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Building products & equipment · Industrials · Fiscal year ends Dec 31
Proto Labs reported revenue of $533M in the fiscal year ended Dec 2025, up 6.4% from the year before. Operating income was $25M, an operating margin of 4.7%, and net income was $21M. Operating cash flow of $75M less capital expenditure of $15M left free cash flow of $60M.
Ranks among the 14 building products & equipment companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 488 | 488 | 504 | 501 | 533 |
| Cost of revenue | 265 | 273 | 282 | 278 | 296 |
| Gross profit | 223 | 215 | 222 | 223 | 237 |
| Research & development | 44.2 | 38.2 | 40.1 | 41.3 | 42.8 |
| Selling, general & admin | 138 | 150 | 153 | 156 | 168 |
| Operating income | 40.3 | −98.0 | 28.2 | 19.9 | 25.1 |
| Pre-tax income | 40.2 | −97.9 | 28.0 | 24.7 | 31.1 |
| Income tax | 6.8 | 5.6 | 10.7 | 8.1 | 9.8 |
| Net income | 33.4 | −103 | 17.2 | 16.6 | 21.2 |
| Diluted EPS | 1.21 | −3.77 | 0.66 | 0.66 | 0.88 |
| Diluted shares | 27.7 | 27.4 | 26.2 | 25.2 | 24.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 65.9 | 56.6 | 83.8 | 89.1 | 111 |
| Receivables | 80.1 | 76.2 | 72.8 | 66.5 | 79.0 |
| Inventory | 13.2 | 13.6 | 13.7 | 12.3 | 14.4 |
| Current assets | 183 | 187 | 201 | 195 | 234 |
| Net PP&E | 280 | 258 | 254 | 227 | 215 |
| Goodwill | 401 | 274 | 274 | 274 | 274 |
| Total assets | 929 | 802 | 772 | 744 | 763 |
| Payables | 25.4 | 17.4 | 15.6 | 15.5 | 15.1 |
| Current liabilities | 54.9 | 71.6 | 49.7 | 53.3 | 67.0 |
| Total liabilities | 100 | 105 | 77.1 | 73.4 | 89.5 |
| Shareholders' equity | 828 | 698 | 695 | 670 | 674 |
| Backlog (remaining obligations) | – | 10.9 | 9.8 | 8.7 | 9.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 55.2 | 62.1 | 73.3 | 77.8 | 74.5 |
| Capital expenditure | 34.2 | 21.7 | 28.1 | 9.2 | 14.8 |
| Free cash flow | 21.0 | 40.4 | 45.2 | 68.7 | 59.7 |
| Depreciation & amortisation | 40.5 | 39.4 | 37.5 | 35.8 | 33.8 |
| Stock-based compensation | 19.1 | 17.5 | 16.0 | 17.0 | 15.7 |
| Acquisitions | 127 | 0.0 | 0.0 | – | – |
| Share buybacks | 23.3 | 29.7 | 44.0 | 60.3 | 43.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.1% | 3.2% | −0.6% | 6.4% |
| Operating income growth (YoY) | – | −342.9% | – | −29.3% | 26.1% |
| EPS growth (YoY) | – | −411.6% | – | 0.0% | 33.3% |
| Gross margin | 45.6% | 44.1% | 44.1% | 44.6% | 44.5% |
| Operating margin | 8.3% | −20.1% | 5.6% | 4.0% | 4.7% |
| Net margin | 6.8% | −21.2% | 3.4% | 3.3% | 4.0% |
| Return on equityBlank when equity is negative | 4.0% | −14.8% | 2.5% | 2.5% | 3.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.6% | −13.4% | 3.9% | 2.9% | 3.6% |
| Free cash flow margin | 4.3% | 8.3% | 9.0% | 13.7% | 11.2% |
| Cash conversion (CFO ÷ net income) | 1.66x | −0.60x | 4.26x | 4.69x | 3.51x |
| Receivable days | 60 | 57 | 53 | 48 | 54 |
| Inventory days | 18 | 18 | 18 | 16 | 18 |
| Payable days | 35 | 23 | 20 | 20 | 19 |
| Current ratio | 3.34x | 2.61x | 4.04x | 3.66x | 3.49x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.