PGNY · Progyny, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $328.50M | - | $313.35M | $332.87M | $324.04M | - | - | - | - | - |
| Cost of Revenue | $245.43M | - | $240.51M | $253.90M | $248.24M | - | $227.38M | $235.81M | $215.67M | - |
| Gross Profit | $83.07M | - | $72.83M | $78.97M | $75.80M | - | $59.24M | $68.28M | $62.41M | - |
| R&D | $1.50M | - | $2.60M | - | - | - | - | - | - | - |
| SG&A | $30.81M | - | $33.37M | $36.21M | $33.84M | - | $30.33M | $31.17M | $28.43M | - |
| Total Operating Expenses | $47.69M | - | $51.31M | $54.62M | $51.63M | - | $46.79M | $47.59M | $43.88M | - |
| D&A | $1.48M | - | - | - | $1.11M | - | - | - | $716.0K | - |
| Operating Income | $35.38M | - | $21.53M | $24.36M | $24.17M | - | $12.46M | $20.69M | $18.52M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $12.65M | - | $10.10M | $9.96M | $11.48M | - | $7.54M | $8.58M | $5.62M | - |
| Net Income | $24.23M | - | $13.86M | $17.11M | $15.06M | - | $10.42M | $16.48M | $16.90M | - |
| EPS - Basic | $0.30 | - | $0.16 | $0.20 | $0.18 | - | $0.12 | $0.18 | $0.18 | - |
| EPS - Diluted | $0.29 | - | $0.15 | $0.19 | $0.17 | - | $0.11 | $0.17 | $0.17 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $131.61M | $112.24M | $133.98M | $132.51M | $109.24M | $162.31M | $91.48M | $94.96M | $114.96M | $97.30M |
| Accounts Receivable | $263.61M | $220.29M | $252.50M | $271.85M | $299.74M | $235.32M | $280.72M | $293.80M | $297.21M | $241.87M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $157.83M | $124.07M | $123.09M | $140.52M | $145.71M | $95.10M | $130.46M | $151.75M | $130.17M | $125.43M |
| Current Assets | $501.55M | $551.77M | $622.01M | $594.40M | $567.69M | $472.72M | $546.30M | $582.24M | $681.51M | $640.41M |
| Total Assets | $698.34M | $742.43M | $795.23M | $760.95M | $730.28M | $607.10M | $659.97M | $698.63M | $794.30M | $756.62M |
| Current Liabilities | $235.74M | $202.39M | $210.49M | $220.42M | $237.13M | $168.63M | $208.47M | $225.38M | $205.92M | $185.95M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $258.99M | $226.39M | $235.22M | $245.93M | $263.13M | $185.04M | $225.10M | $242.44M | $222.70M | $203.19M |
| Stockholders' Equity | $439.34M | $516.04M | $560.00M | $515.02M | $467.16M | $422.06M | $434.88M | $456.19M | $571.60M | $553.43M |
| Retained Earnings | $227.06M | $202.83M | $190.34M | $176.48M | $159.37M | $144.31M | $133.78M | $123.35M | $106.87M | $89.97M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $45.95M | - | - | - | $49.81M | - | - | - | $25.73M | - |
| Investing Cash Flow | $96.59M | - | - | - | ($94.61M) | - | - | - | $19.34M | - |
| Financing Cash Flow | ($123.11M) | - | - | - | ($3.29M) | - | - | - | ($27.41M) | - |
| CapEx | $6.35M | - | - | - | $2.84M | - | - | - | $850.0K | - |
| Free Cash Flow | $39.60M | - | - | - | $46.97M | - | - | - | $24.88M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 25.3% | - | 23.2% | 23.7% | 23.4% | - | - | - | - | - |
| Operating margin | 10.8% | - | 6.9% | 7.3% | 7.5% | - | - | - | - | - |
| EBITDA margin | 11.2% | - | - | - | 7.8% | - | - | - | - | - |
| Net margin | 7.4% | - | 4.4% | 5.1% | 4.6% | - | - | - | - | - |
| Free cash flow margin | 12.1% | - | - | - | 14.5% | - | - | - | - | - |
| FCF / Net income | 1.63 | - | - | - | 3.12 | - | - | - | 1.47 | - |
| R&D / Revenue | 0.5% | - | 0.8% | - | - | - | - | - | - | - |
| SG&A / Revenue | 9.4% | - | 10.7% | 10.9% | 10.4% | - | - | - | - | - |
| Effective tax rate | 34.3% | - | 42.1% | 36.8% | 43.3% | - | 42.0% | 34.2% | 24.9% | - |
| Return on assets | 3.5% | - | 1.7% | 2.2% | 2.1% | - | 1.6% | 2.4% | 2.1% | - |
| Return on equity | 5.5% | - | 2.5% | 3.3% | 3.2% | - | 2.4% | 3.6% | 3.0% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 2.13 | 2.73 | 2.96 | 2.70 | 2.39 | 2.80 | 2.62 | 2.58 | 3.31 | 3.44 |
| Quick ratio | 2.13 | 2.73 | 2.96 | 2.70 | 2.39 | 2.80 | 2.62 | 2.58 | 3.31 | 3.44 |
| Cash ratio | 0.56 | 0.55 | 0.64 | 0.60 | 0.46 | 0.96 | 0.44 | 0.42 | 0.56 | 0.52 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.59 | 1.44 | 1.42 | 1.48 | 1.56 | 1.44 | 1.52 | 1.53 | 1.39 | 1.37 |
| Liabilities / Assets | 0.37 | 0.30 | 0.30 | 0.32 | 0.36 | 0.30 | 0.34 | 0.35 | 0.28 | 0.27 |
| Efficiency | ||||||||||
| Asset turnover | 0.47 | - | 0.39 | 0.44 | 0.44 | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 293d | - | 294d | 298d | 338d | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 235d | - | 187d | 202d | 214d | - | 209d | 235d | 220d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 58.6x | - | 143.5x | 115.8x | 131.4x | - | 152.4x | 168.3x | 224.4x | - |
| P / B | 3.3x | - | 3.5x | 3.8x | 4.3x | - | 3.6x | 6.1x | 6.7x | - |
| P / S | 4.4x | - | 6.2x | 5.9x | 6.2x | - | - | - | - | - |
| EV / EBITDA | 35.5x | - | - | - | 74.6x | - | - | - | 194.4x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 1.4% | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | 9.6% | - | 22.9% | 15.7% | 21.5% | - | -5.4% | 12.6% | 6.4% | - |
| Operating income growth (YoY) | 46.4% | - | 72.8% | 17.7% | 30.5% | - | -31.5% | 36.2% | 23.4% | - |
| Net income growth (YoY) | 60.9% | - | 33.0% | 3.8% | -10.9% | - | -34.5% | 10.0% | -4.4% | - |
| EPS growth (YoY) | 70.6% | - | 36.4% | 11.8% | 0.0% | - | -31.3% | -99.9% | -5.6% | - |
| EPS CAGR (3y) | 17.2% | - | 4.9% | 28.3% | 50.4% | - | -13.5% | -3.6% | 4.3% | - |
| EPS CAGR (5y) | 14.1% | - | 24.6% | - | 33.6% | - | - | - | - | - |
| FCF growth (YoY) | -15.7% | - | - | - | 88.8% | - | - | - | 26.2% | - |
| FCF CAGR (5y) | 200.0% | - | - | - | 32.6% | - | - | - | - | - |
| Book value growth (YoY) | -6.0% | 22.3% | 28.8% | 12.9% | -18.3% | -23.7% | -15.6% | -2.8% | 34.7% | 46.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$1.29B totalReportable Segment$1.29B · 100.0%
Product / service
$1.29B totalFertility Benefit Services$830.93M · 64.5%
Pharmacy Benefit Services$457.73M · 35.5%
Peer comparison
Same SIC group: Services-Misc Health & Allied Services, NEC
Comparing Progyny against the 5 most active filers in the same SIC group.