Filing Flows › Comparisons › VATE vs PRLB
Innovate vs Proto Labs: VATE and PRLB compared
Innovate is the larger company: $422M of revenue in its latest quarter (Q2 2026) against $154M for Proto Labs (Q3 2026). Innovate is growing faster (+74% against +14% a year earlier). Proto Labs is more profitable, with an operating margin of 9.4% against 8.2%.
Where the money goes: VATE and PRLB
Innovate (VATE) · Q2 2026
Innovate, Q2 2026: revenue $422M (+74% year over year), operating margin 8.2%, net earnings $10.7M, operating cash flow −$24.6M. The chart follows the revenue to costs, profit and cash.
Proto Labs (PRLB) · Q3 2026
Proto Labs, Q3 2026: revenue $154M (+14% year over year), operating margin 9.4%, net earnings $11.8M, operating cash flow $22.8M. The chart follows the revenue to costs, profit and cash.
| Innovate (VATE) | Proto Labs (PRLB) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $422M | $154M |
| Revenue growth, Y/Y | +74% | +14% |
| Gross margin | 18.9% | 44.5% |
| Operating margin | 8.2% | 9.4% |
| Net earnings | $10.7M | $11.8M |
| Net margin | 2.5% | 7.6% |
| Operating cash flow | −$24.6M | $22.8M |
| Free cash flow | — | $17.0M |
| Market value | $73.5M | — |
Where the revenue comes from
Innovate
- Infrastructure: $414M (98%)
- Spectrum Segment: $5.4M (1%)
- Life Sciences: $2.2M (1%)
Proto Labs
- CNC Machining: $73.4M (48%)
- Injection Molding: $53.7M (35%)
- 3D Printing: $22.4M (14%)
- Sheet Metal: $4.1M (3%)
Questions
Which is bigger, Innovate or Proto Labs?
Innovate is the larger company: $422M of revenue in its latest quarter (Q2 2026) against $154M for Proto Labs (Q3 2026).
Is Innovate or Proto Labs growing faster?
Innovate is growing faster (+74% against +14% a year earlier).
Which is more profitable, Innovate or Proto Labs?
Proto Labs is more profitable, with an operating margin of 9.4% against 8.2%.
More: Innovate earnings · how Innovate makes money · Proto Labs earnings · how Proto Labs makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 6, 2026; 10-Q filed Oct 29, 2026). Fiscal quarters can end on different dates. Not investment advice.