BFLYNYSEX-Ray Apparatus & Tubes & Related Irradiation ApparatusFiscal year ends December 31
Butterfly Network, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$7.47+0.22 (+3.03%)
Close on Oct 19, 2026
- Market cap
- $1.96B
- P/E (TTM)
- –
- Dividend yield
- 0.00%
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
46.9%+179.2 pts over 5 years
Operating margin
-88.5%+260.9 pts over 5 years
Net margin
-79.0%+272.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +19.0% | +10.0% | +16.1% | – | |
| Gross profit | -6.3% | +5.0% | – | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 56.7% | -42.2% | |
| Return on assets | – | – | -27.9% | |
| Current ratio | – | 1.40 | 3.83 | |
| Interest coverage | – | -141.6× | -58.0× | |
| Inventory turnover | – | – | 0.8× | |
| Capex to revenue | – | 5.1% | 3.4% | |
| Diluted shares | – | 6M | 247M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Butterfly Network generated $511.53M from operations and spent $38.00M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$511.53M
Used
$38.00M
Capital expenditure$38.00M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-79.0%
×Asset turnover0.35×
×Equity multiplier1.51×
=Return on equity, FY2025-42.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -79.0% | 0.35× | 1.51× | -42.2% |
| FY2024 | -88.3% | 0.29× | 1.44× | -37.3% |
| FY2023 | -202.9% | 0.18× | 1.32× | -49.0% |
| FY2022 | -229.9% | 0.15× | 1.28× | -43.7% |
| FY2021 | -51.8% | 0.17× | 8.39× | -75.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
2of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$77.06M
- Cash generatingOperating cash flow above zero-$12.70M
- Return on assets improvedROA up on the prior year-23.8% → -30.1%
- Earnings backed by cashOperating cash flow above net income-$12.70M vs -$77.06M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.99 → 3.83
- No dilutionShare count did not rise212M → 247M
- Gross margin improvedGross margin up on the prior year59.51% → 46.85%
- More efficientAsset turnover rose0.27 → 0.38