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Proto Labs
(NYSE:PRLB)
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Rating:75Outperform
Price Target:
$90.00
▲(15.92% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by strong financial resilience (near-zero leverage and solid free cash flow) and a positive earnings update with raised revenue-growth expectations and improving margins. Technicals support the outlook with the stock trading above major moving averages, though momentum is not strongly accelerating. The main restraint is valuation, with a high P/E and no dividend yield provided, which increases downside risk if growth or profitability improvements slow.
Positive Factors
Very low leverage / strong balance sheet
Exceptionally low leverage gives Proto Labs durable financial flexibility to fund capital expenditures, strategic investments, or opportunistic M&A without stressing liquidity. This reduces solvency risk through cycles and supports multi-quarter initiatives even if near-term earnings wobble.
Negative Factors
Europe profitability remains a headwind
European go-to-market and factory transformations are mid-to-long-term projects that will likely require continued investment and take quarters to realize efficiencies. Persistent European underperformance can weigh on consolidated margins and create uneven earnings recovery across reporting periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage / strong balance sheet
Exceptionally low leverage gives Proto Labs durable financial flexibility to fund capital expenditures, strategic investments, or opportunistic M&A without stressing liquidity. This reduces solvency risk through cycles and supports multi-quarter initiatives even if near-term earnings wobble.
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
$2.13B
Dividend YieldN/A
Average Volume (3M)229.48K
Price to Earnings (P/E)70.0
Beta (1Y)1.23
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. Volume160,170
30 Day Avg. Volume229,478
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 Upside22.04% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)2.02
Revenue Forecast (FY)$573.05M
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
77.64
Price Trends
78.18
Positive
71.08
Positive
62.88
Positive
Market Momentum
2.67
Negative
66.27
Neutral
88.06
Negative
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 77.64 is below the 20-day moving average (MA) of 79.41, below the 50-day MA of 78.18, and above the 200-day MA of 62.88, indicating a bullish trend. The MACD of 2.67 indicates Negative momentum. The RSI at 66.27 is Neutral, neither overbought nor oversold. The STOCH value of 88.06 is Negative, 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $2.13B | 70.01 | 4.49% | ― | 10.20% | 110.80% | |
73 Outperform | $1.15B | 23.66 | 12.16% | ― | 15.12% | 50.31% | |
69 Neutral | $625.08M | 17.27 | 9.92% | 3.43% | 17.06% | 16.89% | |
66 Neutral | $311.30M | 9.26 | 15.30% | ― | 7.75% | 276.72% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
48 Neutral | $616.60M | -29.13 | -6.63% | ― | 11.77% | -196.68% |
* Industrials Sector Average
PRLB
Proto Labs
89.66
43.42
93.90%
IIIN
Insteel Industries
32.34
-2.36
-6.81%
NWPX
Northwest Pipe Company
114.62
65.12
131.56%
TG
Tredegar
8.38
1.19
16.55%
MEC
Mayville Engineering Company
22.89
9.21
67.32%
Proto Labs Corporate Events
Executive/Board ChangesShareholder Meetings
Proto Labs Shareholders Approve Directors, Auditor and Compensation
Positive
May 20, 2026
Proto Labs, Inc. held its Annual Meeting of Shareholders on May 19, 2026, where shareholders elected all seven board-nominated directors to serve until the next annual meeting and ratified Ernst Young LLP as the independent auditor for the fiscal...
Business Operations and StrategyExecutive/Board Changes
Proto Labs Names New Chief Commercial Officer
Positive
May 7, 2026
On May 7, 2026, Protolabs announced the appointment of Bernardo Parlange as Chief Commercial Officer, effective May 18, 2026, in a newly created role overseeing global commercial strategy across sales, marketing, and customer success. His mandate ...
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.