Progyny boasts strong client retention since launching in 2016, with the ability to maintain nearly all of its clients evidenced by industry-leading Net Promoter Scores reflecting high member trust and satisfaction. The company has successfully expanded its platform to address a wider range of women's health needs, including pregnancy, postpartum, menopause, and wellbeing.
Cyborg Score Rationale
Q4 2025 revenue grew 6.7% year-over-year, beating expectations, demonstrating operational excellence. However, shares fell 22% after weak 2026 guidance, with Q1 revenue projections falling 5.1% short of expectations and full-year EBITDA and EPS guidance missing analyst estimates. Stock has declined 32.1% YTD amid profitability concerns.
Top Insights
30% of the client base expanded benefits with Progyny for 2026 through upsells, with over 2.7 million members gaining access to pregnancy, postpartum, and menopause services.
Financial performance is significantly influenced by key clients in the technology industry; loss of major clients could negatively impact revenue stability.
Short interest has risen materially, with a reported ~41% increase in shares sold short in February to ~4.0M shares (~5.1% of float).
Operating margin has remained flat at ~5.6% average over five years, raising questions about leverage on fixed costs despite revenue growth.
Named Competitors
Traditional Health Benefits Administration — Large integrated health insurers offering fertility as part of broader benefits