Butterfly Network Inc. Class A Common Stock (BFLY)

FairStock Score: 49/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Butterfly Network illustrates the difference between a promising technology and a proven business. The company sells handheld ultrasound devices, and demand appears to be moving: in fiscal Q2 2026 (quarter ended 2026-06-30), revenue was $32.6M, up from $23.4M in fiscal Q2 2025. Yet that growth has not produced profits. Fiscal Q2 2026 net income was -$12.9M, and diluted EPS was -$0.05. In fiscal Q1 2026 (quarter ended 2026-03-31), net income was -$12.7M. The full-year picture is worse: FY2025 revenue was $97.6M with net income of -$77.1M; FY2024 revenue was $82.1M with net income of -$72.5M; FY2023 revenue was $65.9M with net income of -$133.7M. That is four consecutive loss years. Free cash flow is -$28.0M on a trailing basis, a -1.3% yield on the $2.1B market cap at the 2026-10-13 close. FairStock's calculations show a negative P/E of -27.93, a P/B of 11.25, ROE of -35.46%, and ROCE of -10.47%. The balance sheet has low debt with D/E of 0.10, and the Altman Z-Score is 9.85, but a Piotroski F-Score of 4/9 and a FairStock score of 49/100 suggest only middling quality. The business may have a niche in portable imaging, but I see no clear moat, no durable profit, and no margin of safety at 11 times book. Growth is real, but until it converts into cash earnings, this remains speculation more than investment.

In plain English: Butterfly Network makes handheld ultrasound devices that connect to phones, tablets, and hospital computers. The business is growing but still weak because it loses money and has lost money in each of the last four years. At $8.10 on 2026-10-13, the price looks expensive compared with its sales, its accounting value, and its lack of profits.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer