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Butterfly Network, Inc. (BFLY) stock

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NYSE: BFLY NYSE Health Care Equipment Next results ~January 19, 2027

Butterfly Network, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Butterfly Network, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

Butterfly Network, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 9 selling9 purchases and 76 sales by directors and officers, last 12 monthsInsider trades
  • Funds143 adding, 94 cuttingOf 39 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Butterfly Network files

Where Butterfly Network stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $123m, up 39.4% on a year earlier, faster than the 28.1% growth a quarter earlier. Free-cash-flow margin rose to -22.4% from -31.1% a year earlier. Operating margin widened to -46.9% from -98.4%. The diluted share count is up 9.4% on a year earlier, which dilutes existing holders. It passes 2 of our 3 financial-health checks.

Our model value for Butterfly Network is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 19, 2027 (estimated)

Butterfly Network, Inc.'s trailing-twelve-month revenue grew 39.4% year on year, with a free-cash-flow margin of -22.4%.

Current signal Revenue growth accelerating: TTM revenue growth rose to 39.4% (+11.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 39.4% over the last 12 months.
  • Growth speeding up. The growth rate is 11.2 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 51.5 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.1bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Loss-making. Operating margin is -46.9%: costs exceed revenue.
  • Burning cash. Free cash flow was -22.4% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 20.8% of revenue: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 9.4% in a year.
  • High sales multiple. The shares trade at 13 times revenue while operating margins remain thin.
  • Volatile shares. Over the past year the shares showed annualised volatility of 122% and a beta of 3.2 against the S&P 500.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
-$0.01 against an average estimate of -$0.03: beat by 66.7%
Revenue
$33m, up 51.7% on a year earlier
Share reaction
-18.2% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenue $123m to $126m (Fiscal Year 2026); revenue growth growth 26% to 29% (Fiscal Year 2026)
Next report
October 29, 2026; average EPS estimate -$0.02

Butterfly Network's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.9%
  • 1 week-7.8%
  • 1 month-31.4%
  • This year+61.6%
  • 1 year+128.3%
  • 5 years-42.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$123M
Operating margin
-46.9%
Net margin
-43.6%
EPS (TTM, diluted)
$-0.21

Growth

Revenue growth
+39.4%
Change in growth rate
+11.2 pts
Share count change
+9.4%

Cash

Free cash flow (TTM)
-$27.6M
FCF margin
-22.4%
Stock pay % of revenue
20.8%

Earnings

Last results
October 29, 2026
Next results (est.)
January 19, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Leadership
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Leadership
  9. Insider trade
  10. Insider trade
  11. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Butterfly Network, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Butterfly Network, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.28 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.7 ~$0.8–$2.6 Left out: out of range vs price (0.11x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Butterfly Network, Inc. with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$19.79$6.69$2.46$1.08$3.12$3.80$6.14
Market value$120m$1.2bn$492m$222m$660m$939m$1.6bn
+ Net debt (− = net cash)−$60m−$423m−$163m−$134m−$89m−$150m−$122m
Enterprise value$60m$740m$329m$87m$572m$789m$1.5bn
Multiples
Price / sales 2.6x18.6x6.7x3.4x8.0x9.6x12.9x
Price / earnings ———————
Price / free cash flow ———————
EV / EBITDA ———————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

18 /100

Weak moat

How hard Butterfly Network's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -17.6% of total assets over 5 years.

  • Pricing power 8 / 20

    Gross margin has been a median 47.1%, moving by 14.4 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -176.3%; its worst year was -258.0%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 6 years, at a median -124.8% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 107.5% over five years; stock-based pay has been a median 39.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.09 +23% $124m +28%
Next −$0.07 +27% $151m +21%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −27.8% on 90 days ago. In the last 30 days, 1 analyst raised Butterfly Network, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Butterfly Network, Inc., last 90 days
−$0.15 −$0.10 −$0.05 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.13 Current fiscal year, 60 days ago: −$0.09 Current fiscal year, 30 days ago: −$0.09 Current fiscal year, 7 days ago: −$0.09 Current fiscal year, Now: −$0.09 −$0.09 Next fiscal year, 90 days ago: −$0.09 Next fiscal year, 60 days ago: −$0.06 Next fiscal year, 30 days ago: −$0.05 Next fiscal year, 7 days ago: −$0.06 Next fiscal year, Now: −$0.07 −$0.07

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.13−$0.09
60 days ago −$0.09−$0.06
30 days ago −$0.09−$0.05
7 days ago −$0.09−$0.06
Now −$0.09−$0.07

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.03 −$0.01 +66.7%
Jun 2026 −$0.03 −$0.01 +66.7%
Mar 2026 −$0.05 −$0.03 +40.0%
Dec 2025 −$0.04 −$0.02 +55.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Revenue Fiscal Year 2026 $123m to $126m Raised
    “Revenue of $123 million to $126 million, or approximately 26% to 29% growth” source
  • Revenue growth Fiscal Year 2026 26% growth to 29% growth Raised
    “Revenue of $123 million to $126 million, or approximately 26% to 29% growth” source
  • Revenue 4th Quarter of 2026 $31m to $34m New
    “Revenue of $31 million to $34 million, or approximately 3% growth year-over-year at the midpoint” source
  • Revenue growth year-over-year at midpoint 4th Quarter of 2026 about 3% growth New
    “Revenue of $31 million to $34 million, or approximately 3% growth year-over-year at the midpoint” source
  • Adjusted EBITDA loss Fiscal Year 2026 $12m to $15m Non-GAAP Raised
    “Adjusted EBITDA loss of $12 million to $15 million” source
  • Adjusted EBITDA loss 4th Quarter of 2026 $3m to $6m Non-GAAP New
    “Adjusted EBITDA loss of $3 million to $6 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

7 analysts, Oct 2026
Buy7100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026167
  2. Sep 2026156
  3. Aug 202644
  4. Jul 202655

Counts of recommendations published by analysts covering Butterfly Network, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.6%
of tradable shares
Days to cover
5.54
at average volume
Short interest, 1 month
−6%
to October 15, 2026
Held by institutions
62%
of shares
Held by insiders
10.3%
of shares
Employees
220
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +128.3%

$2.69 on October 31, 2025 to $6.14

ThenNowEffect
Revenue (last 12 months) $88m $112m +28.1%
P/S multiple 7.0x 14.0x +100.5%
Share count 227m 256m −11.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +448.2%

$1.12 on November 3, 2023 to $6.14

ThenNowEffect
Revenue (last 12 months) $73m $112m +54.5%
P/S multiple 3.1x 14.0x +349.2%
Share count 202m 256m −21.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BFLY−66%−63%−56%+189%+22%+62%
Industry peers (median)−7%−37%−8%−20%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BFLY25%33%50%50%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BFLY−77%−75%−75%−53%−72%−41%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since July 13, 2020: 97% from February 18, 2021 to April 25, 2024. Getting back needed a 3750% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.97 – $9.93
From 52-week high
−38.2%
vs 50-day average
−23.2%
vs 200-day average
+1.5%
Volatility (1 year)
122%
Beta vs S&P 500
3.21

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±15.1%
After a week
6 up, 5 down
typical move ±17.3%
After a month
7 up, 4 down
typical move ±22.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −18.2% −2.1% — —
July 30, 2026 +0.1% +2.4% +16.9% +18.7%
April 30, 2026 +9.8% +1.3% −13.8% −6.5%
February 26, 2026 +22.3% −1.0% +21.3% +26.5%
January 12, 2026 +8.9% 0.0% +2.2% −18.8%
October 31, 2025 +42.6% +0.5% +9.3% +34.3%
August 1, 2025 −16.4% −0.1% −22.2% −9.9%
May 2, 2025 −5.1% +0.9% −4.7% +0.9%
February 28, 2025 −18.5% −0.2% −23.6% −38.9%
January 29, 2025 +13.3% +0.1% +24.7% +0.3%
January 8, 2025 −11.1% −1.4% −4.0% +2.5%
November 1, 2024 +14.6% +0.2% +47.2% +86.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Butterfly Network, Inc.
$60M $80M $100M $120M $140M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $65.9M Revenue (TTM), FY24 Q1: $68.1M Revenue (TTM), FY24 Q2: $71.1M Revenue (TTM), FY24 Q3: $76.2M Revenue (TTM), FY24 Q4: $82.1M Revenue (TTM), FY25 Q1: $85.6M Revenue (TTM), FY25 Q2: $87.5M Revenue (TTM), FY25 Q3: $88.4M Revenue (TTM), FY25 Q4: $97.6M Revenue (TTM), FY26 Q1: $102.9M Revenue (TTM), FY26 Q2: $112.1M Revenue (TTM), FY26 Q3: $123.3M $123.3M

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $65.9M
FY24 Q1 $68.1M
FY24 Q2 $71.1M
FY24 Q3 $76.2M
FY24 Q4 $82.1M
FY25 Q1 $85.6M
FY25 Q2 $87.5M
FY25 Q3 $88.4M
FY25 Q4 $97.6M
FY26 Q1 $102.9M
FY26 Q2 $112.1M
FY26 Q3 $123.3M
Revenue growth, TTM YoY Butterfly Network, Inc.
-20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -10.2% Revenue growth, TTM YoY, FY24 Q1: -7.1% Revenue growth, TTM YoY, FY24 Q2: -2.0% Revenue growth, TTM YoY, FY24 Q3: 11.5% Revenue growth, TTM YoY, FY24 Q4: 24.5% Revenue growth, TTM YoY, FY25 Q1: 25.8% Revenue growth, TTM YoY, FY25 Q2: 23.1% Revenue growth, TTM YoY, FY25 Q3: 16.0% Revenue growth, TTM YoY, FY25 Q4: 19.0% Revenue growth, TTM YoY, FY26 Q1: 20.2% Revenue growth, TTM YoY, FY26 Q2: 28.1% Revenue growth, TTM YoY, FY26 Q3: 39.4% 39.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -10.2%
FY24 Q1 -7.1%
FY24 Q2 -2.0%
FY24 Q3 11.5%
FY24 Q4 24.5%
FY25 Q1 25.8%
FY25 Q2 23.1%
FY25 Q3 16.0%
FY25 Q4 19.0%
FY26 Q1 20.2%
FY26 Q2 28.1%
FY26 Q3 39.4%
Operating margin (TTM) Butterfly Network, Inc.
-300% -200% -100% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -220.9% Operating margin (TTM), FY24 Q1: -195.6% Operating margin (TTM), FY24 Q2: -167.6% Operating margin (TTM), FY24 Q3: -136.2% Operating margin (TTM), FY24 Q4: -90.7% Operating margin (TTM), FY25 Q1: -82.1% Operating margin (TTM), FY25 Q2: -79.0% Operating margin (TTM), FY25 Q3: -98.4% Operating margin (TTM), FY25 Q4: -88.5% Operating margin (TTM), FY26 Q1: -79.5% Operating margin (TTM), FY26 Q2: -70.8% Operating margin (TTM), FY26 Q3: -46.9% -46.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -220.9%
FY24 Q1 -195.6%
FY24 Q2 -167.6%
FY24 Q3 -136.2%
FY24 Q4 -90.7%
FY25 Q1 -82.1%
FY25 Q2 -79.0%
FY25 Q3 -98.4%
FY25 Q4 -88.5%
FY26 Q1 -79.5%
FY26 Q2 -70.8%
FY26 Q3 -46.9%
FCF margin (TTM) Butterfly Network, Inc.
-200% -150% -100% -50% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -158.7% FCF margin (TTM), FY24 Q1: -120.2% FCF margin (TTM), FY24 Q2: -91.7% FCF margin (TTM), FY24 Q3: -74.1% FCF margin (TTM), FY24 Q4: -54.1% FCF margin (TTM), FY25 Q1: -40.4% FCF margin (TTM), FY25 Q2: -36.5% FCF margin (TTM), FY25 Q3: -31.1% FCF margin (TTM), FY25 Q4: -16.4% FCF margin (TTM), FY26 Q1: -18.3% FCF margin (TTM), FY26 Q2: -25.0% FCF margin (TTM), FY26 Q3: -22.4% -22.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -158.7%
FY24 Q1 -120.2%
FY24 Q2 -91.7%
FY24 Q3 -74.1%
FY24 Q4 -54.1%
FY25 Q1 -40.4%
FY25 Q2 -36.5%
FY25 Q3 -31.1%
FY25 Q4 -16.4%
FY26 Q1 -18.3%
FY26 Q2 -25.0%
FY26 Q3 -22.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 28 46 63 73 66 82 98 123
Gross profit −21 −61 17 39 17 49 46 87
EBITDA −102 −160 −191 −187 −137 −66 −80 —
Operating income −102 −162 −193 −193 −146 −74 −86 −58
Net income −100 −163 −32 −169 −134 −72 −77 −54
Diluted EPS −$17.08 −$26.87 −$0.19 −$0.84 −$0.65 −$0.34 −$0.31 −$0.21
Growth (year on year)
Revenue — +67.7% +35.3% +17.3% −10.2% +24.5% +19.0% +39.4%
Margins
Gross margin −75.8% −132.4% 27.3% 53.8% 25.6% 59.5% 46.9% 70.3%
EBITDA margin −368.1% −346.6% −304.7% −255.0% −207.8% −79.8% −81.7% —
Operating margin −370.9% −349.4% −308.0% −263.0% −221.0% −90.7% −88.5% −46.9%
Net margin −361.4% −351.9% −51.8% −229.9% −202.9% −88.3% −79.0% −43.6%
Free-cash-flow margin −452.8% −181.8% −315.0% −255.4% −158.7% −54.1% −16.4% −22.4%
Cash flow
Cash from operations −120 −82 −189 −169 −99 −42 −13 −23
Capital spending 4 2 8 18 6 3 3 4
Free cash flow −125 −84 −197 −187 −105 −44 −16 −28
Stock-based pay 6 11 48 43 27 21 23 26
Free cash flow after stock pay −131 −95 −245 −230 −132 −65 −39 −53
Balance sheet
Cash 90 60 423 163 134 89 150 122
Total debt 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −90 −60 −423 −163 −134 −89 −150 −122
Diluted shares 6m 6m 174m 200m 205m 212m 247m 260m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · September 30, 2026
What it owns · $288m
Short-term assets $244mLonger-term assets $44m
What it owes, and who funded it · $288m
Short-term liabilities $68mLonger-term liabilities $36mShareholders' equity $184m
  • Short-term assets cover short-term liabilities $244m of assets due within a year against $68m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $244m short-term assets against $36m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$58m against $1m of interest.

From Butterfly Network, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+9.4%
year over year
R&D spending
32.1%
of revenue
Days sales outstanding
111 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated BFLY ANIK BBNX RXST OM OWLT Median
Revenue, last 12 months $123m $121m $127m $128m $118m $115m $102m
Revenue growth, last 12 months 39.4% 5.3% 43.7% −13.2% −1.3% 28.2% 9.3%
Revenue growth, 3-year average 21.7% 0.3% — 23.9% −3.1% 29.3% 14.0%
Revenue growth, latest quarter 51.7% 15.6% 30.3% 0.3% 0.7% 29.9% 10.5%
Gross margin 70.3% 62.2% 58.6% 77.5% 41.8% 54.8% 61.3%
Operating margin −46.9% −4.2% −72.7% −43.2% −56.1% −6.3% −8.7%
Operating margin, 3-year average −93.8% 0.2% — −36.3% −83.8% −17.9% −17.9%
Net margin −43.6% −3.1% −65.3% −36.8% −63.1% −7.7% −12.1%
Cash from operations / revenue −19.0% 5.0% −46.6% −17.8% −32.5% −6.8% −2.1%
Free-cash-flow margin −22.4% 0.5% −51.8% −21.3% −33.0% −7.4% −4.0%
Free-cash-flow margin, 3-year average −42.5% 0.4% — −22.1% −70.2% −14.1% −7.7%
Stock pay / revenue 20.8% 10.9% 18.4% 24.6% 13.0% 11.2% 6.3%
Change in share count 9.4% −4.0% 44.6% 2.2% 311.4% 72.6% 4.0%

Median of all 135 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $63.4M 65.0% ▲ 17.1%
Software and Other Services $34.2M 35.0% ▲ 22.7%
Geography
Region Revenue Share YoY
United States $77.4M 79.3% ▲ 22.1%
Outside the US $20.2M 20.7% ▲ 8.3%

From Butterfly Network, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.3B
Institutions reporting
245
Shares held vs prior quarter
▲ 13.9%
Positions opened / closed
45 / 36

Top buyers and sellers, Q2 2026: 143 institutions bought and 94 sold ; the biggest buyer was D. E. Shaw & Co., Inc (+5.3M shares) and the biggest seller Bank Of America Corp (−2.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $158M 18.8M 11.9% ▲ 17.9%
Glenview Capital Management, LLC $121M 14.3M 9.1% 0.0%
Hood River Capital Management LLC $111M 13.2M 8.3% ▲ 53.0%
Fosun International Ltd $86.2M 10.2M 6.5% ▼ 4.5%
Vanguard Capital Management LLC $72.1M 8.6M 5.4% ▲ 4.5%
D. E. Shaw & Co., Inc. $53.8M 6.4M 4.0% ▲ 470.6%
State Street Corp $48.5M 5.8M 3.6% ▲ 4.0%
Geode Capital Management, LLC $45M 5.3M 3.4% ▲ 11.2%
ARK Investment Management LLC $42.8M 5.1M 3.2% ▼ 2.7%
Nuveen, LLC $42.6M 5.1M 3.2% ▲ 34.8%
FMR LLC $41.3M 4.9M 3.1% ▲ 1016.0%
Awm Investment Company, Inc. $37.3M 4.4M 2.8% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Butterfly Network, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $13.1M 9 trades by 2 insiders, last 12 months Insider sales History → $123M 76 trades by 9 insiders · 61% under pre-set plans
Net ▼ $110M net selling
Insider Date Trade Shares Price Value
Devivo Joseph President & CEO October 6, 2026 Sell pre-set plan 35,790 $10.02 $358,616
Carlson Megan CAO and SVP, Finance October 2, 2026 Sell 10,114 $8.74 $88,447
Devivo Joseph President & CEO September 23, 2026 Sell pre-set plan 3,169 $10.02 $31,753
Devivo Joseph President & CEO September 22, 2026 Sell pre-set plan 2,811 $10.00 $28,110
Carlson Megan CAO and SVP, Finance September 4, 2026 Sell 13,804 $7.30 $100,769
Cashman Steve Chief Business Officer September 4, 2026 Sell 140,112 $7.30 $1M
Caezza Nicholas Deputy General Counsel September 2, 2026 Sell 1,709 $8.15 $13,928
Robbins Larry Director August 17, 2026 Sell 582,500 $8.97 $5.2M
Phanstiel S. Louise Director August 14, 2026 Buy 115,200 $8.68 $999,936
Robbins Larry Director August 14, 2026 Sell 824,700 $8.70 $7.2M
Robbins Larry Director August 13, 2026 Sell 215,233 $9.54 $2.1M
Robbins Larry Director August 13, 2026 Sell 500,000 $9.24 $4.6M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 19, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 26, 2026
  • January 12, 2026
  • October 31, 2025

Recent SEC filings

Data status

When each part of this page on Butterfly Network, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Butterfly Network, Inc. in brief

What does Butterfly Network, Inc. do?
Butterfly Network, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Butterfly Network, Inc.'s stock ticker?
Butterfly Network, Inc. trades under the ticker BFLY on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Butterfly Network, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Butterfly Network, Inc. reported revenue of $123M, 39.4% higher than a year earlier, according to its SEC filings.
What is Butterfly Network, Inc.'s free cash flow?
Butterfly Network, Inc.'s free-cash-flow margin is -22.4% of revenue over the trailing twelve months.
Who are Butterfly Network, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Glenview Capital Management, LLC and Hood River Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Butterfly Network, Inc.'s market cap?
On November 2, 2026, Butterfly Network, Inc.'s market capitalisation was about $1.6B and net debt of -$122M. Market figures come from third-party market data and may be delayed.
Who are Butterfly Network, Inc.'s competitors?
In our Health Care Equipment peer group, the companies closest to Butterfly Network, Inc. are Anika Therapeutics, Inc., Beta Bionics, Inc., Rxsight, Inc., Outset Medical, Inc. and Owlet, Inc. The side-by-side comparison below sets their revenue, margins and growth against Butterfly Network, Inc.'s.
Are insiders buying or selling Butterfly Network, Inc. stock?
Over the last 12 months, Butterfly Network, Inc.'s directors and officers reported 9 open-market purchases and 76 sales on Form 4. The insider trading page charts every trade.
When is Butterfly Network, Inc.'s next earnings date?
Around January 19, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Butterfly Network, Inc. announces its own schedule.