BFLYButterfly Network, Inc.
X-Ray Apparatus & Tubes & Related Irradiation Apparatus
- Revenue
- $98M
- 19% YoY
- Operating margin
- -88.5%
- 2.4% YoY
- EBITDA
- −$80M
- 22% YoY
- Market cap
- $1.7B
- Employees
- 220
- $444K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 6.6
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes24% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$444K · 61st pctBottom quartile of its SIC industry
- Quiet on AINo6.6 per 10K words · 87th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.7B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$113M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $63M | $73M | $66M | $82M | $98M | 19% |
| Operating income | −$193M | −$193M | −$146M | −$74M | −$86M | 16% |
| Net income | −$32M | −$169M | −$134M | −$73M | −$77M | 6.3% |
| Operating cash flow | −$189M | −$169M | −$99M | −$42M | −$13M | 70% |
| Capex | $8M | $18M | $6M | $3M | $3M | 24% |
| Stock-based comp | $48M | $43M | $27M | $21M | $23M | 11% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 17, 2026 | GLENVIEW CAPITAL MANAGEMENT, LLC | SCHEDULE 13D/A | 4.8% | Passive |
| Aug 17, 2026 | ROTHBERG JONATHAN M | SCHEDULE 13D/A | 0.3% | Passive |
| Jul 21, 2026 | ROTHBERG JONATHAN M | SCHEDULE 13D/A | 0.4% | Passive |
| Jul 17, 2026 | ROTHBERG JONATHAN M | SCHEDULE 13D/A | 0.4% | Passive |
| Mar 17, 2026 | ROTHBERG JONATHAN M | SCHEDULE 13D/A | 1.6% | Passive |
| Feb 17, 2026 | GLENVIEW CAPITAL MANAGEMENT, LLC | SCHEDULE 13D/A | 14.9% | Passive |
| Dec 17, 2025 | ROTHBERG JONATHAN M | SCHEDULE 13D/A | 2.1% | Passive |
| Dec 1, 2025 | ROTHBERG JONATHAN M | SCHEDULE 13D/A | 3.2% | Passive |
| Nov 24, 2025 | GLENVIEW CAPITAL MANAGEMENT, LLC | SCHEDULE 13D/A | 6.3% | Passive |
| Jun 17, 2025 | GLENVIEW CAPITAL MANAGEMENT, LLC | SCHEDULE 13D/A | 5.2% | Passive |
Insider trading
- Open-market buys, 12 mo
- $13M · 9
- Open-market sells, 12 mo
- $126M · 79
- Net
- −$113M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 154 | — |
| FY2024 | — | — | 127 | — |
| FY2023 | — | — | 44 | — |