We estimate September-quarter raw material spreads (Insteel's primary profit driver) modestly contracted sequentially off strong 3Q:F25 levels (the highest in eleven quarters), driving our 4Q:F25 EPS forecast of $0.75 (a decline from 3Q:F25's EPS of $0.81). Insteel currently is a volume leverage story; given its relatively fixed SG&A costs, IIIN has absorbed the two competitors it acquired in F2025 and can now produce incremental volumes with minimal additional operating expenses. Key topics heading into the 4Q:F25 release include demand trends, supply levels, and any update on management's efforts to clarify Section 232 tariff ambiguities with the U.S. Department of Commerce. Insteel remains debt-free and held $54 million in cash as of 3Q:F25, supporting our moderate risk rating on the name. We maintain our $39 price target, based on 13x our F2026 EPS estimate of $2.98.