INSTEEL INDUSTRIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data INSTEEL INDUSTRIES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	389	453	456	473	591	827	649	529	648	740
Cost of revenue	329	382	426	417	469	630	584	480	554	664
Gross profit	59.8	70.8	30.1	55.8	122	197	65.4	49.6	93.4	75.7
Selling, general and administrative	25.5	28.3	24.5	31.3	32.4	36	30.7	29.6	39	37.4
Interest expense	0.14	0.11	0.17	0.11	0.1	0.09	0.09	0.09	0.05	0.06
Interest income	0.25	0.52	0.29	0.47	0.02	0.33	3.71	5.43	2.07	0.87
Other non-operating income	-0.05	-0.27	1.77	1.25	-0.11	-0.09	3.42	-0.04	-0.02	-0.09
Pre-tax income	34.2	42.6	7.46	24.2	86.1	162	41.8	25.3	53.8	38.3
Income tax	11.6	6.36	1.86	5.16	19.5	36.7	9.34	5.98	12.8	8.74
Net income	22.5	36.3	5.6	19	66.6	125	32.4	19.3	41	29.5
EPS, basic	1.19	1.90	0.29	0.99	3.44	6.41	1.66	0.99	2.11	1.52
EPS, diluted	1.17	1.88	0.29	0.98	3.41	6.37	1.66	0.99	2.10	1.51
Shares, basic (weighted)	19	19.1	19.2	19.3	19.3	19.5	19.5	19.5	19.5	19.5
Shares, diluted (weighted)	19.2	19.3	19.3	19.4	19.5	19.6	19.6	19.6	19.6	19.5
Dividend per share	1.37	1.12	0.12	0.12	1.62	2.12	2.12	2.62	1.12	1.12

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	32.1	43.9	38.2	68.7	89.9	48.3	126	112	38.6	37.5
Receivables	40.3	51.5	44.2	53.8	67.9	81.6	63.4	58.3	78.7	89.3
Inventory	81.9	94.2	70.9	69	79	198	103	88.8	138	151
Other current assets	5.95	5.9	7.37	5.57	10.1	7.72	6.45	8.61	6.82	8.65
Total current assets	160	195	161	197	247	335	299	267	262	286
Property, plant and equipment	98.7	106	105	101	106	108	120	126	129	124
Lease right-of-use assets			0	2.52	1.72	1.57	1.94	1.7	3.94	2.49
Goodwill	6.97	8.29	8.29	9.75	9.75	9.75	9.75	9.75	37.8	37.8
Intangible assets	7.91	9.7	8.61	8.57	7.67	6.85	6.09	5.34	16.6	14.9
Other non-current assets	9.33	9.91	10.6	21.2	20.8	11.7	12.8	14.6	17.7	17.2
Total assets	283	330	293	338	391	472	448	423	463	480
Accounts payable	33.7	60.1	21.6	39	49.4	46.8	34.3	37.5	48.2	62.5
Accrued liabilities	8.67	11.9	6.82	14.7	19.4	15.8	11.8	9.55	17.8	14.4
Total current liabilities	42.3	72	28.4	53.7	68.8	62.6	46.2	47	66	76.9
Lease liabilities			0	1.3	0.7		0.94	0.81	2.05	0.89
Other non-current liabilities	17.4	15.9	18.6	19.4	19.8	19.4	19.9	24.7	25.1	23.9
Total liabilities	59.7	87.9	47	73.1	88.7	82	66	71.7	91.1	101
Paid-in capital	69.8	72.9	74.6	76.4	78.7	82	83.8	86.7	89.4	91.8
Retained earnings	136	151	154	171	206	289	279	245	263	268
Other comprehensive income	-1.33	-1.49	-2.25	-1.96	-2.44	-0.98	-0.28	-0.61	-0.04	0.37
Shareholders' equity	223	242	246	265	302	390	382	351	372	380
Total equity	223	242	246	265	302	390	382	351	372	380
Total liabilities and equity	283	330	293	338	391	472	448	423	463	480
Shares outstanding	19	19.2	19.3		19.4	19.5	19.5	19.5	19.4	19.4

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	22.5	36.3	5.6	19	66.6	125	32.4	19.3	41	29.5
Depreciation and amortization	11.6	12.8	13.6	14.3	14.5	14.5	13.3	15.4	18.4	17.7
Stock-based compensation	2.25	2.08	2.06	2.03	1.99	2.43	2.43	3.07	3.49	3.49
Deferred income tax	2.5	-2.81	1.8	-0.42	-0.12	0.33	0.24	4.2	-0.75	-0.22
Change in receivables	7.11	-11.2	7.3	-5.81	-14.1	-13.7	18.2	5.12	-20.4	-10.6
Change in inventory	-10.7	-12.3	23.3	5.06	-10.1	-119	94.3	14.5	-36.5	-13.1
Change in payables	-11.9	28.2	-42.6	20.2	11.9	-1.96	-16.9	-0.64	19.3	10.8
Cash from operations	20.8	54	6.61	56.2	69.9	5.67	142	58.2	27.2	36.6
Capital expenditures	-20.6	-18.4	-10.5	-7.11	-17.5	-15.9	-30.7	-19.1	-8.21	-11.8
Acquisitions		-3.3	0	-18.4	0	0	0	0	-72.1	0
Cash from investing	-20.9	-21.9	-9.56	-23.2	-17.8	-6.04	-20.9	-19.6	-75.7	-12.4
Debt issued	0.4	0.37	44.3	0.32	0.3	0.27	0.32	0.3	0.29	18.5
Debt repaid	-0.4	-0.37	-44.3	-0.32	-0.3	-0.27	-0.32	-0.3	-0.29	-18.5
Stock issued	0.11	2.08	0	0	1.08	1.65	0.24	0.43	0.06	0
Share buybacks				0	0	-1.2	-2.33	-1.84	-2.27	-3.15
Dividends paid	-26	-21.3	-2.31	-2.31	-31.3	-41.2	-41.3	-50.9	-21.8	-21.7
Cash from financing	-26.7	-20.2	-2.81	-2.54	-30.9	-41.2	-44	-52.7	-24.4	-25.4
Net change in cash	-26.8	11.8	-5.76	30.5	21.2	-41.6	77.4	-14.1	-72.9	-1.15
Free cash flow	0.27	35.5	-3.9	49.1	52.4	-10.2	111	39.1	19	24.8
Interest paid		0	0.05	0	0			0	0	0.01
Income taxes paid	9.3	7.78	1.74	1.92	16.8	41.5	7.83	3.33	10.8	10.5

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $27.47 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	10.2%	Gross profit / revenue.
Pre-tax margin	5.2%	Pre-tax income / revenue.
Net margin	4.0%	Net income / revenue.
FCF margin	3.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.0%	Cash from operations / revenue.
Effective tax rate	22.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.3%	Net income / average total assets.
SG&A / revenue	5.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.6%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-19.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-9.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-28.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-3.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-15.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-28.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-3.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-15.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	34.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-36.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-12.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	31.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-39.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-13.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-19.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-7.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-0.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.72x	Current assets / current liabilities.
Quick ratio	1.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.49x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	21.0%	Total liabilities / total assets.
Working capital	$209.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	11.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$326.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.57x	Revenue / average total assets.
Fixed asset turnover	5.85x	Revenue / average property, plant and equipment.
Inventory turnover	4.60x	Cost of revenue / average inventory.
Days inventory	79 days	365 x average inventory / cost of revenue.
Receivables turnover	8.80x	Revenue / average receivables.
Days sales outstanding	41 days	365 x average receivables / revenue.
Days payables	30 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	90 days	Days inventory + days sales outstanding - days payables.
FCF conversion	84.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	32.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.51	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.52	Net income per basic share, as reported (split-adjusted).
Revenue per share	$37.88	Revenue / diluted weighted shares.
FCF per share	$1.27	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.88	Cash from operations / diluted weighted shares.
Book value per share	$19.61	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$16.89	Tangible book value / shares outstanding.
Cash per share	$1.94	(Cash + short-term investments) / shares outstanding.
Dividend per share	$1.12	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	73.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	87.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	12.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$531.8M	Share price x shares outstanding.
Enterprise value	$494.3M	Market cap + total debt - cash - short-term investments.
P/E	18.0x	Market cap / net income. Only when net income is positive.
P/S	0.72x	Market cap / revenue.
P/B	1.40x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.63x	Market cap / tangible book value, when positive.
P/FCF	21.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.5x	Market cap / cash from operations, when positive.
EV/Sales	0.67x	Enterprise value / revenue.
EV/FCF	19.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.7%	Free cash flow / market cap.
Earnings yield	5.6%	Net income / market cap (the inverse of P/E).
Dividend yield	4.1%	Dividends paid over the period / market cap.
Shareholder yield	4.7%	(Dividends paid + share buybacks) / market cap.

What was INSTEEL INDUSTRIES INC's revenue in fiscal 2026?

INSTEEL INDUSTRIES INC reported revenue of $739.5M for fiscal 2026, 14.2% higher than the year before.

Was INSTEEL INDUSTRIES INC profitable in fiscal 2026?

Yes. Net income was $29.5M, a net margin of 4%.

How much free cash flow did INSTEEL INDUSTRIES INC generate in fiscal 2026?

Cash from operations of $36.6M minus capital expenditures of $11.8M left free cash flow of $24.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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