Progyny, Inc. (PGNY) Stock

Progyny, Inc. (PGNY) is a Healthcare stock trading at $25.84 (as of 2026-08-25), with a market capitalization of $1.98B and a trailing P/E of 25.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Progyny, Inc. provides employer benefits solutions focused on fertility and family building in the United States. Its offerings include fertility benefits with plan design and member support via a specialist network, an integrated pharmacy benefits component (Progyny Rx), and reimbursement programs for surrogacy and adoption.

Understand Progyny, Inc.: how it makes money

Progyny manages fertility, surrogacy, and adoption benefits for US employers, earning per-member-per-month fees on 7.2 million covered lives. Its model is a low-margin tollbooth: most of each member fee flows through to fertility clinics and pharmacy partners, leaving a modest spread.

Progny sits between employers (who pay per-member fees) and fertility or pharmacy providers (who bill for treatment), capturing a thin spread because the majority of each fee is passed through as treatment and drug costs.

Revenue by segment (latest quarter)
Fertility Benefits	$0.2B
Pharmacy Benefits	$0.1B

Business quality (Mixed): Sticky book with 100% retention and 7.2M lives, but structurally compressed margins (26% gross, 11% operating) and 0.56% utilization keep this a modest-margin growth story rather than a high-gross-margin platform.

Valuation: At 25× earnings, PGNY trades in line with the Healthcare Services average (25×).

Bull case

New lives fuel the top line: The company added 900,000 covered lives from new client commitments on top of a 7.2M life base, giving management a clear pipeline to sustain the 5% revenue growth rate.
Fully retained employer book: Client retention is 100%, meaning the existing 7.2M covered lives represent an effectively perpetual revenue stream with no churn drag on the quarter-over-quarter top line.
Priced at industry parity: At 25.2x earnings, Progny trades 1% below the 25.4x Healthcare Services industry average, so the stock already prices in neither a growth premium nor a deep discount.

Bear case

Margins stay structurally thin: Gross margin of 26% and operating margin of 11% reflect a model where most of the per-member fee is consumed by pharmacy and fertility-care pass-through costs, leaving little room for operating leverage.
Low utilization caps per-life value: Member utilization across all services is just 0.56%, so revenue per covered life is small and growth depends almost entirely on adding new employer clients rather than deeper engagement from the existing base.

Valuation — source: SEC EDGAR (first-party)
Price	$25.84
Market Cap	$1.98B
P/E Ratio	25.2
EV / EBITDA	15.5
Price / Book	4.37
Price / Sales	1.51
FCF Yield	9.0%
DCF Value (model)	$42.07
DCF Upside vs Price	62.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.29B
Net Margin	4.5%
Revenue Growth (YoY)	5.3%
EPS Growth (YoY)	80.0%
FCF Growth (YoY)	-12.0%

Financial Health — source: SEC EDGAR
Altman Z-Score	8.67 (safe)

Valuation vs Sector & Industry
Stock P/E	25.2
Sector P/E (Healthcare)	21.9
Industry P/E (Healthcare Services)	25.4
vs Sector	14.9%
vs Industry	-0.8%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($247.39M)
Institutional Holders Tracked	10
Congressional Trades (recent)	1

Company
Sector	Healthcare
Industry	Healthcare Services
CEO	Peter Anevski
Employees	675
Country	US
IPO Date	2019-10-25

Related Companies (Healthcare Services; 8 comparable companies)

Data as of 2026-08-25.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.