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Maker of a handheld, whole-body ultrasound device using semiconductor chip technology instead of traditional piezoelectric crystals.
Maker of a handheld, whole-body ultrasound device using semiconductor chip technology instead of traditional piezoelectric crystals.
Sells the probe once and then bills a recurring software subscription for cloud storage and AI tools, so revenue per user depends on subscription renewal. Founded by Jonathan Rothberg, it came to the stock market through a blank-check merger in 2021.
Moat: narrow (IP / patents). Patented semiconductor ultrasound-on-chip technology lowers cost versus traditional piezoelectric probes.
Headquarters: Burlington, Massachusetts · Founded: 2011 · Employees: 220
Size Butterfly Network (BFLY) is a United States Health Care company (Medical Specialties) with a market value of $1.70B, the 1898th largest of 3,117 United States companies the cockpit tracks. Shares closed at $6.37 on 6 Nov 2026.
Performance Over six months the shares gained 53.1%, against -4.0% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 39.4% over the last twelve months (peer median +9.3%); the operating margin is -36.1% (peer median 12.7%).
Valuation It trades at 13.0× enterprise value to sales against a peer median of 4.1× (3rd most expensive of 21).
Capital Return on invested capital runs 59.2 points below its cost of capital (15.6% WACC).
Backlog Backlog (remaining performance obligations) was $84.2M at 30 Sep 2026, up 100% on a year earlier — 0.7 years of trailing revenue. Backlog detail →
Short interest Short interest is 13.7% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $123M | $97.6M | $82.1M | $65.9M | $73.4M |
| Revenue growth | — | +19% | +25% | -10% | — |
| Gross profit | $86.6M | $45.7M | $48.8M | $16.9M | $39.5M |
| EBITDA | -$37.6M | -$67.6M | -$60.0M | -$117M | -$185M |
| Net income | -$53.7M | -$77.1M | -$72.5M | -$134M | -$169M |
| Free cash flow | -$27.6M | -$16.0M | -$44.4M | -$105M | -$187M |
| Capital expenditure | $4.15M | $3.35M | $2.69M | $5.78M | $18.3M |
| Total debt | $18.4M | $20.4M | $22.8M | $25.0M | $31.9M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Butterfly Network BFLY | $1.70B | +53% | +39% | -36% | 13.0× | n/a |
| GE HealthCare GEHC | $37.2B | +30% | +7% | 14% | 2.1× | 4.3% |
| Koninklijke Philips PHIA.AS | $29.8B | +24% | -1% | 10% | 1.8× | 5.7% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | $33.4B | +9% | +5% | 28% | 6.1× | 0.9% |
| Siemens Healthineers SHL.DE | $55.9B | +31% | -1% | 15% | 2.7× | 9.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BFLY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.7% | +1.1% | 3rd lowest of 21 |
| 6-month return | +53.1% | -4.0% | 2nd highest of 20 |
| Distance from 52-week high | -37.6% | -21.2% | 5th lowest of 21 |
| Revenue growth (TTM) | +39.4% | +9.3% | 4th highest of 21 |
| Operating margin | -36.1% | 12.7% | 2nd lowest of 21 |
| EV / Sales | 13.0× | 4.1× | 3rd most expensive of 21 |
| ROIC minus cost of capital | -59.2 pp | +2.3 pp | 2nd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Butterfly Network BFLY | United States | $1.70B | +53% | +39% | -36% | 13.0× | n/a | n/a |
| Cofoe Medical Technology 301087.SZ | China | $1.71B | -5% | +33% | 10% | 2.3× | 12.5% | +7.4% |
| Kestra Medical Technologies KMTS | United States | $1.72B | +37% | +61% | -134% | 14.9× | n/a | n/a |
| ChemoMetec A/S CHEMM.CO | Denmark | $1.69B | +124% | +3% | 49% | 21.4× | 17.9% | +12.7% |
| Poly Medicure POLYMED.NS | India | $1.73B | -4% | +18% | 17% | 8.2× | n/a | n/a |
| Angelalign Technology 6699.HK | Hong Kong | $1.74B | -7% | +84% | 9% | 3.2× | 18.1% | +25.8% |
| Embla Medical hf EMBLA.CO | Denmark | $1.75B | +3% | +6% | 14% | 2.2× | -1.8% | +8.3% |
| Rigaku 268A.T | Japan | $1.66B | -57% | +5% | 15% | 3.2× | 18.8% | +14.5% |
| Fukuda Denshi 6960.T | Japan | $1.75B | -5% | 0% | 19% | 1.5× | -3.2% | -1.0% |
| Molbio Diagnostics MOLBIO.NS | India | $1.63B | n/a | +35% | 17% | 11.7× | n/a | n/a |
| Vitrolife VITR.ST | Sweden | $1.63B | +14% | -2% | 19% | 4.9× | 22.0% | +22.5% |
| Nihon Kohden 6849.T | Japan | $1.63B | +8% | +1% | 7% | 1.0× | -2.1% | +3.3% |
| Wuxi Unicomp Technology 688531.SS | China | $1.80B | -36% | +53% | 12% | 7.9× | n/a | n/a |
| Shanghai MicroPort Endovascular MedTech 688016.SS | China | $1.59B | -14% | +16% | 44% | 5.9× | 3.1% | +23.4% |
| Medartis MED.SW | Switzerland | $1.83B | +47% | +30% | 2% | 5.5× | n/a | n/a |
| Sinocare 300298.SZ | China | $1.58B | +15% | +7% | 6% | 2.1× | 10.8% | +18.3% |
| Inner Mongolia Furui Medical Science 300049.SZ | China | $1.85B | -5% | +11% | 25% | 7.6× | 6.6% | +14.6% |
| LeMaitre Vascular LMAT | United States | $1.85B | -25% | +12% | 29% | 6.3× | 2.9% | +14.0% |
| Enovis ENOV | United States | $1.57B | +2% | +5% | 3% | 1.3× | 22.3% | -6.0% |
| Inspire Medical Systems INSP | United States | $1.85B | +45% | 0% | 2% | 1.8× | 30.9% | +51.2% |
| NIPRO 8086.T | Japan | $1.55B | -9% | +3% | 6% | 1.3× | n/a | n/a |
Butterfly Network reported $84.2M of remaining performance obligations at 30 Sep 2026, up 100% from a year earlier and down 2% from the previous quarter. That is 0.7 years of trailing revenue already under contract. Book-to-bill last quarter: 0.95.