Progyny, Inc.
Rank #119Capital ReturnPGNY · Nasdaq · Healthcare
Progyny, Inc. (PGNY) — Rank #119 by gross profitability (GP/assets 0.43) · ROE 12.9% · Piotroski F-Score 5 / 9.
As-of 2026-09-15 · CIK 0001551306 · all metrics point-in-time as of the filing date.
About
Progyny, Inc., a benefits management company, provides fertility, family building, and women's health benefits solutions in the United States.
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It offers fertility benefits solutions, such as differentiated benefits plan design that includes smart cycle treatment bundle; personalized concierge-style member support services; and a selective network of fertility specialists. The company also offers Progyny Rx, an integrated pharmacy benefits solution that provides access to the medications needed during their treatment and offers care management services, as well as pregnancy and postpartum, menopause and midlife, benefit and leave navigation, and parent and child wellbeing solutions. In addition, it provides assistance service program where various services can be offered through a reimbursement program, including adoption, surrogacy, doula, and travel reimbursement when travel is required to receive medical services. The company was formerly known as Auxogyn, Inc. and changed its name to Progyny, Inc. in 2015. Progyny, Inc.
was incorporated in 2008 and is headquartered in New York, New York.
- Industry
- Healthcare Plans
- Sector
- Healthcare
- State
- DE
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- progyny.com
Price History
Company Snapshot
P/E and reverse DCF are the primary valuation lenses at this stage.
Market Cap
$2.14B
P/E (annual)
42.8
P/S (annual)
1.7
P/B
4.7
P/OCF (annual)
10.2
Shareholder Yield
5.9%
Employees
835
Industry
Healthcare Plans
Exchange
Nasdaq
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
2/2 passTerry Smith quality gate
Passes 1/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
1.9%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Buyback tailwind: -5.9% — per-share value needs a total required return of -4.0% once share-count change is priced in.
vs. own 6-year median revenue growth: 47.8%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
-2.1%
r = 10% (base)
1.9%
r = 12%
5.3%
Net debt / market cap: -9.5%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / E
Price / diluted EPS
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Earnings bubble check
Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.
FCF yield, shareholder yield, and buyback activity are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.43
Primary signal (Novy-Marx).
5th of 8 SIC 80 peers
Return on equity
12.9%
Gross margin
23.6%
7th of 8 SIC 80 peers
Revenue growth (YoY)
10.4%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
17.9%
Revenue CAGR (5Y)
30.2%
Earnings CAGR (3Y)
24.5%
FCF CAGR (3Y)
35.5%
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.58
3rd of 7 SIC 80 peers (best = lowest)
Current ratio
2.14×
5th of 8 SIC 80 peers
Quick ratio
2.06×
Net cash
$236.93M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$191.78M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
2.28
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
10.2%
Stock-based comp intensity.
Piotroski F-Score
F-Score
5 / 9
Fundamental-strength score (0-9).