5. Progyny Inc. (NASDAQ:PGNY)
Progyny, Inc. (NASDAQ: PGNY) offers a different route into healthcare growth through employer-sponsored fertility and family-building benefits. Its second-quarter 2026 revenue increased 5.3% to approximately $350.5 million. Excluding a large former client from the comparable period, growth was 11%, illustrating how customer departures can influence reported performance.
Its financial position provides a useful counterweight to that customer risk. The company generated $50.4 million in quarterly operating cash flow and ended June with approximately $237 million in cash, cash equivalents, and marketable securities, alongside no debt.
The next test is whether new employer relationships and expanding covered populations can support faster growth while preserving margins. Unlike drug developers, its investment case depends more on customer retention, benefits utilization, and service delivery than clinical-trial outcomes.
Ranking rationale
Cash generation and balance-sheet strength support the case, but relatively modest reported growth keeps it below the stronger commercial drug stories.
