PGNY

MKT CAP:$1B

Progyny, Inc.

Market Cap

$1B

Healthcare·Medical - Healthcare Information Services·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$17.67-$8.07 (-31.35%)

Apr 23, 2026

Company Details

Progyny, Inc., a benefits management company, specializes in fertility and family building benefits solutions for employers in the United States. Its fertility benefits solution includes differentiated benefits plan design, personalized con...

CEO

Peter Anevski

IPO Date

Oct 25, 2019

Website

www.progyny.com

Key Metrics TTM

Revenue

$1.3B

+10.4% YoY

Net Income

$59M

EPS (Diluted)

$0.65

Free Cash Flow

$189M

Revenue / Share

$14.40

Gross Margin

23.6%

Operating Margin

6.6%

Net Margin

4.5%

FCF Margin

14.6%

P/S

1.1x

P/E

25.2x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 27, 2026

$1.3B+10.4%EPS $0.65

Q4 2025

Feb 27, 2026

$318M+6.7%EPS $0.14

Q3 2025

Nov 7, 2025

$313M+9.3%EPS $0.15

Q2 2025

Aug 8, 2025

$333M+9.5%EPS $0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$172M	$33M	-$58.0K
Q2 22	$195M	$44M	$9M
Q3 22	$205M	$46M	$11M
Q4 22	$214M	$44M	$3M
Q1 23	$258M	$59M	$15M
Q2 23	$279M	$61M	$15M
Q3 23	$281M	$63M	$18M
Q4 23	$270M	$57M	$14M
Q1 24	$278M	$62M	$19M
Q2 24	$304M	$68M	$21M
Q3 24	$287M	$59M	$12M
Q4 24	$298M	$63M	$16M
Q1 25	$324M	$76M	$24M
Q2 25	$333M	$79M	$24M
Q3 25	$313M	$73M	$22M
Q4 25	$318M	$77M	$15M

Valuation

Quarter	P/S	P/E
Q1 22	9.1x	90.4x
Q2 22	4.8x	65.5x
Q3 22	5.0x	83.8x
Q4 22	3.6x	92.0x
Q1 23	3.4x	69.7x
Q2 23	3.8x	74.7x
Q3 23	3.2x	62.6x
Q4 23	3.3x	58.7x
Q1 24	3.2x	57.2x
Q2 24	2.4x	43.6x
Q3 24	1.4x	27.5x
Q4 24	1.3x	28.1x
Q1 25	1.6x	36.5x
Q2 25	1.5x	35.4x
Q3 25	1.4x	32.5x
Q4 25	1.7x	37.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$11M	-$12M
Q2 22	$19M	$19M
Q3 22	$21M	$20M
Q4 22	$52M	$51M
Q1 23	$21M	$20M
Q2 23	$76M	$75M
Q3 23	$54M	$53M
Q4 23	$38M	$37M
Q1 24	$26M	$25M
Q2 24	$57M	$56M
Q3 24	$45M	$43M
Q4 24	$52M	$50M
Q1 25	$50M	$47M
Q2 25	$56M	$50M
Q3 25	$48M	$43M
Q4 25	$54M	$49M

Capital Expenditures

Quarter	CapEx
Q1 22	$790.0K
Q2 22	$490.0K
Q3 22	$1M
Q4 22	$721.0K
Q1 23	$1M
Q2 23	$759.0K
Q3 23	$953.0K
Q4 23	$681.0K
Q1 24	$850.0K
Q2 24	$866.0K
Q3 24	$2M
Q4 24	$2M
Q1 25	$3M
Q2 25	$5M
Q3 25	$5M
Q4 25	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+41.0%	+56.2%
Q2 22	+51.6%	+59.1%
Q3 22	+67.9%	+71.5%
Q4 22	+68.0%	+65.2%
Q1 23	+50.0%	+41.3%
Q2 23	+43.3%	+41.9%
Q3 23	+36.8%	+35.3%
Q4 23	+26.0%	+21.4%
Q1 24	+7.6%	+6.6%
Q2 24	+8.8%	+7.3%
Q3 24	+2.0%	+4.4%
Q4 24	+10.6%	+10.3%
Q1 25	+16.5%	+15.5%
Q2 25	+9.5%	+8.9%
Q3 25	+9.3%	+6.4%
Q4 25	+6.7%	+7.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$25M	14.2%
Q2 22	$24M	12.1%
Q3 22	$23M	11.3%
Q4 22	$29M	13.7%
Q1 23	$31M	11.9%
Q2 23	$32M	11.4%
Q3 23	$31M	11.1%
Q4 23	$29M	10.7%
Q1 24	$31M	11.2%
Q2 24	$33M	10.9%
Q3 24	$33M	11.6%
Q4 24	$31M	10.3%
Q1 25	$33M	10.0%
Q2 25	$32M	9.7%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$23M	$10M
Q2 22	$24M	$11M
Q3 22	$24M	$11M
Q4 22	$28M	$13M
Q1 23	$29M	$14M
Q2 23	$30M	$15M
Q3 23	$30M	$15M
Q4 23	$28M	$15M
Q1 24	$28M	$15M
Q2 24	$31M	$16M
Q3 24	$30M	$16M
Q4 24	$32M	$16M
Q1 25	$34M	$18M
Q2 25	$36M	$18M
Q3 25	$32M	$18M
Q4 25	$45M	$18M

Revenue Segments

Quarter	Fertility benefit services revenue	Pharmacy benefit services revenue
Q1 22	$111M	$61M
Q2 22	$127M	$68M
Q3 22	$129M	$76M
Q4 22	$143M	$71M
Q1 23	$157M	$101M
Q2 23	$173M	$107M
Q3 23	$175M	$106M
Q4 23	$171M	$99M
Q1 24	$170M	$108M
Q2 24	$194M	$111M
Q3 24	$179M	$108M
Q1 25	$206M	$118M
Q2 25	$214M	$119M
Q3 25	$202M	$111M
Q4 25	$209M	$110M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$39M	$67M	$106M
Q2 22	$55M	$68M	$122M
Q3 22	$73M	$68M	$141M
Q4 22	$120M	$69M	$189M
Q1 23	$155M	$53M	$208M
Q2 23	$171M	$112M	$282M
Q3 23	$158M	$177M	$336M
Q4 23	$97M	$274M	$371M
Q1 24	$115M	$257M	$372M
Q2 24	$95M	$167M	$262M
Q3 24	$91M	$144M	$236M
Q4 24	$162M	$66M	$228M
Q1 25	$109M	$147M	$256M
Q2 25	$133M	$173M	$305M
Q3 25	$134M	$211M	$345M
Q4 25	$112M	$198M	$310M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	100M	-0.4%	-0.2%
Q2 22	100M	-0.3%	-0.1%
Q3 22	100M	+0.1%	-0.5%
Q4 22	100M	+0.2%	-0.3%
Q1 23	100M	+0.1%	+0.2%
Q2 23	101M	+0.4%	+0.9%
Q3 23	101M	+0.3%	+1.1%
Q4 23	101M	-0.1%	+0.7%
Q1 24	101M	+0.3%	+0.9%
Q2 24	98M	-3.2%	-2.8%
Q3 24	94M	-4.1%	-7.0%
Q4 24	95M	+1.7%	-5.3%
Q1 25	89M	-6.4%	-11.6%
Q2 25	90M	+0.4%	-8.4%
Q3 25	90M	+0.7%	-3.8%
Q4 25	89M	-0.8%	-6.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$550.2K	313
Q2 22	$623.0K	313
Q3 22	$656.1K	313
Q4 22	$535.8K	400
Q1 23	$646.0K	400
Q2 23	$698.4K	400
Q3 23	$702.2K	400
Q4 23	$476.9K	566
Q1 24	$491.3K	566
Q2 24	$537.3K	566
Q3 24	$506.4K	566
Q4 24	$438.9K	680
Q1 25	$476.5K	680
Q2 25	$489.5K	680
Q3 25	$460.8K	680
Q4 25	$372.0K	856

Revenue / Employee