Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.01, read 2026-11-05
Ethical passes the values gate
Price34.37 USD
Fair value40.00
Ethical score70.0/100
Value readUndervaluedas of 5 Nov 2026
Our investment reviews on this name
2026-10-11Read Accumulation25.23+36.2% to today ✓Markdown gives way to Accumulation
2026-09-09Read Markdown25.86+32.9% to today Accumulation gives way to Markdown after a 19% slide in 5 weeks
2026-08-08Read Accumulation31.93+7.6% to today ✓Markup gives way to Accumulation after a 20% rise in 5 weeks
2026-07-02Read Markup26.63+29.1% to today ✓First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Progyny, Inc. holds its Accumulation at $34.37. The statistical read favours the buyers, held for 101 days.
As held on the ledger · 2026-11-05
Phase
Accumulation
Quantitative state
The statistical read favours the buyers, held for 101 days
Price at the screen
$34.37
Valuation
33.08 trailing · 13.01 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.95
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
3.73%
Below 33%
Interest-bearing debt is just 3.7% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
26.65%
Below 33%
Cash held in interest-bearing accounts and securities is 26.6% of assets, under the one-third limit.
Pass
Receivables
44.79%
Below 49%
Money owed to the company is 44.8% of assets, under the 49% limit.
Pass
Revenue purity
0.79%
Below 5%
Only 0.8% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Progyny, clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 4%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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Today PGNY passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 5 Nov 2026: it trades at roughly a 14% discount to our $40.00 fair value, 5.30% revenue growth.
Fair value range in USD, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. A 14.1% discount to the base estimate.
Where our models see it going: fair-value estimate $40.00, with a range of $38.17 to $63.61, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Fertility Benefits With Almost No Growth Left
Every couple navigating IVF knows the relief of a benefits plan that covers the real costs without endless paperwork. Progyny built its business on exactly that, packaging fertility care into employer plans that once grew fast. Today the numbers tell a different story: revenue up just 1 percent, a 5 percent profit margin and forward earnings at 14 times. Our fair value sits only a shade above the current price, which is why the opportunity rating stays at none despite clearing the ethical screen.
Analysts still cluster around a strong buy label and a 31 dollar median target that sits below today's level. The 15 percent return on equity looks respectable on paper, yet the lack of top-line momentum removes any real margin of safety once you strip away the label. A business that used to compound quickly now drifts sideways in a crowded healthcare benefits market.
Currency and regulatory shifts around reproductive care add the usual sector volatility, while thin margins leave little room for execution slips. The setup is stable but uncompelling at current levels. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
PGNY trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-04Accumulation$29.06-1.2%Entry 17
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 1.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 19% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (11 analysts) rates it strong buy, with a mean price target of $30. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-03Accumulation$29.41+0.8%Entry 16
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 0.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A. Technically it is holding around 19% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (11 analysts) rates it strong buy, with a mean price target of $30. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-02Accumulation$29.19+0.0%Entry 15
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A. Technically it is holding around 19% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (11 analysts) rates it strong buy, with a mean price target of $30. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Accumulation$29.19+0.0%Entry 14
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A. Technically it is holding around 19% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (11 analysts) rates it strong buy, with a mean price target of $30. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Accumulation$29.19+2.8%Entry 13
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 19% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (11 analysts) rates it strong buy, with a mean price target of $30. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-30Accumulation$28.40+1.9%Entry 12
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 1.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 19% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (11 analysts) rates it strong buy, with a mean price target of $30. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-29Accumulation$27.87-2.0%Entry 11
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 2.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 19% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (11 analysts) rates it strong buy, with a mean price target of $30. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-28Accumulation$28.44+0.0%Entry 10
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 19% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (11 analysts) rates it strong buy, with a mean price target of $30. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Accumulation$28.44+3.6%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 3.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A. Technically it is holding around 11% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (11 analysts) rates it strong buy, with a mean price target of $30. Insiders have been net sellers over the past quarter.
2026-10-18Accumulation$27.45+8.8%Entry 8
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 8.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (11 analysts) rates it strong buy, with a mean price target of $30. Insiders have been net sellers over the past quarter.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
