| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 18 | 71.5x | 17.3x | Bottom tier | |
Growth | 67 | 10.2% | 7.1% | Top tier | |
Quality | 61 | 3.7% | 4.4% | Around median | |
Safety | 96 | — | 2.6x | Top tier | |
Capital Return | 48 | 0.00% | 0.06% | Around median | |
Momentum | 91 | 81.3% | -1.7% | Top tier | |
Sentiment | 41 | 3 | 3 | Around median |
The floor: what the company is worth if growth stopped today
83% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 5.00% as of 2026-10-23. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Proto Labs provides digital manufacturing services ranging from prototyping to production applications, including CNC machining, injection molding, 3D printing, and sheet metal fabrication. The company combines its factories with an external fulfillment network, giving customers a choice of fulfillment path, while its competitive capabilities depend on the speed of quoting and manufacturing, design-for-manufacturability analysis, and connecting designs to physical parts through internally developed digital manufacturing systems. In the second quarter of fiscal 2026, CNC machining remained the company’s largest service, while the fulfillment network delivered stable revenue and achieved a gross margin of 33.6%.
Proto Labs recorded record revenue of $149.3 million in the second quarter of fiscal 2026, representing year-over-year growth of 10.2% in constant currencies. Adjusted gross margin was 46.8%, up 200 basis points year over year, while adjusted earnings before interest, taxes, depreciation, and amortization reached $25.1 million, or 16.8% of revenue, compared with $19.7 million and 14.6% in the second quarter of fiscal 2025. Adjusted earnings per share were also $0.60, up 45%, and the company generated $15.4 million in operating cash flow.
The growth mix was driven by a 13.1% increase in CNC machining revenue, a 12.9% increase in injection molding, and a 3.5% increase in sheet metal fabrication in constant currencies, compared with a 2.7% decline in 3D printing. Revenue per customer grew 17% year over year, with expanded business from strategic customers such as AeroVironment, Lockheed Martin, Anduril, Meta, Medtronic, Edwards Life Sciences, and Boston Dynamics. The company ended the second quarter of fiscal 2026 with $162.9 million in cash and investments and no debt, after repurchasing $5 million of shares.
Analyst consensus is Neutral, with a price target of $87, which is both the highest and lowest target, so there is no estimate range illustrating differences in views. This target is below the 52-week high of $93 and above the low of $45.1, while no price-to-earnings ratio is available for comparing the valuation with earnings; therefore, improving growth and margins should be balanced against weakness in 3D printing, the continuing burden from Europe, and the expected slight decline in third-quarter fiscal 2026 gross margin.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Revenue reached $149.3 million, up 10.2% year over year in constant currencies, with revenue per customer growing 17%. CNC revenue increased 13.1% and injection molding revenue rose 12.9%, while the CNC factory business alone grew 20%. An improved mix and stronger margins in the factories and fulfillment network lifted adjusted gross margin to 46.8% and adjusted earnings per share to $0.60.
Aerospace and defense represented approximately 25% of the company’s total revenue in the second quarter of fiscal 2026, and its revenue grew by approximately 20%. Demand included drones, satellites, missiles, and space exploration, with named customers such as AeroVironment, Lockheed Martin, and Anduril. Management believes the rapid design and iteration cycles in these applications are well suited to Proto Labs’ model extending from prototyping to production.
Automated analysis for informational purposes only — not investment advice.
The company expects revenue of between $145 million and $153 million in the third quarter of fiscal 2026, with the midpoint of the range implying year-over-year growth of 10%. It expects adjusted earnings per share of between $0.56 and $0.64, with a slight decline in gross margin compared with the second quarter and a negative currency impact of $400 thousand. After revenue grew 10% in the first half, management raised its fiscal 2026 revenue growth outlook to 8%–10%.
European revenue grew 7.3% in constant currencies in the second quarter of fiscal 2026, while management described growth as 9% in its operating presentation. On July 1, 2026, the company consolidated European customer transactions under a single legal entity and one ERP platform to simplify access to its full manufacturing capabilities. However, Europe remains unprofitable, and management says turning it into an earnings contributor will require a medium- to long-term effort.
Approximately 25% of revenue is concentrated in aerospace and defense, making performance sensitive to demand cycles in this segment. 3D printing declined 2.7% in constant currencies, including a 6.7% decline in Europe, while European profitability remains under improvement. Management also expects a slight decline in third-quarter fiscal 2026 margin, while the Neutral analyst consensus and absence of an available price-to-earnings ratio reflect limited valuation clarity.