# Butterfly Network (BFLY.US)

Canonical: https://gigainvestors.com/s/BFLY

Analysis as of: 2026-10-16T07:26:54.005Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $7.85 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 24% since Oct 2021

Story as of 2026-10-16T10:01:28.869Z; price observation 2026-10-15.

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical devices; annual sales are USD 97.6 million.

- Source: https://www.sec.gov/Archives/edgar/data/1804176/000180417626000009/bfly-20251231.htm (filed 2026-02-27); FY2025: revenue 97610000; grossProfit 45734000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); BFLY.US: Butterfly Network, Inc. develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. The company offers Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging on a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; Butterfly Move, merging the mobility of a handheld with the stability of a full cart system; and iQ+ Bladder, a specialty product for bladder scanning market. It also provides Compass AI which offers one system to connect every device, workflow, and department; ScanLab, an AI-powered educational platform that provides written walkthroughs and reference imagery to guide real-time educational scanning; and Butterfly iQ+/iQ3 Vet, a third generation handheld ultrasound system. It sells and markets its products through a direct sales force, distributors, and e-commerce channels. Butterfly Network, Inc. was founded in 2011 and is headquartered in Burlington, Massachusetts.

### Why customers stay

Margins ranged from 25.6% to 59.5% during 2023–25.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 25.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 59.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1804176/000180417626000009/bfly-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 46.9%.

### Where the cash goes

Paid no dividends in 5 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 10.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); BFLY.US SharesStats.PercentInsiders = 10.238999999999999 percentage points; cache date 2026-10-15.

### What the price says

The price is 19.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Closing price 7.85 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.3949833113379978; price multiple 19.874257404466753. FY2025 cash earnings/share -0.292690686327105. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-07: $9.97 per share

- 2020-08: $9.90 per share

- 2020-09: $9.82 per share

- 2020-10: $9.79 per share

- 2020-11: $15.75 per share

- 2020-12: $19.79 per share

- 2021-01: $18.45 per share

- 2021-02: $19.05 per share

- 2021-03: $16.83 per share

- 2021-04: $14.48 per share

- 2021-05: $11.75 per share

- 2021-06: $14.48 per share

- 2021-07: $10.74 per share

- 2021-08: $12.36 per share

- 2021-09: $10.44 per share

- 2021-10: $10.32 per share

- 2021-11: $7.05 per share

- 2021-12: $6.69 per share

- 2022-01: $5.80 per share

- 2022-02: $5.15 per share

- 2022-03: $4.76 per share

- 2022-04: $3.33 per share

- 2022-05: $3.05 per share

- 2022-06: $3.07 per share

- 2022-07: $4.34 per share

- 2022-08: $6.23 per share

- 2022-09: $4.70 per share

- 2022-10: $4.90 per share

- 2022-11: $3.23 per share

- 2022-12: $2.46 per share

- 2023-01: $2.75 per share

- 2023-02: $2.46 per share

- 2023-03: $1.88 per share

- 2023-04: $2.16 per share

- 2023-05: $2.44 per share

- 2023-06: $2.30 per share

- 2023-07: $2.57 per share

- 2023-08: $1.77 per share

- 2023-09: $1.18 per share

- 2023-10: $0.85 per share

- 2023-11: $0.95 per share

- 2023-12: $1.08 per share

- 2024-01: $0.90 per share

- 2024-02: $1.19 per share

- 2024-03: $1.08 per share

- 2024-04: $0.78 per share

- 2024-05: $0.99 per share

- 2024-06: $0.84 per share

- 2024-07: $1.10 per share

- 2024-08: $1.09 per share

- 2024-09: $1.77 per share

- 2024-10: $1.78 per share

- 2024-11: $3.29 per share

- 2024-12: $3.12 per share

- 2025-01: $3.99 per share

- 2025-02: $3.62 per share

- 2025-03: $2.28 per share

- 2025-04: $2.34 per share

- 2025-05: $2.40 per share

- 2025-06: $2.00 per share

- 2025-07: $1.71 per share

- 2025-08: $1.61 per share

- 2025-09: $1.93 per share

- 2025-10: $2.69 per share

- 2025-11: $3.10 per share

- 2025-12: $3.80 per share

- 2026-01: $3.96 per share

- 2026-02: $3.79 per share

- 2026-03: $4.04 per share

- 2026-04: $4.79 per share

- 2026-05: $4.55 per share

- 2026-06: $8.42 per share

- 2026-07: $7.11 per share

- 2026-08: $7.89 per share

- 2026-09: $8.96 per share

- 2026-10: $7.85 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1804176/000180417626000009/bfly-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.