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Marpai vs Progyny: revenue, profit, margins and growth compared

Marpai brought in $18.1M of revenue in fiscal 2025, Progyny $1.3B in fiscal 2025. Revenue changed by -35.8% at Marpai and +10.4% at Progyny on the year before, so Progyny grew faster. Marpai kept -91.5% of its revenue as net profit, Progyny 4.5%.

Side by side, latest fiscal year

MRAIPGNY
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$18.1M$1.3B
Revenue growth-35.8%+10.4%
Net income-$16.6M$58.5M
Net margin-91.5%4.5%
Free cash flown/a$191.8M
Free cash flow marginn/a14.9%
Earnings per share (diluted)-$0.95$0.65
Cash$133K$112.2M
Debt$19.4Mn/a
Price to earningsn/a39.3
Market value$91M$2B
Dividend yieldn/an/a
Rank by revenue in sector#481 of 742 · Health care#140 of 742 · Health care

Over the years

Revenue
MRAI FY2021: $14.2MMRAI FY2022: $24.3MMRAI FY2023: $37.2MMRAI FY2024: $28.2MMRAI FY2025: $18.1MPGNY FY2019: $105.4MPGNY FY2019: $229.7MPGNY FY2020: $344.9MPGNY FY2021: $500.6MPGNY FY2022: $786.9MPGNY FY2023: $1.1BPGNY FY2024: $1.2BPGNY FY2025: $1.3BFY19FY20FY21FY22FY23FY24FY25
MRAI $18.1MPGNY $1.3B
Net income
MRAI FY2021: -$3.9MMRAI FY2021: -$16MMRAI FY2022: -$26.5MMRAI FY2023: -$28.8MMRAI FY2024: -$22.1MMRAI FY2025: -$16.6MPGNY FY2019: $661KPGNY FY2019: -$8.6MPGNY FY2020: $46.5MPGNY FY2021: $65.8MPGNY FY2022: $30.4MPGNY FY2023: $62MPGNY FY2024: $54.3MPGNY FY2025: $58.5MFY19FY20FY21FY22FY23FY24FY25
MRAI -$16.6MPGNY $58.5M
Net margin
MRAI FY2021: -112.4%MRAI FY2022: -108.7%MRAI FY2023: -77.4%MRAI FY2024: -78.4%MRAI FY2025: -91.5%PGNY FY2019: 0.6%PGNY FY2019: -3.7%PGNY FY2020: 13.5%PGNY FY2021: 13.1%PGNY FY2022: 3.9%PGNY FY2023: 5.7%PGNY FY2024: 4.7%PGNY FY2025: 4.5%FY19FY20FY21FY22FY23FY24FY25
MRAI -91.5%PGNY 4.5%
Revenue growth
MRAI FY2022: +71.1%MRAI FY2023: +52.6%MRAI FY2024: -24.2%MRAI FY2025: -35.8%PGNY FY2019: +117.9%PGNY FY2020: +50.1%PGNY FY2021: +45.2%PGNY FY2022: +57.2%PGNY FY2023: +38.3%PGNY FY2024: +7.2%PGNY FY2025: +10.4%FY19FY20FY21FY22FY23FY24FY25
MRAI -35.8%PGNY +10.4%
Free cash flow
MRAI FY2021: -$2MMRAI FY2021: -$11.1MMRAI FY2022: -$35.6MPGNY FY2019: $1.7MPGNY FY2019: -$4.5MPGNY FY2020: $35.2MPGNY FY2021: $23.9MPGNY FY2022: $77.2MPGNY FY2023: $185.2MPGNY FY2024: $173.7MPGNY FY2025: $191.8MFY19FY20FY21FY22FY23FY24FY25
MRAI -$35.6MPGNY $191.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about Marpai and Progyny

Which is bigger by revenue, Marpai or Progyny?

Progyny is bigger by revenue: $1.3B in fiscal 2025, against $18.1M for Marpai in fiscal 2025.

Which keeps more of its revenue as profit, Marpai or Progyny?

Marpai had a net margin of -91.5% in fiscal 2025; Progyny had 4.5% in fiscal 2025.

Which grew revenue faster, Marpai or Progyny?

In their latest fiscal years revenue changed by -35.8% at Marpai and +10.4% at Progyny.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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