# Progyny, Inc. (PGNY)

> Source: Nexqual · https://nexqual.com/PGNY · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Progyny, Inc. (PGNY), nexqual.com/PGNY" · informational, not investment advice.

**Price:** USD 28.4 (+1.90% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 27.87 · day 28.03–28.58 · 52w 16.1–33.07 · market cap $2.18B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.31B, net income $78.6M (6.0% margin), free cash flow $178M (SEC filings).
- Valuation: P/E 27.7x (avg 43.3x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold PGNY (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.08 on a 1–5 scale) (12 analysts), mean target USD 34.42 (range 30–40).
- Total return with dividends: 1Y +49.4% vs S&P 500 +14.8%; 5Y -53.8% vs S&P 500 +79.1%.
- Next earnings: 2026-11-04, EPS estimate USD 0.51, revenue estimate $341M. All companies reporting that day: https://nexqual.com/earnings/2026-11-04
- Dividend: PGNY paid no cash dividend in the last five years.
- Short interest: 8.93% of float (as of 2026-10-15), 4.1 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $501M | $787M | $1.09B | $1.17B | $1.29B | $1.31B |
| Gross profit | $112M | $167M | $239M | $253M | $304M | — |
| Operating income | $32.3M | $23.3M | $62.2M | $67.5M | $85.3M | $112M |
| Net income | $65.8M | $30.4M | $62.0M | $54.3M | $58.5M | $78.6M |
| EPS (diluted) | $0.66 | $0.30 | $0.62 | $0.57 | $0.65 | — |
| Free cash flow | $23.9M | $77.2M | $185M | $174M | $192M | $178M |
| Gross margin | 22.4% | 21.3% | 21.9% | 21.7% | 23.6% | — |
| Operating margin | 6.5% | 3.0% | 5.7% | 5.8% | 6.6% | 8.6% |
| Net margin | 13.1% | 3.9% | 5.7% | 4.7% | 4.5% | 6.0% |
| Revenue growth | +45.2% | +57.2% | +38.3% | +7.2% | +10.4% | — |
| Cash + short-term investments | $119M | $189M | $371M | $228M | $310M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 27.7x · P/S 1.7x · P/FCF 12.2x · P/B 4.8x · FCF yield 8.19% · Earnings yield 3.61% · Buyback yield (TTM) 10.57%
P/E at fiscal year-ends: Dec 2025 39.4x, Dec 2024 30.3x, Dec 2023 60.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PGNY. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.01% | $6.1M | Added +8.4% |

## Analysts
Consensus Buy (mean 2.08 on a 1–5 scale), 12 analysts; mean target USD 34.42 (low 30, high 40).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-30 | Wells Fargo | Initiated | Overweight | $37 |
| 2026-09-08 | Citizens | Target raised | Market Outperform | $31 → $33 |
| 2026-08-21 | JP Morgan | Target raised | Neutral | $27 → $30 |
| 2026-08-20 | Wells Fargo | Initiated | Overweight | $37 |
| 2026-08-13 | Truist Securities | Target raised | Buy | $33 → $36 |
| 2026-08-12 | Barclays | Target lowered | Equal-Weight | $34 → $30 |
| 2026-07-28 | Barclays | Downgrade | Overweight → Equal-Weight | $27 → $34 |
| 2026-07-24 | BTIG | Target raised | Buy | $30 → $40 |
| 2026-07-21 | Canaccord Genuity | Target raised | Buy | $30 → $36 |
| 2026-07-13 | Keybanc | Target raised | Overweight | $30 → $35 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +49.4% | -53.8% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +49.8% | -14.3% |
| Volatility (annualized) | 53.5% | 52.1% |
| Max drawdown | -42.6% (Jan 2026→Apr 2026) | -78.1% (Nov 2021→Nov 2024) |

## Dividends
PGNY paid no cash dividend in the last five years.

## Short interest
4,849,079 shares sold short, 8.93% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 4,707,672 shares (+3.0%). Days to cover: 4.1 (short shares ÷ average daily volume).

## Peers (Healthcare Plans)
CLOV (Clover Health Investments, Corp) USD 4.58 -4.38% · ALHC (Alignment Healthcare, Inc.) USD 8.06 -1.47% · OSCR (Oscar Health, Inc.) USD 30.79 +1.02% · MOH (Molina Healthcare Inc) USD 198.95 +0.43% · CNC (Centene Corporation) USD 68.62 +2.34% · HUM (Humana Inc.) USD 417.56 +1.38%

## More
Full page: https://nexqual.com/PGNY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.51 | $0.52 | -2.7% | $340.8M | 9 |
| Next quarter (ends 2026-12-31) | $0.53 | $0.52 | +1.8% | $355.2M | 9 |
| Current fiscal year (ends 2026-12-31) | $2.08 | $2.06 | +1.3% | $1.37B | 9 |
| Next fiscal year (ends 2027-12-31) | $2.31 | $2.25 | +2.9% | $1.51B | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±14.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 69.3% | ±14.6% |
| 2026-12-18 | 50 | 53.7% | ±16.9% |
| 2027-02-19 | 113 | 44.5% | ±20.5% |
| 2027-05-21 | 204 | 48.9% | ±29.8% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.55 | $0.52 | Beat +5.8% | — |
| — | Quarter ended Mar 31, 2026 | $0.50 | $0.44 | Beat +13.6% | — |
| — | Quarter ended Dec 31, 2025 | $0.48 | $0.40 | Beat +20.0% | — |
| — | Quarter ended Sep 30, 2025 | $0.45 | $0.39 | Beat +15.4% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).