vs
Side-by-side financial comparison of INSTEEL INDUSTRIES INC (IIIN) and IREN Ltd (IREN). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $159.9M, roughly 1.2× INSTEEL INDUSTRIES INC). INSTEEL INDUSTRIES INC runs the higher net margin — 4.7% vs -84.1%, a 88.9% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 23.3%). INSTEEL INDUSTRIES INC produced more free cash flow last quarter ($-2.2M vs $-468.0M).
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.
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada.
IIIN vs IREN — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $159.9M | $184.7M |
| Net Profit | $7.6M | $-155.4M |
| Gross Margin | 11.3% | 64.4% |
| Operating Margin | 6.0% | -63.0% |
| Net Margin | 4.7% | -84.1% |
| Revenue YoY | 23.3% | 59.0% |
| Net Profit YoY | 602.4% | -610.0% |
| EPS (diluted) | $0.39 | $-0.52 |
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 | $184.7M | ||
| Q3 25 | $177.4M | $240.3M | ||
| Q2 25 | $179.9M | — | ||
| Q1 25 | $160.7M | — | ||
| Q4 24 | $129.7M | $116.1M | ||
| Q3 24 | $134.3M | $52.8M | ||
| Q2 24 | $145.8M | — | ||
| Q1 24 | $127.4M | $54.3M |
| Q4 25 | $7.6M | $-155.4M | ||
| Q3 25 | $14.6M | $384.6M | ||
| Q2 25 | $15.2M | — | ||
| Q1 25 | $10.2M | — | ||
| Q4 24 | $1.1M | $-21.9M | ||
| Q3 24 | $4.7M | $-51.7M | ||
| Q2 24 | $6.6M | — | ||
| Q1 24 | $6.9M | $8.6M |
| Q4 25 | 11.3% | 64.4% | ||
| Q3 25 | 16.1% | 66.4% | ||
| Q2 25 | 17.1% | — | ||
| Q1 25 | 15.3% | — | ||
| Q4 24 | 7.3% | 72.2% | ||
| Q3 24 | 9.1% | 39.6% | ||
| Q2 24 | 10.6% | — | ||
| Q1 24 | 12.3% | — |
| Q4 25 | 6.0% | -63.0% | ||
| Q3 25 | 10.8% | -31.8% | ||
| Q2 25 | 11.0% | — | ||
| Q1 25 | 8.3% | — | ||
| Q4 24 | 1.1% | 14.9% | ||
| Q3 24 | 4.5% | -89.2% | ||
| Q2 24 | 6.0% | — | ||
| Q1 24 | 7.0% | 11.1% |
| Q4 25 | 4.7% | -84.1% | ||
| Q3 25 | 8.2% | 160.1% | ||
| Q2 25 | 8.4% | — | ||
| Q1 25 | 6.4% | — | ||
| Q4 24 | 0.8% | -18.8% | ||
| Q3 24 | 3.5% | -98.0% | ||
| Q2 24 | 4.5% | — | ||
| Q1 24 | 5.4% | 15.9% |
| Q4 25 | $0.39 | $-0.52 | ||
| Q3 25 | $0.74 | $1.08 | ||
| Q2 25 | $0.78 | — | ||
| Q1 25 | $0.52 | — | ||
| Q4 24 | $0.06 | $-0.10 | ||
| Q3 24 | $0.24 | $-0.27 | ||
| Q2 24 | $0.34 | — | ||
| Q1 24 | $0.35 | $0.00 |
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 | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $358.8M | $2.5B |
| Total Assets | $456.1M | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.6M | $3.3B | ||
| Q3 25 | $38.6M | $1.0B | ||
| Q2 25 | $53.7M | — | ||
| Q1 25 | $28.4M | — | ||
| Q4 24 | $36.0M | $427.3M | ||
| Q3 24 | $111.5M | $98.6M | ||
| Q2 24 | $97.7M | — | ||
| Q1 24 | $83.9M | $259.7M |
| Q4 25 | $358.8M | $2.5B | ||
| Q3 25 | $371.5M | $2.9B | ||
| Q2 25 | $356.2M | — | ||
| Q1 25 | $341.4M | — | ||
| Q4 24 | $331.6M | $1.2B | ||
| Q3 24 | $350.9M | $1.1B | ||
| Q2 24 | $346.0M | — | ||
| Q1 24 | $340.6M | $677.2M |
| Q4 25 | $456.1M | $7.0B | ||
| Q3 25 | $462.6M | $4.3B | ||
| Q2 25 | $471.9M | — | ||
| Q1 25 | $421.9M | — | ||
| Q4 24 | $404.7M | $1.9B | ||
| Q3 24 | $422.6M | $1.3B | ||
| Q2 24 | $414.6M | — | ||
| Q1 24 | $397.2M | $723.6M |
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 | $71.7M |
| Free Cash FlowOCF − Capex | $-2.2M | $-468.0M |
| FCF MarginFCF / Revenue | -1.4% | -253.4% |
| Capex IntensityCapex / Revenue | 0.9% | 292.2% |
| Cash ConversionOCF / Net Profit | -0.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | $439.0K | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-701.0K | $71.7M | ||
| Q3 25 | $-17.0M | $142.4M | ||
| Q2 25 | $28.5M | — | ||
| Q1 25 | $-3.3M | — | ||
| Q4 24 | $19.0M | $53.6M | ||
| Q3 24 | $16.2M | $-3.9M | ||
| Q2 24 | $18.8M | — | ||
| Q1 24 | $1.4M | $-27.1M |
| Q4 25 | $-2.2M | $-468.0M | ||
| Q3 25 | $-18.7M | $-38.0M | ||
| Q2 25 | $26.9M | — | ||
| Q1 25 | $-5.5M | — | ||
| Q4 24 | $16.3M | $-85.5M | ||
| Q3 24 | $14.5M | $-109.7M | ||
| Q2 24 | $15.5M | — | ||
| Q1 24 | $-580.0K | $-108.3M |
| Q4 25 | -1.4% | -253.4% | ||
| Q3 25 | -10.6% | -15.8% | ||
| Q2 25 | 15.0% | — | ||
| Q1 25 | -3.5% | — | ||
| Q4 24 | 12.6% | -73.6% | ||
| Q3 24 | 10.8% | -208.0% | ||
| Q2 24 | 10.7% | — | ||
| Q1 24 | -0.5% | -199.4% |
| Q4 25 | 0.9% | 292.2% | ||
| Q3 25 | 1.0% | 75.0% | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | 2.1% | 119.7% | ||
| Q3 24 | 1.3% | 200.6% | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 1.5% | 149.5% |
| Q4 25 | -0.09× | — | ||
| Q3 25 | -1.17× | 0.37× | ||
| Q2 25 | 1.88× | — | ||
| Q1 25 | -0.32× | — | ||
| Q4 24 | 17.56× | — | ||
| Q3 24 | 3.48× | — | ||
| Q2 24 | 2.86× | — | ||
| Q1 24 | 0.20× | -3.13× |
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% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
