Progyny (PGNY) Financials

$24.60 +0.55 (+2.29%)

Closing price 05/19/2026 04:00 PM Eastern

Extended Trading

$24.84 +0.24 (+0.98%)

As of 05/19/2026 07:38 PM Eastern

Annual Income Statements for Progyny

This table shows Progyny's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-26	-5.54	-8.57	46	66	30	62	54	59
Consolidated Net Income / (Loss)	-12	0.66	-8.57	46	66	30	62	54	59
Net Income / (Loss) Continuing Operations	-12	-5.12	-8.57	46	66	30	62	54	59
Total Pre-Tax Income	-12	-6.89	-8.56	8.68	32	24	71	83	95
Total Operating Income	-11	-3.45	9.68	8.35	32	23	62	67	85
Total Gross Profit	7.40	19	46	70	112	167	239	253	304
Total Revenue	49	105	230	345	501	787	1,089	1,167	1,289
Operating Revenue	49	105	230	345	501	787	1,089	1,167	1,289
Total Cost of Revenue	41	86	184	275	388	620	850	914	984
Operating Cost of Revenue	41	86	184	275	388	620	850	914	984
Total Operating Expenses	37	23	36	62	80	144	177	186	219
Selling, General & Admin Expense	14	16	24	47	60	98	117	122	147
Marketing Expense	4.26	7.29	12	15	20	46	59	64	72
Total Other Income / (Expense), net	-2.91	-3.44	-18	0.33	0.10	1.10	8.51	16	10
Other Income / (Expense), net	-2.17	-2.94	-18	0.21	-0.37	1.10	8.51	16	10
Income Tax Expense	-0.00	-1.78	0.01	-38	-33	-5.92	8.65	29	37
Basic Earnings per Share	($2.37)	$0.04	($0.41)	$0.54	$0.74	$0.33	$0.65	$0.59	$0.68
Weighted Average Basic Shares Outstanding	5.68M	5.54M	20.74M	85.72M	89.11M	92.20M	95.02M	91.48M	85.65M
Diluted Earnings per Share	($2.37)	$0.04	($0.41)	$0.47	$0.66	$0.30	$0.62	$0.57	$0.65
Weighted Average Diluted Shares Outstanding	5.68M	5.54M	20.74M	99.06M	100.36M	99.96M	100.67M	95.45M	89.86M
Weighted Average Basic & Diluted Shares Outstanding	5.68M	5.54M	20.74M	87.22M	91.23M	93.38M	96.50M	85.41M	81.90M

This table shows Progyny's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	16	13	17	16	10	11	15	17	14	12	24
Consolidated Net Income / (Loss)	16	13	17	16	10	11	15	17	14	12	24
Net Income / (Loss) Continuing Operations	16	13	17	16	10	11	15	17	14	12	24
Total Pre-Tax Income	21	16	23	25	18	18	27	27	24	18	37
Total Operating Income	18	14	19	21	12	16	24	24	22	15	35
Total Gross Profit	63	57	62	68	59	63	76	79	73	77	83
Total Revenue	281	270	278	304	287	298	324	333	313	318	329
Operating Revenue	281	270	278	304	287	298	324	333	313	318	329
Total Cost of Revenue	218	213	216	236	227	235	248	254	241	242	245
Operating Cost of Revenue	218	213	216	236	227	235	248	254	241	242	245
Total Operating Expenses	44	43	44	48	47	48	52	55	51	62	48
Selling, General & Admin Expense	30	28	28	31	30	32	34	36	33	44	31
Marketing Expense	15	15	15	16	16	16	18	18	18	18	17
Total Other Income / (Expense), net	2.74	2.46	3.99	4.38	5.50	1.87	2.37	2.72	2.44	2.63	1.50
Other Income / (Expense), net	2.74	3.99	3.99	4.38	5.50	3.32	2.37	2.72	2.44	2.63	1.50
Income Tax Expense	5.03	2.79	5.62	8.58	7.54	7.13	11	9.97	10	5.37	13
Basic Earnings per Share	$0.17	$0.13	$0.18	$0.18	$0.12	$0.11	$0.18	$0.20	$0.16	$0.14	$0.30
Weighted Average Basic Shares Outstanding	95.50M	95.02M	96.48M	93.87M	90.07M	91.48M	85.50M	85.77M	86.02M	85.65M	80.92M
Diluted Earnings per Share	$0.16	$0.13	$0.17	$0.17	$0.11	$0.12	$0.17	$0.19	$0.15	$0.14	$0.29
Weighted Average Diluted Shares Outstanding	100.88M	100.67M	101.05M	97.84M	93.82M	95.45M	89.31M	89.64M	90.23M	89.86M	84.76M
Weighted Average Basic & Diluted Shares Outstanding	95.84M	96.50M	95.22M	90.28M	85.15M	85.41M	85.72M	85.98M	86.21M	81.90M	78.33M

This table details how cash moves in and out of Progyny's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	1.68	-4.56	80	-10	21	29	-23	65	-48
Net Cash From Operating Activities	-9.47	2.27	-1.53	36	26	80	189	179	210
Net Cash From Continuing Operating Activities	-9.42	2.27	-1.53	36	26	80	189	179	210
Net Income / (Loss) Continuing Operations	-12	-5.12	-8.57	46	66	30	62	54	59
Consolidated Net Income / (Loss)	-12	0.66	-8.57	46	66	30	62	54	59
Depreciation Expense	1.56	1.88	2.13	1.91	1.30	1.60	2.28	3.18	4.95
Non-Cash Adjustments To Reconcile Net Income	2.91	6.93	25	18	10	115	138	144	152
Changes in Operating Assets and Liabilities, net	-1.43	-1.42	-20	-31	-51	-66	-14	-22	-5.32
Net Cash From Investing Activities	-0.61	1.90	-2.76	-40	8.77	-44	-201	196	-159
Net Cash From Continuing Investing Activities	-0.61	-0.58	-2.96	-40	8.77	-44	-201	196	-159
Purchase of Property, Plant & Equipment	-0.61	-0.58	-2.96	-1.04	-2.13	-3.24	-3.64	-5.41	-18
Acquisitions	-	-	-	-	-	0.00	0.00	-5.30	-9.34
Purchase of Investments	-	0.00	-	-104	-111	-163	-430	-170	-355
Sale and/or Maturity of Investments	-	0.00	-	65	122	123	233	377	224
Other Investing Activities, net	-	-	-	-	-	-	0.00	0.00	0.00
Net Cash From Financing Activities	12	-8.74	85	-6.25	-14	-7.86	-11	-310	-99
Net Cash From Continuing Financing Activities	12	-8.74	85	-6.25	-14	-7.86	-11	-310	-99
Repayment of Debt	-3.26	-70	-182	-	-	-	0.00	0.00	-3.09
Repurchase of Common Equity	0.00	-1.21	-3.02	-0.89	-	0.00	0.00	-300	-82
Issuance of Common Equity	0.00	0.00	81	1.24	1.35	1.15	1.28	1.30	1.14
Other Financing Activities, net	0.03	0.07	6.60	-6.60	-15	-9.02	-12	-11	-16
Effect of Exchange Rate Changes	-	-	-	-	0.00	0.00	0.00	0.00	0.06
Cash Income Taxes Paid	-	-	-	0.00	0.10	0.13	6.18	40	55

This table details how cash moves in and out of Progyny's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-12	-61	18	-20	-3.48	71	-48	23	2.44	-26	19
Net Cash From Operating Activities	54	38	26	57	45	52	50	56	51	54	46
Net Cash From Continuing Operating Activities	54	38	26	57	45	52	50	56	50	54	46
Net Income / (Loss) Continuing Operations	16	13	17	16	10	11	15	17	14	12	24
Consolidated Net Income / (Loss)	16	13	17	16	10	11	15	17	14	12	24
Depreciation Expense	0.58	0.63	0.72	0.75	0.84	0.87	1.11	1.21	1.27	1.37	1.48
Non-Cash Adjustments To Reconcile Net Income	38	29	32	34	43	34	39	37	36	40	26
Changes in Operating Assets and Liabilities, net	2.49	-8.38	-24	5.10	-6.36	3.19	-5.72	0.53	-0.78	0.65	-5.40
Net Cash From Investing Activities	-64	-93	19	86	15	75	-95	-30	-43	8.26	97
Net Cash From Continuing Investing Activities	-64	-93	19	86	15	75	-95	-30	-43	8.26	97
Purchase of Property, Plant & Equipment	-1.08	-0.55	-0.85	-0.87	-1.94	-1.75	-2.84	-5.27	-4.68	-5.61	-6.35
Acquisitions	-	-	0.00	-	-	-	-9.34	-	-	-	0.00
Purchase of Investments	-142	-167	-111	-48	-12	-	-146	-54	-111	-43	0.00
Sale and/or Maturity of Investments	79	74	131	140	29	77	63	30	73	57	103
Other Investing Activities, net	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Financing Activities	-2.36	-5.03	-27	-163	-63	-56	-3.29	-2.33	-5.49	-88	-123
Net Cash From Continuing Financing Activities	-2.36	-5.03	-27	-163	-63	-56	-3.29	-2.33	-5.49	-88	-123
Repurchase of Common Equity	-	-	-24	-160	-61	-55	0.00	-	-	-82	-119
Issuance of Common Equity	0.27	0.39	0.35	0.36	0.21	0.39	0.26	0.30	0.22	0.36	0.31
Other Financing Activities, net	-2.63	-5.42	-4.00	-3.19	-2.11	-1.61	-3.54	-2.63	-2.62	-6.97	-4.81
Effect of Exchange Rate Changes	-	-	-0.00	-	-	-	0.02	0.04	-0.00	0.01	-0.05
Cash Income Taxes Paid	1.62	3.86	-0.36	18	18	5.58	0.40	24	16	16	0.64

This table presents Progyny's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	41	150	254	358	543	757	607	742
Total Current Assets	25	132	190	259	434	640	473	552
Cash & Equivalents	0.13	80	70	91	120	97	162	112
Short-Term Investments	-	0.00	39	28	69	274	66	198
Accounts Receivable	23	47	76	135	240	242	235	220
Prepaid Expenses	0.89	5.00	5.26	4.56	4.49	27	9.44	21
Plant, Property, & Equipment, net	0.78	3.08	3.40	5.03	8.37	10	12	30
Total Noncurrent Assets	16	15	60	94	101	106	122	161
Goodwill	12	12	12	12	12	12	16	20
Intangible Assets	3.86	2.38	1.21	0.60	0.10	0.00	1.30	6.22
Noncurrent Deferred & Refundable Income Taxes	-	0.00	38	71	78	73	85	93
Other Noncurrent Operating Assets	0.27	0.65	9.24	11	11	21	20	42
Total Liabilities & Shareholders' Equity	41	150	254	358	543	757	607	742
Total Liabilities	30	36	87	106	166	203	185	226
Total Current Liabilities	30	36	78	99	160	186	169	202
Accounts Payable	16	19	44	61	109	125	95	124
Accrued Expenses	9.78	17	34	37	50	61	74	78
Total Noncurrent Liabilities	0.00	0.00	9.19	7.42	6.48	17	16	24
Other Noncurrent Operating Liabilities	-	0.00	9.19	7.42	6.48	17	16	24
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-95	114	167	252	377	553	422	516
Total Preferred & Common Equity	-95	114	167	252	377	553	422	516
Total Common Equity	-95	114	167	252	377	553	422	516
Common Stock	11	229	236	255	350	462	582	701
Retained Earnings	-105	-113	-68	-2.42	28	90	144	203
Treasury Stock	-	-	-	-	-	-1.01	-304	-388
Accumulated Other Comprehensive Income / (Loss)	-	0.00	0.00	-0.09	0.50	2.82	0.04	0.50

This table presents Progyny's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	510	650	682	727	794	699	660	730	761	795	698
Total Current Assets	402	527	561	611	682	582	546	568	594	622	502
Cash & Equivalents	73	155	171	158	115	95	91	109	133	134	132
Short-Term Investments	68	53	112	177	257	167	144	147	173	211	94
Accounts Receivable	258	313	265	269	297	294	281	300	272	253	264
Prepaid Expenses	2.84	5.95	14	6.95	12	26	30	12	17	24	13
Plant, Property, & Equipment, net	7.20	8.88	9.50	9.72	10	11	12	16	20	25	36
Total Noncurrent Assets	101	114	111	106	103	106	102	147	147	148	161
Goodwill	12	12	12	12	12	16	16	20	20	20	20
Intangible Assets	0.22	0.00	0.00	0.00	-	1.48	1.45	6.75	6.64	6.43	5.97
Noncurrent Deferred & Refundable Income Taxes	78	79	77	72	70	68	64	85	85	85	93
Other Noncurrent Operating Assets	11	23	22	22	20	21	21	36	35	37	42
Total Liabilities & Shareholders' Equity	510	650	682	727	794	699	660	730	761	795	698
Total Liabilities	164	225	212	211	223	242	225	263	246	235	259
Total Current Liabilities	157	207	194	193	206	225	208	237	220	210	236
Accounts Payable	104	146	130	132	130	152	130	146	141	123	158
Accrued Expenses	53	61	64	61	76	74	78	91	80	87	78
Total Noncurrent Liabilities	6.72	18	18	18	17	17	17	26	26	25	23
Other Noncurrent Operating Liabilities	6.72	18	18	18	17	17	17	26	26	25	23
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	347	424	469	515	572	456	435	467	515	560	439
Total Preferred & Common Equity	347	424	469	515	572	456	435	467	515	560	439
Total Common Equity	347	424	469	515	572	456	435	467	515	560	439
Common Stock	323	379	409	438	489	520	552	612	642	673	718
Retained Earnings	25	46	61	77	107	123	134	159	176	190	227
Treasury Stock	-	-	-	-	-27	-	-251	-304	-	-304	-506
Accumulated Other Comprehensive Income / (Loss)	0.21	0.72	1.08	1.85	2.75	2.03	0.33	0.11	0.22	0.42	0.28

This table displays calculated financial ratios and metrics derived from Progyny's official financial filings.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	86,211,654.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	86,211,654.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	0.68
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	116.94%	117.92%	50.15%	45.17%	57.19%	38.34%	7.22%	10.40%
EBITDA Growth	0.00%	61.14%	-41.06%	264.37%	218.00%	-21.74%	180.21%	18.37%	16.21%
EBIT Growth	0.00%	51.45%	-32.88%	200.69%	273.62%	-23.56%	189.23%	17.70%	14.70%
NOPAT Growth	0.00%	68.63%	380.33%	559.70%	46.75%	-55.79%	88.23%	-19.28%	18.71%
Net Income Growth	0.00%	105.31%	-1,396.37%	642.18%	41.56%	-53.84%	104.35%	-12.41%	7.70%
EPS Growth	0.00%	101.69%	-1,125.00%	214.63%	40.43%	-54.55%	106.67%	-8.06%	14.04%
Operating Cash Flow Growth	0.00%	123.98%	-167.52%	2,460.04%	-28.08%	208.77%	134.86%	-5.14%	17.36%
Free Cash Flow Firm Growth	0.00%	0.00%	-19.33%	230.25%	-143.86%	-186.20%	327.99%	-46.10%	25.29%
Invested Capital Growth	0.00%	0.00%	206.74%	70.11%	129.68%	41.74%	-2.84%	6.45%	6.10%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	11.36%	5.76%	12.39%	5.38%	2.50%	1.57%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	96.62%	-5.19%	23.80%	24.58%	5.95%	0.70%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	156.15%	-4.98%	24.92%	25.16%	5.88%	0.21%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	443.40%	-26.25%	-30.83%	18.97%	-3.89%	2.56%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	1,455.37%	-26.73%	-27.77%	19.36%	-5.13%	3.45%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-38.16%	-26.67%	-28.57%	19.23%	-1.72%	3.17%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-119.05%	49.74%	9.59%	113.29%	-6.84%	8.81%	0.98%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-745.81%	51.48%	-16.68%	21.74%	14.45%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	158.42%	20.58%	-8.84%	1.39%	-2.53%	-4.12%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	15.23%	18.44%	19.81%	20.32%	22.40%	21.26%	21.94%	21.71%	23.63%
EBITDA Margin	-23.91%	-4.28%	-2.77%	3.03%	6.65%	3.31%	6.70%	7.40%	7.79%
Operating Margin	-22.65%	-3.28%	4.21%	2.42%	6.46%	2.97%	5.71%	5.78%	6.62%
EBIT Margin	-27.11%	-6.07%	-3.70%	2.48%	6.39%	3.11%	6.49%	7.13%	7.41%
Profit (Net Income) Margin	-25.63%	0.63%	-3.73%	13.47%	13.14%	3.86%	5.70%	4.66%	4.54%
Tax Burden Percent	99.94%	-9.59%	100.14%	535.30%	202.77%	124.21%	87.76%	65.31%	61.32%
Interest Burden Percent	94.58%	107.77%	100.68%	101.41%	101.44%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	-435.30%	-102.77%	-24.21%	12.24%	34.69%	38.68%
Return on Invested Capital (ROIC)	0.00%	-43.74%	30.15%	97.64%	69.01%	18.12%	29.50%	23.40%	26.14%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-8,361.04%	68.29%	95.77%	68.84%	17.23%	26.83%	19.97%	23.83%
Return on Net Nonoperating Assets (RNNOA)	0.00%	55.63%	-43.82%	-64.60%	-37.60%	-8.46%	-16.16%	-12.26%	-13.67%
Return on Equity (ROE)	0.00%	11.89%	-13.67%	33.04%	31.41%	9.66%	13.34%	11.14%	12.48%
Cash Return on Invested Capital (CROIC)	0.00%	-243.74%	-71.51%	45.73%	-9.66%	-16.42%	32.38%	17.15%	20.22%
Operating Return on Assets (OROA)	0.00%	-15.48%	-8.86%	4.23%	10.45%	5.43%	10.88%	12.20%	14.14%
Return on Assets (ROA)	0.00%	1.60%	-8.94%	22.98%	21.49%	6.74%	9.55%	7.97%	8.67%
Return on Common Equity (ROCE)	0.00%	-101.65%	-2.09%	33.04%	31.41%	9.66%	13.34%	11.14%	12.48%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-0.69%	-7.50%	27.83%	26.12%	8.05%	11.21%	12.87%	0.00%
Net Operating Profit after Tax (NOPAT)	-7.70	-2.42	6.77	45	66	29	55	44	52
NOPAT Margin	-15.86%	-2.29%	2.95%	12.96%	13.10%	3.68%	5.01%	3.77%	4.06%
Net Nonoperating Expense Percent (NNEP)	0.00%	8,317.30%	-38.14%	1.87%	0.17%	0.89%	2.66%	3.43%	2.31%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	7.69%	9.86%	10.44%	10.13%
Cost of Revenue to Revenue	84.77%	81.56%	80.19%	79.68%	77.60%	78.74%	78.06%	78.29%	76.37%
SG&A Expenses to Revenue	29.12%	14.80%	10.42%	13.54%	11.91%	12.50%	10.76%	10.45%	11.41%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	75.77%	21.71%	15.60%	17.89%	15.94%	18.30%	16.22%	15.93%	17.01%
Earnings before Interest and Taxes (EBIT)	-13	-6.40	-8.50	8.56	32	24	71	83	95
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-12	-4.51	-6.37	10	33	26	73	86	100
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	20.19	22.00	18.08	7.68	6.44	3.48	4.29
Price to Tangible Book Value (P/TBV)	0.00	0.00	23.07	23.87	19.02	7.93	6.58	3.62	4.52
Price to Revenue (P/Rev)	2.68	1.23	10.04	10.65	9.10	3.68	3.27	1.26	1.72
Price to Earnings (P/E)	0.00	0.00	0.00	79.05	69.23	95.31	57.44	27.03	37.83
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	1.27%	1.44%	1.05%	1.74%	3.70%	2.64%
Enterprise Value to Invested Capital (EV/IC)	0.00	21.39	65.71	61.81	33.49	14.41	17.51	6.39	9.24
Enterprise Value to Revenue (EV/Rev)	0.00	2.24	9.69	10.33	8.86	3.44	2.93	1.06	1.48
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	340.51	133.25	103.83	43.74	14.37	18.97
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	416.35	138.67	110.63	45.16	14.91	19.95
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	328.72	79.73	67.61	93.27	58.49	28.17	36.41
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	104.03	0.00	98.42	170.29	33.63	16.91	6.93	9.06
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	170.25	0.00	0.00	53.29	38.44	47.06
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-0.01	-0.64	-0.67	-0.55	-0.49	-0.60	-0.61	-0.57
Leverage Ratio	0.00	3.72	1.53	1.44	1.46	1.43	1.40	1.40	1.44
Compound Leverage Factor	0.00	4.00	1.54	1.46	1.48	1.43	1.40	1.40	1.44
Debt to Total Capital	0.00%	2.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	2.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	933.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-836.18%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	-0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	-0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	-0.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	-0.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	0.91	39.33	26.96	27.93	12.73	13.16	8.07	8.97
Noncontrolling Interest Sharing Ratio	0.00%	955.20%	84.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.81	3.66	2.45	2.62	2.72	3.44	2.80	2.73
Quick Ratio	0.00	0.78	3.52	2.38	2.57	2.69	3.30	2.75	2.62
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-13	-16	21	-9.18	-26	60	32	40
Operating Cash Flow to CapEx	-1,548.04%	392.40%	-51.89%	3,491.13%	1,222.97%	2,480.56%	5,181.50%	3,313.69%	1,141.73%
Free Cash Flow to Firm to Interest Expense	0.00	-27.09	-277.02	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-12.80	4.57	-26.45	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-13.63	3.41	-77.41	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	2.55	2.40	1.71	1.64	1.75	1.68	1.71	1.91
Accounts Receivable Turnover	0.00	4.52	6.53	5.62	4.76	4.20	4.52	4.89	5.66
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	135.82	119.04	106.39	118.81	117.47	117.15	103.31	60.92
Accounts Payable Turnover	0.00	5.52	10.53	8.74	7.41	7.26	7.24	8.29	8.98
Days Sales Outstanding (DSO)	0.00	80.77	55.93	64.95	76.64	86.88	80.80	74.61	64.52
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	66.14	34.65	41.77	49.29	50.28	50.41	44.04	40.64
Cash Conversion Cycle (CCC)	0.00	14.63	21.28	23.17	27.35	36.61	30.39	30.57	23.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	11	34	58	132	188	182	194	206
Invested Capital Turnover	0.00	19.08	10.22	7.53	5.27	4.92	5.88	6.20	6.44
Increase / (Decrease) in Invested Capital	0.00	11	23	24	75	55	-5.33	12	12
Enterprise Value (EV)	0.00	236	2,227	3,563	4,434	2,704	3,192	1,241	1,904
Market Capitalization	130	130	2,307	3,672	4,553	2,893	3,563	1,469	2,214
Book Value per Share	$0.00	($17.17)	$1.36	$1.93	$2.78	$4.06	$5.77	$4.96	$5.99
Tangible Book Value per Share	$0.00	($20.01)	$1.19	$1.78	$2.65	$3.93	$5.65	$4.76	$5.68
Total Capital	0.00	11	114	167	252	377	553	422	516
Total Debt	0.00	0.25	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	0.13	-80	-109	-119	-189	-371	-228	-310
Capital Expenditures (CapEx)	0.61	0.58	2.96	1.04	2.13	3.24	3.64	5.41	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-5.54	16	3.14	40	85	83	76	39
Debt-free Net Working Capital (DFNWC)	0.00	-5.41	96	112	160	274	454	304	349
Net Working Capital (NWC)	0.00	-5.67	96	112	160	274	454	304	349
Net Nonoperating Expense (NNE)	4.75	-3.08	15	-1.77	-0.19	-1.37	-7.47	-10	-6.23
Net Nonoperating Obligations (NNO)	0.00	-0.07	-80	-109	-119	-189	-371	-228	-310
Total Depreciation and Amortization (D&A)	1.56	1.88	2.13	1.91	1.30	1.60	2.28	3.18	4.95
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-5.26%	6.92%	0.91%	8.05%	10.80%	7.66%	6.52%	3.05%
Debt-free Net Working Capital to Revenue	0.00%	-5.13%	41.92%	32.60%	31.90%	34.86%	41.75%	26.05%	27.11%
Net Working Capital to Revenue	0.00%	-5.37%	41.92%	32.60%	31.90%	34.86%	41.75%	26.05%	27.11%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.65	$0.59	$0.68
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	95.02M	91.48M	85.65M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.62	$0.57	$0.65
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	100.67M	95.45M	89.86M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	96.50M	85.41M	81.90M
Normalized Net Operating Profit after Tax (NOPAT)	-7.70	-2.42	6.77	5.84	23	16	55	44	52
Normalized NOPAT Margin	-15.86%	-2.29%	2.95%	1.69%	4.52%	2.08%	5.01%	3.77%	4.06%
Pre Tax Income Margin	-25.64%	-6.54%	-3.73%	2.52%	6.48%	3.11%	6.49%	7.13%	7.41%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-17.80	-12.87	-146.53	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-10.41	-4.86	116.79	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-18.63	-14.03	-197.50	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-11.24	-6.03	65.83	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	182.30%	-35.24%	1.92%	0.00%	0.00%	0.00%	552.63%	139.54%

This table displays calculated financial ratios and metrics derived from Progyny's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	86,211,654.00	81,902,232.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	86,211,654.00	81,902,232.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.14	0.30
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	36.77%	25.95%	7.62%	8.85%	2.04%	10.55%	16.53%	9.47%	9.32%	6.69%	1.38%
EBITDA Growth	83.19%	280.58%	40.80%	47.19%	-12.60%	8.41%	19.00%	9.53%	34.22%	3.75%	38.78%
EBIT Growth	84.63%	304.78%	41.10%	47.32%	-14.18%	7.40%	17.86%	8.02%	33.42%	1.11%	38.99%
NOPAT Growth	7.21%	320.12%	-14.45%	2.60%	-47.68%	-17.62%	-1.34%	13.15%	72.31%	13.05%	69.47%
Net Income Growth	20.34%	295.25%	-4.41%	9.97%	-34.45%	-21.81%	-10.88%	3.80%	33.04%	18.54%	60.91%
EPS Growth	23.08%	333.33%	-5.56%	13.33%	-31.25%	-7.69%	0.00%	11.76%	36.36%	16.67%	70.59%
Operating Cash Flow Growth	159.32%	-26.90%	22.76%	-25.41%	-17.84%	38.52%	93.56%	-2.09%	13.83%	3.91%	-7.75%
Free Cash Flow Firm Growth	147.90%	131.89%	216.42%	-55.66%	-130.34%	-114.02%	-92.00%	-108.05%	73.63%	49.13%	717.31%
Invested Capital Growth	-12.64%	-2.84%	-7.73%	3.74%	10.74%	6.45%	5.64%	8.21%	7.85%	6.10%	1.51%
Revenue Q/Q Growth	0.54%	-3.90%	3.01%	9.35%	-5.74%	4.12%	8.58%	2.73%	-5.87%	1.61%	3.17%
EBITDA Q/Q Growth	26.62%	-14.35%	39.90%	10.65%	-24.82%	6.25%	38.40%	2.30%	-10.78%	-23.82%	99.60%
EBIT Q/Q Growth	27.16%	-15.01%	41.00%	10.82%	-25.93%	6.37%	38.89%	2.03%	-11.50%	-25.50%	106.58%
NOPAT Q/Q Growth	4.19%	-17.26%	21.62%	-2.14%	-46.87%	30.28%	45.66%	12.23%	-19.10%	-14.53%	118.37%
Net Income Q/Q Growth	6.05%	-15.27%	25.45%	-2.44%	-36.79%	1.07%	42.98%	13.63%	-18.98%	-9.95%	94.09%
EPS Q/Q Growth	6.67%	-18.75%	30.77%	0.00%	-35.29%	9.09%	41.67%	11.76%	-21.05%	-6.67%	107.14%
Operating Cash Flow Q/Q Growth	-28.72%	-30.50%	-31.67%	120.32%	-21.48%	17.18%	-4.52%	11.45%	-8.72%	6.97%	-15.23%
Free Cash Flow Firm Q/Q Growth	167.47%	-57.94%	82.86%	-78.45%	-283.04%	80.56%	204.38%	-121.66%	-499.78%	62.49%	1,776.84%
Invested Capital Q/Q Growth	-3.83%	1.39%	9.56%	-2.89%	2.66%	-2.53%	8.72%	-0.52%	2.32%	-4.12%	4.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.29%	21.08%	22.44%	22.45%	20.67%	21.26%	23.39%	23.72%	23.24%	24.15%	25.29%
EBITDA Margin	7.66%	6.83%	8.13%	8.22%	6.56%	6.69%	8.53%	8.50%	8.05%	6.04%	11.68%
Operating Margin	6.48%	5.11%	6.66%	6.80%	4.35%	5.29%	7.46%	7.32%	6.87%	4.78%	10.77%
EBIT Margin	7.45%	6.59%	7.87%	7.98%	6.27%	6.40%	8.19%	8.13%	7.65%	5.61%	11.23%
Profit (Net Income) Margin	5.66%	4.99%	6.08%	5.42%	3.64%	3.53%	4.65%	5.14%	4.42%	3.92%	7.38%
Tax Burden Percent	75.95%	82.83%	75.05%	65.76%	58.02%	59.64%	56.75%	63.20%	57.85%	69.93%	65.70%
Interest Burden Percent	100.00%	91.41%	102.89%	103.36%	100.00%	92.42%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	24.05%	17.17%	24.95%	34.24%	41.98%	40.36%	43.25%	36.80%	42.15%	30.07%	34.30%
Return on Invested Capital (ROIC)	26.34%	24.92%	26.62%	26.61%	15.15%	19.57%	25.00%	28.44%	24.36%	21.54%	43.03%
ROIC Less NNEP Spread (ROIC-NNEP)	25.47%	24.19%	25.59%	25.55%	14.04%	19.19%	24.57%	27.83%	23.88%	20.85%	42.62%
Return on Net Nonoperating Assets (RNNOA)	-14.08%	-14.57%	-14.89%	-15.03%	-8.44%	-11.79%	-14.85%	-16.26%	-13.94%	-11.96%	-22.63%
Return on Equity (ROE)	12.27%	10.35%	11.73%	11.57%	6.72%	7.78%	10.15%	12.18%	10.42%	9.58%	20.40%
Cash Return on Invested Capital (CROIC)	37.28%	32.38%	33.19%	23.99%	14.00%	17.15%	15.94%	14.75%	17.08%	20.22%	27.54%
Operating Return on Assets (OROA)	12.45%	11.04%	12.08%	13.09%	10.29%	10.96%	13.03%	13.84%	13.34%	10.71%	20.33%
Return on Assets (ROA)	9.45%	8.36%	9.33%	8.90%	5.97%	6.04%	7.40%	8.75%	7.71%	7.49%	13.35%
Return on Common Equity (ROCE)	12.27%	10.35%	11.73%	11.57%	6.72%	7.78%	10.15%	12.18%	10.42%	9.58%	20.40%
Return on Equity Simple (ROE_SIMPLE)	10.08%	0.00%	10.72%	13.76%	13.17%	0.00%	11.24%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	14	11	14	14	7.23	9.42	14	15	12	11	23
NOPAT Margin	4.92%	4.23%	5.00%	4.47%	2.52%	3.16%	4.23%	4.62%	3.97%	3.34%	7.08%
Net Nonoperating Expense Percent (NNEP)	0.87%	0.73%	1.03%	1.06%	1.12%	0.37%	0.43%	0.61%	0.49%	0.68%	0.41%
Return On Investment Capital (ROIC_SIMPLE)	-	2.07%	-	-	-	2.23%	2.94%	2.99%	2.22%	2.06%	5.29%
Cost of Revenue to Revenue	77.71%	78.92%	77.56%	77.55%	79.33%	78.74%	76.61%	76.28%	76.76%	75.85%	74.71%
SG&A Expenses to Revenue	10.51%	10.44%	10.22%	10.25%	10.58%	10.73%	10.44%	10.88%	10.65%	13.72%	9.38%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.82%	15.96%	15.78%	15.65%	16.32%	15.97%	15.93%	16.41%	16.37%	19.37%	14.52%
Earnings before Interest and Taxes (EBIT)	21	18	22	24	18	19	27	27	24	18	37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	22	18	23	25	19	20	28	28	25	19	38
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.30	6.44	6.44	5.97	3.48	3.48	4.08	3.66	3.30	4.29	3.17
Price to Tangible Book Value (P/TBV)	6.45	6.58	6.58	6.20	3.62	3.62	4.33	3.86	3.47	4.52	3.36
Price to Revenue (P/Rev)	3.14	3.27	3.32	2.40	1.33	1.26	1.57	1.52	1.46	1.72	1.08
Price to Earnings (P/E)	62.45	57.44	60.10	43.41	26.42	27.03	36.35	35.50	32.71	37.83	20.54
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.60%	1.74%	1.66%	2.30%	3.79%	3.70%	2.75%	2.82%	3.06%	2.64%	4.87%
Enterprise Value to Invested Capital (EV/IC)	16.18	17.51	16.57	12.69	6.41	6.39	7.83	7.53	7.01	9.24	5.44
Enterprise Value to Revenue (EV/Rev)	2.82	2.93	2.99	2.17	1.12	1.06	1.36	1.27	1.19	1.48	0.90
Enterprise Value to EBITDA (EV/EBITDA)	49.68	43.74	43.42	29.23	15.67	14.37	18.20	16.95	15.10	18.97	10.49
Enterprise Value to EBIT (EV/EBIT)	51.52	45.16	44.87	30.19	16.25	14.91	18.94	17.71	15.80	19.95	11.02
Enterprise Value to NOPAT (EV/NOPAT)	63.44	58.49	63.22	46.72	27.87	28.17	37.55	34.58	29.52	36.41	18.88
Enterprise Value to Operating Cash Flow (EV/OCF)	14.36	16.91	17.10	14.13	7.76	6.93	8.13	7.83	7.23	9.06	5.65
Enterprise Value to Free Cash Flow (EV/FCFF)	40.48	53.29	47.90	53.87	48.16	38.44	50.47	53.08	42.58	47.06	19.91
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.55	-0.60	-0.58	-0.59	-0.60	-0.61	-0.60	-0.58	-0.58	-0.57	-0.53
Leverage Ratio	1.43	1.40	1.45	1.49	1.46	1.40	1.47	1.50	1.46	1.44	1.58
Compound Leverage Factor	1.43	1.28	1.49	1.54	1.46	1.29	1.47	1.50	1.46	1.44	1.58
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	11.58	12.93	12.31	9.34	6.75	7.72	6.98	7.26	7.37	8.63	6.16
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.16	3.44	3.31	2.58	2.62	2.80	2.39	2.70	2.96	2.73	2.13
Quick Ratio	3.12	3.30	3.25	2.47	2.48	2.75	2.34	2.62	2.84	2.62	2.07
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	40	17	31	6.60	-12	-2.35	2.45	-0.53	-3.19	-1.20	20
Operating Cash Flow to CapEx	5,012.21%	6,809.95%	3,027.29%	6,546.65%	2,296.96%	2,979.10%	1,751.95%	1,053.52%	1,081.79%	965.50%	723.95%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.67	1.68	1.54	1.64	1.64	1.71	1.59	1.70	1.74	1.91	1.81
Accounts Receivable Turnover	3.92	4.52	3.63	4.06	4.14	4.89	4.06	4.39	4.76	5.66	4.59
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	122.12	117.15	115.95	112.55	105.22	103.31	93.42	81.23	69.19	60.92	50.27
Accounts Payable Turnover	6.83	7.24	6.28	6.26	6.80	8.29	6.86	6.60	7.71	8.98	6.47
Days Sales Outstanding (DSO)	93.07	80.80	100.52	90.00	88.06	74.61	89.80	83.12	76.70	64.52	79.51
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	53.44	50.41	58.14	58.28	53.71	44.04	53.20	55.30	47.33	40.64	56.45
Cash Conversion Cycle (CCC)	39.63	30.39	42.38	31.72	34.35	30.57	36.60	27.82	29.37	23.88	23.06
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	180	182	200	194	199	194	211	210	215	206	214
Invested Capital Turnover	5.36	5.88	5.32	5.95	6.01	6.20	5.91	6.15	6.13	6.44	6.08
Increase / (Decrease) in Invested Capital	-26	-5.33	-17	7.00	19	12	11	16	16	12	3.20
Enterprise Value (EV)	2,910	3,192	3,310	2,462	1,277	1,241	1,652	1,581	1,505	1,904	1,166
Market Capitalization	3,246	3,563	3,681	2,724	1,513	1,469	1,908	1,886	1,850	2,214	1,391
Book Value per Share	$5.40	$5.77	$5.92	$4.79	$4.82	$4.96	$5.47	$6.01	$6.51	$5.99	$5.36
Tangible Book Value per Share	$5.28	$5.65	$5.80	$4.61	$4.63	$4.76	$5.16	$5.70	$6.21	$5.68	$5.05
Total Capital	515	553	572	456	435	422	467	515	560	516	439
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-336	-371	-372	-262	-236	-228	-256	-305	-345	-310	-225
Capital Expenditures (CapEx)	1.08	0.55	0.85	0.87	1.94	1.75	2.84	5.27	4.68	5.61	6.35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	82	83	104	95	102	76	74	69	66	39	41
Debt-free Net Working Capital (DFNWC)	418	454	476	357	338	304	331	374	412	349	266
Net Working Capital (NWC)	418	454	476	357	338	304	331	374	412	349	266
Net Nonoperating Expense (NNE)	-2.08	-2.04	-3.00	-2.88	-3.19	-1.12	-1.34	-1.72	-1.41	-1.84	-0.99
Net Nonoperating Obligations (NNO)	-336	-371	-372	-262	-236	-228	-256	-305	-345	-310	-225
Total Depreciation and Amortization (D&A)	0.58	0.63	0.72	0.75	0.84	0.87	1.11	1.21	1.27	1.37	1.48
Debt-free, Cash-free Net Working Capital to Revenue	7.97%	7.66%	9.36%	8.36%	8.97%	6.52%	6.14%	5.55%	5.23%	3.05%	3.15%
Debt-free Net Working Capital to Revenue	40.45%	41.75%	42.91%	31.50%	29.67%	26.05%	27.25%	30.11%	32.44%	27.11%	20.56%
Net Working Capital to Revenue	40.45%	41.75%	42.91%	31.50%	29.67%	26.05%	27.25%	30.11%	32.44%	27.11%	20.56%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.17	$0.13	$0.18	$0.18	$0.12	$0.11	$0.18	$0.20	$0.16	$0.14	$0.30
Adjusted Weighted Average Basic Shares Outstanding	95.50M	95.02M	96.48M	93.87M	90.07M	91.48M	85.50M	85.77M	86.02M	85.65M	80.92M
Adjusted Diluted Earnings per Share	$0.16	$0.13	$0.17	$0.17	$0.11	$0.12	$0.17	$0.19	$0.15	$0.14	$0.29
Adjusted Weighted Average Diluted Shares Outstanding	100.88M	100.67M	101.05M	97.84M	93.82M	95.45M	89.31M	89.64M	90.23M	89.86M	84.76M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	95.84M	96.50M	95.22M	90.28M	85.15M	85.41M	85.72M	85.98M	86.21M	81.90M	78.33M
Normalized Net Operating Profit after Tax (NOPAT)	14	11	14	14	7.23	9.42	14	15	12	11	23
Normalized NOPAT Margin	4.92%	4.23%	5.00%	4.47%	2.52%	3.16%	4.23%	4.62%	3.97%	3.34%	7.08%
Pre Tax Income Margin	7.45%	6.02%	8.10%	8.24%	6.27%	5.92%	8.19%	8.13%	7.65%	5.61%	11.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	552.63%	526.72%	219.40%	97.41%	139.54%	295.84%

Financials Breakdown Chart

Key Financial Trends

Key takeaways from Progyny's latest four years of quarterly results (PGNY).

Revenue stability and growth: 2025 quarterly revenue sits around the $320M level (Q4 2025: $318.4M), up from about $298.4M in Q4 2024, signaling ongoing core demand.
Gross margin stability with modest improvement: Total Gross Profit of $76.9M on $318.4M revenue in Q4 2025 implies a gross margin near 24%, consistent with the mid‑20s range and up modestly from earlier quarters in 2025.
Strong operating cash flow: Net cash from continuing operating activities tracks around $50–56M per quarter in 2025, supporting liquidity and ongoing operations.
Sustained profitability and EPS strength: Net income attributable to common shareholders remained positive in 2025, with quarterly EPS in the range of $0.14–$0.20 (e.g., Q2 2025 EPS $0.20, Q3 2025 $0.16, Q4 2025 $0.14, Q1 2025 $0.18).
Solid balance sheet liquidity: Quarterly data show total current assets around $622M (Q3 2025) vs total current liabilities about $210M, yielding a healthy current ratio near 3x.
Robust equity base: Total equity in 2025 quarters sits around $515–$560M, with total liabilities about $235M, indicating a strong balance sheet cushion.
Capital allocation signals: Notable share repurchases in late 2025 reflect management’s emphasis on shareholder value and potential per‑share upside.
Investing activity shows pacing shifts: earlier quarters exhibited larger investment outflows, while Q4 2025 investing cash outflows moderated, suggesting a pause or reallocation of capital expenditures.
Financing outflows in Q4 2025: net cash from financing activities around ‑$88.3M driven by share repurchases, which reduces cash reserves in the period.
Cash balance pressure in Q4 2025: net Change in Cash & Equivalents of about ‑$25.8M despite positive operating cash flow, reflecting combined effects of investing and financing activities on liquidity.

05/20/26 02:21 AM ETAI Generated. May Contain Errors.

Progyny Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Progyny's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Progyny's net income appears to be on an upward trend, with a most recent value of $58.52 million in 2025, falling from -$12.45 million in 2017. The previous period was $54.34 million in 2024. View Progyny's forecast to see where analysts expect Progyny to go next.

Progyny's total operating income in 2025 was $85.28 million, based on the following breakdown:

Total Gross Profit: $304.48 million
Total Operating Expenses: $219.21 million

Over the last 8 years, Progyny's total revenue changed from $48.58 million in 2017 to $1.29 billion in 2025, a change of 2,552.4%.

Progyny's total liabilities were at $226.39 million at the end of 2025, a 22.3% increase from 2024, and a 649.6% increase since 2018.

In the past 7 years, Progyny's cash and equivalents has ranged from $127 thousand in 2018 to $162.31 million in 2024, and is currently $112.24 million as of their latest financial filing in 2025.

Over the last 8 years, Progyny's book value per share changed from 0.00 in 2017 to 5.99 in 2025, a change of 598.6%.

Related Companies

Financial statements for NASDAQ:PGNY last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Progyny (PGNY) Financials

Financials Breakdown Chart

Key Financial Trends

Progyny Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Progyny (PGNY) Financials

Annual Income Statements for Progyny

Quarterly Income Statements for Progyny

Annual Cash Flow Statements for Progyny

Quarterly Cash Flow Statements for Progyny

Annual Balance Sheets for Progyny

Quarterly Balance Sheets for Progyny

Annual Metrics And Ratios for Progyny

Quarterly Metrics And Ratios for Progyny

Financials Breakdown Chart

Key Financial Trends

Progyny Financials - Frequently Asked Questions

When does Progyny's fiscal year end?

How has Progyny's net income changed over the last 8 years?

What is Progyny's operating income?

How has Progyny's revenue changed over the last 8 years?

How much debt does Progyny have?

How much cash does Progyny have?

How has Progyny's book value per share changed over the last 8 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools