Proto Labs, Inc. (PRLB) 10-Year Financial Performance & Capital Metrics

PRLB • • Industrial / General

IndustrialsMetal FabricationMetal Fabrication & Processing ServicesDigital & Quick-Turn Manufacturing

AboutProto Labs, Inc., together with its subsidiaries, operates as an e-commerce driven digital manufacturer of custom prototypes and on-demand production parts in the worldwide. The company offers injection molding; computer numerical control machining; three-dimensional (3D) printing, which include stereolithography, selective laser sintering, direct metal laser sintering, multi jet fusion, polyjet, and carbon DLS processes; and sheet metal fabrication products, including quick-turn and e-commerce-enabled custom sheet metal parts. It serves developers and engineers, who use 3D computer-aided design software to design products across a range of end markets. The company was incorporated in 1999 and is headquartered in Maple Plain, Minnesota.Show more

Revenue $501M -0.6%
EBITDA $61M -7.0%
Net Income $17M -3.6%
EPS (Diluted) 0.66
Gross Margin 44.56% +1.1%
EBITDA Margin 12.24% -6.4%
Operating Margin 5.09% -9.6%
Net Margin 3.31% -3.1%
ROE 2.43% -1.7%
ROIC 3.18% -4.3%
Debt/Equity 0.01 -33.5%
Interest Coverage 127.48 +394.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 3.9% through buybacks
✓Trading near 52-week high

✗Weaknesses

✗Profits declining 23.6% over 5 years
✗Thin 5Y average net margin of 0.8%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.1%

5Y1.77%

3Y0.87%

TTM2.82%

Profit (Net Income) CAGR

10Y-8.79%

5Y-23.58%

3Y-20.78%

TTM-38.14%

EPS CAGR

10Y-8.47%

5Y-22.43%

3Y-18.29%

TTM-34.73%

ROCE

10Y Avg10.99%

5Y Avg4.7%

3Y Avg3.62%

Latest3.61%

Peer Comparison

Digital & Quick-Turn Manufacturing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PRLBProto Labs, Inc.	1.3B	55.00	83.33	-0.59%	2.86%	2.23%	5.27%	0.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	264.11M	298.06M	344.49M	445.6M	458.73M	434.39M	488.1M	488.4M	503.88M	500.89M
Revenue Growth %	0.26%	0.13%	0.16%	0.29%	0.03%	-0.05%	0.12%	0%	0.03%	-0.01%
Cost of Goods Sold+	109.7M	131.12M	150.65M	206.92M	223.44M	216.57M	265.41M	272.93M	281.88M	277.69M
COGS % of Revenue	0.42%	0.44%	0.44%	0.46%	0.49%	0.5%	0.54%	0.56%	0.56%	0.55%
Gross Profit+	154.4M	166.94M	193.84M	238.68M	235.29M	217.83M	222.69M	215.47M	221.99M	223.2M
Gross Margin %	0.58%	0.56%	0.56%	0.54%	0.51%	0.5%	0.46%	0.44%	0.44%	0.45%
Gross Profit Growth %	0.2%	0.08%	0.16%	0.23%	-0.01%	-0.07%	0.02%	-0.03%	0.03%	0.01%
Operating Expenses+	87.05M	105.17M	121.62M	149.78M	155.43M	157.99M	194.85M	188.52M	193.61M	197.7M
OpEx % of Revenue	0.33%	0.35%	0.35%	0.34%	0.34%	0.36%	0.4%	0.39%	0.38%	0.39%
Selling, General & Admin	68.7M	82.78M	98.06M	121.05M	122.74M	121.05M	150.61M	150.3M	153.48M	156.41M
SG&A % of Revenue	0.26%	0.28%	0.28%	0.27%	0.27%	0.28%	0.31%	0.31%	0.3%	0.31%
Research & Development	18.35M	22.39M	23.56M	28.73M	32.69M	36.94M	44.24M	38.22M	40.13M	41.3M
R&D % of Revenue	0.07%	0.08%	0.07%	0.06%	0.07%	0.09%	0.09%	0.08%	0.08%	0.08%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	67.15M	61.77M	72.23M	88.9M	79.86M	59.84M	27.84M	26.95M	28.38M	25.5M
Operating Margin %	0.25%	0.21%	0.21%	0.2%	0.17%	0.14%	0.06%	0.06%	0.06%	0.05%
Operating Income Growth %	0.11%	-0.08%	0.17%	0.23%	-0.1%	-0.25%	-0.53%	-0.03%	0.05%	-0.1%
EBITDA+	81.28M	79.25M	90.7M	115.65M	110.72M	92.43M	68.33M	66.37M	65.91M	61.3M
EBITDA Margin %	0.31%	0.27%	0.26%	0.26%	0.24%	0.21%	0.14%	0.14%	0.13%	0.12%
EBITDA Growth %	0.13%	-0.02%	0.14%	0.28%	-0.04%	-0.17%	-0.26%	-0.03%	-0.01%	-0.07%
D&A (Non-Cash Add-back)	14.13M	17.48M	18.47M	26.75M	30.86M	32.59M	40.49M	39.42M	37.53M	35.81M
EBIT	67.86M	64.22M	74.44M	91.66M	81.19M	62.95M	40.18M	-97.88M	29.05M	24.87M
Net Interest Income+	0	0	0	1.7M	2.1M	1.4M	200K	1M	2.2M	5.2M
Interest Income	0	0	0	1.7M	2.1M	1.4M	200K	1M	3.3M	5.4M
Interest Expense	0	0	0	0	0	0	0	0	1.1M	200K
Other Income/Expense	712K	2.45M	2.21M	2.76M	1.34M	3.11M	12.35M	-124.82M	-430K	-824K
Pretax Income+	67.86M	64.22M	74.44M	91.66M	81.19M	62.95M	40.18M	-97.88M	27.95M	24.67M
Pretax Margin %	0.26%	0.22%	0.22%	0.21%	0.18%	0.14%	0.08%	-0.2%	0.06%	0.05%
Income Tax+	21.35M	21.51M	22.66M	15.07M	17.54M	12.08M	6.81M	5.58M	10.73M	8.08M
Effective Tax Rate %	0.69%	0.67%	0.7%	0.84%	0.78%	0.81%	0.83%	1.06%	0.62%	0.67%
Net Income+	46.51M	42.71M	51.78M	76.59M	63.66M	50.87M	33.37M	-103.46M	17.22M	16.59M
Net Margin %	0.18%	0.14%	0.15%	0.17%	0.14%	0.12%	0.07%	-0.21%	0.03%	0.03%
Net Income Growth %	0.12%	-0.08%	0.21%	0.48%	-0.17%	-0.2%	-0.34%	-4.1%	1.17%	-0.04%
Net Income (Continuing)	46.51M	42.71M	51.78M	76.59M	63.66M	50.87M	33.37M	-103.46M	17.22M	16.59M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.77	1.61	1.93	2.81	2.35	1.89	1.21	-3.77	0.66	0.66
EPS Growth %	0.11%	-0.09%	0.2%	0.46%	-0.16%	-0.2%	-0.36%	-4.12%	1.18%	0%
EPS (Basic)	1.79	1.62	1.94	2.84	2.37	1.90	1.21	-3.77	0.66	0.66
Diluted Shares Outstanding	26.32M	26.56M	26.85M	27.28M	27.05M	26.9M	27.65M	27.41M	26.22M	25.21M
Basic Shares Outstanding	26.01M	26.37M	26.65M	26.98M	26.87M	26.74M	27.62M	27.41M	26.19M	25.1M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	138M	157.78M	165M	215.36M	236.42M	242M	183.49M	186.57M	200.66M	194.85M
Cash & Short-Term Investments	80.85M	108.27M	94.13M	131.8M	160.66M	161.69M	77.51M	80.13M	102.8M	103.09M
Cash Only	47.65M	68.8M	36.71M	85.05M	125.22M	127.6M	65.93M	56.56M	83.79M	89.07M
Short-Term Investments	33.2M	39.48M	57.42M	46.75M	35.44M	34.09M	11.58M	23.57M	19.01M	14.02M
Accounts Receivable	42.15M	34.51M	53.34M	64.91M	57.45M	58.42M	81.37M	80.27M	75.08M	69.41M
Days Sales Outstanding	58.26	42.26	56.51	53.17	45.71	49.08	60.85	59.99	54.38	50.58
Inventory	9.77M	9.31M	11.27M	10.09M	10.07M	10.86M	13.16M	13.58M	13.66M	12.3M
Days Inventory Outstanding	32.51	25.92	27.31	17.79	16.46	18.31	18.1	18.16	17.68	16.17
Other Current Assets	0	0	0	0	0	0	0	12.6M	9.12M	10.05M
Total Non-Current Assets+	223.03M	256.46M	353.73M	403.62M	437.25M	502.2M	745.09M	615.6M	571.69M	548.66M
Property, Plant & Equipment	125.47M	139.47M	166.66M	228M	275.14M	294.92M	287.82M	279.16M	259.24M	230.95M
Fixed Asset Turnover	2.10x	2.14x	2.07x	1.95x	1.67x	1.47x	1.70x	1.75x	1.94x	2.17x
Goodwill	28.92M	28.92M	129.75M	128.75M	128.75M	128.75M	400.61M	273.99M	273.99M	273.99M
Intangible Assets	3.34M	2.65M	17.61M	19.85M	17.37M	14.35M	38M	31.25M	25.58M	21.42M
Long-Term Investments	64.79M	84.48M	37.03M	23.58M	12.96M	59.36M	14.34M	26.42M	8.02M	17.77M
Other Non-Current Assets	517K	933K	2.67M	3.44M	3.03M	4.83M	4.32M	4.78M	4.86M	4.52M
Total Assets+	361.04M	414.24M	517.37M	618.99M	673.67M	744.2M	928.58M	802.17M	772.35M	743.51M
Asset Turnover	0.73x	0.72x	0.67x	0.72x	0.68x	0.58x	0.53x	0.61x	0.65x	0.67x
Asset Growth %	0.26%	0.15%	0.25%	0.2%	0.09%	0.1%	0.25%	-0.14%	-0.04%	-0.04%
Total Current Liabilities+	26.26M	23.43M	42.38M	52.73M	47.58M	50.25M	54.9M	71.58M	49.68M	53.27M
Accounts Payable	13.64M	11.32M	15.88M	17.41M	16.8M	18.25M	25.36M	17.36M	15.64M	15.5M
Days Payables Outstanding	45.39	31.52	38.47	30.71	27.45	30.75	34.88	23.21	20.25	20.38
Short-Term Debt	0	0	5M	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	9.99M	7.67M	12.1M	18.13M	15.06M	11.99M	13.7M	12.74M	15.29M	16.55M
Current Ratio	5.25x	6.74x	3.89x	4.08x	4.97x	4.82x	3.34x	2.61x	4.04x	3.66x
Quick Ratio	4.88x	6.34x	3.63x	3.89x	4.76x	4.60x	3.10x	2.42x	3.76x	3.43x
Cash Conversion Cycle	45.37	36.65	45.35	40.25	34.72	36.64	44.07	54.93	51.82	46.37
Total Non-Current Liabilities+	7.13M	10.98M	13.77M	24.75M	40.3M	49.59M	45.19M	32.94M	27.38M	20.09M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	8.56M	9.51M	3.6M	2.25M	3.6M	1.92M
Deferred Tax Liabilities	4.24M	7M	6.97M	20.16M	26.28M	33.85M	35.89M	26.32M	18.74M	13.56M
Other Non-Current Liabilities	2.89M	3.98M	6.8M	4.59M	5.45M	6.24M	5.71M	4.36M	5.03M	4.61M
Total Liabilities	33.39M	34.41M	56.15M	77.49M	87.88M	99.85M	100.09M	104.52M	77.06M	73.36M
Total Debt+	0	0	5M	0	11.9M	13.33M	7.44M	21.35M	5.48M	3.52M
Net Debt	-47.65M	-68.8M	-31.71M	-85.05M	-113.32M	-114.27M	-58.48M	-35.2M	-78.31M	-85.56M
Debt / Equity	-	-	0.01x	-	0.02x	0.02x	0.01x	0.03x	0.01x	0.01x
Debt / EBITDA	-	-	0.06x	-	0.11x	0.14x	0.11x	0.32x	0.08x	0.06x
Net Debt / EBITDA	-0.59x	-0.87x	-0.35x	-0.74x	-1.02x	-1.24x	-0.86x	-0.53x	-1.19x	-1.40x
Interest Coverage	-	-	-	-	-	-	-	-	25.80x	127.48x
Total Equity+	327.64M	379.83M	461.21M	541.5M	585.79M	644.36M	828.49M	697.65M	695.29M	670.15M
Equity Growth %	0.23%	0.16%	0.21%	0.17%	0.08%	0.1%	0.29%	-0.16%	-0%	-0.04%
Book Value per Share	12.45	14.30	17.18	19.85	21.66	23.96	29.96	25.45	26.51	26.58
Total Shareholders' Equity	327.64M	379.83M	461.21M	541.5M	585.79M	644.36M	828.49M	697.65M	695.29M	670.15M
Common Stock	26K	26K	27K	27K	27K	27K	28K	27K	26K	24K
Retained Earnings	134M	176.7M	224.7M	291.46M	324.72M	362.9M	376.73M	258.24M	256.4M	244.41M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-5.21M	-10.75M	-5.23M	-8.49M	-7.02M	-3.42M	-16.82M	-34.35M	-28.01M	-27.98M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	58.56M	74.97M	81.75M	122.93M	116.05M	106.97M	55.24M	62.08M	73.27M	77.83M
Operating CF Margin %	0.22%	0.25%	0.24%	0.28%	0.25%	0.25%	0.11%	0.13%	0.15%	0.16%
Operating CF Growth %	0.02%	0.28%	0.09%	0.5%	-0.06%	-0.08%	-0.48%	0.12%	0.18%	0.06%
Net Income	46.51M	42.71M	51.78M	76.59M	63.66M	50.87M	33.37M	-103.46M	17.22M	16.59M
Depreciation & Amortization	14.13M	17.48M	18.47M	26.75M	30.86M	32.59M	40.49M	39.42M	37.53M	35.81M
Stock-Based Compensation	6.08M	6.78M	8.56M	10.93M	10.78M	14.67M	19.09M	17.55M	15.99M	17M
Deferred Taxes	2.84M	2.78M	90K	11.94M	6.11M	7.58M	339K	-9.5M	-7.66M	-5.15M
Other Non-Cash Items	-4.65M	-2.44M	1.42M	-916K	396K	79K	-12.41M	119.67M	4.62M	2.61M
Working Capital Changes	-6.35M	7.67M	1.43M	-2.36M	4.25M	1.18M	-25.64M	-1.6M	5.58M	10.97M
Change in Receivables	-11.37M	900K	-9.93M	-6.1M	1.85M	-91K	-20.89M	-1.05M	4.55M	8.96M
Change in Inventory	-2.1M	136K	-985K	-189K	60K	-662K	-2.39M	-310K	112K	1.26M
Change in Payables	5.78M	-1.12M	3.18M	1.94M	-719K	1.49M	4.65M	1.38M	-1.84M	480K
Cash from Investing+	-63.59M	-60.76M	-123.97M	-63.28M	-44.3M	-95.47M	-94.66M	-43.09M	-4.55M	-13.58M
Capital Expenditures	-44.36M	-33.62M	-32.63M	-87.1M	-62.23M	-47.01M	-34.21M	-21.69M	-28.12M	-9.17M
CapEx % of Revenue	0.17%	0.11%	0.09%	0.2%	0.14%	0.11%	0.07%	0.04%	0.06%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	-8.74M	-126K	-4M	-3M	0	4.11M	-301K	34K
Cash from Financing+	10.24M	7.85M	9.19M	-10.44M	-31.62M	-10.73M	-22.2M	-27.92M	-41.86M	-58.55M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	4.14M	2.13M	0	0	-2.49M	-3.44M	-4.23M	-1.68M	-1.44M	-2M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	14.2M	41.35M	49.11M	35.83M	53.82M	59.96M	21.03M	40.39M	45.16M	68.66M
FCF Margin %	0.05%	0.14%	0.14%	0.08%	0.12%	0.14%	0.04%	0.08%	0.09%	0.14%
FCF Growth %	0.04%	1.91%	0.19%	-0.27%	0.5%	0.11%	-0.65%	0.92%	0.12%	0.52%
FCF per Share	0.54	1.56	1.83	1.31	1.99	2.23	0.76	1.47	1.72	2.72
FCF Conversion (FCF/Net Income)	1.26x	1.76x	1.58x	1.61x	1.82x	2.10x	1.66x	-0.60x	4.26x	4.69x
Interest Paid	5K	1K	19K	39K	14K	23K	28K	101K	1.05M	136K
Taxes Paid	20.33M	9.8M	19.11M	9.97M	4M	5.65M	7.58M	19.16M	15.89M	13.91M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	15.68%	12.07%	12.31%	15.28%	11.29%	8.27%	4.53%	-13.56%	2.47%	2.43%
Return on Invested Capital (ROIC)	20.05%	15.68%	14.63%	15.05%	12.9%	8.95%	3.21%	2.82%	3.33%	3.18%
Gross Margin	58.46%	56.01%	56.27%	53.56%	51.29%	50.14%	45.62%	44.12%	44.06%	44.56%
Net Margin	17.61%	14.33%	15.03%	17.19%	13.88%	11.71%	6.84%	-21.18%	3.42%	3.31%
Debt / Equity	-	-	0.01x	-	0.02x	0.02x	0.01x	0.03x	0.01x	0.01x
Interest Coverage	-	-	-	-	-	-	-	-	25.80x	127.48x
FCF Conversion	1.26x	1.76x	1.58x	1.61x	1.82x	2.10x	1.66x	-0.60x	4.26x	4.69x
Revenue Growth	26.02%	12.85%	15.58%	29.35%	2.95%	-5.3%	12.36%	0.06%	3.17%	-0.59%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
CNC Machining (Firstcut)	74.37M	81.41M	-	153.52M	-	131.59M	166.81M	188.37M	198.22M	206.89M
CNC Machining (Firstcut) Growth	-	9.47%	-	-	-	-	26.77%	12.93%	5.23%	4.37%
Injection Molding (Protomold)	163.39M	175.97M	-	210.52M	-	217.99M	226.12M	200.58M	203.94M	194.22M
Injection Molding (Protomold) Growth	-	7.70%	-	-	-	-	3.73%	-11.29%	1.68%	-4.77%
3D Printing (Fineline)	25.13M	37.85M	-	53.34M	-	62.5M	72.72M	78.99M	84.29M	83.77M
3D Printing (Fineline) Growth	-	50.59%	-	-	-	-	16.35%	8.62%	6.71%	-0.62%
Sheet Metal	-	-	-	25M	-	18.84M	20.4M	19.5M	16.54M	15.27M
Sheet Metal Growth	-	-	-	-	-	-	8.28%	-4.41%	-15.17%	-7.71%
Other Products	1.22M	2.83M	-	3.21M	-	3.48M	2.05M	962K	883K	756K
Other Products Growth	-	131.91%	-	-	-	-	-40.97%	-53.12%	-8.21%	-14.38%
United States	-	-	263.09M	-	360.2M	-	-	-	-	-
United States Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States	-	-	263.09M	350.54M	360.2M	345.71M	384.46M	387.4M	396.82M	396.19M
United States Growth	-	-	-	33.24%	2.76%	-4.02%	11.21%	0.76%	2.43%	-0.16%
Europe	-	-	70.15M	80.89M	82.81M	74.8M	90.4M	92.77M	107.06M	104.7M
Europe Growth	-	-	-	15.30%	2.37%	-9.67%	20.86%	2.62%	15.40%	-2.20%
JAPAN	-	-	-	14.17M	15.72M	13.89M	13.24M	8.23M	-	-
JAPAN Growth	-	-	-	-	10.91%	-11.62%	-4.68%	-37.85%	-	-
UNITED STATES	194.06M	223.93M	-	-	-	-	-	-	-	-
UNITED STATES Growth	-	15.39%	-	-	-	-	-	-	-	-
Europe	-	63.37M	-	-	-	-	-	-	-	-
Europe Growth	-	-	-	-	-	-	-	-	-	-
International	70.04M	-	-	-	-	-	-	-	-	-
International Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Proto Labs, Inc. (PRLB) has a price-to-earnings (P/E) ratio of 83.3x. This suggests investors expect higher future growth.

Growth & Financials

Proto Labs, Inc. (PRLB) reported $518.4M in revenue for fiscal year 2024. This represents a 424% increase from $98.9M in 2011.

Proto Labs, Inc. (PRLB) saw revenue decline by 0.6% over the past year.

Yes, Proto Labs, Inc. (PRLB) is profitable, generating $14.8M in net income for fiscal year 2024 (3.3% net margin).

Dividend & Returns

Proto Labs, Inc. (PRLB) has a return on equity (ROE) of 2.4%. This is below average, suggesting room for improvement.

Proto Labs, Inc. (PRLB) generated $73.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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