Progyny Inc (PGNY)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Yellow here is not about an existential question — the balance sheet is genuinely healthy, with a 62.9 percent equity ratio, $226.1 million of cash and marketable securities, no drawn financial debt and an untouched $200 million credit facility running to July 2030; there is no governance or accounting breach, and the auditor raises no objection. Yellow stands because three operating questions are open. First, growth has effectively stalled — after 38 percent in 2023 and 10 percent in 2025, only 1 percent was left in the first quarter of 2026. Second, the celebrated 61 percent profit jump comes not from the business but from the scheduled expiry of a November 2021 retention equity grant (stock-based compensation from $32.5 million to $19.7 million), while operating cash flow in the same quarter fell from $49.8 million to $45.9 million. Third, there is no order book: Progyny discloses no remaining performance obligations and puts the remaining contract term at typically under one year because of client termination rights — a concentration risk that already materialized once, when a 12 percent client terminated effective January 1, 2025. The business model itself clearly carries (555 corporate clients, 6.689 million members, a Net Promoter Score of +81, substantially all clients retained since 2016). Whether the accounting effect turns into a real earnings improvement will show at the earliest in the next quarterly report.
symbol.quality_note
Progyny sells employers a fertility benefit for their workforce, and it shows up in our turnaround candidates scanner (U.S. selection, 60 hits, as of July 27, 2026). The trigger looks convincing: first-quarter 2026 net income jumped 61 percent. We read the 2025 annual report (10-K), the quarterly report (10-Q) for the period ended March 31, 2026 and every filing since — and found that the jump comes almost entirely from a November 2021 equity grant whose expense ran out at the end of 2025. Revenue grew 1 percent in the same quarter, and operating cash flow actually fell. Here is how to tell the accounting part of a profit jump from the business part.
Read the analysis
Stock Watch
This analysis is as of July 27, 2026. Stock Watch will tell you what's changed at PGNY since then.
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Appears in These Scanners
This stock currently matches 17 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 31.10 $ — 92% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AIProgyny setzt KI laut Geschäftsbericht 2025 und Quartalsbericht Q1 2026 ausdrücklich intern zur Effizienzsteigerung ein, verkauft aber keine KI-Produkte und nennt KI nicht als Bedrohung des eigenen Geschäftsmodells.
View the full file — quotes, sources, reviewed filings
„We use, and may in the future continue to use, artificial intelligence (“AI”), including generative AI, in connection with our business and operations, including for internal operational and productivity improvement business purposes."
Wir setzen künstliche Intelligenz („KI“) einschließlich generativer KI in unserem Geschäft und Betrieb ein und werden dies möglicherweise auch künftig tun, unter anderem zu internen betrieblichen Zwecken und zur Produktivitätssteigerung.
„If the AI solutions that we use are or are perceived to be deficient, inaccurate or controversial, we could suffer operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on our business, operations and financial results."
Wenn die von uns eingesetzten KI-Lösungen mangelhaft, ungenau oder umstritten sind oder so wahrgenommen werden, können uns betriebliche Ineffizienzen, Wettbewerbsnachteile, Haftungsrisiken, Marken- oder Reputationsschäden oder andere nachteilige Auswirkungen auf Geschäft, Betrieb und Finanzergebnis entstehen.
Filings Reviewed: 10-K 2026-02-27 · 10-Q 2026-05-08 · 10-Q 2025-11-07 · 10-Q 2025-08-08 · 10-Q 2025-05-09 · 10-K 2025-03-03
Rated on July 27, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 9.3% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 10
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.06 | 2.02 – 2.09 | 1,384 | 8.8% | 8 |
| 12/31/2027 | 2.25 | 2.00 – 2.47 | 1,505 | 9.3% | 8 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 0.28 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.11 | -17.50 | 298 | 10.60 | 3.50 | 52 | 50 |
| 2025: Q1 | 0.17 | 0.80 | 324 | 16.50 | 4.60 | 50 | 47 |
| 2025: Q2 | 0.19 | 13.30 | 333 | 9.50 | 5.10 | 56 | 50 |
| 2025: Q3 | 0.15 | 38.30 | 313 | 9.30 | 4.40 | 51 | 46 |
| 2025: Q4 | 0.14 | 26.50 | 318 | 6.70 | 3.90 | 54 | 49 |
| 2026: Q1 | 0.29 | 69.60 | 329 | 1.40 | 7.40 | 46 | 40 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 49 | -11 | -12 | -2.19 | -9 | 11 | 35 |
| 2018 | 105 | -3 | 1 | 0.01 | 2 | 11 | 41 |
| 2019 | 230 | 10 | -9 | -0.10 | -2 | 114 | 150 |
| 2020 | 345 | 8 | 46 | 0.47 | 36 | 167 | 254 |
| 2021 | 501 | 32 | 66 | 0.66 | 26 | 252 | 358 |
| 2022 | 787 | 23 | 30 | 0.30 | 80 | 377 | 543 |
| 2023 | 1,089 | 62 | 62 | 0.62 | 189 | 553 | 757 |
| 2024 | 1,167 | 67 | 54 | 0.57 | 179 | 422 | 607 |
| 2025 | 1,289 | 85 | 59 | 0.65 | 210 | 516 | 742 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
As of March 31, 2026, $226.1 million of cash and marketable securities stood against $439.3 million of equity on $698.3 million of total assets (a 62.9 percent ratio). No debt is drawn, the $200 million facility running to July 2030 is untouched, and Progyny collected $10.2 million of interest income in 2025 rather than paying interest. Survival is not the question here.
Net income rose 61 percent in the first quarter of 2026 to $24.2 million, while revenue rose 1 percent to $328.5 million. The filing itself explains the gap with the expiry of a November 2021 retention equity grant (stock-based compensation $32.5 million to $19.7 million). Operating cash flow fell in the same quarter from $49.8 million to $45.9 million — profit rose, cash did not.
After 38 percent in 2023, 7 percent in 2024 and 10 percent in 2025, revenue grew just 1 percent in the first quarter of 2026. Part of that is a base effect: the prior-year quarter still contained revenue from a departing large client whose transition arrangement ran until June 30, 2025. The rest is a client count that rose from 473 to 555 in 2025 but converts into revenue only slowly at a 1.32 percent utilization rate.
On the plus side: no client exceeded 10 percent of revenue in 2025, and the loss of a 12 percent client effective January 1, 2025 was more than offset within a year. On the minus side: there is no order book — Progyny discloses no remaining performance obligations and puts the remaining contract term at typically under one year because of client termination rights. A significant number of clients come from the technology industry.
The share count fell in real terms from around 100 million (end of 2022) to 78.3 million (April 30, 2026); in the first quarter of 2026 alone 5,511,824 shares were bought back at an average $21.13. But in 2025, $131.9 million of stock compensation faced only $81.7 million of repurchases, the November program was fully exhausted by March 31, 2026, and its $200 million successor arrived only on May 26, 2026 — at a materially higher share price.
Progyny scores 6 out of 8 in the turnaround check — like 44 of the 60 U.S. hits (data as of July 27, 2026); 16 names rank higher. The mandatory pillar “at least 50 percent below the all-time high” holds only narrowly at our recomputed 53.2 percent (July 24, 2026 close of $31.19 against $66.66 on November 8, 2021); the stored value of -59.66 percent comes from an older price level. The stored Piotroski of 7 also fails to hold against the 2025 annual report — we arrive at 5 out of 9.
Progyny is a debt-free, cash-generating company with a clear product and satisfied clients — but the trigger that put the stock into our turnaround scanner only partly survives scrutiny. The 61 percent profit jump in the first quarter of 2026 comes almost entirely from the expiry of a November 2021 equity grant, while revenue grew 1 percent and operating cash flow went down. Investing here means buying a solid balance sheet and stalled growth at 36 to 40 times earnings. Not investment advice.
- Hook: turnaround candidates scanner (U.S. selection, 60 hits, turnaround check 6 of 8), data as of July 27, 2026. All scanner lists are recomputed daily; no exact rank is given on purpose, because 44 of the 60 hits share the same score and the ordering inside that group moves.
- As-of dates: operating figures from the 2025 annual report on Form 10-K (filed February 27, 2026) and the quarterly report on Form 10-Q for the period ended March 31, 2026 (filed May 8, 2026); share count from the quarterly report cover page (April 30, 2026); price and market data from the July 24, 2026 close. All filings after May 8, 2026 were reviewed — no Form 25, no Form 15, no tender offer or merger document.
- Own recalculations against the data set: distance from the all-time high 53.2 percent instead of the stored 59.66 percent; Piotroski 5 of 9 instead of the stored 7; market capitalization $2.44 billion instead of the stored $2.118 billion. In all three cases the cause is an older price or data pull, not an error in the share count — that matches the 10-Q cover page exactly.
- Possible confusion: Progyny was named Auxogyn, Inc. until 2015. Analyst earnings estimates ($2.06 per share for the current year) are adjusted figures that exclude stock-based compensation, among other items; under generally accepted accounting rules diluted earnings over the last four quarters were $0.77 per share.
About the Company
Progyny, Inc., ein Benefits-Management-Unternehmen, bietet Lösungen für Fruchtbarkeits-, Familiengründungs- und Frauengesundheitsleistungen in den USA an.
| Employees | 835 |
|---|---|
| Headquarters | New York, NY |
| Address | 1359 Broadway, 10018 New York, United States |
| Phone | 212 888 3124 |
| Website | progyny.com |
| IPO Date | 25. Oct 2019 |
| ISIN | US74340E1038 |
Management
| Name | Title | Birth Year |
|---|---|---|
| David J. Schlanger J.D. | Executive Chairman | 1959 |
| Peter Anevski CPA | CEO & Director | 1967 |
| Mark S. Livingston CPA | Chief Financial Officer | 1966 |
| Melissa B. Cummings | Chief Operating Officer | 1970 |
| Allison Swartz | Executive VP, General Counsel & Secretary | 1990 |
| Geoffrey Clapp | Chief Product Officer | 1974 |
| Steven Leist | Chief Technology Officer | – |
| James Hart | Vice President of Investor Relations | – |
| Risa Fisher | Chief Marketing Officer | – |
| Cassandra Pratt | Chief Human Resources Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 14. Jul 2026 | Cummings Melissa B | Chief Operating Officer | Sell | 2,244 | 31.60 | 70,910 |
| 14. Jul 2026 | Cummings Melissa B | Chief Operating Officer | Other | 1,193 | 31.98 | 38,152 |
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.