Marpai, Inc. (MRAI) vs Progyny, Inc. (PGNY)

Marpai, Inc. and Progyny, Inc. are both Healthcare Plans companies. Progyny, Inc. is the larger, with a market value of $2.0B against $5.2M — 385.7× the size. Marpai, Inc. has negative trailing earnings, so its P/E is not meaningful; Progyny, Inc. trades at 26.2×. Progyny, Inc. grew revenue faster over the last twelve months: 5.54% against −29.7%. Progyny, Inc. has the higher net margin (6.00% vs −101.5%) and the higher return on invested capital (32.4% vs 0.00%). Across the 17 metrics below, Progyny, Inc. leads on 13 and Marpai, Inc. on 4.

Valuation

Metric MRAI PGNY Healthcare Plans median
P/E n/m 26.23 23.75
P/S 4.93 1.52 0.40
P/B n/m 4.39 2.48
Price to free cash flow n/m 11.15 11.15
EV/EBITDA n/m 15.03 10.94
EV/Sales 5.17 1.35 0.37
Earnings yield (24.29%) 3.81% 3.25%
Free cash flow yield (11.32%) 8.97% 8.15%

Profitability

Metric MRAI PGNY Healthcare Plans median
Gross margin 25.86% 24.57% 19.04%
Operating margin (81.83%) 8.55% 1.93%
Net margin (101.51%) 6.00% 1.04%
Free cash flow margin (52.33%) 13.61% 3.18%
Return on equity 47.39% 16.24% 12.48%
Return on assets (164.52%) 10.65% 2.98%
Return on invested capital 0.00% 32.40% 2.04%

Growth

Metric MRAI PGNY Healthcare Plans median
Revenue growth (TTM) (29.73%) 5.54% 7.57%
EPS growth (last fiscal year) 50.52% 14.04% —
Revenue growth, 5-year CAGR — 30.17% 11.88%
Net income growth, 5-year CAGR 0.00% 4.72% 0.00%

Health

Metric MRAI PGNY Healthcare Plans median
Debt to equity (0.27) 0.00 0.70
Current ratio 0.38 2.14 1.32
Net debt to EBITDA (0.37) (3.44) 0.05

Dividend

Metric MRAI PGNY Healthcare Plans median
Dividend yield — — 1.53%
Payout ratio 0.00 0.00 0.00

Size

Metric MRAI PGNY Healthcare Plans median
Market cap 5.16m 1.99b 20.34b

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