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PGNY, Progyny

Health Care Providers & Services diversified Cyclical

Progyny is a global leader in women's health and family building solutions.

We launched our fertility benefits solution in 2016 with five employer clients and have since expanded our platform to include solutions in pregnancy and postpartum, menopause and midlife, benefit and leave navigation and parent and child wellbeing in order to address the continuum of women's health.

We have achieved this growth by demonstrating that our purpose-built, data-driven and disruptive platform consistently delivers superior clinical outcomes in a cost-efficient manner, while driving exceptional client and member satisfaction.

Latest annual: FY2025 10-K

PGNY · Progyny

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.3B

+10.4% YoY · 30% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.3B 5-yr avg $966M

Gross margin 24% 5-yr avg 22%

Operating margin 7.5% 5-yr avg 5.5%

ROIC 20% 5-yr avg 14%

Owner-earnings margin 16% 5-yr avg 13%

Free cash flow margin 14% 5-yr avg 12%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Fertility benefit services revenue (64%) and Pharmacy benefit services revenue (36%).
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 21% and operating margin about 4.2% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. On a spread this thin the operating result swings hard on small moves in cost or volume — it has ranged from −23% to 6.6% over the years, so the cost line is where the needle moves. Stock-based pay runs about 6.7% of sales, a real and recurring claim on owners that the GAAP margin understates. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 13%). By owner earnings: roughly 10% of revenue reaches owners as cash, though it swings. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Fertility benefit services revenue is 64% of revenue, with Pharmacy benefit services revenue the other meaningful line at 36%.

Revenue by product line, FY2025

Fertility benefit services revenue64%$831M
Pharmacy benefit services revenue36%$458M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
										Income statement
$49M	$105M	$230M	$345M	$501M	$787M	$1.1B	$1.2B	$1.3B	$1.3B	RevenueRevenue
15%	18%	20%	20%	22%	21%	22%	22%	24%	24%	Gross marginGross mgn
29%	15%	10%	14%	12%	12%	11%	10%	11%	11%	SG&A / revenueSG&A/rev
($11M)	($3M)	$10M	$8M	$32M	$23M	$62M	$67M	$85M	$96M	Operating incomeOp. inc.
−22.7%	−3.3%	4.2%	2.4%	6.5%	3.0%	5.7%	5.8%	6.6%	7.5%	Operating marginOp. mgn
($12M)	$661K	($9M)	$46M	$66M	$30M	$62M	$54M	$59M	$68M	Net incomeNet inc.
—	—	—	—	—	—	12%	35%	39%	36%	Effective tax rateTax rate
										Cash flow & returns
($9M)	$2M	($2M)	$36M	$26M	$80M	$189M	$179M	$210M	$206M	Operating cash flowOp. cash
$2M	$2M	$2M	$2M	$1M	$2M	$2M	$3M	$5M	$5M	DepreciationDeprec.
($140K)	($3M)	($159K)	($25M)	($75M)	($52M)	$2M	($7M)	$15M	$14M	Working capital & otherWC & other
$612K	$579K	$3M	$1M	$2M	$3M	$4M	$5M	$18M	$22M	CapexCapex
1.3%	0.5%	1.3%	0.3%	0.4%	0.4%	0.3%	0.5%	1.4%	1.7%	Capex / revenueCapex/rev
($10M)	$2M	($4M)	$35M	$25M	$79M	$187M	$176M	$205M	$201M	Owner earningsOwner earn.
−20.8%	1.6%	−1.6%	10.2%	4.9%	10.0%	17.1%	15.1%	15.9%	15.5%	Owner earnings marginOE mgn
($10M)	$2M	($4M)	$35M	$24M	$77M	$185M	$174M	$192M	$184M	Free cash flowFCF
−20.8%	1.6%	−2.0%	10.2%	4.8%	9.8%	17.0%	14.9%	14.9%	14.3%	Free cash flow marginFCF mgn
—	—	—	—	—	$0	$0	$5M	$9M	$0	AcquisitionsAcquis.
—	$1M	$185K	—	—	$0	$0	$300M	$82M	—	BuybacksBuybacks
—	—	23%	9%	20%	9%	12%	17%	13%	20%	ROICROIC
—	—	-7%	28%	26%	8%	11%	13%	11%	15%	Return on equityROE
—	—	−7%	28%	26%	8%	11%	13%	11%	15%	Retained to equityRetained/eq
										Balance sheet
—	$127K	$80M	$109M	$91M	$120M	$97M	$162M	$112M	$171M	Cash & investmentsCash+inv
—	$23M	$47M	$76M	$135M	$240M	$242M	$235M	$220M	$264M	ReceivablesReceiv.
—	$16M	$19M	$44M	$61M	$109M	$125M	$95M	$124M	$158M	Accounts payablePayables
—	$8M	$28M	$32M	$73M	$131M	$116M	$140M	$96M	$106M	Operating working capitalOper. WC
—	$25M	$132M	$190M	$259M	$434M	$640M	$473M	$552M	$502M	Current assetsCur. assets
—	$30M	$36M	$78M	$99M	$160M	$186M	$169M	$202M	$236M	Current liabilitiesCur. liab.
—	0.8×	3.7×	2.4×	2.6×	2.7×	3.4×	2.8×	2.7×	2.1×	Current ratioCurr. ratio
—	$12M	$12M	$12M	$12M	$12M	$12M	$16M	$20M	$20M	GoodwillGoodwill
—	$41M	$150M	$254M	$358M	$543M	$757M	$607M	$742M	$698M	Total assetsAssets
—	($127K)	($80M)	($109M)	($91M)	($120M)	($97M)	($162M)	($112M)	($171M)	Net debt / (cash)Net debt
($98M)	($95M)	$114M	$167M	$252M	$377M	$553M	$422M	$516M	$439M	Shareholders’ equityEquity
3.2%	2.8%	2.2%	3.7%	6.7%	12.8%	11.3%	11.0%	10.2%	9.2%	Stock comp / revenueSBC/rev
										Per share
5.7M	5.5M	20.7M	99.1M	100M	100.0M	101M	95.4M	89.9M	84.8M	Shares out (diluted)Shares
$8.56	$19.03	$11.08	$3.48	$4.99	$7.87	$10.81	$12.23	$14.34	$15.26	Revenue / shareRev/sh
$-2.19	$0.12	$-0.41	$0.47	$0.66	$0.30	$0.62	$0.57	$0.65	$0.80	EPS (diluted)EPS
$-1.78	$0.31	$-0.18	$0.36	$0.25	$0.79	$1.85	$1.84	$2.28	$2.37	Owner earnings / shareOE/sh
$-1.78	$0.31	$-0.22	$0.36	$0.24	$0.77	$1.84	$1.82	$2.13	$2.18	Free cash flow / shareFCF/sh
$0.11	$0.10	$0.14	$0.01	$0.02	$0.03	$0.04	$0.06	$0.20	$0.26	Cap. spending / shareCapex/sh
$-17.19	$-17.17	$5.51	$1.69	$2.51	$3.77	$5.50	$4.42	$5.74	$5.18	Book value / shareBVPS

The diluted share count moved ×3.74 into 2019 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×4.78 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	+6.7%/yr	+32.7%/yr
Owner earnings / share	—	+45.1%/yr
EPS	—	+6.8%/yr
Capital spending / share	+8.4%/yr	+81.3%/yr
Book value / share	—	+27.8%/yr

The record, charted

FY2017–2025

Each measure over its full record; the current point and the worst year marked.

Share count

90Mpeak FY2023

ROIC

13%low FY2020

Gross margin

24%low FY2017

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$205Mowner earningsvs.$59Mnet incomelow FY2017

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2018FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $205M of owner earnings, the operating cash left after the $5M it takes just to hold its position. It put $13M more into growth; free cash flow, after that spending, was $192M.

Reported net income$59M

Owner earnings$205M · 16% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$59M	$54M	$62M	$30M	$66M
Depreciation & amortizationnon-cash charge added back	+$5M	+$3M	+$2M	+$2M	+$1M
Stock-based compensationreal costnon-cash, but a real cost	+$132M	+$128M	+$123M	+$101M	+$34M
Working capital & othertiming of cash in and out, other non-cash items	+$15M	−$7M	+$2M	−$52M	−$75M
Cash from operations	$210M	$179M	$189M	$80M	$26M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$5M	−$3M	−$2M	−$2M	−$1M
Owner earnings	$205M	$176M	$187M	$79M	$25M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$13M	−$2M	−$1M	−$2M	−$828K
Free cash flow	$192M	$174M	$185M	$77M	$24M
Owner-earnings marginowner earnings ÷ revenue	16%	15%	17%	10%	5%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $5M, roughly its depreciation, the rate its assets wear out). The other $13M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $132M), owner earnings is nearer $73M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$151M

Net cash, debt-free

Cash $112M + ST investments $39M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $151M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 16d

Tight

DSO 62 + DIO 0 − DPO 46 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median 8%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 10%

Solid through the cycle

9-yr median margin, range -21%–17%; latest $205M = operating cash $210M − maintenance capex $5M

Industry peers: median 5%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 16% of revenue this year, a 10% median across 9 years. Treating stock comp as the real expense it is (less $132M of SBC) leaves $73M.
Are earnings backed by cash? 3.59×

Cash-backed

Cash from ops $210M ÷ net income $59M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 40%

Reinvests most of it

Dividends + buybacks $82M ÷ Owner Earnings $205M

What this means
Of $205M Owner Earnings, $82M (40%) went back to shareholders, $0 dividends, $82M buybacks. But the buybacks barely exceed stock issued to employees ($132M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 3.72×

Expanding

Capex $18M ÷ depreciation $5M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 4 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.3B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.73×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Earnings stability Miss

A profit every year (9-yr record) · 2 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.74/share (latest year $0.75), the averaged base the calculator's gate runs on, and book value is $6.59/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 7 of 9

What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
Operating margin −7% → 6% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about −7% early to 6% lately, median 4% — pricing power intact or improving.
Worst year 2017 · −22.7% op. margin

What this means
Operations went underwater in 2017, understand why before trusting the good years.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“If the AI solutions that we use are or are perceived to be deficient, inaccurate or controversial, we could suffer operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on our business, operations and financial results.…”

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$502M

Cash & short-term investments$171M
Receivables$264M
Other current assets$67M

Current liabilities$236M

Accounts payable$158M
Other current liabilities$78M

Current ratio2.13×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.13×stricter: inventory excluded

Cash ratio0.72×strictest: cash alone against what's due

Working capital$266Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+1.4%the freshest read on whether the business is still growing

Current ratio, recent quarters2.6× → 2.1×

Deeper floors

Tangible book value$413Mequity stripped of goodwill & intangibles

Net current asset value$243MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$27M$27M of it operating leases

From the company's latest filing.

How the cash was used, 2017–2025

Over the record, the business generated $712M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$38M · 5%
Buybacks$383M · 54%
Retained (debt / cash)$291M · 41%

Returned to owners$383M
55% of the owner earnings the business produced over the span, $0 as dividends and $383M as buybacks.
Average price paid for buybacks—
Buybacks ran $383M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count1392.7%
The diluted count rose from 6M to 85M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	—	$862k	$12.7M	$25M
2022	Mr. Anevski	$68.6M	$31.3M	$79M
2023	—	$1.1M	$7.3M	$187M
2024	—	$1.4M	−$16.0M	$176M
2025	—	$7.2M	$10.3M	$205M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years. A dash under the name means the filing tags the figure without naming the officer.

Insider ownership9.9%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio46:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$132M
The slice of the business handed to employees in shares this year, 10% of revenue, equal to 155% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Progyny is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2025.

1 of the 3 tests turned up something to look into; the other 2 came back clean.

Look hereDid the share count rise anyway?1392.7%
Diluted shares grew 1392.7% over 2017–2025, even as the company spent $383M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Health Care Providers & Services

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
AGLagilon health inc.	$5.9B	—	-5.4%	-52%	-5%
CONConcentra Group Holdings Parent Inc.	$2.2B	—	15.5%	17%	10%
MDPediatrix Medical Group Inc.	$1.9B	—	10.1%	8%	11%
HCSGHealthcare Services Group	$1.8B	13%	4.4%	15%	2%
LFSTLifeStance Health Group Inc.	$1.4B	—	-10.2%	-9%	5%
ADUSAddus HomeCare	$1.4B	30%	6.6%	8%	8%
PGNYProgyny	$1.3B	21%	4.2%	13%	10%
PNTGThe Pennant Group Inc. Common Stock	$948M	—	4.8%	9%	5%
Group median	—	21%	4.6%	8%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Progyny has delivered.

Progyny’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Progyny earns about $129M on its 10.0% median owner-earnings margin. This year’s 15.9% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($129M) Net of stock comp (−$119M) Steady-state · maintenance capex ($201M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+39%/yr

Owner-earnings growth · since FY2020+40%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $184M on 78M shares outstanding, per the 10-Q cover, as of 2026-04-30; net cash $171M. The if-converted diluted count is 85M, 8% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($22M) runs well above depreciation ($5M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $201M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh PGNY against another business →

The owners of PGNY: the meeting and the votes →

Cite: Owner Scorecard, "Progyny (PGNY), the owner's record," https://ownerscorecard.com/c/PGNY, data as of 2026-07-09.

Manual order: ← PGEN its page in the Manual PGR →

Industry order: ← PACS the Health Care Providers & Services chapter PNTG →