Latest Ratios: P/E Ratio -24.5x · 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 | $2.0B | $939M | $660M | $222M | $492M | $1.2B | $120M | — | — |
| Enterprise Value | $1.9B | $809M | $595M | $112M | $361M | $769M | $114M | — | — |
| P/E Ratio → | -24.45 | — | — | — | — | — | — | — | — |
| P/S Ratio | 20.32 | 9.62 | 8.05 | 3.37 | 6.70 | 18.59 | 2.59 | — | — |
| P/B Ratio | 9.56 | 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 |
High operating cash burn
Based on reported figures, BFLY trades at a P/S multiple of 23.83, which appears to reflect an aggressive innovation premium that assumes rapid, sustained market penetration rather than the current reality of volatile revenue growth and persistent, deep operating losses that characterize the company's early-stage medical device lifecycle.
The current valuation multiple suggests that investors are pricing the company as a high-growth software entity rather than a hardware-dependent medical device manufacturer. This valuation warrants caution, as the lack of a positive P/E or EV/EBITDA multiple makes it difficult to justify the current market capitalization without assuming a significant, near-term inflection in software-driven margin expansion.
According to recent SEC filings, BFLY's ROIC has remained consistently negative, bottoming at -28.8% in 2023Q4 and showing only marginal improvement to -15.3% in 2026Q1, indicating that the company is currently destroying shareholder value as it attempts to scale its proprietary semiconductor-based ultrasound technology platform.
The persistent negative return on invested capital suggests that the company's heavy investment in R&D and specialized sales forces has yet to generate the necessary returns to cover its cost of capital. Investors should monitor whether the recent launch of the iQ3 probe can drive sufficient volume to reverse this trend and improve capital efficiency.
As reported in financial statements, BFLY's cash conversion cycle remains highly erratic, peaking at 913 days in 2024Q1 and settling at 702 days in 2026Q1, which highlights significant challenges in managing inventory levels and accounts receivable relative to the company's current, relatively low asset turnover ratio of 0.09.
The extremely long cash conversion cycle suggests that the company is struggling to efficiently convert its inventory into cash, likely due to the complexities of managing a hardware-heavy supply chain. This inefficiency places additional strain on the company's liquidity and underscores the difficulty of scaling a hardware-based medical device business.
Based on BFLY's reported figures, the current ratio of 4.02 in 2026Q1 provides a superficial appearance of strength, yet this liquidity is heavily dependent on inventory levels that may be difficult to liquidate quickly, leaving the company vulnerable to cash flow shocks if revenue growth fails to materialize.
While the current ratio appears adequate, the underlying composition of current assets—heavily weighted toward inventory—suggests that the company's actual liquidity under stress may be lower than the headline numbers imply. The company's reliance on cash reserves to fund ongoing operations makes it sensitive to any disruption in its ability to raise capital or generate organic cash flow.
The P/S ratio is the most commonly misapplied metric for BFLY, as it obscures the company's high hardware-to-software revenue mix and the associated low gross margins, which are fundamentally different from the high-margin, recurring revenue models of pure-play SaaS companies that investors often use for peer benchmarking.
Investors should instead focus on the software attachment rate and the gross margin trajectory, as these metrics provide a clearer picture of the company's transition toward a more sustainable, platform-based business model. Relying solely on P/S multiples risks overestimating the company's current earning power and underestimating the capital intensity of its hardware operations.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying BFLY stock.
Butterfly Network, Inc.'s current P/E ratio is -24.5x. 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 -24.5x. 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.