Operational efficiency is highlighted by a strong OCF/NI ratio of 2.16 in 2026Q1, while disciplined capital management is reflected in a CapEx/Revenue ratio that has frequently dropped below 2% in recent periods.
| 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 |
|---|
| Cash from Operations | 73.66M | 74.5M | 77.83M | 73.27M | 62.08M | 55.24M | 106.97M | 116.05M | 122.93M | 81.75M | 74.97M | 58.56M | 57.21M | 48.44M | 25.31M | 23.54M | 14.01M | 8.39M |
| Operating CF Margin % | - | 13.97% | 15.54% | 14.54% | 12.71% | 11.32% | 24.62% | 25.3% | 27.59% | 23.73% | 25.15% | 22.17% | 27.3% | 29.7% | 20.09% | 23.79% | 21.58% | 19.15% |
| Operating CF Growth % | -18.66% | -4.27% | 6.22% | 18.03% | 12.38% | -48.36% | -7.83% | -5.59% | 50.38% | 9.05% | 28.02% | 2.35% | 18.1% | 91.42% | 7.52% | 67.96% | 66.91% | - |
| Net Income | 25.75M | 21.24M | 16.59M | 17.22M | -103.46M | 33.37M | 50.87M | 63.66M | 76.59M | 51.78M | 42.71M | 46.51M | 41.63M | 35.28M | 24.02M | 17.97M | 10.95M | 4.22M |
| Depreciation & Amortization | 33.19M | 33.81M | 35.81M | 37.53M | 39.42M | 40.49M | 32.59M | 30.86M | 26.75M | 18.47M | 17.48M | 14.13M | 11.14M | 7.57M | 6.08M | 4.26M | 3.48M | 2.91M |
| Stock-Based Compensation | 11.15M | 15.73M | 17M | 15.99M | 17.55M | 19.09M | 14.67M | 10.78M | 10.93M | 8.56M | 6.78M | 6.08M | 4.81M | 3.46M | 3.04M | 1.13M | 331K | 245K |
| Deferred Taxes | 6.85M | 2.91M | -5.15M | -7.66M | -9.5M | 339K | 7.58M | 6.11M | 11.94M | 90K | 2.78M | 2.84M | -1.88M | 467K | -582K | 2.23M | 561K | 679K |
| Other Non-Cash Items | -483K | 241K | 2.61M | 4.62M | 119.67M | -12.41M | 79K | 396K | -916K | 1.42M | -2.44M | -4.65M | -2.95M | -8.29M | -6.06M | -667K | 799K | 84K |
| Working Capital Changes | -2.81M | 567K | 10.97M | 5.58M | -1.6M | -25.64M | 1.18M | 4.25M | -2.36M | 1.43M | 7.67M | -6.35M | 4.46M | 9.96M | -1.19M | -1.39M | -2.11M | 257K |
| Change in Receivables | -13.64M | -12.48M | 8.96M | 4.55M | -1.05M | -20.89M | -91K | 1.85M | -6.1M | -9.93M | 900K | -11.37M | -5.3M | -2.47M | -4.37M | -3.46M | -2.99M | 920K |
| Change in Inventory | -2M | -2.11M | 1.26M | 112K | -310K | -2.39M | -662K | 60K | -189K | -985K | 136K | -2.1M | -896K | -579K | -829K | -2.19M | -537K | -44K |
| Change in Payables | 2.86M | -333K | 480K | -1.84M | 1.38M | 4.65M | 1.49M | -719K | 1.94M | 3.18M | -1.12M | 5.78M | 1.44M | 1.65M | 306K | 1.54M | 1.15M | -462K |
| Cash from Investing | -15.27M | -13.41M | -13.58M | -4.55M | -43.09M | -94.66M | -95.47M | -44.3M | -63.28M | -123.97M | -60.76M | -63.59M | -63.5M | -58.48M | -79.25M | -18.5M | -6.04M | -4.77M |
| Capital Expenditures | -13.58M | -14.84M | -9.17M | -28.12M | -21.69M | -34.21M | -47.01M | -62.23M | -87.1M | -32.63M | -33.62M | -44.36M | -43.51M | -18.75M | -17.4M | -19M | -7.07M | -5.09M |
| CapEx % of Revenue | 2.49% | 2.78% | 1.83% | 5.58% | 4.44% | 7.01% | 10.82% | 13.57% | 19.55% | 9.47% | 11.28% | 16.8% | 20.76% | 11.5% | 13.81% | 19.21% | 10.89% | 11.6% |
| Acquisitions | 834K | 834K | 0 | 0 | 0 | -127.41M | 0 | 0 | 194K | -110.53M | 0 | -5.03M | -33.86M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.26M | 0 | 34K | -301K | 4.11M | 0 | -3M | -4M | -126K | -8.74M | 0 | 0 | 0 | 0 | 0 | 0 | 30K | 61K |
| Cash from Financing | -17.78M | -40.37M | -58.55M | -41.86M | -27.92M | -22.2M | -10.73M | -31.62M | -10.44M | 9.19M | 7.85M | 10.24M | 7.04M | 16.11M | 82.79M | -2.85M | -4.23M | -3.41M |
| Debt Issued (Net) | -233K | -309K | -296K | -306K | -531K | -552K | -154K | 0 | -5M | 5M | 0 | -152K | -1.05M | -258K | -388K | -4.05M | -4.29M | -3.44M |
| Equity Issued (Net) | -14.77M | -36.62M | -56.26M | -40.12M | -25.71M | -17.42M | -7.13M | -29.13M | -5.44M | 4.19M | 5.71M | 6.25M | 4.82M | 6.5M | 76.96M | 547K | 56K | 35K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -20.82M | -42.96M | -60.28M | -43.95M | -29.66M | -23.28M | -14.69M | -33.52M | -12.23M | -4.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.78M | -3.43M | -2M | -1.44M | -1.68M | -4.23M | -3.44M | -2.49M | 0 | 0 | 2.13M | 4.14M | 3.27M | 9.87M | 6.22M | 657K | 0 | 0 |
| Net Change in Cash | 41.28M | 21.75M | 5.28M | 27.23M | -9.37M | -61.67M | 2.38M | 40.18M | 48.34M | -32.09M | 21.14M | 4.32M | 290K | 6.28M | 28.62M | 2.03M | 3.4M | 45K |
| Free Cash Flow | 65.41M | 59.66M | 68.66M | 45.16M | 40.39M | 21.03M | 59.96M | 53.82M | 35.83M | 49.11M | 41.35M | 14.2M | 13.7M | 29.69M | 7.91M | 4.53M | 6.94M | 3.31M |
| FCF Margin % | 11.97% | 11.19% | 13.71% | 8.96% | 8.27% | 4.31% | 13.8% | 11.73% | 8.04% | 14.26% | 13.87% | 5.37% | 6.54% | 18.2% | 6.28% | 4.58% | 10.69% | 7.55% |
| FCF Growth % | -13.22% | -13.11% | 52.04% | 11.8% | 92.05% | -64.92% | 11.4% | 50.24% | -27.06% | 18.77% | 191.31% | 3.59% | -53.84% | 275.37% | 74.51% | -34.73% | 109.82% | - |
| FCF per Share | 2.69 | 2.46 | 2.72 | 1.72 | 1.47 | 0.76 | 2.23 | 1.99 | 1.31 | 1.83 | 1.56 | 0.54 | 0.53 | 1.15 | 0.32 | 0.34 | 0.35 | 0.17 |
| FCF Conversion (FCF/Net Income) | 2.54x | 3.51x | 4.69x | 4.26x | -0.60x | 1.66x | 2.10x | 1.82x | 1.61x | 1.58x | 1.76x | 1.26x | 1.37x | 1.37x | 1.05x | 1.31x | 1.28x | 1.99x |
| Interest Paid | 0 | 0 | 136K | 1.05M | 101K | 28K | 23K | 14K | 39K | 19K | 1K | 5K | 19K | 35K | 63K | 140K | 256K | 347K |
| Taxes Paid | 0 | 0 | 13.91M | 15.89M | 19.16M | 7.58M | 5.65M | 4M | 9.97M | 19.11M | 9.8M | 20.33M | 11.55M | 6.59M | 7.99M | 5.36M | 4.66M | 2.34M |
Cyclical R&D spending sensitivity
Based on reported financial statements, Proto Labs consistently generates operating cash flow significantly higher than net income, with the OCF/NI ratio reaching as high as 5.11 in 2025Q1, highlighting a structural disconnect between accounting profitability and the actual cash-generative capacity of the firm's manufacturing operations.
The persistent gap between net income and operating cash flow is largely driven by substantial non-cash depreciation charges and stock-based compensation. This suggests that while GAAP earnings appear modest, the underlying business model is highly efficient at converting revenue into cash, provided the company manages its heavy fixed-cost base effectively.
As indicated by recent quarterly filings, Proto Labs has maintained a disciplined approach to capital expenditure, with CapEx/Revenue ratios frequently falling below 2% in recent periods, a sharp contrast to the 14.5% intensity observed in 2023Q4 as the firm completed major infrastructure investments.
The significant reduction in capital intensity suggests that the company has reached a level of operational maturity where its existing machine fleet can support current demand without requiring massive reinvestment. Investors should monitor whether this low-capex environment is sustainable or if it reflects a temporary deferral of necessary equipment upgrades.
According to historical cash flow data, Proto Labs has prioritized share repurchases over other forms of capital allocation, deploying over $22 million in a single quarter in 2025Q1, which underscores a management preference for returning cash to shareholders rather than pursuing large-scale external acquisitions.
The consistent use of free cash flow for buybacks suggests management's confidence in the company's intrinsic value, though it warrants investigation regarding the potential for dilution from ongoing stock-based compensation. This strategy effectively utilizes the firm's debt-free balance sheet to support the share price during periods of market volatility.
Analysis of recent quarterly cash flow statements reveals that working capital changes remain a source of periodic volatility, with swings ranging from a $6.2 million inflow in 2024Q3 to a $5.0 million outflow in 2023Q4, reflecting the transactional nature of the company's project-based revenue model.
These fluctuations suggest that the timing of large customer orders and the associated inventory requirements can create temporary liquidity pressure. The company's ability to manage these cycles effectively is critical, as it must balance the need for rapid fulfillment with the cash requirements of its manufacturing-heavy cost structure.
Quick answers to the most common questions about buying PRLB stock.
Proto Labs, Inc. (PRLB) generated $74.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Proto Labs, Inc. (PRLB) generated $59.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Proto Labs, Inc. (PRLB) spent $14.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Proto Labs, Inc. (PRLB) spent $43.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.