Progyny Inc (PGNY) fair value: what the stock is really worth
As of Oct 21, 2026: fair value (intrinsic value) of Progyny Inc stock $35.44, price $28.44, upside +24.6%, quality 72 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 22, 2026.
How to read this chart
60‑month range $13.67 – $66.66 · fair‑value band $20.95 – $46.07 · the $28.44 price screens below the $35.44 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 22, 2026.
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Progyny, Inc., a benefits management company, provides fertility, family building, and women's health benefits solutions in the United States.
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It offers fertility benefits solutions, such as differentiated benefits plan design that includes smart cycle treatment bundle; personalized concierge-style member support services; and a selective network of fertility specialists.
The company also offers Progyny Rx, an integrated pharmacy benefits solution that provides access to the medications needed during their treatment and offers care management services, as well as pregnancy and postpartum, menopause and midlife, benefit and leave navigation, and parent and child wellbeing solutions.
In addition, it provides assistance service program where various services can be offered through a reimbursement program, including adoption, surrogacy, doula, and travel reimbursement when travel is required to receive medical services.
The company was formerly known as Auxogyn, Inc. and changed its name to Progyny, Inc. in 2015. Progyny, Inc. was incorporated in 2008 and is headquartered in New York, New York.
Stock analysis
Progyny Inc (PGNY) currently trades at $28.44, while our model-based Fair Value estimate is $35.44, implying the stock looks roughly 19.8% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $38.36 per share, and 12 of the 24 models we run sit above the $28.44 price.
Bear case: the Asset-Based group reads lowest at $4.24, and 12 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $20.95 (bear) to $46.07 (bull), the price of $28.44 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 72/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Progyny Inc reported revenue of $1.3B in FY2025 versus $501M in FY2021, a compound +26.7%/yr. Reported net income was $58.5M in FY2025, compounding −2.9%/yr from FY2021.
Key figures
Market cap $2.3B Mid · P/E ratio 30.9 · P/S ratio 1.78 · EPS (TTM) $0.9200 · Net margin 6.0% · Return on equity 16.2% · Return on assets (EBIT) 8.8% · Operating margin 11.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 12% below its 52-week high and 74% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −8% fair-value upside, at 25%, PGNY screens cheaper than that median.
Fair Value models
Bear$20.95Fair Value $35.44Bull$46.07
Price $28.44 · Upside +24.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.7436 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+10.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+30.2%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+50.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+3.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.1%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.2% → 7%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+1.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+8.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −1.2% a year for the price and +5.6% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Healthcare Plans” was too small, so the broader sector is used.)Health Care · 2362 stocks
Beats the sector median on 8/13 measures
Overall it ranks above its sector peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside+24.6% · Top 25%
Profitability
Return on equity (12 months)16.2% · Top 25%
Return on assets7.9% · Top 25%
Net margin (12 months)6.0% · Below median
Operating margin (12 months)11.4% · Above median
Growth and dividend
Revenue growth (quarter YoY)5.3% · Below median
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Health Care median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Progyny Inc Fair Value". https://www.fairvalue-calculator.com/stock/PGNY
Frequently asked questions
Is Progyny Inc (PGNY) overvalued or undervalued?
As of Oct 22, 2026, our model estimates a fair value of $35.44 versus a price of $28.44, about +25% upside (undervalued).
What is the fair value of PGNY?
Our model-based fair value for Progyny Inc is $35.44 (as of Oct 22, 2026), built from audited fundamentals. The current price: $28.44.
What is the quality score of PGNY?
Progyny Inc has a Quality Score of 72/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Progyny Inc (PGNY)?
Our model-based price target is the fair value of $35.44 (as of Oct 22, 2026) from 24 valuation models. Cautious scenario $20.95, optimistic scenario $46.07. It is a calculation from audited fundamentals, not an analyst target.
What is the Progyny Inc stock forecast for 2026?
Our models put fair value at $35.44, about +25% upside versus a price of $28.44 (undervalued). Cautious scenario $20.95, optimistic scenario $46.07. The calculation is refreshed regularly with new filings.
What is the revenue of Progyny Inc (PGNY)?
Progyny Inc reported trailing-twelve-month revenue of about $1.3B (latest available figure, as of Oct 22, 2026).
What growth is priced into Progyny Inc (PGNY)?
For today's price to be fair in a discounted-cash-flow model, Progyny Inc would have to grow free cash flow by +1.1 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +30.2 % per year. As of Oct 22, 2026.
What discount rate (WACC) does the fair value of PGNY use?
Our models discount Progyny Inc at 11.2 %: a base by market capitalisation (small), damped by beta 0.99, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Progyny Inc that is +1.1 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Progyny Inc (PGNY) delivered so far?
Over the past 5 years revenue at Progyny Inc grew +30.2 % a year. The price currently implies +1.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Progyny Inc (PGNY) growing?
The median revenue growth in the sector is +5.6 % a year. That is the yardstick for the growth priced into Progyny Inc (+1.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Progyny Inc (PGNY)?
The free-cash-flow yield on the price is 8.21 %: that much free cash flow Progyny Inc produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Progyny Inc (PGNY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Progyny Inc it is $35.44 per share (as of Oct 22, 2026), against a price of $28.44. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Progyny Inc stock overvalued or undervalued in 2026?
As of Oct 22, 2026, PGNY trades below its calculated fair value: price $28.44, fair value $35.44, a gap of about +25% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PGNY?
No. The price is what the market pays today ($28.44); the fair value is what the company's own numbers justify ($35.44). For Progyny Inc the two are $7.00 per share apart. That gap is exactly why we show both numbers side by side.
How much is Progyny Inc worth?
The market values Progyny Inc at about $2.3B (market capitalisation, as of Oct 22, 2026). Per share that is $28.44; our models calculate a fair value of $35.44 per share.
What do the bullish and bearish scenarios say about PGNY?
Our models span a range for Progyny Inc: cautious scenario $20.95, base $35.44, optimistic $46.07 per share (as of Oct 22, 2026, price $28.44). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PGNY?
Progyny Inc trades at a price-to-earnings ratio of 30.9 (as of Oct 22, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $35.44 is built from several models across several years. Other multiples: P/B 4.5, P/S 1.8, EV/EBITDA 17.7.
How solid is the balance sheet of Progyny Inc (PGNY)?
Balance-sheet figures for Progyny Inc (as of Oct 22, 2026): return on equity 16.2%, debt of 0.00 per unit of equity. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is PGNY from its 52-week high?
Progyny Inc trades at $28.44, about 12% below its 52-week high of $32.36 and 74% above the low of $16.30 (as of Oct 21, 2026). Distance from the high says nothing about value: that is what the fair value of $35.44 is for.
Which stocks are comparable to Progyny Inc?
From the same area (Healthcare) we also value UnitedHealth Group, CVS Health Corporation, Elevance Health, Inc, The Cigna Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Progyny Inc stock attractive at the current price?
The data as of Oct 22, 2026: price $28.44, calculated fair value $35.44 (+25%), Quality Score 72/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PGNY calculated?
We run Progyny Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $35.44, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.6 % above its aggregate fair value. Progyny Inc currently trades 20 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Progyny Inc (PGNY)?
The closing price on Oct 21, 2026 was $28.44. Our model-based fair value is $35.44, about +25% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Progyny Inc right now?
A fairly wide model range ($20.95 to $46.07) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Progyny Inc
How large is the market capitalisation of Progyny Inc (PGNY)?
The market capitalisation of Progyny Inc is $2.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Progyny Inc (PGNY)?
The price-to-sales ratio of Progyny Inc is 1.78 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Progyny Inc (PGNY)?
Earnings per share at Progyny Inc are $0.9200 (price ÷ EPS = P/E 30.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Progyny Inc (PGNY)?
The net margin of Progyny Inc is 6.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Progyny Inc (PGNY)?
The return on equity (ROE) of Progyny Inc is 16.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Progyny Inc (PGNY)?
On an EBIT basis the return on assets of Progyny Inc is 8.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Progyny Inc (PGNY)?
The operating margin of Progyny Inc is 11.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Progyny Inc (PGNY)?
Revenue at Progyny Inc is growing +5.3% versus a year earlier (3y avg +17.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Progyny Inc (PGNY)?
Earnings per share at Progyny Inc are growing +78.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Progyny Inc (PGNY) hold?
Progyny Inc holds more cash than debt, $88.2M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Oct 22, 2026