Progyny, Inc.
- Open
- 25.71
- Day high
- 26.63
- Day low
- 25.71
- Prev close
- 25.66
- Volume
- 1.0M
- Mkt cap
- $2.0B
- P/E (TTM)
- 27.1
- EPS (TTM)
- $0.97
- P/B
- 4.5
- P/S
- 1.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$71K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Progyny, Inc. (PGNY) is a Healthcare company listed on NASDAQ. The stock is up 12% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering PGNY.
Progyny, Inc. (PGNY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PGNY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.33 | $0.36 | +7.5% | $351M | +0.4% |
| May 7, 2026 | $0.26 | $0.29 | +13.3% | $329M | +0.6% |
| Nov 6, 2025 | $0.39 | $0.45 | +15.4% | $313M | -0.3% |
| Aug 7, 2025 | $0.44 | $0.48 | +9.1% | $333M | +11.2% |
| May 8, 2025 | $0.45 | $0.48 | +6.7% | $324M | +5.3% |
| Feb 27, 2025 | $0.37 | $0.42 | +13.5% | $298M | +7.6% |
| May 9, 2024 | $0.14 | $0.39 | +178.6% | $278M | -3.9% |
| Feb 27, 2024 | $0.11 | $0.32 | +190.9% | $270M | -1.5% |
| Aug 3, 2023 | $0.10 | $0.15 | +50.0% | $279M | +6.7% |
| Feb 27, 2023 | $0.01 | $0.03 | +157.1% | $214M | +1.8% |
| Nov 3, 2022 | $0.05 | $0.13 | +160.0% | $205M | +6.3% |
| Aug 4, 2022 | $0.05 | $0.09 | +80.0% | $195M | +2.5% |
PGNY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Sep 1, 2026 | Swartz Allisonofficer: EVP, GC | Tax | 1,352 | $25.86 |
| Jul 16, 2026 | Cummings Melissa Bofficer: Chief Operating Officer | Sell | 2,244 | $31.60 |
| Jul 16, 2026 | Cummings Melissa Bofficer: Chief Operating Officer | Tax | 1,193 | $31.98 |
| Jun 23, 2026 | Clapp Geoffreyofficer: Chief Product Officer | Tax | 819 | $26.60 |
| Jun 5, 2026 | Swartz Allisonofficer: EVP, GC | Tax | 676 | $25.12 |
| Jun 5, 2026 | Livingston Mark S.officer: CHIEF FINANCIAL OFFICER | Tax | 1,082 | $25.12 |
| Jun 5, 2026 | Livingston Mark S.officer: CHIEF FINANCIAL OFFICER | Tax | 339 | $24.99 |
| Jun 5, 2026 | Livingston Mark S.officer: CHIEF FINANCIAL OFFICER | Sell | 1,918 | $25.50 |
| Jun 5, 2026 | Swartz Allisonofficer: EVP, GC | Tax | 339 | $24.99 |
| Jun 5, 2026 | Anevski Peterdirector, officer: CHIEF EXECUTIVE OFFICER | Tax | 5,361 | $25.12 |
| Jun 5, 2026 | Swartz Allisonofficer: EVP, GC | Sell | 599 | $25.08 |
| Jun 5, 2026 | Swartz Allisonofficer: EVP, GC | Sell | 1,199 | $25.02 |
| Jun 5, 2026 | Livingston Mark S.officer: CHIEF FINANCIAL OFFICER | Sell | 599 | $25.50 |
| Jun 1, 2026 | Swartz Allisonofficer: EVP, GC | Tax | 1,352 | $25.48 |
| Jun 1, 2026 | Swartz Allisonofficer: EVP, GC | Sell | 2,398 | $25.46 |
Source: PGNY SEC Form 4 filings, latest Sep 1, 2026. For informational purposes only — not investment advice.
See the full PGNY insider & 13F page →Progyny, Inc. company profile
Overview
Progyny, Inc. (NASDAQ:PGNY) is a specialized benefits management company founded in 2008 and headquartered in New York. Originally incorporated as Auxogyn, Inc., the company rebranded to Progyny in 2015 and went public in October 2019. Progyny has established itself as a leading provider of fertility and family building benefits solutions for employers across the United States, serving over 530 clients with approximately 6.7 million covered lives as of 2025.
Business
Progyny operates in the healthcare benefits management sector, specifically focusing on fertility and reproductive health benefits for employer-sponsored health plans. The company addresses a significant healthcare gap, as traditional health insurance often provides limited or no coverage for fertility treatments, which can cost tens of thousands of dollars per cycle. The company's core offering is a comprehensive fertility benefits solution that includes three main components. First, differentiated benefits plan design uses a proprietary "Smart Cycle" approach that allocates coverage based on treatment complexity rather than arbitrary dollar limits or cycle counts. This allows members to maximize their benefit utilization across different treatment types. Second, personalized concierge-style member support provides dedicated patient care advocates who guide members through their fertility journey, from initial consultation through treatment completion. Third, a selective network of fertility specialists includes over 1,000 reproductive endocrinologists and fertility clinics that meet Progyny's quality and outcome standards. The company operates two primary business segments. The Medical segment generates approximately 63% of revenue and covers fertility treatments including in vitro fertilization (IVF), intrauterine insemination (IUI), fertility preservation, and diagnostic services. The Pharmacy segment accounts for roughly 37% of revenue through Progyny Rx, an integrated pharmacy benefits solution that provides members access to fertility medications at negotiated rates. Beyond core fertility services, Progyny has expanded into broader women's health offerings including maternity and postpartum support, menopause and perimenopause services, and surrogacy and adoption reimbursement programs. These newer services are gaining traction, with 40% of new clients and 20% of existing clients adopting additional women's health modules in 2025.
Revenue model
Progyny generates revenue through a per-member-per-month (PMPM) fee structure charged to employer clients for each covered employee and dependent. This subscription-based model provides predictable recurring revenue regardless of actual treatment utilization. The company typically charges separate PMPM fees for medical fertility benefits and pharmacy benefits, with most clients (over 95%) opting for both services. The primary customers are large self-insured employers seeking to offer competitive fertility benefits to attract and retain talent. Progyny targets approximately 8,000 large employers representing roughly 80 million potential covered lives. The company has successfully penetrated diverse industries including technology, consulting, financial services, healthcare, retail, and government sectors. Several factors influence Progyny's margins and profitability. Utilization variability represents the most significant margin pressure, as the company assumes financial risk for actual treatment costs while collecting fixed PMPM fees. Higher than expected utilization of expensive treatments like IVF can compress margins, while lower utilization improves profitability. Treatment mix also impacts margins, as more complex procedures carry higher costs. The company benefits from network contracting leverage with fertility clinics and pharmacies, allowing it to negotiate favorable rates that improve gross margins. Scale economics provide margin expansion opportunities as the company spreads fixed costs across a larger member base. The addition of higher-margin ancillary services like menopause support and maternity programs also enhances overall profitability. External factors including regulatory changes affecting reproductive healthcare access, demographic trends toward delayed childbearing, and competitive pricing pressure from new market entrants can influence long-term margin sustainability.
Competitive moat
Progyny possesses a moderate but strengthening competitive moat built on several key advantages. The company's primary defense comes from high switching costs and client stickiness, evidenced by its exceptional 99% client retention rate over seven consecutive years. Once employers integrate Progyny's benefits into their healthcare offerings, changing providers requires significant administrative effort and potential disruption to employee satisfaction. The company has developed specialized expertise and data advantages through years of managing fertility benefits exclusively. This includes proprietary algorithms for predicting utilization, optimized treatment protocols, and clinical outcome tracking that competitors struggle to replicate. Progyny's selective provider network of over 1,000 fertility specialists creates barriers for new entrants who must build relationships and negotiate contracts from scratch. Regulatory complexity in healthcare benefits administration provides additional protection, as new competitors must navigate intricate compliance requirements, state-by-state insurance regulations, and clinical oversight standards. The company's brand recognition among both employers and fertility providers strengthens its market position. However, the moat faces several potential threats. Large healthcare insurers like Aetna, Cigna, and UnitedHealth could develop competing fertility benefits platforms leveraging their existing client relationships and broader service portfolios. Technology-enabled competitors might offer lower-cost solutions through telemedicine or AI-driven care coordination. Direct-to-consumer fertility services could bypass employer-sponsored benefits entirely, though this seems less likely given the high treatment costs. The moat is strengthening through Progyny's expansion into adjacent women's health services, which increases client dependency and makes switching more disruptive. Partnerships with national health plans also create additional switching barriers by integrating Progyny's services into broader healthcare ecosystems.
Risks & safety
Progyny demonstrates a strong margin of safety with robust financial fundamentals and conservative capital structure. • Liquidity and Solvency: The company maintains $109 million in cash and short-term investments with minimal debt (debt-to-equity ratio of 0.056). Current ratio of 2.39 indicates strong short-term liquidity. Positive free cash flow of $47 million in Q1 2025 demonstrates healthy cash generation. • Valuation Metrics: Trading at 31.7x P/E ratio and 18.9x EV/EBITDA, the stock appears moderately expensive but not egregiously overvalued given the growth profile. Price-to-book ratio of 4.09 reflects premium valuation for the asset-light business model. • Profitability Trends: Return on equity of 3.2% in Q1 2025 shows declining profitability compared to historical levels, though this reflects recent investments in growth initiatives and acquisitions. • Growth Sustainability: Revenue growth has decelerated from 57% in 2022 to 16.5% in Q1 2025, suggesting maturation of the core market. However, expansion into women's health services provides new growth vectors. • Operational Risks: Utilization variability remains the primary risk factor, as demonstrated by guidance reductions in 2024 due to unexpected changes in treatment patterns. The company's risk-bearing model creates earnings volatility that could pressure valuation multiples.
Recent development
Over the past few years, Progyny has executed a strategic transformation from a pure-play fertility benefits provider to a comprehensive women's health platform. The most significant development has been the expansion into adjacent women's health services, including maternity and postpartum support, menopause and perimenopause care, and preconception health programs. These new offerings launched in 2024 and have achieved strong adoption rates, with 40% of new clients and 20% of existing clients adding these services. The company has pursued strategic acquisitions to enhance its capabilities, including the purchase of BenefitBump to improve benefit navigation and April, a Berlin-based platform to expand global reach. These acquisitions support Progyny's evolution toward a more comprehensive digital health platform while maintaining its high-touch care model. Partnership expansion represents another key strategic pillar, with Progyny securing its first national health plan partnership with Cigna and expanding relationships with Blue Cross Blue Shield plans. These partnerships provide access to broader distribution channels and validate Progyny's value proposition among major healthcare stakeholders. The company has also focused on technology and data analytics enhancements to better predict utilization patterns and improve clinical outcomes. This includes investments in digital solutions and predictive modeling to address the utilization variability that has impacted financial performance. Market expansion efforts have successfully added over 1 million new covered lives annually, with the company targeting underserved segments including government employers and international markets. The geographic and sector diversification reduces dependence on any single client category while expanding the total addressable market.
PGNY company profile · for informational purposes only — not investment advice.
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