vs
Progyny, Inc.（PGNY）与Waystar Holding Corp.（WAY）财务数据对比。点击上方公司名可切换其他公司
Progyny, Inc.的季度营收约是Waystar Holding Corp.的1.0倍（$318.4M vs $303.5M），Waystar Holding Corp.净利率更高（6.6% vs 3.9%，领先2.7%），Waystar Holding Corp.同比增速更快（24.3% vs 6.7%），Waystar Holding Corp.自由现金流更多（$57.2M vs $48.6M），过去两年Waystar Holding Corp.的营收复合增速更高（16.2% vs 7.0%）
Progyny, Inc.是总部位于美国的领先生育与家庭构建福利服务商，主要与企业雇主合作，提供试管婴儿、生育力保存、收养协助、代孕支持等综合生育相关福利方案，覆盖多个行业的雇员群体。
Waystar Holding Corp是一家领先的医疗健康支付与营收周期管理解决方案提供商，服务覆盖美国各地的医疗机构、医疗系统和支付方，旗下工具可简化账单处理、理赔申请、患者缴费流程，帮助医疗机构降低行政负担、优化营收表现。
PGNY vs WAY — 直观对比
营收规模更大
PGNY
是对方的1.0倍
$303.5M
营收增速更快
WAY
高出17.7%
6.7%
净利率更高
WAY
高出2.7%
3.9%
自由现金流更多
WAY
多$8.6M
$48.6M
两年增速更快
WAY
近两年复合增速
7.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $318.4M | $303.5M |
| 净利润 | $12.5M | $20.0M |
| 毛利率 | 24.1% | — |
| 营业利润率 | 4.8% | 19.4% |
| 净利率 | 3.9% | 6.6% |
| 营收同比 | 6.7% | 24.3% |
| 净利润同比 | 18.5% | 4.8% |
| 每股收益（稀释后） | $0.14 | $0.10 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收PGNYWAY
| Q4 25 | $318.4M | $303.5M | ||
| Q3 25 | $313.3M | $268.7M | ||
| Q2 25 | $332.9M | $270.7M | ||
| Q1 25 | $324.0M | $256.4M | ||
| Q4 24 | $298.4M | $244.1M | ||
| Q3 24 | $286.6M | $240.1M | ||
| Q2 24 | $304.1M | $234.5M | ||
| Q1 24 | $278.1M | $224.8M |
净利润PGNYWAY
| Q4 25 | $12.5M | $20.0M | ||
| Q3 25 | $13.9M | $30.6M | ||
| Q2 25 | $17.1M | $32.2M | ||
| Q1 25 | $15.1M | $29.3M | ||
| Q4 24 | $10.5M | $19.1M | ||
| Q3 24 | $10.4M | $5.4M | ||
| Q2 24 | $16.5M | $-27.7M | ||
| Q1 24 | $16.9M | $-15.9M |
毛利率PGNYWAY
| Q4 25 | 24.1% | — | ||
| Q3 25 | 23.2% | — | ||
| Q2 25 | 23.7% | — | ||
| Q1 25 | 23.4% | — | ||
| Q4 24 | 21.3% | — | ||
| Q3 24 | 20.7% | — | ||
| Q2 24 | 22.5% | — | ||
| Q1 24 | 22.4% | — |
营业利润率PGNYWAY
| Q4 25 | 4.8% | 19.4% | ||
| Q3 25 | 6.9% | 22.4% | ||
| Q2 25 | 7.3% | 24.0% | ||
| Q1 25 | 7.5% | 25.4% | ||
| Q4 24 | 5.3% | 21.8% | ||
| Q3 24 | 4.3% | 11.3% | ||
| Q2 24 | 6.8% | 3.5% | ||
| Q1 24 | 6.7% | 15.7% |
净利率PGNYWAY
| Q4 25 | 3.9% | 6.6% | ||
| Q3 25 | 4.4% | 11.4% | ||
| Q2 25 | 5.1% | 11.9% | ||
| Q1 25 | 4.6% | 11.4% | ||
| Q4 24 | 3.5% | 7.8% | ||
| Q3 24 | 3.6% | 2.3% | ||
| Q2 24 | 5.4% | -11.8% | ||
| Q1 24 | 6.1% | -7.1% |
每股收益（稀释后）PGNYWAY
| Q4 25 | $0.14 | $0.10 | ||
| Q3 25 | $0.15 | $0.17 | ||
| Q2 25 | $0.19 | $0.18 | ||
| Q1 25 | $0.17 | $0.16 | ||
| Q4 24 | $0.12 | $0.18 | ||
| Q3 24 | $0.11 | $0.03 | ||
| Q2 24 | $0.17 | $-0.21 | ||
| Q1 24 | $0.17 | $-0.13 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $112.2M | $61.4M |
| 总债务越低越好 | — | $1.5B |
| 股东权益账面价值 | $516.0M | $3.9B |
| 总资产 | $742.4M | $5.8B |
| 负债/权益比越低杠杆越低 | — | 0.38× |
8季度趋势，按日历期对齐
现金及短期投资PGNYWAY
| Q4 25 | $112.2M | $61.4M | ||
| Q3 25 | $134.0M | $421.1M | ||
| Q2 25 | $132.5M | $290.3M | ||
| Q1 25 | $109.2M | $224.0M | ||
| Q4 24 | $162.3M | $182.1M | ||
| Q3 24 | $91.5M | $127.1M | ||
| Q2 24 | $95.0M | $68.4M | ||
| Q1 24 | $115.0M | $57.3M |
总债务PGNYWAY
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PGNYWAY
| Q4 25 | $516.0M | $3.9B | ||
| Q3 25 | $560.0M | $3.2B | ||
| Q2 25 | $515.0M | $3.2B | ||
| Q1 25 | $467.2M | $3.1B | ||
| Q4 24 | $422.1M | $3.1B | ||
| Q3 24 | $434.9M | $3.1B | ||
| Q2 24 | $456.2M | $2.9B | ||
| Q1 24 | $571.6M | $2.0B |
总资产PGNYWAY
| Q4 25 | $742.4M | $5.8B | ||
| Q3 25 | $795.2M | $4.7B | ||
| Q2 25 | $761.0M | $4.7B | ||
| Q1 25 | $730.3M | $4.6B | ||
| Q4 24 | $607.1M | $4.6B | ||
| Q3 24 | $660.0M | $4.5B | ||
| Q2 24 | $698.6M | $4.6B | ||
| Q1 24 | $794.3M | — |
负债/权益比PGNYWAY
| Q4 25 | — | 0.38× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.40× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $54.2M | $66.6M |
| 自由现金流经营现金流 - 资本支出 | $48.6M | $57.2M |
| 自由现金流率自由现金流/营收 | 15.3% | 18.9% |
| 资本支出强度资本支出/营收 | 1.8% | 3.1% |
| 现金转化率经营现金流/净利润 | 4.34× | 3.33× |
| 过去12个月自由现金流最近4个季度 | $191.8M | $283.2M |
8季度趋势，按日历期对齐
经营现金流PGNYWAY
| Q4 25 | $54.2M | $66.6M | ||
| Q3 25 | $50.7M | $82.0M | ||
| Q2 25 | $55.5M | $96.8M | ||
| Q1 25 | $49.8M | $64.2M | ||
| Q4 24 | $52.2M | — | ||
| Q3 24 | $44.5M | $78.8M | ||
| Q2 24 | $56.7M | $15.4M | ||
| Q1 24 | $25.7M | $10.7M |
自由现金流PGNYWAY
| Q4 25 | $48.6M | $57.2M | ||
| Q3 25 | $46.0M | $76.2M | ||
| Q2 25 | $50.2M | $91.0M | ||
| Q1 25 | $47.0M | $58.8M | ||
| Q4 24 | $50.3M | — | ||
| Q3 24 | $42.7M | $70.2M | ||
| Q2 24 | $55.8M | $8.6M | ||
| Q1 24 | $24.9M | $5.2M |
自由现金流率PGNYWAY
| Q4 25 | 15.3% | 18.9% | ||
| Q3 25 | 14.7% | 28.3% | ||
| Q2 25 | 15.1% | 33.6% | ||
| Q1 25 | 14.5% | 22.9% | ||
| Q4 24 | 16.8% | — | ||
| Q3 24 | 14.9% | 29.2% | ||
| Q2 24 | 18.4% | 3.7% | ||
| Q1 24 | 8.9% | 2.3% |
资本支出强度PGNYWAY
| Q4 25 | 1.8% | 3.1% | ||
| Q3 25 | 1.5% | 2.2% | ||
| Q2 25 | 1.6% | 2.1% | ||
| Q1 25 | 0.9% | 2.1% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.6% | 3.6% | ||
| Q2 24 | 0.3% | 2.9% | ||
| Q1 24 | 0.3% | 2.5% |
现金转化率PGNYWAY
| Q4 25 | 4.34× | 3.33× | ||
| Q3 25 | 3.65× | 2.68× | ||
| Q2 25 | 3.24× | 3.01× | ||
| Q1 25 | 3.31× | 2.20× | ||
| Q4 24 | 4.95× | — | ||
| Q3 24 | 4.27× | 14.56× | ||
| Q2 24 | 3.44× | — | ||
| Q1 24 | 1.52× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
PGNY
| Fertility Benefit Services | $208.6M | 66% |
| Pharmacy Benefit Services | $109.8M | 34% |
WAY
| Subscription And Circulation | $167.8M | 55% |
| Volume Based Revenue | $134.2M | 44% |
| Implementation Services And Other Revenue | $1.5M | 1% |
