PRLBProto Labs Inc

Fabricated Structural Metal Products

Revenue: $533M; 6.4% YoY
Operating margin: 4.7%; 18% YoY
EBITDA: $59M; 5.8% YoY
Market cap: $1.6B
Employees: 2,280; $234K revenue each
Net debt / EBITDA: -2.3×; −$134M net debt
AI in 10-K: 6.5; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
351% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
58% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
34% of assets
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$234K · 7th pct
Bottom quartile of its SIC industry
Quiet on AINo
6.5 per 10K words · 87th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 2.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$488M	$488M	$504M	$501M	$533M	6.4%
Operating income	$40M	−$98M	$28M	$20M	$25M	26%
Net income	$33M	−$103M	$17M	$17M	$21M	28%
Operating cash flow	$55M	$62M	$73M	$78M	$75M	4.3%
Capex	$34M	$22M	$28M	$9M	$15M	62%
Stock-based comp	$19M	$18M	$16M	$17M	$16M	7.5%
Buybacks	$23M	$30M	$44M	$60M	$43M	29%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 14
Net: −$3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	33	136
FY2024	—	—	26	108
FY2023	—	—	25	85
FY2022	—	—	17	80
FY2021	—	—	34	120