Latest Ratios: P/E Ratio 45.8x · EV/EBITDA 18.9x · ROE 3.2%. (2009–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.6B | $1.2B | $986M | $1.0B | $700M | $1.4B | $4.1B | $2.7B | $3.1B | $2.8B | $1.4B |
| Enterprise Value | $1.5B | $1.1B | $900M | $943M | $665M | $1.4B | $4.0B | $2.6B | $3.0B | $2.7B | $1.3B |
| P/E Ratio → | 45.84 | 57.49 | 59.23 | 59.03 | — | 42.44 | 81.16 | 43.21 | 40.14 | 53.37 | 31.89 |
| P/S Ratio | 2.70 | 2.30 | 1.97 | 2.03 | 1.43 | 2.91 | 9.50 | 5.99 | 6.90 | 8.03 | 4.58 |
| P/B Ratio | 2.36 | 1.82 | 1.47 | 1.47 | 1.00 | 1.71 | 6.40 | 4.69 | 5.68 | 6.00 | 3.59 |
| P/FCF | 32.16 | 20.56 | 14.35 | 22.62 | 17.32 | 67.51 | 68.81 | 51.04 | 85.88 | 56.30 | 32.99 |
| P/OCF | 20.98 | 16.46 | 12.66 | 13.94 | 11.27 | 25.70 | 38.57 | 23.67 | 25.03 | 33.82 | 18.20 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.10 | 1.80 | 1.87 | 1.36 | 2.79 | 9.23 | 5.74 | 6.71 | 7.93 | 4.35 |
| EV / EBITDA | 18.85 | 18.64 | 14.68 | 14.31 | 10.01 | 19.93 | 43.40 | 23.79 | 25.87 | 30.14 | 16.34 |
| EV / EBIT | 55.54 | 36.02 | 36.18 | 32.47 | — | 33.88 | 63.73 | 32.44 | 32.64 | 36.72 | 20.17 |
| EV / FCF | — | 18.75 | 13.11 | 20.89 | 16.45 | 64.73 | 66.91 | 48.93 | 83.51 | 55.65 | 31.32 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.5% | 44.5% | 44.6% | 44.1% | 44.1% | 45.6% | 50.1% | 51.3% | 53.6% | 56.3% | 56.0% |
| Operating Margin | 4.9% | 4.9% | 5.1% | 5.6% | 5.5% | 5.7% | 13.8% | 17.4% | 20.0% | 21.0% | 20.7% |
| Net Profit Margin | 4.0% | 4.0% | 3.3% | 3.4% | -21.2% | 6.8% | 11.7% | 13.9% | 17.2% | 15.0% | 14.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.2% | 3.2% | 2.4% | 2.5% | -13.6% | 4.5% | 8.3% | 11.3% | 15.3% | 12.3% | 12.1% |
| ROA | 2.8% | 2.8% | 2.2% | 2.2% | -12.0% | 4.0% | 7.2% | 9.8% | 13.5% | 11.1% | 11.0% |
| ROIC | 3.4% | 3.4% | 3.2% | 3.3% | 2.8% | 3.2% | 9.0% | 12.9% | 15.1% | 14.6% | 15.7% |
| ROCE | 3.7% | 3.7% | 3.6% | 3.9% | 3.4% | 3.6% | 9.1% | 13.4% | 17.1% | 16.7% | 17.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.01 | 0.01 | 0.03 | 0.01 | 0.02 | 0.02 | — | 0.01 | — |
| Debt / EBITDA | 0.05 | 0.05 | 0.06 | 0.08 | 0.32 | 0.11 | 0.14 | 0.11 | — | 0.06 | — |
| Net Debt / Equity | — | -0.16 | -0.13 | -0.11 | -0.05 | -0.07 | -0.18 | -0.19 | -0.16 | -0.07 | -0.18 |
| Net Debt / EBITDA | -1.80 | -1.80 | -1.40 | -1.19 | -0.53 | -0.86 | -1.24 | -1.02 | -0.74 | -0.35 | -0.87 |
| Debt / FCF | — | -1.81 | -1.25 | -1.73 | -0.87 | -2.78 | -1.91 | -2.11 | -2.37 | -0.65 | -1.66 |
| Interest Coverage | — | — | 124.36 | 26.41 | — | — | — | — | — | — | — |
Net cash position: cash ($111M) exceeds total debt ($3M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.49 | 3.49 | 3.66 | 4.04 | 2.61 | 3.34 | 4.82 | 4.97 | 4.08 | 3.89 | 6.74 |
| Quick Ratio | 3.27 | 3.27 | 3.43 | 3.76 | 2.42 | 3.10 | 4.60 | 4.76 | 3.89 | 3.63 | 6.34 |
| Cash Ratio | 1.91 | 1.91 | 1.94 | 2.07 | 1.12 | 1.41 | 3.22 | 3.38 | 2.50 | 2.22 | 4.62 |
| Asset Turnover | — | 0.68 | 0.67 | 0.65 | 0.61 | 0.53 | 0.58 | 0.68 | 0.72 | 0.67 | 0.72 |
| Inventory Turnover | 20.55 | 20.55 | 22.57 | 20.64 | 20.10 | 20.17 | 19.94 | 22.18 | 20.51 | 13.37 | 14.08 |
| Days Sales Outstanding | — | 55.75 | 50.58 | 54.38 | 59.99 | 60.85 | 49.08 | 45.71 | 53.17 | 56.51 | 42.26 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 1.7% | 1.7% | 1.7% | — | 2.4% | 1.2% | 2.3% | 2.5% | 1.9% | 3.1% |
| FCF Yield | 3.1% | 4.9% | 7.0% | 4.4% | 5.8% | 1.5% | 1.5% | 2.0% | 1.2% | 1.8% | 3.0% |
| Buyback Yield | 2.7% | 3.5% | 6.1% | 4.3% | 4.2% | 1.6% | 0.4% | 1.2% | 0.4% | 0.2% | 0.0% |
| Total Shareholder Yield | 2.7% | 3.5% | 6.1% | 4.3% | 4.2% | 1.6% | 0.4% | 1.2% | 0.4% | 0.2% | 0.0% |
| Shares Outstanding | — | $24M | $25M | $26M | $27M | $28M | $27M | $27M | $27M | $27M | $27M |
Includes 30+ ratios · 17 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying PRLB stock.
Proto Labs, Inc.'s current P/E ratio is 45.8x. The historical average is 49.1x. This places it at the 54th percentile of its historical range.
Proto Labs, Inc.'s current EV/EBITDA is 18.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.4x.
Proto Labs, Inc.'s return on equity (ROE) is 3.2%. The historical average is 31.6%.
Based on historical data, Proto Labs, Inc. is trading at a P/E of 45.8x. This is at the 54th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Proto Labs, Inc. has 44.5% gross margin and 4.9% operating margin.
Proto Labs, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Thin operating margin cushion
Metrics are mathematically derived from official filings.
Premium Multiple Prices in Margin Recovery
Based on reported figures, PRLB trades at 74.65x trailing earnings and 24.27x EV/EBITDA, but falls to 28.99x forward P/E and 13.85x forward EV/EBITDA, suggesting the market is pricing a substantial earnings ramp rather than current profitability.
The gap between trailing and forward multiples implies investors are underwriting a sharp step-up in earnings as the operating margin recovery from 3.4% to 9.4% persists. Compared with its compressed 2024 earnings base, the current premium appears to reflect expectations of durable margin expansion rather than a conventional value or growth-at-a-reasonable-price profile. Investors should monitor whether forward estimates are met, since a multiple this sensitive to earnings delivery leaves limited room for execution slippage.
Gross Margin Gains Outrun Operating Conversion
As reported in financial statements, PRLB gross margin improved from 42.7% in 2024Q4 to 44.5% in 2026Q3, while operating margin reached 9.4%, leaving a roughly 35-point spread absorbed by SG&A and R&D.
The gross margin trajectory points to sustained pricing power and a favorable mix, consistent with the speed premium embedded in the automated quoting model. However, the large spread to operating margin indicates that overhead scaling, not manufacturing efficiency, is the binding constraint on earnings power. Net margin of 7.6% in the latest quarter suggests reported profitability is still thin relative to the gross economics, warranting attention to whether operating leverage continues.
Returns Recovering From Near-Zero Base
According to reported ratios, PRLB ROIC climbed from 0.5% in 2024Q4 to 1.9% in 2026Q3 and ROE from negative territory to 1.7%, indicating returns are recovering but remain low for an asset-heavy manufacturer.
The improvement in ROIC appears driven primarily by margin recovery rather than capital efficiency, as asset turnover has stayed near 0.19. Returns this low relative to a capital base of roughly $808M in total assets suggest the business is not yet compounding meaningfully. The trend is directionally positive, but investors should assess whether ROIC can sustainably exceed the cost of capital.
Working Capital Cycle Lengthening Modestly
Based on reported figures, PRLB's cash conversion cycle expanded from 47 days in 2025Q1 to 54 days in 2026Q3, with DSO rising from 51 to 59 days while DPO held near 22 days.
The lengthening receivables cycle suggests either customer payment timing or a mix shift toward larger accounts with longer terms, and the data alone cannot distinguish between the two. Because payables have been stable, the drag falls on receivables, which may partly explain the quarterly volatility in operating cash flow. This warrants monitoring to confirm whether the extension is temporary or structural.
Liquidity Buffer Exceeds Any Stress Scenario
As reported in financial statements, PRLB's current ratio held between 3.13 and 4.08 with quick ratio close behind, and cash rose to $133.8M, providing a substantial buffer against short-term obligations.
Quick ratio tracking closely to current ratio indicates minimal reliance on inventory, which is a positive given the prototype-heavy and project-based revenue profile. Under severe stress, with liabilities near $95M to $110M, the liquid asset base would appear sufficient to cover obligations even if revenue declined materially. The principal liquidity question is not solvency but whether the cash pile is deployed productively over time.
Stock Compensation Tempers Headline Returns
Based on reported figures, PRLB's stock-based compensation of $3.2M to $4.3M per quarter is recurring, so the apparent ROE and ROIC recovery may overstate economic returns to shareholders once this cost is fully weighed.
Reported ROIC and ROE exclude the dilutive economic cost of equity-based pay, which may flatter returns relative to a fully loaded view. The most commonly misapplied metric for this business model is EV/EBITDA, since EBITDA adds back depreciation on a heavy machine fleet while ignoring the reinvestment required to maintain it. Investors may find owner-earnings or free cash flow after stock compensation a more conservative basis for valuing the business.