A Business at a Glance
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Proto Labs Inc
PRLB
$1.9B
Mkt Cap
$78.24
-0.48%
Proto Labs Inc (PRLB) has a current P/E ratio of 88.9, compared to its historical median P/E of 53.4. The stock is currently considered Expensive based on its historical valuation range.
Proto Labs Inc (PRLB) has a 5-year average return on invested capital (ROIC) of -0.4%. This is below average and may indicate limited pricing power.
Proto Labs Inc (PRLB) has a market capitalization of $1.9B. It is classified as a small-cap stock.
Proto Labs Inc (PRLB) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.19%.
Based on historical P/E analysis, Proto Labs Inc (PRLB) appears expensive. The current P/E of 88.9 is 67% above its historical median of 53.4. The estimated fair value CAGR (P/E method) is -20.6%.
Proto Labs Inc (PRLB) operates in the Fabricated Structural Metal Products industry, within the Industrials sector.
Proto Labs Inc (PRLB) reported annual revenue of $533 million in its most recent fiscal year, based on SEC EDGAR filings.
Proto Labs, Inc. was incorporated in Minnesota in 1999. The terms “Proto Labs,” "Protolabs," the “Company,” “we,” “us,” and “our” as used herein refer to the business and operations of Proto Labs, Inc. and its subsidiaries. We are the world’s fastest manufacturing service enabling companies across every industry to streamline production of quality parts throughout the entire product life cycle. From custom prototyping to end-use production, we support product developers, engineers, and supply chain teams along every phase of their manufacturing journey. Founded in 1999, we radically reduced the time needed to produce injection molding prototypes through complex software that automated the manufacturing process. Over the next two decades, we added computer numerical control ("CNC") machining, 3D printing, and sheet metal fabrication, and later acquired 3D Hubs, Inc ("Hubs") and launched the Protolabs Network, our global network of manufacturing partners (“MPs”).
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 546M | 533M | 501M | 504M | 488M | 488M |
| Net Income | 26M | 21M | 17M | 17M | -103M | 33M |
| EPS | $1.08 | $0.88 | $0.66 | $0.66 | $-3.77 | $1.21 |
| Free Cash Flow | 57M | 60M | 69M | 45M | 40M | 21M |
| ROIC | 3.9% | 3.1% | 2.3% | 2.9% | -14.8% | 4.4% |
| Gross Margin | 44.9% | 44.5% | 44.6% | 44.1% | 44.1% | 45.6% |
| Debt/Equity | 0.00 | 0.00 | 0.01 | 0.01 | 0.06 | 0.01 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 30M | 25M | 20M | 28M | -98M | 40M |
| Operating Margin | 5.6% | 4.7% | 4.0% | 5.6% | -20.1% | 8.3% |
| ROE | 3.8% | 3.2% | 2.5% | 2.5% | -14.8% | 4.0% |
| Shares Outstanding | 24M | 24M | 25M | 26M | 27M | 28M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 210M | 264M | 298M | 344M | 446M | 459M | 434M | 488M | 488M | 504M | 501M | 533M | 546M |
| Gross Margin | 61.3% | 58.5% | 56.0% | 56.3% | 53.6% | 51.3% | 50.1% | 45.6% | 44.1% | 44.1% | 44.6% | 44.5% | 44.9% |
| R&D | 17M | 18M | 22M | 24M | 29M | 33M | 37M | 44M | 38M | 40M | 41M | 43M | 43M |
| SG&A | 22M | 30M | 37M | 41M | 53M | 50M | 52M | 56M | 68M | 66M | 64M | 70M | 70M |
| EBIT | 61M | 67M | 62M | 72M | 89M | 80M | 60M | 40M | -98M | 28M | 20M | 25M | 30M |
| Op. Margin | 28.9% | 25.4% | 20.7% | 21.0% | 20.0% | 17.4% | 13.8% | 8.3% | -20.1% | 5.6% | 4.0% | 4.7% | 5.6% |
| Net Income | 42M | 47M | 43M | 52M | 77M | 64M | 51M | 33M | -103M | 17M | 17M | 21M | 26M |
| Net Margin | 19.9% | 17.6% | 14.3% | 15.0% | 17.2% | 13.9% | 11.7% | 6.8% | -21.2% | 3.4% | 3.3% | 4.0% | 4.7% |
| Non-Recurring | 0 | 0 | 455K | 513K | 513K | 0 | 0 | 0 | 118M | 0 | -5.6M | 407K | 407K |
| Returns on Capital | |||||||||||||
| ROIC | 25.7% | 21.0% | 15.8% | 15.6% | 17.9% | 14.3% | 9.7% | 4.4% | -14.8% | 2.9% | 2.3% | 3.1% | 3.9% |
| ROE | 17.5% | 15.7% | 12.1% | 12.3% | 14.1% | 10.9% | 7.9% | 4.0% | -14.8% | 2.5% | 2.5% | 3.2% | 3.8% |
| ROA | 16.1% | 14.4% | 11.0% | 11.1% | 12.4% | 9.4% | 6.8% | 3.6% | -12.9% | 2.2% | 2.2% | 2.8% | 3.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 57M | 64M | 77M | 82M | 123M | 116M | 107M | 55M | 62M | 73M | 78M | 75M | 74M |
| Free Cash Flow | 14M | 20M | 44M | 49M | 36M | 54M | 60M | 21M | 40M | 45M | 69M | 60M | 57M |
| Owner Earnings | 41M | 44M | 53M | 55M | 85M | 74M | 60M | -4.3M | 5.1M | 20M | 25M | 25M | 26M |
| CapEx | 44M | 44M | 34M | 33M | 87M | 62M | 47M | 34M | 22M | 28M | 9.2M | 15M | 17M |
| Maint. CapEx | 11M | 14M | 17M | 18M | 27M | 31M | 33M | 40M | 39M | 38M | 36M | 34M | 33M |
| Growth CapEx | 32M | 30M | 16M | 14M | 60M | 31M | 14M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 11M | 14M | 17M | 18M | 27M | 31M | 33M | 40M | 39M | 38M | 36M | 34M | 33M |
| CapEx/OCF | 76.0% | 75.8% | 43.4% | 39.9% | 70.9% | 53.6% | 43.9% | 61.9% | 34.9% | 38.4% | 11.8% | 19.9% | 23.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 4.4M | 12M | 34M | 15M | 23M | 30M | 44M | 60M | 43M | 22M |
| Buyback Yield | N/A | N/A | N/A | 0.2% | 0.4% | 1.2% | 0.3% | 1.6% | 4.5% | 4.2% | 6.1% | 3.4% | 1.2% |
| Stock-Based Comp | 4.8M | 6.1M | 6.8M | 8.6M | 11M | 11M | 15M | 19M | 18M | 16M | 17M | 16M | 15M |
| Debt Repayment | 1.1M | 152K | 0 | 0 | 5.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -74M | -81M | N/A | -89M | -127M | -149M | -148M | -70M | -41M | -97M | -99M | -125M | -136M |
| Cash & Equiv. | 43M | 48M | 69M | 37M | 85M | 125M | 128M | 66M | 57M | 84M | 89M | 111M | 136M |
| Long-Term Debt | 149K | 152K | N/A | 0 | N/A | 0 | 1.9M | 1.4M | 0 | 595K | 287K | 0 | N/A |
| Debt/Equity | 0.00 | 0.00 | 0.09 | 0.01 | 0.01 | 0.02 | 0.02 | 0.01 | 0.06 | 0.01 | 0.01 | 0.00 | 0.00 |
| Interest Coverage | 3185.7 | 13429.8 | 61767.0 | 3801.4 | 2279.4 | 5704.0 | 2601.6 | 1440.8 | -970.1 | 26.7 | 146.4 | 432.9 | 432.9 |
| Equity | 266M | 328M | 380M | 461M | 541M | 586M | 644M | 828M | 698M | 695M | 670M | 674M | 683M |
| Total Assets | 287M | 361M | 414M | 519M | 619M | 674M | 744M | 929M | 802M | 772M | 744M | 763M | 779M |
| Total Liabilities | 21M | 33M | 34M | 58M | 77M | 88M | 100M | 100M | 105M | 77M | 73M | 89M | 95M |
| Intangibles | 4.1M | 3.3M | 2.7M | 19M | 20M | 17M | 14M | 38M | 31M | 26M | 21M | 19M | 18M |
| Retained Earnings | 87M | 134M | 177M | 225M | 291M | 325M | 363M | 377M | 258M | 256M | 244M | 241M | 249M |
| Working Capital | 89M | 112M | 134M | 121M | 163M | 189M | 192M | 129M | 115M | 151M | 142M | 167M | 178M |
| Current Assets | 108M | 138M | 158M | 165M | 215M | 236M | 242M | 183M | 187M | 201M | 195M | 234M | 249M |
| Current Liabilities | 19M | 26M | 23M | 44M | 53M | 48M | 50M | 55M | 72M | 50M | 53M | 67M | 71M |
| Per Share Data | |||||||||||||
| EPS | 1.60 | 1.77 | 1.61 | 1.93 | 2.81 | 2.35 | 1.89 | 1.21 | -3.77 | 0.66 | 0.66 | 0.88 | 1.08 |
| Owner EPS | 1.59 | 1.67 | 2.01 | 2.04 | 3.13 | 2.75 | 2.22 | -0.16 | 0.19 | 0.76 | 1.00 | 1.03 | 1.07 |
| Book Value | 10.20 | 12.47 | 14.32 | 17.19 | 19.87 | 21.63 | 23.94 | 30.04 | 25.42 | 26.65 | 26.66 | 27.92 | 28.71 |
| Cash Flow/Share | 2.20 | 2.44 | 2.92 | 3.05 | 4.51 | 4.28 | 3.97 | 2.00 | 2.26 | 2.81 | 3.10 | 3.09 | 2.48 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 26.0M | 26.3M | 26.5M | 26.8M | 27.3M | 27.1M | 26.9M | 27.6M | 27.4M | 26.1M | 25.1M | 24.1M | 23.8M |
| Valuation | |||||||||||||
| P/E Ratio | 41.6 | 36.6 | 31.9 | 53.4 | 39.6 | 43.0 | 88.7 | 43.3 | N/A | 60.3 | 59.9 | 59.9 | 72.1 |
| P/FCF | 126.2 | 86.3 | 31.0 | 56.3 | 84.6 | 50.9 | 75.3 | 68.7 | 16.4 | 23.0 | 14.5 | 21.3 | 32.9 |
| EV/EBIT | 27.4 | N/A | N/A | 37.0 | 32.7 | 32.3 | 72.8 | 34.0 | N/A | 33.3 | 44.8 | 45.6 | 56.7 |
| Price/Book | 6.5 | 5.2 | 3.6 | 6.0 | 5.6 | 4.7 | 7.0 | 1.7 | 1.0 | 1.5 | 1.5 | 1.9 | 2.7 |
| Price/Sales | 8.9 | 6.8 | 5.4 | 5.3 | 7.6 | 6.2 | 7.2 | 5.7 | 2.4 | 1.6 | 1.7 | 2.0 | 3.4 |
| FCF Yield | 0.8% | 1.2% | 3.2% | 1.8% | 1.2% | 2.0% | 1.3% | 1.5% | 6.1% | 4.3% | 6.9% | 4.7% | 3.0% |
| Market Cap | 1.7B | 1.7B | 1.4B | 2.8B | 3.0B | 2.7B | 4.5B | 1.4B | 664M | 1.0B | 995M | 1.3B | 1.9B |
| Avg. Price | 71.56 | 68.54 | 60.42 | 68.57 | 125.02 | 105.21 | 116.61 | 101.21 | 43.24 | 31.24 | 33.52 | 43.39 | 78.24 |
| Year-End Price | 66.48 | 64.83 | 51.30 | 103.05 | 111.16 | 101.12 | 167.66 | 52.42 | 24.20 | 39.80 | 39.56 | 52.70 | 78.24 |
Proto Labs Inc passes 2 of 9 quality checks, indicating weak fundamentals.
Proto Labs Inc trades at 88.9x trailing earnings, compared to its 15-year median P/E of 53.4x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 31.2x vs a median of 41.0x. The company's 5-year average gross margin is 44.6%. Total shareholder yield (buybacks) is 1.2%. At current prices, the estimated annualized return to fair value is +4.4%.
Proto Labs Inc (PRLB) has a net profit margin of 4.0%. This is a modest margin.
Proto Labs Inc (PRLB) generated $60 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Proto Labs Inc (PRLB) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
Proto Labs Inc (PRLB) reported earnings per share (EPS) of $0.88 in its most recent fiscal year.
Proto Labs Inc (PRLB) has a return on equity (ROE) of 3.2%. This indicates moderate shareholder returns.
Proto Labs Inc (PRLB) has a 5-year average gross margin of 44.6%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for Proto Labs Inc (PRLB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Proto Labs Inc (PRLB) has a book value per share of $27.92, based on its most recent annual SEC filing.