Butterfly Network, Inc. (BFLY)
NYSE:BFLY
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Butterfly Network
(NYSE:BFLY)
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Rating:55Neutral
Price Target:
$4.50
▲(11.11% Upside)
Action:ReiteratedDate:02/28/26
The score is held back mainly by persistent large losses and still-negative free cash flow despite meaningful improvements in cash burn and revenue growth. The earnings call was a notable positive, driven by record Q4 results, improved margins/cash flow, and strong FY2026 growth guidance, while technical signals are neutral and valuation remains challenged due to unprofitability; the warrant delisting is an additional (smaller) risk factor.
Positive Factors
Revenue Momentum
Record Q4 sales and meaningful year-over-year growth signal durable demand for Butterfly's handheld ultrasound platform and supporting services. Combined with FY2026 guidance (+20–24%), the trend improves multi-quarter revenue visibility and supports continued investment in commercial scaling.
Negative Factors
Persistent Unprofitability
Despite revenue growth, steep negative net margins and historical losses mean the business is not yet self-funding. Continued unprofitability pressures equity returns and requires sustained margin expansion or ongoing external capital to reach durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Momentum
Record Q4 sales and meaningful year-over-year growth signal durable demand for Butterfly's handheld ultrasound platform and supporting services. Combined with FY2026 guidance (+20–24%), the trend improves multi-quarter revenue visibility and supports continued investment in commercial scaling.
Read all positive factors
Butterfly Network (BFLY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.06B
Dividend YieldN/A
Average Volume (3M)6.63M
Price to Earnings (P/E)―
Beta (1Y)1.80
Revenue Growth16.04%
EPS Growth28.91%
CountryUS
Employees190
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.02
Shares Outstanding228,205,930
10 Day Avg. Volume3,386,128
30 Day Avg. Volume6,630,412
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 Cap0.87
Enterprise Value/Revenue9.39
Enterprise Value/Gross Profit20.04
Enterprise Value/Ebitda-13.60
Forecast
1Y Price Target
$5.75Price Target Upside41.98% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.14
Revenue Forecast (FY)$116.65M
Butterfly Network Business Overview & Revenue Model
Company Description
Butterfly Network, Inc., a digital health company, develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; ...
How the Company Makes Money
Butterfly Network primarily generates revenue from (1) sales of its handheld ultrasound devices to healthcare providers, institutions, and other customers, and (2) recurring revenue from software and cloud-based subscriptions associated with using...
Butterfly Network Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyButterfly Network Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call highlighted a strong turnaround in Q4 and FY2025 with record quarterly revenue (+41% YoY), significant margin and cash-flow improvements, a transformative Embedded partnership (Midjourney), an expanding software mix (+76% YoY for software & services) and clear R&D progress (P5.1 in production, Apollo in development). Challenges remain including international softness, a steep decline in iQ+ sales, continued adjusted EBITDA losses (albeit improved), and timing uncertainty for Embedded commercialization and home-care revenue. Overall the positive operational and financial momentum, solid cash position, and strategic partnerships materially outweigh the near-term and execution risks.Positive Updates
Record Quarterly Revenue
Q4 2025 revenue of $31.5M, a 41% year-over-year increase and the highest quarterly revenue in company history.
Negative Updates
International Revenue Weakness
Total international revenue decreased 6% year-over-year to $4.7M in Q4 2025; product mix shifts contributed to weakness in international sales.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly Revenue
Q4 2025 revenue of $31.5M, a 41% year-over-year increase and the highest quarterly revenue in company history.
Read all positive updates
Company Guidance
The company guided Q1 2026 revenue of $24–$28 million (noting Q1 seasonality) and an adjusted EBITDA loss of $8–$10 million, and for full-year 2026 expects revenue of $117–$121 million (approximately 20%–24% growth vs. 2025 revenue of $97.6 million) with an adjusted EBITDA loss of $21–$25 million; guidance incorporates updated accounting and continued investment in Butterfly Embedded (including the $74 million Midjourney contract), planned R&D and embedded investments, and the modest impact of 2025 tariffs.Butterfly Network Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
41
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 97.61M | 82.06M | 65.90M | 73.39M | 62.56M |
| Gross Profit | 45.73M | 48.83M | 16.86M | 39.46M | 17.05M |
| EBITDA | -67.38M | -60.92M | -123.04M | -162.74M | -29.55M |
| Net Income | -77.06M | -72.49M | -133.70M | -168.72M | -32.41M |
Balance Sheet | |||||
| Total Assets | 296.53M | 256.08M | 304.27M | 417.57M | 571.97M |
| Cash, Cash Equivalents and Short-Term Investments | 150.49M | 88.78M | 134.64M | 237.81M | 422.84M |
| Total Debt | 20.40M | 22.84M | 25.03M | 31.89M | 29.08M |
| Total Liabilities | 100.55M | 87.25M | 84.22M | 92.21M | 124.27M |
| Stockholders Equity | 195.98M | 168.83M | 220.05M | 325.36M | 447.69M |
Cash Flow | |||||
| Free Cash Flow | -16.05M | -44.40M | -104.60M | -187.42M | -197.06M |
| Operating Cash Flow | -12.70M | -41.71M | -98.82M | -169.12M | -189.19M |
| Investing Cash Flow | -3.35M | -2.66M | 70.41M | -93.78M | -9.87M |
| Financing Cash Flow | 77.76M | -1.50M | 228.00K | 2.88M | 565.69M |
Butterfly Network Technical Analysis
Positive
4.05
Price Trends
3.74
Positive
3.62
Positive
2.77
Positive
Market Momentum
0.10
Positive
55.74
Neutral
61.05
Neutral
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 4.05 is above the 20-day moving average (MA) of 4.04, above the 50-day MA of 3.74, and above the 200-day MA of 2.77, indicating a bullish trend. The MACD of 0.10 indicates Positive momentum. The RSI at 55.74 is Neutral, neither overbought nor oversold. The STOCH value of 61.05 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $756.71M | 21.81 | 4.97% | ― | 1.58% | ― | |
55 Neutral | $402.94M | -10.51 | -12.67% | ― | 19.90% | -57.90% | |
55 Neutral | $1.06B | -12.19 | -35.34% | ― | 16.04% | 28.91% | |
52 Neutral | $699.00M | -15.08 | -31.77% | ― | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $459.22M | 52.93 | -13.86% | ― | 4.14% | -45.29% | |
44 Neutral | $98.82M | -2.63 | -51.63% | ― | 7.90% | 19.92% |
* Healthcare Sector Average
BFLY
Butterfly Network
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67.07%
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Butterfly Network Corporate Events
Delistings and Listing ChangesRegulatory Filings and Compliance
Butterfly Network warrants delisted while common stock remains
Negative
Jan 14, 2026
On January 13–14, 2026, Butterfly Network, Inc. disclosed that the New York Stock Exchange had determined to delist and immediately suspend trading of the company’s publicly traded warrants, ticker “BFLY WS,” citing abnorma...
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.