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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and INSTEEL INDUSTRIES INC (IIIN). Click either name above to swap in a different company.
INSTEEL INDUSTRIES INC is the larger business by last-quarter revenue ($159.9M vs $111.5M, roughly 1.4× AVIAT NETWORKS, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs 4.7%, a 0.4% gap on every dollar of revenue. On growth, INSTEEL INDUSTRIES INC posted the faster year-over-year revenue change (23.3% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $-2.2M). Over the past eight quarters, INSTEEL INDUSTRIES INC's revenue compounded faster (12.0% CAGR vs 0.3%).
Aviat Networks, Inc. is a global provider of microwave transport and backhaul solutions, providing public and private operators with communications infrastructure to serve telecommunications operators and enterprise customers.
Insteel Industries Inc is a leading U.S. manufacturer of steel reinforcing products including welded wire reinforcement and steel fibers. It primarily serves non-residential construction, infrastructure, and precast concrete segments across North America, delivering high-performance reinforcement solutions for various construction projects.
AVNW vs IIIN — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $159.9M |
| Net Profit | $5.7M | $7.6M |
| Gross Margin | 32.4% | 11.3% |
| Operating Margin | 6.5% | 6.0% |
| Net Margin | 5.1% | 4.7% |
| Revenue YoY | -5.7% | 23.3% |
| Net Profit YoY | 27.2% | 602.4% |
| EPS (diluted) | $0.44 | $0.39 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $111.5M | $159.9M | ||
| Q3 25 | $107.3M | $177.4M | ||
| Q2 25 | $115.3M | $179.9M | ||
| Q1 25 | $112.6M | $160.7M | ||
| Q4 24 | $118.2M | $129.7M | ||
| Q3 24 | $88.4M | $134.3M | ||
| Q2 24 | $116.7M | $145.8M | ||
| Q1 24 | $110.8M | $127.4M |
| Q4 25 | $5.7M | $7.6M | ||
| Q3 25 | $162.0K | $14.6M | ||
| Q2 25 | $5.2M | $15.2M | ||
| Q1 25 | $3.5M | $10.2M | ||
| Q4 24 | $4.5M | $1.1M | ||
| Q3 24 | $-11.9M | $4.7M | ||
| Q2 24 | $1.5M | $6.6M | ||
| Q1 24 | $3.9M | $6.9M |
| Q4 25 | 32.4% | 11.3% | ||
| Q3 25 | 33.2% | 16.1% | ||
| Q2 25 | 34.2% | 17.1% | ||
| Q1 25 | 34.9% | 15.3% | ||
| Q4 24 | 34.6% | 7.3% | ||
| Q3 24 | 22.4% | 9.1% | ||
| Q2 24 | 35.3% | 10.6% | ||
| Q1 24 | 32.5% | 12.3% |
| Q4 25 | 6.5% | 6.0% | ||
| Q3 25 | 4.8% | 10.8% | ||
| Q2 25 | 7.7% | 11.0% | ||
| Q1 25 | 8.3% | 8.3% | ||
| Q4 24 | 6.7% | 1.1% | ||
| Q3 24 | -17.6% | 4.5% | ||
| Q2 24 | 4.7% | 6.0% | ||
| Q1 24 | 5.1% | 7.0% |
| Q4 25 | 5.1% | 4.7% | ||
| Q3 25 | 0.2% | 8.2% | ||
| Q2 25 | 4.5% | 8.4% | ||
| Q1 25 | 3.1% | 6.4% | ||
| Q4 24 | 3.8% | 0.8% | ||
| Q3 24 | -13.4% | 3.5% | ||
| Q2 24 | 1.3% | 4.5% | ||
| Q1 24 | 3.5% | 5.4% |
| Q4 25 | $0.44 | $0.39 | ||
| Q3 25 | $0.01 | $0.74 | ||
| Q2 25 | $0.42 | $0.78 | ||
| Q1 25 | $0.27 | $0.52 | ||
| Q4 24 | $0.35 | $0.06 | ||
| Q3 24 | $-0.94 | $0.24 | ||
| Q2 24 | $0.11 | $0.34 | ||
| Q1 24 | $0.30 | $0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $86.5M | $15.6M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $358.8M |
| Total Assets | $659.4M | $456.1M |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $15.6M | ||
| Q3 25 | $64.8M | $38.6M | ||
| Q2 25 | $59.7M | $53.7M | ||
| Q1 25 | $49.4M | $28.4M | ||
| Q4 24 | $52.6M | $36.0M | ||
| Q3 24 | $51.0M | $111.5M | ||
| Q2 24 | $64.6M | $97.7M | ||
| Q1 24 | $59.2M | $83.9M |
| Q4 25 | $105.4M | — | ||
| Q3 25 | $106.5M | — | ||
| Q2 25 | $87.6M | — | ||
| Q1 25 | $73.9M | — | ||
| Q4 24 | $74.9M | — | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $48.4M | — | ||
| Q1 24 | $48.9M | — |
| Q4 25 | $271.6M | $358.8M | ||
| Q3 25 | $263.6M | $371.5M | ||
| Q2 25 | $263.2M | $356.2M | ||
| Q1 25 | $256.1M | $341.4M | ||
| Q4 24 | $249.6M | $331.6M | ||
| Q3 24 | $247.1M | $350.9M | ||
| Q2 24 | $255.9M | $346.0M | ||
| Q1 24 | $256.0M | $340.6M |
| Q4 25 | $659.4M | $456.1M | ||
| Q3 25 | $643.3M | $462.6M | ||
| Q2 25 | $633.3M | $471.9M | ||
| Q1 25 | $628.3M | $421.9M | ||
| Q4 24 | $594.1M | $404.7M | ||
| Q3 24 | $590.9M | $422.6M | ||
| Q2 24 | $535.2M | $414.6M | ||
| Q1 24 | $490.3M | $397.2M |
| Q4 25 | 0.39× | — | ||
| Q3 25 | 0.40× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.30× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.19× | — | ||
| Q1 24 | 0.19× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $23.9M | $-701.0K |
| Free Cash FlowOCF − Capex | $22.5M | $-2.2M |
| FCF MarginFCF / Revenue | 20.2% | -1.4% |
| Capex IntensityCapex / Revenue | 1.3% | 0.9% |
| Cash ConversionOCF / Net Profit | 4.18× | -0.09× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $439.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $-701.0K | ||
| Q3 25 | $-11.7M | $-17.0M | ||
| Q2 25 | $10.5M | $28.5M | ||
| Q1 25 | $1.6M | $-3.3M | ||
| Q4 24 | $20.8M | $19.0M | ||
| Q3 24 | $-27.2M | $16.2M | ||
| Q2 24 | $8.3M | $18.8M | ||
| Q1 24 | $15.3M | $1.4M |
| Q4 25 | $22.5M | $-2.2M | ||
| Q3 25 | $-13.5M | $-18.7M | ||
| Q2 25 | $8.2M | $26.9M | ||
| Q1 25 | $-1.2M | $-5.5M | ||
| Q4 24 | $18.3M | $16.3M | ||
| Q3 24 | $-32.6M | $14.5M | ||
| Q2 24 | $7.5M | $15.5M | ||
| Q1 24 | $14.8M | $-580.0K |
| Q4 25 | 20.2% | -1.4% | ||
| Q3 25 | -12.6% | -10.6% | ||
| Q2 25 | 7.1% | 15.0% | ||
| Q1 25 | -1.0% | -3.5% | ||
| Q4 24 | 15.5% | 12.6% | ||
| Q3 24 | -36.8% | 10.8% | ||
| Q2 24 | 6.4% | 10.7% | ||
| Q1 24 | 13.4% | -0.5% |
| Q4 25 | 1.3% | 0.9% | ||
| Q3 25 | 1.6% | 1.0% | ||
| Q2 25 | 2.0% | 0.9% | ||
| Q1 25 | 2.5% | 1.4% | ||
| Q4 24 | 2.1% | 2.1% | ||
| Q3 24 | 6.1% | 1.3% | ||
| Q2 24 | 0.7% | 2.2% | ||
| Q1 24 | 0.4% | 1.5% |
| Q4 25 | 4.18× | -0.09× | ||
| Q3 25 | -72.48× | -1.17× | ||
| Q2 25 | 2.02× | 1.88× | ||
| Q1 25 | 0.46× | -0.32× | ||
| Q4 24 | 4.62× | 17.56× | ||
| Q3 24 | — | 3.48× | ||
| Q2 24 | 5.37× | 2.86× | ||
| Q1 24 | 3.96× | 0.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
IIIN
| Welded Wire Reinforcement | $108.4M | 68% |
| PC Strand | $51.6M | 32% |
