Is Proto Labs, Inc. overvalued or undervalued?

As of 24 October 2025, the valuation grade for Proto Labs, Inc. has moved from very expensive to fair. Based on the current metrics, the company appears to be fairly valued. The P/E ratio stands at 44, the EV to EBITDA ratio is 13.93, and the Price to Book Value is 1.39. In comparison, its peer Genesis Energy LP has a significantly higher P/E ratio of 126.33, while Ecovyst, Inc. shows a much lower P/E of 18.34, indicating a wide range of valuations within the sector.
Proto Labs has outperformed the S&P 500 over the past year with a return of 103.65% compared to the index's 16.90%, suggesting strong recent performance. This, combined with the fair valuation grade, indicates that while the stock may not be undervalued, it has shown resilience and growth potential in a challenging market environment.