Latest Ratios: P/E Ratio 84.5x · EV/EBITDA 27.7x · 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 | $1.8B | $1.2B | $986M | $1.0B | $700M | $1.4B | $4.1B | $2.7B | $3.1B | $2.8B | $1.4B |
| Enterprise Value | $1.7B | $1.1B | $900M | $943M | $665M | $1.4B | $4.0B | $2.6B | $3.0B | $2.7B | $1.3B |
| P/E Ratio → | 84.50 | 57.49 | 59.23 | 59.03 | — | 42.44 | 81.16 | 43.21 | 40.14 | 53.37 | 31.89 |
| P/S Ratio | 3.32 | 2.30 | 1.97 | 2.03 | 1.43 | 2.91 | 9.50 | 5.99 | 6.90 | 8.03 | 4.58 |
| P/B Ratio | 2.69 | 1.83 | 1.47 | 1.47 | 1.00 | 1.71 | 6.40 | 4.69 | 5.68 | 6.00 | 3.59 |
| P/FCF | 29.65 | 20.56 | 14.35 | 22.62 | 17.32 | 67.51 | 68.81 | 51.04 | 85.88 | 56.30 | 32.99 |
| P/OCF | 23.75 | 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 | 27.71 | 18.67 | 14.68 | 14.31 | 10.01 | 19.93 | 43.40 | 23.79 | 25.87 | 30.14 | 16.34 |
| EV / EBIT | 63.47 | 36.07 | 36.18 | 32.47 | — | 33.88 | 63.73 | 32.44 | 32.64 | 36.72 | 20.17 |
| EV / FCF | — | 18.78 | 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 | 3.8% | 3.8% | 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 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.01 | 0.02 | 0.02 | — | 0.01 | — |
| Debt / EBITDA | 0.08 | 0.08 | 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 | -1.77 | -1.77 | -1.40 | -1.19 | -0.53 | -0.86 | -1.24 | -1.02 | -0.74 | -0.35 | -0.87 |
| Debt / FCF | — | -1.78 | -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 ($5M)
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 | — | 0.70 | 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 | 1.2% | 1.7% | 1.7% | 1.7% | — | 2.4% | 1.2% | 2.3% | 2.5% | 1.9% | 3.1% |
| FCF Yield | 3.4% | 4.9% | 7.0% | 4.4% | 5.8% | 1.5% | 1.5% | 2.0% | 1.2% | 1.8% | 3.0% |
| Buyback Yield | 2.4% | 3.5% | 6.1% | 4.3% | 4.2% | 1.6% | 0.4% | 1.2% | 0.4% | 0.2% | 0.0% |
| Total Shareholder Yield | 2.4% | 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 |
Cyclical R&D spending sensitivity
Based on current market data, PRLB trades at a forward P/E of 39.91, which suggests that investors are pricing in significant future earnings expansion despite the company's historical struggle to translate its high-speed digital manufacturing platform into consistent, double-digit operating margin growth over the last ten quarters.
The elevated P/E and EV/EBITDA multiples indicate that the market continues to value Proto Labs as a technology-enabled platform rather than a traditional industrial machine shop. This valuation appears to hinge on the assumption that the company can successfully scale its 'on-demand' production model, though the current earnings volatility warrants caution regarding the sustainability of these premium price points.
As reported in recent financial statements, the company's ROIC has hovered near 1.0% to 1.3% over the past ten quarters, indicating that despite the proprietary nature of its automated quoting engine, the firm is currently struggling to generate meaningful returns on its invested capital base.
The low ROIC figures suggest that the heavy investment in physical manufacturing assets and software infrastructure is not yet yielding the compounding returns expected of a high-growth digital manufacturer. Investors should monitor whether the recent integration of the Network segment can improve asset utilization and drive these returns toward a more attractive threshold.
According to the latest quarterly data, Proto Labs maintains a cash conversion cycle of approximately 51 days, a figure that has remained remarkably consistent over the last two years, reflecting the predictable, transactional nature of its project-based revenue model within the broader industrial manufacturing sector.
The stability in the CCC suggests that the company has successfully optimized its internal processes for managing receivables and inventory despite the complexity of its four distinct service lines. This operational efficiency provides a reliable foundation for cash flow, even if the underlying revenue growth remains sensitive to the cyclical R&D budgets of its client base.
Based on the most recent quarterly filings, the company maintains a current ratio of 3.51 and a debt-to-equity ratio of 0.00, which indicates a highly liquid position that effectively insulates the firm from the risks associated with rising interest rates or sudden contractions in industrial demand.
This debt-free status is a significant competitive advantage, allowing Proto Labs to maintain its R&D and software development initiatives even during periods of cyclical weakness. The liquidity buffer appears more than sufficient to cover short-term obligations, providing management with the flexibility to pursue strategic M&A or return capital to shareholders.
The most commonly misapplied metric for Proto Labs is the standard P/E ratio, which obscures the significant impact of stock-based compensation and the heavy depreciation of its asset-heavy manufacturing fleet, both of which distort the company's true underlying cash-generative capacity and operational profitability.
Investors should prioritize P/FCF or EV/EBITDA over P/E to better capture the cash-flow-generating potential of the business, as GAAP earnings are frequently suppressed by non-cash charges and equity-based incentives. Relying on P/E alone may lead to an inaccurate assessment of the company's valuation relative to its actual ability to fund future growth internally.
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying PRLB stock.
Proto Labs, Inc.'s current P/E ratio is 84.5x. The historical average is 49.1x. This places it at the 100th percentile of its historical range.
Proto Labs, Inc.'s current EV/EBITDA is 27.7x. 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 84.5x. This is at the 100th 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.