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olivLaw · US equity research

Progyny, Inc. PGNY

Services-Misc Health & Allied Services, NEC · SIC 8090 · Vertical: Services-Misc Health & Allied Services, NEC (SIC 8090)

30.10USD+3.58% · 1 dayClose 04 Nov 2026

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The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).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.

Market cap
2.3 bn USD
shares as of 31 Jul 2026
P/E (TTM)
32.7
Diluted EPS TTM 0.92 · TTM to 30 Jun 2026
E/P (TTM)
3.06%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.47
Volatility (1y) 53%
52-week range
16.3032.36

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

CompanyS&P 500vs S&P 500Vertical 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—
Max drawdown (1y)
−42.6%
12 Jan 2026 → 10 Apr 2026
Max drawdown (5y)
−79.5%
08 Nov 2021 → 19 Nov 2024
Compound annual growth (5y)
−13.7%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
350.5 m USD
+5.3% YoY
Net income
28.1 m USD
+63.9% YoY
Diluted EPS
0.34
+78.9% YoY
net / operating
8.0% / 11.4%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue286.6 m298.4 m324.0 m332.9 m313.3 m318.4 m328.5 m350.5 m
Cost of revenue227.4 m235.0 m248.2 m253.9 m240.5 m241.5 m245.4 m261.2 m
Gross profit59.2 m63.4 m75.8 m79.0 m72.8 m76.9 m83.1 m89.3 m
Research & development——1.5 m2.3 m2.6 m3.1 m2.8 m3.3 m
Operating income12.5 m15.8 m24.2 m24.4 m21.5 m15.2 m35.4 m40.0 m
Depreciation & amortisation837.0 k ≈868.0 k1.1 m1.2 m ≈1.3 m ≈1.4 m1.5 m1.6 m ≈
Pre-tax income18.0 m17.7 m26.5 m27.1 m24.0 m17.9 m36.9 m41.1 m
Income tax7.5 m7.1 m11.5 m10.0 m10.1 m5.4 m12.7 m13.1 m
Net income10.4 m10.5 m15.1 m17.1 m13.9 m12.5 m24.2 m28.1 m
Diluted EPS0.110.120.170.190.150.140.290.34
Operating cash flow44.5 m ≈52.2 m49.8 m55.5 m ≈50.7 m ≈54.2 m45.9 m50.4 m ≈
Capex1.8 m ≈1.9 m2.8 m5.3 m ≈4.7 m ≈5.6 m6.3 m6.2 m ≈
Share repurchases61.5 m ≈55.1 m00 ≈0 ≈81.7 m118.6 m30.0 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 year20182019⚠ 202020212022202320242025
Revenue105.4 m229.7 m344.9 m500.6 m786.9 m1.1 bn1.2 bn1.3 bn
Revenue YoY+116.9%+117.9%—+45.2%+57.2%+38.3%+7.2%+10.4%
Net income661.0 k-8.6 m46.5 m65.8 m30.4 m62.0 m54.3 m58.5 m
Net income YoYunavailable−1,396.4%—+41.6%−53.8%+104.4%−12.4%+7.7%
Diluted EPS0.04-0.410.470.660.300.620.570.65
Diluted EPS YoYunavailable−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 flow1.7 m-4.5 m35.2 m23.9 m77.2 m185.2 m173.7 m191.8 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

Revenue
2023
1.1 bn
2024
1.2 bn
2025
1.3 bn

SEC (XBRL)· 27 Feb 2026verified

Cost of revenue
2023
849.8 m
2024
913.9 m
2025
984.2 m

SEC (XBRL)· 27 Feb 2026verified

Gross profit
2023
238.8 m
2024
253.4 m
2025
304.5 m

SEC (XBRL)· 27 Feb 2026verified

Research & development
2023
—
2024
—
2025
9.5 m

SEC (XBRL)· 27 Feb 2026verified

Operating income
2023
62.2 m
2024
67.5 m
2025
85.3 m

SEC (XBRL)· 27 Feb 2026verified

Depreciation & amortisation
2023
2.3 m
2024
3.2 m
2025
4.9 m

SEC (XBRL)· 27 Feb 2026verified

EBITDA
2023
64.5 m ≈
2024
70.6 m ≈
2025
90.2 m ≈

SEC (XBRL)· 27 Feb 2026derived

Pre-tax income
2023
70.7 m
2024
83.2 m
2025
95.4 m

SEC (XBRL)· 27 Feb 2026verified

Income tax
2023
8.7 m
2024
28.9 m
2025
36.9 m

SEC (XBRL)· 27 Feb 2026verified

Net income
2023
62.0 m
2024
54.3 m
2025
58.5 m

SEC (XBRL)· 27 Feb 2026verified

Diluted EPS
2023
0.62
2024
0.57
2025
0.65

SEC (XBRL)· 27 Feb 2026verified

Weighted average diluted shares
2023
100.7 m
2024
95.4 m
2025
89.9 m

SEC (XBRL)· 27 Feb 2026verified

Balance sheet · USD

Cash
2023
97.3 m
2024
162.3 m
2025
112.2 m

SEC (XBRL)· 27 Feb 2026verified

Receivables
2023
241.9 m
2024
235.3 m
2025
220.3 m

SEC (XBRL)· 27 Feb 2026verified

Current assets
2023
640.4 m
2024
472.7 m
2025
551.8 m

SEC (XBRL)· 27 Feb 2026verified

Property, plant & equipment, net
2023
10.2 m
2024
12.4 m
2025
29.9 m

SEC (XBRL)· 27 Feb 2026verified

Goodwill
2023
11.9 m
2024
15.5 m
2025
20.0 m

SEC (XBRL)· 27 Feb 2026verified

Intangibles (excl. goodwill)
2023
0
2024
1.3 m
2025
6.2 m

SEC (XBRL)· 27 Feb 2026verified

Total assets
2023
756.6 m
2024
607.1 m
2025
742.4 m

SEC (XBRL)· 27 Feb 2026verified

Accounts payable
2023
125.4 m
2024
95.1 m
2025
124.1 m

SEC (XBRL)· 27 Feb 2026verified

Current liabilities
2023
186.0 m
2024
168.6 m
2025
202.4 m

SEC (XBRL)· 27 Feb 2026verified

Total liabilities
2023
203.2 m
2024
185.0 m
2025
226.4 m

SEC (XBRL)· 27 Feb 2026verified

Equity
2023
553.4 m †
2024
422.1 m †
2025
516.0 m †

SEC (XBRL)· 27 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
188.8 m
2024
179.1 m
2025
210.2 m

SEC (XBRL)· 27 Feb 2026verified

Capex
2023
3.6 m
2024
5.4 m
2025
18.4 m

SEC (XBRL)· 27 Feb 2026verified

Free cash flow
2023
185.2 m ≈
2024
173.7 m ≈
2025
191.8 m ≈

SEC (XBRL)· 27 Feb 2026derived

Investing cash flow
2023
-200.5 m
2024
195.8 m
2025
-159.0 m

SEC (XBRL)· 27 Feb 2026verified

Financing cash flow
2023
-11.1 m
2024
-309.9 m
2025
-99.4 m

SEC (XBRL)· 27 Feb 2026verified

Share repurchases
2023
0
2024
300.3 m
2025
81.7 m

SEC (XBRL)· 27 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
10.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
17.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
30.2%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
26.4%
computed by olivLawFY 2025
Net income growth (YoY)
7.7%
computed by olivLawFY 2025
Net income CAGR 3Y
24.5%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
4.7%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
14.0%
computed by olivLawFY 2025
EPS CAGR 3Y
29.4%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
6.7%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
10.4%
computed by olivLawFY 2025

Profitability

Gross margin
24.6%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
9.0%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
8.6%
computed by olivLawTTM to 30 Jun 2026
Net margin
6.0%
computed by olivLawTTM to 30 Jun 2026
FCF margin
13.6%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
16.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
10.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
23.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
2.1x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.6x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
201.2 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
22.9 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
178.4 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
226.9%
computed by olivLawTTM to 30 Jun 2026
Cash conversion
170.7%
computed by olivLawTTM to 30 Jun 2026

Efficiency

Days sales outstanding
74 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
54 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
2.3 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
29.4x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
32.7x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
3.1%
computed by olivLawTTM to 30 Jun 2026
P/B
5.1x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
1.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
12.9x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
7.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
10.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 58.3% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

30.10 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 2.3 bn USD

Key indicators

Market capitalisation
2.3 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
32.7x
computed by olivLawTTM to 30 Jun 2026
P/B
5.1x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
16.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
6.0%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
10.4%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 31 Jul 2026
Source: SEC (XBRL)published 07 Aug 2026
verified 1215derived 46

Score by group

58% · Insufficient data

Estimated value range

Low
8.03
USD per share
Mid
14.12
USD per share
High
22.11
USD per share
Price: 30.10 USD
The price is above the range
Potential to the central value: -53.1% (value / price − 1)
Margin of safety: -113.2% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

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 – 24.0x
    AGL, DVA, FMS, NIVF, SHC, VMD
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Services-Misc Health & Allied Services, NEC (SIC 8090)

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%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality6.0%70 (vs peers)11%
FCF conversion · Quality226.9%100 (on a fixed band)11%
Revenue CAGR 3Y · Growth17.9%100 (on a fixed band)14%
EPS CAGR 3Y · Growth29.4%100 (on a fixed band)14%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet2.1x100 (on a fixed band)7%
P/E (TTM) · Valuation32.7x0 (vs peers)18%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation7.7%97 (on a fixed band)14%
Shareholder yield (distributions) · Returns10.0%100 (on a fixed band)11%
Payout ratio (FCF) · Returnsunavailableunavailable—

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

P/E
32.7x
vertical median 15.3x
above median (+113.2%)
EV/EBITDA
—
vertical median 6.8x
P/S
1.8x
vertical median 1.2x
above median (+42.7%)
P/B
5.1x
vertical median 2.6x
above median (+99.6%)
ROE
16.2%
vertical median 3.1%
above median (+428.1%)
Net margin
6.0%
vertical median 2.3%
above median (+165.8%)
EBIT margin
8.6%
vertical median -0.6%
above median
Revenue YoY
10.4%
vertical median -1.7%
above median
Net debt/EBITDA
—
vertical median 0.8x
Dividend yield
—
vertical median 4.9%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
DVADavita Inc.12.1 bn14.2—6.5%+6.5%+61% / +90%
FMSFresenius Medical Care AG6.5 bn6.97.0%5.0%+1.5%−3% / +13%
SHCSotera Health Company4.7 bn27.327.0%14.1%+5.7%−6% / +20%
PGNYProgyny, Inc.2.3 bn32.716.2%6.0%+10.4%+62% / −6%
AGLagilon health, inc.1.6 bn16.5-29.7%-1.5%−2.1%+491% / −64%
VMDViemed Healthcare, Inc.383.1 m26.511.0%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 Limited166.5 k0.277.2%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.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
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%
What moves the 3-year price the most
  • 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.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Progyny, Inc. · 27 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Progyny, Inc. · 07 Aug 2026
  3. [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.