Butterfly Network, Inc. (BFLY) vs Inspire Medical Systems, Inc. (INSP)

Butterfly Network, Inc. and Inspire Medical Systems, Inc. are both Medical Devices companies. Butterfly Network, Inc. is the larger, with a market value of $2.6B against $2.0B — 1.3× the size. Butterfly Network, Inc. has negative trailing earnings, so its P/E is not meaningful; Inspire Medical Systems, Inc. trades at 15.1×. Butterfly Network, Inc. grew revenue faster over the last twelve months: 28.1% against 4.35%. Inspire Medical Systems, Inc. has the higher net margin (15.0% vs −66.7%) and the higher return on invested capital (6.70% vs −76.6%). Across the 17 metrics below, Inspire Medical Systems, Inc. leads on 16 and Butterfly Network, Inc. on 1.

Valuation

Metric BFLY INSP Medical Devices median
P/E n/m 15.13 22.18
P/S 21.95 2.26 2.70
P/B 12.99 2.46 2.46
Price to free cash flow n/m 17.36 22.53
EV/EBITDA n/m 24.81 11.78
EV/Sales 21.04 1.93 2.38
Earnings yield (3.09%) 6.61% (8.22%)
Free cash flow yield (1.14%) 5.76% (7.80%)

Profitability

Metric BFLY INSP Medical Devices median
Gross margin 52.64% 86.13% 56.01%
Operating margin (70.79%) 6.02% (15.03%)
Net margin (66.74%) 15.03% (20.40%)
Free cash flow margin (25.01%) 13.03% (7.24%)
Return on equity (35.46%) 17.96% (15.32%)
Return on assets (25.11%) 15.63% (19.72%)
Return on invested capital (76.64%) 6.70% (10.33%)

Growth

Metric BFLY INSP Medical Devices median
Revenue growth (TTM) 28.13% 4.35% 8.80%
EPS growth (last fiscal year) 8.82% 179.43% —
Revenue growth, 5-year CAGR 9.30% 51.21% 15.23%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric BFLY INSP Medical Devices median
Debt to equity 0.00 0.00 0.07
Current ratio 4.06 8.55 2.50
Net debt to EBITDA 1.92 (4.97) 0.49

Dividend

Metric BFLY INSP Medical Devices median
Dividend yield — — 0.94%
Payout ratio 0.00 0.00 0.00

Size

Metric BFLY INSP Medical Devices median
Market cap 2.58b 1.96b 172.91m

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