The company maintains a pristine capital structure with a 0.00 debt-to-equity ratio and a robust current ratio of 3.51, providing significant insulation against cyclical industrial downturns.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Current Assets | 248.58M | 233.54M | 194.85M | 200.66M | 186.57M | 183.49M | 242M | 236.42M | 215.36M | 165M | 157.78M | 138M | 107.86M | 109.8M | 90.16M | 28.08M | 18.89M | 12.16M |
| Cash & Short-Term Investments | 136.28M | 128.12M | 103.09M | 102.8M | 80.13M | 77.51M | 161.69M | 160.66M | 131.8M | 94.13M | 108.27M | 80.85M | 74.03M | 79.38M | 61.9M | 8.38M | 6.85M | 4.45M |
| Cash Only | 123.97M | 110.83M | 89.07M | 83.79M | 56.56M | 65.93M | 127.6M | 125.22M | 85.05M | 36.71M | 68.8M | 47.65M | 43.33M | 43.04M | 36.76M | 8.13M | 6.1M | 2.7M |
| Short-Term Investments | 12.31M | 17.3M | 14.02M | 19.01M | 23.57M | 11.58M | 34.09M | 35.44M | 46.75M | 57.42M | 39.48M | 33.2M | 30.71M | 36.34M | 25.14M | 250K | 750K | 1.75M |
| Accounts Receivable | 85.55M | 81.43M | 69.41M | 75.08M | 80.27M | 81.37M | 58.42M | 57.45M | 64.91M | 53.34M | 34.51M | 42.15M | 24.23M | 18.32M | 17.67M | 11.53M | 8.37M | 5.47M |
| Days Sales Outstanding | 54.89 | 55.75 | 50.58 | 54.38 | 59.99 | 60.85 | 49.08 | 45.71 | 53.17 | 56.51 | 42.26 | 58.26 | 42.19 | 41 | 51.18 | 42.55 | 47.08 | 45.57 |
| Inventory | 14.87M | 14.4M | 12.3M | 13.66M | 13.58M | 13.16M | 10.86M | 10.07M | 10.09M | 11.27M | 9.31M | 9.77M | 6.19M | 5.17M | 4.62M | 3.8M | 1.61M | 1.07M |
| Days Inventory Outstanding | 17.12 | 17.76 | 16.17 | 17.68 | 18.16 | 18.1 | 18.31 | 16.46 | 17.79 | 27.31 | 25.92 | 32.51 | 27.85 | 30.7 | 33.82 | 35.24 | 23.04 | 21.02 |
| Other Current Assets | 11.87M | 9.59M | 10.05M | 9.12M | 12.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 455K | 609K | 932K | 222K | 226K |
| Total Non-Current Assets | 529.99M | 526.81M | 548.66M | 571.69M | 615.6M | 745.09M | 502.2M | 437.25M | 403.62M | 353.73M | 256.46M | 223.03M | 179.17M | 120.38M | 83.77M | 34.25M | 19.47M | 16.63M |
| Property, Plant & Equipment | 212.31M | 215.46M | 230.95M | 259.24M | 279.16M | 287.82M | 294.92M | 275.14M | 228M | 166.66M | 139.47M | 125.47M | 91.63M | 56.1M | 45.32M | 34.25M | 19.47M | 16.63M |
| Fixed Asset Turnover | 2.54x | 2.47x | 2.17x | 1.94x | 1.75x | 1.70x | 1.47x | 1.67x | 1.95x | 2.07x | 2.14x | 2.10x | 2.29x | 2.91x | 2.78x | 2.89x | 3.33x | 2.64x |
| Goodwill | 273.99M | 273.99M | 273.99M | 273.99M | 273.99M | 400.61M | 128.75M | 128.75M | 128.75M | 129.75M | 28.92M | 28.92M | 28.92M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 17.53M | 18.61M | 21.42M | 25.58M | 31.25M | 38M | 14.35M | 17.37M | 19.85M | 17.61M | 2.65M | 3.34M | 4.08M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 53.49M | 14.31M | 17.77M | 8.02M | 26.42M | 14.34M | 59.36M | 12.96M | 23.58M | 37.03M | 84.48M | 64.79M | 54.32M | 64.02M | 36.97M | 0 | 0 | 0 |
| Other Non-Current Assets | 26.16M | 4.44M | 4.52M | 4.86M | 4.78M | 4.32M | 4.83M | 3.03M | 3.44M | 2.67M | 933K | 517K | 227K | 256K | 285K | 0 | 0 | 0 |
| Total Assets | 778.57M | 760.36M | 743.51M | 772.35M | 802.17M | 928.58M | 744.2M | 673.67M | 618.99M | 517.37M | 414.24M | 361.04M | 287.51M | 230.18M | 173.93M | 62.33M | 38.35M | 28.8M |
| Asset Turnover | 0.72x | 0.70x | 0.67x | 0.65x | 0.61x | 0.53x | 0.58x | 0.68x | 0.72x | 0.67x | 0.72x | 0.73x | 0.73x | 0.71x | 0.72x | 1.59x | 1.69x | 1.52x |
| Asset Growth % | 6.28% | 2.27% | -3.73% | -3.72% | -13.61% | 24.78% | 10.47% | 8.83% | 19.64% | 24.9% | 14.74% | 25.57% | 24.91% | 32.34% | 179.06% | 62.5% | 33.19% | - |
| Total Current Liabilities | 70.72M | 67M | 53.27M | 49.68M | 71.58M | 54.9M | 50.25M | 47.58M | 52.73M | 42.38M | 23.43M | 26.26M | 18.76M | 13.66M | 11.54M | 9.94M | 8.46M | 7.63M |
| Accounts Payable | 19.63M | 15.1M | 15.5M | 15.64M | 17.36M | 25.36M | 18.25M | 16.8M | 17.41M | 15.88M | 11.32M | 13.64M | 7.88M | 6.46M | 4.76M | 4.43M | 2.75M | 1.53M |
| Days Payables Outstanding | 20.51 | 18.63 | 20.38 | 20.25 | 23.21 | 34.88 | 30.75 | 27.45 | 30.71 | 38.47 | 31.52 | 45.39 | 35.44 | 38.37 | 34.84 | 41.13 | 39.52 | 30.15 |
| Short-Term Debt | 1.24M | 1.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5M | 0 | 0 | 0 | 0 | 0 | 390K | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 69.48M | 26.78M | 16.55M | 15.29M | 12.74M | 13.7M | 11.99M | 15.06M | 18.13M | 12.1M | 7.67M | 9.99M | 6.07M | 6.2M | 6M | 4.38M | 0 | 0 |
| Current Ratio | 3.51x | 3.49x | 3.66x | 4.04x | 2.61x | 3.34x | 4.82x | 4.97x | 4.08x | 3.89x | 6.74x | 5.25x | 5.75x | 8.04x | 7.81x | 2.82x | 2.23x | 1.59x |
| Quick Ratio | 3.30x | 3.27x | 3.43x | 3.76x | 2.42x | 3.10x | 4.60x | 4.76x | 3.89x | 3.63x | 6.34x | 4.88x | 5.42x | 7.66x | 7.41x | 2.44x | 2.04x | 1.45x |
| Cash Conversion Cycle | 51.51 | 54.88 | 46.37 | 51.82 | 54.93 | 44.07 | 36.64 | 34.72 | 40.25 | 45.35 | 36.65 | 45.37 | 34.6 | 33.33 | 50.17 | 36.66 | 30.59 | 36.44 |
| Total Non-Current Liabilities | 24.72M | 22.48M | 20.09M | 27.38M | 32.94M | 45.19M | 49.59M | 40.3M | 24.75M | 13.77M | 10.98M | 7.13M | 3.22M | 4.87M | 5.69M | 5.74M | 65.98M | 64.2M |
| Long-Term Debt | 1.38M | 1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 159K | 356K | 613K | 1.29M | 4.69M |
| Capital Lease Obligations | 4.32M | 1.61M | 1.92M | 3.6M | 2.25M | 3.6M | 9.51M | 8.56M | 0 | 0 | 0 | 0 | 10K | 159K | 356K | 613K | -62.72M | -58.54M |
| Deferred Tax Liabilities | 61.32M | 16.6M | 13.56M | 18.74M | 26.32M | 35.89M | 33.85M | 26.28M | 20.16M | 6.97M | 7M | 4.24M | 1.85M | 3.68M | 4.55M | 4.25M | 1.31M | 759K |
| Other Non-Current Liabilities | 4.39M | 2.67M | 4.61M | 5.03M | 4.36M | 5.71M | 6.24M | 5.45M | 4.59M | 6.8M | 3.98M | 2.89M | 1.36M | 869K | 426K | 258K | -62.05M | -58.32M |
| Total Liabilities | 95.44M | 89.48M | 73.36M | 77.06M | 104.52M | 100.09M | 99.85M | 87.88M | 77.49M | 56.15M | 34.41M | 33.39M | 21.98M | 18.53M | 17.23M | 15.68M | 74.44M | 71.83M |
| Total Debt | 2.62M | 4.65M | 3.52M | 5.48M | 21.35M | 7.44M | 13.33M | 11.9M | 0 | 5M | 0 | 0 | 149K | 363K | 629K | 1M | 5.03M | 9.3M |
| Net Debt | -121.35M | -106.17M | -85.56M | -78.31M | -35.2M | -58.48M | -114.27M | -113.32M | -85.05M | -31.71M | -68.8M | -47.65M | -43.18M | -42.68M | -36.13M | -7.13M | -1.07M | 6.59M |
| Debt / Equity | 0.00x | 0.01x | 0.01x | 0.01x | 0.03x | 0.01x | 0.02x | 0.02x | - | 0.01x | - | - | 0.00x | 0.00x | 0.00x | 0.02x | - | - |
| Debt / EBITDA | 0.05x | 0.08x | 0.06x | 0.08x | 0.32x | 0.11x | 0.14x | 0.11x | - | 0.06x | - | - | 0.00x | 0.01x | 0.02x | 0.03x | 0.25x | 0.86x |
| Net Debt / EBITDA | -2.14x | -1.77x | -1.40x | -1.19x | -0.53x | -0.86x | -1.24x | -1.02x | -0.74x | -0.35x | -0.87x | -0.59x | -0.60x | -0.72x | -0.88x | -0.23x | -0.05x | 0.61x |
| Interest Coverage | - | - | 124.36x | 26.41x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 683.13M | 670.87M | 670.15M | 695.29M | 697.65M | 828.49M | 644.36M | 585.79M | 541.5M | 461.21M | 379.83M | 327.64M | 265.54M | 211.64M | 156.7M | 46.65M | -36.09M | -43.04M |
| Equity Growth % | -1.13% | 0.11% | -3.62% | -0.34% | -15.79% | 28.58% | 10% | 8.18% | 17.41% | 21.43% | 15.93% | 23.39% | 25.47% | 35.06% | 235.9% | 229.26% | 16.14% | - |
| Book Value per Share | 28.13 | 27.67 | 26.58 | 26.51 | 25.45 | 29.96 | 23.96 | 21.66 | 19.85 | 17.18 | 14.30 | 12.45 | 10.17 | 8.18 | 6.41 | 3.53 | -1.81 | -2.16 |
| Total Shareholders' Equity | 683.13M | 670.87M | 670.15M | 695.29M | 697.65M | 828.49M | 644.36M | 585.79M | 541.5M | 461.21M | 379.83M | 327.64M | 265.54M | 211.64M | 156.7M | 46.65M | -36.09M | -43.04M |
| Common Stock | 24K | 0 | 24K | 26K | 27K | 28K | 27K | 27K | 27K | 27K | 26K | 26K | 26K | 26K | 25K | 19K | 1K | 1K |
| Retained Earnings | 248.88M | 0 | 244.41M | 256.4M | 258.24M | 376.73M | 362.9M | 324.72M | 291.46M | 224.7M | 176.7M | 134M | 87.48M | 45.85M | 10.57M | -27.74M | -41.54M | -48.31M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -23.49M | 0 | -27.98M | -28.01M | -34.35M | -16.82M | -3.42M | -7.02M | -8.49M | -5.23M | -10.75M | -5.21M | -2.93M | -1.09M | -928K | -738K | -458K | -244K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Goodwill impairment and competition
As reported in recent financial filings, Proto Labs maintains a strong liquidity position with cash reserves reaching $124.0 million in 2026Q1, while consistently sustaining a current ratio above 3.0, which provides a substantial buffer against cyclical downturns in industrial R&D spending and potential supply chain volatility.
The company's ability to maintain a current ratio of 3.51 suggests a conservative approach to working capital management that prioritizes immediate solvency. This liquidity profile provides management with significant optionality to navigate periods of reduced demand without the need for external financing.
Based on the provided balance sheet data, Proto Labs carries $274.0 million in goodwill, representing a significant portion of its $778.6 million total assets, which warrants close investor monitoring given the potential for future impairment if the Protolabs Network integration fails to meet long-term growth expectations.
The concentration of goodwill relative to net PPE of $212.3 million highlights the company's transition from a purely asset-heavy manufacturing model to a hybrid platform. Investors should consider whether the carrying value of these intangible assets remains supported by the underlying cash flows of the acquired network business.
According to the latest quarterly balance sheet, Proto Labs operates with a negligible debt-to-equity ratio of 0.00, effectively maintaining a debt-free capital structure that insulates the firm from interest rate sensitivity and provides a distinct competitive advantage compared to more highly leveraged industrial peers in the manufacturing sector.
The near-zero debt profile suggests a management philosophy that favors financial independence over aggressive capital structure optimization. This lack of leverage is particularly valuable in the current environment, as it allows the company to self-fund R&D and potential M&A without the burden of mandatory debt service.
As indicated by historical financial statements, the company's equity base of $683.1 million is supported by retained earnings, yet investors should monitor the ongoing impact of stock-based compensation, which may continue to exert downward pressure on per-share value despite the firm's overall strong balance sheet position.
While the equity base remains stable, the persistent use of equity-based incentives to attract software talent creates a structural drag on shareholder returns. Analysts should evaluate whether the growth generated by these hires sufficiently offsets the dilution occurring at the equity level.
Quick answers to the most common questions about buying PRLB stock.
As of 2025, Proto Labs, Inc. (PRLB) had total assets of $760.4M including $233.5M in current assets.
Proto Labs, Inc. (PRLB) carries total debt of $4.7M, offset by $128.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Proto Labs, Inc. (PRLB) has total shareholders' equity (book value) of $670.9M ($27.67 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Proto Labs, Inc. (PRLB) reported a current ratio of 3.49x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.