Progyny (PGNY)


Market Price (9/23/2026): $26.01 | Market Cap: $2.0 BilSector: Health Care | Industry: Health Care Services

Progyny (PGNY)


Market Price (9/23/2026): $26.01
Market Cap: $2.0 Bil
Sector: Health Care
Industry: Health Care Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -10%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%

Attractive yield
FCF Yield is 8.7%

Megatrend and thematic drivers
Megatrends include Precision Medicine, and Digital Health & Telemedicine. Themes include Personalized Diagnostics, Telehealth Platforms, Show more.

Weak multi-year price returns
2Y Excs Rtn is -32%, 3Y Excs Rtn is -98%

Key risks
PGNY key risks include [1] a high concentration of revenue from a limited number of large clients, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -10%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
2 Attractive yield
FCF Yield is 8.7%
3 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Digital Health & Telemedicine. Themes include Personalized Diagnostics, Telehealth Platforms, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -32%, 3Y Excs Rtn is -98%
5 Key risks
PGNY key risks include [1] a high concentration of revenue from a limited number of large clients, Show more.

PGNY in ETFs

Weight = PGNY's share of each fund

VTI0.00%
ITOT0.00%
IWM0.06%
IJR0.12%
VB0.02%
IHF0.29%
SLYG0.24%
IJT0.21%
+14 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/8/2026

Progyny (PGNY) stock has gained about 5% since 5/31/2026 because of the following key factors:

1. Progyny (PGNY) exceeded fiscal Q2 2026 earnings expectations. The company announced on August 6, 2026, adjusted earnings per share of $0.55, significantly surpassing analysts' consensus estimates of $0.33 by $0.22. Additionally, quarterly revenue reached $350.51 million, beating analyst estimates of $349.05 million and representing a 5.3% year-over-year growth, or 11.0% growth when excluding a former client. Fiscal Q2 2026 also saw gross profit increase by 13% year-over-year to $89.3 million, with gross margin expanding to 25.5%, and adjusted EBITDA growing 7.2% to $62.1 million.

2. The company's ongoing share repurchase program provided stock support. Progyny authorized a $200 million share repurchase program on May 26, 2026, which allows for the buyback of up to 10.3% of its outstanding shares. In fiscal Q2 2026, Progyny repurchased 1.2 million shares, demonstrating management's confidence and contributing to underlying stock value.

Show more
Updated on 9/8/2026

Progyny (PGNY) stock has gained about 5% since 5/31/2026 because of the following key factors:

1. Progyny (PGNY) exceeded fiscal Q2 2026 earnings expectations. The company announced on August 6, 2026, adjusted earnings per share of $0.55, significantly surpassing analysts' consensus estimates of $0.33 by $0.22. Additionally, quarterly revenue reached $350.51 million, beating analyst estimates of $349.05 million and representing a 5.3% year-over-year growth, or 11.0% growth when excluding a former client. Fiscal Q2 2026 also saw gross profit increase by 13% year-over-year to $89.3 million, with gross margin expanding to 25.5%, and adjusted EBITDA growing 7.2% to $62.1 million.

2. The company's ongoing share repurchase program provided stock support. Progyny authorized a $200 million share repurchase program on May 26, 2026, which allows for the buyback of up to 10.3% of its outstanding shares. In fiscal Q2 2026, Progyny repurchased 1.2 million shares, demonstrating management's confidence and contributing to underlying stock value.

3. Favorable analyst sentiment and raised price targets contributed to positive momentum. Throughout the period, Progyny maintained a consensus "Moderate Buy" rating among analysts. Several firms increased their price targets, including Citizens JMP raising its target from $31.00 to $33.00 on September 8, 2026, BTIG Research raising its target from $30.00 to $40.00 on July 24, 2026, and Bank of America increasing its target from $29.00 to $31.00 on June 2, 2026. The average 12-month price target among analysts ranges from $33.91 to $34.36, indicating a significant potential upside from current trading levels.

4. Growth in client base and strategic market expansion fueled investor optimism. Progyny reported an increase in client count to 604 and eligible members to 7.2 million by the end of fiscal Q2 2026, up from 542 clients and 6.743 million members in fiscal Q2 2025. The company is also expanding its services beyond fertility into broader women's health areas like postpartum care and menopause, and introduced "Progyny Select" to target the smaller employer market, which could add approximately 50 million eligible lives.

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Stock Movement Drivers

Fundamental Drivers

The 2.7% change in PGNY stock from 5/31/2026 to 9/22/2026 was primarily driven by a 14.6% change in the company's Net Income Margin (%).
(LTM values as of)53120269222026Change
Stock Price ($)25.5626.242.7%
Change Contribution By: 
Total Revenues ($ Mil)1,2931,3111.4%
Net Income Margin (%)5.2%6.0%14.6%
P/E Multiple30.626.1-14.6%
Shares Outstanding (Mil)81783.5%
Cumulative Contribution2.7%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/22/2026
ReturnCorrelation
PGNY2.7% 
Market (SPY)2.5%-5.0%
Sector (XLV)14.2%3.2%

Fundamental Drivers

The 48.3% change in PGNY stock from 2/28/2026 to 9/22/2026 was primarily driven by a 32.1% change in the company's Net Income Margin (%).
(LTM values as of)22820269222026Change
Stock Price ($)17.6926.2448.3%
Change Contribution By: 
Total Revenues ($ Mil)1,2891,3111.7%
Net Income Margin (%)4.5%6.0%32.1%
P/E Multiple25.826.11.2%
Shares Outstanding (Mil)85789.1%
Cumulative Contribution48.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/22/2026
ReturnCorrelation
PGNY48.3% 
Market (SPY)13.3%4.5%
Sector (XLV)7.0%-2.2%

Fundamental Drivers

The 10.9% change in PGNY stock from 8/31/2025 to 9/22/2026 was primarily driven by a 40.2% change in the company's Net Income Margin (%).
(LTM values as of)83120259222026Change
Stock Price ($)23.6726.2410.9%
Change Contribution By: 
Total Revenues ($ Mil)1,2421,3115.5%
Net Income Margin (%)4.3%6.0%40.2%
P/E Multiple38.226.1-31.7%
Shares Outstanding (Mil)86789.7%
Cumulative Contribution10.9%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/22/2026
ReturnCorrelation
PGNY10.9% 
Market (SPY)21.2%8.5%
Sector (XLV)25.8%2.1%

Fundamental Drivers

The -29.7% change in PGNY stock from 8/31/2023 to 9/22/2026 was primarily driven by a -63.7% change in the company's P/E Multiple.
(LTM values as of)83120239222026Change
Stock Price ($)37.3426.24-29.7%
Change Contribution By: 
Total Revenues ($ Mil)9571,31136.9%
Net Income Margin (%)5.1%6.0%16.5%
P/E Multiple71.826.1-63.7%
Shares Outstanding (Mil)957821.2%
Cumulative Contribution-29.7%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/22/2026
ReturnCorrelation
PGNY-29.7% 
Market (SPY)78.3%15.0%
Sector (XLV)34.1%15.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PGNY Return19%-38%19%-54%49%5%-37%
Peers Return1%-6%2%13%13%2%26%
S&P 500 Return27%-19%24%23%16%13%107%

Monthly Win Rates [3]
PGNY Win Rate58%33%67%42%50%56% 
Peers Win Rate43%50%43%45%52%44% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
PGNY Max Drawdown-33%-50%-31%-67%-26%-43% 
Peers Max Drawdown-39%-35%-35%-41%-44%-32% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: TDOC, HIMS, CVS, UNH, CI. See PGNY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/22/2026 (YTD)

How Low Can It Go

EventPGNYS&P 500
2025 US Tariff Shock
  % Loss-16.3%-18.8%
  % Gain to Breakeven19.5%23.1%
  Time to Breakeven120 days79 days
2024 Yen Carry Trade Unwind
  % Loss-24.8%-7.8%
  % Gain to Breakeven33.0%8.5%
  Time to Breakeven512 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-25.1%-9.5%
  % Gain to Breakeven33.4%10.5%
  Time to Breakeven90 days24 days
2020 COVID-19 Crash
  % Loss-52.6%-33.7%
  % Gain to Breakeven111.1%50.9%
  Time to Breakeven249 days140 days

Compare to TDOC, HIMS, CVS, UNH, CI

In The Past

Progyny's stock fell -16.3% during the 2025 US Tariff Shock. Such a loss loss requires a 19.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventPGNYS&P 500
2024 Yen Carry Trade Unwind
  % Loss-24.8%-7.8%
  % Gain to Breakeven33.0%8.5%
  Time to Breakeven512 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-25.1%-9.5%
  % Gain to Breakeven33.4%10.5%
  Time to Breakeven90 days24 days
2020 COVID-19 Crash
  % Loss-52.6%-33.7%
  % Gain to Breakeven111.1%50.9%
  Time to Breakeven249 days140 days

Compare to TDOC, HIMS, CVS, UNH, CI

In The Past

Progyny's stock fell -16.3% during the 2025 US Tariff Shock. Such a loss loss requires a 19.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Progyny (PGNY)

Progyny, Inc. (PGNY) is a specialized benefits management company that offers comprehensive fertility and family building solutions to employers throughout the United States. The company streamlines access to essential and often complex medical and financial support for employees, aiming to enhance their journey toward parenthood through a differentiated and supportive framework.

The core of Progyny's offerings is its integrated fertility benefits solution. This includes a unique benefits plan design, personalized concierge-style member support services, and a carefully selected network of high-quality fertility specialists. Additionally, Progyny provides Progyny Rx, an integrated pharmacy benefits solution that ensures members have convenient access to the specific medications required during their fertility treatments.

Beyond direct fertility treatments, Progyny also assists employers in supporting a broader range of family building paths by offering surrogacy and adoption reimbursement programs. Through these diverse services, Progyny positions itself as a holistic partner for US employers seeking to provide robust and empathetic family building benefits to their workforce.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Progyny:

  • Progyny is like CVS Caremark for fertility benefits.
  • Progyny is like One Medical for fertility treatments.

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  • Fertility Benefits Solution: Comprehensive service offering differentiated plan design, personalized member support, and access to a selective network of fertility specialists.
  • Progyny Rx: An integrated pharmacy benefits solution providing members with access to necessary medications during their fertility treatment.
  • Surrogacy Reimbursement Programs: Employer-sponsored programs designed to help cover the costs associated with surrogacy.
  • Adoption Reimbursement Programs: Employer-sponsored programs designed to help cover the costs associated with adoption.

AI Analysis | Feedback

Progyny, Inc. (PGNY) primarily sells its fertility and family building benefits solutions to other companies, specifically employers, who then offer these benefits to their employees.

Due to client confidentiality and the nature of their business as a benefits management provider, Progyny does not publicly disclose the specific names of its major corporate customers. Therefore, it is not possible to list individual customer companies with their symbols.

However, Progyny frequently describes its customer base as comprising a broad range of leading, large, and self-insured employers across various industries. Key characteristics of their corporate customers include:

  • Large Employers: Progyny targets and serves substantial organizations, often including those within the Fortune 500 and other large enterprises, as these companies typically have the resources and employee base to invest in comprehensive benefits programs.
  • Self-Insured Employers: A significant portion of Progyny's client base consists of companies that self-fund their employee health benefits. This model allows employers greater flexibility and control over their benefits design, making them ideal partners for specialized solutions like Progyny's.
  • Diverse Industries: Progyny's clients span a wide array of sectors, including but not limited to technology, financial services, retail, professional services, and healthcare, reflecting a broad market adoption for their fertility and family building solutions.

Progyny's business model is centered on partnering with these types of employers to provide comprehensive and differentiated fertility benefits to their employee populations.

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Pete Anevski, Chief Executive Officer

Pete Anevski is the Chief Executive Officer at Progyny, leading the company's strategic vision and growth in the family building and women's health benefits industry. He has decades of experience building and scaling operations at leading healthcare and technology companies. Prior to becoming CEO in January 2022, Anevski served as Progyny's President and Chief Financial Officer. Before joining Progyny, he was Chief Financial Officer at WebMD, where he helped scale the organization and expand access to health information.

Mark Livingston, Chief Financial Officer

Mark Livingston serves as the Chief Financial Officer of Progyny, a role he was promoted to in September 2020 after joining the company in 2019 as Executive Vice President of Finance. He brings over 30 years of experience in accounting, public company reporting, and financial planning and analysis. Previously, Livingston served as CFO of the international business at Scripps Network Interactive and as CFO at Emerson, Reid & Company, an employee benefits wholesaler. He also held senior financial leadership roles at WebMD and Hess Corporation.

David Schlanger, Executive Chairman

David Schlanger brings over 25 years of healthcare and executive management experience to Progyny. He served as CEO of Progyny, leading the company through key milestones including its public offering and inclusion in the S&P 400 index. Prior to Progyny, Schlanger was the CEO of WebMD from 2013 to 2016, where he oversaw record revenue and profitability, and also led strategy, M&A, and business development functions. His early career involved corporate finance and M&A law, including work in the LBO (now private equity) world, with a notable client being Drexel Burnham. He joined Progyny when it was backed by investors like Kleiner Perkins and TPG.

Michael Sturmer, President

Michael Sturmer serves as the President of Progyny. He held this position from 2022 to 2025, and his employment as President will cease effective December 31, 2025, after which he will serve as a non-employee consultant to the company through December 31, 2026. Before joining Progyny, Sturmer was Senior Vice President of Health Services at Livongo Health, Inc. and Chief Operating Officer-New York at The Cigna Group.

Dr. Janet Choi, Chief Medical Officer

Dr. Janet Choi is the Chief Medical Officer at Progyny, where she leads the clinical strategy and ensures high-quality care across the family building and women's health continuum. She is a double board-certified reproductive endocrinologist and OB/GYN with over three decades of clinical leadership and patient care experience. Before Progyny, Dr. Choi was Medical Director at CCRM New York and held academic and clinical leadership roles at Columbia University Medical Center, serving as Director of Onco-Fertility and Co-Director of the Fertility Preservation Program.

AI Analysis | Feedback

The key risks to Progyny's business, which specializes in fertility and family-building benefits solutions, include client concentration, intensifying competition, and macroeconomic sensitivity.

  1. Client Concentration and Loss of Major Clients: A significant portion of Progyny's revenue is derived from its largest clients, many of which are concentrated in the technology industry. This presents a material financial risk, as the non-renewal or loss of a single large client's contract can have a substantial negative impact on revenue and stock price. For instance, the loss of one major client that accounted for 13% of revenue led to a 33% drop in Progyny's stock price.
  2. Intensifying Competition and Market Conditions: The fertility benefits management sector is becoming increasingly competitive, with new specialized providers and large healthcare payors developing their own comprehensive fertility benefit programs. This heightened competition can lead to pressure on Progyny's gross margins and may limit its ability to maintain premium pricing for its services.
  3. Macroeconomic Sensitivity: Progyny's financial performance is sensitive to broader macroeconomic conditions. Fertility treatments are often considered discretionary benefits, and during economic downturns, employers may scrutinize or reduce spending on such premium benefits. This can impact client adoption and retention, directly affecting Progyny's revenue projections.

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Progyny, Inc. (symbol: PGNY) addresses significant and growing markets within the United States for its fertility and family-building benefits solutions, as well as its integrated pharmacy benefits.

Fertility Benefits Solution

The addressable market for fertility services in the U.S. is substantial and expanding. In 2024, the U.S. fertility market size was estimated at approximately USD 8.37 billion and is projected to reach about USD 19.72 billion by 2034, with a compound annual growth rate (CAGR) of 9.10% from 2025 to 2034. Other estimates for the U.S. fertility market size indicate it was around USD 5.6 billion in 2024 and is expected to grow to USD 8.7 billion by 2033 at a CAGR of 5.1%. Progyny estimates that there are around 8,000 self-insured employers in the United States, representing a total of 106 million potential covered lives. As of December 31, 2025, Progyny served 555 clients, covering approximately 6.7 million members. A significant growth trend shows that more than 4 out of 10 U.S. employers (42%) offered fertility benefits in 2024, a notable increase from 30% in 2020. This trend is expected to continue, with 86% of employer respondents planning to offer family-forming and reproductive support in 2025.

Progyny Rx (Integrated Pharmacy Benefits Solution)

Progyny Rx, which provides access to essential medications for fertility treatments, represents a substantial portion of Progyny's revenue. This segment constituted about 36% of the company's revenue, totaling $458.93 million in the twelve months leading up to the report date. While a specific market size for "fertility medications within specialty pharmacy" is not readily available, it operates within the broader U.S. specialty pharmacy market, which is described as enormous, with fertility medications forming a significant and high-margin niche within it.

Surrogacy and Adoption Reimbursement Programs

The market for surrogacy and adoption reimbursement programs as part of employer-sponsored family-building benefits is also growing in the U.S. In 2024, 37% of employers offered paid adoption leave, an increase from 27% in 2020. Additionally, 20% of employers provided financial assistance for adoption in 2024. The high cost of private domestic adoption, typically ranging from $35,000 to $50,000, highlights the value of these benefits. Research also indicates that approximately 45% of clients with a leading family-building provider offer surrogacy and adoption benefits, with a projected 5% growth in 2025.

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Progyny (PGNY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

  • Growth in Clients and Covered Lives: Progyny anticipates continued expansion by attracting new large self-insured employers and increasing the number of covered lives under its benefits solutions. The company added over 80 new clients and approximately 900,000 new covered lives in a recent selling season. For 2026, Progyny projects around 7.2 million covered lives, marking an increase of approximately 7.4% from 2025's 6.7 million covered lives.
  • Expansion into New Markets: The company is strategically preparing to introduce new programs for the fully insured market, broadening its addressable market beyond its traditional focus on large self-insured employers. Additionally, Progyny is looking to expand its presence globally.
  • Launch and Growth of New Products and Services: Progyny launched new programs focused on pregnancy, postpartum care, and menopause for global employers, effective January 1, 2026. These offerings are designed to complement its core fertility benefits and target a wider women's health market.
  • Increased Adoption of Progyny Rx: The integrated pharmacy benefits solution, Progyny Rx, continues to be a growth driver. The adoption of this solution has steadily increased among clients, with approximately 90% of clients having Progyny Rx in 2023, up from 85% in 2022.
  • High Client Retention and Pricing Power: Progyny benefits from a high client retention rate, reported to be nearly 100%, which provides a stable revenue base. The company has also demonstrated the ability to implement price increases, with revenue growth outpacing the growth in units sold in recent periods, indicating sustained pricing power.

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Share Repurchases

  • In fiscal year 2024, Progyny executed a significant share repurchase program totaling $312 million, reducing the share count to 91 million.
  • The Board of Directors authorized two separate share repurchase programs in 2024, each for up to $100 million, funded through available cash balances.
  • In fiscal year 2025, Progyny spent $81.7 million on share buybacks, with additional repurchases of approximately 3.3 million shares for $83.6 million in Q4 2025 under a $200 million authorization.

Share Issuance

  • From fiscal 2020 to 2023, the number of shares outstanding steadily increased from 86 million to 95 million, primarily due to substantial stock-based compensation.
  • However, the company achieved an approximate 15% reduction in its total shares outstanding from Q4 2023 to Q4 2025, moving from 96.5 million to 81.9 million shares.

Capital Expenditures

  • Capital expenditures are typically minimal, reflecting an asset-light, services-based business model, often less than $6 million per quarter.
  • Annual capital expenditures were $4 million in 2023 and $5 million in 2024.
  • In fiscal year 2025, capital expenditures increased significantly to $18.4 million, a 240.6% increase from the prior year, primarily focused on funding long-term assets and infrastructure.

Better Bets vs. Progyny (PGNY)

Peer Outperformance in Health Care Services

PGNY has trailed 89% of its 19 Health Care Services peers over 5Y. Among the peers that beat it are RDNT, ADUS and CRVL. Health Care Services ranks 3rd of 10 industries in Health Care by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Health Care Services constituents that PGNY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
48%
of 21 industry peers · 18.6% return
3Y
5%
of 19 industry peers · -20.7% return
5Y
11%
of 19 industry peers · -58.7% return
Health Care Services peers with revenue growth within 4pp of PGNY's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
PGNY Progyny 11.2% 26.1x 18.6%-20.7%-58.7% —
RDNT RadNet 14.1% -272.3x -2.3%167.8%158.8% +217pp
ADUS Addus HomeCare 13.9% 19.8x 0.0%33.3%35.1% +94pp
CRVL CorVel 10.4% 32.4x -7.4%15.7%18.4% +77pp
SHC Sotera Health 7.7% 32.7x 15.8%21.5%-27.6% +31pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Health Care Services is PGNY's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 19.0%46.5%91.6% CAH 382% · MCK 351% · COR 171%
Managed Health Care 8 37.7%-6.6%0.6% OSCR 79% · HQY 41% · ELV 14%
Health Care Services ← 20 19.1%35.3%-0.5% HIMS 269% · RDNT 159% · DGX 69%
Health Care Facilities 24 5.9%13.0%-4.0% NHC 269% · THC 261% · ENSG 135%
Health Care Equipment 50 -2.1%-0.4%-21.5% POCI 11363% · UFPT 354% · GKOS 204%
Health Care Supplies 12 19.5%-6.4%-38.8% LNTH 270% · HAE 56% · MMSI 19%
Pharmaceuticals 63 -6.9%13.1%-42.8% LQDA 2369% · INDV 1106% · ETON 1024%
Life Sciences Tools & Services 113 2.5%-8.4%-67.1% SNWV 1794% · MEDP 223% · NTRA 216%
Biotechnology 378 0.3%-19.9%-78.2% CELZ 1243% · DNTH 1189% · TRVI 1055%
Health Care Technology 21 -24.3%-49.3%-78.8% SPOK 71% · HSTM 2% · VEEV -13%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PGNYTDOCHIMSCVSUNHCIMedian
NameProgyny Teladoc .Hims & H.CVS Heal.UnitedHe.Cigna  
Mkt Price26.246.3530.4387.10372.95273.7458.77
Mkt Cap2.11.17.1111.4336.472.039.5
Rev LTM1,3112,4892,578415,086450,129281,336141,957
Op Inc LTM112-146-15514,01321,6768,9114,512
FCF LTM1781186211,75823,6179,1134,646
FCF 3Y Avg180155907,27018,3657,0063,593
CFO LTM20126126314,78027,01710,2775,270
CFO 3Y Avg19329921710,14021,8588,3224,311

Growth & Margins

PGNYTDOCHIMSCVSUNHCIMedian
NameProgyny Teladoc .Hims & H.CVS Heal.UnitedHe.Cigna  
Rev Chg LTM5.5%-2.1%28.0%7.4%6.5%7.7%6.9%
Rev Chg 3Y Avg11.2%-0.5%55.6%7.0%8.9%131.9%10.0%
Rev Chg Q5.3%-4.0%38.2%7.3%0.4%6.7%6.0%
QoQ Delta Rev Chg LTM1.4%-1.0%8.8%1.8%0.1%1.6%1.5%
Op Inc Chg LTM46.1%20.6%-223.0%38.3%-29.5%8.8%14.7%
Op Inc Chg 3Y Avg37.7%12.7%282.8%0.8%-9.5%589.9%25.2%
Op Mgn LTM8.6%-5.9%-6.0%3.4%4.8%3.2%3.3%
Op Mgn 3Y Avg7.0%-7.1%0.5%3.1%6.8%3.3%3.2%
QoQ Delta Op Mgn LTM1.1%0.4%-4.7%0.5%0.6%0.1%0.5%
CFO/Rev LTM15.4%10.5%10.2%3.6%6.0%3.7%8.1%
CFO/Rev 3Y Avg15.7%11.7%11.7%2.6%5.1%3.3%8.4%
FCF/Rev LTM13.6%4.7%2.4%2.8%5.2%3.2%4.0%
FCF/Rev 3Y Avg14.7%6.1%5.6%1.8%4.3%2.8%4.9%

Valuation

PGNYTDOCHIMSCVSUNHCIMedian
NameProgyny Teladoc .Hims & H.CVS Heal.UnitedHe.Cigna  
Mkt Cap2.11.17.1111.4336.472.039.5
P/S1.60.52.70.30.70.30.6
P/Op Inc18.3-7.9-45.67.915.58.18.0
P/EBIT18.3-7.1-45.612.515.87.29.8
P/E26.1-6.5-49.722.823.811.217.0
P/CFO10.24.426.87.512.57.08.9
Total Yield3.8%-15.4%-2.0%7.5%6.6%11.2%5.2%
Dividend Yield0.0%0.0%0.0%3.1%2.4%2.3%1.1%
FCF Yield 3Y Avg8.1%9.8%1.3%7.2%5.5%8.5%7.6%
D/E0.00.90.20.70.20.40.3
Net D/E-0.10.20.10.60.10.30.2

Returns

PGNYTDOCHIMSCVSUNHCIMedian
NameProgyny Teladoc .Hims & H.CVS Heal.UnitedHe.Cigna  
1M Rtn2.3%-0.6%-9.9%-6.4%-3.8%-0.8%-2.3%
3M Rtn-1.5%-17.4%-7.7%-13.7%-8.3%-2.8%-8.0%
6M Rtn45.4%17.2%42.6%21.4%38.6%4.1%30.0%
12M Rtn18.6%-22.5%-47.3%19.6%12.2%-3.0%4.6%
3Y Rtn-20.7%-66.2%406.3%37.3%-21.5%0.2%-10.2%
1M Excs Rtn1.1%-1.8%-11.1%-7.5%-5.0%-2.0%-3.5%
3M Excs Rtn-6.9%-22.8%-13.1%-19.1%-13.7%-8.2%-13.4%
6M Excs Rtn27.7%-2.1%17.5%6.0%22.0%-12.1%11.8%
12M Excs Rtn4.9%-36.6%-63.9%3.4%-2.8%-20.1%-11.4%
3Y Excs Rtn-97.8%-144.5%307.8%-36.7%-92.9%-72.0%-82.5%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Fertility benefits services revenue831730676510356
Pharmacy benefits services revenue458438412277145
Total1,2891,1671,089787501


Price Behavior

Price Behavior
Market Price$26.24 
Market Cap ($ Bil)2.1 
First Trading Date10/25/2019 
Distance from 52W High-18.9% 
   50 Days200 Days
DMA Price$28.27$24.18
DMA Trendupdown
Distance from DMA-7.2%8.5%
 3M1YR
Volatility34.4%54.9%
Downside Capture10.7645.18
Upside Capture0.7256.60
Correlation (SPY)-6.6%8.2%
PGNY Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta0.03-0.04-0.090.180.390.52
Up Beta0.560.430.300.260.460.43
Down Beta-3.10-1.63-0.85-0.22-0.240.32
Up Capture-131%-36%6%57%48%22%
Bmk +ve Days10213268138427
Stock +ve Days8193367129391
Down Capture275%90%7%-22%71%94%
Bmk -ve Days11213259113324
Stock -ve Days13233159121358

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PGNY
PGNY21.5%54.8%0.54-
Sector ETF (XLV)26.0%16.1%1.240.9%
Equity (SPY)17.6%13.0%0.988.2%
Gold (GLD)18.0%29.3%0.563.4%
Commodities (DBC)46.6%20.7%1.75-1.4%
Real Estate (VNQ)5.2%13.6%0.129.3%
Bitcoin (BTCUSD)-26.0%44.9%-0.549.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PGNY
PGNY-14.9%55.6%-0.08-
Sector ETF (XLV)6.8%15.2%0.2626.0%
Equity (SPY)13.3%17.2%0.5931.1%
Gold (GLD)18.9%18.8%0.812.2%
Commodities (DBC)10.8%19.6%0.436.2%
Real Estate (VNQ)1.0%18.9%-0.0528.6%
Bitcoin (BTCUSD)12.7%52.6%0.4220.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PGNY
PGNY5.0%60.9%0.37-
Sector ETF (XLV)10.8%16.7%0.5235.1%
Equity (SPY)15.4%17.9%0.7338.6%
Gold (GLD)12.2%16.4%0.613.7%
Commodities (DBC)8.3%18.1%0.3711.7%
Real Estate (VNQ)4.7%20.7%0.1935.7%
Bitcoin (BTCUSD)64.0%66.2%1.0418.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity4.5 Mil
Short Interest: % Change Since 8152026-2.6%
Average Daily Volume1.0 Mil
Days-to-Cover Short Interest4.5 days
Basic Shares Quantity78.2 Mil
Short % of Basic Shares5.7%

Earnings Returns History

Updated 9/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-7.0%-14.3%-14.1%
5/7/202623.8%19.4%35.3%
2/26/2026-20.5%-20.8%-22.4%
11/6/202524.2%35.6%37.3%
7/8/202513.1%9.4%8.3%
2/27/2024-15.1%-15.4%-6.9%
2/27/202320.8%14.2%6.8%
1/9/20235.8%18.2%13.7%
...
SUMMARY STATS   
# Positive9910
# Negative776
Median Positive13.1%14.2%25.4%
Median Negative-12.8%-15.2%-17.6%
Max Positive38.2%48.9%37.3%
Max Negative-20.5%-20.8%-22.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-7.0%-14.3%-14.1%
5/7/202623.8%19.4%35.3%
2/26/2026-20.5%-20.8%-22.4%
11/6/202524.2%35.6%37.3%
7/8/202513.1%9.4%8.3%
2/27/2024-15.1%-15.4%-6.9%
2/27/202320.8%14.2%6.8%
1/9/20235.8%18.2%13.7%
8/4/202238.2%48.9%26.2%
5/5/20221.2%-9.2%-19.4%
2/28/20229.5%10.4%31.6%
11/4/20214.3%1.0%-18.4%
8/5/2021-12.8%-15.2%4.3%
5/6/2021-0.7%-7.7%24.7%
2/24/2021-18.8%-19.8%-16.8%
11/5/2020-1.2%8.7%37.0%
SUMMARY STATS   
# Positive9910
# Negative776
Median Positive13.1%14.2%25.4%
Median Negative-12.8%-15.2%-17.6%
Max Positive38.2%48.9%37.3%
Max Negative-20.5%-20.8%-22.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/08/202610-Q
12/31/202502/27/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202403/03/202510-K
09/30/202411/12/202410-Q
06/30/202408/07/202410-Q
03/31/202405/10/202410-Q
12/31/202302/29/202410-K
09/30/202311/08/202310-Q
06/30/202308/04/202310-Q
03/31/202305/09/202310-Q
12/31/202203/01/202310-K
09/30/202211/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/07/202610-Q
03/31/202605/08/202610-Q
12/31/202502/27/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202403/03/202510-K
09/30/202411/12/202410-Q
06/30/202408/07/202410-Q
03/31/202405/10/202410-Q
12/31/202302/29/202410-K
09/30/202311/08/202310-Q
06/30/202308/04/202310-Q
03/31/202305/09/202310-Q
12/31/202203/01/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q
12/31/202103/01/202210-K
09/30/202111/08/202110-Q
06/30/202108/06/202110-Q
03/31/202105/07/202110-Q
12/31/202003/01/202110-K
09/30/202011/06/202010-Q
06/30/202008/10/202010-Q
03/31/202005/14/202010-Q
12/31/201903/10/202010-K
09/30/201912/06/201910-Q

Recent Forward Guidance

Updated 8/7/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 RevenueReported335.00 Mil340.00 Mil345.00 Mil-2.4% LoweredGuidance: 348.50 Mil for Q2 2026
Q3 2026 Adjusted EBITDAReported56.00 Mil57.50 Mil59.00 Mil-4.2% LoweredGuidance: 60.00 Mil for Q2 2026
Q3 2026 Net IncomeReported24.50 Mil25.60 Mil26.70 Mil-6.1% LoweredGuidance: 27.25 Mil for Q2 2026
Q3 2026 EPSReported0.30.320.33-4.5% LoweredGuidance: 0.33 for Q2 2026
Q3 2026 Adjusted EPSReported0.50.510.52-1.0% LoweredGuidance: 0.52 for Q2 2026
2026 RevenueReported1.36 Bil1.37 Bil1.39 Bil-0.9% LoweredGuidance: 1.39 Bil for 2026
2026 Adjusted EBITDAReported233.00 Mil236.50 Mil240.00 Mil-0.6% LoweredGuidance: 238.00 Mil for 2026
2026 Net IncomeReported104.80 Mil107.35 Mil109.90 Mil-0.6% LoweredGuidance: 108.00 Mil for 2026
2026 EPSReported1.261.291.320.4% RaisedGuidance: 1.28 for 2026
2026 Adjusted EPSReported2.042.072.11.7% RaisedGuidance: 2.04 for 2026


Prior: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 RevenueReported342.00 Mil348.50 Mil355.00 Mil7.1% Higher NewGuidance: 325.50 Mil for Q1 2026
Q2 2026 Adjusted EBITDAReported58.00 Mil60.00 Mil62.00 Mil13.2% Higher NewGuidance: 53.00 Mil for Q1 2026
Q2 2026 Net IncomeReported25.80 Mil27.25 Mil28.70 Mil22.5% Higher NewGuidance: 22.25 Mil for Q1 2026
Q2 2026 EPSReported0.310.330.35   
Q2 2026 Adjusted EPSReported0.50.520.5318.4% Higher NewGuidance: 0.43 for Q1 2026
2026 RevenueReported1.36 Bil1.39 Bil1.41 Bil0.4% RaisedGuidance: 1.38 Bil for 2026
2026 Adjusted EBITDAReported232.00 Mil238.00 Mil244.00 Mil2.8% RaisedGuidance: 231.50 Mil for 2026
2026 Net IncomeReported103.70 Mil108.00 Mil112.30 Mil7.2% RaisedGuidance: 100.75 Mil for 2026
2026 EPSReported1.231.281.34   
2026 Adjusted EPSReported1.982.042.097.7% RaisedGuidance: 1.89 for 2026

Q4 2025 Earnings Reported 2/26/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 RevenueReported319.00 Mil325.50 Mil332.00 Mil8.4% Higher NewGuidance: 300.20 Mil for Q4 2025
Q1 2026 Adjusted EBITDAReported51.00 Mil53.00 Mil55.00 Mil12.1% Higher NewGuidance: 47.30 Mil for Q4 2025
Q1 2026 Net IncomeReported20.80 Mil22.25 Mil23.70 Mil58.9% Higher NewGuidance: 14.00 Mil for Q4 2025
Q1 2026 Adjusted EPSReported0.420.430.4513.0% Higher NewGuidance: 0.39 for Q4 2025
2026 Average MembersReported 6.90 Mil    
2026 Female Utilization RateReported0.010.010.01   
2026 Female Unique UtilizersReported72,00072,25072,500   
2026 ART CyclesReported66,60067,85069,100   
2026 RevenueReported1.35 Bil1.38 Bil1.41 Bil8.6% Higher NewGuidance: 1.27 Bil for 2025
2026 Adjusted EBITDAReported224.00 Mil231.50 Mil239.00 Mil6.2% Higher NewGuidance: 218.00 Mil for 2025
2026 Net IncomeReported95.40 Mil100.75 Mil106.10 Mil67.9% Higher NewGuidance: 60.00 Mil for 2025
2026 Adjusted EPSReported1.831.891.954.7% Higher NewGuidance: 1.8 for 2025

Q3 2025 Earnings Reported 11/6/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2025 RevenueReported292.74 Mil300.20 Mil307.74 Mil   
Q4 2025 Adjusted EBITDAReported45.30 Mil47.30 Mil49.30 Mil   
Q4 2025 Net IncomeReported12.46 Mil14.00 Mil15.46 Mil   
Q4 2025 EPSReported0.140.150.17   
Q4 2025 Adjusted EPSReported0.370.390.4   
2025 RevenueReported1.26 Bil1.27 Bil1.28 Bil   
2025 Adjusted EBITDAReported216.00 Mil218.00 Mil220.00 Mil   
2025 Net IncomeReported58.50 Mil60.00 Mil61.50 Mil   
2025 EPSReported0.650.670.68   
2025 Adjusted EPSReported1.791.81.82   

Insider Activity

Updated 9/21/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gordon, Kevin K DirectSell914202627.9411,500321,358189,797Form
2Cummings, Melissa BChief Operating OfficerDirectSell716202631.602,24470,9102,209,914Form
3Livingston, Mark SCHIEF FINANCIAL OFFICERDirectSell605202625.502,51764,1841,904,544Form
4Swartz, AllisonEVP, GCDirectSell605202625.0859915,0232,066,040Form
5Swartz, AllisonEVP, GCDirectSell605202625.021,19929,9992,084,566Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Gordon, Kevin K DirectSell914202627.9411,500321,358189,797Form
2Cummings, Melissa BChief Operating OfficerDirectSell716202631.602,24470,9102,209,914Form
3Livingston, Mark SCHIEF FINANCIAL OFFICERDirectSell605202625.502,51764,1841,904,544Form
4Swartz, AllisonEVP, GCDirectSell605202625.0859915,0232,066,040Form
5Swartz, AllisonEVP, GCDirectSell605202625.021,19929,9992,084,566Form
6Livingston, Mark SCHIEF FINANCIAL OFFICERDirectSell603202626.202797,3102,060,001Form
7Clapp, GeoffreyChief Product OfficerDirectSell603202625.581,53039,1371,512,213Form
8Scott, Cheryl DirectSell603202626.397,439196,278521,684Form
9Swartz, AllisonEVP, GCDirectSell601202625.462,39861,0532,168,963Form
10Gordon, Kevin K DirectSell529202624.995,500137,445232,857Form
11Livingston, Mark SCHIEF FINANCIAL OFFICERDirectSell521202625.508,275211,0122,016,106Form
12Cummings, Melissa BChief Operating OfficerDirectSell521202625.009,578239,4501,834,275Form
13Swartz, AllisonEVP, GCDirectSell306202617.5459910,5061,560,025Form
14Swartz, AllisonEVP, GCDirectSell304202617.404,65781,0301,563,856Form
15Swartz, AllisonEVP, GCDirectSell304202617.272,19937,9771,681,718Form
16Livingston, Mark SCHIEF FINANCIAL OFFICERDirectSell1215202525.5045911,7041,198,066Form
17Swartz, AllisonEVP, GCDirectSell1208202524.5953013,0331,788,160Form
18Livingston, Mark SCHIEF FINANCIAL OFFICERDirectSell1204202525.502135,4321,221,986Form
19Swartz, AllisonEVP, GCDirectSell1202202526.872,39864,4341,979,164Form
20Livingston, Mark SCHIEF FINANCIAL OFFICERDirectSell1119202525.5021,303543,2261,233,129Form
21Anevski, PeterCHIEF EXECUTIVE OFFICERDirectBuy1117202524.2979,5001,930,89616,521,936Form
22Swartz, AllisonEVP, GCDirectSell905202523.5359914,0941,821,387Form
23Swartz, AllisonEVP, GCDirectSell902202522.962,39855,0581,829,843Form
Core Cache Last Updated: 9/22/2026