olivLaw · US equity research
Progyny, Inc. PGNY
Services-Misc Health & Allied Services, NEC · SIC 8090 · Vertical: Services-Misc Health & Allied Services, NEC (SIC 8090)
Progyny is a US company providing women's health and family building benefits to employers, including fertility treatment, integrated pharmacy and member support services. It reported modest revenue growth in the second quarter of 2026 amid steady demand for these benefits, while the loss of a large client in 2025 still affects annual comparisons. For the current period, Progyny reported revenue of 350.5 million USD in the second quarter of 2026 and guided to 2026 revenue growth of 5.5% to 7.5%.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Progyny, Inc. (PGNY) stock was 30.10 USD (+3.58% on the day), with market capitalisation 2.3 bn USD, P/E 32.7 on diluted EPS of 0.92 USD over the last 12 months, beta 0.47, 52-week range 16.30–32.36 USD. Latest reported quarter (Q2 2026): revenue of 350.5 m USD (+5.3% YoY), net income of 28.1 m USD (+63.9% YoY), diluted EPS 0.34 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 65.8
- strong (55–70)
- Bollinger (20, 2)
- 26.75 – 29.86
- above the upper band · %B 1.08 · band width 11.0%
- SMA 50 / 200
- 27.11 / 24.43
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.66 / 0.52
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +16.4% | −1.1% | +17.5 pp | — |
| 3 months | −4.0% | −0.5% | −3.6 pp | — |
| 6 months | +61.0% | +4.4% | +56.6 pp | — |
| Year to date | +17.2% | +12.3% | +4.9 pp | — |
| 1 year | +62.1% | +13.5% | +48.5 pp | +17.9% |
| 3 years | −5.6% | +76.4% | −82.1 pp | −5.2% |
| 5 years | −52.1% | +63.7% | −115.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 286.6 m | 298.4 m | 324.0 m | 332.9 m | 313.3 m | 318.4 m | 328.5 m | 350.5 m |
| Cost of revenue | 227.4 m | 235.0 m | 248.2 m | 253.9 m | 240.5 m | 241.5 m | 245.4 m | 261.2 m |
| Gross profit | 59.2 m | 63.4 m | 75.8 m | 79.0 m | 72.8 m | 76.9 m | 83.1 m | 89.3 m |
| Research & development | — | — | 1.5 m | 2.3 m | 2.6 m | 3.1 m | 2.8 m | 3.3 m |
| Operating income | 12.5 m | 15.8 m | 24.2 m | 24.4 m | 21.5 m | 15.2 m | 35.4 m | 40.0 m |
| Depreciation & amortisation | 837.0 k ≈ | 868.0 k | 1.1 m | 1.2 m ≈ | 1.3 m ≈ | 1.4 m | 1.5 m | 1.6 m ≈ |
| Pre-tax income | 18.0 m | 17.7 m | 26.5 m | 27.1 m | 24.0 m | 17.9 m | 36.9 m | 41.1 m |
| Income tax | 7.5 m | 7.1 m | 11.5 m | 10.0 m | 10.1 m | 5.4 m | 12.7 m | 13.1 m |
| Net income | 10.4 m | 10.5 m | 15.1 m | 17.1 m | 13.9 m | 12.5 m | 24.2 m | 28.1 m |
| Diluted EPS | 0.11 | 0.12 | 0.17 | 0.19 | 0.15 | 0.14 | 0.29 | 0.34 |
| Operating cash flow | 44.5 m ≈ | 52.2 m | 49.8 m | 55.5 m ≈ | 50.7 m ≈ | 54.2 m | 45.9 m | 50.4 m ≈ |
| Capex | 1.8 m ≈ | 1.9 m | 2.8 m | 5.3 m ≈ | 4.7 m ≈ | 5.6 m | 6.3 m | 6.2 m ≈ |
| Share repurchases | 61.5 m ≈ | 55.1 m | 0 | 0 ≈ | 0 ≈ | 81.7 m | 118.6 m | 30.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 17 percentile of its own 24-quarter history (min 22.1, median 62.8, max 2,943.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | ⚠ 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 105.4 m | 229.7 m | 344.9 m | 500.6 m | 786.9 m | 1.1 bn | 1.2 bn | 1.3 bn |
| Revenue YoY | +116.9% | +117.9% | — | +45.2% | +57.2% | +38.3% | +7.2% | +10.4% |
| Net income | 661.0 k | -8.6 m | 46.5 m | 65.8 m | 30.4 m | 62.0 m | 54.3 m | 58.5 m |
| Net income YoY | unavailable | −1,396.4% | — | +41.6% | −53.8% | +104.4% | −12.4% | +7.7% |
| Diluted EPS | 0.04 | -0.41 | 0.47 | 0.66 | 0.30 | 0.62 | 0.57 | 0.65 |
| Diluted EPS YoY | unavailable | −1,125.0% | — | +40.4% | −54.5% | +106.7% | −8.1% | +14.0% |
| net % | 0.6% | -3.7% | 13.5% | 13.1% | 3.9% | 5.7% | 4.7% | 4.5% |
| Free cash flow | 1.7 m | -4.5 m | 35.2 m | 23.9 m | 77.2 m | 185.2 m | 173.7 m | 191.8 m |
The series breaks before 2020: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 112.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 516.0 m USD
- Total assets
- 742.4 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.73x
- ROE
- 12.5%
- ROA
- 8.7%
- FCF margin
- 14.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 344.9 m | 500.6 m | 786.9 m | 1.1 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 274.8 m | 388.5 m | 619.6 m | 849.8 m | 913.9 m | 984.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 70.1 m | 112.1 m | 167.3 m | 238.8 m | 253.4 m | 304.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | — | — | — | — | — | 9.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 8.3 m | 32.3 m | 23.3 m | 62.2 m | 67.5 m | 85.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 1.9 m | 1.3 m | 1.6 m | 2.3 m | 3.2 m | 4.9 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 10.3 m ≈ | 33.6 m ≈ | 24.9 m ≈ | 64.5 m ≈ | 70.6 m ≈ | 90.2 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Pre-tax income | 8.7 m | 32.4 m | 24.4 m | 70.7 m | 83.2 m | 95.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | -37.8 m | -33.3 m | -5.9 m | 8.7 m | 28.9 m | 36.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 46.5 m | 65.8 m | 30.4 m | 62.0 m | 54.3 m | 58.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 0.47 | 0.66 | 0.30 | 0.62 | 0.57 | 0.65 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 99.1 m | 100.4 m | 100.0 m | 100.7 m | 95.4 m | 89.9 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 70.3 m | 91.4 m | 120.1 m | 97.3 m | 162.3 m | 112.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 75.7 m | 134.6 m | 240.1 m | 241.9 m | 235.3 m | 220.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 190.2 m | 258.5 m | 433.9 m | 640.4 m | 472.7 m | 551.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 3.4 m | 5.0 m | 8.4 m | 10.2 m | 12.4 m | 29.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 11.9 m | 11.9 m | 11.9 m | 11.9 m | 15.5 m | 20.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.2 m | 599.0 k | 99.0 k | 0 | 1.3 m | 6.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 253.9 m | 358.1 m | 543.0 m | 756.6 m | 607.1 m | 742.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 43.5 m | 61.4 m | 109.3 m | 125.4 m | 95.1 m | 124.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 77.8 m | 98.8 m | 159.5 m | 186.0 m | 168.6 m | 202.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 87.0 m | 106.2 m | 166.0 m | 203.2 m | 185.0 m | 226.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 166.9 m † | 251.8 m † | 377.0 m † | 553.4 m † | 422.1 m † | 516.0 m † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 36.2 m | 26.0 m | 80.4 m | 188.8 m | 179.1 m | 210.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 1.0 m | 2.1 m | 3.2 m | 3.6 m | 5.4 m | 18.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 35.2 m ≈ | 23.9 m ≈ | 77.2 m ≈ | 185.2 m ≈ | 173.7 m ≈ | 191.8 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -40.0 m | 8.8 m | -43.9 m | -200.5 m | 195.8 m | -159.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -6.2 m | -13.7 m | -7.9 m | -11.1 m | -309.9 m | -99.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | — | — | 0 | 0 | 300.3 m | 81.7 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.3 bn USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.03 – 22.11 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E8.03 – 22.11 (Mid 14.12)6 companies used · median multiple 15.3x · quartiles 8.7x – 24.0xAGL, DVA, FMS, NIVF, SHC, VMD
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.0% | 70 (vs peers) | 11% |
| FCF conversion · Quality | 226.9% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 17.9% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 29.4% | 100 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 32.7x | 0 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.7% | 97 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 10.0% | 100 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality85/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation43/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Progyny, Inc. (PGNY). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.3 bn USD in 2025; YoY growth 10.4%; net margin 6.0%; ROE 16.2%.
The estimated value range is 8.03–22.11 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 14.12 USD, the price of 30.10 USD leaves a potential of -53.1% (value / price − 1) and a margin of safety of -113.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 6.0%
- FCF conversion: 226.9%
- Revenue CAGR 3Y: 17.9%
- EPS CAGR 3Y: 29.4%
- Current ratio: 2.1x
- FCF yield: 7.7%
- Shareholder yield (distributions): 10.0%
What contradicts it
- P/E (TTM): 32.7x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Services-Misc Health & Allied Services, NEC (SIC 8090) · same industry (4-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DVADavita Inc. | 12.1 bn | 14.2 | — | 6.5% | +6.5% | +61% / +90% |
| FMSFresenius Medical Care AG | 6.5 bn | 6.9 | 7.0% | 5.0% | +1.5% | −3% / +13% |
| SHCSotera Health Company | 4.7 bn | 27.3 | 27.0% | 14.1% | +5.7% | −6% / +20% |
| PGNYProgyny, Inc. | 2.3 bn | 32.7 | 16.2% | 6.0% | +10.4% | +62% / −6% |
| AGLagilon health, inc. | 1.6 bn | 16.5 | -29.7% | -1.5% | −2.1% | +491% / −64% |
| VMDViemed Healthcare, Inc. | 383.1 m | 26.5 | 11.0% | 5.0% | +20.5% | +46% / +30% |
| CCELCryo-Cell International, Inc. | 40.9 m | — | — | -6.2% | −1.3% | +18% / −5% |
| BRTXBiorestorative Therapies, Inc. | 38.5 m | — | -241.1% | -3,089.6% | −10.3% | +40% / −21% |
| MGRXMangoceuticals, Inc. | 4.5 m | — | -95.1% | -4,791.3% | −26.0% | −81% / −98% |
| NIVFNewgenivf Group Limited | 166.5 k | 0.2 | 77.2% | 209.0% | −13.0% | −100% / −100% |
| MCTACharming Medical Limited | — | — | -0.9% | -0.5% | −22.7% | unavailable / unavailable |
1- and 3-year price returns: for PGNY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 21.91 Total return -27% · Per year -27% | 38.56 Total return 28% · Per year 28% | 57.84 Total return 92% · Per year 92% |
| 3 years | 25.99 Total return -14% · Per year -5% | 51.00 Total return 69% · Per year 19% | 83.29 Total return 177% · Per year 40% |
| 5 years | 30.83 Total return 2% · Per year 0% | 67.44 Total return 124% · Per year 18% | 119.94 Total return 298% · Per year 32% |
- Exit P/E± 12.75
- Net margin± 8.92
- Annual revenue growth± 6.66
- Annual dilution± 0.75
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
Progyny is a US company providing women's health and family building benefits to employers, including fertility treatment, integrated pharmacy and member support services. It reported modest revenue growth in the second quarter of 2026 amid steady demand for these benefits, while the loss of a large client in 2025 still affects annual comparisons. For the current period, Progyny reported revenue of 350.5 million USD in the second quarter of 2026 and guided to 2026 revenue growth of 5.5% to 7.5%.
SWOT
Strengths
- A selective specialist network with clinical outcomes reported as superior to clinic averages, supported by data collected directly from clinics.
- High client retention since launch and an NPS reported as industry-leading for members.
- A strong financial position with no debt and an undrawn revolving credit facility, allowing investment and share repurchases.
Weaknesses
- Revenue depends on a relatively small number of large clients, and the loss of one major client affected annual comparisons.
- Revenue growth has remained moderate in recent quarters, and gross margin is still at a low level for the sector.
- Activity depends on the annual benefits cycle and seasonal utilization, making quarterly results more volatile.
Opportunities
- Expansion into fully insured employers and into menopause and family support solutions could widen the addressable market.
- Growing the number of clients with more than 2,500 covered lives could support more predictable revenue.
- Using clinical data as a negotiating tool with employers and providers could strengthen the market position.
Threats
- Consolidation in healthcare and financial investors buying fertility practices could reduce the independence of the network.
- Competitors with larger resources or integrated insurer solutions could reduce market share.
- Economic uncertainty and tariffs on medications could reduce employer budgets for benefits.
Risks
- Dependence on large clientshigh
A small number of large contracts can significantly influence revenue, and losing a client or changing pricing could affect results.
- Missing public guidancemedium
The company could fail to meet published expectations, and a downward revision could weigh on investor confidence.
- Intense competitionmedium
Competitors with larger resources or integrated solutions could gain market share, especially if employers prefer a single healthcare vendor.
- Economic and trade conditionsmedium
Recession, inflation, pharmaceutical tariffs and trade conflicts could reduce benefit spending and raise costs.
- Healthcare consolidationlow
Mergers and acquisitions in the industry could reduce demand for a standalone benefit or increase provider bargaining power.
Investment thesis
What would need to be true (bull case)
- Demand for fertility and family support benefits appears to be expanding, and the client base has grown steadily in recent years 13.
- Clinical results reported as superior and a high NPS could support client retention and help win new clients 1.
- Gross margin and adjusted EBITDA margin rose in the second quarter of 2026, which could indicate better operating efficiency 3.
What would break the thesis
- Revenue growth has remained moderate, and the 2026 guidance points to growth of 5.5% to 7.5%, slower than the expansion of earlier years.
- Dependence on large clients and the loss of a major client in 2025 show revenue can fluctuate significantly from year to year 13.
- Competition and healthcare consolidation could limit access to new clients or pressure negotiated prices.
What to watch
- Growth in covered lives and new clients during the selling seasonQ3 2026
- Delivery against 2026 guidance for revenue and adjusted earnings2026
- Progress of share repurchases and operating cash flowQ3 2026
- Results in the next annual report, including retention of large clientsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
Progyny, described in its 10-K as a global leader in women's health and family building solutions, launched its fertility benefits in 2016 and expanded its platform to pregnancy and postpartum, menopause and midlife, benefit and leave navigation and parent and child wellbeing 1. The core model relies on proprietary Smart Cycle bundles that cover a full treatment cycle, with clients buying a cumulative unit value per eligible employee. Members choose providers from a selective network of fertility specialists actively managed by the company, supported by Progyny Care Advocates, in-house clinical staff and digital tools 1.
Revenue has a utilization component, where clients pay for Smart Cycles and for medications dispensed through Progyny Rx, and a population-based component in the form of per employee per month fees, which represented 1% of revenue in 2025 and 2024 1. The sales cycle follows the employer benefits calendar, with most contracts starting January 1 and plan changes elected by the end of October 2. In 2025, members undertook 65,006 ART cycles 1.
In the first half of 2026 the company kept growing its client and member base, and activity indicators developed steadily compared with the prior year. It also announced share repurchases under its May 2026 program and kept a debt-free balance sheet with an undrawn revolving credit facility 3.
Segments
Progyny Rx integrated pharmacy
It delivers the medications needed during treatment through specialty pharmacy networks, with simplified authorization and timely delivery. Revenue from this segment was 120.3 million USD in the second quarter of 2026, a modest increase on the prior year 3.
Market context
The company estimates the US women's health and family building benefits market to be growing, and its core addressable market is large self-insured employers, Taft-Hartley labor populations and federal government populations. About 9,000 US employers have at least 1,000 employees, and together with those populations they represent about 106 million potential covered lives, of which the current base of about 7.2 million members is a mid-single digit percentage 1.
The market could keep expanding if demand for fertility and family support benefits grows and employers refine their offerings, though the pace depends on employer benefit budgets and their sales cycles 12.
Trends
- Rising demand for women's health benefitstailwind
Employers increasingly recognize the need for fertility and family support benefits, which could support expansion of existing contracts and attract new clients 1.
- Consolidation in healthcareheadwind
Mergers in the medical system and financial investors buying fertility practices could reduce demand for a standalone benefit or change negotiated prices 1.
- Economic and tariff uncertaintymixed
Inflation pressures, higher interest rates and tariffs on pharmaceuticals may slow employer spending on benefits, while a better economic cycle could support demand 1.
- Support for measurable clinical resultstailwind
Data on higher live birth rates and lower multiple birth rates could strengthen the cost argument for employers and help retain clients 1.
Competitive position
The company states that it does not believe any single competitor offers equally robust and integrated fertility and family building solutions. Alternatives come from health insurance companies, entities owned by them, and venture capital or private equity backed companies focused on maternity or fertility benefits 1.
Some competitors are more established, have greater brand recognition and far larger financial, technical and marketing resources, and fertility-focused PBMs could emerge to compete with Progyny Rx. Progyny argues its data reporting is a distinct advantage, although competitors could build similar processes 1.
- Health insurance companies and their affiliates
Offer alternative fertility or maternity benefits, referred to generically in the company's report without naming specific firms.
- Fertility-focused PBMs
Could develop pharmacy solutions competing with Progyny Rx, according to warnings in the annual report.
- Venture capital and private equity backed companies
Operate in maternity and reproductive health benefits, with fertility-specific solutions.
- Integrated healthcare providers in consolidated systems
Could offer a single healthcare solution that replaces a standalone benefit, potentially reducing demand for Progyny.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Results of operations · Regulation FD disclosure
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations · Regulation FD disclosure
- Current report27 May 2026Amendments to articles or bylaws · Shareholder vote
- Current report26 May 2026Other events
- Quarterly report08 May 2026
- Current report07 May 2026Results of operations · Regulation FD disclosure
- Proxy statement10 Apr 2026
- Current report13 Mar 2026Other events
- Annual report27 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Progyny, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Progyny, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Progyny, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.