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Provider of fertility and family-building benefits, connecting employees at partner employers with a curated fertility clinic network.
Provider of fertility and family-building benefits, connecting employees at partner employers with a curated fertility clinic network.
Employers pay it for a fertility benefit, and it pays the clinics in its network, keeping the difference; revenue grows as more employers enrol and more members use the benefit, so client wins and utilization drive results. Its negotiated bundles at fixed prices aim to control costs for the employer.
Moat: narrow (network effects, data, switching costs). Curated high-quality clinic network and outcomes data differentiate from broader insurance-based fertility coverage.
Headquarters: New York, New York · Founded: 2015 · Employees: 856
Size Progyny (PGNY) is a United States Health Care company (Miscellaneous Commercial Services) with a market value of $2.67B, the 1611th largest of 3,117 United States companies the cockpit tracks. Shares closed at $34.84 on 6 Nov 2026.
Performance Over six months the shares gained 46.9%, against +25.9% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 15 in its peer set.
Growth Revenue grew 5.5% over the last twelve months (peer median -1.2%); the operating margin is 8.6% (peer median 3.4%).
Valuation It trades at 22.7× forward earnings against a peer median of 23.5× (4th cheapest of 9).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +30%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 22.0 points above its cost of capital (9.7% WACC).
Short interest Short interest is 6.3% of the free float (15 Oct 2026).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.31B | $1.29B | $1.17B | $1.09B | $787M |
| Revenue growth | — | +10% | +7% | +38% | — |
| Gross profit | $322M | $304M | $253M | $239M | $167M |
| EBITDA | $118M | $90.2M | $70.6M | $64.5M | $24.9M |
| Net income | $78.6M | $58.5M | $54.3M | $62.0M | $30.4M |
| Free cash flow | $178M | $192M | $174M | $185M | $77.2M |
| Capital expenditure | $22.9M | $18.4M | $5.41M | $3.64M | $3.24M |
| Total debt | $27.0M | $27.7M | $19.3M | $19.4M | $7.71M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PGNY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +25.2% | +5.8% | 2nd highest of 15 |
| 6-month return | +46.9% | +25.9% | 6th highest of 15 |
| Distance from 52-week high | -1.9% | -16.8% | 2nd highest of 15 |
| Revenue growth (TTM) | +5.5% | -1.2% | 5th highest of 12 |
| Operating margin | 8.6% | 3.4% | 6th highest of 13 |
| Forward P/E | 22.7× | 23.5× | 4th cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | 10.4% | 22.1% | 2nd least demanding of 10 |
| Growth delivered (Del g) | +30.2% | +6.6% | 2nd highest of 10 |
| Hurdle (Req g minus delivered) | -19.8 pp | +6.8 pp | 2nd least demanding of 10 |
| ROIC minus cost of capital | +22.0 pp | -4.5 pp | 2nd highest of 10 |
| EV / EBITDA | 21.2× | 18.6× | 3rd most expensive of 7 |
| Net debt / EBITDA | -1.8× | 0.9× | 3rd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Progyny PGNY | United States | $2.67B | +47% | +6% | 9% | 22.7× | 10.4% | +30.2% |
| Fortrea FTRE | United States | $2.12B | +42% | -3% | 2% | 22.8× | 32.9% | +1.1% |
| Silence Therapeutics PLC Sponsored ADR SLN | United States | $1.23B | +184% | -97% | -10,478% | n/a | n/a | n/a |
| Eisai 4523.T | Japan | $8.68B | +4% | +7% | 5% | 24.2× | 11.8% | +5.0% |
| OmniAb OABI | United States | $734M | +29% | +91% | -116% | n/a | 59.6% | -31.9% |
| Evotec EVT.DE | Germany | $630M | -33% | -8% | -19% | n/a | n/a | n/a |
| WuXi XDC Cayman 2268.HK | Hong Kong | $11.4B | +23% | +42% | 28% | 39.5× | 22.0% | +126.4% |
| Adlai Nortye Ltd. Sponsored ADR ANL | United States | $619M | -23% | n/a | -134% | n/a | n/a | n/a |
| SBC Medical SBC | United States | $518M | +58% | -7% | 37% | 10.3× | -16.1% | -6.9% |
| Evolent Health EVH | United States | $518M | +10% | -4% | -1% | 12.1× | 22.6% | +15.2% |
| ICON ICLR | United States | $15.3B | +64% | +1% | 10% | 18.2× | 16.3% | +24.2% |
| Oculis OCS | United States | $462M | -77% | n/a | n/a | n/a | n/a | n/a |
| Charles River Laboratories CRL | United States | $16.1B | +90% | -1% | 15% | 26.6× | 25.3% | +6.6% |
| Tectonic Therapeutic TECX | United States | $403M | -29% | n/a | n/a | n/a | n/a | n/a |
| Medpace MEDP | United States | $18.3B | +54% | +20% | 21% | 33.9× | 22.1% | +22.3% |