Stock-based pay is a large cost. Stock pay was 10% of revenue in 2025.
Progyny paid employees $132M in stock in 2025, 10% of its $1.3B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Profit recovered from an unusually weak 2022.Since 2022 (an unusually weak year for operating profit): revenue +64%, operating profit +265%.Since 2022: revenue +64%, operating profit +265%.
Since 2022, Progyny's revenue grew 64% while operating profit grew 265%: each extra dollar of sales is adding more profit.
Share count shrinking. Shares outstanding down 18% from December 2022 to July 2026.
Progyny had 18% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Cash flow well above reported profit. Free cash flow is 2.3× reported profit.
Free cash flow is 2.3× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
StockQuotient Score
66/ 100▼ 1 since Oct 27 closeOct 5 68 → Nov 4 66 (-2)
Valuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 64 → 63
Share price +4.8%-1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.79Sector median: 0.2215 · MAD: 0.2039
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Progyny
Is Progyny getting weaker?
Its latest SEC filing (Aug 7, 2026) got stronger: share count down 2.0%. Its overall score is 66/100, down 1 since Oct 28, 2026.
How is Progyny valued vs its peers?
Priced lower than most peers relative to what it earns. Valuation scores 63/100 against 1,393 healthcare peers.Earnings yield 3.5% vs a peer median of 1.5% (stronger than 66% of peers).Earnings yield 3.5% vs peers 1.5% (stronger than 66% of peers).
Is Progyny growing?
Yes, faster than most of its peers. Growth scores 67/100 against 1,393 healthcare peers.Earnings per share growth 65.9% vs a peer median of 9.8% (stronger than 83% of peers).Earnings per share growth 65.9% vs peers 9.8% (stronger than 83% of peers).
How profitable is Progyny?
More profitable than most of its peers. Profitability scores 89/100 against 1,393 healthcare peers.Return on assets 11.0% vs a peer median of 1.7% (stronger than 92% of peers).Return on assets 11.0% vs peers 1.7% (stronger than 92% of peers).
How risky is Progyny?
Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings.Debt / equity 0.06× vs a peer median of 0.22× (stronger than 74% of peers).Debt / equity 0.06× vs peers 0.22× (stronger than 74% of peers).Beta 1.02 vs a peer median of 0.63 (weaker than 73% of peers).Beta 1.02 vs peers 0.63 (weaker than 73% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026
Got stronger
Share count down 2.0%
Previous quarter
Latest quarter
Change
Revenue (12 months)
1.3B USD
1.3B USD
+1.4%
Net income (12 months)
67.7M USD
78.6M USD
+16.2%
Operating margin
7.5%
8.6%
+1.1 pts
Free cash flow (12 months)
184.4M USD
178.4M USD
−3.3%
Cash
131.6M USD
152.6M USD
+16.0%
Shares outstanding
78.3M
76.7M
−2.0%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Healthcare · 301 companies
Valuations in Healthcare are within their usual range since 2016.
52% of months since 2016 were valued lower than now.
19% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +8% and earnings +24% (medians): earnings grew faster than prices.
Median price-to-sales is +63% vs the whole market, against a usual +119%.
2016Shaded: most expensive fifth of its range2026
Shown for Healthcare: too few Healthcare Plans companies have a long enough history of their own.
Earnings-based measures are left out for now because many companies in Healthcare are losing money.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Operating margin
6.5%
3.0%
5.7%
5.8%
6.6%
▲ 0.8 pts
Net margin
13.1%
3.9%
5.7%
4.7%
4.5%
▼ 0.1 pts
Return on assets (ROA)
18.4%
5.6%
8.2%
9.0%
7.9%
▼ 1.1 pts
Return on equity (ROE)
26.1%
8.1%
11.2%
12.9%
11.3%
▼ 1.5 pts
PGNY price history
Price history is added with the daily price update and will appear after the next one.