Want to see BFLY full AI Analyst Report?
Top Page
Butterfly Network
(NYSE:BFLY)
Select Model
Select Model
Rating:58Neutral
Price Target:
$7.50
▼(-17.04% Downside)
Action:Reiterated
Date:10/06/26
The score is primarily held back by weak financial performance (large losses and ongoing cash burn) despite improving trends. Offsetting this, technicals are supportive with price above major moving averages and positive momentum, and the latest earnings call was constructive with raised revenue guidance, record results, and margin/EBITDA improvement. Valuation remains a downside factor because losses drive a negative P/E and there is no dividend yield.
Positive Factors
Revenue Growth and Guidance
Record quarterly revenue, strong year-over-year growth, and higher full-year guidance indicate improving demand and expanding commercial adoption. If sustained, this growth can increase operating leverage, support broader customer penetration, and strengthen the foundation for recurring software and service revenue.
Negative Factors
Persistent Losses and Cash Burn
The company remains materially unprofitable and cash consumptive despite improving trends. Continued operating losses can require liquidity or future financing, limiting strategic flexibility and making progress toward self-funded growth dependent on sustained revenue and margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth and Guidance
Record quarterly revenue, strong year-over-year growth, and higher full-year guidance indicate improving demand and expanding commercial adoption. If sustained, this growth can increase operating leverage, support broader customer penetration, and strengthen the foundation for recurring software and service revenue.
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.
Data provided by:
The Fly
The FlyButterfly Network (BFLY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.98B
Dividend YieldN/A
Average Volume (3M)5.47M
Price to Earnings (P/E)―
Beta (1Y)2.58
Revenue Growth28.14%
EPS Growth-5.15%
CountryUS
Employees220
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.29
Shares Outstanding244,858,250
10 Day Avg. Volume4,614,934
30 Day Avg. Volume5,472,783
Financial Highlights & Ratios
PEG Ratio1.39
Price to Book (P/B)4.79
Price to Sales (P/S)9.62
P/FCF Ratio-58.52
Enterprise Value/Market Cap1.06
Enterprise Value/Revenue18.74
Enterprise Value/Gross Profit35.59
Enterprise Value/Ebitda-31.68
Forecast
1Y Price Target
$11.00Price Target Upside21.68% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.11
Revenue Forecast (FY)$121.54M
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 from (1) hardware sales of its handheld ultrasound devices (e.g., Butterfly iQ series probes and related accessories) sold to healthcare providers, institutions, and other customers; and (2) recurring ...
Butterfly Network Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call was broadly positive: the company reported record revenue, record gross profit, materially improved adjusted EBITDA loss, and strong Embedded momentum (439% YoY) that materially contributed to top-line growth. Product and semiconductor roadmaps (Apollo chip, P5.1 probe) and commercialization milestones (VA/FedRAMP progress, Brazil authorization, VCOM education deal, Home & Community Care launch) add substantive forward-looking upside. Key risks include international softness this quarter, a 12% ASP decline driven by subsidized education deals, continued negative adjusted EBITDA for the year, and timing variability in milestone-based Embedded revenue. On balance, the highlights and evidence of accelerating platform growth and margin expansion outweigh the listed challenges and volatility.Positive Updates
Record Quarterly Revenue and Strong Growth
Q2 revenue of $32.6M, a record for the company, up 39% year-over-year. Company raised full-year guidance to $119M–$123M (up ~22%–26% vs 2025). Q3 revenue guide of $26M–$30M (~30% YoY at midpoint).
Negative Updates
International Revenue Softness
International revenue declined 14% YoY to $5.0M in Q2. Management cited a tough comp to last year’s strong Q2 and several larger international orders shifting into Q3, driving quarter-to-quarter volatility.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue and Strong Growth
Q2 revenue of $32.6M, a record for the company, up 39% year-over-year. Company raised full-year guidance to $119M–$123M (up ~22%–26% vs 2025). Q3 revenue guide of $26M–$30M (~30% YoY at midpoint).
Read all positive updates
Company Guidance
Butterfly raised full‑year 2026 revenue guidance to $119–$123 million (≈22–26% growth vs. 2025) and expects Q3 revenue of $26–$30 million (≈30% YoY growth at the midpoint), with an adjusted EBITDA loss of $6–$9 million in Q3 and a full‑year adjusted EBITDA loss of $19–$23 million as it continues targeted investments. That guidance follows a record Q2: revenue $32.6M (+39% YoY), gross profit $23.3M and gross margin 71% (up 7.7 pts YoY), adjusted EBITDA loss $1.4M (improved 78% YoY), cash $125M (use of cash $13.3M in the quarter), probe unit sales +23%, core POCUS revenue $21.9M (+2% YoY) and Embedded revenue $10.8M (+439% YoY); management expects Embedded to run roughly $7–$8M/quarter (±$1–2M), Q4 commercial revenue from Home & Community Care (launch Oct 1), VCOM TCV potential >$10M over 4 years, iQ3/P5.1 probe roadmap (P5.1 probe in Q1 2027) and Apollo chip deliveries to partners by end‑2027/early‑2028.Butterfly Network Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
62
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 112.14M | 97.61M | 82.06M | 65.90M | 73.39M | 62.56M |
| Gross Profit | 59.04M | 45.73M | 48.83M | 16.86M | 39.46M | 17.05M |
| EBITDA | -66.32M | -67.38M | -60.92M | -123.04M | -162.74M | -29.55M |
| Net Income | -74.85M | -77.06M | -72.49M | -133.70M | -168.72M | -32.41M |
Balance Sheet | ||||||
| Total Assets | 283.00M | 296.53M | 256.08M | 304.27M | 417.57M | 571.97M |
| Cash, Cash Equivalents and Short-Term Investments | 124.66M | 150.49M | 88.78M | 134.64M | 237.81M | 422.84M |
| Total Debt | 19.10M | 20.40M | 22.84M | 25.03M | 31.89M | 29.08M |
| Total Liabilities | 93.59M | 100.55M | 87.25M | 84.22M | 92.21M | 124.27M |
| Stockholders Equity | 189.40M | 195.98M | 168.83M | 220.05M | 325.36M | 447.69M |
Cash Flow | ||||||
| Free Cash Flow | -28.04M | -16.05M | -44.40M | -104.60M | -187.42M | -197.06M |
| Operating Cash Flow | -24.02M | -12.70M | -41.71M | -98.82M | -169.12M | -189.19M |
| Investing Cash Flow | -4.02M | -3.35M | -2.66M | 70.41M | -93.78M | -9.87M |
| Financing Cash Flow | 4.57M | 77.76M | -1.50M | 228.00K | 2.88M | 565.69M |
Butterfly Network Technical Analysis
Negative
9.04
Price Trends
8.35
Negative
7.73
Negative
5.95
Positive
Market Momentum
-0.29
Positive
38.99
Neutral
8.41
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BFLY, the sentiment is Negative. The current price of 9.04 is above the 20-day moving average (MA) of 8.37, above the 50-day MA of 8.35, and above the 200-day MA of 5.95, indicating a neutral trend. The MACD of -0.29 indicates Positive momentum. The RSI at 38.99 is Neutral, neither overbought nor oversold. The STOCH value of 8.41 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
60 Neutral | $31.17B | 19.83 | 15.16% | 0.20% | 6.52% | -11.06% | |
58 Neutral | $1.98B | -24.53 | -38.36% | ― | 28.14% | -5.15% | |
58 Neutral | $25.24B | 20.01 | 10.05% | 3.77% | ― | ― | |
54 Neutral | $79.14M | -1.95 | -100.30% | ― | 53.16% | 27.17% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $34.10M | -1.97 | -2156.12% | ― | 219.99% | 25.98% | |
44 Neutral | $32.48M | -0.23 | -94.35% | ― | 31.52% | -89.07% |
* Healthcare Sector Average
BFLY
Butterfly Network
7.10
4.88
219.82%
PHG
Koninklijke Philips
26.23
-1.86
-6.60%
NNOX
Nano-X Imaging
0.38
-3.71
-90.61%
HYPR
Hyperfine
0.75
-0.50
-40.32%
QTI
QT Imaging Holdings
2.31
-4.35
-65.32%
GEHC
GE Healthcare Technologies Inc
69.01
-8.10
-10.51%
Butterfly Network Corporate Events
Business Operations and StrategyExecutive/Board Changes
Butterfly Network Adds Semiconductor Veteran to Board of Directors
Positive
Oct 5, 2026
On September 29, 2026, Butterfly Network’s board appointed veteran semiconductor executive Mike Noonen as a director, with his term beginning October 9, 2026 and running until the next annual shareholders’ meeting. His arrival increase...
Business Operations and StrategyExecutive/Board Changes
Butterfly Network announces board resignation after CDC appointment
Neutral
Aug 11, 2026
Butterfly Network announced that board member Dr. Erica Schwartz resigned from its Board of Directors effective August 5, 2026, following her confirmation as director of the U.S. Centers for Disease Control and Prevention. The company emphasized t...
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.