Proto Labs Inc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Proto Labs Inc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	298	344	446	459	434	488	488	504	501	533
Cost of revenue	131	151	207	223	217	265	273	282	278	296
Gross profit	167	194	239	235	218	223	215	222	223	237
Research and development	22.4	23.6	28.7	32.7	36.9	44.2	38.2	40.1	41.3	42.8
Selling and marketing	46.1	56.9	68.5	73	69.3	82.2	82.8	87.7	92.1	98.3
General and administrative	36.7	41.2	52.5	49.8	51.7	55.9	67.5	65.8	64.3	69.8
Operating expenses	105	122	150	155	158	182	313	194	203	212
Operating income	61.8	72.2	88.9	79.9	59.8	40.3	-98	28.2	19.9	25.1
Other non-operating income	2.45	2.21	2.76	1.34	3.11	-0.16	0.11	-0.22	4.76	5.95
Pre-tax income	64.2	74.4	91.7	81.2	62.9	40.2	-97.9	28	24.7	31.1
Income tax	21.5	22.7	15.1	17.5	12.1	6.81	5.59	10.7	8.08	9.82
Net income	42.7	51.8	76.6	63.7	50.9	33.4	-103	17.2	16.6	21.2
EBITDA	79.3	90.7	116	111	92.4	80.8	-58.6	65.7	55.7	58.9
EPS, basic	1.62	1.94	2.84	2.37	1.90	1.21	-3.77	0.66	0.66	0.89
EPS, diluted	1.61	1.93	2.81	2.35	1.89	1.21	-3.77	0.66	0.66	0.88
Shares, basic (weighted)	26.4	26.6	27	26.9	26.7	27.6	27.4	26.2	25.1	23.9
Shares, diluted (weighted)	26.6	26.8	27.3	27	26.9	27.7	27.4	26.2	25.2	24.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	68.8	36.7	85	125	128	65.9	56.6	83.8	89.1	111
Short-term investments	39.5	57.4	46.8	35.4	34.1	11.6	23.6	19	14	17.3
Receivables	34.1	51.5	59.2	57.5	57.9	80.1	76.2	72.8	66.5	79
Inventory	9.31	11.3	10.1	10.1	10.9	13.2	13.6	13.7	12.3	14.4
Other current assets	5.7	6.27	8.57	8.23	11	11.5	12.6	9.12	10	9.59
Total current assets	158	165	215	236	242	183	187	201	195	234
Property, plant and equipment	139	166	228	264	283	280	258	254	227	215
Lease right-of-use assets			0	11.4	9.86	5.58	3.84	4.63	2.99	2.84
Goodwill	28.9	129	129	129	129	401	274	274	274	274
Intangible assets	2.66	19.1	19.9	17.4	14.4	38	31.3	25.6	21.4	18.6
Long-term investments	84.5	37	23.6	13	59.4	14.3	26.4	8.02	17.8	14.3
Other non-current assets	0.93	2.67	3.44	3.03	4.83	4.32	4.78	4.86	4.52	4.44
Total assets	414	519	619	674	744	929	802	772	744	763
Accounts payable	11.3	15.9	17.4	16.8	18.2	25.4	17.4	15.6	15.5	15.1
Accrued liabilities	7.67	12.1	18.1	15.1	12	13.7	12.7	15.3	16.6	23.7
Short-term debt		5
Total current liabilities	23.4	43.8	52.7	47.6	50.3	54.9	71.6	49.7	53.3	67
Lease liabilities			0	8.57	7.59	2.25	2.26	3.01	1.63	1.61
Other non-current liabilities	3.98	4.62	4.59	5.45	6.24	5.71	4.36	5.03	4.61	4.28
Total liabilities	34.4	57.5	77.5	87.9	99.8	100	105	77.1	73.4	89.5
Paid-in capital	214	242	259	268	285	469	474	467	454	454
Retained earnings	177	225	291	325	363	377	258	256	244	241
Other comprehensive income	-10.8	-5.23	-8.49	-7.02	-3.42	-16.8	-34.4	-28	-28	-21
Shareholders' equity	380	461	541	586	644	828	698	695	670	674
Total equity	380	461	541	586	644	828	698	695	670	674
Total liabilities and equity	414	519	619	674	744	929	802	772	744	763
Shares outstanding	26.5	26.8	27	26.8	26.8	27.5	26.9	25.7	24.2	23.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	42.7	51.8	76.6	63.7	50.9	33.4	-103	17.2	16.6	21.2
Depreciation and amortization	17.5	18.5	26.8	30.9	32.6	40.5	39.4	37.5	35.8	33.8
Stock-based compensation	6.78	8.56	10.9	10.8	14.7	19.1	17.5	16	17	15.7
Deferred income tax	2.78	1.17	11.9	6.11	7.58	0.34	-9.5	-7.66	-5.15	2.91
Change in receivables	0.9	-9.93	-6.1	1.85	-0.09	-20.1	1.63	2.73	9.65	-12.5
Change in inventory	0.14	-0.99	-0.19	0.06	-0.66	-2.39	-0.31	0.11	1.26	-2.11
Change in payables	-1.12	3.18	1.94	-0.72	1.49	4.65	1.38	-1.84	0.48	-0.33
Cash from operations	77.5	81.7	123	116	107	55.2	62.1	73.3	77.8	74.5
Capital expenditures	-33.6	-32.6	-87.1	-62.2	-47	-34.2	-21.7	-28.1	-9.17	-14.8
Acquisitions		-111	-0.09	0	0	-127	0	0
Purchases of investments				-46.4	-113	-16.2	-46.9	0	-25.1	-17
Sales and maturities of investments	62.2	48	65.1	0	0	18.2	19.4	23.9	19.2	17.6
Cash from investing	-60.8	-124	-63.3	-44.3	-95.5	-94.7	-43.1	-4.55	-13.6	-13.4
Debt issued		5	0	0
Debt repaid		0	-5	0	0
Share buybacks		-4.41	-12.2	-33.5	-14.7	-23.3	-29.7	-44	-60.3	-43
Cash from financing	5.32	9.19	-10.4	-31.6	-10.7	-22.2	-27.9	-41.9	-58.6	-40.4
Exchange rate effect	-0.92	0.95	-0.87	0.05
Net change in cash	21.1	-32.1	48.3	40.2	2.38	-61.7	-9.37	27.2	5.28	21.8
Free cash flow	43.9	49.1	35.8	53.8	60	21	40.4	45.2	68.7	59.7
Interest paid	0	0.02	0.04	0.01	0.02	0.03	0.1	1.06	0.14	0.06
Income taxes paid	9.8	19.1	9.97	4	5.65	7.58	19.2	15.9	13.9	6.74

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $96.25 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	45.4%	Gross profit / revenue.
Operating margin	6.6%	Operating income / revenue.
EBITDA margin	12.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.6%	Pre-tax income / revenue.
Net margin	5.4%	Net income / revenue.
FCF margin	10.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.0%	Cash from operations / revenue.
Effective tax rate	28.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.9%	Net income / average total assets.
Return on invested capital (ROIC)	4.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	7.6%	Research and development expense / revenue.
Stock-based pay / revenue	2.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.9%	Capital expenditures / revenue.
D&A / revenue	5.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	26.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	-15.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	5.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	-8.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	28.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	-16.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	33.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	-14.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-4.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-7.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-13.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	13.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-0.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	0.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.64x	Current assets / current liabilities.
Quick ratio	3.25x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.95x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	12.6%	Total liabilities / total assets.
Working capital	$193.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	36.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$401.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.71x	Revenue / average total assets.
Fixed asset turnover	2.69x	Revenue / average property, plant and equipment.
Inventory turnover	19.8x	Cost of revenue / average inventory.
Days inventory	18 days	365 x average inventory / cost of revenue.
Receivables turnover	5.90x	Revenue / average receivables.
Days sales outstanding	62 days	365 x average receivables / revenue.
Days payables	26 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	55 days	Days inventory + days sales outstanding - days payables.
FCF conversion	185.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	27.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.25	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$22.96	Revenue / diluted weighted shares.
FCF per share	$2.32	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.22	Cash from operations / diluted weighted shares.
Book value per share	$28.92	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$16.77	Tangible book value / shares outstanding.
Cash per share	$5.97	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	42.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.30B	Share price x shares outstanding.
Enterprise value	$2.16B	Market cap + total debt - cash - short-term investments.
P/E	75.5x	Market cap / net income. Only when net income is positive.
P/S	4.11x	Market cap / revenue.
P/B	3.33x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.74x	Market cap / tangible book value, when positive.
P/FCF	40.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	29.3x	Market cap / cash from operations, when positive.
EV/Sales	3.85x	Enterprise value / revenue.
EV/EBIT	58.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	31.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	38.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.5%	Free cash flow / market cap.
Earnings yield	1.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.0%	(Dividends paid + share buybacks) / market cap.

What was Proto Labs Inc's revenue in fiscal 2025?

Proto Labs Inc reported revenue of $533.1M for fiscal 2025, 6.4% higher than the year before.

Was Proto Labs Inc profitable in fiscal 2025?

Yes. Net income was $21.2M, a net margin of 4%.

How much free cash flow did Proto Labs Inc generate in fiscal 2025?

Cash from operations of $74.5M minus capital expenditures of $14.8M left free cash flow of $59.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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