Detailed financial statements for Progyny, Inc. (PGNY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Progyny, Inc. functions as a benefits management corporation, dedicated to providing specialized solutions for fertility and broader family-building initiatives to employers throughout the United States. Its core fertility offering is characterized by a distinctive benefits plan architecture, paired with personalized, white-glove member support services and access to a meticulously chosen network of top-tier fertility specialists.
Analysis Summary
Progyny, Inc. reported revenue of $1.29B in the most recent fiscal year, growing at a 5-year CAGR of 30.2%. Net income reached $58.5M, with a 4.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 24.6%, operating margin 8.6%, net margin 6.0%. Free cash flow grew at 40.4% CAGR over 5 years.
At the current price of $25.86, PGNY trades at a P/E of 27.42 and an ROE of 15.98%. Market capitalisation stands at $2.0B.
Balance sheet quality for PGNY: current ratio of 2.7, net cash position of $282.4M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $191.8M represents 328% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $48.6M | $105.4M | $229.7M | $344.9M | $500.6M | $786.9M | $1.09B | $1.17B | $1.29B |
| Cost of Revenue | $41.2M | $86.0M | $184.2M | $274.8M | $388.5M | $619.6M | $849.8M | $913.9M | $984.2M |
| Gross Profit | $7.4M | $19.4M | $45.5M | $70.1M | $112.1M | $167.3M | $238.8M | $253.4M | $304.5M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $18.4M | $22.9M | $35.8M | $61.7M | $79.8M | $144.0M | $176.6M | $185.9M | $219.2M |
| Operating Expenses | $18.4M | $22.9M | $35.8M | $61.7M | $79.8M | $144.0M | $176.6M | $185.9M | $219.2M |
| Operating Income | -$11.0M | -$3.5M | $9.7M | $8.3M | $32.3M | $23.3M | $62.2M | $67.5M | $85.3M |
| EBITDA | -$9.4M | -$1.6M | $11.8M | $10.3M | $33.7M | $26.0M | $73.0M | $86.4M | $100.4M |
| Interest Expense | $740,000 | $497,000 | $58,000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$12.5M | -$6.9M | -$8.6M | $8.7M | $32.4M | $24.4M | $70.7M | $83.2M | $95.4M |
| Income Tax | -$3,000 | -$1.8M | $12,000 | -$37.8M | -$33.3M | -$5.9M | $8.7M | $28.9M | $36.9M |
| Net Income | -$12.5M | $661,000 | -$8.6M | $46.5M | $65.8M | $30.4M | $62.0M | $54.3M | $58.5M |
| EPS | $-2.19 | $0.01 | $-0.10 | $0.54 | $0.74 | $0.33 | $0.65 | $0.59 | $0.68 |
| EPS (Diluted) | $-2.19 | $0.01 | $-0.10 | $0.47 | $0.66 | $0.30 | $0.62 | $0.57 | $0.65 |
| Shares Outstanding (Diluted) | $5.7M | $81.6M | $83.6M | $99.1M | $100.4M | $100.0M | $100.7M | $95.4M | $89.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $313.3M | $318.4M | $328.5M | $350.5M |
| Gross Profit | $72.8M | $76.9M | $83.1M | $89.3M |
| Operating Income | $21.5M | $15.2M | $35.4M | $40.0M |
| EBITDA | $25.2M | $19.2M | $38.4M | $44.2M |
| Net Income | $13.9M | $12.5M | $24.2M | $28.1M |
| EPS | $0.16 | $0.15 | $0.30 | $0.36 |
| EPS (Diluted) | $0.15 | $0.14 | $0.29 | $0.34 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.7M | $127,000 | $80.4M | $70.3M | $91.4M | $120.1M | $97.3M | $162.3M | $112.2M |
| Short-term Investments | 0 | 0 | 0 | $39.0M | $28.0M | $69.2M | $273.8M | $65.6M | $197.9M |
| Receivables | $11.4M | $23.3M | $47.1M | $75.7M | $134.6M | $240.1M | $241.9M | $235.3M | $220.3M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $16.8M | $24.5M | $132.4M | $190.2M | $258.5M | $433.9M | $640.4M | $472.7M | $551.8M |
| Property, Plant & Equipment | $597,000 | $776,000 | $3.1M | $12.1M | $12.8M | $15.3M | $27.8M | $29.6M | $54.9M |
| Goodwill | $11.9M | $11.9M | $11.9M | $11.9M | $11.9M | $11.9M | $11.9M | $15.5M | $20.0M |
| Intangible Assets | $5.3M | $3.9M | $2.4M | $1.2M | $599,000 | $99,000 | 0 | $1.3M | $6.2M |
| Total Assets | $35.0M | $41.3M | $150.4M | $253.9M | $358.1M | $543.0M | $756.6M | $607.1M | $742.4M |
| Accounts Payable | $5.1M | $15.6M | $19.4M | $43.5M | $61.4M | $109.3M | $125.4M | $95.1M | $124.1M |
| Short-term Debt | $3.6M | $253,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $17.8M | $30.2M | $36.2M | $77.8M | $98.8M | $159.5M | $185.9M | $168.6M | $202.4M |
| Long-term Debt | $1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $24.3M | $30.2M | $36.2M | $87.0M | $106.2M | $166.0M | $203.2M | $185.0M | $226.4M |
| Retained Earnings | -$104.6M | -$104.9M | -$113.5M | -$68.2M | -$2.4M | $27.9M | $90.0M | $144.3M | $202.8M |
| Total Equity | $10.7M | $11.1M | $114.3M | $166.9M | $251.8M | $377.0M | $553.4M | $422.1M | $516.0M |
| Total Debt | $5.2M | $253,000 | 0 | $9.5M | $8.7M | $7.7M | $19.4M | $19.3M | $27.7M |
| Net Debt | $497,000 | $126,000 | -$80.4M | -$99.8M | -$110.8M | -$181.6M | -$351.7M | -$208.7M | -$282.4M |
| Working Capital | -$1.0M | -$5.7M | $96.3M | $112.4M | $159.7M | $274.3M | $454.5M | $304.1M | $349.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $134.0M | $112.2M | $132.6M | $152.6M |
| Total Assets | $795.2M | $742.4M | $698.3M | $715.8M |
| Total Liabilities | $235.2M | $226.4M | $259.0M | $262.6M |
| Total Equity | $560.0M | $516.0M | $439.3M | $453.3M |
| Total Debt | $28.1M | $27.7M | $27.3M | $27.0M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$12.5M | $661,000 | -$8.6M | $46.5M | $65.8M | $30.4M | $62.0M | $54.3M | $58.5M |
| Depreciation & Amortization | $1.6M | $1.9M | $2.1M | $1.9M | $1.3M | $1.6M | $2.3M | $3.2M | $4.9M |
| Stock-based Compensation | $1.6M | $3.0M | $5.1M | $12.8M | $33.7M | $100.7M | $122.6M | $128.1M | $131.9M |
| Change in Working Capital | -$1.4M | $354,000 | -$20.0M | $7.4M | -$51.3M | -$59.5M | -$17.4M | -$11.8M | $2.8M |
| Operating Cash Flow | -$9.5M | $2.3M | -$1.5M | $36.2M | $26.0M | $80.4M | $188.8M | $179.1M | $210.2M |
| Capital Expenditure | -$612,000 | -$579,000 | -$3.0M | -$1.0M | -$2.1M | -$3.2M | -$3.6M | -$5.4M | -$18.4M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$5.3M | -$9.3M |
| Stock Repurchased | 0 | -$3.7M | -$185,000 | 0 | 0 | 0 | 0 | -$300.3M | -$81.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$10.1M | $1.7M | -$4.5M | $35.2M | $23.9M | $77.2M | $185.2M | $173.7M | $191.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $50.7M | $54.2M | $45.9M | $96.4M |
| Capital Expenditure | -$4.7M | -$5.6M | -$6.3M | -$12.6M |
| Free Cash Flow | $46.0M | $48.6M | $39.6M | $83.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $32.2M | $34.8M | $19.7M | $40.2M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +116.9% | +117.9% | +50.1% | +45.2% | +57.2% | +38.3% | +7.2% | +10.4% | |
| Net Income Growth (YoY) | +105.3% | -1,396.4% | +642.2% | +41.6% | -53.8% | +104.4% | -12.4% | +7.7% | |
| EPS Growth (YoY) | +100.4% | -1,334.6% | +640.0% | +37.0% | -55.4% | +97.0% | -9.2% | +15.3% | |
| Shares Change (YoY) | +1,333.4% | +2.5% | +18.5% | +1.3% | -0.4% | +0.7% | -5.2% | -6.3% | |
| FCF Growth (YoY) | +116.8% | -365.2% | +883.2% | -32.0% | +222.7% | +140.0% | -6.2% | +10.4% | |
| Gross Margin | 15.2% | 18.4% | 19.8% | 20.3% | 22.4% | 21.3% | 21.9% | 21.7% | 23.6% |
| Operating Margin | -22.7% | -3.3% | 4.2% | 2.4% | 6.5% | 3.0% | 5.7% | 5.8% | 6.6% |
| EBITDA Margin | -19.4% | -1.5% | 5.1% | 3.0% | 6.7% | 3.3% | 6.7% | 7.4% | 7.8% |
| Net Margin | -25.6% | 0.6% | -3.7% | 13.5% | 13.1% | 3.9% | 5.7% | 4.7% | 4.5% |
| FCF Margin | -20.8% | 1.6% | -2.0% | 10.2% | 4.8% | 9.8% | 17.0% | 14.9% | 14.9% |
| Effective Tax Rate | 0.0% | 25.8% | -0.1% | -435.3% | -102.8% | -24.2% | 12.2% | 34.7% | 38.7% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.77 | $0.02 | $-0.05 | $0.36 | $0.24 | $0.77 | $1.84 | $1.82 | $2.14 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $5.7M | $81.6M | $83.6M | $85.7M | $89.1M | $92.2M | $95.0M | $91.5M | $85.2M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 15.98% |
| Return on Invested Capital | 15.32% |
| Return on Assets | 10.98% |
| Gross Margin | 24.57% |
| Operating Margin | 8.55% |
| Net Margin | 6.00% |
Financial Health
| Debt / Equity | 0.06 |
| Current Ratio | 2.14 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 8.86 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | -7.28 | 1,967.90 | -274.50 | 78.50 | 68.04 | 94.39 | 57.20 | 29.24 | 37.76 |
| P/B | 8.48 | 116.89 | 20.08 | 21.77 | 17.82 | 7.62 | 6.38 | 3.74 | 4.24 |
| P/S | 1.87 | 12.33 | 9.99 | 10.54 | 8.96 | 3.65 | 3.25 | 1.35 | 1.70 |
| Gross Margin | 15.2% | 18.4% | 19.8% | 20.3% | 22.4% | 21.3% | 21.9% | 21.7% | 23.6% |
| Operating Margin | -22.7% | -3.3% | 4.2% | 2.4% | 6.5% | 3.0% | 5.7% | 5.8% | 6.6% |
| Net Margin | -25.6% | 0.6% | -3.7% | 13.5% | 13.1% | 3.9% | 5.7% | 4.7% | 4.5% |
Related companies: ALVO · GDRX · OMCL · OMDA · PHR · SDGR
Explore sector: Healthcare · Medical - Healthcare Plans
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