vs
Side-by-side financial comparison of INSTEEL INDUSTRIES INC (IIIN) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
INSTEEL INDUSTRIES INC is the larger business by last-quarter revenue ($159.9M vs $86.0M, roughly 1.9× Smart Sand, Inc.). INSTEEL INDUSTRIES INC runs the higher net margin — 4.7% vs 1.4%, a 3.4% gap on every dollar of revenue. On growth, INSTEEL INDUSTRIES INC posted the faster year-over-year revenue change (23.3% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-2.2M). Over the past eight quarters, INSTEEL INDUSTRIES INC's revenue compounded faster (12.0% CAGR vs 1.8%).
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.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
IIIN vs SND — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $159.9M | $86.0M |
| Net Profit | $7.6M | $1.2M |
| Gross Margin | 11.3% | 13.0% |
| Operating Margin | 6.0% | -3.1% |
| Net Margin | 4.7% | 1.4% |
| Revenue YoY | 23.3% | -5.8% |
| Net Profit YoY | 602.4% | -68.5% |
| EPS (diluted) | $0.39 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $177.4M | $92.8M | ||
| Q2 25 | $179.9M | $85.8M | ||
| Q1 25 | $160.7M | $65.6M | ||
| Q4 24 | $129.7M | $91.4M | ||
| Q3 24 | $134.3M | $63.2M | ||
| Q2 24 | $145.8M | $73.8M | ||
| Q1 24 | $127.4M | $83.1M |
| Q4 25 | $7.6M | $1.2M | ||
| Q3 25 | $14.6M | $3.0M | ||
| Q2 25 | $15.2M | $21.4M | ||
| Q1 25 | $10.2M | $-24.2M | ||
| Q4 24 | $1.1M | $3.7M | ||
| Q3 24 | $4.7M | $-98.0K | ||
| Q2 24 | $6.6M | $-430.0K | ||
| Q1 24 | $6.9M | $-216.0K |
| Q4 25 | 11.3% | 13.0% | ||
| Q3 25 | 16.1% | 16.1% | ||
| Q2 25 | 17.1% | 10.4% | ||
| Q1 25 | 15.3% | 4.2% | ||
| Q4 24 | 7.3% | 14.7% | ||
| Q3 24 | 9.1% | 10.3% | ||
| Q2 24 | 10.6% | 17.7% | ||
| Q1 24 | 12.3% | 14.2% |
| Q4 25 | 6.0% | -3.1% | ||
| Q3 25 | 10.8% | 5.8% | ||
| Q2 25 | 11.0% | -0.1% | ||
| Q1 25 | 8.3% | -10.8% | ||
| Q4 24 | 1.1% | 3.9% | ||
| Q3 24 | 4.5% | -7.8% | ||
| Q2 24 | 6.0% | 4.8% | ||
| Q1 24 | 7.0% | 0.9% |
| Q4 25 | 4.7% | 1.4% | ||
| Q3 25 | 8.2% | 3.2% | ||
| Q2 25 | 8.4% | 24.9% | ||
| Q1 25 | 6.4% | -37.0% | ||
| Q4 24 | 0.8% | 4.1% | ||
| Q3 24 | 3.5% | -0.2% | ||
| Q2 24 | 4.5% | -0.6% | ||
| Q1 24 | 5.4% | -0.3% |
| Q4 25 | $0.39 | $0.03 | ||
| Q3 25 | $0.74 | $0.08 | ||
| Q2 25 | $0.78 | $0.54 | ||
| Q1 25 | $0.52 | $-0.62 | ||
| Q4 24 | $0.06 | $0.10 | ||
| Q3 24 | $0.24 | $0.00 | ||
| Q2 24 | $0.34 | $-0.01 | ||
| Q1 24 | $0.35 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $358.8M | $239.7M |
| Total Assets | $456.1M | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.6M | $22.6M | ||
| Q3 25 | $38.6M | $5.1M | ||
| Q2 25 | $53.7M | $4.3M | ||
| Q1 25 | $28.4M | $5.1M | ||
| Q4 24 | $36.0M | $1.6M | ||
| Q3 24 | $111.5M | $7.2M | ||
| Q2 24 | $97.7M | $6.3M | ||
| Q1 24 | $83.9M | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $358.8M | $239.7M | ||
| Q3 25 | $371.5M | $239.9M | ||
| Q2 25 | $356.2M | $240.5M | ||
| Q1 25 | $341.4M | $219.9M | ||
| Q4 24 | $331.6M | $243.8M | ||
| Q3 24 | $350.9M | $243.6M | ||
| Q2 24 | $346.0M | $242.9M | ||
| Q1 24 | $340.6M | $242.5M |
| Q4 25 | $456.1M | $340.0M | ||
| Q3 25 | $462.6M | $343.1M | ||
| Q2 25 | $471.9M | $345.8M | ||
| Q1 25 | $421.9M | $326.9M | ||
| Q4 24 | $404.7M | $341.5M | ||
| Q3 24 | $422.6M | $335.8M | ||
| Q2 24 | $414.6M | $341.8M | ||
| Q1 24 | $397.2M | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $-2.2M | $20.4M |
| FCF MarginFCF / Revenue | -1.4% | 23.7% |
| Capex IntensityCapex / Revenue | 0.9% | 2.3% |
| Cash ConversionOCF / Net Profit | -0.09× | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $439.0K | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-701.0K | $22.4M | ||
| Q3 25 | $-17.0M | $18.2M | ||
| Q2 25 | $28.5M | $-5.1M | ||
| Q1 25 | $-3.3M | $8.7M | ||
| Q4 24 | $19.0M | $1.0M | ||
| Q3 24 | $16.2M | $5.8M | ||
| Q2 24 | $18.8M | $14.9M | ||
| Q1 24 | $1.4M | $-3.9M |
| Q4 25 | $-2.2M | $20.4M | ||
| Q3 25 | $-18.7M | $14.8M | ||
| Q2 25 | $26.9M | $-7.8M | ||
| Q1 25 | $-5.5M | $5.2M | ||
| Q4 24 | $16.3M | $-840.0K | ||
| Q3 24 | $14.5M | $3.7M | ||
| Q2 24 | $15.5M | $13.5M | ||
| Q1 24 | $-580.0K | $-5.5M |
| Q4 25 | -1.4% | 23.7% | ||
| Q3 25 | -10.6% | 15.9% | ||
| Q2 25 | 15.0% | -9.1% | ||
| Q1 25 | -3.5% | 7.9% | ||
| Q4 24 | 12.6% | -0.9% | ||
| Q3 24 | 10.8% | 5.8% | ||
| Q2 24 | 10.7% | 18.3% | ||
| Q1 24 | -0.5% | -6.6% |
| Q4 25 | 0.9% | 2.3% | ||
| Q3 25 | 1.0% | 3.6% | ||
| Q2 25 | 0.9% | 3.1% | ||
| Q1 25 | 1.4% | 5.4% | ||
| Q4 24 | 2.1% | 2.1% | ||
| Q3 24 | 1.3% | 3.4% | ||
| Q2 24 | 2.2% | 1.8% | ||
| Q1 24 | 1.5% | 2.0% |
| Q4 25 | -0.09× | 18.99× | ||
| Q3 25 | -1.17× | 6.05× | ||
| Q2 25 | 1.88× | -0.24× | ||
| Q1 25 | -0.32× | — | ||
| Q4 24 | 17.56× | 0.28× | ||
| Q3 24 | 3.48× | — | ||
| Q2 24 | 2.86× | — | ||
| Q1 24 | 0.20× | — |
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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
