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what it is
Progyny helps employers pay for fertility and family-building care.
how it gets paid
Last year Progyny made $1.3B in revenue.
why it's growing
Revenue grew 304.7% last year. Revenue rose 7% vs. prior year. EDGAR says full-year revenue hit $1.3B.
what just happened
Progyny posted $318M in quarterly revenue, and the business still kept 24.1% gross margin.
At a glance
B+ balance sheet — decent shape, but not bulletproof
35/100 earnings predictability — expect surprises
28.1x trailing p/e — priced about right
10.9% return on capital — nothing to write home about
$0.65 fy2025 eps est
xvary composite: 56/100 — below average
What they do
Progyny helps employers pay for fertility and family-building care.
No client made up more than 10% of 2025 revenue. That is rare for a $1.3B company. Smart Cycles are bundled treatment paths, and Progyny Rx is pharmacy coverage, so the company sits in the middle of the whole fertility episode. 590+ employers and 7.2 million covered lives make leaving painful.
How they make money
$1.3B
annual revenue · their business grew +304.7% last year
total revenue
$1.3B
+304.7%
The products that matter
clinical case management
Fertility Benefit Services
$1.04B · 81% of revenue
this is the business. It generated $1.04B in 2025 revenue, and Q4 alone contributed $208.6M, up 11% from a year ago.
main growth engine
integrated pharmacy benefit
Progyny Rx
$249M · 19% of revenue
this $249M segment supplies the drugs used during treatment cycles. It matters because it makes the platform more integrated, but flat growth says it is not carrying the story right now.
flat growth
Key numbers
$1.3B
annual revenue
This is the size of the business. A $1.3B company with a $1B market cap trades like the market still doubts the growth story.
24.1%
gross margin
You keep about a quarter of sales after direct care costs. That is the difference between a service business and a low-margin broker.
7.0%
operating margin
Operating margin is the profit left after running the business. At 7.0%, every bit of growth still matters.
10.9%
return on capital
This shows how much profit the company squeezes from the money it uses. Higher is better, and 10.9% is not a joke.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 15 / 100
- long-term debt $24M (2% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for PGNY right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Progyny posted $318M in quarterly revenue, and the business still kept 24.1% gross margin.
Revenue rose 7% vs. prior year. EDGAR says full-year revenue hit $1.3B, while fertility benefit services and pharmacy coverage kept driving demand.
$318.0M
revenue
$0.14
eps
24.1%
gross margin
gross margin
24.1% gross margin mattered most because it tells you how much cash is left after paying for care and prescriptions.
source: company earnings report, 2026
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What could go wrong
the #1 risk is a covered-lives growth miss — because once a company guides 5.1–9% growth, every enrollment shortfall suddenly matters.
med
Covered lives shortfall
Management's 2026 covered-lives outlook came in 400,000 below expectations set on the prior call. For a benefits platform, that is not a footnote. That is future volume.
If that shortfall persists, the low end of the 5.1–9% revenue growth guide becomes easier to hit than the high end, and the premium multiple has less to stand on.
med
Competition hits margins first
The business already runs at a 24.1% gross margin and a 4.5% operating margin. That is enough to be profitable. It is not enough to shrug off pricing pressure from well-funded rivals.
Even modest margin pressure would matter because there is little cushion between healthy growth and disappointing earnings.
med
Governance noise lingers
The March 13, 2026 derivative settlement and governance reforms do not look like a direct financial blow. They do keep management attention away from the operating questions investors actually care about.
This is more distraction than thesis-breaker, but small-cap stocks rarely benefit from extra noise.
A business with 4.5% operating margins does not need a disaster to disappoint you. It just needs growth to land near 5.1% instead of nine.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 earnings on May 6, 2026
Management guided to $319M–$332M of revenue and $0.42–$0.45 of EPS. The street will care less about the beat and more about whether covered-lives commentary gets cleaner.
metric
Covered lives growth
The 400,000 outlook shortfall is the number to watch. If client additions recover, the slowdown narrative weakens. If they do not, it gets louder.
trend
Pharmacy needs to move again
Progyny Rx generated $249M in 2025 revenue and was flat. If the integrated model is going to support the premium story, this segment needs to do more than stand still.
risk
Competitive pressure on a 4.5% margin
You do not need a collapse to hurt earnings here. A little pricing pressure goes a long way when operating margin starts at 4.5%.
Analyst rankings
earnings predictability
35 / 100
This is a low predictability score. In human-speak, analysts do not trust the quarterly cadence to behave nicely.
risk rank
3
Risk rank 3 means the balance sheet is not flashing distress. The risk here is business execution, not survival.
price stability
15 / 100
A 15 / 100 stability score means the stock itself is jumpy. If you own it, expect sharp reactions to small guidance changes.
source: institutional data
Institutional activity
institutional ownership data for PGNY is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$18
current price
n/a
target midpoint · n/a from current
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