Insteel Industries, Inc. (IIIN) Stock

Insteel Industries, Inc. (IIIN) is a Materials stock trading at $30.32 (as of 2026-09-02), with a market capitalization of $586.94M and a trailing P/E of 16.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Insteel 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.

Understand Insteel Industries, Inc.: how it makes money

Insteel manufactures steel wire reinforcement products (prestressed concrete strand and welded wire mesh) for bridges, buildings, and data centers, sold to precast concrete makers and general contractors. Its economics hinge on the spread between finished-steel prices and raw wire-rod costs, with data-center concrete work now a meaningful new demand driver.

Profit equals the per-ton spread between finished strand and mesh prices and domestic wire-rod costs, with import volumes setting the ceiling on how much domestic producers can charge.

Business quality (Weak): Thin-margin commodity business: 10.2% gross and roughly 6% operating margins leave little room for cost shocks, and the 7% ROE confirms shareholders are paid only when steel spreads widen.

Valuation: At 22× earnings, IIIN trades in line with the Steel Works average (22×).

Bull case

  • Data center pull-through: Management expects data center shipments to accelerate in Q4 FY26 and remain strong through year-end, giving Insteel a durable demand stream while broader construction stays soft.
  • Import squeeze lifts pricing: PC strand imports fell 30%, tightening domestic supply and supporting pricing in import-affected markets, a direct tailwind for Insteel's realized spreads on every ton sold.
  • Mesh broadens the base: Engineered structural mesh is expected to become a substantial contributor beyond data centers, opening a new product line that reduces reliance on traditional PC strand volumes alone.

Bear case

  • Wire rod cost inflation: Domestic wire rod prices sit materially above global levels, compressing the per-ton spread Insteel earns on finished product and capping gross margin from below.
  • Margins stuck at cycle low: Gross margin fell to 10.2% amid narrow spreads and higher operating costs, with operating margin around 6%, leaving minimal cushion if throughput softens further.
  • Demand recovery is narrow: Private nonresidential construction remains weak outside data centers, meaning the near-term demand recovery is concentrated in a single end-market and vulnerable to any capex slowdown in that segment.
Valuation — source: SEC EDGAR (first-party)
Price$30.32
Market Cap$586.94M
P/E Ratio16.1
EV / EBITDA8.6
Price / Book1.58
Price / Sales0.83
FCF Yield3.2%
DCF Value (model)$42.70
DCF Upside vs Price40.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$647.71M
Net Margin6.3%
Revenue Growth (YoY)9.9%
EPS Growth (YoY)-41.0%
FCF Growth (YoY)-76.2%
Financial Health — source: SEC EDGAR
Altman Z-Score6.93 (safe)
Valuation vs Sector & Industry
Stock P/E16.1
Sector P/E (Materials)23.9
Industry P/E (Steel Works)21.0
vs Sector-32.5%
vs Industry-23.3%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($95.75M)
Institutional Holders Tracked10
Company
SectorMaterials
IndustrySteel Works
CEOHoward Osler Woltz
Employees929
CountryUS
IPO Date1992-03-17

Insteel Industries, Inc. earnings call transcripts

  • IIIN Q3 FY26 earnings call transcript (reported 2026-07-16) · analysis
  • IIIN Q2 FY26 earnings call transcript (reported 2026-04-16) · analysis
  • IIIN Q1 FY26 earnings call transcript (reported 2026-01-15) · analysis
  • IIIN Q4 FY25 earnings call transcript (reported 2025-10-16) · analysis

All IIIN earnings calls

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IIIN earnings history · IIIN institutional & insider holders · IIIN KPIs & operating metrics · IIIN financials · IIIN investor presentations & press releases · IIIN SEC filings · IIIN peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.