TacticScaleWhat Progyny Does & How It Makes Money (PGNY)
Updated October 2026 · reflects Progyny's latest reported financials
Fertility, family-building and women's health benefits manager for employers. Progyny sells benefit programs to employers, and gets paid for the fertility treatments, pharmacy services, and support its members use through its network and Progyny Rx.
How Progyny makes money
Progyny sells benefit programs to employers, and gets paid for the fertility treatments, pharmacy services, and support its members use through its network and Progyny Rx.
What Progyny does
Progyny, Inc. is a US benefits management company focused on fertility, family building, and women's health. Its core fertility offering pairs a distinctive plan design, including the Smart Cycle treatment bundle, with a selective network of fertility specialists and concierge-style member support. Progyny Rx, its integrated pharmacy benefit, provides treatment medications and care management. Beyond fertility, Progyny offers pregnancy and postpartum, menopause and midlife, benefit and leave navigation, and parent and child wellbeing solutions. Its assistance program reimburses services such as adoption, surrogacy, doulas, and medically required travel. Founded in 2008 as Auxogyn, the company took the Progyny name in 2015 and is headquartered in New York City.
Products & services
- Fertility benefits with Smart Cycle treatment bundles
- Progyny Rx pharmacy benefit
- Selective fertility specialist network
- Concierge-style member support
- Pregnancy, postpartum and menopause solutions
- Assistance reimbursement program (adoption, surrogacy, doula, travel)
What is Progyny worth?
On an owner-earnings DCF, Progyny's most-likely value is about $61 versus a recent price near $28 (118% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$26) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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