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Progyny
(NASDAQ:PGNY)
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Rating:79Outperform
Price Target:
$35.00
▲(93.16% Upside)
Action:Reiterated
Date:05/28/26
PGNY scores well primarily on strong financial fundamentals (re-accelerating revenue growth and a low-debt balance sheet) and a constructive earnings update with raised full-year profitability guidance. The score is moderated by softer recent cash-flow momentum and overbought technical indicators that can increase near-term volatility, while valuation remains supportive with a moderate P/E.
Positive Factors
Revenue Growth
Re-accelerating top-line growth to mid-30% TTM reflects strengthening demand for employer fertility benefits and improved sales/retention. Durable scale expansion supports bargaining power with providers, margin leverage over time, and funds continued product investment and pipeline development.
Negative Factors
Operating Margin Volatility
A meaningful decline in operating margin signals that growth is accompanied by reinvestment or rising operating costs. If margins do not consistently recover, sustained profitability and free cash generation may be constrained, limiting reinvestment or cash-return capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Re-accelerating top-line growth to mid-30% TTM reflects strengthening demand for employer fertility benefits and improved sales/retention. Durable scale expansion supports bargaining power with providers, margin leverage over time, and funds continued product investment and pipeline development.
Read all positive factors
Progyny Key Performance Indicators (KPIs)
Any
Fertility and Family Building Clients
Counts employer groups and other clients that buy Progyny’s fertility and family-building benefits, revealing sales momentum, market penetration, contract scale, and concentration risk from large customers.
Counts employer groups and other clients that buy Progyny’s fertility and family-building benefits, revealing sales momentum, market penetration, contract scale, and concentration risk from large customers.
Data provided by:
The Fly
The FlyProgyny (PGNY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.37B
Dividend YieldN/A
Average Volume (3M)1.72M
Price to Earnings (P/E)37.3
Beta (1Y)0.69
Revenue Growth6.59%
EPS Growth36.67%
CountryUS
Employees675
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)0.81
Shares Outstanding78,332,370
10 Day Avg. Volume1,541,319
30 Day Avg. Volume1,720,755
Financial Highlights & Ratios
PEG Ratio2.48
Price to Book (P/B)4.24
Price to Sales (P/S)1.70
P/FCF Ratio11.41
Enterprise Value/Market Cap0.83
Enterprise Value/Revenue1.51
Enterprise Value/Gross Profit6.27
Enterprise Value/Ebitda17.60
Forecast
1Y Price Target
$30.29Price Target Upside67.14% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)1.29
Revenue Forecast (FY)$1.38B
Progyny Business Overview & Revenue Model
Company Description
Progyny, Inc. functions as a benefits management corporation, dedicated to providing specialized solutions for fertility and broader family-building initiatives to employers throughout the United States. Its core fertility offering is characterize...
How the Company Makes Money
Progyny primarily makes money by selling fertility and family-building benefits to employer clients. Revenue is generated mainly through (1) per-member-per-month (PMPM) fees employers pay for access to Progyny’s care model (often including patient...
Progyny Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call emphasized multiple operational and financial strengths: record Q1 revenue (at the high end of guidance), beats on net income/EPS/adjusted EBITDA, expanded gross margins, strong cash generation, completed a $200M buyback, and a de-risked renewal season with pipeline and early commitments pacing ahead of last year. Management raised full-year profitability guidance and maintained utilization and ART consumption assumptions. Challenges noted—administrative eligibility true-ups, ongoing investments (higher CapEx), comparability headwinds from a transition client, and conservative assumptions to guard against potential variability—are being actively managed and appear incremental rather than existential. Given the balance of robust financial results, validated clinical outcomes, and proactive mitigation of operational issues, the overall tone is constructive.Positive Updates
Record Q1 Revenue and Beat on Key Profitability Metrics
Reported record first-quarter revenue at the higher end of expectations; net income, EPS, and adjusted EBITDA all came in above guidance ranges. Reported revenue growth was +1.4% year-over-year, and growth was >12% when excluding the large former client under a transition-of-care agreement.
Negative Updates
Comparability Headwinds from Transition-of-Care Client
A large former client's transition-of-care arrangement (ended June 30, 2025) complicates year-over-year comparables: reported Q1 growth was modest (+1.4%), but excluding that client growth was >12%, indicating headline volatility due to comparability effects.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Q1 Revenue and Beat on Key Profitability Metrics
Reported record first-quarter revenue at the higher end of expectations; net income, EPS, and adjusted EBITDA all came in above guidance ranges. Reported revenue growth was +1.4% year-over-year, and growth was >12% when excluding the large former client under a transition-of-care agreement.
Read all positive updates
Company Guidance
Progyny provided Q2 guidance of $342M–$355M in revenue (up 2.7%–6.6%; or 8.3%–12.4% excluding $17.2M from the prior-year transition client), $58M–$62M of adjusted EBITDA, $25.8M–$28.7M of net income, $0.31–$0.35 GAAP EPS and $0.50–$0.53 adjusted EPS on roughly 83M diluted shares; full‑year guidance was $1.365B–$1.405B in revenue (up 5.9%–9.0%; or 10.1%–13.3% excluding $48.5M transition revenue), $232M–$244M adjusted EBITDA, $103.7M–$112.3M net income, $1.23–$1.34 GAAP EPS and $1.98–$2.09 adjusted EPS on ~84M diluted shares, with full‑year utilization assumed at 1.04%–1.05% and ART cycle consumption per female unique at 0.93–0.95; management also noted Q1 CapEx of $6.3M, a consistent adjusted EBITDA margin versus 2025 despite incremental investments, seasonal pacing into Q2, and completion of an ~$200M share‑repurchase program (≈8.8M shares).Progyny Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
86
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.29B | 1.29B | 1.17B | 1.09B | 786.91M | 500.62M |
| Gross Profit | 311.76M | 304.48M | 253.36M | 238.80M | 167.32M | 112.14M |
| EBITDA | 111.10M | 100.38M | 86.38M | 72.97M | 26.04M | 33.74M |
| Net Income | 67.69M | 58.52M | 54.34M | 62.04M | 30.36M | 65.77M |
Balance Sheet | ||||||
| Total Assets | 698.34M | 742.43M | 607.10M | 756.62M | 542.99M | 358.06M |
| Cash, Cash Equivalents and Short-Term Investments | 226.15M | 310.10M | 227.95M | 371.09M | 189.30M | 119.42M |
| Total Debt | 27.28M | 27.73M | 19.27M | 19.39M | 7.71M | 8.65M |
| Total Liabilities | 258.99M | 226.39M | 185.04M | 203.19M | 166.02M | 106.24M |
| Stockholders Equity | 439.34M | 516.04M | 422.06M | 553.43M | 376.97M | 251.82M |
Cash Flow | ||||||
| Free Cash Flow | 184.42M | 191.78M | 173.70M | 185.17M | 77.15M | 23.91M |
| Operating Cash Flow | 206.33M | 210.19M | 179.10M | 188.81M | 80.39M | 26.04M |
| Investing Cash Flow | 32.19M | -159.01M | 195.79M | -200.53M | -43.87M | 8.77M |
| Financing Cash Flow | -219.19M | -99.36M | -309.88M | -11.07M | -7.86M | -13.70M |
Progyny Technical Analysis
Positive
18.12
Price Trends
24.07
Positive
21.27
Positive
22.32
Positive
Market Momentum
1.43
Negative
81.62
Negative
90.03
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PGNY, the sentiment is Positive. The current price of 18.12 is below the 20-day moving average (MA) of 27.01, below the 50-day MA of 24.07, and below the 200-day MA of 22.32, indicating a bullish trend. The MACD of 1.43 indicates Negative momentum. The RSI at 81.62 is Negative, neither overbought nor oversold. The STOCH value of 90.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PGNY.
Progyny Risk Analysis
Progyny disclosed 57 risk factors in its most recent earnings report. Progyny reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Progyny Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $2.37B | 37.31 | 13.34% | ― | 6.59% | 36.67% | |
79 Outperform | $830.00M | 42.68 | 5.67% | 0.52% | 6.64% | 6.54% | |
66 Neutral | $676.22M | 71.88 | 2.79% | ― | 14.05% | ― | |
61 Neutral | $1.66B | -9.48 | -12.37% | ― | -1.50% | 83.75% | |
59 Neutral | $3.45B | 154.66 | 3.02% | ― | 24.72% | 35.79% | |
53 Neutral | $642.27M | -1.22 | -77.89% | ― | -21.26% | -290.08% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
PGNY
Progyny
30.22
8.77
40.89%
HSTM
HealthStream
28.41
0.97
3.55%
EVH
Evolent Health
5.71
-5.93
-50.95%
TDOC
Teladoc
9.20
1.13
14.00%
PHR
Phreesia
10.94
-17.45
-61.47%
PRVA
Privia Health Group
27.36
6.01
28.15%
Progyny Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Progyny Shareholders Approve Governance Changes at 2026 Meeting
Positive
May 27, 2026
Progyny, Inc. held its 2026 Annual Meeting of Stockholders on May 21, 2026, where shareholders approved amendments to the company’s Certificate of Incorporation and related bylaw changes that eliminate various supermajority voting requiremen...
Business Operations and StrategyStock Buyback
Progyny Announces $200 Million Share Repurchase Authorization
Positive
May 26, 2026
Progyny, Inc. announced that its board has authorized a share repurchase program of up to $200 million of its common stock, to be funded from existing cash balances. The initiative gives the company flexibility to buy back shares on the open marke...
Business Operations and StrategyStock BuybackFinancial Disclosures
Progyny Delivers Record Q1 2026 Revenue and Growth
Positive
May 7, 2026
Progyny reported record first‑quarter 2026 revenue of $328.5 million on May 7, 2026, with growth in both fertility and pharmacy benefit services despite the loss of a large client that contributed $31.3 million in revenue a year earlier. Exc...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.