Progyny (PGNY) AI Stock Analysis

• Market Cap: $1.89B
• Dividend Yield: N/A
• Average Volume (3M): 1.04M
• Price to Earnings (P/E): 38.8
• Beta (1Y): 0.75
• Revenue Growth: 9.47%
• EPS Growth: -7.81%
• Country: US
• Employees: 675
• Sector: Healthcare
• Sector Strength: 40
• Industry: Medical - Healthcare Information Services
• EPS (TTM): 0.17
• Shares Outstanding: 85,718,025
• 10 Day Avg. Volume: 1,103,537
• 30 Day Avg. Volume: 1,043,191
• PEG Ratio: N/A
• Price to Book (P/B): 4.24
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 10.14
• Enterprise Value/Market Cap: 1.01
• Enterprise Value/Revenue: 0.41
• Enterprise Value/Gross Profit: 7.16
• Enterprise Value/Ebitda: 6.67
• 1Y Price Target: $27.20
• Price Target Upside: 23.64% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6

• Rating: 82 Outperform
• Price Target: $24.50 ▲(11.36%Upside)

Progyny's strong financial performance and positive earnings call sentiment are the primary drivers of its overall score. The technical analysis supports a bullish outlook, although the valuation suggests the stock may be priced for high growth. The new credit facility provides additional financial flexibility, reinforcing the company's growth potential.

Positive Factors

Analyst Upgrade

Analyst recommends upgrading Progyny from Market Perform to Outperform with a maintained price target, indicating increased confidence in the stock.

Financial Performance

PGNY provided some early 2Q color, noting it expects revenue, adjusted net income, and adjusted EBITDA to be above the ranges provided earlier.

Membership Activity

Progyny's second positive preannouncement in six months is yet another signal that membership activity has rebounded from last year's lows.

Negative Factors

Client Metrics

The average number of lives at prospective clients is lower compared to last year.

Service Continuation Uncertainty

Continuation services for Amazon customers are expected to contribute more revenue, creating noise and uncertainty.

Progyny Business Overview & Revenue Model

Company Description

Progyny, Inc., a benefits management company, specializes in fertility and family building benefits solutions for employers in the United States. Its fertility benefits solution includes differentiated benefits plan design, personalized concierge-style member support services, and selective network of fertility specialists. The company also offers Progyny Rx, an integrated pharmacy benefits solution that provides its members with access to the medications needed during their treatment. In addition, it provides surrogacy and adoption reimbursement programs for employers. The company was formerly known as Auxogyn, Inc. and changed its name to Progyny, Inc. in 2015. Progyny, Inc. was incorporated in 2008 and is headquartered in New York, New York.

How the Company Makes Money

Progyny makes money primarily through the provision of fertility benefit plans to employers. Its revenue model is based on contracts with employers who pay Progyny to manage and administer fertility benefits for their employees. These contracts typically involve a per-member-per-month fee structure, which provides a recurring revenue stream. Additionally, Progyny earns fees related to the usage of its services, which include access to a network of fertility specialists, personalized support, and advanced fertility treatments. The company also forms strategic partnerships with healthcare providers and leverages its data-driven approach to improve clinical outcomes and cost efficiencies, further enhancing its value proposition to clients.

Progyny Financial Statement Overview

Summary

Progyny demonstrates strong financial performance with robust revenue growth, a solid balance sheet, and strong cash flow generation. The company's income statement shows a 54% increase in revenue, and its balance sheet reflects low financial leverage with a debt-to-equity ratio of 0.06. Progyny's cash flow position is strong, supporting growth initiatives.

Income Statement

Progyny demonstrates strong revenue growth with a significant increase in total revenue from $786.91M in 2022 to $1.21B in TTM (Trailing-Twelve-Months), marking a 54% growth rate over this period. The gross profit margin remains robust at approximately 22%, and the net profit margin is healthy at 4.33% for TTM. The EBIT and EBITDA margins are stable, reflecting operational efficiency. Overall, the company shows strong revenue growth and profitability.

Balance Sheet

Progyny maintains a solid financial position with a low debt-to-equity ratio of 0.06 in TTM, indicating low financial leverage. The return on equity (ROE) stands at 11.23%, showcasing effective use of shareholder funds. The equity ratio is strong at 64%, indicating a healthy balance between debt and equity financing. The company’s balance sheet reflects stability and financial health with manageable liabilities.

Cash Flow

Progyny demonstrates strong cash flow performance with a free cash flow growth rate of 12.73% from 2024 to TTM. The operating cash flow to net income ratio is high at 3.87, indicating excellent cash conversion efficiency. The free cash flow to net income ratio is also favorable at 3.73, highlighting robust cash generation relative to net income. Overall, the cash flow position is strong, supporting the company's growth initiatives.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.17B	1.09B	786.91M	500.62M	344.86M
Gross Profit	253.36M	238.80M	167.32M	112.14M	70.06M
EBITDA	67.45M	64.47M	24.94M	33.64M	10.25M
Net Income	54.34M	62.04M	30.36M	65.77M	46.46M
Balance Sheet
Total Assets	607.10M	756.62M	542.99M	358.06M	253.93M
Cash, Cash Equivalents and Short-Term Investments	227.95M	371.09M	189.30M	119.42M	109.30M
Total Debt	19.27M	19.39M	7.71M	7.42M	8.32M
Total Liabilities	185.04M	203.19M	166.02M	106.24M	86.98M
Stockholders Equity	422.06M	553.43M	376.97M	251.82M	166.95M
Cash Flow
Free Cash Flow	173.70M	185.17M	77.15M	23.91M	35.17M
Operating Cash Flow	179.10M	188.81M	80.39M	26.04M	36.20M
Investing Cash Flow	195.79M	-200.53M	-43.87M	8.77M	-40.03M
Financing Cash Flow	-309.88M	-11.07M	-7.86M	-13.70M	-6.25M

Progyny Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 22.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PGNY, the sentiment is Neutral. The current price of 22 is below the 20-day moving average (MA) of 22.26, above the 50-day MA of 21.89, and above the 200-day MA of 19.79, indicating a neutral trend. The MACD of 0.35 indicates Positive momentum. The RSI at 47.04 is Neutral, neither overbought nor oversold. The STOCH value of 40.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PGNY.

Progyny Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PGNY	82 Outperform	$1.89B	38.83	10.11%	―	9.47%	-7.81%
GDRX	70 Neutral	$1.70B	63.66	4.43%	―	4.35%	―
PINC	64 Neutral	$1.73B	36.70	6.05%	3.99%	-17.69%	-10.24%
PHR	63 Neutral	$1.52B	―	-15.97%	―	16.29%	66.01%
TDOC	56 Neutral	$1.41B	―	-54.49%	―	-2.54%	-322.03%
SDGR	55 Neutral	$1.57B	―	-43.33%	―	22.29%	-32.89%
Sector *	52 Neutral	$7.34B	-0.07	-63.86%	2.34%	16.17%	0.23%

Progyny Corporate Events

Progyny Secures $200M Credit Facility with JPMorgan

On July 1, 2025, Progyny, Inc. entered into a $200 million revolving credit facility with JPMorgan Chase Bank, enhancing its operational and financial flexibility. Despite no immediate plans to utilize the facility, the favorable market conditions made it an opportune time for the transaction. Progyny also announced that its second-quarter financial results for 2025 are expected to slightly exceed previous guidance, reflecting favorable member activity and continued strong performance.

The most recent analyst rating on (PGNY) stock is a Buy with a $21.00 price target. To see the full list of analyst forecasts on Progyny stock, see the PGNY Stock Forecast page.

Progyny Stockholders Meeting Highlights Governance Decisions

On May 22, 2025, Progyny, Inc. held its Annual Meeting of Stockholders where key decisions were made regarding the company’s governance and financial oversight. Stockholders elected Class III directors, ratified Ernst & Young LLP as the independent accounting firm, but did not approve the executive compensation package, indicating potential concerns among stakeholders about executive pay.

The most recent analyst rating on (PGNY) stock is a Buy with a $30.00 price target. To see the full list of analyst forecasts on Progyny stock, see the PGNY Stock Forecast page.