The business behind the dividend
| Measure | IIIN | Median | Formula |
|---|---|---|---|
| Return on equity | 11.0% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $51.20m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $18.95m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 8.3% | 15.0% | Operating income ÷ revenue |
| Net margin | 6.3% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | 3.97x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.66x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Debt to equity, Long-term debt to working capital, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 11.0% | 5.5% | 8.5% | 32.1% | 22.1% | 7.2% | 2.3% | 15.0% | 10.1% | 16.6% | 10.1% |
| Operating margin | 8.3% | 4.8% | 6.4% | 19.6% | 14.6% | 5.1% | 1.6% | 9.4% | 8.8% | 13.4% | 8.3% |
| Net margin | 6.3% | 3.6% | 5.0% | 15.1% | 11.3% | 4.0% | 1.2% | 8.0% | 5.8% | 8.9% | 5.8% |
| Current ratio | 3.97x | 5.68x | 6.47x | 5.36x | 3.59x | 3.67x | 5.65x | 2.72x | 3.79x | 3.36x | 3.79x |
| Cash conversion | 0.66x | 3.02x | 4.39x | 0.05x | 1.05x | 2.96x | 1.18x | 1.49x | 0.92x | 1.51x | 1.18x |
How it compares in materials
Among the 35 materials companies here measured on free cash flow, Insteel Industries pays out less than 4 of them. The median for that group is 40.8%, against this company’s 114.8%.
Closest on free cash flow
- Louisiana-Pacific (LPX) 85.7%
- Eastman Chemical (EMN) 89.9%
- Nobility Homes (NOBH) 102.6%
- Huntsman (HUN) 125.9%
Same sector and same denominator, so the figures are comparable. All 47 in materials →