Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Progyny, Inc. (PGNY)
A forensic read on Progyny, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
13.9
Distress distance
Clean
Earnings quality
2
Forensic signals
26.5
P / E (ttm)
11.3%
ROE
$2.0B
Market cap
10.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Progyny, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 13.9, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+43.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +43.4% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 46% of net operating assets, against an accruals ratio of 43.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
13.0%
FY2025
Return on invested capital.Return on invested capital is 13.0% in the latest fiscal year, against 11.5% in FY2023, having run between 11.5% and 16.0% across FY2023–FY2025 with no direction held. After-tax operating profit was $55M in FY2023 and $55M in FY2025, with operating income at 5.7% of revenue in FY2023, 5.8% in FY2024 and 6.6% in FY2025. The capital base behind it barely moved across FY2023–FY2025 ($473M to $428M, -10%), so there has been little new capital for that return to be earned on.
Key fundamentals
Latest Revenue$1.29B
Revenue Growth YoY+10.4%
Revenue CAGR (2yr)+8.8%
Net Margin4.5%
Free Cash Flow$191.8M
Return on Equity11.3%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Progyny, Inc.'s actual 10-K/10-Q/8-K filings?