Progyny, Inc. PGNY

Health CareHealthcare Providers & ServicesUnited States of America

Last close 29.41 USD on Nov 2, 2026, +14.5% year to date

Quant rating

Quant rating A Rank 4 of 565 in Health Care

Growth A 57 of 565
Valuation A 40 of 565
Quality A 12 of 565
Revisions A 29 of 565
Momentum B 159 of 565

Wall Street consensus Buy (1.83)Average target 34.82 USD +18.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.3B
Enterprise value: 2.0B
52-week range: 16.10 – 33.05
3-year range: 13.67 – 41.62
Dividend yield: –
Beta (5 years): 0.95
Shares outstanding: 76.7M
Next earnings: Nov 4, 2026

About the company

Progyny, Inc. is a benefit management company. The Company specializes in fertility and family building benefits solutions in the United States. The Company’s clients include various employers across an array of industries. It has contracts to provide coverage to approximately 6.7 million employees and their partners (known as members). The Company provides its benefits through its proprietary Smart Cycle approach. Smart Cycles include the medical services required for a member’s full course of treatment, including all necessary diagnostic testing and access to the technology. In addition to its fertility benefits solution, the Company offers an integrated pharmacy benefits solution, Progyny Rx, which can be added by its clients. Progyny Rx provides its members with access to the medications needed during their fertility treatment. It provides care management services, as well as medication administration training, pharmacy support services and continuing patient care advocate support.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,289	1,167	1,089	787	501	–
Revenue growth	10.4%	7.2%	38.3%	57.2%	45.2%	30.2%
EPS (basic, normalized)	0.65	0.57	0.62	0.30	0.66	–
EPS growth	14.0%	−8.1%	106.7%	−54.5%	–	–
Gross margin	23.6%	21.7%	21.9%	21.3%	22.4%	22.2%
Net margin	4.5%	4.7%	5.7%	3.9%	13.1%	6.4%
ROE	12.5%	11.1%	13.3%	9.7%	31.4%	15.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	237
Current ratio	2.14x
Long-term debt (mil)	0
Net debt (mil)	−237
Total equity (mil)	453
Net debt / equity	−0.52x
Net debt / EBITDA	−1.07x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,289	+10.4%	1.6x	222	+14.9%	9.1x	0.65	+14.0%	45.2x
2026	1,373	+6.6%	1.5x	237	+6.8%	8.5x	1.28	+97.6%	22.9x
2027	1,515	+10.3%	1.3x	265	+11.9%	7.6x	1.60	+24.6%	18.4x
2028	1,627	+7.4%	1.2x	291	+9.5%	7.0x	1.79	+12.0%	16.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,373	0.0%	−0.7%	−0.2%	1.28	0.0%	−0.3%	−3.7%
2027	1,515	+0.1%	+0.5%	+0.3%	1.60	+3.7%	+7.9%	+6.9%
2028	1,627	+0.6%	+1.5%	+0.4%	1.79	+0.3%	+10.9%	+7.0%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	278	304	287	298	324	333	313	318	329	351
Sales mean (mil)	289	305	297	277	308	320	299	307	327	349
Surprise	−3.9%	−0.4%	−3.5%	+7.9%	+5.3%	+4.0%	+4.7%	+3.6%	+0.6%	+0.5%
EPS reported	0.17	0.17	0.11	0.12	0.17	0.19	0.15	0.14	0.29	0.34
EPS mean	0.13	0.17	0.13	0.10	0.19	0.16	0.13	0.14	0.30	0.34
Surprise	+28.6%	+0.4%	−17.5%	+17.3%	−10.0%	+16.9%	+16.5%	−3.4%	−3.0%	+1.5%

Peer comparison Healthcare Providers & Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PGNY Progyny, Inc.	2.3B	−1.07x	4.5%	5.02x	22.9x	18.4x	8.5x	7.6x
CVS CVS Health Corporation	113.2B	2.50x	0.4%	1.42x	11.0x	10.4x	8.3x	7.9x
HCA HCA Healthcare, Inc.	97.7B	3.41x	9.0%	−12.21x	15.6x	14.9x	9.5x	9.4x
ELV Elevance Health Inc	89.4B	–	2.8%	2.00x	14.2x	13.7x	10.0x	10.3x
CI The Cigna Group	78.0B	2.49x	2.2%	1.83x	9.7x	8.8x	7.7x	7.2x
HUM Humana Inc.	49.3B	–	0.9%	2.57x	44.8x	24.0x	19.9x	13.1x
Mean		1.83x	3.3%	0.10x	19.7x	15.0x	10.7x	9.3x
Median		2.50x	2.5%	1.91x	14.9x	14.3x	9.0x	8.7x

Technical analysis

1M+16.6%
3M−5.5%
1Y+57.2%
3Y−4.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Progyny, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,289	1,167	1,089	787	501	345
Cost of revenue	984	914	850	620	388	275
Gross profit	304	253	239	167	112	70.1
Selling, general & administrative expenses	214	186	177	144	79.8	60.8
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	5.6	–	–	–	–	0.9
Other operating expenses	0	0	0	0	0	0
Operating income	85.3	67.5	62.2	23.3	32.3	8.3
Net interest income (expense)	10.2	15.7	3.3	0.8	0.5	0.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	5.2	0.3	−0.4	0.2
Net income before taxes	95.4	83.2	70.7	24.4	32.4	8.7
Provision for taxes	36.9	28.9	8.7	−5.9	−33.3	−37.8
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	58.5	54.3	62.0	30.4	65.8	46.5
Extraordinary items	–	–	–	–	–	–
Net income	58.5	54.3	62.0	30.4	65.8	46.5
EBIT, normalized	91.0	68.9	62.2	23.3	32.3	18.6
EBITDA, normalized	95.9	72.1	64.5	24.9	33.6	20.5
Basic EPS, normalized	0.65	0.57	0.62	0.30	0.66	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Progyny, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	310	228	371	189	119	109
Receivables	220	235	242	240	135	75.7
Total inventory	–	–	–	–	–	–
Prepaid expenses	21.4	9.4	27.5	4.5	4.6	5.3
Other current assets	0	0	0	0	0	0
Total current assets	552	473	640	434	259	190
Property, plant & equipment	54.9	29.6	27.8	15.3	12.8	12.1
Goodwill	20.0	15.5	11.9	11.9	11.9	11.9
Intangibles	6.2	1.3	0	0.1	0.6	1.2
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	110	87.9	76.5	81.9	74.2	38.5
Total assets	742	607	757	543	358	254
Liabilities
Accounts payable	124	95.1	125	109	61.4	43.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	76.4	68.2	59.3	43.8	35.3	30.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	1.9	5.3	1.2	6.5	2.2	3.8
Total current liabilities	202	169	186	160	98.8	77.8
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	24.0	16.4	17.2	6.5	7.4	9.2
Total liabilities	226	185	203	166	106	87.0
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	701	582	462	350	255	236
Retained earnings (accumulated deficit)	203	144	90.0	27.9	−2.4	−68.2
Treasury stock	−388	−304	−1.0	−1.0	−1.0	−1.0
Other equity	0.5	0	2.8	0.5	−0.1	0
Total equity	516	422	553	377	252	167
Total liabilities & shareholders' equity	742	607	757	543	358	254

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Progyny, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	58.5	54.3	62.0	30.4	65.8	46.5
Depreciation, depletion & amortization	4.9	3.2	2.3	1.6	1.3	1.9
Deferred taxes	−8.1	−10.5	3.7	−6.6	−33.3	−38.0
Non-cash items	152	144	138	115	43.5	18.5
Changes in working capital	2.8	−11.8	−17.4	−59.5	−51.3	7.4
Cash from operations	210	179	189	80.4	26.0	36.2
Investing activities
Capital expenditures	−18.4	−5.4	−3.6	−3.2	−2.1	−1.0
Other investing cash flows	−141	201	−197	−40.6	10.9	−39.0
Cash from investing	−159	196	−201	−43.9	8.8	−40.0
Financing activities
Financing cash flow items	−17.8	−10.7	−15.9	−10.9	−16.6	−8.6
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−81.6	−299	4.9	3.1	2.9	2.3
Cash from financing	−99.4	−310	−11.1	−7.9	−13.7	−6.2
Foreign exchange effects	0.1	0	0	–	–	–
Net change in cash	−48.1	65.0	−22.8	28.7	21.1	−10.1
Free cash flow	192	174	185	77.2	23.9	35.2

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.