Is Proto Labs, Inc. overvalued or undervalued?

As of 28 November 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, peers such as Genesis Energy LP have a significantly higher P/E of 126.33, while Ecovyst, Inc. shows a much lower P/E of 18.34, indicating a wide range of valuations within the industry.
In terms of recent performance, Proto Labs has outperformed the S&P 500 over the year with a return of 24.56% compared to the index's 14.18%. However, the company's 5-year return of -63.37% starkly contrasts with the S&P 500's 88.25%, suggesting a challenging long-term outlook despite recent improvements.