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Progyny Valuation Multiples

Discover revenue and EBITDA valuation multiples for Progyny and similar public comparables like AIX Inc., Accolade, and Qualicorp.

Progyny Overview

About Progyny

Progyny Inc is a benefits management company specializing in fertility, family building, and women's health benefits solutions. Its clients include employers across various industries. The fertility benefits solution consists of treatment services (Smart Cycles), access to the Progyny network of high-quality fertility specialists that perform the Smart Cycle treatments, and active management of the selective network of high-quality provider clinics.


Founded

2008

HQ

United States of America
Employees

680

Website

progyny.com

Financials

LTM Revenue $1.2B

LTM EBITDA $199M

EV

$1.6B

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Progyny Financials

Progyny has a last 12-month revenue (LTM) of $1.2B and a last 12-month EBITDA of $199M.

In the most recent fiscal year, Progyny achieved revenue of $1.2B and an EBITDA of $70.6M.

Progyny expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Progyny P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $1.2B XXX $1.2B XXX XXX XXX
Gross Profit $270M XXX $253M XXX XXX XXX
Gross Margin 23% XXX 22% XXX XXX XXX
EBITDA $199M XXX $70.6M XXX XXX XXX
EBITDA Margin 17% XXX 6% XXX XXX XXX
EBIT $195M XXX $67.5M XXX XXX XXX
EBIT Margin 16% XXX 6% XXX XXX XXX
Net Profit $52.2M XXX $54.3M XXX XXX XXX
Net Margin 4% XXX 5% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

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Progyny Stock Performance

As of May 30, 2025, Progyny's stock price is $21.

Progyny has current market cap of $1.8B, and EV of $1.6B.

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Progyny Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$1.6B $1.8B XXX XXX XXX XXX $0.57

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Progyny Valuation Multiples

As of May 30, 2025, Progyny has market cap of $1.8B and EV of $1.6B.

Progyny's trades at 1.4x EV/Revenue multiple, and 22.8x EV/EBITDA.

Equity research analysts estimate Progyny's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Progyny has a P/E ratio of 35.3x.

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Progyny Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $1.8B XXX $1.8B XXX XXX XXX
EV (current) $1.6B XXX $1.6B XXX XXX XXX
EV/Revenue 1.4x XXX 1.4x XXX XXX XXX
EV/EBITDA 8.1x XXX 22.8x XXX XXX XXX
EV/EBIT 8.3x XXX 23.9x XXX XXX XXX
EV/Gross Profit 6.0x XXX n/a XXX XXX XXX
P/E 35.3x XXX 33.9x XXX XXX XXX
EV/FCF 10.3x XXX 9.3x XXX XXX XXX

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Progyny Margins & Growth Rates

Progyny's last 12 month revenue growth is 7%

Progyny's revenue per employee in the last FY averaged $1.7M, while opex per employee averaged $0.3M for the same period.

Progyny's rule of 40 is 13% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Progyny's rule of X is 35% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Progyny Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 7% XXX 8% XXX XXX XXX
EBITDA Margin 17% XXX 6% XXX XXX XXX
EBITDA Growth 5% XXX 75% XXX XXX XXX
Rule of 40 13% XXX 14% XXX XXX XXX
Bessemer Rule of X XXX XXX 35% XXX XXX XXX
Revenue per Employee XXX XXX $1.7M XXX XXX XXX
Opex per Employee XXX XXX $0.3M XXX XXX XXX
S&M Expenses to Revenue XXX XXX 5% XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 16% XXX XXX XXX

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Progyny Public Comps

See public comps and valuation multiples for Health Benefits & Financial Solutions comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Star Health Insurance XXX XXX XXX XXX XXX XXX
Hapvida XXX XXX XXX XXX XXX XXX
Qualicorp XXX XXX XXX XXX XXX XXX
Accolade XXX XXX XXX XXX XXX XXX
AIX Inc. XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Progyny M&A and Investment Activity

Progyny acquired  XXX companies to date.

Last acquisition by Progyny was  XXXXXXXX, XXXXX XXXXX XXXXXX . Progyny acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Progyny

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Progyny

When was Progyny founded? Progyny was founded in 2008.
Where is Progyny headquartered? Progyny is headquartered in United States of America.
How many employees does Progyny have? As of today, Progyny has 680 employees.
Who is the CEO of Progyny? Progyny's CEO is Mr. Peter Anevski.
Is Progyny publicy listed? Yes, Progyny is a public company listed on NAS.
What is the stock symbol of Progyny? Progyny trades under PGNY ticker.
When did Progyny go public? Progyny went public in 2019.
Who are competitors of Progyny? Similar companies to Progyny include e.g. Star Health Insurance, Hapvida, Qualicorp, Accolade.
What is the current market cap of Progyny? Progyny's current market cap is $1.8B
What is the current revenue of Progyny? Progyny's last 12 months revenue is $1.2B.
What is the current revenue growth of Progyny? Progyny revenue growth (NTM/LTM) is 7%.
What is the current EV/Revenue multiple of Progyny? Current revenue multiple of Progyny is 1.4x.
Is Progyny profitable? Yes, Progyny is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Progyny? Progyny's last 12 months EBITDA is $199M.
What is Progyny's EBITDA margin? Progyny's last 12 months EBITDA margin is 17%.
What is the current EV/EBITDA multiple of Progyny? Current EBITDA multiple of Progyny is 8.1x.
What is the current FCF of Progyny? Progyny's last 12 months FCF is $157M.
What is Progyny's FCF margin? Progyny's last 12 months FCF margin is 13%.
What is the current EV/FCF multiple of Progyny? Current FCF multiple of Progyny is 10.3x.

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