Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Market Information
Our common stock is listed on the Nasdaq Global Select Market under the symbol “PGNY”.
Holders of Record
As of January 31, 2026, there were approximately 43 stockholders of record of our common stock. Because many of our shares of common stock are held in “street name” by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these record holders.
Dividend Policy
We have never declared or paid cash dividends on our capital stock. We intend to retain any future earnings and do not expect to pay cash dividends in the foreseeable future.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Net Settlement of Equity Awards
Our restricted stock units are subject to vesting and the underlying shares of common stock are issued when the restricted stock units vest.
In the fourth quarter of 2025 , we withheld shares through net settlements (where the award holder receives the net of the shares vested, after surrendering a portion of the shares back to the Company for tax withholding) for certain restricted stock units that vested.
Share Repurchase Program
On November 5, 2025, the Company announced the November 2025 share repurchase program (the “November 2025 share repurchase program”) of up to $200 million of shares of common stock. Repurchases under the November 2025 share repurchase program may be made in the form of open market repurchases, including through plans complying with Rule 10b5-1 under the Exchange Act, depending on stock price, market conditions, and other factors, as determined by the Company. There can be no assurance as to the total number of shares that will be repurchased by the Company.
The following table provides a summary of shares surrendered back to the Company for tax withholding on restricted stock units that vested under our equity incentive plans and shares purchased as part of publicly announced programs during the three months ended December 31, 2025:
Period Total Number of Shares Repurchased (1)
Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Dollar Amount of Shares That Are Yet To Be Purchased Under the Program
October 1, 2025 through October 31, 2025 90,179 $ 24.24 — $ —
November 1, 2025 through November 30, 2025 1,690,302 $ 24.89 1,588,366 $ 160,302,964
December 1, 2025 through December 31, 2025 1,845,164 $ 25.52 1,713,230 $ 116,440,036
Total shares repurchased 3,625,645 $ 25.19 3,301,596
(1) Includes share repurchases and shares withheld on net settlements of restricted stock units that vested under our equity incentive plans.
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Stock Performance Graph
This performance graph shall not be deemed “soliciting material” or to be “filed” with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of Progyny, Inc. under the Securities Act or the Exchange Act.
The graph set forth below compares cumulative total return on our common stock for the last five fiscal years through the fiscal year ended December 31, 2025, with that of the (i) S&P Health Care (Sector) and (ii) the Nasdaq Composite Index. Each index assumes an initial investment of $100 in each and, assumes the reinvestment of any dividends, based on closing prices.
Cumulative Total Returns
Company/Index 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Progyny, Inc. $100.00 $121.00 $73.48 $87.71 $40.69 $60.58
S&P 500 Health Care $100.00 $124.65 $119.75 $120.12 $121.20 $136.40
NASDAQ Composite $100.00 $122.14 $81.21 $116.47 $149.83 $180.33
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ITEM 6. [RESERVED]