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Proto Labs
(NYSE:PRLB)
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Rating:71Outperform
Price Target:
$88.00
▲(10.36% Upside)
Action:Reiterated
Date:08/24/26
The score is driven primarily by strong financial resilience (near-zero leverage and solid free cash flow) and a positive earnings outlook (raised full-year growth guidance and improving margins). Offsetting factors are a pricey valuation (high P/E with no dividend support) and a weaker near-term technical picture with the stock below key short-term moving averages.
Positive Factors
Exceptionally low leverage
Near-zero leverage materially reduces solvency risk and interest burden, giving Proto Labs flexibility to fund capacity, technology, and operational initiatives through industry cycles.
Negative Factors
Low returns on capital
Despite recovery, low ROE and historically modest revenue growth show that the large equity base is not yet producing robust returns, limiting the durability of current earnings improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Exceptionally low leverage
Near-zero leverage materially reduces solvency risk and interest burden, giving Proto Labs flexibility to fund capacity, technology, and operational initiatives through industry cycles.
Read all positive factors
Proto Labs Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down Proto Labs' sales across regions to show where revenue is concentrated, highlighting growth opportunities and exposure to local economic or currency risks that can affect overall performance.
Breaks down Proto Labs' sales across regions to show where revenue is concentrated, highlighting growth opportunities and exposure to local economic or currency risks that can affect overall performance.
Data provided by:
The Fly
The FlyProto Labs (PRLB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.95B
Dividend YieldN/A
Average Volume (3M)188.37K
Price to Earnings (P/E)64.1
Beta (1Y)1.28
Revenue Growth10.20%
EPS Growth110.80%
CountryUS
Employees2,280
SectorIndustrials
Sector Strength72
IndustryManufacturing - Miscellaneous
Share Statistics
EPS (TTM)1.27
Shares Outstanding23,921,898
10 Day Avg. Volume161,060
30 Day Avg. Volume188,366
Financial Highlights & Ratios
PEG Ratio1.63
Price to Book (P/B)1.80
Price to Sales (P/S)2.27
P/FCF Ratio20.29
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$94.75Price Target Upside18.82% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)2.18
Revenue Forecast (FY)$582.11M
Proto Labs Business Overview & Revenue Model
Company Description
Proto Labs, Inc., together with its affiliated companies, functions as a global, e-commerce-driven digital manufacturer, specializing in the rapid creation of custom prototypes and on-demand production components. The firm provides a comprehensive...
How the Company Makes Money
Proto Labs makes money by charging customers for the manufacture and delivery of custom parts and related services, typically ordered through its digital quoting platforms. Its core revenue streams come from (1) in-house manufacturing services—whe...
Proto Labs Earnings Call Summary
Earnings Call Date:Jul 31, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 2026
Earnings Call Sentiment Positive
The call highlighted multiple strong operating and financial metrics — record revenue ($149.3M), double-digit growth, margin expansion (gross margin 46.8%), higher adjusted EBITDA and a 45% increase in adjusted EPS — driven by acceleration in Injection Molding, continued CNC strength, expanding wallet share with larger customers, and early progress in Europe. Lowlights were limited and largely transitional: modest decline in 3D printing (especially in Europe), Europe still needing profitability optimization, flat network revenue, and sustained near-term investments driving elevated SG&A. On balance the positive financial results, margin improvement, cash generation, raised full-year guidance and strategic progress materially outweigh the headwinds, though the company is still investing for future growth.Positive Updates
Record Quarter — Revenue and Growth
Second quarter revenue of $149.3 million, a company record, up 10.2% year-over-year in constant currencies; management reported double-digit top-line growth and three consecutive quarters of growth.
Negative Updates
3D Printing Revenue Decline
3D printing revenue declined 2.7% year-over-year in constant currencies, driven primarily by a 6.7% decline in Europe; company is investing to add capacity in strong U.S. DMLS and MJF demand areas.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarter — Revenue and Growth
Second quarter revenue of $149.3 million, a company record, up 10.2% year-over-year in constant currencies; management reported double-digit top-line growth and three consecutive quarters of growth.
Read all positive updates
Company Guidance
Proto Labs guided third-quarter 2026 revenue of $145 million to $153 million (midpoint implying roughly 10% year‑over‑year growth), and raised full‑year 2026 revenue growth expectations to 8%–10% year‑over‑year after a 10% first‑half pace; they said FX should be about $0.4 million unfavorable versus Q3 2025, expect Q3 non‑GAAP EPS of $0.56–$0.64 with non‑GAAP add‑backs including approximately $4.2 million of stock‑based compensation and $0.9 million of amortization, and a non‑GAAP tax rate of about 23%–24% (noting slight expected sequential declines in both gross margin and revenue into Q3 consistent with typical seasonality).Proto Labs Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
90
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 560.54M | 533.13M | 500.89M | 503.88M | 488.40M | 488.10M |
| Gross Profit | 254.60M | 237.14M | 223.20M | 221.99M | 215.47M | 222.69M |
| EBITDA | 75.65M | 64.88M | 60.68M | 66.58M | -58.45M | 80.67M |
| Net Income | 30.48M | 21.24M | 16.59M | 17.22M | -103.46M | 33.37M |
Balance Sheet | ||||||
| Total Assets | 791.30M | 783.71M | 743.51M | 772.35M | 802.17M | 928.58M |
| Cash, Cash Equivalents and Short-Term Investments | 142.78M | 128.12M | 103.09M | 102.80M | 80.13M | 77.51M |
| Total Debt | 2.24M | 3.05M | 3.52M | 5.48M | 21.35M | 7.44M |
| Total Liabilities | 99.56M | 109.78M | 73.36M | 77.06M | 104.52M | 100.09M |
| Stockholders Equity | 691.73M | 673.93M | 670.15M | 695.29M | 697.65M | 828.49M |
Cash Flow | ||||||
| Free Cash Flow | 61.99M | 59.66M | 68.66M | 45.16M | 40.39M | 21.03M |
| Operating Cash Flow | 78.52M | 74.50M | 77.83M | 73.27M | 62.08M | 55.24M |
| Investing Cash Flow | -21.83M | -13.41M | -13.58M | -4.55M | -43.09M | -94.66M |
| Financing Cash Flow | -19.08M | -40.37M | -58.55M | -41.86M | -27.92M | -22.20M |
Proto Labs Technical Analysis
Positive
79.74
Price Trends
80.44
Positive
76.01
Positive
66.08
Positive
Market Momentum
-0.70
Positive
50.72
Neutral
66.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PRLB, the sentiment is Positive. The current price of 79.74 is below the 20-day moving average (MA) of 83.12, below the 50-day MA of 80.44, and above the 200-day MA of 66.08, indicating a neutral trend. The MACD of -0.70 indicates Positive momentum. The RSI at 50.72 is Neutral, neither overbought nor oversold. The STOCH value of 66.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PRLB.
Proto Labs Risk Analysis
Proto Labs disclosed 35 risk factors in its most recent earnings report. Proto Labs reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Proto Labs Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $1.04B | 21.28 | 12.16% | ― | 15.12% | 50.31% | |
71 Outperform | $1.95B | 64.13 | 4.49% | ― | 10.20% | 110.80% | |
68 Neutral | $271.17M | 8.08 | 15.30% | 8.39% | 14.97% | 8162.28% | |
64 Neutral | $605.14M | 16.72 | 9.92% | 3.58% | 17.06% | 16.89% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
48 Neutral | $501.34M | -23.69 | -6.63% | ― | 11.77% | -196.68% |
* Industrials Sector Average
PRLB
Proto Labs
81.44
31.19
62.07%
IIIN
Insteel Industries
31.26
-6.24
-16.64%
NWPX
Northwest Pipe Company
107.68
55.56
106.59%
TG
Tredegar
7.76
-0.12
-1.52%
MEC
Mayville Engineering Company
19.66
4.65
30.98%
Proto Labs Corporate Events
Business Operations and StrategyExecutive/Board Changes
Proto Labs Names New Chief Operations Officer
Positive
Aug 24, 2026
On August 24, 2026, Protolabs announced the appointment of Sam Ramahi as Chief Operations Officer, effective August 31, 2026, placing him in charge of global operations, supply chain, quality, sourcing, and continuous improvement while reporting t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.