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Medical care facilities · Healthcare · Fiscal year ends Dec 31
Progyny reported revenue of $1.3B in the fiscal year ended Dec 2025, up 10.4% from the year before. Operating income was $85M, an operating margin of 6.6%, and net income was $59M. Operating cash flow of $210M less capital expenditure of $18M left free cash flow of $192M.
Ranks among the 24 medical care facilities companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 501 | 787 | 1,089 | 1,167 | 1,289 |
| Cost of revenue | 388 | 620 | 850 | 914 | 984 |
| Gross profit | 112 | 167 | 239 | 253 | 304 |
| Research & development | – | – | – | – | 9.5 |
| Selling, general & admin | 79.8 | 144 | 177 | 186 | 219 |
| Operating income | 32.3 | 23.3 | 62.2 | 67.5 | 85.3 |
| Net interest incomeBanks | 0.5 | 0.8 | 3.3 | – | – |
| Pre-tax income | 32.4 | 24.4 | 70.7 | 83.2 | 95.4 |
| Income tax | −33.3 | −5.9 | 8.7 | 28.9 | 36.9 |
| Net income | 65.8 | 30.4 | 62.0 | 54.3 | 58.5 |
| Diluted EPS | 0.66 | 0.30 | 0.62 | 0.57 | 0.65 |
| Diluted shares | 100 | 100.0 | 101 | 95.4 | 89.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 91.4 | 120 | 97.3 | 162 | 112 |
| Receivables | 135 | 240 | 242 | 235 | 220 |
| Current assets | 259 | 434 | 640 | 473 | 552 |
| Net PP&E | 5.0 | 8.4 | 10.2 | 12.4 | 29.9 |
| Goodwill | 11.9 | 11.9 | 11.9 | 15.5 | 20.0 |
| Total assets | 358 | 543 | 757 | 607 | 742 |
| Payables | 61.4 | 109 | 125 | 95.1 | 124 |
| Current liabilities | 98.8 | 160 | 186 | 169 | 202 |
| Total liabilities | 106 | 166 | 203 | 185 | 226 |
| Shareholders' equity | 252 | 377 | 553 | 422 | 516 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 26.0 | 80.4 | 189 | 179 | 210 |
| Capital expenditure | 2.1 | 3.2 | 3.6 | 5.4 | 18.4 |
| Free cash flow | 23.9 | 77.2 | 185 | 174 | 192 |
| Depreciation & amortisation | 1.3 | 1.6 | 2.3 | 3.2 | 4.9 |
| Stock-based compensation | 33.7 | 101 | 123 | 128 | 132 |
| Acquisitions | – | 0.0 | 0.0 | 5.3 | 9.3 |
| Share buybacks | – | 0.0 | 0.0 | 300 | 81.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 57.2% | 38.3% | 7.2% | 10.4% |
| Operating income growth (YoY) | – | −27.8% | 166.4% | 8.5% | 26.4% |
| EPS growth (YoY) | – | −54.5% | 106.7% | −8.1% | 14.0% |
| Gross margin | 22.4% | 21.3% | 21.9% | 21.7% | 23.6% |
| Operating margin | 6.5% | 3.0% | 5.7% | 5.8% | 6.6% |
| Net margin | 13.1% | 3.9% | 5.7% | 4.7% | 4.5% |
| Return on equityBlank when equity is negative | 26.1% | 8.1% | 11.2% | 12.9% | 11.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.5% | 6.1% | 10.9% | 15.4% | 15.8% |
| Free cash flow margin | 4.8% | 9.8% | 17.0% | 14.9% | 14.9% |
| Cash conversion (CFO ÷ net income) | 0.40x | 2.65x | 3.04x | 3.30x | 3.59x |
| Receivable days | 98 | 111 | 81 | 74 | 62 |
| Payable days | 58 | 64 | 54 | 38 | 46 |
| Current ratio | 2.62x | 2.72x | 3.44x | 2.80x | 2.73x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.