At a glance
Progyny Inc is worth $2.14B, about 43 times its fiscal 2025 earnings. Revenue grew 10.4% to $1.29B in fiscal 2025, with 4.5% kept as profit; over 5 years it has grown 30.2% a year. It pays no dividend; it spent $381.9M buying back its shares over FY2021–FY2025. The stock returned +44.9% over the past year with dividends reinvested and −14.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 52.6% in the 2020 crash (S&P 500: 33.7%) and 49.8% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Progyny sells fertility and women's health benefits to employers, which offer them as part of workers' health coverage. It launched its fertility benefit in 2016 with five employer clients. According to its annual report filed February 27, 2026, it serves more than 590 employers, each covering at least 1,000 people, with contracts reaching about 7.2 million employees and dependents. Its main market is large self-insured employers, which pay workers' medical claims themselves, plus union health plans and federal government workers.
The core product is the Smart Cycle: 20 treatment bundles that each include everything needed for a fertility treatment, including tests. Employers purchase a set number of Smart Cycle units per member, from one to unlimited. Members pick clinics from a network of over 1,100 fertility specialists at more than 690 locations. Progyny Rx, an add-on, delivers fertility drugs through specialty pharmacies. Other services cover pregnancy, menopause, parental leave planning and parenting, plus reimbursement for adoption, surrogacy and doula costs.
In fiscal 2025, which ended December 31, 2025, revenue was $1.29 billion, up 10.4% from the year before. Fertility benefit services made up 64.5% and pharmacy benefit services 35.5%. Revenue rises and falls with how often members use treatments and medicines. Gross margin, the share of revenue left after the direct cost of delivering services, was 23.6%.
Price history
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PGNY +44.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Fertility benefit services revenue | $830.9M | 64.5% |
| Pharmacy benefit services revenue | $457.7M | 35.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $350.5M, up 5.3% from a year earlier, and net income was $28.1M (+63.9%).
- For fiscal 2025, revenue was $1.29B (+10.4% year over year; +30.2% a year from FY2020 to FY2025) with a 4.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +30.2% good |
|---|---|
| Operating margin | 6.6% watch |
| Free cash flow margin | 14.9% good |
| Return on equity (FY2025) | 11.3% watch |
| Return on assets (FY2025) | 7.9% watch |
| Cash and investments | $236.9M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $344.9M | $46.5M | $35.2M |
| FY2021 | $500.6M | $65.8M | $23.9M |
| FY2022 | $786.9M | $30.4M | $77.2M |
| FY2023 | $1.09B | $62.0M | $185.2M |
| FY2024 | $1.17B | $54.3M | $173.7M |
| FY2025 | $1.29B | $58.5M | $191.8M |
Valuation snapshot
| Market value | $2.14B |
|---|---|
| P/E ratio | 42.9 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Progyny’s market value went from $2.31B at the end of 2019 to $2.14B on Oct 28, 2026, down 7%; since the end of 2025 it is down 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.14B | -3.4% |
| 2025 | $2.21B | +50.7% |
| 2024 | $1.47B | -58.8% |
| 2023 | $3.56B | +23.2% |
| 2022 | $2.89B | -36.5% |
| 2021 | $4.55B | +24.0% |
| 2020 | $3.67B | +59.2% |
| 2019 | $2.31B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PGNY price data to Oct 28, 2026 | +8.5% | +44.9% | -3.0% | -14.2% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.5% |
| 2025 | +48.9% |
| 2024 | -53.6% |
| 2023 | +19.4% |
| 2022 | -38.1% |
| 2021 | +18.8% |
| 2020 | +54.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 52.6% over that stretch · deepest drop along the way 52.6%, back to its old high 8.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.1% over that stretch · deepest drop along the way 49.8%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 13 sales ($1.1M), 9 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 10, 2026 | Kevin K Gordon Director | sell | $321K |
| Jun 1, 2026 | Cheryl Scott Director | sell | $196K |
| May 27, 2026 | Kevin K Gordon Director | sell | $137K |
| Sep 23, 2026 | Allison Swartz EVP, GC | sell (plan) | $102K |
| Jul 14, 2026 | Melissa B Cummings Chief Operating Officer | sell (plan) | $71K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.7% | Sep 30, 2026 |
| FMR LLC | 8.9% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.54% | Mar 31, 2026 |
| THRIVENT FINANCIAL FOR LUTHERANS | 6.3% | Mar 31, 2025 |
ETFs with the most weight in PGNY
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 2.58% |
| XHS SPDR S&P Health Care Services ETF | 2.12% |
| FSGS First Trust SMID Growth Strength ETF | 1.26% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 0.92% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.73% |
| EKG First Trust Nasdaq Lux Digital Health Solutions ETF | 0.69% |
| JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 0.47% |
| AFSM First Trust Active Factor Small Cap ETF | 0.42% |
What could go wrong
- A few big clients, many in tech. Progyny's largest clients supply a significant share of revenue, and many clients are technology companies. Losing one of them, agreeing to lower prices, or changes across the tech industry could hurt results.
- Revenue swings with how members use treatment. Results depend on how many members use their benefits and which treatments they choose. A shift in usage or treatment mix, or shortages of fertility medicines, could lower revenue and profit.
- Keeping its network of fertility clinics. Progyny's offer rests on a selective Center of Excellence network of fertility specialists. If it cannot keep high-quality clinics in the network, the company says growth would be limited and results would suffer.
- Reliance on pharmacy partners and rebates. Pharmacy benefits were 35.5% of fiscal 2025 revenue. Losing a key pharmacy partner, a supply problem at its specialty pharmacies, or smaller rebates from partners could cut into revenue and profit.
- More scrutiny of pharmacy benefit managers. Progyny Rx acts as a pharmacy benefit manager (PBM), a company that runs prescription drug benefits for health plans. PBMs face growing scrutiny, disclosure rules and regulation, which could raise costs or hurt results.
- Rivals backed by insurers and investors. Health insurers and venture capital or private equity-backed firms offer competing fertility and maternity benefits. Some have bigger brands and deeper pockets, and fertility-focused PBMs could emerge to rival Progyny Rx.
Recent events
- Quarterly results released; Investor presentation or announcement
- Bylaws or fiscal year changed; Shareholder vote results
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Progyny does not pay a dividend, and its annual report filed February 27, 2026 says it does not intend to pay one for the foreseeable future. For income investors, that means returns depend entirely on the share price, and getting cash out means selling shares. It has repurchased its own shares instead, spending $381.9 million from fiscal 2021 through fiscal 2025, including $300.3 million in 2024 and $81.7 million in 2025. Shares outstanding fell 15.2% between October 31, 2021 and July 31, 2026. Free cash flow, the cash left after running and investing in the business, was $191.8 million in fiscal 2025.
The stock has fallen sharply in downturns. It dropped 52.6% in the 2020 COVID crash and took about 8.2 months to recover. In 2022 it fell 49.8% from its April peak to its June low and had not regained that peak as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Progyny make money?
Progyny makes money by managing fertility and family building benefits for employers. Each employer chooses how many Smart Cycle treatment units its members can use, and members get care from Progyny's network of fertility specialists. In fiscal 2025, revenue was $1.29 billion: 64.5% came from fertility benefit services and 35.5% from pharmacy benefit services through Progyny Rx, an add-on that supplies fertility medicines. Revenue rises and falls with how much members use their benefits.
Does Progyny pay a dividend?
No. Progyny does not pay a dividend, and its annual report filed February 27, 2026 says it does not intend to pay one for the foreseeable future. It has bought back its own shares instead, spending $381.9 million from fiscal 2021 through fiscal 2025. Shares outstanding fell 15.2% between October 31, 2021 and July 31, 2026. Anyone holding the stock depends on price gains alone for a return.
Is Progyny profitable?
Yes, though margins are thin. Progyny earned net income of $58.5 million in fiscal 2025 on revenue of $1.29 billion, a net margin of 4.5%, or $0.65 per diluted share. Free cash flow, the cash left after running and investing in the business, was larger at $191.8 million. In the quarter ended June 30, 2026, net income rose 63.9% from a year earlier to $28.1 million. The company still lists a history of operating losses among its risks and warns it may not stay profitable.
How has Progyny stock performed?
Unevenly. As of October 28, 2026, the share price was up 44.9% over one year but down 53% in total over five years, or about 14.2% a year. Calendar-year returns ranged from a 54.4% gain in 2020 to a 53.6% loss in 2024, followed by a 48.9% gain in 2025. The deepest fall from a peak in the stock's seven years of trading history was 79.5%. With no dividend, these price moves are the whole return.
Does Progyny have any debt?
Progyny appears to have no debt. Its financial statements as of June 30, 2026 show no borrowings, and the company held $236.9 million in cash and investments. Total assets were $715.8 million, and shareholders' equity, the value left for owners after all liabilities, was $453.3 million. In fiscal 2025, free cash flow was $191.8 million and share repurchases were $81.7 million.