Butterfly Network, Inc. (BFLY)
NYSE:BFLY
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Butterfly Network
(NYSE:BFLY)
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Rating:54Neutral
Price Target:
$9.00
▲(70.13% Upside)
Action:Reiterated
Date:06/19/26
The score is held back primarily by ongoing deep unprofitability and continued cash burn despite improvement. Offsetting factors include a relatively conservative balance sheet and a constructive earnings update (strong growth, margin expansion, and reaffirmed guidance). Technically, the uptrend is strong but appears overbought, adding near-term risk, while valuation metrics offer limited support due to negative earnings and no dividend.
Positive Factors
Ultrasound-on-Chip licensing & partnerships
Butterfly's Ultrasound-on-Chip and licensing model create a durable moat: embedding its semiconductor imaging tech into third‑party platforms can generate scalable, high‑margin royalties and broaden addressable markets beyond direct device sales, sustaining long‑term revenue diversification.
Negative Factors
Deep, persistent unprofitability
Trailing margins remain severely negative, meaning the business still destroys value at current scale. Sustained losses erode returns and require either continued external capital or material margin improvement to achieve self‑funding, making profitability a multi‑period execution challenge.
Read all positive and negative factors
Positive Factors
Negative Factors
Ultrasound-on-Chip licensing & partnerships
Butterfly's Ultrasound-on-Chip and licensing model create a durable moat: embedding its semiconductor imaging tech into third‑party platforms can generate scalable, high‑margin royalties and broaden addressable markets beyond direct device sales, sustaining long‑term revenue diversification.
Read all positive factors
Butterfly Network Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down Butterfly’s sales across regions (U.S., Europe, Asia, etc.), revealing where device adoption, software subscriptions, and services are strongest. Helps investors see which markets drive growth, where reimbursement or regulatory hurdles could slow adoption, and where currency or supply‑chain exposure may affect results.
Breaks down Butterfly’s sales across regions (U.S., Europe, Asia, etc.), revealing where device adoption, software subscriptions, and services are strongest. Helps investors see which markets drive growth, where reimbursement or regulatory hurdles could slow adoption, and where currency or supply‑chain exposure may affect results.
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The Fly
The FlyButterfly Network (BFLY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.33B
Dividend YieldN/A
Average Volume (3M)4.71M
Price to Earnings (P/E)―
Beta (1Y)1.83
Revenue Growth20.20%
EPS Growth-0.81%
CountryUS
Employees190
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.30
Shares Outstanding234,842,770
10 Day Avg. Volume6,171,217
30 Day Avg. Volume4,705,931
Financial Highlights & Ratios
PEG Ratio1.38
Price to Book (P/B)4.79
Price to Sales (P/S)9.62
P/FCF Ratio-58.52
Enterprise Value/Market Cap0.59
Enterprise Value/Revenue13.37
Enterprise Value/Gross Profit27.17
Enterprise Value/Ebitda-20.62
Forecast
1Y Price Target
$5.75Price Target Upside8.70% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.15
Revenue Forecast (FY)$118.82M
Butterfly Network Business Overview & Revenue Model
Company Description
Butterfly Network, Inc. functions as a digital health enterprise, specializing in the invention, production, and global commercialization of cutting-edge ultrasound imaging technologies for both domestic and international markets. The company's in...
How the Company Makes Money
Butterfly Network primarily generates revenue by selling its handheld ultrasound devices and by charging recurring fees for software and related services that accompany device use. Key revenue streams include: (1) Hardware/device revenue: sales of...
Butterfly Network Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and commercial highlights — double‑digit revenue growth, margin expansion, meaningful Embedded revenue acceleration, major FDA AI clearance, enterprise software traction and product roadmap visibility — while acknowledging remaining challenges: continued adjusted EBITDA losses, reliance on higher‑end device mix, timing and concentration risks in Embedded and Home rollouts, and regulatory/legal timing in the EU. On balance, the positives (growth, margin improvement, product/regulatory milestones and sizable cash balance) outweigh the lowlights, with management reiterating guidance and emphasizing disciplined investment toward scalable opportunities.Positive Updates
Strong Top-Line Growth
Q1 revenue of $26.5M, up 25% year-over-year; U.S. revenue $21.4M (+25% YoY) and international revenue $5.2M (+23% YoY).
Negative Updates
Continued Adjusted EBITDA Loss
Adjusted EBITDA remains negative with Q1 loss of $6.1M; full-year 2026 adjusted EBITDA loss guidance reaffirmed at $21M–$25M and Q2 guidance of $6M–$8M loss, reflecting ongoing investment needs.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Q1 revenue of $26.5M, up 25% year-over-year; U.S. revenue $21.4M (+25% YoY) and international revenue $5.2M (+23% YoY).
Read all positive updates
Company Guidance
Management guided Q2 revenue of $27.0–$31.0 million (midpoint implying ~24% YoY growth) with an expected adjusted EBITDA loss of $6–8 million, and reaffirmed full‑year 2026 guidance of $117–$121 million in revenue (≈20–24% growth over 2025) with an adjusted EBITDA loss of $21–$25 million; that outlook incorporates continued investment in Compass AI, Embedded and Home/Community Care and macro assumptions. These targets follow a strong Q1: revenue $26.5M (+25% YoY), gross profit $18.3M (+37% YoY) and gross margin 69% (vs. 63% a year ago), core revenue $20.8M (+10%), Embedded revenue $5.7M (+147%), probe unit sales +5%, ASP +11% YoY (iQ3 sales +39%, iQ+ −43%), adjusted EBITDA loss $6.1M (vs. $9.1M prior year, a 32% improvement), cash & equivalents $138M and cash use $12.5M (vs. $14.7M prior).Butterfly Network Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
66
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 102.92M | 97.61M | 82.06M | 65.90M | 73.39M | 62.56M |
| Gross Profit | 50.64M | 45.73M | 48.83M | 16.86M | 39.46M | 17.05M |
| EBITDA | -66.72M | -67.38M | -60.92M | -123.04M | -162.74M | -29.55M |
| Net Income | -75.77M | -77.06M | -72.49M | -133.70M | -168.72M | -32.41M |
Balance Sheet | ||||||
| Total Assets | 285.92M | 296.53M | 256.08M | 304.27M | 417.57M | 571.97M |
| Cash, Cash Equivalents and Short-Term Investments | 137.95M | 150.49M | 88.78M | 134.64M | 237.81M | 422.84M |
| Total Debt | 19.76M | 20.40M | 22.84M | 25.03M | 31.89M | 29.08M |
| Total Liabilities | 94.70M | 100.55M | 87.25M | 84.22M | 92.21M | 124.27M |
| Stockholders Equity | 191.22M | 195.98M | 168.83M | 220.05M | 325.36M | 447.69M |
Cash Flow | ||||||
| Free Cash Flow | -18.86M | -16.05M | -44.40M | -104.60M | -187.42M | -197.06M |
| Operating Cash Flow | -14.92M | -12.70M | -41.71M | -98.82M | -169.12M | -189.19M |
| Investing Cash Flow | -3.94M | -3.35M | -2.66M | 70.41M | -93.78M | -9.87M |
| Financing Cash Flow | 1.60M | 77.76M | -1.50M | 228.00K | 2.88M | 565.69M |
Butterfly Network Technical Analysis
Positive
5.29
Price Trends
4.87
Positive
4.31
Positive
3.54
Positive
Market Momentum
0.58
Negative
84.59
Negative
84.37
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BFLY, the sentiment is Positive. The current price of 5.29 is above the 20-day moving average (MA) of 5.15, above the 50-day MA of 4.87, and above the 200-day MA of 3.54, indicating a bullish trend. The MACD of 0.58 indicates Negative momentum. The RSI at 84.59 is Negative, neither overbought nor oversold. The STOCH value of 84.37 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BFLY.
Butterfly Network Risk Analysis
Butterfly Network disclosed 48 risk factors in its most recent earnings report. Butterfly Network reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Butterfly Network Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $727.59M | 20.58 | 16.27% | ― | 1.52% | ― | |
57 Neutral | $484.68M | -11.26 | -11.42% | ― | 14.52% | 4.11% | |
54 Neutral | $2.33B | -30.13 | -36.79% | ― | 20.20% | -0.81% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $684.11M | -11.25 | -38.19% | ― | ― | ― | |
48 Neutral | $271.82M | -4.43 | -69.50% | ― | -1.66% | -12.59% | |
47 Neutral | $443.31M | -5.34 | -17.61% | ― | 3.63% | -93.57% |
* Healthcare Sector Average
BFLY
Butterfly Network
8.90
6.82
327.88%
VREX
Varex Imaging
10.53
2.78
35.87%
KIDS
OrthoPediatrics
18.87
-1.42
-7.00%
BVS
Bioventus
8.71
2.16
32.98%
TMCI
Treace Medical Concepts
4.19
-1.32
-23.96%
CBLL
Ceribell, Inc.
18.03
0.12
0.67%
Butterfly Network Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Butterfly Network Appoints Caroll Neubauer to Board
Positive
May 8, 2026
Butterfly Network, Inc., a leader in semiconductor-based ultrasound devices and AI-enabled imaging platforms, has built a portfolio spanning point-of-care devices, cloud-based workflow software, AI marketplaces and an Ultrasound-on-Chip licensing ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.