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. Key ratios include a P/E ratio of 44, an EV to EBITDA of 13.93, and a Price to Book Value of 1.39. In comparison to peers, Proto Labs has a P/E ratio of 58.60, while Genesis Energy LP shows a much higher P/E of 126.33, indicating that Proto Labs is relatively more attractive in terms of valuation.
The company's recent performance has been strong, with a 1-year stock return of 103.65%, significantly outperforming the S&P 500's return of 16.90% in the same period. However, over the last 5 years, Proto Labs has underperformed with a return of -60.19% compared to the S&P 500's 95.99%, suggesting a volatile history that investors should consider.