Butterfly Network IncButterfly Network Inc
Butterfly Network Inc

Butterfly Network Inc

BFLY
Health Care·Health Care Equipment & Supplies

Butterfly Network, Inc. designs a medical imaging device that reduces the cost of real-time and three-dimensional imaging and treatment. It develops and provides a whole-body portable ultrasound scanner called the iQ Device and related hosted, web-based application, application programming interfaces and platform services, which the firm offer to physicians or other licensed health care providers. Its products include iQ+ Ultrasound, Butterfly Enterprise and iQ Vet. The company was founded by Jonathan M. Rothberg on January 25, 2011 and is headquartered in Burlington, MA.

Connecticut; U.S.A
Market cap
No dataNo data
Revenue
$97.6M+19.0% YoY
Net income
$-77.1M−6.3% YoY
Free cash flow
$-16M+63.9% YoY

Market

Listed stock
BFLYPriceNYSE
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Financial performance

Revenue
$97.6M+19.0% YoY
Operating income
$-86.4M−16.1% YoY
Net income
$-77.1M−6.3% YoY
Free cash flow
$-16M+63.9% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $62.6M, 2022 $73.4M, 2023 $65.9M, 2024 $82.1M, 2025 $97.6M. Operating income: 2021 $-192.7M, 2022 $-193M, 2023 $-145.6M, 2024 $-74.4M, 2025 $-86.4M. Net income: 2021 $-32.4M, 2022 $-168.7M, 2023 $-133.7M, 2024 $-72.5M, 2025 $-77.1M. Free cash flow: 2021 $-197.1M, 2022 $-187.4M, 2023 $-104.6M, 2024 $-44.4M, 2025 $-16M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
19.0%−556 bps YoY
Gross margin
No dataNo data
Operating margin
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FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-192.7M, 2022-12-31 $-193M, 2023-12-31 $-145.6M, 2024-12-31 $-74.4M, 2025-12-31 $-86.4M. Net income: 2021-12-31 $-32.4M, 2022-12-31 $-168.7M, 2023-12-31 $-133.7M, 2024-12-31 $-72.5M, 2025-12-31 $-77.1M. Free cash flow: 2021-12-31 $-197.1M, 2022-12-31 $-187.4M, 2023-12-31 $-104.6M, 2024-12-31 $-44.4M, 2025-12-31 $-16M

Growth heatmap

2022202320242025CAGR
Revenue
+17.3%
-10.2%
+24.5%
+19.0%
+11.8%
Gross profit
+131.4%
-57.3%
+189.7%
-6.3%
+28.0%
Operating income
-0.2%
+24.6%
+48.9%
-16.1%
No data
Free cash flow
+4.9%
+44.2%
+57.6%
+63.9%
No data

Earnings quality

Operating cash flow
$-12.7M+69.5% YoY
Net income
$-77.1M−6.3% YoY
Free cash flow
$-16M+63.9% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 16%, 2024-12-31 58%, 2023-12-31 74%, 2022-12-31 100%, 2021-12-31 584%. Free cash flow: 2025-12-31 21%, 2024-12-31 61%, 2023-12-31 78%, 2022-12-31 111%, 2021-12-31 608%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
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Diluted shares
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
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Price to sales
No dataNo data
EV / EBITDA
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Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
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Free cash flow yield
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