ESAB vs PRLB: ESAB and Proto Labs compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- ESAB is the larger company, worth $4.0B, about 1.8 times Proto Labs.
- ESAB grew revenue faster over the last year (+12.9% vs +10.6%).
- ESAB keeps more of each dollar of revenue as operating profit (12.1% vs 6.6%).
- On earnings, ESAB is the cheaper stock (17.4x vs 89.3x).
- Proto Labs's price assumes faster free cash flow growth: about 13% a year, against 4% for ESAB (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ESAB | PRLB |
|---|---|---|
| Market cap | $4.0B | $2.3B |
| Share price | $66.85 | $93.84 |
| Revenue (last fiscal year) | $2.8B | $533M |
| Free cash flow (last fiscal year) | $213M | $60M |
| Revenue growth, last year | +12.9% | +10.6% |
| Revenue growth per year, last 5 fiscal years | +4.0% | +2.2% |
| Operating margin | 12.1% | 6.6% |
| Net margin | 5.8% | 5.4% |
| Return on equity | 6.8% | 4.4% |
| P/E (trailing) | 17.4x | 89.3x |
| Price / free cash flow | 18.8x | 37.7x |
| EV / EBITDA | 13.6x | 27.5x |
| FCF growth the price implies | 4.2% | 13.3% |
| Dividend yield | 0.64% | — |
| Debt / equity | 1.57x | 0.14x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 2 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
ESAB
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.4B | $215M | 12.6% |
| 2022 | $2.6B | $174M | 12.7% |
| 2023 | $2.8B | $282M | 14.6% |
| 2024 | $2.7B | $304M | 16.3% |
| 2025 | $2.8B | $213M | 14.5% |
Proto Labs
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $488M | $21M | 8.3% |
| 2022 | $488M | $40M | -20.1% |
| 2023 | $504M | $45M | 5.6% |
| 2024 | $501M | $69M | 4.0% |
| 2025 | $533M | $60M | 4.7% |
Where the revenue comes from
ESAB · by products, 2025
Equipment$1.9B66%
Consumables$972M34%
Proto Labs · by products, 2025
CNC Machining$243M46%
Injection Molding$192M36%
3D Printing$80M15%
Sheet Metal$17M3%
Other Revenue$821,0000%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ESAB in InvestinglyQuestions
Which is bigger, ESAB or Proto Labs?
ESAB (ESAB), at $4.0B against $2.3B.
Is ESAB or PRLB cheaper?
By trailing P/E, ESAB (17.4x) is cheaper than Proto Labs (89.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, ESAB or PRLB?
ESAB: revenue grew +12.9% over the last year, against +10.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.