Progyny (PGNY)
NASDAQ:PGNY
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Progyny
(NASDAQ:PGNY)
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Rating:70Outperform
Price Target:
$18.50
▲(9.27% Upside)
Action:ReiteratedDate:04/01/26
The score is driven primarily by strong financial quality (low leverage and robust free cash flow) and a constructive earnings outlook with record results and ongoing buybacks. These positives are tempered by weak technical momentum (price below key moving averages with negative MACD) and a relatively high P/E with no dividend yield support.
Positive Factors
Conservative balance sheet
Extremely low leverage and sizable cash reserves provide durable financial flexibility. With a debt-to-equity near 0.05 and ~$310M liquidity, Progyny can fund platform investment, absorb utilization variability, support buybacks, and pursue distribution without relying on external debt or stressed financing markets.
Negative Factors
Modest profitability
Profit margins remain modest relative to growth, limiting internal capital available for aggressive reinvestment. Sustained mid-single-digit margins mean Progyny needs continued scale, efficiency gains or higher-margin product mix to materially lift returns on capital and justify growth investments over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Extremely low leverage and sizable cash reserves provide durable financial flexibility. With a debt-to-equity near 0.05 and ~$310M liquidity, Progyny can fund platform investment, absorb utilization variability, support buybacks, and pursue distribution without relying on external debt or stressed financing markets.
Read all positive factors
Progyny (PGNY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.39B
Dividend YieldN/A
Average Volume (3M)1.59M
Price to Earnings (P/E)37.4
Beta (1Y)0.51
Revenue Growth11.41%
EPS Growth8.70%
CountryUS
Employees675
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)0.14
Shares Outstanding81,902,230
10 Day Avg. Volume944,464
30 Day Avg. Volume1,592,217
Financial Highlights & Ratios
PEG Ratio2.45
Price to Book (P/B)4.24
Price to Sales (P/S)1.70
P/FCF Ratio11.41
Enterprise Value/Market Cap0.92
Enterprise Value/Revenue0.99
Enterprise Value/Gross Profit4.17
Enterprise Value/Ebitda12.95
Forecast
1Y Price Target
$27.22Price Target Upside60.78% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)1.17
Revenue Forecast (FY)$1.38B
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-...
How the Company Makes Money
Progyny primarily makes money by selling fertility and family-building benefits solutions to employers. Revenue is generated mainly through fees associated with providing its fertility benefit offering to employer clients and facilitating access t...
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 Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call conveyed materially positive operational and financial momentum: record revenue, adjusted EBITDA and operating cash flow; margin expansion and healthy member engagement; strong balance sheet and active share repurchases. The company is investing in product expansion (Progyny Select, Rx and maternal health services) while managing risk via conservative guidance assumptions. Key near-term negatives include an administrative reduction in reported covered lives (~400k), a one-time $7.7 million stock-comp acceleration, elevated CapEx in 2025, and guidance conservatism to account for utilization variability and regulatory uncertainty in pharmacy rebates. Overall, the positives (record results, cash generation, margin gains, client retention and product runway) outweigh the transitory and manageable lowlights.Positive Updates
Record Revenue and Adjusted EBITDA
Full-year 2025 revenue of $1.29 billion and adjusted EBITDA of $222 million, both up double digits versus 2024; results were nearly $90 million (revenue) and $28 million (adjusted EBITDA) above the midpoint of original 2025 guidance.
Negative Updates
Reduction in Reported Covered Lives (~400k)
Updated 2026 covered lives estimate is 7.2 million, lower than prior estimates due to a net reduction (substantially administrative updates) of roughly 400,000 lives; company indicates these reductions were concentrated in lower-utilization clients but the change reduced their lives count and required more conservative guidance inputs.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue and Adjusted EBITDA
Full-year 2025 revenue of $1.29 billion and adjusted EBITDA of $222 million, both up double digits versus 2024; results were nearly $90 million (revenue) and $28 million (adjusted EBITDA) above the midpoint of original 2025 guidance.
Read all positive updates
Company Guidance
Management guided 2026 revenue of $1.355–$1.405 billion (growth of 5.1%–9.0%; excluding the $48.5M transition-client impact, growth of 9.3%–13.3%), with full-year adjusted EBITDA of $224–$239 million and net income of $95.4–$106.1 million (reported EPS $1.19–$1.22; adjusted EPS $1.83–$1.95 on ~87 million diluted shares); they expect 7.2 million covered lives for 2026, Q1 revenue of $319–$332 million (Q1 growth -1.6% to +2.5%; excluding the $31.3M transition-client quarter, Q1 growth 9.0%–13.4%), Q1 adjusted EBITDA $51–$55 million, Q1 net income $20.8–$23.7 million (Q1 EPS $0.24–$0.27; adjusted Q1 EPS $0.42–$0.45), guidance assumptions that include utilization of 1.04% at the low end and ART cycles per utilizer of 0.48–0.49 in Q1, a midpoint consumption in line with the past two years, an expected ~35% reduction in stock‑based compensation in 2026 to roughly 6% of revenue at the midpoint, and no expected financial contribution from Progyny Select until 2027; share repurchases beyond amounts already executed were not modeled.Progyny Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
90
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.29B | 1.17B | 1.09B | 786.91M | 500.62M |
| Gross Profit | 304.48M | 253.36M | 238.80M | 167.32M | 112.14M |
| EBITDA | 100.38M | 70.63M | 64.47M | 24.94M | 33.64M |
| Net Income | 58.52M | 54.34M | 62.04M | 30.36M | 65.77M |
Balance Sheet | |||||
| Total Assets | 742.43M | 607.10M | 756.62M | 542.99M | 358.06M |
| Cash, Cash Equivalents and Short-Term Investments | 310.10M | 227.95M | 371.09M | 189.30M | 119.42M |
| Total Debt | 24.00M | 19.27M | 19.39M | 7.71M | 8.65M |
| Total Liabilities | 226.39M | 185.04M | 203.19M | 166.02M | 106.24M |
| Stockholders Equity | 516.04M | 422.06M | 553.43M | 376.97M | 251.82M |
Cash Flow | |||||
| Free Cash Flow | 191.78M | 173.70M | 185.17M | 77.15M | 23.91M |
| Operating Cash Flow | 210.19M | 179.10M | 188.81M | 80.39M | 26.04M |
| Investing Cash Flow | -159.01M | 195.79M | -200.53M | -43.87M | 8.77M |
| Financing Cash Flow | -99.36M | -309.88M | -11.07M | -7.86M | -13.70M |
Progyny Technical Analysis
Negative
16.93
Price Trends
19.55
Negative
22.62
Negative
22.23
Negative
Market Momentum
-0.74
Negative
35.67
Neutral
33.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PGNY, the sentiment is Negative. The current price of 16.93 is below the 20-day moving average (MA) of 17.47, below the 50-day MA of 19.55, and below the 200-day MA of 22.23, indicating a bearish trend. The MACD of -0.74 indicates Negative momentum. The RSI at 35.67 is Neutral, neither overbought nor oversold. The STOCH value of 33.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $1.39B | 37.40 | 11.37% | ― | 11.41% | 8.70% | |
70 Outperform | $2.81B | 126.39 | 3.29% | ― | 19.01% | 38.68% | |
69 Neutral | $596.81M | 37.76 | 5.18% | 0.52% | 3.68% | 5.62% | |
56 Neutral | $531.68M | ― | -6.52% | ― | 14.33% | 93.62% | |
52 Neutral | $940.15M | -6.16 | -14.24% | ― | -2.37% | 77.85% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | $285.79M | -0.85 | -69.22% | ― | -16.65% | -71.92% |
* Healthcare Sector Average
PGNY
Progyny
16.53
-5.73
-25.74%
HSTM
HealthStream
19.91
-11.27
-36.14%
EVH
Evolent Health
2.44
-7.45
-75.33%
TDOC
Teladoc
5.25
-1.99
-27.49%
PHR
Phreesia
8.09
-15.91
-66.29%
PRVA
Privia Health Group
22.71
-0.94
-3.97%
Progyny Corporate Events
Business Operations and StrategyExecutive/Board ChangesLegal Proceedings
Progyny Announces Settlement, Governance Reforms on Director Pay
Neutral
Mar 13, 2026
On March 13, 2026, Progyny, Inc. announced it had issued a Notice of Pendency of Settlement of a shareholder derivative action filed in New York state court, resolving claims that its board approved excessive compensation for non-employee director...
Business Operations and StrategyStock BuybackFinancial Disclosures
Progyny Posts Strong Q4 Results and 2026 Growth Outlook
Positive
Feb 26, 2026
Progyny reported fourth-quarter 2025 revenue of $318.4 million, up 6.7% year over year, and full-year 2025 revenue of $1.29 billion, up 10%, driven by growth in clients and covered lives despite the loss of a large client under a transition-of-car...
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.