PGNY Progyny, Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 3/4 quarters. Q3 2025: $61M, Q2 2025: $160M, Q1 2025: $24M, Q3 2024: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $61M vs trailing avg $61M (+0%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Negative FCF ($-23M), cannot compute buyback ratio

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 723,577 shares = 3.4% of 85,310,698 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

1 open-market purchase by Anevski Peter

• Anevski Peter (CHIEF EXECUTIVE OFFICER) bought 79,500 shares at $24.29 on 2025-11-13

Are insider purchases happening during the same quarters the company is actively buying back stock?

Insider buying coincided with company buybacks in 0 of 4 quarters

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $2M, sold $1M (net buying)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected