BFLY combines a perfect earnings beat streak and a technical breakout with an expensive valuation and a negative modeled risk/reward, while insiders have recently been net sellers.
Thesis pillars
- Perfect Earnings Beat Streak→Stable
- Technical Breakout Setup→Stable
- Expensive Valuation Limited Upside→Stable
- +2 more pillars — see the Why tab for full reasoning
Butterfly Network, Inc. (BFLY) Stock Analysis
Breakout setup · Catalyst-Driven edge
Healthcare · Medical Devices
Hold if already holding. Not a fresh buy at $8.76, but acceptable to hold if already in. Reasons: Concentration risk — Supplier: TSMC; Concentration risk — Supplier: Benchmark.
Butterfly Network designs and sells handheld, semiconductor-based point-of-care ultrasound devices (Butterfly iQ+ and iQ3) built on its proprietary Ultrasound-on-Chip platform, marketed to hospitals, physicians, and veterinarians in over 30 countries alongside cloud-connected... Read more
Hold if already holding. Not a fresh buy at $8.76, but acceptable to hold if already in. Reasons: Concentration risk — Supplier: TSMC; Concentration risk — Supplier: Benchmark. Chart setup: Golden cross, above all MAs, RSI 68, MACD bullish. Multiple concerning factors. Consider reducing position. | News modifier +2 (SELL_IF_HOLDING → HOLD_IF_HOLDING) Score 4.5/10, moderate confidence.
Passes 6/9 gates (positive momentum, clean insider activity, news events none recent, earnings proximity 25d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: aggressive.
About Butterfly Network, Inc.
About Butterfly Network, Inc.
Butterfly Network generated $97.6 million in revenue during 2025, up from $82.1 million in 2024, selling its FDA-cleared Butterfly iQ+ and iQ3 handheld ultrasound devices in more than 30 countries through a direct sales force, distributors, and an eCommerce channel. The company posted a $77.1 million net loss for the year and employed approximately 220 people as of January 2026, with international customers accounting for 21% of 2025 revenue.
Butterfly earns revenue from device hardware sales plus recurring software subscriptions — Core Technology at roughly $300 per year and Advanced Technology at about $420 per year — sold through three channels: a targeted direct sales force for large health-system deployments, an eCommerce storefront, and distributor and veterinary affiliate relationships. A single customer accounted for approximately 11% of 2025 revenue. On the supply side, Butterfly depends on Taiwan Semiconductor Manufacturing Company as its sole source for the semiconductor wafers underlying its Ultrasound-on-Chip technology, and on Benchmark Electronics as its sole contract manufacturer for final device assembly. The company competes against the top five manufacturers of legacy cart-based ultrasound systems, positioning its handheld devices as a lower-cost, more portable alternative for out-of-hospital and veterinary use cases.
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Butterfly's supply chain concentrates single-point failure risk at two vendors: TSMC manufactures all wafers for its proprietary chip, and geopolitical tensions between Taiwan and China, along with Taiwan's earthquake exposure, could disrupt that supply with no immediately qualified alternative; Benchmark Electronics, meanwhile, is the sole contract manufacturer assembling finished Butterfly devices under a purchase-order arrangement that also obligates Butterfly to buy back excess wafer inventory should demand forecasts prove too high.
See also: Healthcare · Medical Devices
From Butterfly Network, Inc.'s most recent 10-K filing, extracted July 6, 2026.
Recent developments
updated 2026-07-06Recent Developments — Butterfly Network, Inc.
Latest news
- NEWS Terawulf, Ceva, Western Digital And Other Big Stocks Moving Higher On Monday — benzinga Jul 6, 2026 neutral
- NEWS Benzinga's 'Stock Whisper' Index: 5 Stocks Investors Secretly Monitor But Don't Talk About Yet — benzinga Jun 28, 2026 neutral
Generated 2026-07-06T17:12:22Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- LOWCustomersingle customer11%10-K Item 1A: 'approximately 11% of our revenue was generated by sales to a single customer'
- HIGHSupplierTSMC10-K Item 1A: 'We have chosen to engage a single supplier, TSMC, a semiconductor manufacturer, to manufacture and supply all of the wafers used to create the semiconductor chips incorporating our Ultrasound-on-Chip™ technology used in our medical devices.'
- HIGHSupplierBenchmark10-K Item 1A: 'We rely on a single contract manufacturer, Benchmark, to test, assemble, and supply our finished products.'
- LOWGeographicoutside the United States21%10-K Item 1A: 'During the years ended December 31, 2025, 2024, and 2023, approximately 21%, 23%, and 21%, respectively, of our total revenue was generated from customers located outside of the United States.'
Material Events(8-K, last 90d)
- 2026-05-08Item 5.02LOWDirector Erica Schwartz submitted a contingent resignation effective upon Senate confirmation as CDC Director (nominated April 16, 2026); outcome pending. Caroll H. Neubauer appointed to the Board effective May 18, 2026, expanding the board to eight directors.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
2 floor-breakers·1 ceiling hit
Priced at a premium — multiples above sector norms. Needs delivery on growth + margins to justify.static
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $8.76, but acceptable to hold if already in. Reasons: Concentration risk — Supplier: TSMC; Concentration risk — Supplier: Benchmark. Chart setup: Golden cross, above all MAs, RSI 68, MACD bullish. Multiple concerning factors. Consider reducing position. | News modifier +2 (SELL_IF_HOLDING → HOLD_IF_HOLDING) Target $9.50 (+8.4%), stop $8.17 (−7.2%), A.R:R -2.1:1. Score 4.5/10, moderate confidence.
Take-profit target: $9.50 (+8.1% upside). Target $9.50 (+8.4%), stop $8.17 (−7.2%), A.R:R -2.1:1. Stop-loss: $8.17.
Concentration risk — Supplier: TSMC; Concentration risk — Supplier: Benchmark; Analyst target reached - limited upside remaining.
Butterfly Network, Inc. trades at a P/E of N/A (forward -83.0). TrendMatrix value score: 1.8/10. Verdict: Hold.
11 analysts cover BFLY with a consensus score of 4.2/5. Average price target: $7.
What does Butterfly Network, Inc. do?Butterfly Network designs and sells handheld, semiconductor-based point-of-care ultrasound devices (Butterfly iQ+ and...
Butterfly Network designs and sells handheld, semiconductor-based point-of-care ultrasound devices (Butterfly iQ+ and iQ3) built on its proprietary Ultrasound-on-Chip platform, marketed to hospitals, physicians, and veterinarians in over 30 countries alongside cloud-connected software subscriptions. The company generated $97.6 million in revenue in 2025, up from $82.1 million in 2024, but posted a $77.1 million net loss as it continues to invest in commercialization. Butterfly also licenses its chip technology to third parties for non-competitive applications such as brain-computer interfaces