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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 $198M

EV

$1.7B

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Progyny Financials

Progyny has a last 12-month revenue of $1.2B and a last 12-month EBITDA of $198M.

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

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $1.1B $1.2B XXX XXX XXX
Gross Profit $167M $239M XXX XXX XXX
Gross Margin 15% 20% XXX XXX XXX
EBITDA $64.5M $70.6M XXX XXX XXX
EBITDA Margin 6% 6% XXX XXX XXX
Net Profit $30.4M $62.0M XXX XXX XXX
Net Margin 3% 5% XXX XXX XXX
Net Debt n/a n/a XXX XXX XXX

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Progyny Stock Performance

As of April 15, 2025, Progyny's stock price is $22.

Progyny has current market cap of $1.9B, and EV of $1.7B.

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Progyny Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$1.7B $1.9B XXX XXX XXX XXX $0.57

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Progyny Valuation Multiples

As of April 15, 2025, Progyny has market cap of $1.9B and EV of $1.7B.

Progyny's trades at 1.4x LTM EV/Revenue multiple, and 8.5x LTM EBITDA.

Analysts estimate Progyny's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Progyny Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $1.7B XXX XXX XXX
EV/Revenue 1.4x XXX XXX XXX
EV/EBITDA 23.8x XXX XXX XXX
P/E 34.8x XXX XXX XXX
P/E/Growth 2.1x XXX XXX XXX
EV/FCF 9.7x XXX XXX XXX

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Progyny Valuation Multiples

Progyny's NTM/LTM revenue growth is 6%

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

Over next 12 months, Progyny's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate Progyny's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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Progyny Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 7% XXX XXX XXX XXX
EBITDA Margin 6% XXX XXX XXX XXX
EBITDA Growth 10% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 12% XXX XXX XXX XXX
Revenue per Employee $1.7M XXX XXX XXX XXX
Opex per Employee $0.3M XXX XXX XXX XXX
S&M Expenses to Revenue 5% XXX XXX XXX XXX
G&A Expenses to Revenue 10% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 16% XXX 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 $1.9B
What is the current revenue of Progyny? Progyny's last 12-month revenue is $1.2B.
What is the current EBITDA of Progyny? Progyny's last 12-month EBITDA is $198M.
What is the current EV/Revenue multiple of Progyny? Current revenue multiple of Progyny is 1.4x.
What is the current EV/EBITDA multiple of Progyny? Current EBITDA multiple of Progyny is 8.5x.
What is the current revenue growth of Progyny? Progyny revenue growth between 2023 and 2024 was 7%.
Is Progyny profitable? Yes, Progyny is EBITDA-positive (as of the last 12 months).

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