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Proto Labs vs INNOVATE: revenue, profit, margins and growth compared

Proto Labs brought in $533.1M of revenue in fiscal 2025, INNOVATE $1.2B in fiscal 2025. Revenue changed by +6.4% at Proto Labs and +12.5% at INNOVATE on the year before, so INNOVATE grew faster. Proto Labs kept 4.0% of its revenue as net profit, INNOVATE -4.9%. Free cash flow was $59.7M at Proto Labs and $146.1M at INNOVATE.

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Side by side, latest fiscal year

PRLBVATE
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$533.1M$1.2B
Revenue growth+6.4%+12.5%
Net income$21.2M-$60.6M
Net margin4.0%-4.9%
Free cash flow$59.7M$146.1M
Free cash flow margin11.2%11.7%
Earnings per share (diluted)$0.88-$4.84
Cash$110.8M$108.2M
Debtn/a$80.3M
Price to earnings109.4n/a
Market value$2.3B$106M
Dividend yieldn/an/a
Rank by revenue in sector#314 of 451 · Industrials#255 of 451 · Industrials

Over the years

Revenue
PRLB FY2018: $445.6MPRLB FY2019: $458.7MPRLB FY2020: $434.4MPRLB FY2021: $488.1MPRLB FY2022: $488.4MPRLB FY2023: $503.9MPRLB FY2024: $500.9MPRLB FY2025: $533.1MVATE FY2018: $2BVATE FY2019: $1.1BVATE FY2020: $716.9MVATE FY2021: $1.2BVATE FY2022: $1.6BVATE FY2023: $1.4BVATE FY2024: $1.1BVATE FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
PRLB $533.1MVATE $1.2B
Net income
PRLB FY2018: $76.6MPRLB FY2019: $63.7MPRLB FY2020: $50.9MPRLB FY2021: $33.4MPRLB FY2022: -$103.5MPRLB FY2023: $17.2MPRLB FY2024: $16.6MPRLB FY2025: $21.2MVATE FY2018: $162MVATE FY2019: -$31.5MVATE FY2020: -$92MVATE FY2021: -$227.5MVATE FY2022: -$35.9MVATE FY2023: -$35.2MVATE FY2024: -$34.6MVATE FY2025: -$60.6MFY18FY19FY20FY21FY22FY23FY24FY25
PRLB $21.2MVATE -$60.6M
Net margin
PRLB FY2018: 17.2%PRLB FY2019: 13.9%PRLB FY2020: 11.7%PRLB FY2021: 6.8%PRLB FY2022: -21.2%PRLB FY2023: 3.4%PRLB FY2024: 3.3%PRLB FY2025: 4.0%VATE FY2018: 8.2%VATE FY2019: -2.9%VATE FY2020: -12.8%VATE FY2021: -18.9%VATE FY2022: -2.2%VATE FY2023: -2.5%VATE FY2024: -3.1%VATE FY2025: -4.9%FY18FY19FY20FY21FY22FY23FY24FY25
PRLB 4.0%VATE -4.9%
Revenue growth
PRLB FY2019: +2.9%PRLB FY2020: -5.3%PRLB FY2021: +12.4%PRLB FY2022: +0.1%PRLB FY2023: +3.2%PRLB FY2024: -0.6%PRLB FY2025: +6.4%VATE FY2019: -45.5%VATE FY2020: -33.4%VATE FY2021: +68.1%VATE FY2022: +35.9%VATE FY2023: -13.1%VATE FY2024: -22.2%VATE FY2025: +12.5%FY19FY20FY21FY22FY23FY24FY25
PRLB +6.4%VATE +12.5%
Free cash flow
PRLB FY2018: $35.8MPRLB FY2019: $53.8MPRLB FY2020: $60MPRLB FY2021: $21MPRLB FY2022: $40.4MPRLB FY2023: $45.2MPRLB FY2024: $68.7MPRLB FY2025: $59.7MVATE FY2018: $301.7MVATE FY2019: $86MVATE FY2020: $23.3MVATE FY2021: $2.9MVATE FY2022: -$30.2MVATE FY2023: $8.1MVATE FY2024: -$9.9MVATE FY2025: $146.1MFY18FY19FY20FY21FY22FY23FY24FY25
PRLB $59.7MVATE $146.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Proto Labs and INNOVATE

Which is bigger by revenue, Proto Labs or INNOVATE?

INNOVATE is bigger by revenue: $1.2B in fiscal 2025, against $533.1M for Proto Labs in fiscal 2025.

Which keeps more of its revenue as profit, Proto Labs or INNOVATE?

Proto Labs had a net margin of 4.0% in fiscal 2025; INNOVATE had -4.9% in fiscal 2025.

Which grew revenue faster, Proto Labs or INNOVATE?

In their latest fiscal years revenue changed by +6.4% at Proto Labs and +12.5% at INNOVATE.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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