Recent News
Oct 6, 2025 — Broker consensus updated to a “Moderate Buy” as several analysts revised targets and ratings. Oct 16, 2025 — reporting noted a policy move reducing IVF drug costs, with media coverage citing an immediate uptick in Progyny shares. Oct 26, 2025 — Weiss Ratings reiterated a Hold (C-) rating while some firms maintained upgraded or revised targets during the selling season.
Technical Analysis
ADX at 26.44 indicates a strong trend environment; trend strength supports continuation of the current directional move without implying direction by itself.
Directional indicators show DI+ at 31.36 on a dip-and-reversal, while DI- sits at 22.96 and is decreasing; that combination signals bullish directional momentum and supports near-term upside bias relative to the current valuation.
MACD registered a dip-and-reversal and currently sits at 0.35, above its signal line at -0.26; the MACD crossover confirms bullish momentum and suggests continued upward pressure on price in the near term.
MRO at 21.62 sits positive, indicating the market price lies above the modeled target and therefore carries potential downward mean-reversion pressure toward fair value; the magnitude signals meaningful, not marginal, reversion potential if momentum stalls.
RSI at 48.38 with a dip-and-reversal shows a return from oversold dynamics into neutral territory, supporting additional upside without overbought extremes.
Price trades above short- and long-term averages — 20‑day ($20.18), 50‑day ($20.93) and 200‑day ($21.94) — and sits between the 1x and 2x upper Bollinger levels, which implies elevated but not extreme extension. SuperTrend lower support holds near $22.10 while recent volume sits in line with its 10‑day average and above the 200‑day average, lending conviction to the reversal.
Fundamental Analysis
Total revenue reached $313,346,000 with YoY revenue growth of 2.16% and a QoQ change shown as -315.11%. Net income totaled $13,864,000 and EPS came in at $0.15 versus an estimate of $0.13, producing a 15.38% EPS surprise.
Operating performance shows EBIT of $21,527,000 and an EBIT margin of 6.87%. That EBIT margin sits above the industry peer mean of 5.37% and above the industry peer median of 1.97%; quarter-over-quarter margin contracted by 6.11% but expanded 58.08% year-over-year, indicating improving profitability versus the prior year despite short-term compression.
Liquidity and capital structure present strength: cash and short‑term investments total $345,207,000, current ratio equals 2.96, and debt to assets measures 3.11%, providing a conservative leverage profile while supporting operating flexibility.
Cash generation remains positive with operating cash flow of $50,671,000 and free cash flow of $45,987,000, yielding a free cash flow yield of 2.56%. Return on equity of 2.48% and return on assets of 1.78% remain modest but improved YoY.
Valuation metrics show a trailing P/E near 46.27 and a forward P/E around 118.05, reflecting elevated forward expectations relative to current earnings. Price-to-book stands at 3.20, slightly below the industry peer mean of 3.58. WMDST values the stock as fair-valued, which aligns with the combination of above‑average margin expansion and stretched forward multiples.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-06 |
| NEXT REPORT DATE: | 2026-02-05 |
| CASH FLOW | Begin Period Cash Flow | $ 137.5 M |
| Operating Cash Flow | $ 50.7 M | |
| Capital Expenditures | $ -4.68 M | |
| Change In Working Capital | $ -790.00 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 2.4 M | |
| End Period Cash Flow | $ 140.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 313.3 M | |
| Forward Revenue | $ 92.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 240.5 M | |
| Depreciation | $ 1.3 M | |
| Depreciation and Amortization | $ 1.3 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 291.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 72.8 M | |
| EBITDA | $ 22.8 M | |
| EBIT | $ 21.5 M | |
| Operating Income | $ 21.5 M | |
| Interest Income | $ 2.4 M | |
| Interest Expense | — | |
| Net Interest Income | $ 2.4 M | |
| Income Before Tax | $ 24.0 M | |
| Tax Provision | $ 10.1 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 13.9 M | |
| Net Income From Continuing Operations | $ 13.9 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.13 | |
| EPS Actual | $ 0.15 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 15.385 % | |
| Forward EPS | $ 0.19 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 795.2 M | |
| Intangible Assets | $ 26.4 M | |
| Net Tangible Assets | $ 533.6 M | |
| Total Current Assets | $ 622.0 M | |
| Cash and Short-Term Investments | $ 345.2 M | |
| Cash | $ 134.0 M | |
| Net Receivables | $ 252.5 M | |
| Inventory | — | |
| Long-Term Investments | $ 11.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 123.1 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 210.5 M | |
| Net Debt | — | |
| Total Debt | $ 24.7 M | |
| Total Liabilities | $ 235.2 M | |
| EQUITY | ||
| Total Equity | $ 560.0 M | |
| Retained Earnings | $ 190.3 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.50 | |
| Shares Outstanding | 86.147 M | |
| Revenue Per-Share | $ 3.64 | |
| VALUATION | Market Capitalization | $ 1.8 B |
| Enterprise Value | $ 1.5 B | |
| Enterprise Multiple | 64.625 | |
| Enterprise Multiple QoQ | -0.935 % | |
| Enterprise Multiple YoY | -40.358 % | |
| Enterprise Multiple IPRWA | high: 190.244 PGNY: 64.625 median: 48.181 mean: -1.415 low: -219.035 |
|
| EV/R | 4.701 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.42 | |
| Asset To Liability | 3.381 | |
| Debt To Capital | 0.042 | |
| Debt To Assets | 0.031 | |
| Debt To Assets QoQ | -7.22 % | |
| Debt To Assets YoY | 23.462 % | |
| Debt To Assets IPRWA | high: 0.956 mean: 0.327 median: 0.32 PGNY: 0.031 low: 0.005 |
|
| Debt To Equity | 0.044 | |
| Debt To Equity QoQ | -10.824 % | |
| Debt To Equity YoY | 15.511 % | |
| Debt To Equity IPRWA | high: 2.466 median: 1.121 mean: 1.068 PGNY: 0.044 low: -1.463 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.203 | |
| Price To Book QoQ | -15.286 % | |
| Price To Book YoY | -16.077 % | |
| Price To Book IPRWA | high: 27.592 mean: 3.582 PGNY: 3.203 median: 1.785 low: -1.367 |
|
| Price To Earnings (P/E) | 46.267 | |
| Price To Earnings QoQ | -0.833 % | |
| Price To Earnings YoY | -72.909 % | |
| Price To Earnings IPRWA | high: 517.132 mean: 80.048 median: 64.535 PGNY: 46.267 low: -43.198 |
|
| PE/G Ratio | -7.403 | |
| Price To Sales (P/S) | 5.724 | |
| Price To Sales QoQ | -2.147 % | |
| Price To Sales YoY | -1.146 % | |
| Price To Sales IPRWA | high: 28.774 mean: 6.177 PGNY: 5.724 median: 4.136 low: 0.349 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 118.049 | |
| Forward PE/G | -18.888 | |
| Forward P/S | 19.393 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.981 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.403 | |
| Asset Turnover Ratio QoQ | -9.795 % | |
| Asset Turnover Ratio YoY | -4.558 % | |
| Asset Turnover Ratio IPRWA | high: 0.875 PGNY: 0.403 median: 0.397 mean: 0.327 low: 0.058 |
|
| Receivables Turnover | 1.195 | |
| Receivables Turnover Ratio QoQ | 2.614 % | |
| Receivables Turnover Ratio YoY | 19.782 % | |
| Receivables Turnover Ratio IPRWA | high: 9.084 mean: 4.431 median: 2.951 PGNY: 1.195 low: 0.616 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 76.349 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 28.98 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 132.972 PGNY: 28.98 median: 15.133 mean: 11.091 low: -85.326 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.761 | |
| CapEx To Revenue | -0.015 | |
| CapEx To Depreciation | -3.694 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 560.0 M | |
| Net Invested Capital | $ 560.0 M | |
| Invested Capital | $ 560.0 M | |
| Net Tangible Assets | $ 533.6 M | |
| Net Working Capital | $ 411.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.64 | |
| Current Ratio | 2.955 | |
| Current Ratio QoQ | 9.582 % | |
| Current Ratio YoY | 12.765 % | |
| Current Ratio IPRWA | high: 7.005 PGNY: 2.955 mean: 1.248 median: 0.832 low: 0.528 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.085 | |
| Cost Of Debt | 2.221 % | |
| Interest Coverage Ratio | 30.491 | |
| Interest Coverage Ratio QoQ | -11.622 % | |
| Interest Coverage Ratio YoY | 72.797 % | |
| Interest Coverage Ratio IPRWA | PGNY: 30.491 high: 18.837 mean: 2.106 median: 1.798 low: -15.083 |
|
| Operating Cash Flow Ratio | 0.081 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 47.369 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.505 % | |
| Revenue Growth | -5.866 % | |
| Revenue Growth QoQ | -315.108 % | |
| Revenue Growth YoY | 2.16 % | |
| Revenue Growth IPRWA | high: 13.683 % mean: 3.1 % median: 2.066 % PGNY: -5.866 % low: -11.948 % |
|
| Earnings Growth | -6.25 % | |
| Earnings Growth QoQ | -90.909 % | |
| Earnings Growth YoY | -82.292 % | |
| Earnings Growth IPRWA | high: 100.0 % mean: -5.306 % PGNY: -6.25 % median: -11.602 % low: -116.667 % |
|
| MARGINS | ||
| Gross Margin | 23.244 % | |
| Gross Margin QoQ | -2.027 % | |
| Gross Margin YoY | 12.453 % | |
| Gross Margin IPRWA | high: 80.111 % mean: 27.873 % median: 27.141 % PGNY: 23.244 % low: -9.25 % |
|
| EBIT Margin | 6.87 % | |
| EBIT Margin QoQ | -6.109 % | |
| EBIT Margin YoY | 58.076 % | |
| EBIT Margin IPRWA | high: 28.543 % PGNY: 6.87 % mean: 5.365 % median: 1.971 % low: -35.641 % |
|
| Return On Sales (ROS) | 6.87 % | |
| Return On Sales QoQ | -6.109 % | |
| Return On Sales YoY | 58.076 % | |
| Return On Sales IPRWA | high: 27.891 % mean: 7.97 % PGNY: 6.87 % median: 5.889 % low: -35.641 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 46.0 M | |
| Free Cash Flow Yield | 2.564 % | |
| Free Cash Flow Yield QoQ | -0.62 % | |
| Free Cash Flow Yield YoY | -0.389 % | |
| Free Cash Flow Yield IPRWA | high: 9.276 % PGNY: 2.564 % mean: 1.336 % median: 1.231 % low: -3.589 % |
|
| Free Cash Growth | -8.467 % | |
| Free Cash Growth QoQ | -221.391 % | |
| Free Cash Growth YoY | -63.935 % | |
| Free Cash Growth IPRWA | high: 558.205 % mean: -0.23 % PGNY: -8.467 % median: -38.182 % low: -214.305 % |
|
| Free Cash To Net Income | 3.317 | |
| Cash Flow Margin | 5.443 % | |
| Cash Flow To Earnings | 1.23 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.782 % | |
| Return On Assets QoQ | -22.353 % | |
| Return On Assets YoY | 16.167 % | |
| Return On Assets IPRWA | high: 7.577 % PGNY: 1.782 % median: 0.39 % mean: 0.336 % low: -8.635 % |
|
| Return On Capital Employed (ROCE) | 3.682 % | |
| Return On Equity (ROE) | 0.025 | |
| Return On Equity QoQ | -25.489 % | |
| Return On Equity YoY | 3.339 % | |
| Return On Equity IPRWA | high: 0.087 PGNY: 0.025 median: 0.011 mean: -0.002 low: -0.297 |
|
| DuPont ROE | 2.58 % | |
| Return On Invested Capital (ROIC) | 3.037 % | |
| Return On Invested Capital QoQ | 1.606 % | |
| Return On Invested Capital YoY | -167.609 % | |
| Return On Invested Capital IPRWA | high: 8.725 % PGNY: 3.037 % median: 0.766 % mean: 0.608 % low: -6.403 % |
|