Proto Labs, Inc. PRLB

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsUnited States of America

Last close 77.64 USD on Nov 1, 2026, +36.2% year to date

Quant rating

Quant rating C Rank 279 of 486 in Industrials

Growth C 291 of 486
Valuation C 264 of 486
Quality C 247 of 486
Revisions C 288 of 486
Momentum C 210 of 486

Wall Street consensus Buy (2.20)Average target 101.25 USD +30.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.6B
Enterprise value: 1.5B
52-week range: 45.38 – 99.95
3-year range: 23.44 – 99.95
Dividend yield: –
Beta (5 years): 1.48
Shares outstanding: 23.9M
Next earnings: Feb 6, 2027

About the company

Proto Labs, Inc. provides comprehensive manufacturing service from prototyping to production. Its digital factories produce low-volume parts in days while Protolabs Network provides advanced capabilities and volume pricing through its manufacturing partners. Its services include injection molding, computer numerical control (CNC) machining, three-dimensional (3D) printing and sheet metal fabrication. Its injection molding services include plastic injection molding, liquid silicone rubber molding, and over molding and insert molding. Its CNC machining services include CNC milling, CNC turning, precision machining, threading options and finishing options. Its 3D printing services include metal 3D printing, multi jet fusion and advanced photopolymers. Its sheet metal fabrication services include laser cutting, punching, fabricated assemblies, and prototyping. It serves various industries, including medical, robotics, aerospace, automotive, consumer electronics and industrial equipment.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	533	501	504	488	488	–
Revenue growth	6.4%	−0.6%	3.2%	0.1%	12.4%	4.2%
EPS (basic, normalized)	1.66	1.63	1.59	1.50	1.55	–
EPS growth	1.8%	2.5%	6.0%	−3.2%	–	–
Gross margin	44.5%	44.6%	44.1%	44.1%	45.6%	44.6%
Net margin	4.0%	3.3%	3.4%	−21.2%	6.8%	−0.7%
ROE	3.2%	2.4%	2.5%	−13.6%	4.5%	−0.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	151
Current ratio	3.65x
Long-term debt (mil)	0
Net debt (mil)	−151
Total equity (mil)	702
Net debt / equity	−0.22x
Net debt / EBITDA	−1.93x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	533	+6.4%	2.8x	78.1	−0.2%	19.1x	1.66	+1.8%	46.8x
2026	589	+10.4%	2.5x	96.8	+23.8%	15.4x	2.26	+35.9%	34.4x
2027	630	+7.0%	2.4x	107	+10.6%	13.9x	2.49	+10.4%	31.2x
2028	674	+7.0%	2.2x	129	+20.8%	11.5x	2.69	+8.2%	28.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	589	+1.1%	+2.2%	+3.4%	2.26	+1.9%	+8.3%	+16.9%
2027	630	+0.6%	+1.8%	+3.5%	2.49	+4.3%	+8.2%	+16.6%
2028	674	–	–	–	2.69	–	–	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	128	126	126	122	126	135	135	136	139	149
Sales mean (mil)	125	126	121	120	124	128	134	129	135	144
Surprise	+2.6%	−0.5%	+3.5%	+1.4%	+2.0%	+5.5%	+1.1%	+5.8%	+3.1%	+3.6%
EPS reported	0.40	0.38	0.47	0.38	0.33	0.41	0.47	0.44	0.54	0.60
EPS mean	0.31	0.35	0.32	0.32	0.29	0.34	0.39	0.34	0.39	0.54
Surprise	+28.0%	+9.8%	+46.2%	+18.8%	+13.1%	+20.2%	+19.9%	+28.2%	+37.7%	+11.6%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PRLB Proto Labs, Inc.	1.6B	−1.93x	4.0%	2.34x	34.4x	31.2x	15.4x	13.9x
DOV Dover Corporation	27.6B	0.78x	13.6%	3.62x	19.4x	17.6x	14.3x	13.1x
SWK Stanley Black & Decker, Inc.	15.6B	2.54x	2.7%	1.74x	18.4x	16.4x	11.2x	10.4x
GF Georg Fischer AG	5.6B	–	6.5%	−201.32x	46.4x	17.6x	14.6x	12.2x
SXI Standex International Corp	3.0B	2.06x	11.8%	3.85x	24.5x	20.6x	15.7x	13.9x
OERL OC Oerlikon Corporation AG, Pfaeffikon	2.2B	–	−3.6%	1.47x	12.2x	17.7x	8.3x	7.7x
Mean		0.86x	5.8%	−31.38x	25.9x	20.2x	13.2x	11.9x
Median		1.42x	5.2%	2.04x	21.9x	17.7x	14.4x	12.7x

Technical analysis

1M−28.9%
3M−8.0%
1Y+28.8%
3Y+195.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Proto Labs, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	533	501	504	488	488	434
Cost of revenue	296	278	282	273	265	217
Gross profit	237	223	222	215	223	218
Selling, general & administrative expenses	168	156	153	150	138	121
Research & development	42.8	41.3	40.1	38.2	44.2	36.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1.1	5.6	0.2	125	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	25.1	19.9	28.2	−98.0	40.3	59.8
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	6.0	4.8	−0.2	0.1	−0.2	3.1
Net income before taxes	31.1	24.7	28.0	−97.9	40.2	62.9
Provision for taxes	9.8	8.1	10.7	5.6	6.8	12.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	21.2	16.6	17.2	−103	33.4	50.9
Extraordinary items	–	–	–	–	–	–
Net income	21.2	16.6	17.2	−103	33.4	50.9
EBIT, normalized	26.2	25.5	28.4	26.9	40.3	59.8
EBITDA, normalized	60.3	61.6	66.6	66.9	81.3	92.6
Basic EPS, normalized	1.66	1.63	1.59	1.50	1.55	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Proto Labs, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	128	103	103	80.1	77.5	162
Receivables	81.4	69.4	75.1	80.3	81.4	58.4
Total inventory	14.4	12.3	13.7	13.6	13.2	10.9
Prepaid expenses	9.6	10.0	9.1	12.6	11.4	11.0
Other current assets	0	0	0	0	0	0
Total current assets	234	195	201	187	183	242
Property, plant & equipment	219	231	259	279	288	295
Goodwill	274	274	274	274	401	129
Intangibles	18.6	21.4	25.6	31.2	38.0	14.3
Long-term investments	14.3	17.8	8.0	26.4	14.3	59.4
Note receivable	–	–	–	–	–	–
Other long-term assets	4.4	4.5	4.9	4.8	4.3	4.8
Total assets	763	744	772	802	929	744
Liabilities
Accounts payable	15.1	15.5	15.6	17.4	25.4	18.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	51.6	37.5	33.7	36.7	29.0	31.5
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0.3	0.3	0.3	17.5	0.6	0.6
Other current liabilities	0	0	0	0	0	0
Total current liabilities	67.0	53.3	49.7	71.6	54.9	50.3
Long-term debt	0	0.3	0.6	0	1.4	1.9
Minority interest	–	–	–	–	–	–
Other liabilities	22.5	19.8	26.8	32.9	43.8	47.7
Total liabilities	89.5	73.4	77.1	105	100	99.8
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	454	454	467	474	469	285
Retained earnings (accumulated deficit)	241	244	256	258	377	363
Treasury stock	–	–	–	–	–	–
Other equity	−21.0	−28.0	−28.0	−34.4	−16.8	−3.4
Total equity	674	670	695	698	828	644
Total liabilities & shareholders' equity	763	744	772	802	929	744

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Proto Labs, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	21.2	16.6	17.2	−103	33.4	50.9
Depreciation, depletion & amortization	33.8	35.8	37.5	39.4	40.5	32.6
Deferred taxes	2.9	−5.2	−7.7	−9.5	0.3	7.6
Non-cash items	16.0	19.6	20.6	137	19.9	14.8
Changes in working capital	0.6	11.0	5.6	−1.6	−38.9	1.2
Cash from operations	74.5	77.8	73.3	62.1	55.2	107
Investing activities
Capital expenditures	−14.8	−9.2	−28.1	−21.7	−34.2	−47.0
Other investing cash flows	1.4	−4.4	23.6	−21.4	−60.5	−48.5
Cash from investing	−13.4	−13.6	−4.6	−43.1	−94.7	−95.5
Financing activities
Financing cash flow items	−3.4	−2.0	−1.4	−1.7	−4.2	−3.4
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−36.9	−56.6	−40.4	−26.2	−18.0	−7.3
Cash from financing	−40.4	−58.5	−41.9	−27.9	−22.2	−10.7
Foreign exchange effects	1.0	−0.4	0.4	−0.4	−0.1	1.6
Net change in cash	21.8	5.3	27.2	−9.4	−61.7	2.4
Free cash flow	59.7	68.7	45.2	40.4	21.0	60.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.