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Proto Labs
(NYSE:PRLB)
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Rating:75Outperform
Price Target:
$91.00
▲(46.63% Upside)
Action:Reiterated
Date:05/21/26
PRLB scores well primarily on financial strength and cash generation, supported by positive operational momentum and reaffirmed growth guidance from the latest earnings call. The stock’s uptrend further helps, but a high P/E and some operational/geographic headwinds (Europe softness, network margin pressure, and rising investment needs) cap the overall score.
Positive Factors
Balance Sheet Strength
Minimal debt and a sizable equity base provide durable financial flexibility. This lowers refinancing and solvency risk, enables funding of capex or strategic initiatives internally, and supports resilience through industry cycles—an enduring advantage for 2–6 months and beyond.
Negative Factors
Europe Demand Weakness
Persistent YoY decline in Europe creates regional revenue volatility and requires restructuring, which can erode margins and slow growth until demand stabilizes. Recovery is underway but regional softness remains a structural headwind to consistent global growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Minimal debt and a sizable equity base provide durable financial flexibility. This lowers refinancing and solvency risk, enables funding of capex or strategic initiatives internally, and supports resilience through industry cycles—an enduring advantage for 2–6 months and beyond.
Read all positive factors
Proto Labs Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where Proto Labs is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where Proto Labs is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyProto Labs (PRLB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.94B
Dividend YieldN/A
Average Volume (3M)215.90K
Price to Earnings (P/E)75.8
Beta (1Y)1.25
Revenue Growth9.43%
EPS Growth80.11%
CountryUS
Employees2,357
SectorIndustrials
Sector Strength72
IndustryManufacturing - Miscellaneous
Share Statistics
EPS (TTM)1.08
Shares Outstanding23,794,044
10 Day Avg. Volume256,866
30 Day Avg. Volume215,896
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 Cap0.91
Enterprise Value/Revenue3.24
Enterprise Value/Gross Profit7.23
Enterprise Value/Ebitda25.46
Forecast
1Y Price Target
$75.00Price Target Upside20.85% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)1.81
Revenue Forecast (FY)$573.06M
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:May 01, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Positive
The call highlighted a strong start to 2026 with record revenue, meaningful margin expansion, higher EPS, robust cash generation and notable growth in strategic, higher-margin services (notably CNC machining and metal 3D). Management reported early operational wins (AS9100 certification, quality improvements, Europe sequential recovery) and articulated clear strategic investments (GCC, combined product/tech leadership, continuous improvement hires). Key challenges include a year-over-year revenue decline in Europe, weaker network/3D printing demand in Europe, capacity requirements for machining and metal 3D, and planned incremental operating investments. Management maintained full-year guidance out of conservatism given macro uncertainty. On balance, positive operational and financial momentum outweigh the regional and network headwinds.Positive Updates
Record Quarterly Revenue
First quarter revenue of $139.3 million, a company record, up 10.4% year-over-year (8.7% in constant currencies).
Negative Updates
Europe Year-over-Year Revenue Decline
Europe revenue declined 3.4% in constant currencies year-over-year, prompting a strategic reset and targeted cost reductions in the region despite sequential improvement.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Revenue
First quarter revenue of $139.3 million, a company record, up 10.4% year-over-year (8.7% in constant currencies).
Read all positive updates
Company Guidance
The company reiterated full‑year 2026 revenue growth guidance of 6%–8% and provided second‑quarter guidance of $140 million–$148 million (midpoint $144 million, implying ~7% year‑over‑year growth), with a ~$0.5 million favorable foreign‑currency impact versus Q2 2025; Q2 non‑GAAP EPS is guided to $0.50–$0.58, with non‑GAAP add‑backs of roughly $4.0 million in stock‑based compensation, $0.9 million of amortization and $0.6 million of restructuring/transformation costs, and a non‑GAAP effective tax rate of 25%–26%; management expects Q2 gross margin to be flat to slightly down versus Q1 (but full‑year gross margin slightly up) and anticipates quarter‑to‑quarter increases in operating expense as it invests in R&D, software and strategic initiatives.Proto Labs Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
92
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 546.26M | 533.13M | 500.89M | 503.88M | 488.40M | 488.10M |
| Gross Profit | 245.03M | 237.14M | 223.20M | 221.99M | 215.47M | 222.69M |
| EBITDA | 69.59M | 64.88M | 60.68M | 66.58M | -58.45M | 80.67M |
| Net Income | 25.75M | 21.24M | 16.59M | 17.22M | -103.46M | 33.37M |
Balance Sheet | ||||||
| Total Assets | 778.57M | 760.36M | 743.51M | 772.35M | 802.17M | 928.58M |
| Cash, Cash Equivalents and Short-Term Investments | 136.28M | 128.12M | 103.09M | 102.80M | 80.13M | 77.51M |
| Total Debt | 2.62M | 4.65M | 3.52M | 5.48M | 21.35M | 7.44M |
| Total Liabilities | 95.44M | 89.48M | 73.36M | 77.06M | 104.52M | 100.09M |
| Stockholders Equity | 683.13M | 670.87M | 670.15M | 695.29M | 697.65M | 828.49M |
Cash Flow | ||||||
| Free Cash Flow | 61.87M | 59.66M | 68.66M | 45.16M | 40.39M | 21.03M |
| Operating Cash Flow | 73.66M | 74.50M | 77.83M | 73.27M | 62.08M | 55.24M |
| Investing Cash Flow | -15.27M | -13.41M | -13.58M | -4.55M | -43.09M | -94.66M |
| Financing Cash Flow | -17.78M | -40.37M | -58.55M | -41.86M | -27.92M | -22.20M |
Proto Labs Technical Analysis
Positive
62.06
Price Trends
71.94
Positive
66.11
Positive
58.81
Positive
Market Momentum
2.62
Positive
63.44
Neutral
63.51
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 62.06 is below the 20-day moving average (MA) of 77.77, below the 50-day MA of 71.94, and above the 200-day MA of 58.81, indicating a bullish trend. The MACD of 2.62 indicates Positive momentum. The RSI at 63.44 is Neutral, neither overbought nor oversold. The STOCH value of 63.51 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $1.44B | 34.36 | 10.73% | ― | 10.67% | 30.61% | |
75 Outperform | $1.94B | 75.84 | 3.84% | ― | 9.43% | 80.11% | |
69 Neutral | $278.73M | 9.43 | 13.88% | ― | 7.75% | 276.72% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $586.88M | 13.71 | 11.72% | 3.49% | 20.94% | 88.74% | |
58 Neutral | $955.01M | -47.34 | -6.76% | ― | -0.04% | -172.38% |
* Industrials Sector Average
PRLB
Proto Labs
81.51
41.28
102.61%
IIIN
Insteel Industries
30.20
-6.43
-17.56%
NWPX
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149.94
107.92
256.83%
TG
Tredegar
7.96
-0.99
-11.06%
MEC
Mayville Engineering Company
37.46
21.20
130.38%
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.