The company maintains a healthy liquidity profile with a current ratio of 2.13, though total assets have contracted to $698.3M from $795.2M in 2025Q3.
| Total Current Assets | 501.55M | 551.77M | 472.72M | 640.41M | 433.86M | 258.54M | 190.22M | 132.44M | 24.54M | 16.77M |
| Cash & Short-Term Investments | 226.15M | 310.1M | 227.95M | 371.09M | 189.3M | 119.42M | 109.3M | 80.38M | 127K | 4.69M |
| Cash Only | 132.65M | 112.24M | 162.31M | 97.3M | 120.08M | 91.41M | 70.31M | 80.38M | 127K | 4.69M |
| Short-Term Investments | 93.5M | 197.86M | 65.64M | 273.79M | 69.22M | 28M | 38.99M | 0 | 0 | 0 |
| Accounts Receivable | 263.61M | 220.29M | 235.32M | 241.87M | 240.07M | 134.56M | 75.66M | 47.06M | 23.32M | 11.37M |
| Days Sales Outstanding | 71.15 | 62.39 | 73.59 | 81.1 | 111.35 | 98.1 | 80.08 | 74.78 | 80.77 | 85.44 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 11.79M | 21.39M | 9.44M | 27.45M | 4.49M | 0 | 0 | 0 | 200K | 0 |
| Total Non-Current Assets | 196.79M | 190.66M | 134.38M | 116.21M | 109.13M | 99.53M | 63.7M | 17.99M | 16.79M | 18.19M |
| Property, Plant & Equipment | 59.98M | 54.92M | 29.63M | 27.82M | 15.27M | 12.83M | 12.07M | 3.08M | 776K | 597K |
| Fixed Asset Turnover | 24.43x | 23.47x | 39.39x | 39.13x | 51.52x | 39.01x | 28.58x | 74.50x | 135.82x | 81.38x |
| Goodwill | 19.88M | 19.98M | 15.53M | 11.88M | 11.88M | 11.88M | 11.88M | 11.88M | 11.88M | 11.88M |
| Intangible Assets | 5.97M | 6.22M | 1.3M | 0 | 99K | 599K | 1.21M | 2.38M | 3.86M | 5.34M |
| Long-Term Investments | 925K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 16.95M | 16.54M | 2.98M | 3.4M | 3.99M | 2.94M | 573K | 652K | 272K | 372K |
| Total Assets | 698.34M | 742.43M | 607.1M | 756.62M | 542.99M | 358.06M | 253.93M | 150.43M | 41.32M | 34.96M |
| Asset Turnover | 1.73x | 1.74x | 1.92x | 1.44x | 1.45x | 1.40x | 1.36x | 1.53x | 2.55x | 1.39x |
| Asset Growth % | 47.33% | 22.29% | -19.76% | 39.34% | 51.64% | 41.01% | 68.8% | 264.04% | 18.2% | - |
| Total Current Liabilities | 235.74M | 202.39M | 168.63M | 185.95M | 159.54M | 98.82M | 77.79M | 36.16M | 30.2M | 17.77M |
| Accounts Payable | 157.83M | 124.07M | 95.1M | 125.43M | 109.29M | 61.4M | 43.51M | 19.39M | 15.58M | 5.13M |
| Days Payables Outstanding | 50.72 | 46.01 | 37.98 | 53.87 | 64.38 | 57.69 | 57.8 | 38.42 | 66.14 | 45.47 |
| Short-Term Debt | 4.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 253K | 3.56M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.39M | 7.13M |
| Other Current Liabilities | 73.89M | 78.32M | 19.87M | 13.05M | 8.88M | 12.26M | 7.69M | 13M | 11.64M | 6.73M |
| Current Ratio | 2.13x | 2.73x | 2.80x | 3.44x | 2.72x | 2.62x | 2.45x | 3.66x | 0.81x | 0.94x |
| Quick Ratio | 2.13x | 2.73x | 2.80x | 3.44x | 2.72x | 2.62x | 2.45x | 3.66x | 0.81x | 0.94x |
| Cash Conversion Cycle | 20.43 | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 23.25M | 24M | 16.41M | 17.24M | 6.48M | 7.42M | 9.19M | 0 | 106.24M | 6.5M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.63M |
| Capital Lease Obligations | 97.49M | 24M | 16.41M | 17.24M | 6.48M | 7.42M | 8.32M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 876K | 0 | 0 | 4.87M |
| Total Liabilities | 258.99M | 226.39M | 185.04M | 203.19M | 166.02M | 106.24M | 86.98M | 36.16M | 30.2M | 24.27M |
| Total Debt | 27.28M | 24M | 19.27M | 19.39M | 7.71M | 8.65M | 9.55M | 0 | 253K | 5.19M |
| Net Debt | -105.37M | -88.24M | -143.04M | -77.91M | -112.36M | -82.76M | -60.76M | -80.38M | 126K | 497K |
| Debt / Equity | 0.06x | 0.05x | 0.05x | 0.04x | 0.02x | 0.03x | 0.06x | - | 0.02x | 0.49x |
| Debt / EBITDA | 0.27x | 0.27x | 0.27x | 0.30x | 0.31x | 0.26x | 0.93x | - | - | - |
| Net Debt / EBITDA | -1.05x | -0.98x | -2.03x | -1.21x | -4.51x | -2.46x | -5.93x | -6.81x | - | - |
| Interest Coverage | - | - | - | - | - | - | - | 166.84x | -6.95x | -14.87x |
| Total Equity | 439.34M | 516.04M | 422.06M | 553.43M | 376.97M | 251.82M | 166.95M | 114.27M | 11.12M | 10.69M |
| Equity Growth % | 57.98% | 22.27% | -23.74% | 46.81% | 49.7% | 50.84% | 46.1% | 927.43% | 4.04% | - |
| Book Value per Share | 5.18 | 5.77 | 4.42 | 5.50 | 3.77 | 2.51 | 1.69 | 1.37 | 0.14 | 1.88 |
| Total Shareholders' Equity | 439.34M | 516.04M | 422.06M | 553.43M | 376.97M | 251.82M | 166.95M | 114.27M | 11.12M | 10.69M |
| Common Stock | 9K | 9K | 9K | 9K | 9K | 9K | 9K | 8K | 1K | 1K |
| Retained Earnings | 227.06M | 202.83M | 144.31M | 89.97M | 27.93M | -2.42M | -68.19M | -113.48M | -104.85M | -104.56M |
| Treasury Stock | -505.76M | -388.07M | -303.89M | -1.01M | -1.01M | -1.01M | -1.01M | -1.01M | -884K | 0 |
| Accumulated OCI | 277K | 498K | 39K | 2.82M | 501K | -93K | 1K | -150.43M | -483K | -83K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Enterprise client concentration risk
As reported in recent financial filings, Progyny's total assets declined from $795.2M in 2025Q3 to $698.3M in 2026Q1, signaling a contractionary trend that aligns with the company's recent loss of major enterprise clients and a more conservative approach to capital management in a maturing market.
The reduction in total assets appears to reflect a combination of aggressive share repurchases and a cooling of the growth trajectory that previously fueled rapid balance sheet expansion. Investors should monitor whether this shrinkage is a temporary adjustment to client churn or a structural shift toward a smaller, more capital-efficient operating footprint.
Based on the latest quarterly data, Progyny maintains a current ratio of 2.13, which, while down from the 3.44 peak observed in 2023Q4, continues to provide a comfortable buffer against short-term operational shocks and potential volatility in medical claims settlement timing.
The company's liquidity position appears adequate to cover its current liabilities, even as cash reserves fluctuate due to capital deployment activities. This liquidity profile suggests the firm is well-positioned to navigate near-term operational uncertainty without requiring external financing, provided that utilization rates remain within expected actuarial bounds.
According to financial statements, equity has decreased from a peak of $571.6M in 2024Q1 to $439.3M in 2026Q1, a trend largely driven by the company's recent decision to prioritize significant share repurchases over the retention of earnings on the balance sheet.
While the reduction in equity may improve return on equity metrics, it also reduces the total capital cushion available to absorb potential future losses or regulatory-driven operational disruptions. Analysts should evaluate whether this capital allocation strategy is sustainable if revenue growth continues to face headwinds from enterprise client churn.
As evidenced by the balance sheet, the company's reliance on a lean asset base with minimal PPE, currently at $60.0M, suggests that the firm's true value is tied to intangible client relationships rather than physical infrastructure, which may be vulnerable to rapid erosion.
The lack of significant tangible assets implies that the company's valuation is highly sensitive to the retention of its core enterprise client base. If the recent loss of a major client signals a broader trend, the current asset valuation may be subject to impairment risks that are not immediately apparent in the headline figures.
Quick answers to the most common questions about buying PGNY stock.
As of 2025, Progyny, Inc. (PGNY) had total assets of $742.4M including $551.8M in current assets.
Progyny, Inc. (PGNY) carries total debt of $24.0M, offset by $310.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Progyny, Inc. (PGNY) has total shareholders' equity (book value) of $516.0M ($5.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Progyny, Inc. (PGNY) reported a current ratio of 2.73x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.