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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) 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 $114.9M, roughly 1.4× DULUTH HOLDINGS INC.). INSTEEL INDUSTRIES INC runs the higher net margin — 4.7% vs -8.8%, a 13.5% gap on every dollar of revenue. On growth, INSTEEL INDUSTRIES INC posted the faster year-over-year revenue change (23.3% vs -9.6%). INSTEEL INDUSTRIES INC produced more free cash flow last quarter ($-2.2M vs $-8.9M). Over the past eight quarters, INSTEEL INDUSTRIES INC's revenue compounded faster (12.0% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
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.
DLTH vs IIIN — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $159.9M |
| Net Profit | $-10.1M | $7.6M |
| Gross Margin | 53.8% | 11.3% |
| Operating Margin | -7.7% | 6.0% |
| Net Margin | -8.8% | 4.7% |
| Revenue YoY | -9.6% | 23.3% |
| Net Profit YoY | 64.6% | 602.4% |
| EPS (diluted) | $-0.29 | $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 | $114.9M | $159.9M | ||
| Q3 25 | $131.7M | $177.4M | ||
| Q2 25 | $102.7M | $179.9M | ||
| Q1 25 | $241.3M | $160.7M | ||
| Q4 24 | $127.1M | $129.7M | ||
| Q3 24 | $141.6M | $134.3M | ||
| Q2 24 | $116.7M | $145.8M | ||
| Q1 24 | $245.6M | $127.4M |
| Q4 25 | $-10.1M | $7.6M | ||
| Q3 25 | $1.3M | $14.6M | ||
| Q2 25 | $-15.3M | $15.2M | ||
| Q1 25 | $-5.6M | $10.2M | ||
| Q4 24 | $-28.2M | $1.1M | ||
| Q3 24 | $-2.0M | $4.7M | ||
| Q2 24 | $-7.9M | $6.6M | ||
| Q1 24 | $6.4M | $6.9M |
| Q4 25 | 53.8% | 11.3% | ||
| Q3 25 | 54.7% | 16.1% | ||
| Q2 25 | 52.0% | 17.1% | ||
| Q1 25 | 44.1% | 15.3% | ||
| Q4 24 | 52.3% | 7.3% | ||
| Q3 24 | 52.3% | 9.1% | ||
| Q2 24 | 52.8% | 10.6% | ||
| Q1 24 | 48.2% | 12.3% |
| Q4 25 | -7.7% | 6.0% | ||
| Q3 25 | 1.8% | 10.8% | ||
| Q2 25 | -12.0% | 11.0% | ||
| Q1 25 | -1.8% | 8.3% | ||
| Q4 24 | -17.4% | 1.1% | ||
| Q3 24 | -1.1% | 4.5% | ||
| Q2 24 | -7.7% | 6.0% | ||
| Q1 24 | 3.6% | 7.0% |
| Q4 25 | -8.8% | 4.7% | ||
| Q3 25 | 1.0% | 8.2% | ||
| Q2 25 | -14.9% | 8.4% | ||
| Q1 25 | -2.3% | 6.4% | ||
| Q4 24 | -22.2% | 0.8% | ||
| Q3 24 | -1.4% | 3.5% | ||
| Q2 24 | -6.7% | 4.5% | ||
| Q1 24 | 2.6% | 5.4% |
| Q4 25 | $-0.29 | $0.39 | ||
| Q3 25 | $0.04 | $0.74 | ||
| Q2 25 | $-0.45 | $0.78 | ||
| Q1 25 | $-0.17 | $0.52 | ||
| Q4 24 | $-0.84 | $0.06 | ||
| Q3 24 | $-0.06 | $0.24 | ||
| Q2 24 | $-0.24 | $0.34 | ||
| Q1 24 | $0.20 | $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 | $8.2M | $15.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $358.8M |
| Total Assets | $468.0M | $456.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $15.6M | ||
| Q3 25 | $5.7M | $38.6M | ||
| Q2 25 | $8.6M | $53.7M | ||
| Q1 25 | $3.3M | $28.4M | ||
| Q4 24 | $9.3M | $36.0M | ||
| Q3 24 | $9.8M | $111.5M | ||
| Q2 24 | $6.8M | $97.7M | ||
| Q1 24 | $32.2M | $83.9M |
| Q4 25 | $160.6M | $358.8M | ||
| Q3 25 | $170.0M | $371.5M | ||
| Q2 25 | $167.9M | $356.2M | ||
| Q1 25 | $182.7M | $341.4M | ||
| Q4 24 | $188.1M | $331.6M | ||
| Q3 24 | $215.7M | $350.9M | ||
| Q2 24 | $218.4M | $346.0M | ||
| Q1 24 | $222.8M | $340.6M |
| Q4 25 | $468.0M | $456.1M | ||
| Q3 25 | $433.8M | $462.6M | ||
| Q2 25 | $463.7M | $471.9M | ||
| Q1 25 | $452.4M | $421.9M | ||
| Q4 24 | $533.1M | $404.7M | ||
| Q3 24 | $488.6M | $422.6M | ||
| Q2 24 | $471.4M | $414.6M | ||
| Q1 24 | $491.2M | $397.2M |
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 | $-6.7M | $-701.0K |
| Free Cash FlowOCF − Capex | $-8.9M | $-2.2M |
| FCF MarginFCF / Revenue | -7.8% | -1.4% |
| Capex IntensityCapex / Revenue | 2.0% | 0.9% |
| Cash ConversionOCF / Net Profit | — | -0.09× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $439.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $-701.0K | ||
| Q3 25 | $32.0M | $-17.0M | ||
| Q2 25 | $-56.5M | $28.5M | ||
| Q1 25 | $41.2M | $-3.3M | ||
| Q4 24 | $-41.1M | $19.0M | ||
| Q3 24 | $16.6M | $16.2M | ||
| Q2 24 | $-33.7M | $18.8M | ||
| Q1 24 | $69.7M | $1.4M |
| Q4 25 | $-8.9M | $-2.2M | ||
| Q3 25 | $29.8M | $-18.7M | ||
| Q2 25 | $-57.8M | $26.9M | ||
| Q1 25 | $38.7M | $-5.5M | ||
| Q4 24 | $-43.7M | $16.3M | ||
| Q3 24 | $15.0M | $14.5M | ||
| Q2 24 | $-35.2M | $15.5M | ||
| Q1 24 | $60.6M | $-580.0K |
| Q4 25 | -7.8% | -1.4% | ||
| Q3 25 | 22.6% | -10.6% | ||
| Q2 25 | -56.3% | 15.0% | ||
| Q1 25 | 16.0% | -3.5% | ||
| Q4 24 | -34.4% | 12.6% | ||
| Q3 24 | 10.6% | 10.8% | ||
| Q2 24 | -30.2% | 10.7% | ||
| Q1 24 | 24.7% | -0.5% |
| Q4 25 | 2.0% | 0.9% | ||
| Q3 25 | 1.7% | 1.0% | ||
| Q2 25 | 1.3% | 0.9% | ||
| Q1 25 | 1.0% | 1.4% | ||
| Q4 24 | 2.1% | 2.1% | ||
| Q3 24 | 1.2% | 1.3% | ||
| Q2 24 | 1.3% | 2.2% | ||
| Q1 24 | 3.7% | 1.5% |
| Q4 25 | — | -0.09× | ||
| Q3 25 | 25.40× | -1.17× | ||
| Q2 25 | — | 1.88× | ||
| Q1 25 | — | -0.32× | ||
| Q4 24 | — | 17.56× | ||
| Q3 24 | — | 3.48× | ||
| Q2 24 | — | 2.86× | ||
| Q1 24 | 10.86× | 0.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
IIIN
| Welded Wire Reinforcement | $108.4M | 68% |
| PC Strand | $51.6M | 32% |
