PGNYProgyny, Inc.
Services-Misc Health & Allied Services, NEC
- Revenue
- $1.3B
- 10% YoY
- Operating margin
- 6.6%
- 15% YoY
- EBITDA
- $90M
- 28% YoY
- Market cap
- $2.3B
- Employees
- 1,000
- $1M revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 3.4
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$1M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo359% of net incomeCash flow under 80% of net income
- Dilutive SBCYes10% of revenueOver 10% of revenue
- Payouts exceed cash flowNo39% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo3% of assetsOver 40% of assets
- Shareholder dissentYes76% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 92nd pctBottom quartile of its SIC industry
- Quiet on AINo3.4 per 10K words · 73rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.3B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$384K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $501M | $787M | $1.1B | $1.2B | $1.3B | 10% |
| Operating income | $32M | $23M | $62M | $67M | $85M | 26% |
| Net income | $66M | $30M | $62M | $54M | $59M | 7.7% |
| Operating cash flow | $26M | $80M | $189M | $179M | $210M | 17% |
| Capex | $2M | $3M | $4M | $5M | $18M | 241% |
| Stock-based comp | $34M | $101M | $123M | $128M | $132M | 2.9% |
| Buybacks | — | $0 | $0 | $300M | $82M | 73% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 2, 2021 | Schlanger David J | SC 13D | 6.3% | Passive |
Insider trading
- Open-market buys, 12 mo
- $2M · 1
- Open-market sells, 12 mo
- $2M · 24
- Net
- −$384K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | $10M | 61 | 136 |
| FY2024 | $1M | −$16M | 63 | 135 |
| FY2023 | $1M | $7M | 135 | 134 |
| FY2022 | $69M | $31M | 113 | 133 |
| FY2021 | $862K | $13M | 183 | 138 |