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Side-by-side financial comparison of INSTEEL INDUSTRIES INC (IIIN) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
SPS COMMERCE INC is the larger business by last-quarter revenue ($192.7M vs $159.9M, roughly 1.2× INSTEEL INDUSTRIES INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 4.7%, a 8.7% gap on every dollar of revenue. On growth, INSTEEL INDUSTRIES INC posted the faster year-over-year revenue change (23.3% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-2.2M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% 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.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
IIIN vs SPSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $159.9M | $192.7M |
| Net Profit | $7.6M | $25.8M |
| Gross Margin | 11.3% | 70.4% |
| Operating Margin | 6.0% | 18.0% |
| Net Margin | 4.7% | 13.4% |
| Revenue YoY | 23.3% | 12.7% |
| Net Profit YoY | 602.4% | 47.2% |
| EPS (diluted) | $0.39 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $177.4M | $189.9M | ||
| Q2 25 | $179.9M | $187.4M | ||
| Q1 25 | $160.7M | $181.5M | ||
| Q4 24 | $129.7M | $170.9M | ||
| Q3 24 | $134.3M | $163.7M | ||
| Q2 24 | $145.8M | $153.6M | ||
| Q1 24 | $127.4M | $149.6M |
| Q4 25 | $7.6M | $25.8M | ||
| Q3 25 | $14.6M | $25.6M | ||
| Q2 25 | $15.2M | $19.7M | ||
| Q1 25 | $10.2M | $22.2M | ||
| Q4 24 | $1.1M | $17.6M | ||
| Q3 24 | $4.7M | $23.5M | ||
| Q2 24 | $6.6M | $18.0M | ||
| Q1 24 | $6.9M | $18.0M |
| Q4 25 | 11.3% | 70.4% | ||
| Q3 25 | 16.1% | 69.5% | ||
| Q2 25 | 17.1% | 68.1% | ||
| Q1 25 | 15.3% | 68.7% | ||
| Q4 24 | 7.3% | 67.5% | ||
| Q3 24 | 9.1% | 68.5% | ||
| Q2 24 | 10.6% | 66.1% | ||
| Q1 24 | 12.3% | 65.6% |
| Q4 25 | 6.0% | 18.0% | ||
| Q3 25 | 10.8% | 16.4% | ||
| Q2 25 | 11.0% | 14.1% | ||
| Q1 25 | 8.3% | 14.3% | ||
| Q4 24 | 1.1% | 14.5% | ||
| Q3 24 | 4.5% | 15.6% | ||
| Q2 24 | 6.0% | 15.1% | ||
| Q1 24 | 7.0% | 10.3% |
| Q4 25 | 4.7% | 13.4% | ||
| Q3 25 | 8.2% | 13.5% | ||
| Q2 25 | 8.4% | 10.5% | ||
| Q1 25 | 6.4% | 12.2% | ||
| Q4 24 | 0.8% | 10.3% | ||
| Q3 24 | 3.5% | 14.3% | ||
| Q2 24 | 4.5% | 11.7% | ||
| Q1 24 | 5.4% | 12.0% |
| Q4 25 | $0.39 | $0.69 | ||
| Q3 25 | $0.74 | $0.67 | ||
| Q2 25 | $0.78 | $0.52 | ||
| Q1 25 | $0.52 | $0.58 | ||
| Q4 24 | $0.06 | $0.46 | ||
| Q3 24 | $0.24 | $0.62 | ||
| Q2 24 | $0.34 | $0.48 | ||
| Q1 24 | $0.35 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $358.8M | $973.9M |
| Total Assets | $456.1M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.6M | $151.4M | ||
| Q3 25 | $38.6M | $133.7M | ||
| Q2 25 | $53.7M | $107.6M | ||
| Q1 25 | $28.4M | $94.9M | ||
| Q4 24 | $36.0M | $241.0M | ||
| Q3 24 | $111.5M | $205.8M | ||
| Q2 24 | $97.7M | $271.8M | ||
| Q1 24 | $83.9M | $290.8M |
| Q4 25 | $358.8M | $973.9M | ||
| Q3 25 | $371.5M | $958.9M | ||
| Q2 25 | $356.2M | $949.8M | ||
| Q1 25 | $341.4M | $920.9M | ||
| Q4 24 | $331.6M | $854.7M | ||
| Q3 24 | $350.9M | $829.4M | ||
| Q2 24 | $346.0M | $703.4M | ||
| Q1 24 | $340.6M | $683.0M |
| Q4 25 | $456.1M | $1.2B | ||
| Q3 25 | $462.6M | $1.2B | ||
| Q2 25 | $471.9M | $1.1B | ||
| Q1 25 | $421.9M | $1.1B | ||
| Q4 24 | $404.7M | $1.0B | ||
| Q3 24 | $422.6M | $1.0B | ||
| Q2 24 | $414.6M | $854.5M | ||
| Q1 24 | $397.2M | $839.8M |
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 | $45.9M |
| Free Cash FlowOCF − Capex | $-2.2M | $38.2M |
| FCF MarginFCF / Revenue | -1.4% | 19.8% |
| Capex IntensityCapex / Revenue | 0.9% | 4.0% |
| Cash ConversionOCF / Net Profit | -0.09× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $439.0K | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-701.0K | $45.9M | ||
| Q3 25 | $-17.0M | $60.6M | ||
| Q2 25 | $28.5M | $32.3M | ||
| Q1 25 | $-3.3M | $40.0M | ||
| Q4 24 | $19.0M | $40.6M | ||
| Q3 24 | $16.2M | $53.3M | ||
| Q2 24 | $18.8M | $29.4M | ||
| Q1 24 | $1.4M | $34.1M |
| Q4 25 | $-2.2M | $38.2M | ||
| Q3 25 | $-18.7M | $54.6M | ||
| Q2 25 | $26.9M | $25.7M | ||
| Q1 25 | $-5.5M | $33.8M | ||
| Q4 24 | $16.3M | $34.3M | ||
| Q3 24 | $14.5M | $48.1M | ||
| Q2 24 | $15.5M | $24.4M | ||
| Q1 24 | $-580.0K | $30.5M |
| Q4 25 | -1.4% | 19.8% | ||
| Q3 25 | -10.6% | 28.7% | ||
| Q2 25 | 15.0% | 13.7% | ||
| Q1 25 | -3.5% | 18.6% | ||
| Q4 24 | 12.6% | 20.1% | ||
| Q3 24 | 10.8% | 29.4% | ||
| Q2 24 | 10.7% | 15.9% | ||
| Q1 24 | -0.5% | 20.4% |
| Q4 25 | 0.9% | 4.0% | ||
| Q3 25 | 1.0% | 3.2% | ||
| Q2 25 | 0.9% | 3.6% | ||
| Q1 25 | 1.4% | 3.4% | ||
| Q4 24 | 2.1% | 3.6% | ||
| Q3 24 | 1.3% | 3.2% | ||
| Q2 24 | 2.2% | 3.3% | ||
| Q1 24 | 1.5% | 2.4% |
| Q4 25 | -0.09× | 1.78× | ||
| Q3 25 | -1.17× | 2.37× | ||
| Q2 25 | 1.88× | 1.64× | ||
| Q1 25 | -0.32× | 1.80× | ||
| Q4 24 | 17.56× | 2.31× | ||
| Q3 24 | 3.48× | 2.27× | ||
| Q2 24 | 2.86× | 1.63× | ||
| Q1 24 | 0.20× | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
