Progyny (PGNY)
Manages employer fertility benefits with bundled care, navigation, provider networks, and pharmacy coordination.
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Manages employer-sponsored fertility, family-building, and women's health benefits through bundled treatments, member navigation, provider networks, and an integrated pharmacy benefit supported by specialty-pharmacy partners. Revenue is driven mainly by members' use of fertility care and medications, making covered lives and utilization central to results.
Manages fertility, family-building, and women's health benefits, primarily for U.S. employers. Smart Cycle bundles fertility treatments; Progyny Rx coordinates medications through specialty pharmacies. Care Advocates, digital tools, and a managed provider network connect members with care.
Adjacent programs cover pregnancy and postpartum, menopause and midlife, leave navigation, parent and child wellbeing, reimbursements for adoption and surrogacy, and international needs through Progyny Global. Progyny Select adds a fully insured supplemental plan for smaller U.S. employers.
Most revenue follows members' use of fertility treatment and medications; a smaller population fee supports navigation and digital tools. Results depend on client renewals, covered lives, utilization mix, provider and pharmacy networks, and reproductive-health, insurance, privacy, and pharmacy regulation.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 8, 2026 | Jefferies | Target | Target: $30 | Target: $33 |
| Aug 20, 2026 | Wells Fargo | Initiate | Rating: —Target: — | Target: $37 |
| Aug 13, 2026 | Truist Financial | Target | Target: $28 | Target: $36 |
| Aug 12, 2026 | Barclays | Reiterate | Rating: —Target: $34 | Target: $30 |
| Aug 7, 2026 | Canaccord Genuity | Target | Target: $36 | Target: $35 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $236.9M · Total debt $27.0M · Total assets $715.8M · Shareholders' equity $453.3M
- Revenue
- $350.5M
- Operating income
- $40.0M
- Net income
- $28.1M
No dividends on record.
| Institutions | ≈ 100.80% | 78.96M shares | |
|---|---|---|---|
| 317 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 8.75% | 6.85M shares | |
| 15 holders · as of Sep 21, 2026 | |||
| Strategic holders | 9.56% | 7.49M shares | |
| 2 holders · as of Feb 14, 2022 | |||
| Adds to | 119.11% | ||
78.33M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 119.11%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 14.81% | 11.60M | as of Jun 30, 2026 |
FMR LLCInstitution | 8.94% | 7.00M | as of Jun 30, 2026 |
Thrivent Financial For LutheransInsider | 6.83% | 5.35M | filed Apr 29, 2025 |
Vanguard Portfolio Management LLCInstitution | 6.41% | 5.02M | as of Jun 30, 2026 |
Alger Group Holdings, LLCStrategic | 5.82% | 4.56M | filed Feb 14, 2022 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 10, 2026 | Kevin K. Gordon | director | −23,000 | $27.53 |
| Jul 14, 2026 | Melissa B. Cummings | officer: Chief Operating Officer | −2,244 | $31.60 |
| Jun 4, 2026 | Allison Swartz | officer: EVP, GC | −599 | $25.08 |
| Jun 3, 2026 | Allison Swartz | officer: EVP, GC | −1,199 | $25.02 |
| Jun 4, 2026 | Mark S. Livingston | officer: CHIEF FINANCIAL OFFICER | −2,517 | $25.50 |
- UnitedHealth Group
Largest managed-care insurer embedding fertility benefits in UHC health plans
- CVS Health
Insurer-PBM pairing Aetna fertility plan management with CVS Specialty pharmacy
- Cigna
Major health insurer and top-3 PBM with competing fertility and Rx programs
- Teladoc Health
Dominant U.S. virtual care platform serving 93M+ members across employer clients
- Bright Horizons Family Solutions
Largest U.S. employer-sponsored childcare and back-up care benefits provider
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Progyny | $26.17 | −0.27% | $2.06B | 28.5 | 16.5 | 1.6 | +5.3% |
| UnitedHealth Group | $368.47 | −1.20% | $338.69B | 24.0 | 17.3 | 0.8 | +0.4% |
| CVS Health | $85.99 | −1.27% | $111.13B | 23.0 | 10.6 | 0.3 | +7.3% |
| Cigna | $272.36 | −0.50% | $72.33B | 11.3 | 8.6 | 0.3 | +6.6% |
| Teladoc Health | $6.22 | −2.05% | $1.15B | — | — | 0.5 | −4.0% |
| Bright Horizons Family Solutions | $64.71 | −0.38% | $3.42B | 20.6 | 12.0 | 1.1 | +6.5% |
| Median | 21.8 | 11.3 | 0.5 | +6.5% |