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Side-by-side financial comparison of INSTEEL INDUSTRIES INC (IIIN) and IPG PHOTONICS CORP (IPGP). Click either name above to swap in a different company.
IPG PHOTONICS CORP is the larger business by last-quarter revenue ($274.5M vs $159.9M, roughly 1.7× INSTEEL INDUSTRIES INC). IPG PHOTONICS CORP runs the higher net margin — 4.8% vs 4.7%, a 0.1% gap on every dollar of revenue. On growth, INSTEEL INDUSTRIES INC posted the faster year-over-year revenue change (23.3% vs 17.1%). IPG PHOTONICS CORP produced more free cash flow last quarter ($10.9M vs $-2.2M). Over the past eight quarters, INSTEEL INDUSTRIES INC's revenue compounded faster (12.0% CAGR vs 4.4%).
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.
IPG Photonics Corporation is a manufacturer of fiber lasers. IPG Photonics developed and commercialized optical fiber lasers, which are used in a variety of applications including materials processing, medical applications and telecommunications. IPG has manufacturing facilities in the United States, Germany, Russia and Italy.
IIIN vs IPGP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $159.9M | $274.5M |
| Net Profit | $7.6M | $13.3M |
| Gross Margin | 11.3% | 36.1% |
| Operating Margin | 6.0% | 1.2% |
| Net Margin | 4.7% | 4.8% |
| Revenue YoY | 23.3% | 17.1% |
| Net Profit YoY | 602.4% | 69.8% |
| EPS (diluted) | $0.39 | $0.30 |
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 | $159.9M | $274.5M | ||
| Q3 25 | $177.4M | $250.8M | ||
| Q2 25 | $179.9M | $250.7M | ||
| Q1 25 | $160.7M | $227.8M | ||
| Q4 24 | $129.7M | $234.3M | ||
| Q3 24 | $134.3M | $233.1M | ||
| Q2 24 | $145.8M | $257.6M | ||
| Q1 24 | $127.4M | $252.0M |
| Q4 25 | $7.6M | $13.3M | ||
| Q3 25 | $14.6M | $7.5M | ||
| Q2 25 | $15.2M | $6.6M | ||
| Q1 25 | $10.2M | $3.8M | ||
| Q4 24 | $1.1M | $7.8M | ||
| Q3 24 | $4.7M | $-233.6M | ||
| Q2 24 | $6.6M | $20.2M | ||
| Q1 24 | $6.9M | $24.1M |
| Q4 25 | 11.3% | 36.1% | ||
| Q3 25 | 16.1% | 39.5% | ||
| Q2 25 | 17.1% | 37.3% | ||
| Q1 25 | 15.3% | 39.4% | ||
| Q4 24 | 7.3% | 38.6% | ||
| Q3 24 | 9.1% | 23.2% | ||
| Q2 24 | 10.6% | 37.3% | ||
| Q1 24 | 12.3% | 38.7% |
| Q4 25 | 6.0% | 1.2% | ||
| Q3 25 | 10.8% | 3.1% | ||
| Q2 25 | 11.0% | 0.0% | ||
| Q1 25 | 8.3% | 0.8% | ||
| Q4 24 | 1.1% | 6.0% | ||
| Q3 24 | 4.5% | -108.7% | ||
| Q2 24 | 6.0% | 4.7% | ||
| Q1 24 | 7.0% | 7.6% |
| Q4 25 | 4.7% | 4.8% | ||
| Q3 25 | 8.2% | 3.0% | ||
| Q2 25 | 8.4% | 2.6% | ||
| Q1 25 | 6.4% | 1.6% | ||
| Q4 24 | 0.8% | 3.3% | ||
| Q3 24 | 3.5% | -100.2% | ||
| Q2 24 | 4.5% | 7.8% | ||
| Q1 24 | 5.4% | 9.6% |
| Q4 25 | $0.39 | $0.30 | ||
| Q3 25 | $0.74 | $0.18 | ||
| Q2 25 | $0.78 | $0.16 | ||
| Q1 25 | $0.52 | $0.09 | ||
| Q4 24 | $0.06 | $0.27 | ||
| Q3 24 | $0.24 | $-5.33 | ||
| Q2 24 | $0.34 | $0.45 | ||
| Q1 24 | $0.35 | $0.52 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $15.6M | $839.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $358.8M | $2.1B |
| Total Assets | $456.1M | $2.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.6M | $839.3M | ||
| Q3 25 | $38.6M | $870.4M | ||
| Q2 25 | $53.7M | $899.6M | ||
| Q1 25 | $28.4M | $926.9M | ||
| Q4 24 | $36.0M | $930.2M | ||
| Q3 24 | $111.5M | $1.0B | ||
| Q2 24 | $97.7M | $1.1B | ||
| Q1 24 | $83.9M | $1.1B |
| Q4 25 | $358.8M | $2.1B | ||
| Q3 25 | $371.5M | $2.1B | ||
| Q2 25 | $356.2M | $2.1B | ||
| Q1 25 | $341.4M | $2.1B | ||
| Q4 24 | $331.6M | $2.0B | ||
| Q3 24 | $350.9M | $2.1B | ||
| Q2 24 | $346.0M | $2.3B | ||
| Q1 24 | $340.6M | $2.3B |
| Q4 25 | $456.1M | $2.4B | ||
| Q3 25 | $462.6M | $2.4B | ||
| Q2 25 | $471.9M | $2.4B | ||
| Q1 25 | $421.9M | $2.3B | ||
| Q4 24 | $404.7M | $2.3B | ||
| Q3 24 | $422.6M | $2.4B | ||
| Q2 24 | $414.6M | $2.5B | ||
| Q1 24 | $397.2M | $2.6B |
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 | $-701.0K | $28.8M |
| Free Cash FlowOCF − Capex | $-2.2M | $10.9M |
| FCF MarginFCF / Revenue | -1.4% | 4.0% |
| Capex IntensityCapex / Revenue | 0.9% | 6.5% |
| Cash ConversionOCF / Net Profit | -0.09× | 2.17× |
| TTM Free Cash FlowTrailing 4 quarters | $439.0K | $-3.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-701.0K | $28.8M | ||
| Q3 25 | $-17.0M | $35.3M | ||
| Q2 25 | $28.5M | $-2.2M | ||
| Q1 25 | $-3.3M | $13.4M | ||
| Q4 24 | $19.0M | $73.8M | ||
| Q3 24 | $16.2M | $66.1M | ||
| Q2 24 | $18.8M | $53.5M | ||
| Q1 24 | $1.4M | $54.6M |
| Q4 25 | $-2.2M | $10.9M | ||
| Q3 25 | $-18.7M | $14.6M | ||
| Q2 25 | $26.9M | $-17.6M | ||
| Q1 25 | $-5.5M | $-11.4M | ||
| Q4 24 | $16.3M | $50.6M | ||
| Q3 24 | $14.5M | $43.0M | ||
| Q2 24 | $15.5M | $29.2M | ||
| Q1 24 | $-580.0K | $26.5M |
| Q4 25 | -1.4% | 4.0% | ||
| Q3 25 | -10.6% | 5.8% | ||
| Q2 25 | 15.0% | -7.0% | ||
| Q1 25 | -3.5% | -5.0% | ||
| Q4 24 | 12.6% | 21.6% | ||
| Q3 24 | 10.8% | 18.4% | ||
| Q2 24 | 10.7% | 11.3% | ||
| Q1 24 | -0.5% | 10.5% |
| Q4 25 | 0.9% | 6.5% | ||
| Q3 25 | 1.0% | 8.3% | ||
| Q2 25 | 0.9% | 6.1% | ||
| Q1 25 | 1.4% | 10.9% | ||
| Q4 24 | 2.1% | 9.9% | ||
| Q3 24 | 1.3% | 9.9% | ||
| Q2 24 | 2.2% | 9.4% | ||
| Q1 24 | 1.5% | 11.1% |
| Q4 25 | -0.09× | 2.17× | ||
| Q3 25 | -1.17× | 4.73× | ||
| Q2 25 | 1.88× | -0.34× | ||
| Q1 25 | -0.32× | 3.58× | ||
| Q4 24 | 17.56× | 9.44× | ||
| Q3 24 | 3.48× | — | ||
| Q2 24 | 2.86× | 2.65× | ||
| Q1 24 | 0.20× | 2.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IIIN
| Welded Wire Reinforcement | $108.4M | 68% |
| PC Strand | $51.6M | 32% |
IPGP
| Materials Processing | $232.8M | 85% |
| Laser And Non Laser Systems | $38.8M | 14% |
| Transferred Over Time | $5.3M | 2% |
