Progyny, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Progyny, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	48.6	105	230	345	501	787	1,089	1,167	1,289
Cost of revenue	41.2	86	184	275	388	620	850	914	984
Gross profit	7.4	19.4	45.5	70.1	112	167	239	253	304
Research and development									9.5
Selling and marketing	4.26	7.29	11.9	15	20.2	45.7	59.5	63.9	72.1
General and administrative	14.1	15.6	23.9	46.7	59.6	98.3	117	122	147
Operating expenses	18.4	22.9	35.8	61.7	79.8	144	177	186	219
Operating income	-11	-3.45	9.68	8.35	32.3	23.3	62.2	67.5	85.3
Other non-operating income	-1.45	-3.44	-18.2	0.33	0.1	1.1	8.51	15.7	10.2
Pre-tax income	-12.5	-6.89	-8.56	8.68	32.4	24.4	70.7	83.2	95.4
Income tax	-0	-1.78	0.01	-37.8	-33.3	-5.92	8.65	28.9	36.9
Net income	-12.5	0.66	-8.57	46.5	65.8	30.4	62	54.3	58.5
EBITDA	-9.45	-1.57	11.8	10.3	33.6	24.9	64.5	70.6	90.2
EPS, basic	-2.37	0.04	-0.41	0.54	0.74	0.33	0.65	0.59	0.68
EPS, diluted	-2.37	0.04	-0.41	0.47	0.66	0.30	0.62	0.57	0.65
Shares, basic (weighted)	5.68	5.54	20.7	85.7	89.1	92.2	95	91.5	85.7
Shares, diluted (weighted)	5.68	5.54	20.7	99.1	100	100	101	95.4	89.9

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		0.13	80.4	70.3	91.4	120	97.3	162	112
Short-term investments				39	28	69.2	274	65.6	198
Receivables		23.3	47.1	75.7	135	240	242	235	220
Other current assets		0.89	5	5.26	4.56	4.49	27.5	9.44	21.4
Total current assets		24.5	132	190	259	434	640	473	552
Property, plant and equipment		0.78	3.08	3.4	5.03	8.37	10.2	12.4	29.9
Lease right-of-use assets				8.67	7.81	6.9	17.6	17.3	25
Goodwill		11.9	11.9	11.9	11.9	11.9	11.9	15.5	20
Intangible assets		3.86	2.38	1.21	0.6	0.1	0	1.3	6.22
Other non-current assets		0.27	0.65	0.57	2.94	3.99	3.4	2.98	16.5
Total assets		41.3	150	254	358	543	757	607	742
Accounts payable		15.6	19.4	43.5	61.4	109	125	95.1	124
Accrued liabilities		1.49	2.56	5.09	10.1	7.71	11.9	14.6	21.6
Short-term debt		0.25
Total current liabilities		30.2	36.2	77.8	98.8	160	186	169	202
Lease liabilities				8.32	7.42	6.48	17.2	16.4	24
Other non-current liabilities				0.88
Total liabilities		30.2	36.2	87	106	166	203	185	226
Paid-in capital		10.6	229	236	255	350	462	582	701
Retained earnings		-105	-113	-68.2	-2.42	27.9	90	144	203
Treasury stock		-0.88	-1.01	-1.01	-1.01	-1.01	-1.01	-304	-388
Other comprehensive income				0	-0.09	0.5	2.82	0.04	0.5
Shareholders' equity	-97.6	-95.1	114	167	252	377	553	422	516
Total equity	-97.6	-95.1	114	167	252	377	553	422	516
Total liabilities and equity		41.3	150	254	358	543	757	607	742
Shares outstanding		5.16	84.2	87.1	91.1	93.3	96.3	85.3	83.4

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-12.5	0.66	-8.57	46.5	65.8	30.4	62	54.3	58.5
Depreciation and amortization	1.56	1.88	2.13	1.91	1.3	1.6	2.28	3.18	4.95
Stock-based compensation	1.56	3	5.06	12.8	33.7	101	123	128	132
Deferred income tax	-0	-1.78	0.01	-38	-33.3	-6.61	3.75	-10.5	-8.12
Change in receivables	-2.04	-12.8	-25.3	-35.3	-68.7	-119	-21.7	-9.87	-5.12
Change in payables	-0.91	10.4	3.5	25	17.8	47.7	16.2	-30.3	28.8
Cash from operations	-9.47	2.27	-1.53	36.2	26	80.4	189	179	210
Capital expenditures	-0.61	-0.58	-2.96	-1.04	-2.13	-3.24	-3.64	-5.41	-18.4
Acquisitions						0	0	-5.3	-9.34
Purchases of investments				-104	-111	-163	-430	-170	-355
Sales and maturities of investments				65	122	123	233	377	224
Cash from investing	-0.61	1.9	-2.76	-40	8.77	-43.9	-201	196	-159
Stock issued	0.03	0.07	6.54	2.33	2.92	3.07	4.85	1.1	0.09
Share buybacks		-1.21	-0.19			0	0	-300	-81.7
Cash from financing	11.8	-8.74	84.5	-6.25	-13.7	-7.86	-11.1	-310	-99.4
Exchange rate effect							0	0	0.06
Net change in cash	1.68	-4.56	80.3	-10.1	21.1	28.7	-22.8	65	-48.1
Free cash flow	-10.1	1.69	-4.49	35.2	23.9	77.2	185	174	192
Interest paid	0.54	0.51	0.18
Income taxes paid				0	0.1	0.13	6.18	40.4	55.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $25.44 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	24.6%	Gross profit / revenue.
Operating margin	8.6%	Operating income / revenue.
EBITDA margin	9.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.1%	Pre-tax income / revenue.
Net margin	6.0%	Net income / revenue.
FCF margin	13.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.4%	Cash from operations / revenue.
Effective tax rate	34.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.0%	Net income / average total assets.
Return on invested capital (ROIC)	24.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.9%	Research and development expense / revenue.
Stock-based pay / revenue	8.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	30.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	20.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	22.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	34.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	26.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	54.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	59.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	27.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	53.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	54.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	7.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	24.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	4.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	14.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	29.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	6.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	17.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	37.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	42.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	10.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	35.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	40.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	22.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	25.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	22.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	23.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.14x	Current assets / current liabilities.
Quick ratio	2.06x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.99x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	36.7%	Total liabilities / total assets.
Working capital	$272.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$427.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.83x	Revenue / average total assets.
Fixed asset turnover	31.2x	Revenue / average property, plant and equipment.
Receivables turnover	5.09x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
Days payables	56 days	365 x average accounts payable / cost of revenue.
FCF conversion	226.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	11.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.92	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$15.96	Revenue / diluted weighted shares.
FCF per share	$2.17	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.45	Cash from operations / diluted weighted shares.
Book value per share	$5.86	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.53	Tangible book value / shares outstanding.
Cash per share	$3.06	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	129.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.95B	Share price x shares outstanding.
Enterprise value	$1.72B	Market cap + total debt - cash - short-term investments.
P/E	24.8x	Market cap / net income. Only when net income is positive.
P/S	1.49x	Market cap / revenue.
P/B	4.31x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.56x	Market cap / tangible book value, when positive.
P/FCF	10.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.70x	Market cap / cash from operations, when positive.
EV/Sales	1.31x	Enterprise value / revenue.
EV/EBIT	15.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.61x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.1%	Free cash flow / market cap.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	11.8%	(Dividends paid + share buybacks) / market cap.
PEG	0.84x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Progyny, Inc.'s revenue in fiscal 2025?

Progyny, Inc. reported revenue of $1.29B for fiscal 2025, 10.4% higher than the year before.

Was Progyny, Inc. profitable in fiscal 2025?

Yes. Net income was $58.5M, a net margin of 4.5%.

How much free cash flow did Progyny, Inc. generate in fiscal 2025?

Cash from operations of $210.2M minus capital expenditures of $18.4M left free cash flow of $191.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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