Progyny, Inc. (PGNY)

Progyny's stock has experienced significant positive movement in the past six months. In Q3 2025, Progyny reported EPS of $0.45, surpassing estimates, and quarterly revenue increased by 9.3% year-over-year. Management raised its full-year 2025 revenue guidance and announced a $200 million share buyback program. CEO Peter Anevski acquired 79,500 shares, while CFO Mark S. Livingston sold 21,303 shares. Several research firms upgraded Progyny's stock, citing strong demand. Progyny anticipates Q4 and full-year 2025 results to be slightly above previously provided financial guidance. The stock gained 5.1% amid speculation of an impending interest rate cut. Earlier in 2025, a major client non-renewal presented a headwind, though the company's underlying revenue growth remained robust.

Progyny has shown some seasonal tendencies, with a 'Buy Date' of November 12 and a 'Sell Date' of March 1, resulting in a geometric average return of 7.63% above the S&P 500 Total Return Index. The company has reported strong and sustained demand for its products and services, benefiting from rising demand for women's health and demographic shifts. A 7% year-over-year increase in Assisted Reproductive Technology (ART) cycles in November 2025 indicates sustained demand. The utilization rate in Q3 2025 was 0.47%, consistent with the previous year and prior quarters.

Progyny, Inc. is a benefits management company specializing in fertility, family building, and women's health solutions for large, self-insured employers in the United States. The company replaces traditional insurance plans with a bundled-service model, including the 'Smart Cycle' approach for fertility treatments and Progyny Rx for fertility medications. Progyny has expanded its offerings to include programs for pregnancy, postpartum care, menopause, and leave/benefit navigation.

Progyny primarily operates within the United States, serving large, self-insured employers across various industries. The company's headquarters are located in New York, NY. As of 2025, Progyny covers approximately 6.7 million lives through over 530 large, self-insured clients.

Progyny has maintained a strong brand reputation, evidenced by several accolades and strategic initiatives. Progyny's CEO was named a World Economic Forum Champion for Women's Health. Progyny released new Men's Health Research and expanded its global benefits to include pregnancy, postpartum, and menopause care. Progyny acquired BenefitBump and Apryl, and partnered with OURA to enhance women's health understanding. The company experienced a modest dip in utilization, coinciding with national conversations surrounding fertility treatments and access to maternal healthcare following the Alabama Supreme Court ruling.

Progyny's ownership is significantly concentrated among institutional investors, holding approximately 78.26% of the company's stock according to one source, and 51.49% or 17.50% according to others. Major institutional owners include BlackRock, Inc., Vanguard Group Inc., Fmr Llc, iShares Core S&P Small-Cap ETF, State Street Corp, VTSMX - Vanguard Total Stock Market Index Fund Investor Shares, Thrivent Financial For Lutherans, Geode Capital Management, Llc, and ArrowMark Colorado Holdings LLC. Insider ownership, including CEO Peter Anevski, ranges from 2.25% to 3.14%. The remaining shares, approximately 19.49% to 26.77%, are held by individual investors and the general public.