Progyny, Inc. (PGNY) Key Metrics
PGNY valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.06B
- Enterprise value
- $1.77B
- P/E (TTM)
- 29.2 10-yr median 68.6
- Forward P/E
- 11.8
- PEG ratio
- —
- Price / sales
- 1.6 10-yr median 4.0
- Price / book
- 4.4 10-yr median 8.3
- EV / EBITDA
- 15.0 10-yr median 112.6
- Dividend yield
- —
- Beta
- 1.02
PGNY key metrics, 2017–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPGNY valuation Price multiples at each fiscal year-end price.
PGNY returns How much profit the business earns on the capital it uses.
PGNY per-share figures Results divided by the shares outstanding at year-end.
PGNY financial health Debt, liquidity and how easily interest is covered.
PGNY efficiency & capital use Working capital cycle and where the cash goes.
PGNY valuation history
PGNY returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PGNY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PGNY cash returned to shareholders
PGNY price vs earnings per share
PGNY key metrics
2017–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Valuation | |||||||||
| Market capitalization | $2.30B | $1.65B | $3.74B | $3.11B | $5.05B | $4.20B | $2.29B | — | — |
| Enterprise value | $2.02B | $1.44B | $3.39B | $2.93B | $4.94B | $4.10B | $2.21B | — | — |
| P/E ratio | 39.3 | 30.3 | 60.3 | 102.6 | 76.8 | 90.4 | — | — | — |
| Price / sales | 1.8 | 1.4 | 3.4 | 4.0 | 10.1 | 12.2 | 10.0 | — | — |
| Price / book | 4.5 | 3.9 | 6.8 | 8.3 | 20.1 | 25.2 | 20.1 | — | — |
| Price / free cash flow | 12.0 | 9.5 | 20.2 | 40.4 | 211.4 | 119.4 | — | — | — |
| Price / operating cash flow | 10.9 | 9.2 | 19.8 | 38.7 | 194.1 | 116.0 | — | — | — |
| EV / sales | 1.6 | 1.2 | 3.1 | 3.7 | 9.9 | 11.9 | 9.6 | — | — |
| EV / EBITDA | 20.1 | 16.6 | 46.5 | 112.6 | 146.5 | 399.8 | 187.4 | — | — |
| EV / free cash flow | 10.5 | 8.3 | 18.3 | 38.0 | 206.7 | 116.6 | — | — | — |
| Earnings yield | 2.5% | 3.3% | 1.7% | 1.0% | 1.3% | 1.1% | −0.4% | — | — |
| Free cash flow yield | 8.3% | 10.5% | 4.9% | 2.5% | 0.5% | 0.8% | −0.2% | — | — |
| Shareholder yield (dividends + buybacks) | 3.6% | 18.2% | 0.5% | 0.4% | 0.4% | 0.2% | 0.0% | — | — |
| Share price at fiscal year-end | $25.68 | $17.25 | $37.18 | $31.15 | $50.35 | $42.39 | $27.45 | — | — |
| Per share | |||||||||
| Revenue per share | $14.40 | $12.23 | $10.81 | $7.87 | $4.99 | $3.48 | $2.75 | $1.29 | — |
| Earnings per share | $0.65 | $0.57 | $0.62 | $0.30 | $0.66 | $0.47 | −$0.10 | $0.01 | — |
| Operating cash flow per share | $2.35 | $1.88 | $1.88 | $0.80 | $0.26 | $0.37 | −$0.02 | $0.03 | — |
| Free cash flow per share | $2.14 | $1.82 | $1.84 | $0.77 | $0.24 | $0.36 | −$0.05 | $0.02 | — |
| Cash per share | $3.47 | $2.39 | $3.69 | $1.89 | $1.19 | $1.10 | $0.96 | $0.00 | — |
| Book value per share | $5.77 | $4.42 | $5.50 | $3.77 | $2.51 | $1.69 | $1.37 | $0.14 | — |
| Tangible book value per share | $5.48 | $4.25 | $5.38 | $3.65 | $2.38 | $1.55 | $1.20 | −$0.06 | — |
| Capex per share | $0.21 | $0.06 | $0.04 | $0.03 | $0.02 | $0.01 | $0.04 | $0.01 | — |
| Debt per share | $0.31 | $0.20 | $0.19 | $0.08 | $0.09 | $0.10 | — | $0.00 | — |
| Shares outstanding | 89.5M | 95.4M | 100.7M | 100.0M | 100.4M | 99.1M | 83.6M | 81.6M | — |
| Change in shares outstanding | −6.3% | −5.2% | +0.7% | −0.4% | +1.3% | +18.5% | +2.5% | — | — |
| Returns & profitability | |||||||||
| Return on equity (ROE) | 12.5% | 11.1% | 13.3% | 9.7% | 31.4% | 33.0% | −13.7% | 6.1% | −116.5% |
| Return on invested capital (ROIC) | 23.4% | 21.2% | 27.5% | 13.9% | 31.1% | 16.5% | 33.9% | −24.3% | −77.7% |
| Return on assets (ROA) | 8.7% | 8.0% | 9.5% | 6.7% | 21.5% | 23.0% | −8.9% | 1.7% | −35.6% |
| Return on tangible assets | 8.2% | 9.2% | 8.3% | 5.7% | 19.0% | 19.3% | −6.3% | 2.6% | −70.2% |
| Free cash flow margin | 14.9% | 14.9% | 17.0% | 9.8% | 4.8% | 10.2% | −2.0% | 1.6% | −20.8% |
| Income quality (OCF / net income) | 3.59 | 3.30 | 3.04 | 2.65 | 0.40 | 0.78 | — | 3.44 | — |
| Financial health | |||||||||
| Total debt | $27.7M | $19.3M | $19.4M | $7.7M | $8.7M | $9.5M | — | $253,000 | $5.2M |
| Cash & short-term investments | $310.1M | $228.0M | $371.1M | $189.3M | $119.4M | $109.3M | $80.4M | $127,000 | $4.7M |
| Net debt | −$282.4M | −$208.7M | −$351.7M | −$181.6M | −$110.8M | −$99.8M | −$80.4M | $126,000 | $497,000 |
| Debt / equity | 0.05 | 0.05 | 0.04 | 0.02 | 0.03 | 0.06 | — | 0.02 | 0.49 |
| Debt / assets | 0.04 | 0.03 | 0.03 | 0.01 | 0.02 | 0.04 | — | 0.01 | 0.15 |
| Net debt / EBITDA | −2.81 | −2.42 | −4.82 | −6.97 | −3.28 | −9.73 | −6.81 | — | — |
| Current ratio | 2.73 | 2.80 | 3.44 | 2.72 | 2.62 | 2.45 | 3.66 | 0.81 | 0.94 |
| Quick ratio | 2.73 | 2.80 | 3.44 | 2.72 | 2.62 | 2.45 | 3.66 | 0.81 | 0.94 |
| Interest coverage | — | — | — | 28.7 | 70.2 | 69.0 | 166.8 | -6.9 | -14.9 |
| Working capital | $349.4M | $304.1M | $454.5M | $274.3M | $159.7M | $112.4M | $96.3M | −$5.7M | −$1.0M |
| Invested capital | $233.7M | $213.4M | $201.7M | $195.4M | $141.1M | $67.2M | $33.9M | $11.2M | $11.2M |
| Tangible asset value | $489.9M | $405.2M | $541.5M | $365.0M | $239.3M | $153.9M | $100.0M | −$4.6M | −$6.5M |
| Net current asset value | $325.4M | $287.7M | $437.2M | $267.8M | $152.3M | $103.2M | $96.3M | −$5.7M | −$7.5M |
| Graham number | $9.21 | $7.53 | $8.73 | $5.08 | $6.08 | $4.22 | — | $0.16 | — |
| Graham net-net per share | $2.78 | $2.30 | $3.47 | $2.03 | $1.14 | $0.80 | $0.95 | −$0.15 | — |
| Capital allocation | |||||||||
| Share buybacks (net) | $81.7M | $300.3M | $17.2M | $12.1M | $18.0M | $8.9M | $185,000 | $3.7M | $0 |
| Dividends + buybacks / free cash flow | 42.6% | 172.9% | 9.3% | 15.7% | 75.1% | 25.4% | — | 218.8% | — |
| Capex / revenue | 1.4% | 0.5% | 0.3% | 0.4% | 0.4% | 0.3% | 1.3% | 0.5% | 1.3% |
| Capex / operating cash flow | 8.8% | 3.0% | 1.9% | 4.0% | 8.2% | 2.9% | — | 25.5% | — |
| Capex / depreciation | 3.72 | 1.70 | 1.60 | 2.02 | 1.64 | 0.54 | 1.39 | 0.31 | 0.39 |
| Stock-based compensation / revenue | 10.2% | 11.0% | 11.3% | 12.8% | 6.7% | 3.7% | 2.2% | 2.8% | 3.2% |
| SG&A / revenue | 17.0% | 15.9% | 16.2% | 18.3% | 15.9% | 17.9% | 15.6% | 21.7% | 37.9% |
| Efficiency | |||||||||
| Days sales outstanding | 64.5 | 74.6 | 80.8 | 86.9 | 76.6 | 64.9 | 55.9 | 60.1 | 85.4 |
| Days of inventory on hand | — | — | 0.0 | — | 0.0 | — | — | — | — |
| Days payables outstanding | 40.6 | 44.0 | 50.4 | 50.3 | 49.3 | 41.8 | 34.6 | 44.0 | 45.5 |
| Cash conversion cycle (days) | 23.9 | 30.6 | 30.4 | 36.6 | 27.4 | 23.2 | 21.3 | 16.1 | 40.0 |
| Receivables turnover | 5.66 | 4.89 | 4.52 | 4.20 | 4.76 | 5.62 | 6.53 | 6.08 | 4.27 |
| Payables turnover | 8.98 | 8.29 | 7.24 | 7.26 | 7.41 | 8.74 | 10.53 | 8.30 | 8.03 |
| Inventory turnover | — | — | 849,799,000.00 | — | 388,486,000.00 | — | — | — | — |
| Asset turnover | 1.91 | 1.71 | 1.68 | 1.75 | 1.64 | 1.71 | 2.40 | 2.76 | 1.39 |
| Average receivables | $227.8M | $238.6M | $241.0M | $187.3M | $105.1M | $61.4M | $35.2M | $17.3M | $11.4M |
| Average payables | $109.6M | $110.3M | $117.4M | $85.3M | $52.5M | $31.5M | $17.5M | $10.4M | $5.1M |
| Average inventory | — | — | $1 | — | $1 | — | — | — | — |
| Intangibles / total assets | 3.5% | 2.8% | 1.6% | 2.2% | 3.5% | 5.2% | 9.5% | 38.1% | 49.3% |
Computed from PGNY's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PGNY valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Progyny traded at 39.3 times earnings, against a 9-year median of 68.6. Based on the latest twelve months, the trailing P/E is 29.2 and the forward P/E is 11.8. Progyny earned a return on equity of 12.5% and a return on invested capital of 23.4% in fiscal 2025. It ended the year with $27.7 million of debt and $310.1 million in cash and short-term investments, a net cash position of $282.4 million. It returned $81.7 million to shareholders: $0 in dividends and $81.7 million in share buybacks, 43% of free cash flow.
See the PGNY income statement, the PGNY chart for price history, or the PGNY stock overview for the latest quote and news.
PGNY key metrics FAQ
What is Progyny's P/E ratio?
Progyny's trailing P/E ratio is 29.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 11.8. At the end of fiscal 2025 it was 39.3, compared with a 9-year median of 68.6.
What is Progyny's EV/EBITDA?
Progyny's enterprise value was 20.1 times EBITDA at the end of fiscal 2025 (enterprise value $2.0 billion, EBITDA $100.4 million); the current EV/EBITDA is 15.0.
What is Progyny's return on equity?
Progyny's return on equity (ROE) was 12.5% in fiscal 2025: net income of $58.5 million on average shareholders' equity of $469.1 million.
What is Progyny's ROIC?
Progyny's return on invested capital was 23.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Progyny have?
Progyny had total debt of $27.7 million at the end of fiscal 2025, a debt-to-equity ratio of 0.05 and more cash than debt.
Does Progyny buy back its shares?
Yes. Progyny spent $81.7 million on net share repurchases in fiscal 2025 Shares outstanding changed −6.3% over the year, to 89.5M..
What is Progyny's free cash flow yield?
Progyny generated $191.8 million of free cash flow in fiscal 2025, a free cash flow yield of 8.3% on its market value at year-end ($2.3 billion).
What is Progyny's current ratio?
Progyny's current ratio was 2.73 at the end of fiscal 2025: current assets were 2.73 times current liabilities.