How $PGNY can be a 10x stock over the coming 3 years. How this becomes a 10x (one reasonable path): •Lives: From ~6–7M today to 25–35M over a cycle via employer adds + health-plan distribution + mandates. •Wallet: Add-on modules (maternity, postpartum, menopause, adoption/surrogacy) lift ARPU and lock in relationships. •Margins: As scale compounds and pharmacy stays integrated, EBITDA margins step into the low-20s. •Valuation: At multi-billion revenue with ~$1B+ EBITDA and a quality multiple, you’re looking at enterprise value that’s 7–13x today’s. There are several roads to ~10x; this is just the clean one.