undamentalytics Newsletter
Sign in

Progyny, Inc. (PGNY) stock

Add to watchlist

Add holding +

NASDAQ: PGNY Nasdaq Health Care Services Next results ~November 4, 2026

C Fundamentals grade

Progyny, Inc. is a US-listed company in the health care services industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$23

Cash-flow model

Base case. Range ~$18–$30 across our lower- and higher-growth cases (3.3%–13.3% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 27% above our base value.

Price used: $29.41, November 2, 2026

Progyny, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 6 selling1 purchase and 25 sales by directors and officers, last 12 monthsInsider trades
  • Funds147 adding, 162 cuttingOf 61 active managers that changed their stake, 34 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Progyny files

Where Progyny stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.31bn, up 5.5% on a year earlier, slower than the 6.6% growth a quarter earlier. That puts it 17 of 21 for growth among the health care services companies we cover. Free-cash-flow margin fell to 13.6% from 15.3% a year earlier. Operating margin widened to 8.6% from 6.2%. The diluted share count is down 4.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $21.33 a share, against a share price of $28.17. At that price, our model says the market is pricing in about 13.9% a year of cash-flow growth for five years, slower than the 21.2% a year revenue growth it has delivered.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Progyny, Inc.'s trailing-twelve-month revenue grew 5.5% year on year, with a free-cash-flow margin of 13.6%. Where it stands out: free-cash-flow margin of 13.6% ranks 5 of 40 health care services companies we cover. Where it lags: stock pay as % of revenue of 8.2% ranks 32 of 35 health care services companies we cover.

Our discounted-cash-flow model values the business at ~$23 per share in the base case (~$18–$30 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 6.2% while net income grew 48.0%: a 54pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 4.2% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.2bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $29.41 is 22% above our value per share of $23.
  • Volatile shares. Over the past year the shares showed annualised volatility of 54% and a beta of 0.2 against the S&P 500.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 8.2% ranks 32 of 35 health care services companies we cover (median 0.9%).
  • Below peers: days sales outstanding. Days sales outstanding of 72 days ranks 26 of 31 health care services companies we cover (median 39 days).

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$0.55 against an average estimate of $0.52: beat by 6.2%
Revenue
$351m, up 5.3% on a year earlier
Share reaction
-10.4% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 4, 2026; average EPS estimate $0.51

Progyny's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.8%
  • 1 week+4.6%
  • 1 month+16.6%
  • This year+14.5%
  • 1 year+57.2%
  • 5 years-52.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.3B
Operating margin
8.6%
Net margin
6.0%
EPS (TTM, diluted)
$0.91

Growth

Revenue growth
+5.5%
Change in growth rate
−1.1 pts
Share count change
−4.2%

Cash

Free cash flow (TTM)
$178M
FCF margin
13.6%
Stock pay % of revenue
8.2%

Earnings

Last results
August 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Progyny, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 13.5% a year of cash-flow growth for five years.That is slower than the 21.2% a year revenue growth Progyny has delivered.

  • Priced in13.5%
  • Last 12 months5.5%
  • 3 years a year11.0%
  • 5 years a year21.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($29.20, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$23
Price used
$29.20close November 3, 2026
Implied change
▼ 21%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Progyny, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($63.7M, FY2026 Q2 TTM), growing 9.6% and 8.9% in the next two years (forecasts, guidance and its record), then back to 8.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$18–~$30 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Progyny, Inc.'s free cash flow after stock-based pay ( $63.7M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Progyny, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.67 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$23 ~$18–$30 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$42 ~$35–$65 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$14 ~$9.1–$22 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$13 ~$11–$17 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$23 ~$13–$42 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Progyny, Inc. with Health Care Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▼ −11%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $15$19$25$32$42$54
8.5% $12$15$19$25$32$40
10% $10$13$16$20$25$32

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025Now
Share price$27.45$42.39$50.35$31.15$37.18$17.25$25.68$29.41
Market value$2.8bn$4.2bn$5.1bn$3.1bn$3.7bn$1.6bn$2.3bn$2.5bn
+ Net debt (− = net cash)−$80m−$70m−$91m−$120m−$97m−$162m−$112m−$153m
Enterprise value$2.8bn$4.1bn$5.0bn$3.0bn$3.6bn$1.5bn$2.2bn$2.4bn
Multiples
Price / sales 12.4x12.2x10.1x4.0x3.4x1.4x1.8x1.9x
Price / earnings —90.4x76.8x102.6x60.3x30.3x39.4x32.4x
Price / free cash flow —119.4xn/m40.4x20.2x9.5x12.0x14.3x
EV / EBITDA n/mn/m147.5x120.0x56.6x21.0x24.3x20.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

43 /100

Weak moat

How hard Progyny's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Cash operating profit has been a median 5.5% of total assets over 7 years.

  • Pricing power 9 / 20

    Gross margin has been a median 22.0%, moving by 1.5 percentage points (standard deviation) across 8 years.

  • Durability 7 / 20

    Operating margin has been a median 5.4%; its worst year was 2.4%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 7 of 7 years, at a median 13.6% of revenue.

  • Discipline 11 / 20

    The diluted share count fell 12.9% over five years; stock-based pay has been a median 9.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (48 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $341m and EPS of $0.51 (range $0.49 to $0.53) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.08 +10% $1.4bn +7%
Next $2.31 +11% $1.5bn +10%

Next year's EPS estimate has moved +2.9% in 90 days, across 9 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.52 $0.55 +6.2%
Mar 2026 $0.44 $0.50 +14.7%
Dec 2025 $0.40 $0.48 +19.9%
Sept 2025 $0.39 $0.45 +15.4%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Progyny, Inc.'s revenue by +9.6% next year and +8.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.2%, weight 67%) and the company's own record (+8.3%, weight 33%) . How the weights are set.

Analyst recommendations

12 analysts, Oct 2026
Buy1083%
Hold217%
Sell00%

Monthly trend

  1. Oct 202619212
  2. Sep 202619212
  3. Aug 202619212
  4. Jul 202618211

Counts of recommendations published by analysts covering Progyny, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.4%
of tradable shares
Days to cover
4.43
at average volume
Short interest, 1 month
+14%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
2.0%
of shares
Employees
835
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +57.2%

$18.71 on October 31, 2025 to $29.41

ThenNowEffect
Revenue (last 12 months) $1.2bn $1.3bn +5.5%
Net margin 4.3% 6.0% +40.2%
P/E multiple 31.8x 32.4x +1.8%
Share count 90m 87m +4.4%

Biggest factor: net margin.

Last 3 years −7.8%

$31.90 on November 3, 2023 to $29.41

ThenNowEffect
Revenue (last 12 months) $957m $1.3bn +36.9%
Net margin 5.1% 6.0% +16.5%
P/E multiple 64.8x 32.4x −50.0%
Share count 100m 87m +15.6%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PGNY+19%−38%+19%−54%+49%+15%
Industry peers (median)−3%−25%+6%−6%−9%+15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PGNY58%33%67%42%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PGNY−33%−50%−31%−67%−26%−43%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 25, 2019: 80% from November 8, 2021 to November 19, 2024. Getting back needed a 388% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$16.30 – $32.36
From 52-week high
−9.1%
vs 50-day average
+9.1%
vs 200-day average
+20.6%
Volatility (1 year)
54%
Beta vs S&P 500
0.24

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±12.3%
After a week
4 up, 8 down
typical move ±14.1%
After a month
4 up, 8 down
typical move ±15.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −10.4% +0.5% −17.5% −17.3%
May 7, 2026 +26.8% +0.5% +22.3% +38.6%
February 26, 2026 −17.1% −1.0% −17.4% −19.0%
January 12, 2026 −6.5% 0.0% −6.0% −20.2%
November 6, 2025 +18.5% −1.0% +29.3% +30.8%
August 7, 2025 −2.7% +0.7% −4.0% −2.7%
July 8, 2025 +10.9% +0.5% +8.3% +9.5%
May 8, 2025 −9.5% +0.6% −6.3% −6.2%
February 27, 2025 −2.0% −0.1% −8.5% −4.8%
January 13, 2025 +6.8% +0.3% +14.5% +17.4%
November 12, 2024 −18.5% −0.3% −19.9% −12.9%
August 6, 2024 −17.7% +0.2% −14.7% −6.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Progyny, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Progyny, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Progyny, Inc.
$1B $1.1B $1.2B $1.3B $1.4B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1B Revenue (TTM), FY23 Q4: $1.1B Revenue (TTM), FY24 Q1: $1.1B Revenue (TTM), FY24 Q2: $1.1B Revenue (TTM), FY24 Q3: $1.1B Revenue (TTM), FY24 Q4: $1.2B Revenue (TTM), FY25 Q1: $1.2B Revenue (TTM), FY25 Q2: $1.2B Revenue (TTM), FY25 Q3: $1.3B Revenue (TTM), FY25 Q4: $1.3B Revenue (TTM), FY26 Q1: $1.3B Revenue (TTM), FY26 Q2: $1.3B $1.3B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1B
FY23 Q4 $1.1B
FY24 Q1 $1.1B
FY24 Q2 $1.1B
FY24 Q3 $1.1B
FY24 Q4 $1.2B
FY25 Q1 $1.2B
FY25 Q2 $1.2B
FY25 Q3 $1.3B
FY25 Q4 $1.3B
FY26 Q1 $1.3B
FY26 Q2 $1.3B
Revenue growth, TTM YoY Progyny, Inc.
0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 47.5% Revenue growth, TTM YoY, FY23 Q4: 38.3% Revenue growth, TTM YoY, FY24 Q1: 26.9% Revenue growth, TTM YoY, FY24 Q2: 18.3% Revenue growth, TTM YoY, FY24 Q3: 10.2% Revenue growth, TTM YoY, FY24 Q4: 7.2% Revenue growth, TTM YoY, FY25 Q1: 9.5% Revenue growth, TTM YoY, FY25 Q2: 9.6% Revenue growth, TTM YoY, FY25 Q3: 11.4% Revenue growth, TTM YoY, FY25 Q4: 10.4% Revenue growth, TTM YoY, FY26 Q1: 6.6% Revenue growth, TTM YoY, FY26 Q2: 5.5% 5.5%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 47.5%
FY23 Q4 38.3%
FY24 Q1 26.9%
FY24 Q2 18.3%
FY24 Q3 10.2%
FY24 Q4 7.2%
FY25 Q1 9.5%
FY25 Q2 9.6%
FY25 Q3 11.4%
FY25 Q4 10.4%
FY26 Q1 6.6%
FY26 Q2 5.5%
Operating margin (TTM) Progyny, Inc.
5% 6% 7% 8% 9% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 5.0% Operating margin (TTM), FY23 Q4: 5.7% Operating margin (TTM), FY24 Q1: 5.9% Operating margin (TTM), FY24 Q2: 6.3% Operating margin (TTM), FY24 Q3: 5.7% Operating margin (TTM), FY24 Q4: 5.8% Operating margin (TTM), FY25 Q1: 6.0% Operating margin (TTM), FY25 Q2: 6.2% Operating margin (TTM), FY25 Q3: 6.8% Operating margin (TTM), FY25 Q4: 6.6% Operating margin (TTM), FY26 Q1: 7.5% Operating margin (TTM), FY26 Q2: 8.6% 8.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 5.0%
FY23 Q4 5.7%
FY24 Q1 5.9%
FY24 Q2 6.3%
FY24 Q3 5.7%
FY24 Q4 5.8%
FY25 Q1 6.0%
FY25 Q2 6.2%
FY25 Q3 6.8%
FY25 Q4 6.6%
FY26 Q1 7.5%
FY26 Q2 8.6%
FCF margin (TTM) Progyny, Inc.
12% 14% 16% 18% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 19.3% FCF margin (TTM), FY23 Q4: 17.0% FCF margin (TTM), FY24 Q1: 17.2% FCF margin (TTM), FY24 Q2: 15.1% FCF margin (TTM), FY24 Q3: 14.1% FCF margin (TTM), FY24 Q4: 14.9% FCF margin (TTM), FY25 Q1: 16.1% FCF margin (TTM), FY25 Q2: 15.3% FCF margin (TTM), FY25 Q3: 15.2% FCF margin (TTM), FY25 Q4: 14.9% FCF margin (TTM), FY26 Q1: 14.3% FCF margin (TTM), FY26 Q2: 13.6% 13.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 19.3%
FY23 Q4 17.0%
FY24 Q1 17.2%
FY24 Q2 15.1%
FY24 Q3 14.1%
FY24 Q4 14.9%
FY25 Q1 16.1%
FY25 Q2 15.3%
FY25 Q3 15.2%
FY25 Q4 14.9%
FY26 Q1 14.3%
FY26 Q2 13.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 49 105 230 345 501 787 1,089 1,167 1,289 1,311
Gross profit 7 19 46 70 112 167 239 253 304 322
EBITDA −9 −2 12 10 34 25 64 71 90 118
Operating income −11 −3 10 8 32 23 62 67 85 112
Net income −12 1 −9 46 66 30 62 54 59 79
Diluted EPS −$0.47 $0.01 −$0.08 $0.47 $0.66 $0.30 $0.62 $0.57 $0.65 $0.91
Growth (year on year)
Revenue — +116.9% +117.9% +50.1% +45.2% +57.2% +38.3% +7.2% +10.4% +5.5%
EBITDA — — — −13.2% +228.1% −25.9% +158.5% +9.6% +27.7% +45.9%
Operating income — — — −13.7% +287.4% −27.8% +166.4% +8.5% +26.4% +46.1%
Net income — — — — +41.6% −53.8% +104.4% −12.4% +7.7% +48.0%
Diluted EPS — — — — +40.4% −54.5% +106.7% −8.1% +14.0% +54.5%
Margins
Gross margin 15.2% 18.4% 19.8% 20.3% 22.4% 21.3% 21.9% 21.7% 23.6% 24.6%
EBITDA margin −19.4% −1.5% 5.1% 3.0% 6.7% 3.2% 5.9% 6.1% 7.0% 9.0%
Operating margin −22.7% −3.3% 4.2% 2.4% 6.5% 3.0% 5.7% 5.8% 6.6% 8.6%
Net margin −25.6% 0.6% −3.7% 13.5% 13.1% 3.9% 5.7% 4.7% 4.5% 6.0%
Free-cash-flow margin −20.8% 1.6% −2.0% 10.2% 4.8% 9.8% 17.0% 14.9% 14.9% 13.6%
Cash flow
Cash from operations −9 2 −2 36 26 80 189 179 210 201
Capital spending 1 1 3 1 2 3 4 5 18 23
Free cash flow −10 2 −4 35 24 77 185 174 192 178
Stock-based pay 2 3 5 13 34 101 123 128 132 107
Free cash flow after stock pay −12 −1 −10 22 −10 −24 63 46 60 71
Balance sheet
Cash — 0 80 70 91 120 97 162 112 153
Total debt — 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) — 0 −80 −70 −91 −120 −97 −162 −112 −153
Diluted shares 28m 28m 104m 99m 100m 100m 101m 95m 90m 87m
Returned to shareholders
Buybacks — 1 0 — — 0 0 300 82 230
Total returned — 1 0 — — 0 0 300 82 230

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $716m
Short-term assets $513mLonger-term assets $203m
What it owes, and who funded it · $716m
Short-term liabilities $240mLonger-term liabilities $22mShareholders' equity $453m
  • Short-term assets cover short-term liabilities $513m of assets due within a year against $240m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $513m short-term assets against $22m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Progyny, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$230M
Returned to shareholders
129%
of free cash flow
Buybacks, last 3 fiscal years
$382M
Diluted share count
−4.2%
year over year
Total shareholder yield
10.1%
dividends 0.0% + buybacks 10.1% of market value
R&D spending
0.9%
of revenue
Days sales outstanding
72 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care services
Last 12 months unless stated PGNY HQY GH ADUS PIII PNTG Median
Revenue, last 12 months $1.3bn $1.4bn $1.2bn $1.5bn $1.5bn $1.1bn $1.2bn
Revenue growth, last 12 months 5.5% 7.3% 42.7% 15.9% 2.8% 37.9% 7.3%
Revenue growth, 3-year average 11.0% 13.2% 32.4% 13.9% 9.7% 30.0% 11.3%
Revenue growth, latest quarter 5.3% 7.6% 44.3% 8.0% 8.6% 35.8% 8.5%
Gross margin 24.6% 71.2% 65.0% 32.4% — — 27.9%
Operating margin 8.6% 25.8% −39.7% 10.0% −9.9% 5.6% 2.3%
Operating margin, 3-year average 7.0% 19.9% −58.3% 9.4% −14.7% 5.5% 2.3%
Net margin 6.0% 17.4% −38.3% 7.1% −6.6% 2.9% 1.2%
Cash from operations / revenue 15.4% 36.0% −15.7% 11.0% −8.7% 4.8% 6.1%
Free-cash-flow margin 13.6% 35.8% −20.3% 10.5% −8.7% 3.1% 5.1%
Free-cash-flow margin, 3-year average 14.7% 30.8% −33.2% 8.9% −7.1% 3.5% 3.6%
Stock pay / revenue 8.2% 6.0% 16.2% 1.2% 0.3% 0.9% 1.1%
Change in share count −4.2% −3.3% 4.6% 0.8% 40.0% 3.6% 0.3%

Median of all 41 companies we cover in health care services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

41 health care services companies
Measure Company Peer median Rank
Revenue growth Growth 5.5% 7.3% 26 of 41
Change in growth rate Growth -1.1pp +1.1pp 33 of 41
Gross margin Profitability 24.6% 29.0% 17 of 27
Operating margin Profitability 8.6% 2.6% 12 of 40
Net margin Profitability 6.0% 1.2% 11 of 41
Free-cash-flow margin Cash generation 13.6% 5.1% 5 of 40
Stock pay as % of revenue Cash generation 8.2% 0.9% 32 of 35
Change in share count Balance sheet -4.2% 0.4% 7 of 39
Days sales outstanding Balance sheet 72 days 39 days 26 of 31

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Fertility Benefit Services $831M 64.5% ▲ 13.9%
Pharmacy Benefit Services $458M 35.5% ▲ 4.6%

From Progyny, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.3B
Institutions reporting
309
Shares held vs prior quarter
▼ 1.3%
Positions opened / closed
61 / 43

Top buyers and sellers, Q2 2026: 147 institutions bought and 162 sold ; the biggest buyer was Citadel Advisors LLC (+1.8M shares) and the biggest seller Wellington Management Group LLP (−791K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $334M 11.6M 14.8% ▼ 3.3%
FMR LLC $202M 7.0M 8.9% ▲ 7.7%
Vanguard Portfolio Management LLC $145M 5.0M 6.4% ▼ 5.2%
Vanguard Capital Management LLC $92.6M 3.2M 4.1% ▼ 7.8%
State Street Corp $87.1M 3.0M 3.8% ▼ 1.9%
Ameriprise Financial Inc $79.7M 2.8M 3.5% ▼ 2.2%
Fort Washington Investment Advisors Inc $73.5M 2.5M 3.2% ▼ 5.4%
Geode Capital Management, LLC $56.8M 2.0M 2.5% ▼ 3.6%
Citadel Advisors LLC $51.5M 1.8M 2.3% New
Dimensional Fund Advisors LP $48.7M 1.7M 2.1% ▲ 7.3%
Soleus Capital Management, L.P. $46.2M 1.6M 2.0% ▼ 22.5%
Morgan Stanley $44.3M 1.5M 2.0% ▼ 32.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Progyny, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1.9M 1 trade by 1 insider, last 12 months Insider sales History → $2.6M 25 trades by 6 insiders · 62% under pre-set plans
Net ▼ $695,799 net selling
Insider Date Trade Shares Price Value
Cummings Melissa B Chief Operating Officer October 14, 2026 Sell pre-set plan 1,879 $28.00 $52,612
Swartz Allison EVP, GC September 23, 2026 Sell pre-set plan 3,903 $26.10 $101,868
Gordon Kevin K Director September 10, 2026 Sell 11,500 $27.94 $321,310
Gordon Kevin K Director September 10, 2026 Sell 11,500 $27.12 $311,880
Cummings Melissa B Chief Operating Officer July 14, 2026 Sell pre-set plan 2,244 $31.60 $70,910
Swartz Allison EVP, GC June 4, 2026 Sell pre-set plan 599 $25.08 $15,023
Livingston Mark S. CHIEF FINANCIAL OFFICER June 4, 2026 Sell pre-set plan 1,918 $25.50 $48,909
Livingston Mark S. CHIEF FINANCIAL OFFICER June 4, 2026 Sell pre-set plan 599 $25.50 $15,274
Swartz Allison EVP, GC June 3, 2026 Sell pre-set plan 1,199 $25.02 $29,999
Clapp Geoffrey Chief Product Officer June 2, 2026 Sell 1,530 $25.58 $39,137
Livingston Mark S. CHIEF FINANCIAL OFFICER June 2, 2026 Sell pre-set plan 279 $26.20 $7,310
Scott Cheryl Director June 1, 2026 Sell 7,439 $26.39 $196,315

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Progyny, Inc. disclosed in the last 12 months; 5 earlier trades on record.

  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded December 6, 2024, filed January 14, 2025
  • Gilbert Ray Cisneros, Jr.(D-CA 39):Purchase, $1,001 - $15,000, traded July 30, 2020, filed August 19, 2020
  • Gilbert Ray Cisneros, Jr.(D-CA 39):Purchase, $1,001 - $15,000, traded June 30, 2020, filed July 17, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

  • August 6, 2026
  • May 7, 2026
  • February 26, 2026
  • January 12, 2026
  • November 6, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Progyny, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Progyny, Inc. in brief

What does Progyny, Inc. do?
Progyny, Inc. is a US-listed company in the health care services industry. Its financial year ends in December.
What is Progyny, Inc.'s stock ticker?
Progyny, Inc. trades under the ticker PGNY on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Progyny, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Progyny, Inc. reported revenue of $1.3B, 5.5% higher than a year earlier, according to its SEC filings.
What is Progyny, Inc.'s free cash flow?
Progyny, Inc.'s free-cash-flow margin is 13.6% of revenue over the trailing twelve months, ranking 5 of the 40 health care services companies we cover.
What is Progyny, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Progyny, Inc.'s free cash flow after stock-based pay gives ~$23 per share in the base case, and ~$18–$30 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Progyny, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Progyny, Inc. buying back stock, and does it pay a dividend?
Progyny, Inc. spent $230M on share repurchases over the trailing twelve months, and its diluted share count fell 4.2% over the year.
What is Progyny, Inc.'s market cap?
On November 2, 2026, Progyny, Inc.'s market capitalisation was about $2.5B, with a price-to-earnings ratio of 32.4 and net debt of -$153M. Market figures come from third-party market data and may be delayed.
Who are Progyny, Inc.'s competitors?
In our Health Care Services peer group, the companies closest to Progyny, Inc. are Healthequity, Inc., Guardant Health, Inc., Addus Homecare Corp, P3 Health Partners Inc. and Pennant Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against Progyny, Inc.'s.
Are insiders buying or selling Progyny, Inc. stock?
Over the last 12 months, Progyny, Inc.'s directors and officers reported 1 open-market purchases and 25 sales on Form 4. The insider trading page charts every trade.
When is Progyny, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Progyny, Inc. announces its own schedule.