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Progyny, Inc.

PGNY Healthcare Healthcare Plans

Progyny, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, up 10.4% from fiscal 2024.

Revenue
+8.91%
EPS
+115.3%
Free cash flow
+2.72%

Quarter to September 2026, against a year earlier

34.84 0.47 +1.37%
Market cap
$2.6B
P/E
30.1×
Fwd P/E
26.4×
Dividend yield
—
F-score
8/9
Altman Z
8.89
Beneish M
−3.45
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 1.70
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 — — 2 — 4 5 1 — 2 1 —
Insider Ownership 2.21%

Capital & Financial Ratios $m

Size
Market Cap 2,640.00
Revenue ttm 1,338.67
Net income ttm 91.02
Free cash flow ttm 179.64
Net debt Q (195.58)
Valuation
P/E 30.14
Forward P/E 26.40
Price / sales 1.98
Forward P/S Powerpack
Price / FCF 14.76
Price / book 6.41 (above 6: high)
Financial health
Current ratio Q 1.93 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 17.59
Growth
Revenue growth Q +8.91% (above 0%: growing)
Operating income growth Q +63.43% (above 0%: growing)
EPS, this year +101.55% (at or above 15%: strong)
EPS, next year A +21.23% (at or above 15%: strong)
Revenue, next year A +6.78%
EPS, past 5 yrs +6.70%
EPS, next 5 yrs A +41.44% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, against a ten-year median of 3.1×; over the ten years it ranged from 0.6× in 2019 to 14.2× in 2021.
P/E against its own 10 years 14.21%
10-year low 10-year high
P/S against its own 10 years 34.90%
10-year low 10-year high
P/B against its own 10 years 45.44%
10-year low 10-year high
EV/Sales against its own 10 years 35.41%
10-year low 10-year high
EV/FCF against its own 10 years 36.75%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 371 228 310 196
Receivables 242 235 220 249
Inventory — — — —
Other — — — —
640 473 552 464
2023 2024 2025 Q'26
Payables 125 95 124 148
ST’ Debt — — — —
Other — — — —
186 169 202 240

Compound Annual Growth %

10y 5y 3y
Sales — 30.17% 17.87%
Cash Flow — 42.16% 37.76%
Earnings — 4.72% 24.45%
Book Value — 25.32% 11.04%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.51 Actual 0.52

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.38 0.48 Beat by 0.10
Q1 FY26 0.44 0.50 Beat by 0.06
Q2 FY26 0.51 0.55 Beat by 0.04
Q3 FY26 0.51 0.52 Beat by 0.01
Q4 FY26 0.55 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.29 0.34 0.32 — —
’25 0.17 0.19 0.15 0.14 0.65
’24 0.17 0.17 0.11 0.12 0.57
’23 0.18 0.15 0.16 0.13 0.62
’22 0.05 0.09 0.13 0.03 0.30
’21 0.15 0.19 0.17 0.15 0.66
’20 0.04 (0.01) 0.05 0.39 0.47
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 329 351 341 — —
’25 324 333 313 318 1,289
’24 278 304 287 298 1,167
’23 258 279 281 270 1,089
’22 172 195 205 214 787
’21 122 129 122 128 501
’20 81 65 99 100 345
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 46 50 57 — —
’25 50 56 51 54 210
’24 26 57 45 52 179
’23 21 76 54 38 189
’22 (11) 19 21 52 80
’21 1 (7) 24 9 26
’20 12 2 15 7 36
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 40 44 47 — —
’25 47 50 46 49 192
’24 25 56 43 50 174
’23 20 75 53 37 185
’22 (12) 19 20 51 77
’21 0 (8) 23 8 24
’20 11 2 15 6 35
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 49 105 230 345 501 787 1,089 1,167 1,289 1,339 +50.6% 1,376 1,534 1,650 +8.6%
Gross margin, % — 15.23 18.44 19.81 20.32 22.40 21.26 21.94 21.71 23.63 24.87 +8.4 pt
EBT — (12) (7) (9) 9 32 24 71 83 95 132 n/m
EBT margin, % — (25.64) (6.54) (3.73) 2.52 6.48 3.11 6.49 7.13 7.41 9.88 +33.1 pt
Net income — (12) 1 (9) 46 66 30 62 54 59 91 n/m
Per share, $
Per share, $ Revenue — 8.56 19.03 11.08 4.02 5.62 8.54 11.46 12.76 15.05 17.56 +7.3%
Earnings — (2.19) 0.12 (0.41) 0.54 0.74 0.33 0.65 0.59 0.68 1.15 n/m
Cash flow — (1.67) 0.41 (0.07) 0.42 0.29 0.87 1.99 1.96 2.45 2.72 n/m
Capex — (0.11) (0.10) (0.14) (0.01) (0.02) (0.04) (0.04) (0.06) (0.21) (0.36) +9.0%
Free cash flow — (1.78) 0.31 (0.22) 0.41 0.27 0.84 1.95 1.90 2.24 2.36 n/m
Book value — (17.19) (17.17) 5.51 1.95 2.83 4.09 5.82 4.61 6.02 5.43 n/m
Shares, m — 6 6 21 86 89 92 95 91 86 80 +40.4%
Valuation, ×
Valuation, × P/E — 0.00 0.00 0.00 77.42 68.04 92.70 56.38 28.75 37.22 30.14 40.1
P/S — 0.62 0.62 2.48 10.54 8.96 3.58 3.25 1.27 1.71 1.98 3.7
P/B — 0.00 0.00 4.98 21.77 17.82 7.48 6.39 3.51 4.26 6.41 7.4
EV/Sales — 0.60 0.60 2.15 10.23 8.73 3.35 2.91 1.08 1.47 1.84 3.5
EV/FCF — 16.15 16.15 (109.92) 100.36 182.86 34.16 17.12 7.24 9.88 13.70 30.4
Cash, $m
Cash, $m Operating cash flow — (9) 2 (2) 36 26 80 189 179 210 207 n/m
Capex — (1) (1) (3) (1) (2) (3) (4) (5) (18) (28) +53.0%
Free cash flow — (10) 2 (4) 35 24 77 185 174 192 180 n/m
Balance, $m
Balance, $m Working capital — (1) (6) 96 112 160 274 454 304 349 224 n/m
Net debt — 0 0 (80) (109) (119) (189) (371) (228) (310) (196) n/m
Shareholders’ equity — (98) (95) 114 167 252 377 553 422 516 414 n/m
Returns, %
Returns, % ROA — (35.31) 1.73 (8.94) 22.98 21.49 6.74 9.55 7.97 8.67 12.38 +44.0 pt
ROIC — 0.00 0.00 17.85 9.05 15.27 7.77 21.31 21.72 25.88 35.99 +25.9 pt
ROE — 13.98 (0.69) (89.47) 33.04 31.41 9.66 13.34 11.14 12.48 18.69 (1.5) pt
People
People Employees — — 163 167 210 313 400 566 680 856 — +26.7%
Revenue/emp, $m — 0.00 0.65 1.38 1.64 1.60 1.97 1.92 1.72 1.51 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Progyny, Inc. vs peers in Healthcare Plans (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ELV Elevance Health, Inc. $93.3B 18.2× 19.0× +1.42% (above 0%: growing) +17.86% (above 0%: growing) +29.03% (above 0%: growing) 15.57% 4.18% Compare
CI Cigna Group $79.7B 12.9× 11.9× +5.64% (above 0%: growing) −21.63% (below 0%: shrinking) −18.12% (below 0%: shrinking) 88.47% 3.25% Compare
HUM Humana Inc. $49.5B 41.9× 64.4× +26.05% (above 0%: growing) −16.67% (below 0%: shrinking) +158.73% (above 0%: growing) 11.74% 0.18% Compare
CNC Centene Corporation $36.7B 23.5× 17.4× +1.93% (above 0%: growing) n/m −437.38% (below 0%: shrinking) 6.37% (0.61%) Compare
MOH Molina Healthcare, Inc $11.3B — (loss-making) 60.8× −3.44% (below 0%: shrinking) −51.66% (below 0%: shrinking) −20.25% (below 0%: shrinking) 12.30% 0.96% Compare
OSCR Oscar Health, Inc. $10.2B 11.0× 15.9× +72.11% (above 0%: growing) n/m −24.47% (below 0%: shrinking) 17.64% 3.46% Compare
PGNY Progyny, Inc. $2.6B 30.1× 26.4× +8.91% (above 0%: growing) +115.25% (above 0%: growing) +2.72% (above 0%: growing) 24.54% 10.31%
CLOV Clover Health Investments, Corp. $2.4B — (loss-making) 87.4× +52.89% (above 0%: growing) n/m +508.89% (above 0%: growing) 17.10% 0.85% Compare
ALHC Alignment Healthcare, Inc. $1.6B 48.4× — (loss-making) +36.69% (above 0%: growing) n/m −72.25% (below 0%: shrinking) 10.36% (0.28%) Compare
Median of peers $24.0B 20.8× 19.0× +15.85% −19.15% −19.19% 13.94% 0.90%

All 12 Healthcare Plans stocks →

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 7.22m 10.34m 60.58
2024 1.36m (16.04m) 62.84
2023 1.09m 7.27m 135.45
2022 68.58m 31.30m 113.48
2021 862.46k 12.70m 183.42

Ownership

Directors and executive officers, together 9.90%
BlackRock, Inc. 14.00%
The Vanguard Group 12.50%
FMR LLC 8.30%
Thrivent Financial for Lutherans 6.80%
KPCB XIII 6.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Progyny, Inc. (PGNY) Latest News

5 Nov

Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby
Impact 3 · · GuruFocus.com
Impact 3 · · MarketBeat transcript

4 Nov

Impact 3 · · Associated Press
Impact 3 · · GlobeNewswire

1 Nov

Impact 3 · · Simply Wall St.

31 Oct

Impact 3 · · Simply Wall St.

30 Oct

Impact 3 · · Insider Monkey

28 Oct

Impact 3 · · GlobeNewswire

26 Oct

Impact 4 · · GlobeNewswire

21 Oct

Impact 3 · · Trefis
Impact 3 · · GlobeNewswire

19 Oct

Impact 3 · · StockStory

15 Oct

Impact 3 · · GlobeNewswire

8 Oct

Impact 4 · · Zacks

7 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · StockStory
Impact 3 · · Zacks

24 Aug

Impact 3 · · The Daily Upside

16 Aug

Impact 4 · · MarketBeat

14 Aug

Impact 3 ·

13 Aug

Impact 3 · · The Motley Fool transcript

9 Aug

Impact 3 ·

7 Aug

Impact 4 · · Moby transcript
Impact 4 · · MarketBeat
Impact 4 · transcript

6 Aug

Impact 3 ·
Impact 3 ·

15 Jul

Impact 3 ·

PGNY metrics, ten years each

stockrow.com/PGNY · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com