Progyny, Inc.

NasdaqGS:PGNY Stock Report

Market Cap: US$2.0b

Progyny Future Growth

Future criteria checks 2/6

Progyny is forecast to grow earnings and revenue by 19% and 6.5% per annum respectively while EPS is expected to grow by 18.3% per annum.

Key information

19.0%

Earnings growth rate

18.28%

EPS growth rate

Healthcare earnings growth19.5%
Revenue growth rate6.5%
Future return on equityn/a
Analyst coverage

Good

Last updated22 Jun 2026

Recent future growth updates

Recent updates

Narrative Update • Jun 16

PGNY: Conservative Guidance And Share Repurchases Will Support Future Stock Upside

Analysts have trimmed the fair value estimate for Progyny to $29.73 from $30.91, as updated assumptions around growth, profitability, and future P/E multiples reset the stock's risk and return profile, even as Street price targets have moved higher into the $27 to $31 range. Analyst Commentary Street research around Progyny stock has tilted constructive, with several firms lifting price targets into the high US$20s and low US$30s.
Narrative Update • Jun 01

PGNY: Healthy Utilization And Client Transition Progress Will Support Future Policy Tailwinds

Progyny's analyst price target has been revised slightly higher to $26.43. Analysts point to the company's conservative guidance track record, better than expected recent utilization trends, and expectations that difficult comparisons related to a large client transition could ease over time.
Analysis Article • May 16

The Strong Earnings Posted By Progyny (NASDAQ:PGNY) Are A Good Indication Of The Strength Of The Business

Progyny, Inc. ( NASDAQ:PGNY ) recently posted some strong earnings, and the market responded positively. Our analysis...
Narrative Update • Mar 09

PGNY: Healthy Utilization And Member Engagement Will Support Future Policy Tailwinds

Analysts have trimmed their average price targets for Progyny to a range of about $28 to $30 from $32 to $35, reflecting slightly lower growth assumptions and a more conservative P/E. The revised targets still point to solid underlying member engagement and demand outside specific client transitions.
Narrative Update • Feb 23

PGNY: Resilient Employer Demand And Conservative Guidance Will Support Future Upside

Narrative Update on Progyny Analysts have raised their average price target on Progyny to $34 from $30, supported by views that demand remains resilient beyond key clients, that concerns around ProgynyRx are better understood as a coverage mismatch, and that the company’s conservative guidance approach offers clearer visibility with fewer expected surprises. Analyst Commentary Recent Street research on Progyny clusters around a more constructive view of the business, with price targets lifted into the low to mid US$30s and several ratings moving higher.
Narrative Update • Feb 08

PGNY: Emerging Employer Demand And Catalysts Will Support Future Upside Potential

Narrative Update on Progyny The analyst price target for Progyny has moved higher by about US$1.50 per share. Analysts point to increased targets at several firms, resilient demand outside key accounts, emerging catalysts, and updated P/E and margin assumptions as key supports for their revised views.
Narrative Update • Jan 24

PGNY: Policy Tailwinds And Utilization Trends Will Balance Competition And Regulatory Risks

Analysts have nudged their price targets on Progyny higher, including recent US$2 to US$6 increases from several firms, pointing to resilient demand, a conservative guidance style that reduces surprise risk, and what they view as emerging catalysts that help offset concerns around competition, regulation, and ProgynyRx utilization. Analyst Commentary Recent research commentary on Progyny has leaned constructive on the story, with several firms lifting ratings or price targets and pointing to what they see as resilient demand, conservative guidance, and potential catalysts.
Narrative Update • Jan 10

PGNY: Policy Tailwinds And Utilization Trends Will Shape Fertility Benefits Demand

Analysts have raised their fair value estimate for Progyny to $26 from $21, citing expectations for stronger revenue growth and profit margins, a higher future P/E assumption, and growing confidence in demand, utilization, and policy tailwinds, as reflected in recent upgrades and price target increases from multiple research firms. Analyst Commentary Recent Street research on Progyny highlights a generally constructive stance, with multiple firms assigning Buy or Overweight ratings and setting price targets in the US$30s.
Narrative Update • Dec 25

PGNY Emerging IVF Policy Tailwinds Will Support Stronger Long-Term Share Performance

Analysts have nudged their fair value estimate for Progyny higher to $33 from $32, citing emerging utilization and policy tailwinds that support slightly faster revenue growth and improving profit margins despite a modestly higher discount rate and lower future P E multiple. Analyst Commentary Bullish analysts highlight that recent upgrades and rising price targets reinforce confidence in Progyny's ability to deliver above consensus growth, with improving utilization trends and policy tailwinds supporting a higher fair value range in the low to mid 30s.
Narrative Update • Dec 11

PGNY Emerging IVF Coverage Tailwinds Will Drive Upside Potential

Analysts have modestly raised their fair value estimate for Progyny from $28.25 to $29.40 per share, citing emerging positive catalysts, stronger expected utilization on higher eligible lives, and potential incremental tailwinds from expanding IVF awareness and coverage. Analyst Commentary Bullish analysts see the recent upgrade and price target moves as validation that Progyny's fundamentals and growth prospects are underappreciated at current levels, with the stock offering an attractive risk reward skew.
Seeking Alpha • Nov 19

Progyny: Growth Has Returned (Rating Upgrade)

Summary Progyny (PGNY) surges after strong Q3 earnings, robust client growth, and a $200M share buyback, signaling renewed momentum and market confidence. PGNY overcame Amazon's departure by adding new clients, achieving near 100% renewal rates, and accelerating revenue growth across both business segments. Analyst upgrades, insider buying, and secular tailwinds—like rising infertility and delayed childbirth—support a bullish outlook and reinforce the company’s competitive moat. With a strong balance sheet, improving margins, and attractive valuation, I upgrade PGNY to a buy, targeting a return to the $30 range by mid-2026. Read the full article on Seeking Alpha
Narrative Update • Sep 05

Rising Demand For Women's Health Will Transform Market Opportunity

Analysts cite improving membership trends, positive pre-announcements, and strategic partnerships expanding Progyny's women's health services as driving renewed confidence and modest upgrades, though the consensus price target remains unchanged at $28.25. Analyst Commentary Bullish analysts cite a rebound in membership activity, highlighted by two consecutive positive pre-announcements, as signaling recovery from last year's lows and renewed momentum.
Analysis Article • Aug 02

At US$22.49, Is It Time To Put Progyny, Inc. (NASDAQ:PGNY) On Your Watch List?

While Progyny, Inc. ( NASDAQ:PGNY ) might not have the largest market cap around , it saw significant share price...
Analysis Article • Jul 13

Progyny (NASDAQ:PGNY) Might Have The Makings Of A Multi-Bagger

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...
Analysis Article • May 16

Progyny, Inc.'s (NASDAQ:PGNY) CEO Will Probably Struggle To See A Pay Rise This Year

Key Insights Progyny to hold its Annual General Meeting on 22nd of May Total pay for CEO Pete Anevski includes...
Analysis Article • May 13

The Price Is Right For Progyny, Inc. (NASDAQ:PGNY)

Progyny, Inc.'s ( NASDAQ:PGNY ) price-to-earnings (or "P/E") ratio of 35.9x might make it look like a strong sell right...
Analysis Article • Apr 25

At US$22.90, Is Progyny, Inc. (NASDAQ:PGNY) Worth Looking At Closely?

Progyny, Inc. ( NASDAQ:PGNY ), is not the largest company out there, but it saw a decent share price growth of 16% on...
Analysis Article • Mar 02

Progyny, Inc. Beat Analyst Estimates: See What The Consensus Is Forecasting For This Year

Progyny, Inc. ( NASDAQ:PGNY ) shareholders are probably feeling a little disappointed, since its shares fell 2.9% to...
Seeking Alpha • Feb 06

The Play On Progyny: Don't Chase, But Watch And Wait

Summary Progyny, Inc. shares have fallen substantially from their 2024 peak due to disappointing FY24 outlooks and increased competition, including the loss of its largest client. Despite strong historical growth and a 99% renewal rate, fewer initial fertility consultations are leading to assisted reproductive treatments, challenging revenue predictability. PGNY stock has rebounded nicely over the past few weeks, and the shares saw some insider buying late in December. An analysis around Progyny follows in the paragraphs below. Read the full article on Seeking Alpha
Analysis Article • Jan 30

Capital Allocation Trends At Progyny (NASDAQ:PGNY) Aren't Ideal

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...
Seeking Alpha • Jan 15

Progyny: The Growth Story Remains Intact

Summary Progyny, Inc.'s stock is undervalued due to overreaction to bad news; the company remains fundamentally strong with solid customer growth and free cash flow generation. Despite losing Amazon as a client, Progyny's retention rate is 99%, and the company is well-positioned to benefit from long-term secular tailwinds in fertility benefits. Progyny's proprietary “Smart Cycle” plan and strong partnerships with Fortune 500 companies highlight its competitive advantage and growth potential in the fertility benefits market. With a strong balance sheet, recent insider buys, and a strategic focus on international expansion, Progyny represents a good risk/reward play at current prices. Read the full article on Seeking Alpha
Analysis Article • Jan 12

Progyny, Inc.'s (NASDAQ:PGNY) P/E Is Still On The Mark Following 28% Share Price Bounce

Progyny, Inc. ( NASDAQ:PGNY ) shareholders would be excited to see that the share price has had a great month, posting...
Analysis Article • Jan 03

Is Now An Opportune Moment To Examine Progyny, Inc. (NASDAQ:PGNY)?

Progyny, Inc. ( NASDAQ:PGNY ), is not the largest company out there, but it led the NASDAQGS gainers with a relatively...
Seeking Alpha • Dec 31

The Bottom Fishing Club: Progyny Reverses On Heavy Insider Buying

Summary Progyny shares have plummeted nearly 80% from 2021's peak, but management optimism and insider buying in December signal a potential turnaround during 2025. PGNY's valuation is deeply discounted, with strong fundamentals: $235M in cash, no debt, and 9.64% in trailing free cash flow yield. The stock's rare accumulation/momentum pattern since September and potential short squeeze kicker make it an attractive Buy. Read the full article on Seeking Alpha
Seeking Alpha • Nov 26

Progyny: Rating Downgrade On Uncertain Growth Outlook

Summary I recommend downgrading Progyny from buy to hold due to a loss of confidence in its growth outlook and increased uncertainty. PGNY's Q3 2024 results were disappointing, with revenue and margins falling short of expectations, leading to lowered FY24 guidance. Declines in ART cycles and a weaker 2024 sales season raise concerns about underlying demand, despite potential upsides from upselling adjacent solutions. Valuation multiples are unlikely to improve given the poor growth outlook, making it difficult to justify a bullish stance on PGNY. Read the full article on Seeking Alpha
Analysis Article • Nov 21

Progyny's (NASDAQ:PGNY) Solid Earnings Have Been Accounted For Conservatively

The market seemed underwhelmed by the solid earnings posted by Progyny, Inc. ( NASDAQ:PGNY ) recently. Our analysis...
Seeking Alpha • Nov 18

Progyny: After A Terrible Year, I'm Out (Rating Downgrade)

Summary I initially rated Progyny a "Buy" in late 2022, but 2024 has been disastrous, with a 60% stock drop and loss of Amazon as a client. Q3 2024 financials show minimal revenue growth, declining margins, and lower earnings per share, despite a strong balance sheet. Given management's struggles and increased competition, I no longer believe Progyny has a competitive advantage and have sold my shares. Read the full article on Seeking Alpha
Analysis Article • Oct 21

Here's What's Concerning About Progyny's (NASDAQ:PGNY) Returns On Capital

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
Seeking Alpha • Oct 15

Progyny: Poor Year Raises Concerns For Future (Downgrade)

Summary Progyny has had a rough start to the year, with the share price declining by double digits in response to both Q1'24 and Q2'24. In September, they filed an 8-K informing investors that they lost their largest client, accounting for 13% of revenue. Shares declined 30% as a result. This article reviews the year for PGNY so far, outlines why I am reluctant to pick up more shares at these depressed prices, and why the fertility space remains interesting. Read the full article on Seeking Alpha
Analysis Article • Sep 29

Progyny, Inc.'s (NASDAQ:PGNY) Stock Retreats 28% But Earnings Haven't Escaped The Attention Of Investors

To the annoyance of some shareholders, Progyny, Inc. ( NASDAQ:PGNY ) shares are down a considerable 28% in the last...
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New Narrative • Sep 11

Expanding Market Reach And Enhancing Services Spur Optimistic Revenue And Profit Forecasts

Anticipated decrease in ART cycle utilizations may negatively affect revenue due to lower fertility treatment rates.
Seeking Alpha • Aug 15

Progyny: Downgrading As Uncertainties Increase

Summary Progyny lowered full-year revenue guidance after seeing an unexpected drop in user utilization rates. The Harris-Walz ticket has put fertility benefits center stage in the upcoming presidential election, which makes the stock more volatile in the short term. Despite current challenges, Progyny's long-term growth thesis remains intact, with potential opportunities for expansion in the future. Read the full article on Seeking Alpha
Analysis Article • Aug 11

Progyny, Inc. (NASDAQ:PGNY) Stocks Pounded By 25% But Not Lagging Market On Growth Or Pricing

Progyny, Inc. ( NASDAQ:PGNY ) shareholders that were waiting for something to happen have been dealt a blow with a 25...
Analysis Article • Jul 20

At US$27.79, Is Progyny, Inc. (NASDAQ:PGNY) Worth Looking At Closely?

Progyny, Inc. ( NASDAQ:PGNY ), might not be a large cap stock, but it saw significant share price movement during...

Earnings and Revenue Growth Forecasts

NasdaqGS:PGNY - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20281,5791551882193
12/31/20271,50412519621610
12/31/20261,38210917720410
3/31/20261,29368184206N/A
12/31/20251,28959192210N/A
9/30/20251,26957193208N/A
6/30/20251,24253190202N/A
3/31/20251,21352196203N/A
12/31/20241,16754174179N/A
9/30/20241,13957160165N/A
6/30/20241,13363171174N/A
3/31/20241,10861190194N/A
12/31/20231,08962185189N/A
9/30/20231,03352199203N/A
6/30/202395749165169N/A
3/31/202387343109113N/A
12/31/2022787307780N/A
9/30/2022700423538N/A
6/30/2022617463841N/A
3/31/2022551561214N/A
12/31/2021501662426N/A
9/30/2021473902224N/A
6/30/2021450781415N/A
3/31/2021386582425N/A
12/31/2020345463536N/A
9/30/202031032124N/A
6/30/2020272-101115N/A
3/31/2020264-51317N/A
12/31/2019230-9N/A-2N/A
9/30/2019194-6N/A8N/A
6/30/20191601N/A2N/A
3/31/2019130-4N/A0N/A
12/31/2018105-6N/A2N/A
12/31/201749-13N/A-9N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: PGNY's forecast earnings growth (19% per year) is above the savings rate (3.5%).

Earnings vs Market: PGNY's earnings (19% per year) are forecast to grow faster than the US market (18.9% per year).

High Growth Earnings: PGNY's earnings are forecast to grow, but not significantly.

Revenue vs Market: PGNY's revenue (6.5% per year) is forecast to grow slower than the US market (13% per year).

High Growth Revenue: PGNY's revenue (6.5% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if PGNY's Return on Equity is forecast to be high in 3 years time

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/22 04:34
End of Day Share Price 2026/06/22 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Progyny, Inc. is covered by 20 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Peter WarendorfBarclays
Zhilin LongBerenberg
Nisala WeerasuriyaBerenberg