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Side-by-side financial comparison of INSTEEL INDUSTRIES INC (IIIN) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
INSTEEL INDUSTRIES INC is the larger business by last-quarter revenue ($159.9M vs $148.3M, roughly 1.1× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs 4.7%, a 0.7% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 23.3%). INSTEEL INDUSTRIES INC produced more free cash flow last quarter ($-2.2M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 12.0%).
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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
IIIN vs SHLS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $159.9M | $148.3M |
| Net Profit | $7.6M | $8.1M |
| Gross Margin | 11.3% | 31.6% |
| Operating Margin | 6.0% | 11.7% |
| Net Margin | 4.7% | 5.5% |
| Revenue YoY | 23.3% | 38.6% |
| Net Profit YoY | 602.4% | 3.9% |
| EPS (diluted) | $0.39 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $177.4M | $135.8M | ||
| Q2 25 | $179.9M | $110.8M | ||
| Q1 25 | $160.7M | $80.4M | ||
| Q4 24 | $129.7M | $107.0M | ||
| Q3 24 | $134.3M | $102.2M | ||
| Q2 24 | $145.8M | $99.2M | ||
| Q1 24 | $127.4M | $90.8M |
| Q4 25 | $7.6M | $8.1M | ||
| Q3 25 | $14.6M | $11.9M | ||
| Q2 25 | $15.2M | $13.9M | ||
| Q1 25 | $10.2M | $-282.0K | ||
| Q4 24 | $1.1M | $7.8M | ||
| Q3 24 | $4.7M | $-267.0K | ||
| Q2 24 | $6.6M | $11.8M | ||
| Q1 24 | $6.9M | $4.8M |
| Q4 25 | 11.3% | 31.6% | ||
| Q3 25 | 16.1% | 37.0% | ||
| Q2 25 | 17.1% | 37.2% | ||
| Q1 25 | 15.3% | 35.0% | ||
| Q4 24 | 7.3% | 37.6% | ||
| Q3 24 | 9.1% | 24.8% | ||
| Q2 24 | 10.6% | 40.3% | ||
| Q1 24 | 12.3% | 40.2% |
| Q4 25 | 6.0% | 11.7% | ||
| Q3 25 | 10.8% | 13.7% | ||
| Q2 25 | 11.0% | 14.4% | ||
| Q1 25 | 8.3% | 5.4% | ||
| Q4 24 | 1.1% | 15.4% | ||
| Q3 24 | 4.5% | 4.4% | ||
| Q2 24 | 6.0% | 18.7% | ||
| Q1 24 | 7.0% | 12.8% |
| Q4 25 | 4.7% | 5.5% | ||
| Q3 25 | 8.2% | 8.7% | ||
| Q2 25 | 8.4% | 12.5% | ||
| Q1 25 | 6.4% | -0.4% | ||
| Q4 24 | 0.8% | 7.3% | ||
| Q3 24 | 3.5% | -0.3% | ||
| Q2 24 | 4.5% | 11.9% | ||
| Q1 24 | 5.4% | 5.3% |
| Q4 25 | $0.39 | $0.05 | ||
| Q3 25 | $0.74 | $0.07 | ||
| Q2 25 | $0.78 | $0.08 | ||
| Q1 25 | $0.52 | $0.00 | ||
| Q4 24 | $0.06 | $0.04 | ||
| Q3 24 | $0.24 | $0.00 | ||
| Q2 24 | $0.34 | $0.07 | ||
| Q1 24 | $0.35 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $358.8M | $600.0M |
| Total Assets | $456.1M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.6M | $7.3M | ||
| Q3 25 | $38.6M | $8.6M | ||
| Q2 25 | $53.7M | $4.7M | ||
| Q1 25 | $28.4M | $35.6M | ||
| Q4 24 | $36.0M | $23.5M | ||
| Q3 24 | $111.5M | $11.1M | ||
| Q2 24 | $97.7M | $3.2M | ||
| Q1 24 | $83.9M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $358.8M | $600.0M | ||
| Q3 25 | $371.5M | $589.6M | ||
| Q2 25 | $356.2M | $575.4M | ||
| Q1 25 | $341.4M | $558.9M | ||
| Q4 24 | $331.6M | $556.8M | ||
| Q3 24 | $350.9M | $545.2M | ||
| Q2 24 | $346.0M | $544.6M | ||
| Q1 24 | $340.6M | $554.0M |
| Q4 25 | $456.1M | $904.1M | ||
| Q3 25 | $462.6M | $851.8M | ||
| Q2 25 | $471.9M | $795.0M | ||
| Q1 25 | $421.9M | $788.4M | ||
| Q4 24 | $404.7M | $793.1M | ||
| Q3 24 | $422.6M | $801.3M | ||
| Q2 24 | $414.6M | $788.4M | ||
| Q1 24 | $397.2M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $-2.2M | $-11.3M |
| FCF MarginFCF / Revenue | -1.4% | -7.6% |
| Capex IntensityCapex / Revenue | 0.9% | 4.8% |
| Cash ConversionOCF / Net Profit | -0.09× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $439.0K | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-701.0K | $-4.1M | ||
| Q3 25 | $-17.0M | $19.4M | ||
| Q2 25 | $28.5M | $-13.8M | ||
| Q1 25 | $-3.3M | $15.6M | ||
| Q4 24 | $19.0M | $14.0M | ||
| Q3 24 | $16.2M | $15.7M | ||
| Q2 24 | $18.8M | $37.8M | ||
| Q1 24 | $1.4M | $12.9M |
| Q4 25 | $-2.2M | $-11.3M | ||
| Q3 25 | $-18.7M | $9.0M | ||
| Q2 25 | $26.9M | $-26.0M | ||
| Q1 25 | $-5.5M | $12.3M | ||
| Q4 24 | $16.3M | $12.5M | ||
| Q3 24 | $14.5M | $13.3M | ||
| Q2 24 | $15.5M | $35.8M | ||
| Q1 24 | $-580.0K | $10.4M |
| Q4 25 | -1.4% | -7.6% | ||
| Q3 25 | -10.6% | 6.6% | ||
| Q2 25 | 15.0% | -23.5% | ||
| Q1 25 | -3.5% | 15.4% | ||
| Q4 24 | 12.6% | 11.6% | ||
| Q3 24 | 10.8% | 13.0% | ||
| Q2 24 | 10.7% | 36.1% | ||
| Q1 24 | -0.5% | 11.4% |
| Q4 25 | 0.9% | 4.8% | ||
| Q3 25 | 1.0% | 7.7% | ||
| Q2 25 | 0.9% | 11.0% | ||
| Q1 25 | 1.4% | 4.0% | ||
| Q4 24 | 2.1% | 1.4% | ||
| Q3 24 | 1.3% | 2.3% | ||
| Q2 24 | 2.2% | 2.0% | ||
| Q1 24 | 1.5% | 2.7% |
| Q4 25 | -0.09× | -0.50× | ||
| Q3 25 | -1.17× | 1.63× | ||
| Q2 25 | 1.88× | -1.00× | ||
| Q1 25 | -0.32× | — | ||
| Q4 24 | 17.56× | 1.79× | ||
| Q3 24 | 3.48× | — | ||
| Q2 24 | 2.86× | 3.21× | ||
| Q1 24 | 0.20× | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
