Recent News
On July 8, 2025 Progyny announced a revolving credit facility providing up to $200 million to enhance operational and financial flexibility. On July 10, 2025 the company partnered with ŌURA to incorporate wearable data into care-team decision support. On July 30, 2025 Progyny published a national study highlighting gaps between employee expectations and employer women’s-health benefits. On August 7, 2025 Progyny reported second-quarter 2025 results: record revenue of $332.9 million, $55.5 million in quarterly operating cash flow, and an increase to full-year guidance.
Technical Analysis
Directional indicators show limited trend strength: ADX at 15.8 signals no established trend, while both directional lines favor sellers—DI+ at 16.94 declining and DI- at 18.32 showing a dip-and-reversal—implying bearish directional pressure that may cap near-term rallies and support sideways trade around current levels.
MACD sits at -0.34 with the signal at -0.22 and a decreasing MACD trend; MACD below its signal line with negative momentum strengthens the near-term bearish pressure and reduces the probability of an immediate breakout above recent averages.
MRO at -3.58 (dip-and-reversal) indicates the price sits below the model target and therefore carries measurable reversion potential; that suggests any sustained selling could invite countervailing buying as momentum oscillators normalize.
RSI at 47.96 and falling places momentum below neutral and signals limited upside conviction until buyers push RSI back above 50; combined with a price that sits slightly under multiple short-to-medium moving averages, this favors range-bound action rather than trending moves.
Price sits at $21.46, marginally below the 200-day average $21.54 and well under the 50-day average $22.76 and the 26-day EMA $22.31; the price also trades just above the 1x lower Bollinger band ($21.41) and below the Ichimoku cloud (Senkou A $23.82 / Senkou B $23.37), which preserves a mildly bearish structural bias. Volume at ~898k runs below 10-day and 200-day averages, indicating limited conviction behind recent moves, while short-term beta (42-day) at 1.62 signals elevated sensitivity to market swings compared with its year-long beta of 0.59.
Fundamental Analysis
Revenue and cash flow: Reported total revenue reached $332,874,000 for the period. The revenue-growth metric reads 2.73%, while reported quarter-over-quarter revenue growth registers -68.22% and year-over-year revenue growth registers -70.84%; operating cash flow totaled $55,510,000 and free cash flow $50,241,000, with a free-cash-flow yield of 2.58%—above the industry peer mean free-cash-flow yield of 1.68%—supporting near-term liquidity.
Profitability and margins: Operating (EBIT) margin stands at 7.32%, slightly above the industry peer mean of 7.27%; that margin improved 7.56% year-over-year but contracted 1.90% quarter-over-quarter, indicating recent operating leverage while short-term margin pressure appeared. Return on equity measures 3.32% and return on assets 2.30%, consistent with modest returns on invested capital given scale.
Liquidity and leverage: Cash and short-term investments total $305,092,000 and the current ratio equals 2.70, above the industry peer mean current ratio of 1.38, while total debt sits at $25,505,000 and debt-to-assets at 3.35%—well below the industry peer mean—leaving balance-sheet flexibility intact. Interest coverage near 34.50 provides meaningful coverage of interest expense.
Valuation multiples and earnings: Trailing PE stands at 46.66 and forward PE at 113.65; price-to-book 3.78 sits above the industry peer mean price-to-book of 2.52, while price-to-sales at 5.85 exceeds the industry peer mean price-to-sales of 5.82 by a narrow margin. Reported EPS $0.48 beat the $0.43 estimate by $0.05, an EPS surprise of +11.63%, illustrating recent earnings execution even as forward EPS compresses to $0.19. WMDST values the stock as over-valued based on the current mix of valuation multiples and forward expectations.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-07 |
| NEXT REPORT DATE: | 2025-11-06 |
| CASH FLOW | Begin Period Cash Flow | $ 114.2 M |
| Operating Cash Flow | $ 55.5 M | |
| Capital Expenditures | $ -5.27 M | |
| Change In Working Capital | $ 519.0 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 23.3 M | |
| End Period Cash Flow | $ 137.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 332.9 M | |
| Forward Revenue | $ 79.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 253.9 M | |
| Depreciation | $ 1.2 M | |
| Depreciation and Amortization | $ 1.2 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 308.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 79.0 M | |
| EBITDA | $ 25.6 M | |
| EBIT | $ 24.4 M | |
| Operating Income | $ 24.4 M | |
| Interest Income | $ 2.7 M | |
| Interest Expense | — | |
| Net Interest Income | $ 2.7 M | |
| Income Before Tax | $ 27.1 M | |
| Tax Provision | $ 10.0 M | |
| Tax Rate | 36.803 % | |
| Net Income | $ 17.1 M | |
| Net Income From Continuing Operations | $ 17.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.43 | |
| EPS Actual | $ 0.48 | |
| EPS Difference | $ 0.05 | |
| EPS Surprise | 11.628 % | |
| Forward EPS | $ 0.19 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 761.0 M | |
| Intangible Assets | $ 26.6 M | |
| Net Tangible Assets | $ 488.4 M | |
| Total Current Assets | $ 594.4 M | |
| Cash and Short-Term Investments | $ 305.1 M | |
| Cash | $ 132.5 M | |
| Net Receivables | $ 271.9 M | |
| Inventory | — | |
| Long-Term Investments | $ 8.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 140.5 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 220.4 M | |
| Net Debt | — | |
| Total Debt | $ 25.5 M | |
| Total Liabilities | $ 245.9 M | |
| EQUITY | ||
| Total Equity | $ 515.0 M | |
| Retained Earnings | $ 176.5 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 5.99 | |
| Shares Outstanding | 85.928 M | |
| Revenue Per-Share | $ 3.87 | |
| VALUATION | Market Capitalization | $ 1.9 B |
| Enterprise Value | $ 1.7 B | |
| Enterprise Multiple | 65.234 | |
| Enterprise Multiple QoQ | 0.55 % | |
| Enterprise Multiple YoY | -40.708 % | |
| Enterprise Multiple IPRWA | high: 206.444 PGNY: 65.234 mean: 52.602 median: 47.277 low: -197.551 |
|
| EV/R | 5.01 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.478 | |
| Asset To Liability | 3.094 | |
| Debt To Capital | 0.047 | |
| Debt To Assets | 0.034 | |
| Debt To Assets QoQ | -5.843 % | |
| Debt To Assets YoY | 735.91 % | |
| Debt To Assets IPRWA | high: 1.03 mean: 0.334 median: 0.32 PGNY: 0.034 low: 0.002 |
|
| Debt To Equity | 0.05 | |
| Debt To Equity QoQ | -11.015 % | |
| Debt To Equity YoY | 706.515 % | |
| Debt To Equity IPRWA | high: 4.335 mean: 1.17 median: 1.004 PGNY: 0.05 low: -1.392 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.781 | |
| Price To Book QoQ | -5.555 % | |
| Price To Book YoY | -34.128 % | |
| Price To Book IPRWA | high: 14.27 PGNY: 3.781 mean: 2.52 median: 1.731 low: -7.254 |
|
| Price To Earnings (P/E) | 46.656 | |
| Price To Earnings QoQ | -63.666 % | |
| Price To Earnings YoY | -72.522 % | |
| Price To Earnings IPRWA | high: 272.225 mean: 63.567 PGNY: 46.656 median: 45.616 low: -187.532 |
|
| PE/G Ratio | — | |
| Price To Sales (P/S) | 5.85 | |
| Price To Sales QoQ | 1.358 % | |
| Price To Sales YoY | -32.065 % | |
| Price To Sales IPRWA | high: 28.322 PGNY: 5.85 mean: 5.816 median: 3.432 low: 0.067 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 113.652 | |
| Forward PE/G | — | |
| Forward P/S | 24.524 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.285 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.446 | |
| Asset Turnover Ratio QoQ | -7.871 % | |
| Asset Turnover Ratio YoY | 9.591 % | |
| Asset Turnover Ratio IPRWA | high: 1.071 PGNY: 0.446 median: 0.385 mean: 0.336 low: 0.001 |
|
| Receivables Turnover | 1.165 | |
| Receivables Turnover Ratio QoQ | -3.838 % | |
| Receivables Turnover Ratio YoY | 13.184 % | |
| Receivables Turnover Ratio IPRWA | high: 12.053 mean: 4.148 median: 2.957 PGNY: 1.165 low: 0.065 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 78.345 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.89 | |
| CapEx To Revenue | -0.016 | |
| CapEx To Depreciation | -4.373 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 515.0 M | |
| Net Invested Capital | $ 515.0 M | |
| Invested Capital | $ 515.0 M | |
| Net Tangible Assets | $ 488.4 M | |
| Net Working Capital | $ 374.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.384 | |
| Current Ratio | 2.697 | |
| Current Ratio QoQ | 12.64 % | |
| Current Ratio YoY | 4.382 % | |
| Current Ratio IPRWA | high: 6.851 PGNY: 2.697 mean: 1.383 median: 0.838 low: 0.225 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.998 | |
| Cost Of Debt | 1.733 % | |
| Interest Coverage Ratio | 34.501 | |
| Interest Coverage Ratio QoQ | 0.778 % | |
| Interest Coverage Ratio YoY | 17.745 % | |
| Interest Coverage Ratio IPRWA | PGNY: 34.501 high: 16.892 mean: 4.832 median: 3.159 low: -51.12 |
|
| Operating Cash Flow Ratio | 0.186 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 52.607 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.199 % | |
| Revenue Growth | 2.727 % | |
| Revenue Growth QoQ | -68.22 % | |
| Revenue Growth YoY | -70.844 % | |
| Revenue Growth IPRWA | high: 17.881 % median: 4.575 % mean: 3.484 % PGNY: 2.727 % low: -32.565 % |
|
| Earnings Growth | 0.0 % | |
| Earnings Growth QoQ | -100.0 % | |
| Earnings Growth YoY | -100.0 % | |
| Earnings Growth IPRWA | high: 250.0 % PGNY: 0.0 % mean: -19.36 % median: -19.556 % low: -291.304 % |
|
| MARGINS | ||
| Gross Margin | 23.725 % | |
| Gross Margin QoQ | 1.428 % | |
| Gross Margin YoY | 5.66 % | |
| Gross Margin IPRWA | high: 88.057 % mean: 28.283 % median: 27.838 % PGNY: 23.725 % low: -9.108 % |
|
| EBIT Margin | 7.317 % | |
| EBIT Margin QoQ | -1.904 % | |
| EBIT Margin YoY | 7.555 % | |
| EBIT Margin IPRWA | high: 35.873 % PGNY: 7.317 % mean: 7.271 % median: 4.905 % low: -48.909 % |
|
| Return On Sales (ROS) | 7.317 % | |
| Return On Sales QoQ | -1.904 % | |
| Return On Sales YoY | 7.555 % | |
| Return On Sales IPRWA | high: 31.023 % mean: 8.156 % PGNY: 7.317 % median: 6.654 % low: -49.228 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 50.2 M | |
| Free Cash Flow Yield | 2.58 % | |
| Free Cash Flow Yield QoQ | 2.748 % | |
| Free Cash Flow Yield YoY | 21.013 % | |
| Free Cash Flow Yield IPRWA | high: 12.561 % PGNY: 2.58 % mean: 1.683 % median: 1.538 % low: -16.999 % |
|
| Free Cash Growth | 6.975 % | |
| Free Cash Growth QoQ | -206.116 % | |
| Free Cash Growth YoY | -94.392 % | |
| Free Cash Growth IPRWA | high: 390.254 % PGNY: 6.975 % mean: -65.169 % median: -66.168 % low: -877.035 % |
|
| Free Cash To Net Income | 2.936 | |
| Cash Flow Margin | 12.32 % | |
| Cash Flow To Earnings | 2.397 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.295 % | |
| Return On Assets QoQ | 1.909 % | |
| Return On Assets YoY | 3.94 % | |
| Return On Assets IPRWA | high: 5.204 % PGNY: 2.295 % mean: 1.019 % median: 0.951 % low: -16.328 % |
|
| Return On Capital Employed (ROCE) | 4.506 % | |
| Return On Equity (ROE) | 0.033 | |
| Return On Equity QoQ | 3.071 % | |
| Return On Equity YoY | -8.052 % | |
| Return On Equity IPRWA | high: 0.111 PGNY: 0.033 median: 0.025 mean: 0.024 low: -0.486 |
|
| DuPont ROE | 3.485 % | |
| Return On Invested Capital (ROIC) | 2.989 % | |
| Return On Invested Capital QoQ | -26.866 % | |
| Return On Invested Capital YoY | -156.988 % | |
| Return On Invested Capital IPRWA | high: 7.951 % PGNY: 2.989 % median: 1.954 % mean: 1.539 % low: -22.946 % |
|