Insteel Industries Inc. (IIIN) intrinsic value & 10-year financials
Insteel Industries Inc. (IIIN) has a Graham intrinsic value of $18.41 per share. At $29.66 on Oct 17, 2026, the stock trades 61% above that value. Over the last 10 fiscal years revenue grew 5.0% a year to $647.7M, with an average return on invested capital of 18.0%.
- Graham intrinsic value
- $18.41
- Share price (Oct 17, 2026)
- $29.66
- Price vs Graham value
- 61% above
- Market cap
- $580.1M
- Revenue (FY2025)
- $647.7M
- Revenue growth (10-yr CAGR)
- 5.0%
- ROIC (10-yr avg)
- 18.0%
- Free cash flow (FY2025)
- $18.9M
IIIN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $647.7M | $41.0M | $2.10 | $18.9M | — | 14.3% |
| FY2024 | $529.2M | $19.3M | $0.99 | $39.1M | — | 7.8% |
| FY2023 | $649.2M | $32.4M | $1.66 | $111.5M | — | 12.6% |
| FY2022 | $826.8M | $125.0M | $6.37 | -$10.2M | — | 58.7% |
| FY2021 | $590.6M | $66.6M | $3.41 | $52.4M | — | 32.5% |
| FY2020 | $472.6M | $19.0M | $0.98 | $49.1M | — | 9.4% |
| FY2019 | $455.7M | $5.6M | $0.29 | -$3.9M | — | 2.7% |
| FY2018 | $453.2M | $36.3M | $1.88 | $35.5M | — | 15.6% |
| FY2017 | $388.9M | $22.5M | $1.17 | -$272.0K | — | 10.1% |
| FY2016 | $418.5M | $37.2M | $1.95 | $41.6M | — | 16.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
INSTEEL INDUSTRIES INC has demonstrated mature, steady growth, with revenue compounding at 5.0% annually over the past decade.
INSTEEL INDUSTRIES INC has earned high returns on invested capital, averaging 18.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
INSTEEL INDUSTRIES INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, INSTEEL INDUSTRIES INC is modeled at 0.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $18.41 per share.