| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 50 | 29.7x | 17.8x | Around median | |
Growth | 63 | 5.5% | 7.1% | Around median | |
Quality | 78 | 13.9% | 4.5% | Top tier | |
Safety | 89 | — | 2.6x | Top tier | |
Capital Return | 82 | — | 2.12% | Top tier | |
Momentum | 74 | 28.4% | 2.9% | Top tier | |
Sentiment | 46 | 7 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Progyny provides specialized fertility, family-building, and women’s health benefits to employers, generating revenue from care services, benefits management, and related pharmacy services. Most clients begin with coverage equivalent to two to three cycles, then can expand it by adding more cycles, egg freezing, pharmacy services, or expanded products; therefore, growth depends on acquiring new logos, retaining clients, and selling additional services to the existing base. The company is also developing Progyny Select to access the fully insured market through general agents and brokers, but it does not expect a material contribution from it in fiscal year 2027.
In Q2 fiscal year 2026, Progyny recorded record revenue of $350.5 million, gross profit of $89.3 million, net income of $28.1 million, and earnings per share of $0.34. These figures equate to a gross margin of approximately 25.5% and a net income margin of approximately 8.0%, compared with revenue of $328.5 million, gross profit of $83.1 million, and net income of $24.2 million in Q1 fiscal year 2026. According to management, Q2 revenue increased by 5.3% on a reported basis and by 11% after excluding the contribution of a former large client that was subject to a care transition agreement in the comparable period.
The Q2 fiscal year 2026 mix was more weighted toward assisted reproductive technology cycles and less weighted toward initial consultations compared with the previous quarter, a seasonal pattern that increased revenue per cycle. Gross margin expanded by 180 basis points year over year due to efficiencies in care management and service delivery and lower stock-based compensation expense, while the adjusted earnings before interest, taxes, depreciation, and amortization margin for the twelve months ended in the quarter was 17.2%. Twelve-month revenue was $1.3 billion, gross profit was $311.8 million, and net income was $67.7 million.
Automated analysis for informational purposes only — not investment advice.
Analyst consensus rates PGNY shares a “Buy,” with an average target of $35.13 and a relatively wide range between $30 and $40. The average target is approximately 6.2% above the 52-week range high of $33.065, while the stock’s 52-week range is $16.1–$33.065, reflecting an optimistic expectation that requires continued underlying growth and client retention. Conversely, the $10 spread in targets and weaker seasonal guidance for Q3 fiscal year 2026 indicate meaningful divergence in estimates of the pace of growth and the value of the new platform.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Growth depends on adding new clients, retaining the existing base, and expanding services among current clients. On the August 6, 2026 call, management reaffirmed its goal of adding one million or more new covered lives and said early commitments were materially ahead of the same period in the prior year. Additional opportunities also come from converting employers from competitors’ solutions and adding fertility cycles, egg freezing, pharmacy services, and expanded products.
Revenue was $350.5 million, gross profit was $89.3 million, and net income was $28.1 million. Earnings per share were $0.34, with a calculated gross margin of approximately 25.5% and a net income margin of approximately 8.0%. Revenue increased by 5.3% as reported and by 11% after excluding the contribution of a former client from the comparable period.
Management expects annual revenue between $1.36 billion and $1.385 billion, and net income between $104.8 million and $109.9 million. Diluted earnings per share guidance ranges between $1.26 and $1.32, while adjusted earnings before interest, taxes, depreciation, and amortization range between $233 million and $240 million. For Q3 fiscal year 2026, the company expects revenue between $335 million and $345 million and diluted earnings per share between $0.30 and $0.33 due to summer seasonality that is slightly more pronounced than usual.
Progyny Select is an offering aimed at the fully insured market through general agents and brokers, expanding the company’s reach beyond its base of self-insured employers. Management said on August 6, 2026, that relationships with distribution partners were progressing, but it does not expect a material contribution from Select in fiscal year 2027. The twelve to eighteen months following the call will focus on signing partnerships and expanding its access to brokers, so management classifies it as a medium- and long-term driver.
As of June 30, 2026, the company held $237 million in cash and cash equivalents and marketable securities, and had no debt or borrowings under its $200 million credit facility. Twelve-month operating cash flow was $201 million and exceeded $50 million in four of the last five quarters. Since November, the company has purchased 10.8 million shares and reduced outstanding shares by approximately 12.5%, with $142.5 million remaining under the latest repurchase authorization as of the August 6, 2026 call.
The main near-term risk is revenue sensitivity to member utilization, as summer seasonality that was slightly more pronounced than usual led to Q3 fiscal year 2026 revenue guidance of $335–$345 million. The company also faces competition from venture capital-backed benefits providers and insurance carrier solutions, while Progyny Select will not make a material contribution in fiscal year 2027. Insider activity adds only a weak signal, as eight sales and no purchases were recorded over the three months through July 14, 2026, with the possibility that these sales were prearranged.
