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Proto Labs

PRLB
54
Manufacturing - Miscellaneous · Industrials
Also trades as: 0KRR.L GBP 0.94 (+2.08%)
Price
$93.84
+1.63 (+1.77%)
Market Cap
$2.23B
Winston Score
54
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
11/30
Growth
Good
13/20
Cash Flow
Strong
8/10
Stability
Exceptional
10/10
Valuation
Good
5/10
Ownership
Mixed
4/15
Dividends
Not counted
n/a

51 of 95 counted points = Winston Score 54. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count falling — buybacks

−12.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 27.7M (2021) → 24.2M (2025)

§Winston Score History

The full picture

Proto Labs is a manufacturing company that makes custom parts very quickly for engineers and product designers. Customers upload a 3D design file online, and Proto Labs produces the part using methods like 3D printing, CNC machining, and injection molding. It serves industries such as medical devices, aerospace, electronics, and consumer products — essentially any business that needs small batches of custom parts fast.

The company makes money by charging per order, with pricing generated automatically by its software when a customer uploads a design. Proto Labs operates primarily in the United States and Europe, and its main competitive advantage is speed and automation — its software can quote and manufacture parts far faster than traditional machine shops. However, growth faces pressure from increasing competition, including other digital manufacturing platforms and in-house 3D printing becoming more affordable, which could reduce demand for outsourced rapid prototyping over time.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+100.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$43M/ year

→ Flat (+4% vs prior year)

8.0% of revenue

2.0x the sector average (4%)

Steady R&D investment year-over-year

Insider Activity

1.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$143M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Proto Labs is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
46.4%
Healthy — 46.4% gross margin
Profit after running costs
Operating Margin
6.7%
Modest — 6.7% operating margin
Return on the money invested
ROCE
4.8%
Weak — 4.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+10.2%
Steady sales growth (+10.2% YoY)
Profit growth
EPS YoY
+107.0%
Earnings growing fast (+107.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
258%
Turns 258% of profit into real cash
Spare cash per sale
FCF Margin
11.1%
Modest free cash flow (11.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
100.00x
—
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
73.9x
Expensive — P/E 73.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+34.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (73.9 → 39.6)

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Dividends

Not applicable for this business.
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