Revenue growth has rebounded to 10.4% in 2026Q1, though operating margins remain constrained in the low-to-mid single digits due to elevated SG&A and R&D spending.
| 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 |
|---|
| Sales/Revenue | 546.26M | 533.13M | 500.89M | 503.88M | 488.4M | 488.1M | 434.39M | 458.73M | 445.6M | 344.49M | 298.06M | 264.11M | 209.58M | 163.11M | 125.99M | 98.94M | 64.92M | 43.83M |
| Revenue Growth % | 9.43% | 6.44% | -0.59% | 3.17% | 0.06% | 12.36% | -5.3% | 2.95% | 29.35% | 15.58% | 12.85% | 26.02% | 28.49% | 29.46% | 27.34% | 52.4% | 48.11% | - |
| Cost of Goods Sold | 301.23M | 295.99M | 277.69M | 281.88M | 272.93M | 265.41M | 216.57M | 223.44M | 206.92M | 150.65M | 131.12M | 109.7M | 81.18M | 61.41M | 49.85M | 39.32M | 25.44M | 18.56M |
| COGS % of Revenue | - | 55.52% | 55.44% | 55.94% | 55.88% | 54.38% | 49.86% | 48.71% | 46.44% | 43.73% | 43.99% | 41.54% | 38.73% | 37.65% | 39.57% | 39.75% | 39.19% | 42.34% |
| Gross Profit | 245.03M | 237.14M | 223.2M | 221.99M | 215.47M | 222.69M | 217.83M | 235.29M | 238.68M | 193.84M | 166.94M | 154.4M | 128.4M | 101.7M | 76.14M | 59.62M | 39.48M | 25.27M |
| Gross Margin % | 44.86% | 44.48% | 44.56% | 44.06% | 44.12% | 45.62% | 50.14% | 51.29% | 53.56% | 56.27% | 56.01% | 58.46% | 61.27% | 62.35% | 60.43% | 60.25% | 60.81% | 57.66% |
| Gross Profit Growth % | - | 6.24% | 0.54% | 3.03% | -3.24% | 2.23% | -7.42% | -1.42% | 23.13% | 16.12% | 8.12% | 20.25% | 26.25% | 33.58% | 27.72% | 51.02% | 56.19% | - |
| Operating Expenses | 213.48M | 210.94M | 197.7M | 193.61M | 188.52M | 194.85M | 157.99M | 155.43M | 149.78M | 121.62M | 105.17M | 87.05M | 67.37M | 50.4M | 41.19M | 32.75M | 22.78M | 17.37M |
| OpEx % of Revenue | - | 39.57% | 39.47% | 38.42% | 38.6% | 39.92% | 36.37% | 33.88% | 33.61% | 35.3% | 35.29% | 32.96% | 32.15% | 30.9% | 32.69% | 33.1% | 35.09% | 39.62% |
| Selling, General & Admin | 169.32M | 168.13M | 156.41M | 153.48M | 150.3M | 150.61M | 121.05M | 122.74M | 121.05M | 98.06M | 82.78M | 68.7M | 50.77M | 38.54M | 32.05M | 27.52M | 18.5M | 14.23M |
| SG&A % of Revenue | - | 31.54% | 31.23% | 30.46% | 30.77% | 30.86% | 27.87% | 26.76% | 27.16% | 28.46% | 27.77% | 26.01% | 24.22% | 23.63% | 25.44% | 27.82% | 28.49% | 32.46% |
| Research & Development | 42.74M | 42.81M | 41.3M | 40.13M | 38.22M | 44.24M | 36.94M | 32.69M | 28.73M | 23.56M | 22.39M | 18.35M | 16.61M | 11.86M | 9.14M | 5.22M | 4.28M | 3.14M |
| R&D % of Revenue | - | 8.03% | 8.24% | 7.97% | 7.83% | 9.06% | 8.5% | 7.13% | 6.45% | 6.84% | 7.51% | 6.95% | 7.92% | 7.27% | 7.25% | 5.28% | 6.59% | 7.16% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 31.55M | 26.2M | 25.5M | 28.38M | 26.95M | 27.84M | 59.84M | 79.86M | 88.9M | 72.23M | 61.77M | 67.15M | 60.53M | 51.3M | 34.95M | 26.87M | 16.7M | 7.91M |
| Operating Margin % | 5.78% | 4.91% | 5.09% | 5.63% | 5.52% | 5.7% | 13.77% | 17.41% | 19.95% | 20.97% | 20.72% | 25.42% | 28.88% | 31.45% | 27.74% | 27.16% | 25.72% | 18.04% |
| Operating Income Growth % | - | 2.77% | -10.17% | 5.33% | -3.2% | -53.47% | -25.07% | -10.17% | 23.08% | 16.93% | -8.02% | 10.94% | 17.99% | 46.8% | 30.06% | 60.9% | 111.19% | - |
| EBITDA | 56.67M | 60.02M | 61.3M | 65.91M | 66.37M | 68.33M | 92.43M | 110.72M | 115.65M | 90.7M | 79.25M | 81.28M | 71.67M | 58.87M | 41.03M | 31.13M | 20.18M | 10.81M |
| EBITDA Margin % | 10.37% | 11.26% | 12.24% | 13.08% | 13.59% | 14% | 21.28% | 24.14% | 25.95% | 26.33% | 26.59% | 30.77% | 34.19% | 36.09% | 32.56% | 31.47% | 31.09% | 24.67% |
| EBITDA Growth % | -3.23% | -2.1% | -6.99% | -0.7% | -2.86% | -26.08% | -16.52% | -4.26% | 27.51% | 14.45% | -2.49% | 13.41% | 21.74% | 43.49% | 31.78% | 54.26% | 86.63% | - |
| D&A (Non-Cash Add-back) | 25.12M | 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 |
| EBIT | 25.08M | 31.06M | 24.87M | 29.05M | -97.88M | 40.18M | 62.95M | 81.19M | 91.66M | 74.44M | 64.22M | 67.86M | 60.53M | 51.58M | 34.97M | 26.75M | 15.71M | 7.39M |
| Net Interest Income | 2.35M | 0 | 5.2M | 2.2M | 1M | 200K | 1.4M | 2.1M | 1.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.35M | 0 | 5.4M | 3.3M | 1M | 200K | 1.4M | 2.1M | 1.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 200K | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.85M | 4.86M | -824K | -430K | -124.82M | 12.35M | 3.11M | 1.34M | 2.76M | 2.21M | 2.45M | 712K | 3K | 279K | 23K | -114K | -986K | -517K |
| Pretax Income | 36.39M | 31.06M | 24.67M | 27.95M | -97.88M | 40.18M | 62.95M | 81.19M | 91.66M | 74.44M | 64.22M | 67.86M | 60.53M | 51.58M | 34.97M | 26.75M | 15.71M | 7.39M |
| Pretax Margin % | 6.66% | 5.83% | 4.93% | 5.55% | -20.04% | 8.23% | 14.49% | 17.7% | 20.57% | 21.61% | 21.55% | 25.69% | 28.88% | 31.62% | 27.76% | 27.04% | 24.2% | 16.86% |
| Income Tax | 10.64M | 9.82M | 8.08M | 10.73M | 5.58M | 6.81M | 12.08M | 17.54M | 15.07M | 22.66M | 21.51M | 21.35M | 18.9M | 16.3M | 10.94M | 8.78M | 4.76M | 3.17M |
| Effective Tax Rate % | 29.24% | 31.62% | 32.75% | 38.39% | -5.71% | 16.95% | 19.19% | 21.6% | 16.44% | 30.44% | 33.5% | 31.46% | 31.22% | 31.6% | 31.3% | 32.83% | 30.31% | 42.86% |
| 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 |
| Net Margin % | 4.71% | 3.98% | 3.31% | 3.42% | -21.18% | 6.84% | 11.71% | 13.88% | 17.19% | 15.03% | 14.33% | 17.61% | 19.87% | 21.63% | 19.07% | 18.16% | 16.87% | 9.63% |
| Net Income Growth % | 72.56% | 28.01% | -3.64% | 116.64% | -410.03% | -34.39% | -20.09% | -16.89% | 47.92% | 21.24% | -8.18% | 11.72% | 18.02% | 46.83% | 33.68% | 64.11% | 159.32% | - |
| Net Income (Continuing) | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.06 | 0.88 | 0.66 | 0.66 | -3.77 | 1.21 | 1.89 | 2.35 | 2.81 | 1.93 | 1.61 | 1.77 | 1.60 | 1.36 | 0.98 | 1.36 | 0.22 | 0.00 |
| EPS Growth % | 75.64% | 33.33% | 0% | 117.51% | -411.57% | -35.98% | -19.57% | -16.37% | 45.6% | 19.88% | -9.04% | 10.63% | 17.65% | 38.78% | -27.94% | 518.18% | - | - |
| EPS (Basic) | - | 0.89 | 0.66 | 0.66 | -3.77 | 1.21 | 1.90 | 2.37 | 2.84 | 1.94 | 1.62 | 1.79 | 1.62 | 1.40 | 1.03 | 1.39 | 0.24 | 0.00 |
| Diluted Shares Outstanding | 24.29M | 24.25M | 25.21M | 26.22M | 27.41M | 27.65M | 26.9M | 27.05M | 27.28M | 26.85M | 26.56M | 26.32M | 26.1M | 25.86M | 24.44M | 13.23M | 19.93M | 19.93M |
| Basic Shares Outstanding | 23.84M | 23.92M | 25.1M | 26.19M | 27.41M | 27.62M | 26.74M | 26.87M | 26.98M | 26.65M | 26.37M | 26.01M | 25.69M | 25.2M | 23.37M | 12.9M | 18.34M | 18.34M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical R&D spending sensitivity
According to the latest quarterly financial data, Proto Labs achieved a 10.4% year-over-year revenue increase in 2026Q1, marking a significant recovery from the negative growth territory observed throughout 2024 and early 2025, suggesting that the company's pivot toward on-demand production is finally gaining meaningful commercial traction.
The return to double-digit growth indicates that the company may be successfully navigating the transition from a pure prototyping shop to a broader manufacturing partner. Investors should monitor whether this acceleration is driven by higher volume from existing customers or successful penetration into new industrial verticals.
As reported in recent income statements, Proto Labs has maintained a consistent gross margin profile hovering near 44% to 45%, demonstrating that the company's automated quoting and manufacturing infrastructure effectively absorbs fluctuations in input costs while preserving the premium pricing power inherent in its digital manufacturing model.
The stability of these margins suggests that the company's proprietary computational geometry engine remains a formidable moat against commoditization. However, the lack of significant margin expansion despite revenue growth implies that the cost of maintaining this digital infrastructure remains a persistent drag on potential profitability.
Based on the provided financial figures, operating margins have struggled to scale proportionally with revenue, remaining in the low-to-mid single digits, which indicates that the company's heavy investment in SG&A and R&D continues to offset the efficiency gains realized through its automated manufacturing and quoting platform.
The persistent gap between gross and operating margins suggests that the company is still in a phase of heavy reinvestment to support its platform-based business model. This warrants further investigation into whether the current SG&A structure is a permanent requirement for growth or if it represents an inefficiency that could be optimized.
Analysis of the income statement reveals that stock-based compensation remains a recurring and material expense, frequently exceeding $3 million per quarter, which creates a notable divergence between GAAP net income and the underlying operational cash generation capacity of the business as reported in recent filings.
The reliance on equity-based incentives to attract software talent appears to be a structural feature of the company's cost base. Investors should be cautious of the dilutive impact of these grants, as they consistently dampen the earnings per share growth that would otherwise be more pronounced during periods of revenue expansion.
While the company maintains a strong competitive position, the recent stagnation in core factory revenue growth suggests that the high-speed prototyping market may be facing increased pressure from localized, lower-cost digital competitors, potentially threatening the long-term sustainability of the company's current 44% gross margin profile.
Short-term revenue gains may mask a deeper risk where the 'speed premium' is being eroded by the commoditization of automated quoting tools. If competitors can replicate the Proto Labs experience at a lower price point, the company may be forced to choose between sacrificing volume or further compressing its already thin operating margins.
Quick answers to the most common questions about buying PRLB stock.
For fiscal year 2025, Proto Labs, Inc. (PRLB) reported total revenue of $533.1M. This represents a 1116.3% increase compared to $43.8M in 2009.
Proto Labs, Inc. (PRLB) is profitable, generating $21.2M in net income for the fiscal year ending 2025 with a net profit margin of 4.0%.
Proto Labs, Inc. (PRLB) reported an operating income of $26.2M, resulting in an operating profit margin of 4.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Proto Labs, Inc. (PRLB) generated $237.1M in gross profit for the year, representing a gross profit margin of 44.5%. This demonstrates the company's core pricing power and production efficiency.