Progyny, Inc. Financials
This page shows Progyny, Inc. (PGNY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash conversion is the clearest operating mechanic, supported by low reinvestment needs and improving service economics at scale.
In FY2025, operating cash flow of$210.2M and free cash flow of$191.8M sat far above reported earnings. With net income at$58.5M and receivables falling year over year despite higher revenue, working-capital timing is amplifying cash conversion; that helps explain why this model throws off cash much faster than the income statement alone suggests, especially when receivables unwind.
Gross margin widened from
Share repurchases cut diluted shares from 96.5M to 81.9M, making the EPS trend look better than net margin alone would suggest. The current ratio remained 2.7x, so that capital return did not obviously come at the expense of short-term liquidity.
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Progyny, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Progyny, Inc. has an operating margin of 6.6%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 62/100, indicating healthy but not exceptional operating efficiency. This is up from 5.8% the prior year.
Progyny, Inc.'s revenue grew 10.4% year-over-year to $1.3B, a solid pace of expansion. This earns a growth score of 62/100.
Progyny, Inc. has a moderate D/E ratio of 0.44. This balance of debt and equity financing earns a leverage score of 62/100.
With a current ratio of 2.73, Progyny, Inc. holds $2.73 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 73/100.
Progyny, Inc. converts 14.9% of revenue into free cash flow ($191.8M). This strong cash generation earns a score of 80/100.
Progyny, Inc. earns a strong 11.3% return on equity (ROE), meaning it generates $11 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 78/100. This is down from 12.9% the prior year.
Progyny, Inc. scores 9.44, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.4B) relative to total liabilities ($226.4M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Progyny, Inc. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Progyny, Inc. generates $3.59 in operating cash flow ($210.2M OCF vs $58.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Progyny, Inc. generated $1.3B in revenue in fiscal year 2025. This represents an increase of 10.4% from the prior year.
Progyny, Inc.'s EBITDA was $90.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 27.7% from the prior year.
Progyny, Inc. reported $58.5M in net income in fiscal year 2025. This represents an increase of 7.7% from the prior year.
Progyny, Inc. earned $0.65 per diluted share (EPS) in fiscal year 2025. This represents an increase of 14.0% from the prior year.
Cash & Balance Sheet
Progyny, Inc. generated $191.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 10.4% from the prior year.
Progyny, Inc. held $112.2M in cash against $0 in long-term debt as of fiscal year 2025.
Progyny, Inc. had 82M shares outstanding in fiscal year 2025. This represents a decrease of 4.1% from the prior year.
Margins & Returns
Progyny, Inc.'s gross margin was 23.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.9 percentage points from the prior year.
Progyny, Inc.'s operating margin was 6.6% in fiscal year 2025, reflecting core business profitability. This is up 0.8 percentage points from the prior year.
Progyny, Inc.'s net profit margin was 4.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.1 percentage points from the prior year.
Progyny, Inc.'s ROE was 11.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.5 percentage points from the prior year.
Capital Allocation
Progyny, Inc. invested $9.5M in research and development in fiscal year 2025.
Progyny, Inc. spent $81.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 72.8% from the prior year.
Progyny, Inc. invested $18.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 240.6% from the prior year.
PGNY Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $328.5M+3.2% | $318.4M+1.6% | $313.3M-5.9% | $332.9M+2.7% | $324.0M+8.6% | $298.4M+4.1% | $286.6M-5.7% | $304.1M |
| Cost of Revenue | $245.4M+1.6% | $241.5M+0.4% | $240.5M-5.3% | $253.9M+2.3% | $248.2M+5.6% | $235.0M+3.4% | $227.4M-3.6% | $235.8M |
| Gross Profit | $83.1M+8.1% | $76.9M+5.6% | $72.8M-7.8% | $79.0M+4.2% | $75.8M+19.5% | $63.4M+7.1% | $59.2M-13.2% | $68.3M |
| R&D Expenses | $2.8M | N/A | $2.6M | N/A | $1.5M | N/A | N/A | N/A |
| SG&A Expenses | $30.8M-29.5% | $43.7M+30.9% | $33.4M-7.8% | $36.2M+7.0% | $33.8M+5.7% | $32.0M+5.6% | $30.3M-2.7% | $31.2M |
| Operating Income | $35.4M+132.4% | $15.2M-29.3% | $21.5M-11.6% | $24.4M+0.8% | $24.2M+53.1% | $15.8M+26.7% | $12.5M-39.8% | $20.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $12.7M+135.6% | $5.4M-46.8% | $10.1M+1.4% | $10.0M-13.2% | $11.5M+61.1% | $7.1M-5.5% | $7.5M-12.1% | $8.6M |
| Net Income | $24.2M+94.1% | $12.5M-9.9% | $13.9M-19.0% | $17.1M+13.6% | $15.1M+43.0% | $10.5M+1.1% | $10.4M-36.8% | $16.5M |
| EPS (Diluted) | $0.29+107.1% | $0.14-6.7% | $0.15-21.1% | $0.19+11.8% | $0.17+41.7% | $0.12+9.1% | $0.11-35.3% | $0.17 |
PGNY Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $698.3M-5.9% | $742.4M-6.6% | $795.2M+4.5% | $761.0M+4.2% | $730.3M+20.3% | $607.1M-8.0% | $660.0M-5.5% | $698.6M |
| Current Assets | $501.6M-9.1% | $551.8M-11.3% | $622.0M+4.6% | $594.4M+4.7% | $567.7M+20.1% | $472.7M-13.5% | $546.3M-6.2% | $582.2M |
| Cash & Equivalents | $131.6M+17.3% | $112.2M-16.2% | $134.0M+1.1% | $132.5M+21.3% | $109.2M-32.7% | $162.3M+77.4% | $91.5M-3.7% | $95.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $263.6M+19.7% | $220.3M-12.8% | $252.5M-7.1% | $271.9M-9.3% | $299.7M+27.4% | $235.3M-16.2% | $280.7M-4.4% | $293.8M |
| Goodwill | $19.9M-0.5% | $20.0M+0.1% | $20.0M0.0% | $20.0M+1.6% | $19.7M+26.5% | $15.5M-1.7% | $15.8M+1.2% | $15.6M |
| Total Liabilities | $259.0M+14.4% | $226.4M-3.8% | $235.2M-4.4% | $245.9M-6.5% | $263.1M+42.2% | $185.0M-17.8% | $225.1M-7.2% | $242.4M |
| Current Liabilities | $235.7M+16.5% | $202.4M-3.8% | $210.5M-4.5% | $220.4M-7.0% | $237.1M+40.6% | $168.6M-19.1% | $208.5M-7.5% | $225.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $439.3M-14.9% | $516.0M-7.8% | $560.0M+8.7% | $515.0M+10.2% | $467.2M+10.7% | $422.1M-2.9% | $434.9M-4.7% | $456.2M |
| Retained Earnings | $227.1M+11.9% | $202.8M+6.6% | $190.3M+7.9% | $176.5M+10.7% | $159.4M+10.4% | $144.3M+7.9% | $133.8M+8.4% | $123.4M |
PGNY Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $45.9M-15.2% | $54.2M+7.0% | $50.7M-8.7% | $55.5M+11.4% | $49.8M-4.5% | $52.2M+17.2% | $44.5M-21.5% | $56.7M |
| Capital Expenditures | $6.3M+13.1% | $5.6M+19.9% | $4.7M-11.1% | $5.3M+85.3% | $2.8M+50.0% | $1.9M+5.6% | $1.8M+107.2% | $866K |
| Free Cash Flow | $39.6M-18.5% | $48.6M+5.7% | $46.0M-8.5% | $50.2M+7.0% | $47.0M-6.6% | $50.3M+17.7% | $42.7M-23.5% | $55.8M |
| Investing Cash Flow | $96.6M+1070.0% | $8.3M+119.3% | -$42.7M-42.9% | -$29.9M+68.4% | -$94.6M-226.2% | $75.0M+388.2% | $15.4M-82.2% | $86.1M |
| Financing Cash Flow | -$123.1M-39.5% | -$88.3M-1508.8% | -$5.5M-135.6% | -$2.3M+29.2% | -$3.3M+94.2% | -$56.3M+11.1% | -$63.4M+61.1% | -$162.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $118.6M+45.3% | $81.7M | $0 | $0 | $0-100.0% | $55.1M-10.3% | $61.5M-61.6% | $160.0M |
PGNY Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.3%+1.1pp | 24.1%+0.9pp | 23.2%-0.5pp | 23.7%+0.3pp | 23.4%+2.1pp | 21.3%+0.6pp | 20.7%-1.8pp | 22.4% |
| Operating Margin | 10.8%+6.0pp | 4.8%-2.1pp | 6.9%-0.5pp | 7.3%-0.1pp | 7.5%+2.2pp | 5.3%+0.9pp | 4.3%-2.5pp | 6.8% |
| Net Margin | 7.4%+3.5pp | 3.9%-0.5pp | 4.4%-0.7pp | 5.1%+0.5pp | 4.7%+1.1pp | 3.5%-0.1pp | 3.6%-1.8pp | 5.4% |
| Return on Equity | 5.5%+3.1pp | 2.4%-0.1pp | 2.5%-0.8pp | 3.3%+0.1pp | 3.2%+0.7pp | 2.5%+0.1pp | 2.4%-1.2pp | 3.6% |
| Return on Assets | 3.5%+1.8pp | 1.7%-0.1pp | 1.7%-0.5pp | 2.3%+0.2pp | 2.1%+0.3pp | 1.7%+0.1pp | 1.6%-0.8pp | 2.4% |
| Current Ratio | 2.13-0.6 | 2.73-0.2 | 2.96+0.3 | 2.70+0.3 | 2.39-0.4 | 2.80+0.2 | 2.62+0.0 | 2.58 |
| Debt-to-Equity | 0.59+0.2 | 0.44+0.0 | 0.42-0.1 | 0.48-0.1 | 0.56+0.1 | 0.44-0.1 | 0.52-0.0 | 0.53 |
| FCF Margin | 12.1%-3.2pp | 15.3%+0.6pp | 14.7%-0.4pp | 15.1%+0.6pp | 14.5%-2.3pp | 16.8%+1.9pp | 14.9%-3.5pp | 18.4% |
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Frequently Asked Questions
What is Progyny, Inc.'s annual revenue?
Progyny, Inc. (PGNY) reported $1.3B in total revenue for fiscal year 2025. This represents a 10.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Progyny, Inc.'s revenue growing?
Progyny, Inc. (PGNY) revenue grew by 10.4% year-over-year, from $1.2B to $1.3B in fiscal year 2025.
Is Progyny, Inc. profitable?
Yes, Progyny, Inc. (PGNY) reported a net income of $58.5M in fiscal year 2025, with a net profit margin of 4.5%.
What is Progyny, Inc.'s EBITDA?
Progyny, Inc. (PGNY) had EBITDA of $90.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Progyny, Inc.'s gross margin?
Progyny, Inc. (PGNY) had a gross margin of 23.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Progyny, Inc.'s operating margin?
Progyny, Inc. (PGNY) had an operating margin of 6.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Progyny, Inc.'s net profit margin?
Progyny, Inc. (PGNY) had a net profit margin of 4.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Progyny, Inc.'s return on equity (ROE)?
Progyny, Inc. (PGNY) has a return on equity of 11.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Progyny, Inc.'s free cash flow?
Progyny, Inc. (PGNY) generated $191.8M in free cash flow during fiscal year 2025. This represents a 10.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Progyny, Inc.'s operating cash flow?
Progyny, Inc. (PGNY) generated $210.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Progyny, Inc.'s total assets?
Progyny, Inc. (PGNY) had $742.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Progyny, Inc.'s capital expenditures?
Progyny, Inc. (PGNY) invested $18.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Progyny, Inc. spend on research and development?
Progyny, Inc. (PGNY) invested $9.5M in research and development during fiscal year 2025.
What is Progyny, Inc.'s current ratio?
Progyny, Inc. (PGNY) had a current ratio of 2.73 as of fiscal year 2025, which is generally considered healthy.
What is Progyny, Inc.'s debt-to-equity ratio?
Progyny, Inc. (PGNY) had a debt-to-equity ratio of 0.44 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Progyny, Inc.'s return on assets (ROA)?
Progyny, Inc. (PGNY) had a return on assets of 7.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Progyny, Inc.'s Altman Z-Score?
Progyny, Inc. (PGNY) has an Altman Z-Score of 9.44, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Progyny, Inc.'s Piotroski F-Score?
Progyny, Inc. (PGNY) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Progyny, Inc.'s earnings high quality?
Progyny, Inc. (PGNY) has an earnings quality ratio of 3.59x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Progyny, Inc.?
Progyny, Inc. (PGNY) scores 70 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.