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PGNY

Progyny, Inc.

PGNY

Progyny, Inc. • NASDAQ
$26.37 ▼ -1.24% (-0.33)
Market Cap $2.27 B
52w High $27.51
52w Low $13.86
Dividend Yield 0%
P/E 42.53
Volume 480.13K
Outstanding Shares 86.21M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $313.346M ▼ $51.308M ▼ $13.864M ▼ 4.425% ▼ $0.16 ▼ $25.232M ▼
Q2-2025 $332.874M ▲ $54.615M ▲ $17.112M ▲ 5.141% ▲ $0.2 ▲ $28.282M ▲
Q1-2025 $324.038M ▲ $51.625M ▲ $15.059M ▲ 4.647% ▲ $0.18 ▲ $25.278M ▲
Q4-2024 $298.431M ▲ $47.645M ▲ $10.532M ▲ 3.529% ▼ $0.12 $16.655M ▲
Q3-2024 $286.625M $46.786M $10.421M 3.636% $0.12 $13.295M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $345.207M ▲ $795.227M ▲ $235.223M ▼ $560.004M ▲
Q2-2025 $305.092M ▲ $760.95M ▲ $245.928M ▼ $515.022M ▲
Q1-2025 $256.123M ▲ $730.285M ▲ $263.126M ▲ $467.159M ▲
Q4-2024 $227.954M ▼ $607.102M ▼ $185.04M ▼ $422.062M ▼
Q3-2024 $235.72M $659.972M $225.096M $434.876M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $13.864M ▼ $47.584M ▼ $-42.744M ▼ $-2.399M ▼ $1.476M ▼ $42.9M ▼
Q2-2025 $17.112M ▲ $55.51M ▲ $-29.915M ▲ $-2.329M ▲ $23.303M ▲ $50.241M ▲
Q1-2025 $15.059M ▲ $49.808M ▼ $-94.61M ▼ $-3.288M ▲ $-53.075M ▼ $46.965M ▼
Q4-2024 $10.532M ▲ $52.164M ▲ $74.99M ▲ $-56.327M ▲ $70.834M ▲ $50.269M ▲
Q3-2024 $10.421M $44.515M $15.362M $-63.353M $-3.48M $42.721M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Fertility benefit services revenue
Fertility benefit services revenue
 $380.00M ▲$210.00M ▼$210.00M ▲$200.00M ▼
Pharmacy benefit services revenue
Pharmacy benefit services revenue
 $220.00M ▲$120.00M ▼$120.00M ▲$110.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly every year, showing that demand for Progyny’s services keeps expanding. Profitability has also scaled with that growth: gross profit and operating profit have improved over time, suggesting the core business model works and can support a larger client base. The one nuance is that net income has not risen as smoothly as revenue. Earnings were particularly strong a few years ago, then dipped, and more recently have been solid but not growing as fast as sales. That pattern hints at some margin pressure or higher spending on growth initiatives, even though the company remains clearly profitable. Overall, this is a growth story with healthy, but fluctuating, profit margins.

Balance Sheet

Balance Sheet The balance sheet has strengthened a lot since the early years, with total assets and shareholders’ equity both rising significantly over time. This points to a business that has been building scale, investing in its platform, and retaining value for owners. Debt levels are very modest relative to the size of the company, which reduces financial risk and interest burden. Cash has trended upward over the years, providing a comfortable liquidity cushion. The slight pullback in total assets and equity in the most recent year looks more like a normal adjustment than a structural problem, given how much the balance sheet has improved over the longer period.

Cash Flow

Cash Flow Progyny consistently generates cash from its operations, and that cash flow has grown meaningfully as the business has scaled. Importantly, operating cash flow has generally tracked or exceeded accounting earnings, which supports the quality and sustainability of reported profits. Capital spending needs are low, so most of the cash generated is effectively free after basic investments back into the business. Free cash flow has therefore been strong and steadily improving, giving the company flexibility to fund growth initiatives, maintain its technology platform, and keep a solid cash buffer without relying heavily on borrowing.

Competitive Edge

Competitive Edge Progyny operates in a niche but fast-growing corner of healthcare benefits: fertility and family-building services for large employers. Its model centers on outcome-focused benefit design, a curated network of top fertility clinics, and high-touch support through dedicated care advocates. This creates a differentiated experience for both employers and employees. The company benefits from a strong brand, visible clinical outcomes, and high client retention, which together form a meaningful competitive moat. Scale and data are important advantages: the more clients and members on the platform, the better the insights and negotiating leverage. Key risks are competitive pressure from large insurers and benefits platforms that may try to replicate parts of this model, and the fact that corporate benefits budgets can tighten in weaker economic cycles. Still, Progyny’s specialization and track record give it a solid position in its segment.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Progyny’s strategy. The “Smart Cycle” design replaces traditional, fragmented coverage with bundled, outcome-oriented benefits, which is a clear departure from legacy insurance approaches. This is reinforced by a proprietary technology platform, integrated pharmacy offering, and extensive data analytics to track and improve outcomes. The company continues to extend its reach along the reproductive health journey, moving beyond fertility into pregnancy, postpartum, and menopause programs. The planned integration with wearable technology (via the ŌURA partnership) shows a push into more proactive, data-rich, and global care. These initiatives expand the addressable market but also add execution risk: Progyny will need to prove it can maintain quality and outcomes as it broadens its scope and moves into new geographies and life stages.

Summary

Progyny combines strong top-line growth with a clearly differentiated model in a specialized, expanding niche of healthcare benefits. The business has moved from smaller-scale operations to a well-established, profitable platform with a much stronger balance sheet and reliable cash generation. Its main strengths lie in innovative benefit design, high-touch member support, and a data-driven approach that underpins both clinical outcomes and employer value. The company is now using that foundation to branch out across the broader spectrum of women’s and family health, which could unlock new growth but will test its ability to scale without diluting service quality. Key things to watch include: how margins evolve as Progyny invests in new programs, how well the company competes against larger benefits and insurance players entering this space, and whether it can replicate its U.S. success in international and adjacent markets while preserving its outcome and service advantages.

NEWS

November 20, 2025 · 9:23 AM UTC

New Men's Health Research from Progyny Challenges Conventional Beliefs about Fertility Knowledge and Action

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November 13, 2025 · 12:33 PM UTC

Progyny, Inc. to Present at Jefferies Global Healthcare Conference

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November 6, 2025 · 4:01 PM UTC

Progyny, Inc. Announces Third Quarter 2025 Results

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October 23, 2025 · 1:08 PM UTC

Progyny, Inc. Announces Details for Its Third Quarter 2025 Results Report

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October 22, 2025 · 9:28 AM UTC

Progyny Expands Global Benefits to Include Pregnancy, Postpartum, and Menopause

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