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Proto Labs Inc (PRLB) stock

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NYSE: PRLB NYSE Industrial Machinery & Supplies & Components Next results ~February 5, 2027

C Fundamentals grade

Proto Labs Inc is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$50

Cash-flow model

Base case. Range ~$39–$64 across our lower- and higher-growth cases (3.6%–13.6% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 26% below it.

Price used: $67.23, November 2, 2026

Proto Labs Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 15 sales by directors and officers, last 12 monthsInsider trades
  • Funds137 adding, 114 cuttingOf 46 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Proto Labs files

10-Q filed October 29: Proto Labs

Proto Labs posted revenue of $579m for the twelve months to September 2026, up 11.8% on a year earlier and an acceleration from the 10.2% growth seen a quarter earlier. Profitability told a mixed story: the operating margin widened to 7.3% from 3.2%, yet free-cash-flow margin slipped to 8.4% from 13.1% a year earlier. Our model value is little changed at $46.65 a share, well below the current price of $81.52, so the rating stays Sell. At that price, the market appears to be pricing in cash-flow growth of about 17.9% a year over five years. That looks demanding set against the 3.5% a year revenue growth the business has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Proto Labs stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $561m, up 10.2% on a year earlier, faster than the 9.4% growth a quarter earlier. Free-cash-flow margin fell to 10.1% from 13.0% a year earlier. Operating margin widened to 6.6% from 3.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $46.65 a share, against a share price of $82.50. At that price, our model says the market is pricing in about 18.7% a year of cash-flow growth for five years, faster than the 2.8% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 5, 2027 (estimated)

Proto Labs Inc's trailing-twelve-month revenue grew 11.8% year on year, with a free-cash-flow margin of 8.4%. Where it stands out: gross margin of 45.2% ranks 10 of 70 industrial machinery & supplies & components companies we cover. Where it lags: stock pay as % of revenue of 2.5% ranks 61 of 70 industrial machinery & supplies & components companies we cover.

Our discounted-cash-flow model values the business at ~$50 per share in the base case (~$39–$64 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 28.2% while net income grew 136.0%: a 164pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 4.1 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.1bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 9.5% over 90 days.

Things to watch

  • Priced above our value. The share price of $67.23 is 26% above our value per share of $50.
  • High earnings multiple. The shares trade at 47 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 51% and a beta of 2.3 against the S&P 500.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 2.5% ranks 61 of 70 industrial machinery & supplies & components companies we cover (median 0.8%).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.63 against an average estimate of $0.60: beat by 5.7%
Revenue
$154m, up 14.0% on a year earlier
Share reaction
-24.2% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 29, 2026; average EPS estimate $0.50

Proto Labs' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.4%
  • 1 week-22.2%
  • 1 month-31.5%
  • This year+32.9%
  • 1 year+35.1%
  • 5 years+8.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$579M
Operating margin
7.3%
Net margin
6.0%
EPS (TTM, diluted)
$1.44

Growth

Revenue growth
+11.8%
Change in growth rate
+1.6 pts
Share count change
−0.0%

Cash

Free cash flow (TTM)
$48.6M
FCF margin
8.4%
Stock pay % of revenue
2.5%

Earnings

Last results
October 29, 2026
Next results (est.)
February 5, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Announcement
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Proto Labs Inc valuation models and calculator

What the price is pricing in

The share price implies about 14.7% a year of cash-flow growth for five years.That is faster than the 3.5% a year revenue growth Proto Labs has delivered.

  • Priced in14.7%
  • Last 12 months11.8%
  • 3 years a year5.4%
  • 5 years a year3.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($68.13, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$50
Price used
$68.13close November 3, 2026
Implied change
▼ 27%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Proto Labs Inc's free cash flow after stock-based pay with after-tax interest added back ($43.4M, FY2026 Q3 TTM), growing 7.6% and 8.2% in the next two years (forecasts, guidance and its record), then back to 8.6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$39–~$64 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Proto Labs Inc's free cash flow after stock-based pay ( $43.4M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Proto Labs Inc as an operating company, with every model that fits that kind of business. Cost of equity 10%: the 10-year Treasury yield (4.9%) plus a beta of 1.11 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$50 ~$39–$64 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$43 ~$39–$56 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$4.9 ~$2.8–$8.3 Left out: out of range vs price (0.07x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$47 ~$43–$50 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Proto Labs Inc with Industrial Machinery & Supplies & Components in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −22%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −11%
  • Last year's free-cash-flow margin change, if it persists ▼ −33%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $33$42$54$71$92$120
8.5% $26$33$42$54$69$89
10% $23$28$35$44$55$70

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$63.69$51.35$103.00$112.79$101.55$153.40$51.35$25.53$38.96$39.09$50.59$67.23
Market value$1.7bn$1.4bn$2.8bn$3.1bn$2.7bn$4.1bn$1.4bn$700m$1.0bn$986m$1.2bn$1.6bn
+ Net debt (− = net cash)−$48m−$69m−$32m−$85m−$125m−$128m−$66m−$57m−$84m−$89m−$111m−$134m
Enterprise value$1.6bn$1.3bn$2.7bn$3.0bn$2.6bn$4.0bn$1.4bn$643m$938m$896m$1.1bn$1.5bn
Multiples
Price / sales 6.3x4.6x8.0x6.9x6.0x9.5x2.9x1.4x2.0x2.0x2.3x2.8x
Price / earnings 36.0x31.9x53.4x40.2x43.2x81.1x42.6x—59.3x59.4x57.7x46.7x
Price / free cash flow 84.9x31.1x56.3x85.9x51.0x68.8x67.5x17.3x22.6x14.4x20.6x33.7x
EV / EBITDA 20.0x16.3x30.1x25.9x23.7x43.3x16.8x—14.3x16.1x18.9x20.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

60 /100

Moderate moat

How hard Proto Labs's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.4% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 46.0%, moving by 4.4 percentage points (standard deviation) across 10 years.

  • Durability 1 / 20

    Operating margin has been a median 7.7%; its worst year was -19.7%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 10.4% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 11.6% over five years; stock-based pay has been a median 2.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.25 +36% $589m +10%
Next $2.49 +11% $630m +7%

Next year's EPS estimate has moved +9.5% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +7.9% on 90 days ago. In the last 30 days, 4 analysts raised Proto Labs Inc's forecast and 0 cut it.

Consensus EPS forecast Proto Labs Inc, last 90 days
$2.00 $2.20 $2.40 $2.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.09 Current fiscal year, 60 days ago: $2.21 Current fiscal year, 30 days ago: $2.21 Current fiscal year, 7 days ago: $2.21 Current fiscal year, Now: $2.25 $2.25 Next fiscal year, 90 days ago: $2.27 Next fiscal year, 60 days ago: $2.39 Next fiscal year, 30 days ago: $2.39 Next fiscal year, 7 days ago: $2.39 Next fiscal year, Now: $2.49 $2.49

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.09$2.27
60 days ago $2.21$2.39
30 days ago $2.21$2.39
7 days ago $2.21$2.39
Now $2.25$2.49

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.60 $0.63 +5.7%
Jun 2026 $0.54 $0.60 +11.5%
Mar 2026 $0.39 $0.54 +37.8%
Dec 2025 $0.34 $0.44 +27.9%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Proto Labs Inc's revenue by +7.6% next year and +8.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.0%, weight 64%) and the company's own record (+8.6%, weight 36%) . How the weights are set.

Analyst recommendations

5 analysts, Oct 2026
Buy480%
Hold120%
Sell00%

Monthly trend

  1. Oct 20261315
  2. Sep 20261315
  3. Aug 2026325

Counts of recommendations published by analysts covering Proto Labs Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.8%
of tradable shares
Days to cover
2.59
at average volume
Short interest, 1 month
−13%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
1.3%
of shares
Employees
2,280
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +35.1%

$49.76 on October 31, 2025 to $67.23

ThenNowEffect
Revenue (last 12 months) $509m $561m +10.2%
Net margin 2.9% 5.4% +86.7%
P/E multiple 82.5x 53.6x −35.1%
Share count 25m 24m +1.1%

Biggest factor: net margin.

Last 3 years +112.1%

$31.69 on November 3, 2023 to $67.23

ThenNowEffect
Revenue (last 12 months) $485m $561m +15.5%
P/S multiple 1.8x 2.9x +66.2%
Share count 27m 24m +10.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PRLB−67%−50%+53%+0%+29%+33%
Industry peers (median)+19%−13%+19%+2%+9%+3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PRLB25%33%58%33%67%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PRLB−81%−63%−35%−31%−31%−32%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 91% from January 27, 2021 to November 9, 2022. Getting back needed a 1039% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$46.81 – $98.68
From 52-week high
−31.9%
vs 50-day average
−21.8%
vs 200-day average
−8.2%
Volatility (1 year)
51%
Beta vs S&P 500
2.26

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±10.5%
After a week
7 up, 4 down
typical move ±14.1%
After a month
6 up, 5 down
typical move ±14.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −24.2% −2.1% — —
July 31, 2026 +6.8% +2.2% +18.3% +6.5%
May 1, 2026 −0.7% −0.1% +6.9% +20.7%
February 6, 2026 +25.6% +2.4% +28.7% +9.9%
October 31, 2025 +0.8% +0.5% −7.6% −5.4%
July 31, 2025 +10.1% −2.0% +18.0% +27.0%
May 2, 2025 +9.1% +0.9% +13.2% +4.9%
February 7, 2025 −4.8% −0.2% −0.5% −16.3%
November 1, 2024 +23.6% +0.2% +42.2% +50.7%
August 2, 2024 −14.5% −4.7% −15.5% −11.1%
May 3, 2024 +0.8% +2.3% +2.0% −2.6%
February 9, 2024 −4.7% +0.5% −2.2% −2.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Proto Labs Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Proto Labs Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Proto Labs Inc
$450M $500M $550M $600M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $503.9M Revenue (TTM), FY24 Q1: $505.9M Revenue (TTM), FY24 Q2: $509.3M Revenue (TTM), FY24 Q3: $504.2M Revenue (TTM), FY24 Q4: $500.9M Revenue (TTM), FY25 Q1: $499.2M Revenue (TTM), FY25 Q2: $508.6M Revenue (TTM), FY25 Q3: $518.4M Revenue (TTM), FY25 Q4: $533.1M Revenue (TTM), FY26 Q1: $546.3M Revenue (TTM), FY26 Q2: $560.5M Revenue (TTM), FY26 Q3: $579.5M $579.5M

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $503.9M
FY24 Q1 $505.9M
FY24 Q2 $509.3M
FY24 Q3 $504.2M
FY24 Q4 $500.9M
FY25 Q1 $499.2M
FY25 Q2 $508.6M
FY25 Q3 $518.4M
FY25 Q4 $533.1M
FY26 Q1 $546.3M
FY26 Q2 $560.5M
FY26 Q3 $579.5M
Revenue growth, TTM YoY Proto Labs Inc
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 3.2% Revenue growth, TTM YoY, FY24 Q1: 3.2% Revenue growth, TTM YoY, FY24 Q2: 4.9% Revenue growth, TTM YoY, FY24 Q3: 2.0% Revenue growth, TTM YoY, FY24 Q4: -0.6% Revenue growth, TTM YoY, FY25 Q1: -1.3% Revenue growth, TTM YoY, FY25 Q2: -0.1% Revenue growth, TTM YoY, FY25 Q3: 2.8% Revenue growth, TTM YoY, FY25 Q4: 6.4% Revenue growth, TTM YoY, FY26 Q1: 9.4% Revenue growth, TTM YoY, FY26 Q2: 10.2% Revenue growth, TTM YoY, FY26 Q3: 11.8% 11.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 3.2%
FY24 Q1 3.2%
FY24 Q2 4.9%
FY24 Q3 2.0%
FY24 Q4 -0.6%
FY25 Q1 -1.3%
FY25 Q2 -0.1%
FY25 Q3 2.8%
FY25 Q4 6.4%
FY26 Q1 9.4%
FY26 Q2 10.2%
FY26 Q3 11.8%
Operating margin (TTM) Proto Labs Inc
2% 4% 6% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 5.6% Operating margin (TTM), FY24 Q1: 6.2% Operating margin (TTM), FY24 Q2: 6.2% Operating margin (TTM), FY24 Q3: 5.9% Operating margin (TTM), FY24 Q4: 4.0% Operating margin (TTM), FY25 Q1: 3.5% Operating margin (TTM), FY25 Q2: 3.3% Operating margin (TTM), FY25 Q3: 3.2% Operating margin (TTM), FY25 Q4: 4.7% Operating margin (TTM), FY26 Q1: 5.6% Operating margin (TTM), FY26 Q2: 6.6% Operating margin (TTM), FY26 Q3: 7.3% 7.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 5.6%
FY24 Q1 6.2%
FY24 Q2 6.2%
FY24 Q3 5.9%
FY24 Q4 4.0%
FY25 Q1 3.5%
FY25 Q2 3.3%
FY25 Q3 3.2%
FY25 Q4 4.7%
FY26 Q1 5.6%
FY26 Q2 6.6%
FY26 Q3 7.3%
FCF margin (TTM) Proto Labs Inc
8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 9.0% FCF margin (TTM), FY24 Q1: 8.8% FCF margin (TTM), FY24 Q2: 9.6% FCF margin (TTM), FY24 Q3: 10.2% FCF margin (TTM), FY24 Q4: 13.7% FCF margin (TTM), FY25 Q1: 13.4% FCF margin (TTM), FY25 Q2: 13.0% FCF margin (TTM), FY25 Q3: 13.1% FCF margin (TTM), FY25 Q4: 11.2% FCF margin (TTM), FY26 Q1: 10.4% FCF margin (TTM), FY26 Q2: 10.1% FCF margin (TTM), FY26 Q3: 8.4% 8.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 9.0%
FY24 Q1 8.8%
FY24 Q2 9.6%
FY24 Q3 10.2%
FY24 Q4 13.7%
FY25 Q1 13.4%
FY25 Q2 13.0%
FY25 Q3 13.1%
FY25 Q4 11.2%
FY26 Q1 10.4%
FY26 Q2 10.1%
FY26 Q3 8.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Proto Labs took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $533M
  2. Other income $6M · 1.1%
  3. Cost of revenue $296M · 55.5%
  4. Gross profit $237M · 44.5%
  5. Research and development $42.8M · 8.0%
  6. Selling, general and admin $168M · 31.5%
  7. Operating income $25.1M · 4.7%
  8. Income tax $9.8M · 1.8%
  9. Net income $21.2M · 4.0%

Shares of revenue. Source: Proto Labs's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 65 99 126 163 210 264 298 344 446 459 434 488 488 504 501 533 579
Gross profit 39 60 76 102 128 154 167 194 239 235 218 223 215 222 223 237 262
EBITDA 19 31 41 59 72 81 79 91 116 111 92 81 −59 66 56 59 75
Operating income 16 27 35 51 61 67 62 72 89 80 60 40 −98 28 20 25 42
Net income 11 18 24 35 42 47 43 52 77 64 51 33 −103 17 17 21 35
Diluted EPS $0.34 $0.67 $0.98 $1.36 $1.60 $1.77 $1.61 $1.93 $2.81 $2.35 $1.89 $1.21 −$3.77 $0.66 $0.66 $0.88 $1.44
Growth (year on year)
Revenue — +52.4% +27.3% +29.5% +28.5% +26.0% +12.9% +15.6% +29.3% +2.9% −5.3% +12.4% +0.1% +3.2% −0.6% +6.4% +11.8%
EBITDA — +60.4% +31.8% +43.5% +21.7% +13.4% −2.5% +14.4% +27.5% −4.3% −16.5% −12.6% −172.4% — −15.2% +5.8% +45.8%
Operating income — +68.7% +30.1% +46.8% +18.0% +10.9% −8.0% +16.9% +23.1% −10.2% −25.1% −32.6% −342.9% — −29.3% +26.1% +152.4%
Net income — +64.1% +33.7% +46.8% +18.0% +11.7% −8.2% +21.2% +47.9% −16.9% −20.1% −34.4% −410.0% — −3.6% +28.0% +136.0%
Diluted EPS — +97.1% +46.3% +38.8% +17.6% +10.6% −9.0% +19.9% +45.6% −16.4% −19.6% −36.0% −411.6% — 0.0% +33.3% +136.0%
Margins
Gross margin 60.8% 60.3% 60.4% 62.4% 61.3% 58.5% 56.0% 56.3% 53.6% 51.3% 50.1% 45.6% 44.1% 44.1% 44.6% 44.5% 45.2%
EBITDA margin 29.9% 31.5% 32.6% 36.1% 34.2% 30.8% 26.6% 26.3% 26.0% 24.1% 21.3% 16.6% −12.0% 13.0% 11.1% 11.1% 12.9%
Operating margin 24.5% 27.2% 27.7% 31.5% 28.9% 25.4% 20.7% 21.0% 20.0% 17.4% 13.8% 8.3% −20.1% 5.6% 4.0% 4.7% 7.3%
Net margin 16.9% 18.2% 19.1% 21.6% 19.9% 17.6% 14.3% 15.0% 17.2% 13.9% 11.7% 6.8% −21.2% 3.4% 3.3% 4.0% 6.0%
Free-cash-flow margin 10.7% 4.6% 6.3% 18.2% 6.5% 7.5% 14.7% 14.3% 8.0% 11.7% 13.8% 4.3% 8.3% 9.0% 13.7% 11.2% 8.4%
Cash flow
Cash from operations 14 24 25 48 57 64 77 82 123 116 107 55 62 73 78 75 72
Capital spending 7 19 17 19 44 44 34 33 87 62 47 34 22 28 9 15 24
Free cash flow 7 5 8 30 14 20 44 49 36 54 60 21 40 45 69 60 49
Stock-based pay 0 1 3 3 5 6 7 9 11 11 15 19 18 16 17 16 15
Free cash flow after stock pay 7 3 5 26 9 14 37 41 25 43 45 2 23 29 52 44 34
Balance sheet
Cash 6 8 37 43 43 48 69 37 85 125 128 66 57 84 89 111 134
Total debt 0 1 1 0 0 0 0 5 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −6 −7 −36 −43 −43 −48 −69 −32 −85 −125 −128 −66 −57 −84 −89 −111 −134
Diluted shares 13m 14m 24m 26m 26m 26m 27m 27m 27m 27m 27m 28m 27m 26m 25m 24m 24m
Returned to shareholders
Buybacks — — — — — — — 4 12 34 15 23 30 44 60 43 16
Total returned — — — — — — — 4 12 34 15 23 30 44 60 43 16

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 30, 2026
What it owns · $808m
Short-term assets $280mLonger-term assets $528m
What it owes, and who funded it · $808m
Short-term liabilities $77mLonger-term liabilities $30mShareholders' equity $702m
  • Short-term assets cover short-term liabilities $280m of assets due within a year against $77m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $280m short-term assets against $30m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Proto Labs Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$16.3M
Returned to shareholders
33%
of free cash flow
Buybacks, last 3 fiscal years
$147M
Diluted share count
−0.0%
year over year
Total shareholder yield
1.0%
dividends 0.0% + buybacks 1.0% of market value
R&D spending
7.4%
of revenue
Days sales outstanding
63 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in industrial machinery & supplies & components
Last 12 months unless stated PRLB MEC EPAC XPEL PSIX NNBR Median
Revenue, last 12 months $579m $586m $652m $508m $676m $483m $1.4bn
Revenue growth, last 12 months 11.8% 11.8% 5.7% 13.2% 13.2% 13.9% 8.3%
Revenue growth, 3-year average 5.4% 2.4% 2.9% 12.6% 10.6% −0.8% 4.0%
Revenue growth, latest quarter 14.0% 23.2% 10.9% 14.7% −20.5% 26.2% 9.1%
Gross margin 45.2% 9.1% 49.2% 42.9% 23.9% — 35.2%
Operating margin 7.3% −2.2% 19.8% 13.5% 13.0% −3.1% 13.1%
Operating margin, 3-year average 5.5% 2.6% 20.7% 14.0% 14.8% −4.3% 13.7%
Net margin 6.0% −3.0% 13.8% 10.8% 10.0% −5.4% 8.9%
Cash from operations / revenue 12.5% 2.4% 20.0% 14.6% 11.0% 3.2% 11.9%
Free-cash-flow margin 8.4% −0.8% 18.3% −0.9% 9.9% −0.3% 8.8%
Free-cash-flow margin, 3-year average 10.5% 7.4% 15.0% 5.4% 11.1% −0.8% 9.8%
Stock pay / revenue 2.5% 0.6% 1.9% 0.6% 0.1% 0.7% 0.8%
Change in share count −0.0% 0.1% −4.2% 0.0% 0.0% 15.5% −0.0%

Median of all 76 companies we cover in industrial machinery & supplies & components. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

76 industrial machinery & supplies & components companies
Measure Company Peer median Rank
Revenue growth Growth 11.8% 8.3% 31 of 75
Change in growth rate Growth +1.6pp +1.2pp 33 of 75
Gross margin Profitability 45.2% 35.4% 10 of 70
Operating margin Profitability 7.3% 13.0% 48 of 75
Net margin Profitability 6.0% 8.9% 44 of 76
Free-cash-flow margin Cash generation 8.4% 9.1% 41 of 76
Stock pay as % of revenue Cash generation 2.5% 0.8% 61 of 70
Change in share count Balance sheet -0.0% -0.0% 37 of 73
Days sales outstanding Balance sheet 63 days 63 days 30 of 65

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
United States $432M 81.1% ▲ 9.1%
Europe $101M 18.9% ▼ 3.7%
Products and services
Line of business Revenue Share YoY
CNC Machining Firstcut $243M 45.6% ▲ 17.6%
Injection Molding Protomold $192M 35.9% ▼ 1.4%
Three D Printing Fineline $80.3M 15.1% ▼ 4.1%
Sheet Metal $17.2M 3.2% ▲ 12.4%
Other Products $821,000 0.2% ▲ 8.6%

From Proto Labs Inc's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.8B
Institutions reporting
275
Shares held vs prior quarter
▲ 1.7%
Positions opened / closed
36 / 25

Top buyers and sellers, Q2 2026: 137 institutions bought and 114 sold ; the biggest buyer was Goldman Sachs Group Inc (+262K shares) and the biggest seller Rubric Capital Management LP (−378K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $318M 3.9M 17.4% ▲ 5.9%
Disciplined Growth Investors Inc $194M 2.4M 10.6% ▼ 4.7%
Vanguard Portfolio Management LLC $130M 1.6M 7.1% ▲ 4.0%
Dimensional Fund Advisors LP $93.9M 1.2M 5.1% ▼ 9.4%
State Street Corp $92.8M 1.1M 5.1% ▲ 4.3%
Vanguard Capital Management LLC $86M 1.1M 4.7% ▲ 1.4%
American Capital Management Inc $50.5M 620K 2.8% ▼ 1.3%
Geode Capital Management, LLC $50.1M 614K 2.7% ▲ 5.8%
Renaissance Technologies LLC $38.2M 469K 2.1% ▼ 9.8%
Prudential Financial Inc $37.3M 458K 2.0% ▲ 14.4%
FMR LLC $36.1M 443K 2.0% ▲ 4.8%
Arrowstreet Capital, Limited Partnership $35.9M 441K 2.0% ▼ 5.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Proto Labs Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $3.5M 15 trades by 3 insiders · 96% under pre-set plans
Net ▼ $3.5M net selling
Insider Date Trade Shares Price Value
Schumacher Daniel Chief Financial Officer September 24, 2026 Sell pre-set plan 5,000 $95.32 $476,604
Schumacher Daniel Chief Financial Officer September 17, 2026 Sell pre-set plan 4,900 $85.21 $417,535
Schumacher Daniel Chief Financial Officer September 16, 2026 Sell pre-set plan 100 $85.00 $8,500
Wehrwein Sven Director June 2, 2026 Sell 500 $78.38 $39,190
Wehrwein Sven Director June 2, 2026 Sell 1,500 $76.91 $115,360
Kenison Michael R. Chief Operations Officer May 12, 2026 Sell pre-set plan 6,643 $70.30 $466,975
Kenison Michael R. Chief Operations Officer May 12, 2026 Sell pre-set plan 3,576 $69.78 $249,542
Kenison Michael R. Chief Operations Officer May 12, 2026 Sell pre-set plan 4,198 $68.70 $288,390
Kenison Michael R. Chief Operations Officer May 12, 2026 Sell pre-set plan 1,613 $67.58 $109,008
Kenison Michael R. Chief Operations Officer May 11, 2026 Sell pre-set plan 7,433 $70.26 $522,251
Kenison Michael R. Chief Operations Officer May 7, 2026 Sell pre-set plan 200 $70.00 $14,000
Kenison Michael R. Chief Operations Officer February 17, 2026 Sell pre-set plan 5,000 $66.46 $332,315

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Proto Labs Inc disclosed in the last 12 months; 3 earlier trades on record.

  • Greg Gianforte(MT):Sale (partial), $100,001 - $250,000, traded October 28, 2020, filed November 9, 2020
  • Greg Gianforte(MT):Purchase, $100,001 - $250,000, traded September 6, 2019, filed October 1, 2019
  • Thomas MacArthur(NJ):Sale (full), $1,001 - $15,000, traded May 27, 2015, filed June 7, 2015

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 5, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 31, 2026
  • May 1, 2026
  • February 6, 2026
  • October 31, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Proto Labs Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Proto Labs Inc in brief

What does Proto Labs Inc do?
Proto Labs Inc is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.
What is Proto Labs Inc's stock ticker?
Proto Labs Inc trades under the ticker PRLB on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Proto Labs Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Proto Labs Inc reported revenue of $579M, 11.8% higher than a year earlier, according to its SEC filings.
What is Proto Labs Inc's free cash flow?
Proto Labs Inc's free-cash-flow margin is 8.4% of revenue over the trailing twelve months, ranking 41 of the 76 industrial machinery & supplies & components companies we cover.
What is Proto Labs Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Proto Labs Inc's free cash flow after stock-based pay gives ~$50 per share in the base case, and ~$39–$64 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Proto Labs Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Disciplined Growth Investors Inc and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Proto Labs Inc buying back stock, and does it pay a dividend?
Proto Labs Inc spent $16.3M on share repurchases over the trailing twelve months, and its diluted share count fell 0.0% over the year.
What is Proto Labs Inc's market cap?
On November 2, 2026, Proto Labs Inc's market capitalisation was about $1.6B, with a price-to-earnings ratio of 46.7 and net debt of -$134M. Market figures come from third-party market data and may be delayed.
Who are Proto Labs Inc's competitors?
In our Industrial Machinery & Supplies & Components peer group, the companies closest to Proto Labs Inc are Mayville Engineering Company, Inc., Enerpac Tool Group Corp, Xpel, Inc., Power Solutions International, Inc. and NN Inc. The side-by-side comparison below sets their revenue, margins and growth against Proto Labs Inc's.
Are insiders buying or selling Proto Labs Inc stock?
Over the last 12 months, Proto Labs Inc's directors and officers reported 0 open-market purchases and 15 sales on Form 4. The insider trading page charts every trade.
When is Proto Labs Inc's next earnings date?
Around February 5, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Proto Labs Inc announces its own schedule.