Progyny
Manages employer fertility benefits with bundled care, navigation, provider networks, and pharmacy coordination.
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Profile
Manages employer-sponsored fertility, family-building, and women's health benefits through bundled treatments, member navigation, provider networks, and an integrated pharmacy benefit supported by specialty-pharmacy partners. Revenue is driven mainly by members' use of fertility care and medications, making covered lives and utilization central to results.
Manages fertility, family-building, and women's health benefits, primarily for U.S. employers. Smart Cycle bundles fertility treatments; Progyny Rx coordinates medications through specialty pharmacies. Care Advocates, digital tools, and a managed provider network connect members with care.
Adjacent programs cover pregnancy and postpartum, menopause and midlife, leave navigation, parent and child wellbeing, reimbursements for adoption and surrogacy, and international needs through Progyny Global. Progyny Select adds a fully insured supplemental plan for smaller U.S. employers.
Most revenue follows members' use of fertility treatment and medications; a smaller population fee supports navigation and digital tools. Results depend on client renewals, covered lives, utilization mix, provider and pharmacy networks, and reproductive-health, insurance, privacy, and pharmacy regulation.
Company facts
Categories
Key statistics
Year to date +1.0% · Average volume (30d) 1.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 20, 2026 | Wells Fargo | Initiate | Overweight | $37 | ||
| Aug 13, 2026 | Truist Financial | Target | $28 | $36 | ||
| Aug 12, 2026 | Barclays | Reiterate | Equal Weight | $34 | $30 | |
| Aug 7, 2026 | Canaccord Genuity | Target | $36 | $35 | ||
| Jul 28, 2026 | Barclays | Downgrade | Overweight | Equal Weight | $27 | $34 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.33 | $0.36 | +7.5% | $349.0M | $350.5M | +0.4% | −6.98% |
| May 7, 2026Q1 FY26 | $0.26 | $0.29 | +13.3% | $326.5M | $328.5M | +0.6% | +23.80% |
| Feb 26, 2026Q4 FY25 | $0.15 | $0.15 | +2.0% | $307.4M | $318.4M | +3.6% | −20.49% |
| Nov 6, 2025Q3 FY25 | $0.39 | $0.45 | +15.4% | $314.3M | $313.3M | −0.3% | +24.21% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $324.0M | $332.9M | $313.3M | $318.4M | $328.5M | $350.5M | |
| Gross profit | $75.8M | $79.0M | $72.8M | $76.9M | $83.1M | $89.3M | |
| Operating income | $24.2M | $24.4M | $21.5M | $15.2M | $35.4M | $40.0M | |
| Net income | $15.1M | $17.1M | $13.9M | $12.5M | $24.2M | $28.1M | |
| Diluted EPS | $0.17 | $0.19 | $0.15 | $0.14 | $0.29 | $0.34 | |
| Gross margin | 23.4% | 23.7% | 23.2% | 24.1% | 25.3% | 25.5% | |
| Operating margin | 7.5% | 7.3% | 6.9% | 4.8% | 10.8% | 11.4% |
Fiscal years (4-quarter sums)FY21 $500.6M · FY22 $786.9M · FY23 $1.09B · FY24 $1.17B · FY25 $1.29B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $236.9M · Total debt $27.0M · Total assets $715.8M · Shareholders' equity $453.3M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 78.33M · Float 71.73M · 91.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 11.60M | 14.81% | 13F | Aug 7, 2026 |
| FMR LLC | 7.00M | 8.94% | 13F | Aug 13, 2026 |
| Thrivent Financial for Lutherans | 5.35M | 6.30% | 13G | Apr 29, 2025 |
| Vanguard Portfolio Management LLC | 5.02M | 6.41% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 3.21M | 4.10% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 14, 2026 | Melissa B. Cummings | officer: Chief Operating Officer | −2,244 | $31.60 |
| Jun 4, 2026 | Allison Swartz | officer: EVP, GC | −599 | $25.08 |
| Jun 3, 2026 | Allison Swartz | officer: EVP, GC | −1,199 | $25.02 |
| Jun 4, 2026 | Mark S. Livingston | officer: CHIEF FINANCIAL OFFICER | −2,517 | $25.50 |
| May 28, 2026 | Allison Swartz | officer: EVP, GC | −2,398 | $25.46 |
Peers
- UnitedHealth Group
Largest managed-care insurer embedding fertility benefits in UHC health plans
- CVS Health
Insurer-PBM pairing Aetna fertility plan management with CVS Specialty pharmacy
- Cigna
Major health insurer and top-3 PBM with competing fertility and Rx programs
- Teladoc Health
Dominant U.S. virtual care platform serving 93M+ members across employer clients
- Bright Horizons Family Solutions
Largest U.S. employer-sponsored childcare and back-up care benefits provider
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Progyny | $26.00 | 0.00% | $2.04B | 28.3 | 16.4 | 1.6 | +5.3% |
| UnitedHealth Group | $392.50 | −0.12% | $356.86B | 25.3 | 18.4 | 0.8 | +0.4% |
| CVS Health | $93.07 | +0.02% | $118.74B | 24.6 | 11.5 | 0.3 | +7.3% |
| Cigna | $279.20 | +0.06% | $73.69B | 11.5 | 8.8 | 0.3 | +6.6% |
| Teladoc Health | $6.50 | 0.00% | $1.18B | — | — | 0.5 | −4.0% |
| Bright Horizons Family Solutions | $74.81 | −0.17% | $3.94B | 23.7 | 13.9 | 1.3 | +6.5% |
| Median | 24.1 | 12.7 | 0.5 | +6.5% |