BFLY Healthcare

Butterfly Network, Inc.

$6.40+4.23%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Healthcare
Industry: Medical Devices
Country: United States
Market cap: 1.7B USD
Enterprise value: 1.6B USD
Full-time employees: 220

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.04 vs a peer median of 0.63)higher risk: bigger price swings (beta 2.04 vs peers 0.63)

Ranks #980 of 1,157 healthcare companies (bottom 16%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 24% of revenue in 2025.
Butterfly Network paid employees $23M in stock in 2025, 24% of its $98M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating margin improving. Operating margin -89% in 2025, the best of the last 6 years, but the dollar loss grew to $86M from $74M.
Butterfly Network still lost money on operations in 2025. Revenue grew faster than costs, so the margin (-89%) was its best in the 6 years of filings we have, but the operating loss itself grew to $86M from $74M.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Butterfly Network looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Growing fast, still losing money. Revenue grew faster than 85% of peers, at an operating loss.
Revenue grew faster than 85% of peers, but the business runs at an operating loss (margin -71%).

StockQuotient Score

30/ 100

Oct 5 30 → Nov 4 30

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-4.5%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-2.9%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-1.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield11.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

66/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 9.0%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth15.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.16Sector median: 0.0584 · MAD: 0.0840

Revenue growth28.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.26Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

15/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 8.7 points to -70.8%

Why

Weaker than most peers on:

▼ ROIC
▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-70.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -6.40Sector median: 0.0706 · MAD: 0.1217

Return on assets-26.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -5.24Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-96.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -10.12Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin52.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-39.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.04

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -4.20Sector median: 0.6250 · MAD: 0.3380

Current ratio4.06×

SEC filings · latest balance sheetReported value33% base weight · Z-score 1.06Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.10×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.59Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Butterfly Network

Is Butterfly Network getting weaker?: Its latest SEC filing (Jul 30, 2026) got stronger: operating margin rose 8.7 points to -70.8%. Its overall score is unchanged at 30/100 since Oct 28, 2026.
How is Butterfly Network valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -4.5% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -4.5% vs peers 1.5% (weaker than 100% of peers).
Is Butterfly Network growing?: Yes, faster than most of its peers. Growth scores 66/100 against 1,393 healthcare peers. Revenue growth 28.1% vs a peer median of 6.1% (stronger than 85% of peers).Revenue growth 28.1% vs peers 6.1% (stronger than 85% of peers).
How profitable is Butterfly Network?: Less profitable than most of its peers. Profitability scores 15/100 against 1,393 healthcare peers. Return on invested capital -96.9% vs a peer median of 4.7% (weaker than 93% of peers).Return on invested capital -96.9% vs peers 4.7% (weaker than 93% of peers).
How risky is Butterfly Network?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 0.10× vs a peer median of 0.22× (stronger than 68% of peers).Debt / equity 0.10× vs peers 0.22× (stronger than 68% of peers). Beta 2.04 vs a peer median of 0.63 (weaker than 95% of peers).Beta 2.04 vs peers 0.63 (weaker than 95% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 8.7 points to -70.8%

Worth watching: Butterfly Network is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	102.9M USD	112.1M USD	+9.0%
Net income (12 months)	−75.8M USD	−74.9M USD	−1.2%
Operating margin	-79.5%	-70.8%	+8.7 pts
Free cash flow (12 months)	−18.9M USD	−28.0M USD	+48.7%
Cash	138.0M USD	124.7M USD	−9.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Devices · 33 companies

Valuations in Medical Devices are near the bottom of their range since 2016.

7% of months since 2016 were valued lower than now.
4% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −8% and earnings +33% (medians): earnings grew faster than prices.
Median price-to-sales is +20% vs the whole market, against a usual +109%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	27.3%	53.8%	25.6%	59.5%	46.9%	▼ 13 pts
Operating margin	-308.0%	-263.0%	-221.0%	-90.7%	-88.5%	▲ 2.2 pts
Net margin	-51.8%	-229.9%	-202.9%	-88.3%	-79.0%	▲ 9.4 pts
Return on assets (ROA)	-5.7%	-40.4%	-43.9%	-28.3%	-26.0%	▲ 2.3 pts
Return on equity (ROE)	-7.2%	-51.9%	-60.8%	-42.9%	-39.3%	▲ 3.6 pts
Free cash flow margin	-315.0%	-255.4%	-158.7%	-54.1%	-16.4%	▲ 38 pts
Current ratio	10.27×	6.96×	5.22×	3.99×	3.83×	▼ 4.2%
Quick ratio	9.55×	5.79×	3.57×	2.53×	2.88×	▲ 14%
Interest coverage	-296.05×	-96510.00×	—	-59.01×	-58.00×	▲ 1.7%

BFLY price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

BB Biotech AGBBZA.DE100/ 100

Arbutus Biopharma CorporationABUS97/ 100

Q32 Bio Inc.QTTB97/ 100

Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 2.04 vs a peer median of 0.63)higher risk: bigger price swings (beta 2.04 vs peers 0.63)

Ranks #980 of 1,157 healthcare companies (bottom 16%)

See how it ranks against its peers

Worth knowing

Stock-based pay is a large cost. Stock pay was 24% of revenue in 2025.

Butterfly Network paid employees $23M in stock in 2025, 24% of its $98M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating margin improving. Operating margin -89% in 2025, the best of the last 6 years, but the dollar loss grew to $86M from $74M.

Butterfly Network still lost money on operations in 2025. Revenue grew faster than costs, so the margin (-89%) was its best in the 6 years of filings we have, but the operating loss itself grew to $86M from $74M.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Butterfly Network looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Growing fast, still losing money. Revenue grew faster than 85% of peers, at an operating loss.

Revenue grew faster than 85% of peers, but the business runs at an operating loss (margin -71%).

Questions investors ask about Butterfly Network

Is Butterfly Network getting weaker?

Its latest SEC filing (Jul 30, 2026) got stronger: operating margin rose 8.7 points to -70.8%. Its overall score is unchanged at 30/100 since Oct 28, 2026.

How is Butterfly Network valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -4.5% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -4.5% vs peers 1.5% (weaker than 100% of peers).

Is Butterfly Network growing?

Yes, faster than most of its peers. Growth scores 66/100 against 1,393 healthcare peers. Revenue growth 28.1% vs a peer median of 6.1% (stronger than 85% of peers).Revenue growth 28.1% vs peers 6.1% (stronger than 85% of peers).

How profitable is Butterfly Network?

Less profitable than most of its peers. Profitability scores 15/100 against 1,393 healthcare peers. Return on invested capital -96.9% vs a peer median of 4.7% (weaker than 93% of peers).Return on invested capital -96.9% vs peers 4.7% (weaker than 93% of peers).

How risky is Butterfly Network?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 0.10× vs a peer median of 0.22× (stronger than 68% of peers).Debt / equity 0.10× vs peers 0.22× (stronger than 68% of peers). Beta 2.04 vs a peer median of 0.63 (weaker than 95% of peers).Beta 2.04 vs peers 0.63 (weaker than 95% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

102.9M USD

112.1M USD

+9.0%

Net income (12 months)

−75.8M USD

−74.9M USD

−1.2%

Operating margin

-79.5%

-70.8%

+8.7 pts

Free cash flow (12 months)

−18.9M USD

−28.0M USD

+48.7%

Cash

138.0M USD

124.7M USD

−9.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

27.3%

53.8%

25.6%

59.5%

46.9%

▼ 13 pts

Operating margin

-308.0%

-263.0%

-221.0%

-90.7%

-88.5%

▲ 2.2 pts

Net margin

-51.8%

-229.9%

-202.9%

-88.3%

-79.0%

▲ 9.4 pts

Return on assets (ROA)

-5.7%

-40.4%

-43.9%

-28.3%

-26.0%

▲ 2.3 pts

Return on equity (ROE)

-7.2%

-51.9%

-60.8%

-42.9%

-39.3%

▲ 3.6 pts

Free cash flow margin

-315.0%

-255.4%

-158.7%

-54.1%

-16.4%

▲ 38 pts

Current ratio

10.27×

6.96×

5.22×

3.99×

3.83×

▼ 4.2%

Quick ratio

9.55×

5.79×

3.57×

2.53×

2.88×

▲ 14%

Interest coverage

-296.05×

-96510.00×

—

-59.01×

-58.00×

▲ 1.7%