Progyny, Inc. (PGNY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-29.4%

$20.78

vs $29.41 price

Levered DCF

$68.06

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

8.5

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	37.76×	29.24×	57.2×	94.39×	68.04×	78.5×	-274.5×	1,967.9×
P/B	4.24×	3.74×	6.38×	7.62×	17.82×	21.77×	20.08×	116.89×
P/S	1.7×	1.35×	3.25×	3.65×	8.96×	10.54×	9.99×	12.33×
EV / EBITDA	20.96×	16.61×	47.35×	105.96×	130.53×	348.45×	187.44×	-828.69×
Gross margin	23.6%	21.7%	21.9%	21.3%	22.4%	20.3%	19.8%	18.4%
Operating margin	6.6%	5.8%	5.7%	3.0%	6.5%	2.4%	4.2%	-3.3%
Net margin	4.5%	4.7%	5.7%	3.9%	13.1%	13.5%	-3.7%	0.6%
Current ratio	2.73×	2.8×	3.44×	2.72×	2.62×	2.45×	3.66×	0.81×
Debt / equity	0.05×	0.05×	0.04×	0.02×	0.03×	0.06×	0×	0.02×
Interest coverage	0×	0×	0×	0×	0×	0×	166.84×	-6.95×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.3%	12.9%	11.2%	8.1%	26.1%	27.8%	-7.5%	5.9%
Return on invested capital	9.6%	10.0%	9.5%	6.1%	12.4%	4.7%	8.5%	-22.5%
Return on assets	7.9%	9.0%	8.2%	5.6%	18.4%	18.3%	-5.7%	1.6%
Free cash flow yield	8.8%	11.0%	5.2%	2.7%	0.5%	1.0%	-0.2%	0.1%
Earnings yield	2.7%	3.4%	1.8%	1.1%	1.5%	1.3%	-0.4%	0.1%
Enterprise value	$2.1B	$1.4B	$3.5B	$2.8B	$4.4B	$3.6B	$2.2B	$1.3B
Net debt / EBITDA	-0.84×	-1.66×	-1.07×	-4.31×	-2.45×	-5.93×	-6.81×	-0.08×
Cash conversion cycle (days)	16	36	27	47	40	22	36	15