# Butterfly Network, Inc. (BFLY)

> Source: Nexqual · https://nexqual.com/BFLY · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, Butterfly Network, Inc. (BFLY), nexqual.com/BFLY" · informational, not investment advice.

**Price:** USD 7.85 (+3.29% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 7.6 · day 7.26–7.92 · 52w 1.9–10.21 · market cap $2.09B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $112M, net income -$74.8M (-66.7% margin), free cash flow -$28.0M (SEC filings).
- 1 of 80 tracked superinvestors hold BFLY (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 1.86 on a 1–5 scale) (7 analysts), mean target USD 11.17 (range 10–15).
- Total return with dividends: 1Y +250.4% vs S&P 500 +18.1%; 5Y -26.2% vs S&P 500 +85.1%.
- Next earnings: 2026-10-29, EPS estimate USD -0.03, revenue estimate $28.3M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $62.6M | $73.4M | $65.9M | $82.1M | $97.6M | $112M |
| Gross profit | $17.1M | $39.5M | $16.9M | $48.8M | $45.7M | — |
| Operating income | -$193M | -$193M | -$146M | -$74.4M | -$86.4M | -$79.4M |
| Net income | -$32.4M | -$169M | -$134M | -$72.5M | -$77.1M | -$74.8M |
| EPS (diluted) | -$0.19 | -$0.84 | -$0.65 | -$0.34 | -$0.31 | — |
| Free cash flow | -$197M | -$187M | -$105M | -$44.4M | -$16.0M | -$28.0M |
| Gross margin | 27.3% | 53.8% | 25.6% | 59.5% | 46.9% | — |
| Operating margin | -308.0% | -263.0% | -221.0% | -90.7% | -88.5% | -70.8% |
| Net margin | -51.8% | -229.9% | -202.9% | -88.3% | -79.0% | -66.7% |
| Revenue growth | +35.3% | +17.3% | -10.2% | +24.5% | +19.0% | — |
| Cash + short-term investments | — | $238M | — | — | $150M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 18.6x · P/B 11.0x · FCF yield -1.34% · Earnings yield -3.58%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold BFLY. Change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.03% | $4.0M | Added +18.3% |

## Analysts
Consensus Buy (mean 1.86 on a 1–5 scale), 7 analysts; mean target USD 11.17 (low 10, high 15).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Canaccord Genuity | Initiated | Buy | $10 |
| 2026-09-29 | Evercore ISI Group | Initiated | Outperform | $15 |
| 2026-09-22 | Needham | Initiated | Buy | $10 |
| 2026-09-11 | TD Cowen | Reiterated | Buy | $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | +250.4% | -26.2% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | +252.0% | -5.9% |
| Volatility (annualized) | 115.0% | 92.5% |
| Max drawdown | -40.6% (Jan 2026→Feb 2026) | -92.8% (Oct 2021→Apr 2024) |

## Peers (Medical Devices)
AXGN (AxoGen, Inc.) USD 35.63 -1.49% · INSP (Inspire Medical Systems, Inc.) USD 70.12 +1.83% · UFPT (UFP Technologies, Inc.) USD 297.19 +0.99% · ALMR (Alamar Biosciences, Inc.) USD 27.42 +16.58% · ESTA (Establishment Labs Holdings Inc) USD 61.36 +4.98% · TMDX (TransMedics Group, Inc.) USD 76.52 -3.30%

## More
Full page: https://nexqual.com/BFLY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt