Butterfly Network (BFLY) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Butterfly Network

NYSE•Healthcare•Medical Devices

$6.66-0.85(-0.11%)Market open

Market Cap

$1.64B

P/S

13.3x

P/B

8.9x

Butterfly Network, Inc. develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. The company offers Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging on a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; Butterfly Move, merging the mobility of a handheld with the stability of a full cart system; and iQ+ Bladder, a specialty product for bladder scanning market. It also provides Compass AI which offers one system to connect every device, workflow, and department; ScanLab, an AI-powered educational platform that provides written walkthroughs and reference imagery to guide real-time educational scanning; and Butterfly iQ+/iQ3 Vet, a third generation handheld ultrasound system. It sells and markets its products through a direct sales force, distributors, and e-commerce channels. Butterfly Network, Inc. was founded in 2011 and is headquartered in Burlington, Massachusetts.

How this company scores

WeakMetricSide Score: 49/100

Grade capped at D — Interest coverage below 1× (-50.9x) — earnings cannot cover interest. Strongest: Growth (20/25); weakest: Cash & Earnings Quality (5/25).

Profitability17/25

Growth20/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality5/25

Strengths

Growing revenueLong cash runwayProfit converts from growthConsistent growth

Grade capped at D

Interest coverage below 1× (-50.9x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 13.3x5y range 5.6x – 20.8x

Currently above its 20-quarter median.

P/B · 8.9x5y range 0.8x – 12.3x

Currently above its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $1.64B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $123.25M
Q. Revenue: $32.60M
TTM EBITDA: $-50.99M
TTM Op. Income: $-57.83M
Q. Op. Income: $-13.58M
TTM Net Income: $-53.69M
Q. Net Income: $-12.81M
EPS: $-0.05
Shares Out.: $266.50M

$123.25M in TTM revenue grew 39.3% YoY, reaching $32.60M last quarter. TTM EBITDA of $-50.99M and TTM operating income of $-57.83M show growth is flowing through to the bottom line. However, net income is negative at $53.69M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 73.0%
EBITDA Margin: -36.7%
Op. Margin: -41.7%
Net Margin: -39.3%

Op. margin of -41.7% is up 121.8% YoY — cost efficiency is improving. Net margin at -39.3% and gross margin of 73.0% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 4 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 13.3x
P/B Ratio: 8.9x

P/S of 13.3x and P/B of 8.9x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $287.98M
Cash: $122.30M
Long-Term Debt: N/A
Book Value: $184.44M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-2.27M
TTM Free Cash Flow: $-27.55M
FCF Margin: -22.4%
FCF / Net Income: 0.5

TTM FCF of $-27.55M on $-2.27M in operating cash flow. The FCF / Net Income ratio of 0.5x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 0% — an improving trend.