(PGNY) Progyny - Overview
Sector: Healthcare | Industry: Healthcare Plans | Exchange: NASDAQ (USA) | Market Cap: 2.008m USD | Total Return: 20.8% in 12m
Avg Turnover: 32.4M
EPS Trend: 96.2%
Qual. Beats: 3
Rev. Trend: 97.3%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Confidence
Progyny, Inc. (PGNY) is a specialized healthcare benefits manager focused on fertility, family building, and womens health solutions for self-insured employers in the United States. The company utilizes a Smart Cycle model, which bundles medical treatments into comprehensive packages to align clinical outcomes with financial predictability. This approach differs from traditional fee-for-service models by prioritizing successful pregnancy outcomes over the volume of individual procedures.
The service suite includes the Progyny Rx integrated pharmacy benefit, personalized member support, and access to a curated network of fertility specialists. Beyond reproductive health, the platform has expanded to include menopause support, postpartum care, and reimbursement programs for adoption and surrogacy. The employer-sponsored fertility benefit market has seen increased adoption as corporations utilize these specialized health plans to improve employee retention and diversity initiatives.
Investors can evaluate the companys historical growth and valuation metrics on ValueRay to deepen their analysis. Founded in 2008 and headquartered in New York, Progyny operates within the Health Care Services sub-industry, navigating a regulatory environment influenced by both healthcare policy and corporate benefit trends.
- Enterprise client retention and new logo additions drive long-term revenue growth
- Utilization rates of Smart Cycle treatments directly impact quarterly gross margins
- Expansion of Progyny Rx pharmacy services increases average revenue per member
- Employer healthcare budget constraints influence benefit plan adoption and renewal cycles
- Recent loss of significant client contracts creates uncertainty regarding future market share
| Net Income: 67.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.26 > 0.02 and ΔFCF/TA -0.84 > 1.0 |
| NWC/Revenue: 20.56% < 20% (prev 27.25%; Δ -6.69% < -1%) |
| CFO/TA 0.29 > 3% & CFO 203.2m > Net Income 67.7m |
| Net Debt (-175.6m) to EBITDA (101.8m): -1.72 < 3 |
| Current Ratio: 2.13 > 1.5 & < 3 |
| Outstanding Shares: last quarter (84.8m) vs 12m ago -5.10% < -2% |
| Gross Margin: 24.11% > 18% (prev 0.22%; Δ 2.39k% > 0.5%) |
| Asset Turnover: 181.0% > 50% (prev 166.1%; Δ 14.91% > 0%) |
| Interest Coverage Ratio: error (cannot be calculated; needs correct EBITDA TTM and Interest Expense TTM) |
| A: 0.38 (Total Current Assets 501.6m - Total Current Liabilities 235.7m) / Total Assets 698.3m |
| B: 0.33 (Retained Earnings 227.1m / Total Assets 698.3m) |
| C: 0.14 (EBIT TTM 96.5m / Avg Total Assets 714.3m) |
| D: 0.88 (Book Value of Equity 227.3m / Total Liabilities 259.0m) |
| Altman-Z'' = 5.39 = AAA |
| DSRI: 0.83 (Receivables 263.6m/299.7m, Revenue 1.29b/1.21b) |
| GMI: 0.91 (GM 24.11% / 21.99%) |
| AQI: 1.19 (AQ_t 0.20 / AQ_t-1 0.16) |
| SGI: 1.07 (Revenue 1.29b / 1.21b) |
| TATA: -0.19 (NI 67.7m - CFO 203.2m) / TA 698.3m) |
| Beneish M = -3.29 (Cap -4..+1) = AA |
As of May 26, 2026, the stock is trading at USD 24.88 with a total of 1,183,970 shares traded.
Over the past week, the price has changed by +7.01%,
over one month by +36.93%,
over three months by +19.73% and
over the past year by +20.84%.
Progyny has received a consensus analysts rating of 3.80. Therefore, it is recommended to hold PGNY.
- StrongBuy: 4
- Buy: 0
- Hold: 6
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 29.6 | 18.8% |
P/E Trailing = 33.2987
P/E Forward = 12.7065
P/S = 1.5532
P/B = 4.575
Revenue TTM = 1.29b USD
EBIT TTM = 96.5m USD
EBITDA TTM = 101.8m USD
Long Term Debt = 23.3m USD (estimated: total debt 27.3m - short term 4.03m)
Short Term Debt = 4.03m USD (from shortTermDebt, last quarter)
Debt = 50.5m USD (from shortLongTermDebtTotal, last quarter) + Leases 23.3m
Net Debt = -175.6m USD (calculated: Debt 50.5m - CCE 226.2m)
Enterprise Value = 1.83b USD (2.01b + Debt 50.5m - CCE 226.2m)
Interest Coverage Ratio = unknown (Ebit TTM 96.5m / Interest Expense TTM 0.0)
EV/FCF = 10.11x (Enterprise Value 1.83b / FCF TTM 181.3m)
FCF Yield = 9.89% (FCF TTM 181.3m / Enterprise Value 1.83b)
FCF Margin = 14.02% (FCF TTM 181.3m / Revenue TTM 1.29b)
Net Margin = 5.23% (Net Income TTM 67.7m / Revenue TTM 1.29b)
Gross Margin = 24.11% ((Revenue TTM 1.29b - Cost of Revenue TTM 981.4m) / Revenue TTM)
Gross Margin QoQ = 25.29% (prev 24.15%)
Tobins Q-Ratio = 2.62 (Enterprise Value 1.83b / Total Assets 698.3m)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 50.5m)
Taxrate = 34.30% (12.7m / 36.9m)
NOPAT = 63.4m (EBIT 96.5m * (1 - 34.30%))
Current Ratio = 2.13 (Total Current Assets 501.6m / Total Current Liabilities 235.7m)
Debt / Equity = 0.12 (Debt 50.5m / totalStockholderEquity, last quarter 439.3m)
Debt / EBITDA = -1.72 (Net Debt -175.6m / EBITDA 101.8m)
Debt / FCF = -0.97 (Net Debt -175.6m / FCF TTM 181.3m)
Total Stockholder Equity = 507.6m (last 4 quarters mean from totalStockholderEquity)
RoA = 9.48% (Net Income 67.7m / Total Assets 698.3m)
RoE = 13.34% (Net Income TTM 67.7m / Total Stockholder Equity 507.6m)
RoCE = 18.18% (EBIT 96.5m / Capital Employed (Equity 507.6m + L.T.Debt 23.3m))
RoIC = 13.63% (NOPAT 63.4m / Invested Capital 465.0m)
WACC = 8.23% (E(2.01b)/V(2.06b) * Re(8.44%) + D(50.5m)/V(2.06b) * Rd(0.0%) * (1-Tc(0.34)))
Discount Rate = 8.44% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -73.33 | Cagr: -7.39%
[DCF] Terminal Value 74.38% ; FCFF base≈187.1m ; Y1≈176.3m ; Y5≈164.3m
[DCF] Fair Price = 35.33 (EV 2.59b - Net Debt -175.6m = Equity 2.77b / Shares 78.3m; r=8.35% [WACC [floored]]; 5y FCF grow -7.38% → 2.50% )
EPS Correlation: 96.15 | EPS CAGR: 67.62% | SUE: 1.86 | # QB: 3
Revenue Correlation: 97.34 | Revenue CAGR: 10.54% | SUE: 0.16 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.52 | Chg30d=+8.84% | Revisions=+56% | Analysts=7
EPS next Quarter (2026-09-30): EPS=0.52 | Chg30d=+5.67% | Revisions=+60% | Analysts=7
EPS current Year (2026-12-31): EPS=2.06 | Chg30d=+8.84% | Revisions=+56% | GrowthEPS=+8.9% | GrowthRev=+7.3%
EPS next Year (2027-12-31): EPS=2.21 | Chg30d=+4.99% | Revisions=+40% | GrowthEPS=+7.2% | GrowthRev=+8.8%
[Analyst] Revisions Ratio: +60%