Latest Ratios: P/E Ratio -31.6x · EV/EBITDA N/A · ROE -42.2%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.7B | $939M | $660M | $222M | $492M | $1.2B | $120M | — | — |
| Enterprise Value | $1.6B | $809M | $595M | $112M | $361M | $769M | $114M | — | — |
| P/E Ratio → | -31.61 | — | — | — | — | — | — | — | — |
| P/S Ratio | 13.76 | 9.62 | 8.05 | 3.37 | 6.70 | 18.59 | 2.59 | — | — |
| P/B Ratio | 8.03 | 4.79 | 3.91 | 1.01 | 1.51 | 2.60 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.29 | 7.25 | 1.70 | 4.92 | 12.29 | 2.45 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.9% | 46.9% | 59.5% | 25.6% | 53.8% | 27.3% | -132.4% | -75.8% | -47.8% |
| Operating Margin | -88.5% | -88.5% | -90.7% | -221.0% | -263.0% | -308.0% | -349.4% | -370.9% | -3478.8% |
| Net Profit Margin | -79.0% | -79.0% | -88.3% | -202.9% | -229.9% | -51.8% | -351.9% | -361.1% | -3326.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -42.2% | -42.2% | -37.3% | -49.0% | -43.7% | -14.5% | -220.4% | -51.0% | -21.0% |
| ROA | -27.9% | -27.9% | -25.9% | -37.0% | -34.1% | -9.0% | -104.2% | -48.2% | -20.5% |
| ROIC | -76.8% | -76.8% | -52.3% | -71.6% | -116.5% | -620.0% | -472.1% | -178.3% | — |
| ROCE | -39.3% | -39.3% | -31.8% | -46.5% | -43.5% | -64.3% | -142.2% | -52.2% | -21.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 0.14 | 0.11 | 0.10 | 0.06 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.66 | -0.39 | -0.50 | -0.40 | -0.88 | — | -0.61 | -0.89 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -50.65 | -50.65 | -56.51 | — | -84339.50 | -48.60 | -141.60 | — | — |
Net cash position: cash ($150M) exceeds total debt ($20M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.83 | 3.83 | 3.99 | 5.22 | 6.96 | 10.27 | 1.40 | 7.13 | 40.10 |
| Quick Ratio | 2.88 | 2.88 | 2.53 | 3.57 | 5.79 | 9.55 | 1.03 | 6.51 | 38.29 |
| Cash Ratio | 2.31 | 2.31 | 1.84 | 3.04 | 4.63 | 8.49 | 0.86 | 5.87 | 35.97 |
| Asset Turnover | — | 0.33 | 0.32 | 0.22 | 0.18 | 0.11 | 0.31 | 0.17 | 0.01 |
| Inventory Turnover | 0.85 | 0.85 | 0.47 | 0.67 | 0.57 | 1.26 | 4.16 | 5.13 | 0.21 |
| Days Sales Outstanding | — | 100.01 | 92.49 | 74.32 | 73.03 | 69.63 | 45.39 | 25.82 | 180.83 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | — | — |
| Shares Outstanding | — | $247M | $212M | $205M | $200M | $174M | $6M | $6M | $5M |
Includes 30+ ratios · 8 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BFLY stock.
Butterfly Network, Inc.'s current P/E ratio is -31.6x. This places it at the 50th percentile of its historical range.
Butterfly Network, Inc.'s return on equity (ROE) is -42.2%. The historical average is -59.9%.
Based on historical data, Butterfly Network, Inc. is trading at a P/E of -31.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Butterfly Network, Inc. has 46.9% gross margin and -88.5% operating margin.
Key Metrics
Top Statement Risk
Persistent operating cash burn
Metrics are mathematically derived from official filings.
Gross Margin Gains Not Yet Reaching Operating Line
According to the reported quarterly ratio data, BFLY's gross margin climbed from 58.6% in 2024Q2 to 73.0% in 2026Q3, yet operating margin remained near -41.7%, indicating fixed operating costs still absorb nearly all incremental gross profit.
The roughly 14-point gross margin expansion suggests improving unit economics, likely from hardware mix and software attachment, but operating margin has not followed in a comparable way. Relative to its own history, operating margin has improved from roughly -80% in 2024 to around -42% today, which is directionally positive yet remains far from breakeven. Investors should monitor whether operating expense growth decelerates enough for gross margin gains to flow through to earnings.
Deeply Negative Returns Show Capital Not Yet Compounding
Based on the reported ratio series, BFLY's ROIC stood at -12.4% in 2026Q3 versus -26.0% at its 2025Q3 trough, a partial recovery that still leaves returns firmly negative across all ten quarters shown.
The improvement in ROIC from its 2025Q3 low appears driven by recovery in gross margin rather than any gain in asset efficiency, since asset turnover has remained near 0.1x. Returns are still deeply negative and not compounding, meaning incremental invested capital is currently being consumed by operating losses. Investors should watch for ROIC to cross zero as an early signal that the business model is beginning to self-fund growth.
Liquidity Ample but Cash Trending Down
As reported in the ratio data, BFLY's current ratio of 3.58 and quick ratio of 2.71 in 2026Q3 provide substantial near-term coverage, though the cash balance has declined from $155.2M in 2025Q1 to $122.3M.
A current ratio above 3 suggests short-term obligations are well covered, but this headroom is partly supported by deferred revenue and receivables timing rather than cash alone. Relative to the quarterly operating burn of roughly $13M to $14M, the remaining cash implies several quarters of runway under current conditions, though this is an inference rather than a disclosed guarantee. Investors should monitor whether cash decline accelerates if revenue growth does not convert into operating leverage.
Low Debt Keeps Leverage Contained
Based on EDBL-style reported figures, BFLY's debt-to-equity ratio held near 0.10 across the last ten quarters and debt-to-EBITDA is not meaningful given negative EBITDA, indicating leverage is not the binding constraint.
Stability of debt-to-equity near 0.10 suggests the company has relied on equity rather than borrowing to fund losses, which limits near-term refinancing pressure. Interest coverage is deeply negative at -44.1x, reflecting operating losses rather than meaningful interest expense, so debt service is not the current stress point. The more relevant risk is dilution from future equity raises if operating burn persists, which warrants monitoring.
Premium Multiples Price in Future Margin Recovery
As reported in current market data, BFLY trades at 17.38x sales and 8.03x book value with no meaningful earnings multiple, implying the market is pricing a substantial future margin recovery that current cash flows do not yet support.
A price-to-sales ratio near 17x is elevated against the 46% to 73% gross margin range, suggesting investors are capitalizing a long runway of software-driven margin expansion rather than current earnings. Relative to the peer group, BFLY's valuation sits well above the more mature names while its profitability metrics remain weaker, pointing to an innovation premium. Investors should distinguish whether the multiple reflects a credible path to operating breakeven or a speculative platform thesis.
Gross Margin Gains May Mask Unit Economics Ceiling
Based on reported figures, the most commonly misapplied metric for BFLY is gross margin, which rose to 73.0% yet has not produced operating leverage, suggesting headline unit economics may overstate the earning power of the hardware-software model.
Gross margin is often treated as the primary signal for a platform business, but for BFLY it may overstate economics because stock-based compensation and fixed sales and R&D spend sit below the gross line and absorb nearly all gross profit. Price-to-sales and gross margin together can look attractive while operating losses persist near $13M to $14M per quarter, which warrants a contribution-margin or cash-based operating view. Investors should instead track operating expense as a percentage of revenue and the trajectory of free cash flow margin to judge whether the margin improvement is structural.