Is Proto Labs, Inc. overvalued or undervalued?

As of 26 September 2025, the valuation grade for Proto Labs, Inc. has moved from attractive to fair, indicating a shift in its perceived value. Based on the current metrics, Proto Labs appears to be fairly valued. The company has a P/E ratio of 44, an EV to EBITDA ratio of 13.93, and a Price to Book Value of 1.39, which suggests it is priced in line with its earnings and asset value relative to its peers.
In comparison to its peers, Proto Labs has a higher P/E ratio than Ecovyst, Inc. at 18.34, but significantly lower than Genesis Energy LP at 126.33, reflecting a diverse valuation landscape within the industry. Notably, while Proto Labs has shown a strong one-year return of 73.31% compared to the S&P 500's 15.64%, its three-year return of 42.29% trails the S&P 500's 81.77%, indicating mixed performance over the longer term.