Progyny, Inc.
PGNY · Services-Misc Health & Allied Services, NEC · 78.3M shares · +48%/yr ↑ dilution · EDGAR filings ↗
Reference price $25.50 · est. market cap ~$2.0B — last insider sale, 2026-06-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B76Progyny — fertility and family-building benefits manager, fast-growing and cash-rich.
Strengths
- ROA 90th pct, revenue +311% (97th), strong liquidity (current 2.7) and FCF (88th)
- Differentiated employer-benefits network
Risks
- Employer-client concentration and adoption sensitivity
- Thin gross margin (13th); competitive entrants
Notable findings
- Chronic dilutionShare count +48%/yr over 4y (dilution, book value/share -58%)
- Strong balance sheetStrong balance sheet — $310M cash & investments
- Insider sellingInsider selling — 15 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$1M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
23.6%
Operating margin
6.6%
Net margin
4.5%
Return on equity
11.3%
Return on assets
7.9%
Revenue growth (QoQ)
3.2%
Net-income growth
7.7%
Current ratio
2.7×
Free cash flow
$192M
EBITDA
$90M
Tangible book value
$490M
Cash & investments
$310M
Stock comp / revenue
10.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-17 | Clapp Geoffrey | Tax withheld | 819 | $26.60 |
| 2026-06-04 | Livingston Mark S. | Sell | 599 | $25.50 |
| 2026-06-04 | Swartz Allison | Tax withheld | 339 | $24.99 |
| 2026-06-04 | Swartz Allison | Sell | 599 | $25.08 |
| 2026-06-04 | Livingston Mark S. | Tax withheld | 339 | $24.99 |
| 2026-06-04 | Livingston Mark S. | Sell | 1.9K | $25.50 |
| 2026-06-03 | Anevski Peter | Tax withheld | 5.4K | $25.12 |
| 2026-06-03 | Livingston Mark S. | Tax withheld | 1.1K | $25.12 |
| 2026-06-03 | Swartz Allison | Tax withheld | 676 | $25.12 |
| 2026-06-03 | Swartz Allison | Sell | 1.2K | $25.02 |
| 2026-06-02 | Livingston Mark S. | Sell | 279 | $26.20 |
| 2026-06-02 | Livingston Mark S. | Tax withheld | 158 | $26.20 |
| 2026-06-02 | Clapp Geoffrey | Sell | 1.5K | $25.58 |
| 2026-06-02 | Clapp Geoffrey | Option exercise | 13K | $20.91 |
| 2026-06-02 | Clapp Geoffrey | Tax withheld | 11K | $25.54 |
| 2026-06-01 | Scott Cheryl | Sell | 7.4K | $26.39 |
| 2026-06-01 | Scott Cheryl | Option exercise | 15K | $13.00 |
| 2026-06-01 | Scott Cheryl | Tax withheld | 7.2K | $26.38 |
| 2026-05-28 | Swartz Allison | Sell | 2.4K | $25.46 |
| 2026-05-28 | Swartz Allison | Tax withheld | 1.4K | $25.48 |
| 2026-05-27 | GORDON KEVIN K | Sell | 5.5K | $24.99 |
| 2026-05-27 | GORDON KEVIN K | Other | 2.5K | — |
| 2026-05-27 | GORDON KEVIN K | Other | 2.5K | — |
| 2026-05-21 | Park Jeffrey G | Grant | 7.9K | — |
| 2026-05-21 | Bierbower Elizabeth D | Grant | 5.7K | — |
| 2026-05-21 | Dean Lloyd H | Grant | 6.8K | — |
| 2026-05-21 | GORDON KEVIN K | Grant | 6.8K | — |
| 2026-05-21 | HOLSTEIN ROGER C | Grant | 6.8K | — |
| 2026-05-21 | Payson Norman | Grant | 5.7K | — |
| 2026-05-21 | Scott Cheryl | Grant | 5.7K | — |
| 2026-05-21 | MORRIS DEBRA L | Grant | 5.7K | — |
| 2026-05-20 | Livingston Mark S. | Sell | 8.3K | $25.50 |
| 2026-05-19 | Cummings Melissa B | Sell | 9.6K | $25.00 |
| 2026-04-14 | Cummings Melissa B | Tax withheld | 4.2K | $16.98 |
| 2026-03-17 | Clapp Geoffrey | Tax withheld | 3.3K | $17.42 |
| 2026-03-04 | Swartz Allison | Tax withheld | 339 | $17.52 |
| 2026-03-04 | Swartz Allison | Sell | 599 | $17.54 |
| 2026-03-04 | Livingston Mark S. | Tax withheld | 339 | $17.52 |
| 2026-03-03 | Swartz Allison | Tax withheld | 2.8K | $17.60 |
| 2026-03-03 | Swartz Allison | Sell | 500 | $17.40 |
| 2026-03-03 | Swartz Allison | Sell | 4.2K | $17.40 |
| 2026-03-03 | Livingston Mark S. | Tax withheld | 4.6K | $17.60 |
| 2026-03-03 | Anevski Peter | Tax withheld | 18K | $17.60 |
| 2026-03-02 | Swartz Allison | Sell | 2.2K | $17.27 |
| 2026-03-02 | Cummings Melissa B | Grant | 45K | — |
| 2026-03-02 | Swartz Allison | Grant | 28K | — |
| 2026-03-02 | Swartz Allison | Tax withheld | 1.6K | $17.69 |
| 2026-03-02 | Clapp Geoffrey | Grant | 35K | — |
| 2026-03-02 | Livingston Mark S. | Grant | 45K | — |
| 2026-03-02 | Livingston Mark S. | Tax withheld | 181 | $17.69 |
| 2026-03-02 | Anevski Peter | Grant | 159K | — |
| 2026-01-02 | Schlanger David J | Tax withheld | 2.2K | $25.68 |
| 2026-01-02 | Anevski Peter | Tax withheld | 6.0K | $25.68 |
| 2025-12-31 | Sturmer Michael E | Tax withheld | 33K | $25.84 |
| 2025-12-11 | Livingston Mark S. | Sell | 459 | $25.50 |
| 2025-12-04 | Swartz Allison | Tax withheld | 408 | $24.55 |
| 2025-12-04 | Livingston Mark S. | Tax withheld | 479 | $24.55 |
| 2025-12-04 | Sturmer Michael E | Tax withheld | 8.0K | $24.55 |
| 2025-12-04 | Swartz Allison | Sell | 530 | $24.59 |
| 2025-12-02 | Livingston Mark S. | Tax withheld | 224 | $25.27 |
| 2025-12-02 | Livingston Mark S. | Sell | 213 | $25.50 |
| 2025-12-02 | Sturmer Michael E | Tax withheld | 448 | $25.27 |
| 2025-11-28 | Swartz Allison | Tax withheld | 1.4K | $26.70 |
| 2025-11-28 | Swartz Allison | Sell | 2.4K | $26.87 |
| 2025-11-18 | Payson Norman | Gift | 50K | — |
| 2025-11-17 | Livingston Mark S. | Sell | 21K | $25.50 |
| 2025-11-14 | Payson Norman | Option exercise | 36K | $1.45 |
| 2025-11-13 | Anevski Peter | Buy | 80K | $24.29 |
| 2025-11-10 | Schlanger David J | Grant | 42K | — |
| 2025-11-10 | Schlanger David J | Tax withheld | 21K | $22.37 |
| 2025-11-10 | Anevski Peter | Grant | 125K | — |
| 2025-11-10 | Anevski Peter | Tax withheld | 64K | $22.37 |
| 2025-10-01 | Anevski Peter | Tax withheld | 8.0K | $21.52 |
| 2025-10-01 | Schlanger David J | Tax withheld | 1.9K | $21.52 |
| 2025-09-04 | Swartz Allison | Tax withheld | 339 | $23.54 |
| 2025-09-04 | Swartz Allison | Sell | 599 | $23.53 |
| 2025-09-04 | Sturmer Michael E | Tax withheld | 8.0K | $23.54 |
| 2025-09-04 | Livingston Mark S. | Tax withheld | 479 | $23.54 |
| 2025-09-02 | Sturmer Michael E | Tax withheld | 448 | $23.67 |
| 2025-09-02 | Livingston Mark S. | Tax withheld | 2.0K | $23.67 |
| 2025-08-28 | Swartz Allison | Sell | 2.4K | $22.96 |
| 2025-08-28 | Swartz Allison | Tax withheld | 1.4K | $23.02 |
| 2025-08-11 | GORDON KEVIN K | Sell | 2.5K | $22.04 |
| 2025-07-01 | Schlanger David J | Tax withheld | 1.9K | $22.00 |
| 2025-07-01 | Anevski Peter | Tax withheld | 8.0K | $22.00 |
| 2025-06-11 | Scott Cheryl | Sell | 2.7K | $22.07 |
| 2025-06-04 | Swartz Allison | Tax withheld | 339 | $21.98 |
| 2025-06-04 | Livingston Mark S. | Tax withheld | 339 | $21.98 |
| 2025-06-04 | Sturmer Michael E | Tax withheld | 8.0K | $21.98 |
| 2025-06-02 | Sturmer Michael E | Tax withheld | 448 | $21.50 |
| 2025-06-02 | Livingston Mark S. | Tax withheld | 1.8K | $21.50 |
| 2025-05-28 | Swartz Allison | Tax withheld | 1.4K | $20.59 |
| 2025-05-22 | GORDON KEVIN K | Grant | 8.0K | — |
| 2025-05-22 | Park Jeffrey G | Grant | 9.4K | — |
| 2025-05-22 | HOLSTEIN ROGER C | Grant | 8.0K | — |
| 2025-05-22 | Dean Lloyd H | Grant | 8.0K | — |
| 2025-05-22 | Payson Norman | Grant | 6.7K | — |
| 2025-05-22 | Scott Cheryl | Grant | 6.7K | — |
| 2025-04-14 | Cummings Melissa B | Grant | 42K | — |
| 2025-04-01 | Schlanger David J | Tax withheld | 1.9K | $22.34 |
| 2025-04-01 | Anevski Peter | Tax withheld | 8.0K | $22.34 |
| 2025-03-04 | Sturmer Michael E | Tax withheld | 26K | $22.00 |
| 2025-03-04 | Livingston Mark S. | Tax withheld | 1.4K | $22.00 |
| 2025-03-04 | Swartz Allison | Tax withheld | 1.4K | $22.00 |
| 2025-03-03 | Swartz Allison | Grant | 23K | — |
| 2025-03-03 | Anevski Peter | Grant | 127K | — |
| 2025-03-03 | Livingston Mark S. | Grant | 36K | — |
| 2025-03-03 | Livingston Mark S. | Tax withheld | 2.1K | $22.53 |
| 2025-03-03 | Sturmer Michael E | Tax withheld | 363 | $22.53 |
| 2025-02-28 | Swartz Allison | Tax withheld | 1.6K | $22.88 |
| 2025-02-26 | Sturmer Michael E | Tax withheld | 5.9K | $22.98 |
| 2025-02-26 | Livingston Mark S. | Tax withheld | 181 | $22.98 |
| 2025-01-02 | Schlanger David J | Tax withheld | 2.2K | $17.25 |
| 2025-01-02 | Anevski Peter | Tax withheld | 6.2K | $17.25 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT01671657 ↗ | US Eeva™ Pregnancy Investigational Clinical Study (US EPIC) Infertility | — | Unknown | 2016-06-01 |
| NCT02218255 ↗ | Eeva™ Pregnancy Pilot Study (PPS) Infertility | NA | Unknown | 2016-03-01 |
| NCT02141685 ↗ | Correlating Time-Lapse Parameters With aCGH Testing in IVF Treatment (aCGH Study) Infertility | — | Unknown | 2016-02-01 |
| NCT02301637 ↗ | Eeva System Imaging Study Infertility | — | Unknown | 2015-12-01 |
| NCT01671644 ↗ | Eeva™ Pregnancy Investigational Clinical Study: A Postmarket Follow-Up Study Infertility | — | Completed | 2015-06-01 |
| NCT01816802 ↗ | Registry Study of Traditional Morphology Grading Combined With Eeva in IVF Treatment Infertility | — | Unknown | 2015-06-01 |
| NCT01635049 ↗ | Correlating Time-Lapse Parameters Detected by the Eeva™ System With Comprehensive Chromosome Screening Results Infertility | — | Completed | 2014-12-01 |
| NCT01617993 ↗ | Eeva™ Continued Access Study: Assessing the Usability of Eeva in a Clinical Setting Infertility | — | Completed | 2013-02-01 |
| NCT01635036 ↗ | Eeva 12-well Dish Study Infertility | — | Completed | 2012-08-01 |
| NCT01369446 ↗ | Eeva™ System Study: Noninvasive Recording and Visualization of Individual Embryos Cultured to Blastocyst Stage Infertility | — | Completed | 2012-04-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-27 | 2026-05-21 | 0001551306-26-000109 ↗ |
| 8-K | 2026-05-26 | 2026-05-26 | 0001551306-26-000074 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001551306-26-000068 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001551306-26-000062 ↗ |
| 8-K | 2026-03-13 | 2026-01-26 | 0001551306-26-000040 ↗ |
| 10-K | 2026-02-27 | 2025-12-31 | 0001551306-26-000020 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001551306-26-000012 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001551306-26-000009 ↗ |
| 8-K | 2025-12-17 | 2025-12-12 | 0001551306-25-000218 ↗ |
| 10-Q | 2025-11-07 | 2025-09-30 | 0001551306-25-000190 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001551306-25-000186 ↗ |
| 10-Q | 2025-08-08 | 2025-06-30 | 0001551306-25-000165 ↗ |