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1. Company Snapshot

1.a. Company Description

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 concierge-style member support services, and selective network of fertility specialists.The company also offers Progyny Rx, an integrated pharmacy benefits solution that provides its members with access to the medications needed during their treatment.


In addition, it provides surrogacy and adoption reimbursement programs for employers.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.

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1.b. Last Insights on PGNY

Progyny's recent performance was driven by strong Q3 earnings, beating estimates with $0.45 per share, and robust client growth. The company achieved near 100% renewal rates and accelerated revenue growth across business segments. A $200M share buyback signals renewed momentum and market confidence. Analyst upgrades and insider buying support a bullish outlook, reinforced by secular tailwinds like rising infertility and delayed childbirth. According to MarketBeat.com, the stock has a "Moderate Buy" rating from brokerages.

1.c. Company Highlights

2. Progyny's Q3 Earnings Exceed Expectations with Strong Revenue Growth

Progyny reported a strong third quarter with revenue growth of 9% on an as-reported basis, or 23% when excluding the impact of a large former client in the year ago period. The company's gross margin stood at 23%, while the adjusted EBITDA margin was 17.5%. Earnings per share (EPS) came in at $0.45, beating analyst estimates of $0.39. Revenue for the quarter was in line with the company's guidance, and the company generated over $50 million in operating cash flow, contributing to a record $156 million over the first nine months of 2025.

Publication Date: Nov -11

📋 Highlights
  • Revenue & Guidance Raise: Q3 revenue exceeded high-end guidance, leading to full-year 2025 revenue guidance raised to $1.263B–$1.278B (+8.2%–9.5% YoY).
  • Service Expansion Impact: New services (pregnancy, postpartum, menopause) reached 2.7M members by 2026, driven by 80+ new clients and 900K new lives added.
  • Profitability Strength: 23% gross margin and 17.5% adjusted EBITDA margin in Q3, with $58.5M–$61.5M full-year adjusted EBITDA guidance.
  • Cash Flow Growth: Generated $50M operating cash flow in Q3, totaling $156M YTD 2025, supporting $200M share repurchase program.
  • Client Retention: Near 100% renewal rate for 2026, with 900K new covered lives added despite macroeconomic and healthcare inflation challenges.

Revenue Growth Drivers

The company's revenue growth was driven by a strong selling season, with over 80 new logos and approximately 900,000 lives added. The company also saw a near 100% renewal of existing clients in covered lives for 2026. According to Pete Anevski, "This year's selling season demonstrated our position as the leader in the market and how our value proposition aligns with both employers and their members." The company's newest services, including pregnancy postpartum, menopause, and benefit and lead navigation, continue to resonate well with clients.

Guidance and Outlook

Progyny raised its full-year guidance, projecting revenue of between $1.263 billion to $1.278 billion, reflecting growth of between 8.2% to 9.5%. The company also expects adjusted EBITDA of between $216 million to $220 million, with net income of between $58.5 million to $61.5 million. For the fourth quarter, the company projects revenue of between $292.7 million to $307.7 million, reflecting growth of negative 1.9% to positive 3.1%.

Valuation and Growth Prospects

Analysts estimate next year's revenue growth at 9.3%. With a current P/E Ratio of 38.13 and EV/EBITDA of 23.27, the market appears to be pricing in a strong growth trajectory for the company. The company's return on equity (ROE) stands at 11.55%, indicating a relatively healthy profitability profile. Progyny's strong cash position has enabled it to announce a new share repurchase program for up to $200 million, demonstrating its commitment to returning value to shareholders.

3. NewsRoom

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Edgestream Partners L.P. Boosts Stake in Progyny, Inc. $PGNY

Dec -04

Source: defenseworld.net

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CEO Peter Anevski Buys $1.9 Million of Progyny Stock: Should Investors Buy Too?

Dec -02

Source: fool.com

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Is Progyny (PGNY) a Solid Growth Stock? 3 Reasons to Think "Yes"

Nov -24

Source: zacks.com

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

Nov -20

Source: globenewswire.com

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Progyny: Growth Has Returned (Rating Upgrade)

Nov -19

Source: seekingalpha.com

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Does Progyny Stock Lead The Pack?

Nov -18

Source: forbes.com

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Progyny, Inc. (PGNY) Hit a 52 Week High, Can the Run Continue?

Nov -18

Source: zacks.com

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PGNY vs. HQY: Which Stock Is the Better Value Option?

Nov -14

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.92%)

6. Segments

Fertility Benefit Services

Expected Growth: 9.9%

Progyny's Fertility Benefit Services growth is driven by increasing employer adoption, rising infertility rates, growing demand for family-friendly benefits, and expansion into new markets. Additionally, the company's data-driven approach, high success rates, and comprehensive services further fuel growth, resulting in a 9.9% growth rate.

Pharmacy Benefit Services

Expected Growth: 9.95%

Progyny's Pharmacy Benefit Services growth is driven by increasing demand for fertility benefits, expansion into new markets, and strategic partnerships. The company's data-driven approach and personalized care model also contribute to its growth. Additionally, the rising trend of employers offering fertility benefits as a competitive advantage in the job market further fuels growth.

7. Detailed Products

Fertility Benefits

Progyny's fertility benefits provide employers with a comprehensive fertility solution, including IVF, egg freezing, and surrogacy, to support employees in their family-building journey.

Pharmacy Benefits

Progyny's pharmacy benefits provide access to a network of specialty pharmacies, ensuring that patients receive the medications they need to support their fertility treatment.

Fertility Preservation

Progyny's fertility preservation services allow individuals to freeze their eggs or sperm for future use, providing a sense of security and control over their reproductive health.

Surrogacy Services

Progyny's surrogacy services connect intended parents with a network of carefully selected surrogates, providing a supportive and guided journey to parenthood.

Fertility Advocacy

Progyny's fertility advocacy services provide personalized support and guidance throughout the fertility journey, ensuring that patients receive the care and attention they need.

8. Progyny, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Progyny, Inc. has a moderate threat of substitutes due to the availability of alternative fertility treatments and services.

Bargaining Power Of Customers

Progyny, Inc. has a low bargaining power of customers due to the specialized nature of its services and the lack of price sensitivity among its clients.

Bargaining Power Of Suppliers

Progyny, Inc. has a moderate bargaining power of suppliers due to the presence of multiple suppliers of fertility medications and equipment.

Threat Of New Entrants

Progyny, Inc. has a high threat of new entrants due to the growing demand for fertility services and the relatively low barriers to entry in the industry.

Intensity Of Rivalry

Progyny, Inc. operates in a moderately competitive industry, with several established players and a growing number of new entrants.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 3.39%
Debt Cost 3.95%
Equity Weight 96.61%
Equity Cost 11.48%
WACC 11.22%
Leverage 3.50%

11. Quality Control: Progyny, Inc. passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Progyny

A-Score: 5.2/10

Value: 4.0

Growth: 8.1

Quality: 6.5

Yield: 0.0

Momentum: 8.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Doximity

A-Score: 5.1/10

Value: 0.3

Growth: 8.9

Quality: 9.5

Yield: 0.0

Momentum: 9.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
HealthEquity

A-Score: 4.8/10

Value: 1.4

Growth: 8.3

Quality: 7.1

Yield: 0.0

Momentum: 6.5

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Certara

A-Score: 4.0/10

Value: 2.3

Growth: 5.9

Quality: 5.7

Yield: 0.0

Momentum: 7.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
GoodRx

A-Score: 3.5/10

Value: 5.2

Growth: 5.9

Quality: 5.9

Yield: 0.0

Momentum: 2.0

Volatility: 1.7

1-Year Total Return ->

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Stock-Card
10x Genomics

A-Score: 2.9/10

Value: 5.9

Growth: 3.2

Quality: 3.8

Yield: 0.0

Momentum: 2.5

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

24.08$

Current Price

24.08$

Potential

0.00%

Expected Cash-Flows