Progyny, Inc. (PGNY) intrinsic value & 10-year financials
Progyny, Inc. (PGNY) has a Graham intrinsic value of $12.28 per share. At $26.86 on Oct 17, 2026, the stock trades 119% above that value. Over the last 9 fiscal years revenue grew 50.6% a year to $1.3B, with an average return on invested capital of 12.2%.
- Graham intrinsic value
- $12.28
- Share price (Oct 17, 2026)
- $26.86
- Price vs Graham value
- 119% above
- Market cap
- $2.4B
- Revenue (FY2025)
- $1.3B
- Revenue growth (9-yr CAGR)
- 50.6%
- ROIC (10-yr avg)
- 12.2%
- Free cash flow (FY2025)
- $191.8M
PGNY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.3B | $58.5M | $0.65 | $191.8M | 6.6% | 14.9% |
| FY2024 | $1.2B | $54.3M | $0.57 | $173.7M | 5.8% | 11.8% |
| FY2023 | $1.1B | $62.0M | $0.62 | $185.2M | 5.7% | 14.8% |
| FY2022 | $786.9M | $30.4M | $0.30 | $77.2M | 3.0% | 10.8% |
| FY2021 | $500.6M | $65.8M | $0.66 | $23.9M | 6.5% | 23.7% |
| FY2020 | $344.9M | $46.5M | $0.47 | $35.2M | 2.4% | 8.0% |
| FY2019 | $229.7M | -$8.6M | -$0.08 | -$4.5M | 4.2% | — |
| FY2018 | $105.4M | $661.0K | -$0.20 | $1.7M | -3.3% | 1.8% |
| FY2017 | $48.6M | -$12.5M | -$0.47 | -$10.1M | -22.7% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Progyny, Inc. is a consistent compounder, expanding top-line revenue at 50.6% annually over the past decade.
Progyny, Inc. returns on capital have been average, hovering around 12.2% ROIC over the decade.
Progyny, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Progyny, Inc. is modeled at 6.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $12.28 per share.