Is the business good?
How good a business is PGNY?
Progyny, Inc. earns 36% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
36%
Return on invested capital · cost of capital 9.0% · 27 points above what the capital costs: growth creates value
- Operating margin
- 7.5%
Operating margin · Healthcare Plans median 2.0% · 12 months to Q1 2026
- Cash conversion
- 2.72×
Cash conversion · 3.73× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −5.1%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 2.4% |
| FY2021 | 6.5% |
| FY2022 | 3.0% |
| FY2023 | 5.7% |
| FY2024 | 5.8% |
| FY2025 | 6.6% |
Details›
- Gross margin12 months to Q1 2026
- 24%
- Operating margin12 months to Q1 2026
- 7.5%
- Net margin12 months to Q1 2026
- 5.2%
- Free cash flow margin
- 14%
- R&D as % of revenue
- 0.84%
- Revenue, trailing twelve months
- $1.29B
- Free cash flow, trailing twelve months
- $184M
- Net income, trailing twelve months
- $68M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 36%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.