Butterfly Network, Inc.
BFLY · X-Ray Apparatus & Tubes & Related Irradiation Apparatus · 205.4M shares · +144%/yr ↑ dilution · EDGAR filings ↗
Reference price $4.66 · est. market cap ~$957M — last insider sale, 2026-06-08 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D52Butterfly Network — handheld-ultrasound maker, loss-making but well-funded.
Strengths
- Strong liquidity (current 3.8); long cash runway (91st pct); differentiated chip-based probe
Risks
- Operating margin -88%; ongoing cash burn
- Adoption-pace and competition risk
Notable findings
- Cash burnNegative free cash flow (-16.0M)
- Net lossNet loss (net margin -79.0%)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Chronic dilutionShare count +144%/yr over 4y (dilution, book value/share -99%)
- Strong balance sheetStrong balance sheet — $150M cash & investments, ~38 quarters of runway
- Revenue declineRevenue -15.8% YoY
- Insider sellingInsider selling — 17 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$13M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
46.9%
Operating margin
-88.5%
Net margin
-79.0%
Return on equity
-39.3%
Return on assets
-26.0%
Revenue growth (QoQ)
-15.8%
Current ratio
3.8×
Free cash flow
-$16M
EBITDA
-$80M
Tangible book value
$188M
Cash & investments
$150M
Cash runway
38q
Stock comp / revenue
24.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Phanstiel S. Louise | Grant | 25K | — |
| 2026-06-22 | Schwartz Erica | Grant | 25K | — |
| 2026-06-22 | Neubauer Caroll H | Grant | 25K | — |
| 2026-06-22 | ROBBINS LARRY | Grant | 25K | — |
| 2026-06-22 | Edelman Elazer R | Grant | 25K | — |
| 2026-06-22 | ROTHBERG JONATHAN M | Grant | 25K | — |
| 2026-06-08 | Cashman Steve | Sell | 295K | $4.66 |
| 2026-06-05 | Cashman Steve | Sell | 105K | $4.96 |
| 2026-06-02 | Caezza Nicholas | Sell | 1.7K | $4.52 |
| 2026-05-19 | Neubauer Caroll H | Grant | 73K | — |
| 2026-05-01 | Carlson Megan | Sell | 110K | $4.75 |
| 2026-04-29 | Cashman Steve | Sell | 148K | $4.91 |
| 2026-04-16 | Cashman Steve | Sell | 200K | $5.22 |
| 2026-03-05 | DEVIVO JOSEPH | Sell | 482K | $3.71 |
| 2026-03-03 | Carlson Megan | Sell | 42K | $3.71 |
| 2026-03-03 | Caezza Nicholas | Sell | 14K | $3.71 |
| 2026-03-03 | DEVIVO JOSEPH | Sell | 161K | $3.71 |
| 2026-03-03 | Cashman Steve | Sell | 43K | $3.71 |
| 2026-03-02 | Cashman Steve | Grant | 488K | — |
| 2026-03-02 | Doherty John N. | Grant | 275K | — |
| 2026-03-02 | Ku Victor | Grant | 287K | — |
| 2026-03-02 | DEVIVO JOSEPH | Grant | 1.4M | — |
| 2026-03-02 | Caezza Nicholas | Grant | 89K | — |
| 2026-03-02 | Carlson Megan | Grant | 98K | — |
| 2026-02-26 | Cashman Steve | Sell | 250K | $4.35 |
| 2026-01-08 | ROTHBERG JONATHAN M | Sell | 336K | $4.18 |
| 2026-01-07 | ROTHBERG JONATHAN M | Sell | 453K | $4.14 |
| 2026-01-07 | Doherty John N. | Sell | 60K | $3.98 |
| 2026-01-06 | ROTHBERG JONATHAN M | Sell | 352K | $4.03 |
| 2026-01-05 | Ku Victor | Sell | 36K | $3.82 |
| 2025-12-26 | ROTHBERG JONATHAN M | Sell | 15K | $4.01 |
| 2025-12-24 | ROTHBERG JONATHAN M | Sell | 2.7K | $4.00 |
| 2025-12-23 | ROTHBERG JONATHAN M | Sell | 45K | $4.01 |
| 2025-12-16 | ROTHBERG JONATHAN M | Sell | 50K | $3.14 |
| 2025-12-16 | ROTHBERG JONATHAN M | Sell | 38K | $3.14 |
| 2025-12-16 | ROTHBERG JONATHAN M | Sell | 197K | $3.14 |
| 2025-12-15 | Phanstiel S. Louise | Buy | 185K | $3.08 |
| 2025-12-15 | ROTHBERG JONATHAN M | Sell | 601K | $3.16 |
| 2025-12-12 | ROTHBERG JONATHAN M | Sell | 82K | $3.08 |
| 2025-12-12 | ROTHBERG JONATHAN M | Sell | 111K | $3.08 |
| 2025-12-11 | ROBBINS LARRY | Buy | 21K | $3.02 |
| 2025-12-11 | ROTHBERG JONATHAN M | Sell | 123K | $3.08 |
| 2025-12-10 | ROTHBERG JONATHAN M | Sell | 289K | $3.13 |
| 2025-12-09 | ROTHBERG JONATHAN M | Sell | 176K | $3.11 |
| 2025-12-08 | Doherty John N. | Grant | 432K | — |
| 2025-12-08 | ROTHBERG JONATHAN M | Sell | 226K | $3.27 |
| 2025-12-08 | Doherty John N. | Grant | 863K | — |
| 2025-12-08 | ROTHBERG JONATHAN M | Sell | 544K | $3.27 |
| 2025-12-05 | ROBBINS LARRY | Buy | 200K | $3.06 |
| 2025-12-05 | ROTHBERG JONATHAN M | Sell | 38K | $3.07 |
| 2025-12-04 | ROTHBERG JONATHAN M | Sell | 64K | $3.08 |
| 2025-12-04 | ROBBINS LARRY | Buy | 537K | $2.99 |
| 2025-12-03 | ROBBINS LARRY | Buy | 822K | $2.96 |
| 2025-12-02 | Caezza Nicholas | Sell | 1.7K | $2.83 |
| 2025-11-28 | ROTHBERG JONATHAN M | Sell | 133K | $3.08 |
| 2025-11-26 | ROTHBERG JONATHAN M | Sell | 443K | $3.13 |
| 2025-11-25 | ROTHBERG JONATHAN M | Sell | 225K | $3.27 |
| 2025-11-25 | ROTHBERG JONATHAN M | Sell | 225K | $3.27 |
| 2025-11-25 | ROTHBERG JONATHAN M | Sell | 225K | $3.27 |
| 2025-11-24 | ROTHBERG JONATHAN M | Sell | 370K | $3.15 |
| 2025-11-24 | ROTHBERG JONATHAN M | Sell | 370K | $3.15 |
| 2025-11-24 | ROTHBERG JONATHAN M | Sell | 370K | $3.15 |
| 2025-11-21 | ROBBINS LARRY | Buy | 800K | $2.58 |
| 2025-11-20 | ROBBINS LARRY | Buy | 1.0M | $2.37 |
| 2025-11-19 | ROBBINS LARRY | Buy | 1.0M | $2.35 |
| 2025-11-04 | Carfora Dawn | Sell | 112K | $2.69 |
| 2025-11-03 | ROTHBERG JONATHAN M | Sell | 101K | $3.08 |
| 2025-09-22 | Ku Victor | Grant | 565K | — |
| 2025-09-22 | Ku Victor | Grant | 283K | — |
| 2025-09-04 | Cashman Steve | Sell | 143K | $1.50 |
| 2025-09-04 | Carlson Megan | Sell | 14K | $1.50 |
| 2025-09-03 | Caezza Nicholas | Sell | 1.7K | $1.52 |
| 2025-08-25 | Cashman Steve | Buy | 4.7K | $1.63 |
| 2025-08-25 | Cashman Steve | Buy | 45K | $1.64 |
| 2025-08-04 | Caezza Nicholas | Sell | 3.1K | $1.45 |
| 2025-06-13 | Schwartz Erica | Grant | 80K | — |
| 2025-06-13 | ROTHBERG JONATHAN M | Grant | 80K | — |
| 2025-06-13 | ROBBINS LARRY | Grant | 80K | — |
| 2025-06-13 | Phanstiel S. Louise | Grant | 80K | — |
| 2025-06-13 | Edelman Elazer R | Grant | 80K | — |
| 2025-06-13 | Carfora Dawn | Grant | 80K | — |
| 2025-05-05 | Getz Heather C | Sell | 65K | $2.20 |
| 2025-04-25 | DEVIVO JOSEPH | Sell | 320K | $2.44 |
| 2025-04-01 | Stoica Andrei G | Sell | 1.8K | $2.17 |
| 2025-03-26 | Stoica Andrei G | Sell | 3.4K | $2.69 |
| 2025-03-04 | Stoica Andrei G | Tax withheld | 11K | $3.03 |
| 2025-03-03 | Getz Heather C | Tax withheld | 283K | $3.03 |
| 2025-03-03 | Stoica Andrei G | Tax withheld | 178K | $3.03 |
| 2025-03-03 | DEVIVO JOSEPH | Tax withheld | 444K | $3.03 |
| 2025-03-01 | DEVIVO JOSEPH | Grant | 1.2M | — |
| 2025-03-01 | Stoica Andrei G | Grant | 329K | — |
| 2025-03-01 | Cashman Steve | Grant | 439K | — |
| 2025-03-01 | Getz Heather C | Grant | 569K | — |
| 2024-12-31 | Stoica Andrei G | Sell | 1.7K | $3.29 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-18 | 0001804176-26-000021 ↗ |
| 8-K | 2026-05-08 | 2026-05-04 | 0001804176-26-000019 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001804176-26-000016 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001804176-26-000014 ↗ |
| 10-K | 2026-02-27 | 2025-12-31 | 0001804176-26-000009 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001804176-26-000007 ↗ |
| 8-K | 2026-01-14 | 2026-01-13 | 0001804176-26-000005 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001804176-26-000002 ↗ |
| 8-K | 2025-11-18 | 2025-11-17 | 0001804176-25-000015 ↗ |
| 8-K | 2025-10-31 | 2025-10-31 | 0001804176-25-000008 ↗ |
| 10-Q | 2025-10-31 | 2025-09-30 | 0001804176-25-000009 ↗ |
| 8-K | 2025-10-09 | 2025-10-05 | 0001804176-25-000004 ↗ |