Butterfly Network, Inc. (BFLY) Stock

Butterfly Network, Inc. (BFLY) is a Healthcare stock trading at $9.16 (as of 2026-08-20), with a market capitalization of $2.40B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

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; Butterfly iQ+, a point-of-care ultrasound imaging device that connects with a smartphone, tablet, and hospital computer system; and Butterfly Blueprint, a system-wide ultrasound platform with Compass software that integrates into a healthcare system's clinical and administrative infrastructure. The company also provides Butterfly system, which includes probes, and related accessories and software subscriptions, to healthcare systems, physicians, and healthcare providers through a direct sales force, distributors, and eCommerce channel. In addition, it offers cloud-based software solutions to healthcare systems, teleguidance, in-app educational tutorials, and formal education programs through its Butterfly Academy software, as well as clinical support and services. Butterfly Network, Inc. was incorporated in 2011 and is headquartered in Guilford, Connecticut.

Understand Butterfly Network, Inc.: how it makes money

Butterfly Network develops and commercializes ultrasound imaging systems, including handheld whole-body ultrasound (Butterfly iQ and iQ+), and system-wide platforms (Butterfly Blueprint), and it monetizes through product sales plus software and other services, including embedded and subscription revenue connected to the healthcare workflow.

The profit model combines upfront ultrasound system and product sales (hardware) with ongoing monetization through embedded, subscription, and software and other services revenue tied to continued clinical use.

Business quality (Weak): The company is built around ultrasound systems plus recurring software and subscription-style monetization, but the latest-quarter operating result remains deeply loss-making (operating margin -52.3%), so execution on recurring revenue and unit traction is crucial to watch.

Bull case

  • Clinical outcomes support the product value: In an Artificial Intelligence Lung Tool Trial, the company reported 200 patients evaluated, 35% clinical management improvement, and a 30% hospital length of stay reduction.
  • Deployment and training activity indicates adoption momentum: For Kenya, the company reported 10,000 Butterfly scans per month in public facilities, 224 Butterfly scans in deployment facilities, and education reach including 15,000 Butterfly Academy course users and 500 midwives trained.

Bear case

  • Operating losses remain large: For the quarter ended 2026-03-31, the company reported operating margin of -52.3% (gross margin 68.9%), indicating significant operating expense pressure relative to gross profit.
  • Revenue visibility is limited in the provided data: The latest quarter shows revenue of 0.0B in the provided dataset, making it harder to assess whether growth is material in the current period versus prior trends.
Valuation — source: SEC EDGAR (first-party)
Price$9.16
Market Cap$2.40B
Price / Book12.68
Price / Sales21.41
FCF Yield-1.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$97.61M
Net Margin-79.0%
Revenue Growth (YoY)39.5%
EPS Growth (YoY)-16.7%
FCF Growth (YoY)113.9%
Financial Health — source: SEC EDGAR
Altman Z-Score9.47 (safe)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.6
Industry P/E (Medical Equipment)32.9
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($64.48M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryMedical Equipment
CEOJoseph DeVivo
Employees190
CountryUS
IPO Date2020-07-13

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BFLY earnings history · BFLY institutional & insider holders · BFLY KPIs & operating metrics · BFLY financials · BFLY investor presentations & press releases · BFLY SEC filings · BFLY peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.