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Butterfly Network, Inc.

BFLY Healthcare Medical Devices

Butterfly Network, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $97.6 million, up 19.0% from fiscal 2024.

Revenue
+51.7%
EPS
+61.5%
Free cash flow
+12.6%

Quarter to September 2026, against a year earlier

6.29 0.22 +3.62%
Market cap
$1.6B
P/E
0.0×
Fwd P/E
−33.6×
Dividend yield
—
F-score
3/9
Altman Z
1.56
Beneish M
−3.30
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 6.29
Sold, $m 118.66
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 3 — — — — — — — 1 — — —
Sell 6 3 1 5 2 1 2 12 3 4 2 —
Insider Ownership 18.50%

Capital & Financial Ratios $m

Size
Market Cap 1,620.00
Revenue ttm 123.25
Net income ttm (53.69)
Free cash flow ttm (27.55)
Net debt Q (122.30)
Valuation
P/E 0.00
Forward P/E (33.60) (negative: loss-making)
Price / sales 13.10 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 8.76 (above 6: high)
Financial health
Current ratio Q 3.58 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (47.81)
Growth
Revenue growth Q +51.70% (above 0%: growing)
Operating income growth Q +61.35% (above 0%: growing)
EPS, this year +47.22% (at or above 15%: strong)
EPS, next year A +0.75%
Revenue, next year A +27.65% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +71.72% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 12.5×, against a ten-year median of 5.8×; over the ten years it ranged from 1.2× in 2023 to 42.5× in 2021.
P/S against its own 10 years 72.23%
10-year low 10-year high
P/B against its own 10 years 85.80%
10-year low 10-year high
EV/Sales against its own 10 years 77.67%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 134 89 150 122
Receivables 13 21 27 37
Inventory 73 71 61 60
Other 3 6 2 3
231 193 249 244
2023 2024 2025 Q'26
Payables 5 4 5 6
ST’ Debt — — — —
Other 0 0 1 —
44 48 65 68

Compound Annual Growth %

10y 5y 3y
Sales — 16.11% 9.97%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — 0.00% (15.55%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.03 Actual −0.01

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.04 −0.02 Beat by 0.02
Q1 FY26 −0.04 −0.03 Beat by 0.01
Q2 FY26 −0.03 −0.01 Beat by 0.02
Q3 FY26 −0.03 −0.01 Beat by 0.02
Q4 FY26 −0.02 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.05) (0.05) (0.05) — —
’25 (0.06) (0.06) (0.13) (0.06) (0.31)
’24 (0.10) (0.07) (0.08) (0.08) (0.34)
’23 (0.17) (0.14) (0.13) (0.21) (0.65)
’22 (0.22) (0.18) (0.27) (0.17) (0.84)
’21 (0.01) (0.02) (0.07) (0.08) (0.19)
’20 (4.07) (3.85) (15.20) (3.74) (27.90)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 27 33 33 — —
’25 21 23 21 32 98
’24 18 21 21 22 82
’23 15 18 15 17 66
’22 16 19 20 19 73
’21 12 17 15 19 63
’20 9 12 10 16 46
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (14) (16) (2) — —
’25 (12) (7) (3) 9 (13)
’24 (21) (10) (8) (3) (42)
’23 (43) (26) (16) (13) (99)
’22 (54) (44) (42) (29) (169)
’21 (63) (37) (46) (43) (189)
’20 (20) (20) (22) (21) (82)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (15) (17) (3) — —
’25 (12) (8) (4) 8 (16)
’24 (22) (11) (8) (4) (44)
’23 (45) (27) (17) (16) (105)
’22 (59) (51) (47) (31) (187)
’22 — — — — (169)
’21 (65) (37) (48) (47) (197)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — 28 46 63 73 66 82 98 123 +23.4% 125 151 200 +26.9%
Gross margin, % — — — (75.75) (132.37) 27.26 53.77 25.58 59.51 46.85 70.26 +122.6 pt
EBT — — — (100) (163) (32) (169) (134) (73) (77) (54) (4.2%)
EBT margin, % — — — (361.44) (351.78) (51.61) (229.84) (202.76) (88.38) (78.84) (43.50) +282.6 pt
Net income — 0 — (100) (163) (32) (169) (134) (72) (77) (54) n/m
Per share, $
Per share, $ Revenue — — — 4.72 7.64 0.36 0.37 0.32 0.39 0.40 0.46 (33.9%)
Earnings — — — (17.08) (27.90) (0.19) (0.84) (0.65) (0.34) (0.31) (0.21) (48.7%)
Cash flow — — — (20.63) (13.49) (1.09) (0.85) (0.48) (0.20) (0.05) (0.09) (63.2%)
Capex — — — (0.77) (0.39) (0.05) (0.09) (0.03) (0.01) (0.01) (0.02) (49.0%)
Free cash flow — — — (21.39) (13.88) (1.13) (0.94) (0.51) (0.21) (0.06) (0.10) (62.0%)
Book value — — — 0.00 (59.75) 2.58 1.63 1.07 0.80 0.79 0.69 n/m
Shares, m — — — 6 6 174 200 205 212 247 258 +86.7%
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S — — — 0.00 2.59 18.59 6.37 3.30 8.05 9.62 13.10 6.9
P/B — — — 11.95 0.00 2.60 1.44 0.99 3.91 4.79 8.76 3.7
EV/Sales — — — 0.00 2.46 12.69 3.87 2.08 7.62 8.63 12.55 5.3
EV/FCF — — — 0.00 (1.35) (4.03) (1.51) (1.31) (14.10) (52.50) (56.14) (10.7)
Cash, $m
Cash, $m Operating cash flow — — — (120) (82) (189) (169) (99) (42) (13) (23) (31.3%)
Capex — — — (4) (2) (8) (18) (6) (3) (3) (4) (4.7%)
Free cash flow — — — (125) (84) (197) (187) (105) (44) (16) (28) (29.0%)
Balance, $m
Balance, $m Working capital — — — — 28 462 306 187 144 184 176 +46.1%
Net debt — — — — (6) (423) (238) (134) (89) (150) (122) +88.6%
Shareholders’ equity — — — — (362) 448 325 220 169 196 184 n/m
Returns, %
Returns, % ROA — — — 0.00 (110.57) (9.01) (34.10) (37.04) (25.87) (27.89) (18.58) (27.9) pt
ROIC — — — 0.00 0.00 (484.73) (137.79) (106.30) (58.09) (118.73) (58.16) (118.7) pt
ROE — — — 0.00 44.97 (75.58) (43.65) (49.03) (37.28) (42.25) (27.65) (42.2) pt
People
People Employees — — — — 260 463 330 225 190 220 — (3.3%)
Revenue/emp, $m — — — 0.00 0.18 0.14 0.22 0.29 0.43 0.44 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Butterfly Network, Inc. vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TMDX TransMedics Group, Inc. $2.4B 16.4× 49.4× +41.15% (above 0%: growing) −30.99% (below 0%: shrinking) −55.44% (below 0%: shrinking) 58.45% 13.86% Compare
INSP Inspire Medical Systems, Inc. $1.9B 19.1× — (loss-making) −7.93% (below 0%: shrinking) n/m −33.06% (below 0%: shrinking) 86.05% (13.89%) Compare
ESTA Establishment Labs Holdings Inc. $1.9B — (loss-making) — (loss-making) +31.66% (above 0%: growing) n/m +2.75% (above 0%: growing) 70.64% (6.35%) Compare
ALMR Alamar Biosciences, Inc. $1.9B — (loss-making) — (loss-making) +156.24% (above 0%: growing) n/m −20.26% (below 0%: shrinking) 61.54% (45.13%) Compare
ENOV Enovis Corporation $1.7B — (loss-making) 98.6× +1.79% (above 0%: growing) n/m +20.30% (above 0%: growing) 60.83% 0.60% Compare
BFLY Butterfly Network, Inc. $1.6B — (loss-making) — (loss-making) +51.70% (above 0%: growing) n/m +12.61% (above 0%: growing) 73.02% (41.66%)
NVCR NovoCure Limited $1.6B — (loss-making) — (loss-making) +15.67% (above 0%: growing) n/m +5.54% (above 0%: growing) 76.98% (3.19%) Compare
CNMD CONMED Corporation $1.6B 21.7× 11.7× −0.70% (below 0%: shrinking) +635.00% (above 0%: growing) −3.65% (below 0%: shrinking) 56.37% 11.07% Compare
TNDM Tandem Diabetes Care, Inc. $1.3B — (loss-making) — (loss-making) +13.82% (above 0%: growing) n/m −231.98% (below 0%: shrinking) 56.55% (0.84%) Compare
Median of peers $1.8B 19.1× 49.4× +14.75% — −11.95% 61.19% (2.01%)

All 149 Medical Devices stocks →

Pay and ownership Proxy statement filed 27 April 2026

Ownership

Directors and executive officers, together 73.30% of the votes
Jonathan M. Rothberg, Ph.D. 69.70% of the votes
Larry Robbins 2.50% of the votes
Entities Affiliated with Glenview Capital Management 2.50% of the votes
BlackRock, Inc. 1.80% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Butterfly Network, Inc. (BFLY) Latest News

31 Oct

Impact 3 · · Simply Wall St.

30 Oct

Impact 3 · · MarketBeat transcript

29 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 4 · · Business Wire
Impact 3 · · Zacks

27 Oct

Impact 3 · · Business Wire

22 Oct

Impact 4 · · Simply Wall St.

13 Oct

Impact 4 · · Business Wire

8 Oct

Impact 4 · · Simply Wall St.

6 Oct

Impact 4 · · Business Wire

5 Oct

Impact 4 · · Business Wire

1 Oct

Impact 4 · · Business Wire

23 Sep

Impact 3 ·

22 Sep

Impact 4 · · Insider Monkey

2 Sep

Impact 4 ·

1 Sep

Impact 4 ·

7 Aug

Impact 4 ·

3 Aug

Impact 3 · · The Motley Fool transcript

1 Aug

Impact 3 ·
Impact 3 · · MarketBeat transcript

31 Jul

Impact 4 ·
Impact 3 ·

30 Jul

Impact 4 ·
Impact 4 ·
Impact 3 · · Moby transcript
Impact 3 · · The Motley Fool transcript
Impact 3 ·

27 Jul

Impact 3 ·
stockrow.com/BFLY · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com