Insteel Industries, Inc.
IIIN Industrials Metal Fabrication
Insteel Industries, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $647.7 million, up 22.4% from fiscal 2024. In the quarter to June 2026, revenue grew 9.88%, EPS fell 41.0% and free cash flow fell 61.2%, each against the same quarter a year earlier.
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Insteel Industries, Inc. (IIIN) Altman Z-score
Insteel Industries, Inc.'s Altman Z-score for fiscal 2025 is 7.99, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 7.99 | 0.07 |
| FY2024 | 7.92 | (1.09) |
| FY2023 | 9.01 | 0.79 |
| FY2022 | 8.22 | (0.28) |
| FY2021 | 8.51 | 2.71 |
| FY2020 | 5.80 | (2.15) |
| FY2019 | 7.94 | 0.37 |
| FY2018 | 7.57 | (0.36) |
| FY2017 | 7.93 | (1.29) |
| FY2016 | 9.22 | 2.98 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.42 | — | 0.51 | |
| Retained earnings / total assets | 0.57 | — | 0.80 | |
| EBIT / total assets | 0.11 | — | 0.37 | |
| Market value of equity / total liabilities | 8.20 | — | 4.92 | |
| Sales / total assets | 1.40 | — | 1.40 | |
| Altman Z-score | Safe zone | 7.99 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 9.66 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PRLB Proto Labs, Inc. compare | 9.6× |
| IIIN Insteel Industries, Inc. | 8.0× |
| TG Tredegar Corporation compare | 3.9× |
| GPGI CompoSecure, Inc. compare | 3.7× |
| WOR Worthington Enterprises, Inc. compare | 3.6× |
| ESAB ESAB Corporation compare | 2.9× |
| RYZ Ryerson Holding Corporation compare | 2.8× |
| MEC Mayville Engineering Company, Inc. compare | 1.9× |
| AP Ampco-Pittsburgh Corporation compare | 0.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets