Progyny, Inc. has recently released its 10-K report, detailing its operations and financial performance. The company, a benefits management firm, specializes in providing fertility, family building, and women's health benefits solutions primarily in the United States. Progyny's revenue model is based on its fertility benefits solution, which includes differentiated benefits plan design, personalized concierge-style member support services, and a selective network of fertility specialists. The company also offers Progyny Rx, an integrated pharmacy benefits solution, and assistance service programs that cover adoption, surrogacy, doula, and travel reimbursement for medical services. As of December 31, 2025, the company served 555 clients, representing 6,689,000 members, reflecting a mid-single digit percent of its total market opportunity.
In terms of revenue, Progyny's fertility benefits solution revenue primarily represents the utilization of its fertility benefits solution, while its pharmacy benefits solution revenue primarily represents the utilization of Progyny Rx. The company also earns a per employee per month (PEPM) fee from clients who purchase its fertility benefits solution, which provides access to Progyny's PCAs for fertility and family building education and guidance, and other digital tools for all covered members. Progyny's revenue has both a utilization-based component and a population-based component, with PEPM fees representing 1% of its total revenue for the years ended December 31, 2025 and 2024, respectively.
The company's key operational and business metrics include its member and client base, which as of December 31, 2025, represented a mid-single digit percent of its total market opportunity, with approximately 7.2 million covered lives under contract. Progyny aims to continue driving new client acquisition by investing significantly in sales and marketing to engage, educate, and drive awareness of the unmet need around fertility solutions among benefits executives. Additionally, the company has seen meaningful diversification of its client base across more than 40 different industries, expanding its presence within each industry and utilizing its established client relationships to evaluate potential fertility solutions that could benefit its members and drive growth.
Today the company's shares have moved 0.86% to a price of $24.52. Check out the company's full 10-K submission here.
