Progyny, Inc. PGNY
Progyny is a global leader in women's health and family building solutions. We envision a world where everyone can realize their dreams of family and ideal health. Our mission is to empower healthier, supported journeys through transformative fertility, family building and women's health benefits. Through our differentiated approach to benefits plan design, member education and support and active network management, our clients' employees are able to pursue the most effective treatment across life's milestones from the best providers and specialists and achieve optimal outcomes.
We launched our fertility benefits solution in 2016 with five employer clients and have since expanded our platform to include solutions in pregnancy and postpartum, menopause and midlife, benefit and leave navigation and parent and child wellbeing in order to address the continuum of women's health. Today, we have grown our current base of clients to more than 590 employers, each with at least 1,000 covered lives. Our clients include many of the nation's most prominent employers across a broad array of industries. We currently have contracts to provide coverage to approximately 7.2 million employees and their covered dependents (known in our industry as covered lives, and to whom we refer to as our members). We have achieved this growth by demonstrating that our purpose-built, data-driven and disruptive platform consistently delivers superior clinical outcomes in a cost-efficient manner, while driving exceptional client and member satisfaction. We have retained substantially all of our clients since we launched our fertility benefits solution, and our member satisfaction is evidenced by our most recent industry-leading Net Promoter Score, or NPS, of +81 for our fertility benefits solution and +79 for Progyny Rx, our integrated pharmacy benefits solution, as of December 31, 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.29B | $1.17B | $1.09B | $786.9M | $500.6M | $344.9M | $229.7M | $105.4M | $48.6M |
| Cost of revenue | $984.2M | $913.9M | $849.8M | $619.6M | $388.5M | $274.8M | $184.2M | $86.0M | $41.2M |
| Gross profit | $304.5M | $253.4M | $238.8M | $167.3M | $112.1M | $70.1M | $45.5M | $19.4M | $7.4M |
| R&D | $9.5M | — | — | — | — | — | — | — | — |
| SG&A | $147.1M | $122.0M | $117.1M | $98.3M | $59.6M | $46.7M | $23.9M | $15.6M | $14.1M |
| Total operating expenses | $219.2M | $185.9M | $176.6M | $144.0M | $79.8M | $61.7M | $35.8M | $22.9M | $18.4M |
| Operating income | $85.3M | $67.5M | $62.2M | $23.3M | $32.3M | $8.3M | $9.7M | -$3.5M | -$11.0M |
| Interest expense | — | — | $3.3M | $814.0K | $461.0K | $121.0K | $58.0K | $497.0K | $740.0K |
| Pre-tax income | $95.4M | $83.2M | $70.7M | $24.4M | $32.4M | $8.7M | -$8.6M | -$6.9M | -$12.5M |
| Income tax | $36.9M | $28.9M | $8.7M | $5.9M | $33.3M | $37.8M | $12.0K | $1.8M | $3.0K |
| Net income | $58.5M | $54.3M | $62.0M | $30.4M | $65.8M | $46.5M | -$8.6M | $661.0K | -$12.5M |
| EPS, basic | 0.68 | 0.59 | 0.65 | 0.33 | 0.74 | 0.54 | -0.41 | 0.04 | -2.37 |
| EPS, diluted | 0.65 | 0.57 | 0.62 | 0.30 | 0.66 | 0.47 | -0.41 | 0.04 | -2.37 |
| Shares, diluted (wtd. avg.) | $89.9M | $95.4M | $100.7M | $100.0M | $100.4M | $99.1M | $20.7M | $5.5M | $5.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $112.2M | $162.3M | $97.3M | $120.1M | $91.4M | $70.3M | $80.4M | $127.0K | — |
| Short-term investments | $197.9M | $65.6M | $273.8M | $69.2M | $28.0M | $39.0M | — | — | — |
| Receivables | $220.3M | $235.3M | $241.9M | $240.1M | $134.6M | $75.7M | $47.1M | $23.3M | — |
| Total current assets | $551.8M | $472.7M | $640.4M | $433.9M | $258.5M | $190.2M | $132.4M | $24.5M | — |
| Property, plant and equipment | $29.9M | $12.4M | $10.2M | $8.4M | $5.0M | $3.4M | $3.1M | $776.0K | — |
| Goodwill | $20.0M | $15.5M | $11.9M | $11.9M | $11.9M | $11.9M | $11.9M | $11.9M | — |
| Other intangibles | $6.2M | $1.3M | $0 | $99.0K | $599.0K | $1.2M | $2.4M | $3.9M | — |
| Total assets | $742.4M | $607.1M | $756.6M | $543.0M | $358.1M | $253.9M | $150.4M | $41.3M | — |
| Accounts payable | $124.1M | $95.1M | $125.4M | $109.3M | $61.4M | $43.5M | $19.4M | $15.6M | — |
| Short-term debt | — | — | — | — | — | — | — | $253.0K | — |
| Total current liabilities | $202.4M | $168.6M | $185.9M | $159.5M | $98.8M | $77.8M | $36.2M | $30.2M | — |
| Total liabilities | $226.4M | $185.0M | $203.2M | $166.0M | $106.2M | $87.0M | $36.2M | $30.2M | — |
| Retained earnings | $202.8M | $144.3M | $90.0M | $27.9M | -$2.4M | -$68.2M | -$113.5M | -$104.9M | — |
| Total equity | $516.0M | $422.1M | $553.4M | $377.0M | $251.8M | $166.9M | $114.3M | -$95.1M | -$97.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $210.2M | $179.1M | $188.8M | $80.4M | $26.0M | $36.2M | -$1.5M | $2.3M | -$9.5M |
| Depreciation and amortisation | $4.9M | $3.2M | $2.3M | $1.6M | $1.3M | $1.9M | $2.1M | $1.9M | $1.6M |
| Stock-based compensation | $131.9M | $128.1M | $122.6M | $100.7M | $33.7M | $12.8M | $5.1M | $3.0M | $1.6M |
| Capital expenditure | $18.4M | $5.4M | $3.6M | $3.2M | $2.1M | $1.0M | $3.0M | $579.0K | $612.0K |
| Investing cash flow | -$159.0M | $195.8M | -$200.5M | -$43.9M | $8.8M | -$40.0M | -$2.8M | $1.9M | -$612.0K |
| Financing cash flow | -$99.4M | -$309.9M | -$11.1M | -$7.9M | -$13.7M | -$6.2M | $84.5M | -$8.7M | $11.8M |
| Buybacks | $81.7M | $300.3M | $0 | $0 | — | — | $185.0K | $1.2M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001551306-26-000055.
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