Progyny Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Balance sheet and survival
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.
Quality of the profit jump
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.
Growth
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.
Client structure and contract security
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.
Capital returns
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.
Strength of the scanner hook
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at PGNY since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 16.30 $ to 32.40 $ · Last price: 27.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Healthcare Plans
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Progyny Inc PGNY | 2.1 | 37.2 | 16.3 | 24.6 | 10.8 | 10.4 | 24.9 |
| UnitedHealth Group Incorporated UNH | 338.6 | 29.6 | 14.9 | 19.7 | 8.1 | 11.8 | 12.8 |
| CVS Health Corp CVS | 115.6 | 40.1 | 13.7 | 13.6 | 4.1 | 7.9 | 25.9 |
| Elevance Health Inc ELV | 89.9 | 17.7 | 0.0 | 26.0 | 5.3 | 12.6 | 37.0 |
| Cigna Corp CI | 72.8 | 11.9 | 7.7 | 9.1 | 5.5 | 11.3 | -4.8 |
| Humana Inc HUM | 46.3 | 41.8 | 0.0 | 13.7 | 4.7 | 10.1 | 43.3 |
| Centene Corp CNC | 33.1 | – | 3.9 | 11.4 | 5.1 | 19.4 | 107.6 |
| Molina Healthcare Inc MOH | 10.7 | 59.7 | 16.7 | 8.4 | 1.7 | 11.8 | 16.3 |
| Oscar Health Inc OSCR | 9.2 | – | 0.0 | 20.2 | 15.2 | 27.5 | 80.0 |
| Median of companies shown | 46.3 | 37.2 | 7.7 | 13.7 | 5.3 | 11.8 | 25.9 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| 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 |
| 2026: Q2 | 0.34 | 78.90 | 351 | 5.30 | 8.00 | 50 | 44 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 18 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Mark Minervini: Trend Criteria — 1 Month
- Near 52-Week High
- Power Trend
- Stage 2 Leader
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
- Strength on Stress Days
Research
Value & GARP
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
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.08 | 2.06 – 2.10 | 1,375 | 10.3% | 9 |
| 12/31/2027 | 2.32 | 2.18 – 2.47 | 1,512 | 11.3% | 9 |
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.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -2.5% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $218.0M |
|---|---|
| Market cap | $2.09B |
| Free cash flow in year ten | $169.9M |
| Terminal value as a share of market value | 42.9% |
For comparison: over the past five years free cash flow grew by 40.4% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Progyny 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.
10-K · 2026-02-27 · View SEC filing
„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.
10-Q · 2026-05-08 · View SEC filing
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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 17.9%
- More than 10% revenue growth is expected for the coming year 8.8%
- Share count grows by less than 3% a year -3.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 25.3%
- Gross margin at 40% or higher and without meaningful erosion 23.6%
- Goodwill from acquisitions does not grow faster than revenue 2.7%
- Net debt below twice EBITDA 282 m net cash
- Operating cash flow covers the profits of the last three years 403 m
- Return on capital at 15% or higher, or up versus two years ago 15.8%
- Insiders hold at least 10% or are net buyers 1.9%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 50.6%
- Exp. sales growth 3Y > 5% 8.3%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 88.3%
- Net debt < 4x EBIT -3.3x
- EBIT positive, 10Y straight 7
- Max. EBIT decline < 50% 27.8%
- Return on equity > 15% 11.9%
- ROCE > 15% 15.8%
- Expected return > 10% 105.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
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.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Gordon Kevin K | Director | Sell | 11,500 | 27.94 | 321,358 |
| Sep 10, 2026 | Gordon Kevin K | Director | Other | 10,500 | 27.24 | 286,020 |
| Sep 10, 2026 | Gordon Kevin K | Director | Other | 22,000 | 13.00 | 286,000 |
| Sep 4, 2026 | Swartz Allison | EVP, GC | Other | 479 | 26.61 | 12,746 |
| Sep 4, 2026 | Livingston Mark S. | CHIEF FINANCIAL OFFICER | Other | 479 | 26.61 | 12,746 |
| Sep 3, 2026 | Anevski Peter | CHIEF EXECUTIVE OFFICER | Other | 5,361 | 26.29 | 140,941 |
| Sep 3, 2026 | Swartz Allison | EVP, GC | Other | 828 | 26.29 | 21,768 |
| Sep 3, 2026 | Livingston Mark S. | CHIEF FINANCIAL OFFICER | Other | 1,532 | 26.29 | 40,276 |
| Sep 2, 2026 | Livingston Mark S. | CHIEF FINANCIAL OFFICER | Other | 224 | 25.66 | 5,748 |
| Aug 28, 2026 | Swartz Allison | EVP, GC | Other | 1,352 | 25.86 | 34,963 |
The company
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
- 10/25/2019
- 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.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/06/2026 Progyny, Inc. (PGNY): Results of Operations and Financial Condition; Regulation FD Disclosure SEC ↗
Data as of: September 17, 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.