Progyny (PGNY)


Market Price (11/9/2026): $34.89 | Market Cap: $2.6 BilSector: Health Care | Industry: Health Care Services

Progyny (PGNY)


Market Price (11/9/2026): $34.89
Market Cap: $2.6 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

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 13%

Attractive yield
FCF Yield is 6.8%

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

Trading close to highs
Dist 52W High is 0.0%

Weak multi-year price returns
3Y Excs Rtn is -60%

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 29x

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

0 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 13%
1 Attractive yield
FCF Yield is 6.8%
2 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Digital Health & Telemedicine. Themes include Personalized Diagnostics, Telehealth Platforms, Show more.
3 Trading close to highs
Dist 52W High is 0.0%
4 Weak multi-year price returns
3Y Excs Rtn is -60%
5 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 29x
6 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%
IWM0.09%
IJR0.13%
VB0.02%
IHF0.28%
IJT0.27%
SLYG0.26%
+14 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/5/2026

Progyny (PGNY) stock has gained about 10% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Financial Performance and Raised Full-Year Guidance.

Progyny reported robust financial results for its fiscal third quarter ended September 30, 2026, surpassing analyst expectations. The company announced revenue of $341.3 million, an 8.9% increase compared to the same period last year, exceeding analyst estimates of $340.76 million. Diluted earnings per share (EPS) for the quarter were $0.32, or $0.52 on a non-GAAP basis, which beat the consensus estimate of $0.31 or $0.51 respectively. Furthermore, Progyny raised the midpoint of its full-year 2026 guidance for both revenue and profitability, projecting full-year revenue between $1.365 billion and $1.385 billion, reflecting a growth of 5.9%-7.5% (or 10.1%-11.7% excluding revenue from a former client under a transition agreement).

2. Record-Setting Client Acquisition and High Retention Rates.

The company demonstrated significant success in expanding its client base and retaining existing partners. Progyny announced a "record selling season" for 2027, securing 1.3 million new covered lives and adding over 85 new clients. Concurrently, it achieved a near 100% retention rate for its existing client base for 2027. As of September 30, 2026, Progyny served 607 clients and 7.155 million members, an increase from 555 clients and 6.689 million members as of December 31, 2025.

Show more
Updated on 11/5/2026

Progyny (PGNY) stock has gained about 10% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Financial Performance and Raised Full-Year Guidance.

Progyny reported robust financial results for its fiscal third quarter ended September 30, 2026, surpassing analyst expectations. The company announced revenue of $341.3 million, an 8.9% increase compared to the same period last year, exceeding analyst estimates of $340.76 million. Diluted earnings per share (EPS) for the quarter were $0.32, or $0.52 on a non-GAAP basis, which beat the consensus estimate of $0.31 or $0.51 respectively. Furthermore, Progyny raised the midpoint of its full-year 2026 guidance for both revenue and profitability, projecting full-year revenue between $1.365 billion and $1.385 billion, reflecting a growth of 5.9%-7.5% (or 10.1%-11.7% excluding revenue from a former client under a transition agreement).

2. Record-Setting Client Acquisition and High Retention Rates.

The company demonstrated significant success in expanding its client base and retaining existing partners. Progyny announced a "record selling season" for 2027, securing 1.3 million new covered lives and adding over 85 new clients. Concurrently, it achieved a near 100% retention rate for its existing client base for 2027. As of September 30, 2026, Progyny served 607 clients and 7.155 million members, an increase from 555 clients and 6.689 million members as of December 31, 2025.

3. Substantial Share Repurchase Program.

Progyny's active share repurchase program contributed positively to investor sentiment and stock performance. During fiscal Q3 2026, the company repurchased nearly 3 million shares of its common stock for a total cost of $82.7 million under its May 2026 authorization. Cumulatively, since the inception of its share repurchase programs in November 2025, Progyny has repurchased nearly 11 million shares, effectively reducing its outstanding shares by approximately 15%.

4. Positive Analyst Sentiment and Price Target Upgrades.

Following the strong Q3 2026 results and positive outlook, numerous financial analysts reiterated their "Buy" or "Overweight" ratings and increased their price targets for Progyny's stock. For example, Wells Fargo raised its price target to $38 from $37, while Cantor Fitzgerald increased its target from $31 to $35. The stock currently holds an average rating of "Moderate Buy" or "Strong Buy" among analysts, with a consensus price target ranging from $34.42 to $34.92, indicating confidence in the company's future performance.

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Stock Movement Drivers

Fundamental Drivers

The 11.9% change in PGNY stock from 7/31/2026 to 11/8/2026 was primarily driven by a 29.9% change in the company's Net Income Margin (%).
(LTM values as of)731202611082026Change
Stock Price ($)31.1334.8411.9%
Change Contribution By: 
Total Revenues ($ Mil)1,2931,3393.5%
Net Income Margin (%)5.2%6.8%29.9%
P/E Multiple37.229.2-21.6%
Shares Outstanding (Mil)81766.2%
Cumulative Contribution11.9%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/8/2026
ReturnCorrelation
PGNY11.9% 
Market (SPY)-1.6%-40.7%
Sector (XLV)13.7%-7.7%

Fundamental Drivers

The 87.5% change in PGNY stock from 4/30/2026 to 11/8/2026 was primarily driven by a 49.7% change in the company's Net Income Margin (%).
(LTM values as of)430202611082026Change
Stock Price ($)18.5834.8487.5%
Change Contribution By: 
Total Revenues ($ Mil)1,2891,3393.9%
Net Income Margin (%)4.5%6.8%49.7%
P/E Multiple27.129.27.8%
Shares Outstanding (Mil)857611.9%
Cumulative Contribution87.5%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/8/2026
ReturnCorrelation
PGNY87.5% 
Market (SPY)2.6%-16.2%
Sector (XLV)27.1%-3.2%

Fundamental Drivers

The 86.2% change in PGNY stock from 10/31/2025 to 11/8/2026 was primarily driven by a 59.0% change in the company's Net Income Margin (%).
(LTM values as of)1031202511082026Change
Stock Price ($)18.7134.8486.2%
Change Contribution By: 
Total Revenues ($ Mil)1,2421,3397.8%
Net Income Margin (%)4.3%6.8%59.0%
P/E Multiple30.229.2-3.4%
Shares Outstanding (Mil)867612.5%
Cumulative Contribution86.2%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/8/2026
ReturnCorrelation
PGNY86.2% 
Market (SPY)8.7%-2.3%
Sector (XLV)29.8%0.9%

Fundamental Drivers

The 12.9% change in PGNY stock from 10/31/2023 to 11/8/2026 was primarily driven by a 39.8% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311082026Change
Stock Price ($)30.8634.8412.9%
Change Contribution By: 
Total Revenues ($ Mil)9571,33939.8%
Net Income Margin (%)5.1%6.8%32.1%
P/E Multiple59.329.2-50.8%
Shares Outstanding (Mil)957624.3%
Cumulative Contribution12.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/8/2026
ReturnCorrelation
PGNY12.9% 
Market (SPY)81.9%11.1%
Sector (XLV)55.4%14.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PGNY Return19%-38%19%-54%49%36%-18%
Peers Return1%-6%2%13%13%9%34%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
PGNY Win Rate58%33%67%42%50%55% 
Peers Win Rate43%50%43%45%52%47% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
PGNY Max Drawdown-33%-50%-31%-67%-26%-43% 
Peers Max Drawdown-39%-35%-35%-41%-44%-34% 
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 11/6/2026 (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 79% of its 19 Health Care Services peers over 5Y. Among the peers that beat it are DGX, DVA and LH. Health Care Services ranks 2nd 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
71%
of 21 industry peers · 55.7% return
3Y
37%
of 19 industry peers · 17.7% return
5Y
21%
of 19 industry peers · -47.7% 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 9.1% 29.2x 55.7%17.7%-47.7% —
DGX Quest Diagnostics 8.5% 24.9x 44.8%105.5%98.0% +146pp
DVA DaVita 6.0% 13.3x 54.7%127.0%74.9% +123pp
LH Labcorp 6.6% 29.6x 46.5%84.6%34.4% +82pp
CRVL CorVel 10.5% 34.6x 9.5%27.0%32.3% +80pp
CVS CVS Health 6.5% 9.7x 9.4%40.7%5.7% +53pp
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 6.4%56.1%94.3% CAH 506% · MCK 394% · COR 179%
Health Care Services ← 20 32.4%25.6%7.4% HIMS 208% · RDNT 127% · DGX 98%
Managed Health Care 8 55.2%-1.8%-2.7% OSCR 86% · HQY 50% · ELV 7%
Health Care Facilities 26 16.4%22.6%-8.9% THC 277% · NHC 227% · EHC 177%
Health Care Equipment 50 4.0%18.3%-16.3% UFPT 356% · GKOS 318% · TMDX 175%
Pharmaceuticals 60 -8.6%18.7%-39.8% LQDA 933% · XERS 649% · KNSA 543%
Health Care Supplies 11 23.1%19.5%-41.3% LNTH 242% · HAE 69% · MMSI 25%
Life Sciences Tools & Services 108 -6.4%-14.5%-74.1% AXGN 249% · MEDP 191% · NTRA 166%
Biotechnology 365 -23.8%-29.2%-81.7% ELVN 1232% · TRVI 1075% · DNTH 1069%
Health Care Technology 21 -21.7%-47.8%-83.1% VEEV -5% · DOCS -54%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PGNYTDOCHIMSCVSUNHCIMedian
NameProgyny Teladoc .Hims & H.CVS Heal.UnitedHe.Cigna  
Mkt Price34.898.7526.0284.24393.99293.9959.57
Mkt Cap2.71.66.0108.0353.477.341.6
Rev LTM1,3392,4682,578420,614449,662285,217143,898
Op Inc LTM126-132-15515,06123,9248,6754,400
FCF LTM1801266215,56722,8268,2664,223
FCF 3Y Avg178158907,84917,7656,9623,570
CFO LTM20726826318,70826,1959,4304,849
CFO 3Y Avg19330021710,80921,2658,2374,268

Growth & Margins

PGNYTDOCHIMSCVSUNHCIMedian
NameProgyny Teladoc .Hims & H.CVS Heal.UnitedHe.Cigna  
Rev Chg LTM5.5%-2.4%28.0%6.7%3.3%6.8%6.1%
Rev Chg 3Y Avg9.1%-1.5%55.6%6.5%7.7%14.9%8.4%
Rev Chg Q8.9%-3.4%38.2%5.4%-0.4%5.6%5.5%
QoQ Delta Rev Chg LTM2.1%-0.9%8.8%1.3%-0.1%1.4%1.4%
Op Inc Chg LTM46.5%25.9%-223.0%41.4%-9.2%7.8%16.9%
Op Inc Chg 3Y Avg34.8%14.2%282.8%4.1%-8.4%7.0%10.6%
Op Mgn LTM9.4%-5.4%-6.0%3.6%5.3%3.0%3.3%
Op Mgn 3Y Avg7.3%-6.7%0.5%3.1%6.5%3.2%3.1%
QoQ Delta Op Mgn LTM0.8%0.5%-4.7%0.2%0.5%-0.1%0.3%
CFO/Rev LTM15.5%10.9%10.2%4.4%5.8%3.3%8.0%
CFO/Rev 3Y Avg15.4%11.8%11.7%2.7%5.0%3.1%8.3%
FCF/Rev LTM13.4%5.1%2.4%3.7%5.1%2.9%4.4%
FCF/Rev 3Y Avg14.3%6.2%5.6%1.9%4.1%2.6%4.9%

Valuation

PGNYTDOCHIMSCVSUNHCIMedian
NameProgyny Teladoc .Hims & H.CVS Heal.UnitedHe.Cigna  
Mkt Cap2.71.66.0108.0353.477.341.6
P/S2.00.62.30.30.80.30.7
P/Op Inc21.1-12.0-39.07.214.88.98.0
P/EBIT21.1-11.5-39.07.115.07.87.5
P/E29.2-10.3-42.59.822.212.911.3
P/CFO12.85.922.95.813.58.210.5
Total Yield3.4%-9.7%-2.4%13.5%6.8%9.9%5.1%
Dividend Yield0.0%0.0%0.0%3.2%2.3%2.1%1.1%
FCF Yield 3Y Avg10.1%11.8%1.3%7.6%5.0%8.9%8.3%
D/E0.00.70.30.70.20.40.3
Net D/E-0.10.10.10.60.10.30.1

Returns

PGNYTDOCHIMSCVSUNHCIMedian
NameProgyny Teladoc .Hims & H.CVS Heal.UnitedHe.Cigna  
1M Rtn24.9%51.6%-15.8%-1.5%3.9%4.1%4.0%
3M Rtn24.2%22.7%-17.6%-11.3%-2.6%4.6%1.0%
6M Rtn47.1%20.7%-8.0%-5.7%4.9%3.2%4.1%
12M Rtn56.0%16.2%-36.6%9.9%24.8%13.6%14.9%
3Y Rtn17.9%-44.1%292.5%41.3%-22.2%7.9%12.9%
1M Excs Rtn30.4%62.9%-2.3%1.7%11.2%9.6%10.4%
3M Excs Rtn30.1%28.4%-13.2%-6.4%1.8%11.0%6.4%
6M Excs Rtn47.4%21.0%-7.7%-5.4%5.2%3.5%4.4%
12M Excs Rtn76.2%0.0%-49.0%2.0%14.9%7.3%4.6%
3Y Excs Rtn-59.5%-121.3%267.6%-37.2%-95.1%-73.5%-66.5%

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$34.84 
Market Cap ($ Bil)2.7 
First Trading Date10/25/2019 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$27.45$24.53
DMA Trenddownup
Distance from DMA26.9%42.1%
 3M1YR
Volatility43.7%56.1%
Downside Capture-91.456.73
Upside Capture17.9278.46
Correlation (S&P 500)-44.2%-2.0%
PGNY Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.64-0.43-0.39-0.030.240.48
Up Beta0.25-0.83-0.010.680.190.41
Down Beta-0.59-1.21-1.72-0.61-0.390.26
Up Capture61%32%-26%44%63%23%
Bmk +ve Days12182862130427
Stock +ve Days14243271135397
Down Capture-178%-81%8%-96%28%89%
Bmk -ve Days10253664121325
Stock -ve Days8193255115353

[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
PGNY85.0%56.1%1.29-
Sector ETF (XLV)28.6%16.9%1.310.9%
Equity (SPY)9.5%13.6%0.40-2.2%
Gold (GLD)1.6%28.7%0.05-0.4%
Commodities (DBC)38.4%21.2%1.42-3.0%
Real Estate (VNQ)11.3%14.2%0.515.9%
Bitcoin (BTCUSD)-27.2%43.6%-0.613.4%

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-10.7%55.8%0.01-
Sector ETF (XLV)8.3%15.4%0.3524.8%
Equity (SPY)11.3%17.3%0.4828.8%
Gold (GLD)17.5%19.1%0.741.7%
Commodities (DBC)8.1%19.6%0.305.6%
Real Estate (VNQ)1.3%18.9%-0.0427.6%
Bitcoin (BTCUSD)4.0%51.6%0.2619.3%

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
PGNY8.1%60.7%0.43-
Sector ETF (XLV)12.2%16.8%0.5934.5%
Equity (SPY)15.0%18.0%0.7037.3%
Gold (GLD)11.9%16.5%0.593.4%
Commodities (DBC)7.5%18.1%0.3311.4%
Real Estate (VNQ)5.9%20.7%0.2435.1%
Bitcoin (BTCUSD)60.0%66.3%1.0018.0%

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

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity4.8 Mil
Short Interest: % Change Since 9302026-4.8%
Average Daily Volume1.1 Mil
Days-to-Cover Short Interest4.2 days
Basic Shares Quantity76.2 Mil
Short % of Basic Shares6.4%

Earnings Returns History

Updated 11/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/202614.2%  
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%
5/8/2025-9.3%-6.1%-6.0%
2/27/2025-1.5%-8.0%-4.3%
...
SUMMARY STATS   
# Positive131012
# Negative131513
Median Positive9.5%12.3%20.3%
Median Negative-12.8%-14.3%-13.5%
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
11/4/202614.2%  
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%
5/8/2025-9.3%-6.1%-6.0%
2/27/2025-1.5%-8.0%-4.3%
11/12/2024-19.1%-20.4%-13.5%
8/6/2024-19.0%-16.1%-8.0%
5/9/2024-15.3%-15.2%-14.4%
2/27/2024-15.1%-15.4%-6.9%
11/7/2023-7.8%-0.5%13.5%
8/3/20236.1%-6.5%-7.6%
5/8/20238.5%3.3%15.9%
2/27/202320.8%14.2%6.8%
1/9/20235.8%18.2%13.7%
11/3/20220.7%-3.2%-12.5%
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   
# Positive131012
# Negative131513
Median Positive9.5%12.3%20.3%
Median Negative-12.8%-14.3%-13.5%
Max Positive38.2%48.9%37.3%
Max Negative-20.5%-20.8%-22.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/05/202610-Q
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
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/05/202610-Q
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

Recent Forward Guidance

Updated 11/5/2026

Latest: Q3 2026 Earnings Reported 11/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Adjusted Earnings Per Diluted ShareReported0.530.560.588.8% Higher NewGuidance: 0.51 for Q3 2026
Q4 2026 ART Cycles per Unique Female UtilizerReported0.520.530.53   
Q4 2026 RevenueReported344.73 Mil354.73 Mil364.73 Mil4.3% Higher NewGuidance: 340.00 Mil for Q3 2026
Q4 2026 Revenue GrowthReported8.3%11.45%14.6%   
Q4 2026 Adjusted EBITDAReported57.87 Mil60.37 Mil62.87 Mil5.0% Higher NewGuidance: 57.50 Mil for Q3 2026
Q4 2026 Net IncomeReported28.46 Mil30.26 Mil32.06 Mil18.2% Higher NewGuidance: 25.60 Mil for Q3 2026
Q4 2026 Adjusted Net IncomeReported42.16 Mil43.96 Mil45.76 Mil   
Q4 2026 Diluted EPSReported0.360.390.4122.2% Higher NewGuidance: 0.32 for Q3 2026
2026 Adjusted Earnings Per Diluted ShareReported2.092.112.131.9% RaisedGuidance: 2.07 for 2026
2026 Average MembersReported6.90 Mil6.90 Mil6.90 Mil   
2026 Female Utilization RateReported0.010.010.01   
2026 Female Unique UtilizersReported720007225072500   
2026 ART CyclesReported670006750068000   
2026 ART Cycles per Unique Female UtilizerReported0.930.940.94   
2026 RevenueReported1.36 Bil1.38 Bil1.39 Bil0.2% RaisedGuidance: 1.37 Bil for 2026
2026 Revenue GrowthReported5.9%6.7%7.5%   
2026 Revenue Growth Excluding Transition AgreementReported10.1%10.9%11.7%   
2026 Adjusted EBITDAReported235.00 Mil237.50 Mil240.00 Mil0.4% RaisedGuidance: 236.50 Mil for 2026
2026 Net IncomeReported107.00 Mil108.80 Mil110.60 Mil1.4% RaisedGuidance: 107.35 Mil for 2026
2026 Adjusted Net IncomeReported171.40 Mil173.20 Mil175.00 Mil   
2026 Diluted EPSReported1.31.331.352.7% RaisedGuidance: 1.29 for 2026
2027 Total ClientsReported 660    
2027 Covered LivesReported 8.30 Mil    


Prior: 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: 1.29 for 2026
2026 Adjusted EPSReported2.042.072.11.7% RaisedGuidance: 2.04 for 2026

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: 0.44 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 EPSReported1.231.291.34   
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 EPSReported0.420.440.4513.0% Higher NewGuidance: 0.39 for Q4 2025
2026 Average MembersReported 6.90 Mil    
2026 Female Utilization RateReported0.010.010.01   
2026 Female Unique UtilizersReported720007225072500   
2026 ART CyclesReported666006785069100   
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: 1.81 for 2025

Insider Activity

Updated 11/6/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Livingston, Mark SCHIEF FINANCIAL OFFICERDirectSell1106202630.002,13964,1702,109,420Form
2Cummings, Melissa BChief Operating OfficerDirectSell1016202628.001,87952,6121,861,888Form
3Swartz, AllisonEVP, GCDirectSell928202626.103,903101,8681,978,798Form
4Gordon, Kevin K DirectSell914202627.9411,500321,358189,797Form
5Cummings, Melissa BChief Operating OfficerDirectSell716202631.602,24470,9102,209,914Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Livingston, Mark SCHIEF FINANCIAL OFFICERDirectSell1106202630.002,13964,1702,109,420Form
2Cummings, Melissa BChief Operating OfficerDirectSell1016202628.001,87952,6121,861,888Form
3Swartz, AllisonEVP, GCDirectSell928202626.103,903101,8681,978,798Form
4Gordon, Kevin K DirectSell914202627.9411,500321,358189,797Form
5Cummings, Melissa BChief Operating OfficerDirectSell716202631.602,24470,9102,209,914Form
6Livingston, Mark SCHIEF FINANCIAL OFFICERDirectSell605202625.502,51764,1841,904,544Form
7Swartz, AllisonEVP, GCDirectSell605202625.0859915,0232,066,040Form
8Swartz, AllisonEVP, GCDirectSell605202625.021,19929,9992,084,566Form
9Livingston, Mark SCHIEF FINANCIAL OFFICERDirectSell603202626.202797,3102,060,001Form
10Clapp, GeoffreyChief Product OfficerDirectSell603202625.581,53039,1371,512,213Form
11Scott, Cheryl DirectSell603202626.397,439196,278521,684Form
12Swartz, AllisonEVP, GCDirectSell601202625.462,39861,0532,168,963Form
13Gordon, Kevin K DirectSell529202624.995,500137,445232,857Form
14Livingston, Mark SCHIEF FINANCIAL OFFICERDirectSell521202625.508,275211,0122,016,106Form
15Cummings, Melissa BChief Operating OfficerDirectSell521202625.009,578239,4501,834,275Form
16Swartz, AllisonEVP, GCDirectSell306202617.5459910,5061,560,025Form
17Swartz, AllisonEVP, GCDirectSell304202617.404,65781,0301,563,856Form
18Swartz, AllisonEVP, GCDirectSell304202617.272,19937,9771,681,718Form
19Livingston, Mark SCHIEF FINANCIAL OFFICERDirectSell1215202525.5045911,7041,198,066Form
20Swartz, AllisonEVP, GCDirectSell1208202524.5953013,0331,788,160Form
21Livingston, Mark SCHIEF FINANCIAL OFFICERDirectSell1204202525.502135,4321,221,986Form
22Swartz, AllisonEVP, GCDirectSell1202202526.872,39864,4341,979,164Form
23Livingston, Mark SCHIEF FINANCIAL OFFICERDirectSell1119202525.5021,303543,2261,233,129Form
24Anevski, PeterCHIEF EXECUTIVE OFFICERDirectBuy1117202524.2979,5001,930,89616,521,936Form
Core Cache Last Updated: 11/8/2026