (XBRL)· 29 Oct 2026verified |
| Receivables | 67.9 m | 81.6 m | 63.4 m | 58.3 m | 78.7 m | 89.3 m | SEC (XBRL)· 29 Oct 2026verified |
| Inventories | 79.0 m | 197.7 m | 103.3 m | 88.8 m | 137.8 m | 150.8 m | SEC (XBRL)· 29 Oct 2026verified |
| Current assets | 246.9 m | 335.3 m | 298.9 m | 267.3 m | 261.9 m | 286.3 m | SEC (XBRL)· 29 Oct 2026verified |
| Property, plant & equipment, net | 105.6 m | 108.2 m | 120.0 m | 125.5 m | 128.7 m | 124.2 m | SEC (XBRL)· 29 Oct 2026verified |
| Goodwill | 9.7 m | 9.7 m | 9.7 m | 9.7 m | 37.8 m | 37.8 m | SEC (XBRL)· 29 Oct 2026verified |
| Intangibles (excl. goodwill) | 7.7 m | 6.8 m | 6.1 m | 5.3 m | 16.6 m | 14.9 m | SEC (XBRL)· 29 Oct 2026verified |
| Total assets | 390.7 m | 471.7 m | 447.5 m | 422.6 m | 462.7 m | 480.4 m | SEC (XBRL)· 29 Oct 2026verified |
| Accounts payable | 49.4 m | 46.8 m | 34.3 m | 37.5 m | 48.2 m | 62.5 m | SEC (XBRL)· 29 Oct 2026verified |
| Current liabilities | 68.8 m | 62.6 m | 46.2 m | 47.0 m | 66.0 m | 76.9 m | SEC (XBRL)· 29 Oct 2026verified |
| Equity | 302.0 m † | 389.7 m † | 381.5 m † | 350.9 m † | 371.5 m † | 379.6 m † | SEC (XBRL)· 29 Oct 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 69.9 m | 5.7 m | 142.2 m | 58.2 m | 27.2 m | 36.6 m | SEC (XBRL)· 29 Oct 2026verified |
| Capex | 17.5 m | 15.9 m | 30.7 m | 19.1 m | 8.2 m | 11.8 m | SEC (XBRL)· 29 Oct 2026verified |
| Free cash flow | 52.4 m ≈ | -10.2 m ≈ | 111.5 m ≈ | 39.1 m ≈ | 19.0 m ≈ | 24.8 m ≈ | SEC (XBRL)· 29 Oct 2026derived |
| Investing cash flow | -17.8 m | -6.0 m | -20.9 m | -19.6 m | -75.7 m | -12.4 m | SEC (XBRL)· 29 Oct 2026verified |
| Financing cash flow | -30.9 m | -41.2 m | -44.0 m | -52.7 m | -24.4 m | -25.4 m | SEC (XBRL)· 29 Oct 2026verified |
| Dividends paid | 31.3 m | 41.2 m | 41.3 m | 50.9 m | 21.8 m | 21.7 m | SEC (XBRL)· 29 Oct 2026verified |
| Share repurchases | 0 | 1.2 m | 2.3 m | 1.8 m | 2.3 m | 3.2 m | SEC (XBRL)· 29 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 53 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 559.5 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation52
- Returns57
- Quality80
- Balance sheet100
- Growth18
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.72 – 19.79 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)14.72 – 19.79 (Mid 16.88)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 53/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.0% | 83 (vs peers) | 10% |
| FCF conversion · Quality | 84.1% | 77 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 4.4% | 37 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -3.1% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.7x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 19.1x | 49 (on a fixed band) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.4% | 55 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.4% | 64 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 87.5% | 46 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth18/100 · 2/2 factors with a value
- Quality80/100 · 2/3 factors with a value
- Returns57/100 · 2/2 factors with a value
- Valuation52/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INSTEEL INDUSTRIES INC. (IIIN). Latest full fiscal year: 2026; data up to 2026-10-03.
Figures computed from the financial statements: revenue 739.5 m USD in 2026; YoY growth 14.2%; net margin 4.0%; ROE 7.9%.
The estimated value range is 14.72–19.79 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 16.88 USD, the price of 28.91 USD leaves a potential of -41.6% (value / price − 1) and a margin of safety of -71.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 53/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 4.0%
- FCF conversion: 84.1%
- Current ratio: 3.7x
What contradicts it
- EPS CAGR 3Y: -3.1%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Steel Works, Blast Furnaces & Rolling & Finishing Mills (SIC 3310) · same industry (4-digit SIC) · compared with 6 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WORWorthington Enterprises, Inc | 3.2 bn | 19.6 | 16.3% | 11.5% | +19.7% | +18% / +47% |
| WSWorthington Steel, Inc. | 2.1 bn | — | -3.6% | -0.7% | +11.3% | +20% / +47% |
| ROCKGibraltar Industries, Inc. | 1.3 bn | — | -15.6% | -10.4% | +11.0% | −13% / −35% |
| IIINInsteel Industries Inc. | 559.5 m | 19.1 | 7.9% | 4.0% | +14.2% | −8% / −3% |
| FRDFriedman Industries Inc | 279.8 m | 17.9 | 10.4% | 2.7% | −13.9% | +91% / +223% |
| GGBGerdau S.A. | — | — | 2.5% | 2.0% | +4.2% | +28% / +24% |
| SIDNational Steel Co | — | — | -17.4% | -5.9% | −3.9% | −51% / −76% |
1- and 3-year price returns: for IIIN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 17.27 Total return -37% · Per year -37% | 30.53 Total return 10% · Per year 10% | 45.98 Total return 64% · Per year 64% |
| 3 years | 16.74 Total return -33% · Per year -12% | 33.30 Total return 28% · Per year 9% | 55.07 Total return 107% · Per year 27% |
| 5 years | 16.22 Total return -29% · Per year -7% | 36.32 Total return 48% · Per year 8% | 65.96 Total return 158% · Per year 21% |
- Exit P/E± 8.32
- Net margin± 5.83
- Annual revenue growth± 4.79
- Annual dilution± 0.49
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 22 Oct 2026; since then the company filed 10-K (29 Oct 2026).
In brief
Insteel Industries is the largest U.S. manufacturer of steel wire reinforcing products for concrete, including PC strand and welded wire reinforcement for mainly nonresidential construction. Net sales reached 739.5 million USD in fiscal 2026, but gross margin narrowed under high raw material costs, making wire rod price trends a key point to follow. 13
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Wire rod price volatilityhigh
The cost and availability of wire rod can fluctuate sharply, and the company does not use derivatives to hedge it 1.
- Trade and tariff policyhigh
Changes to tariffs and import rules could shift input costs and competitive pressure 12.
- Cyclical demand and soft constructionmedium
Construction levels and project funding drive volumes directly, and minimal backlog makes demand hard to forecast 13.
- Operating cost inflationmedium
Labor, energy and freight costs could rise faster than selling prices 13.
- Operational interruptionslow
Equipment failures or plant outages could cut output, and insurance may only partly cover losses 1.
Investment thesis
What would need to be true (bull case)
- If ESM expansion and infrastructure demand hold, the company could exceed current volumes, and its debt-free balance sheet gives room to maneuver 3.
- If the announced WWR consolidation delivers the cost reductions, margins could recover gradually even with expensive wire rod 3.
- Its national leadership and U.S. plant network could help defend market share against imports, especially where anti-dumping duties limit foreign competition 1.
What would break the thesis
- If wire rod prices stay high, margins could remain under pressure and selling price increases may not fully recover costs 3.
- If tariffs or the trade regime change, costs and demand could be affected in ways that are hard to predict 12.
- A weaker construction market could reduce volumes, and net earnings could keep falling if costs stay elevated 3.
What to watch
- Gross margin trend and wire rod price levelsQ1 2027
- Realization of cost reductions from WWR consolidation2027
- Execution of planned capital expenditures of about 30 million USD2027
- Tariff policy and anti-dumping measures on PC strandnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 22 Oct 2026; since then the company filed 10-K (29 Oct 2026).
The business
Insteel Industries Inc. is the parent holding company of two subsidiaries and makes prestressed concrete strand (PC strand) and welded wire reinforcement (WWR), including ESM, concrete pipe reinforcement and standard welded wire reinforcement. Its products are sold mainly to concrete product makers, and about 85% of fiscal 2025 sales were related to nonresidential construction 1. The company operates 11 U.S. manufacturing facilities and aims to be the lowest cost producer in its industry 13. 1
Its growth strategy combines organic opportunities with acquisitions in related markets; in October 2024 it bought Engineered Wire Products assets for an adjusted price of 67.0 million USD, and in November 2024 it acquired certain O'Brien Wire Products of Texas assets 1. After the deals, its WWR operations were consolidated and the Warren, Ohio facility was closed 1. The company was debt-free at October 3, 2026 and held 37.5 million USD in cash 3.
Demand is seasonal and cyclical, tied to construction activity, with shipments usually highest in the third and fourth fiscal quarters 1. Backlog is minimal because of short customer lead times 1. The main raw material is hot-rolled carbon steel wire rod, and selling prices tend to follow wire rod prices, although timing gaps can shift margins 1.
Segments
PC strand (prestressed concrete strand)
PC strand is a high strength seven-wire strand used to impart compression in precast concrete elements such as bridges, parking decks and buildings 1. It is the product where the company competes with imports from countries subject to anti-dumping duties 1.
Welded wire reinforcement (WWR), including ESM
WWR includes ESM, an engineered made-to-order product often a lower cost reinforcing solution than hot-rolled rebar, plus CPR for concrete pipe and SWWR for crack control in slabs and driveways 1. Growth in the ESM business broadened the customer base and supported shipments in the fourth quarter of fiscal 2026 3.
Concrete pipe reinforcement and standard products
CPR is an engineered product used as primary reinforcement in concrete pipe, box culverts and precast manholes, while SWWR is a standard secondary product for residential and light nonresidential work 1. The company reports no single customer at 10% or more of net sales 1.
Market context
The U.S. concrete reinforcement market is concentrated, and Insteel presents itself as the largest U.S. producer 1. Demand depends on construction activity, funding for infrastructure projects and broader economic conditions 1. In fiscal 2026 an 11.5% rise in average selling prices was the main driver of sales growth 3.
The company describes publicly funded infrastructure as a solid base, while private nonresidential activity is mostly data center projects and the broader construction market remains soft 3. U.S. wire rod prices are elevated and availability is limited, which may require buying imported rod 3.
Trends
- Wire rod cost and marginsheadwind
U.S. wire rod prices have stayed at historically high levels, above global prices, and gross margin contracted in the fourth quarter of fiscal 2026 3. If selling prices cannot keep pace with costs, margins could stay under pressure.
- Public infrastructure and data centerstailwind
Publicly funded infrastructure and data center projects are described as key demand sources 3. They could support volumes if funding remains stable 1.
- Steel tariffs and importsmixed
Section 232 tariffs on steel were increased, and PC strand is subject to the tariff rate on its steel portion 1. Tariffs may protect domestic producers while also raising input costs 1.
- WWR operations consolidationtailwind
Consolidating welded wire operations and widening the ESM customer base are meant to lower costs and support growth 3. The company expects substantial cost reductions if the plan is executed 3.
Competitive position
Competition is based on price, quality and service 1. Major rivals include vertically integrated producers that also make wire rod, and imports are a significant factor in PC strand and SWWR segments not subject to Buy America rules 1.
The company argues that its market positions, broad product range, national footprint and low-cost production place it well against other producers 1. That advantage depends on its ability to recover raw material costs during periods of price pressure 1.
- Wire Mesh Corporation
Main competitor for both welded wire and PC strand, named in the 10-K 1.
- Nucor CorporationNUE
Vertically integrated producer making wire rod and concrete reinforcing products, named as a competitor 1.
- Oklahoma Steel & Wire
Vertically integrated competitor across several product lines and regions 1.
- Sumiden Wire Products Corporation
Main competitor in PC strand, named in the 10-K 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Diamond Hill Sees Insteel (IIIN) as a Hidden Winner From Infrastructure and Data Center GrowthYahoo Finance — News · 04 Sept 2026 · EN
- Insteel (IIIN) Is Closing a Plant Without Expecting a Revenue Hit. How Much Excess Capacity Does It Have?Yahoo Finance — News · 27 Aug 2026 · EN
The latest news item in our archive is from 04 Sept 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Annual report29 Oct 2026
- Current report22 Oct 2026Results of operations · Financial statements and exhibits
- Current report21 Aug 2026Exit or disposal costs · Other events · Financial statements and exhibits
- Current report11 Aug 2026Other events · Financial statements and exhibits
- Quarterly report16 Jul 2026
- Current report16 Jul 2026Results of operations · Financial statements and exhibits
- Current report12 May 2026Other events · Financial statements and exhibits
- Quarterly report16 Apr 2026
- Current report16 Apr 2026Results of operations · Financial statements and exhibits
- Current report11 Feb 2026Shareholder vote · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-27 · SEC / Insteel Industries Inc. · 23 Oct 2025
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Insteel Industries Inc. · 16 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Insteel Industries Inc. · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.