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Side-by-side financial comparison of Butterfly Network, Inc. (BFLY) and Ladder Capital Corp (LADR). Click either name above to swap in a different company.
Butterfly Network, Inc. is the larger business by last-quarter revenue ($31.5M vs $22.3M, roughly 1.4× Ladder Capital Corp). Ladder Capital Corp runs the higher net margin — 71.0% vs -48.5%, a 119.6% gap on every dollar of revenue. On growth, Butterfly Network, Inc. posted the faster year-over-year revenue change (41.0% vs -18.0%). Ladder Capital Corp produced more free cash flow last quarter ($78.7M vs $7.9M). Over the past eight quarters, Butterfly Network, Inc.'s revenue compounded faster (33.6% CAGR vs -22.5%).
Butterfly Network, Inc. is a digital health company that develops, manufactures and sells affordable, portable whole-body ultrasound devices powered by proprietary semiconductor technology. It serves clinical professionals, healthcare facilities, and home care users across global markets, with a core mission to expand access to medical imaging for underserved communities.
Ladder Capital Corp is a leading commercial real estate finance firm operating primarily across the United States. It originates and manages a diversified portfolio of senior secured commercial mortgage loans, mezzanine debt, commercial mortgage-backed securities, and direct real estate assets, serving property owners, operators and developers across major market segments.
BFLY vs LADR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $31.5M | $22.3M |
| Net Profit | $-15.3M | $15.9M |
| Gross Margin | 67.3% | — |
| Operating Margin | -53.0% | 69.5% |
| Net Margin | -48.5% | 71.0% |
| Revenue YoY | 41.0% | -18.0% |
| Net Profit YoY | 15.5% | -49.4% |
| EPS (diluted) | $-0.06 | $0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $31.5M | $22.3M | ||
| Q3 25 | $21.5M | $27.8M | ||
| Q2 25 | $23.4M | $21.5M | ||
| Q1 25 | $21.2M | $20.3M | ||
| Q4 24 | $22.4M | $27.2M | ||
| Q3 24 | $20.6M | $38.4M | ||
| Q2 24 | $21.5M | $34.3M | ||
| Q1 24 | $17.7M | $37.1M |
| Q4 25 | $-15.3M | $15.9M | ||
| Q3 25 | $-34.0M | $19.2M | ||
| Q2 25 | $-13.8M | $17.1M | ||
| Q1 25 | $-14.0M | $11.6M | ||
| Q4 24 | $-18.1M | $31.3M | ||
| Q3 24 | $-16.9M | $27.6M | ||
| Q2 24 | $-15.7M | $32.1M | ||
| Q1 24 | $-21.8M | $16.4M |
| Q4 25 | 67.3% | — | ||
| Q3 25 | -17.5% | — | ||
| Q2 25 | 63.7% | — | ||
| Q1 25 | 63.0% | — | ||
| Q4 24 | 61.5% | — | ||
| Q3 24 | 59.5% | — | ||
| Q2 24 | 58.6% | — | ||
| Q1 24 | 58.2% | — |
| Q4 25 | -53.0% | 69.5% | ||
| Q3 25 | -163.5% | 72.4% | ||
| Q2 25 | -68.9% | 96.7% | ||
| Q1 25 | -87.0% | 52.7% | ||
| Q4 24 | -77.5% | — | ||
| Q3 24 | -83.9% | 74.1% | ||
| Q2 24 | -80.2% | 90.4% | ||
| Q1 24 | -128.1% | 49.4% |
| Q4 25 | -48.5% | 71.0% | ||
| Q3 25 | -158.1% | 69.0% | ||
| Q2 25 | -59.2% | 79.5% | ||
| Q1 25 | -65.8% | 56.8% | ||
| Q4 24 | -81.0% | 115.1% | ||
| Q3 24 | -82.3% | 71.7% | ||
| Q2 24 | -73.1% | 93.6% | ||
| Q1 24 | -123.2% | 44.2% |
| Q4 25 | $-0.06 | $0.13 | ||
| Q3 25 | $-0.13 | $0.15 | ||
| Q2 25 | $-0.06 | $0.14 | ||
| Q1 25 | $-0.06 | $0.09 | ||
| Q4 24 | $-0.09 | $0.25 | ||
| Q3 24 | $-0.08 | $0.22 | ||
| Q2 24 | $-0.07 | $0.26 | ||
| Q1 24 | $-0.10 | $0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $150.5M | $38.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $196.0M | $1.5B |
| Total Assets | $296.5M | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $150.5M | $38.0M | ||
| Q3 25 | $144.2M | $49.4M | ||
| Q2 25 | $148.1M | $134.9M | ||
| Q1 25 | $155.2M | $479.8M | ||
| Q4 24 | $88.8M | $1.3B | ||
| Q3 24 | $93.8M | $1.6B | ||
| Q2 24 | $102.1M | $1.2B | ||
| Q1 24 | $112.7M | $1.2B |
| Q4 25 | $196.0M | $1.5B | ||
| Q3 25 | $203.8M | $1.5B | ||
| Q2 25 | $232.8M | $1.5B | ||
| Q1 25 | $239.7M | $1.5B | ||
| Q4 24 | $168.8M | $1.5B | ||
| Q3 24 | $181.8M | $1.5B | ||
| Q2 24 | $194.3M | $1.5B | ||
| Q1 24 | $204.0M | $1.5B |
| Q4 25 | $296.5M | $5.2B | ||
| Q3 25 | $290.0M | $4.7B | ||
| Q2 25 | $313.3M | $4.5B | ||
| Q1 25 | $318.4M | $4.5B | ||
| Q4 24 | $256.1M | $4.8B | ||
| Q3 24 | $265.3M | $4.8B | ||
| Q2 24 | $273.1M | $4.8B | ||
| Q1 24 | $284.3M | $5.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $9.0M | $87.0M |
| Free Cash FlowOCF − Capex | $7.9M | $78.7M |
| FCF MarginFCF / Revenue | 25.2% | 352.4% |
| Capex IntensityCapex / Revenue | 3.4% | 37.4% |
| Cash ConversionOCF / Net Profit | — | 5.49× |
| TTM Free Cash FlowTrailing 4 quarters | $-16.0M | $118.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $9.0M | $87.0M | ||
| Q3 25 | $-2.9M | $26.3M | ||
| Q2 25 | $-7.2M | $44.0M | ||
| Q1 25 | $-11.7M | $-28.7M | ||
| Q4 24 | $-3.1M | $133.9M | ||
| Q3 24 | $-7.9M | $169.0M | ||
| Q2 24 | $-10.0M | $45.4M | ||
| Q1 24 | $-20.7M | $-20.4M |
| Q4 25 | $7.9M | $78.7M | ||
| Q3 25 | $-3.9M | $25.9M | ||
| Q2 25 | $-8.1M | $43.4M | ||
| Q1 25 | $-12.0M | $-29.6M | ||
| Q4 24 | $-3.5M | $127.4M | ||
| Q3 24 | $-8.3M | $166.0M | ||
| Q2 24 | $-10.7M | $44.9M | ||
| Q1 24 | $-21.8M | $-21.7M |
| Q4 25 | 25.2% | 352.4% | ||
| Q3 25 | -18.2% | 93.1% | ||
| Q2 25 | -34.5% | 201.6% | ||
| Q1 25 | -56.7% | -145.6% | ||
| Q4 24 | -15.8% | 468.2% | ||
| Q3 24 | -40.5% | 432.1% | ||
| Q2 24 | -50.0% | 131.0% | ||
| Q1 24 | -123.5% | -58.6% |
| Q4 25 | 3.4% | 37.4% | ||
| Q3 25 | 4.7% | 1.7% | ||
| Q2 25 | 3.8% | 2.9% | ||
| Q1 25 | 1.7% | 4.3% | ||
| Q4 24 | 1.8% | 23.9% | ||
| Q3 24 | 2.0% | 7.8% | ||
| Q2 24 | 3.4% | 1.3% | ||
| Q1 24 | 6.4% | 3.7% |
| Q4 25 | — | 5.49× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 2.57× | ||
| Q1 25 | — | -2.49× | ||
| Q4 24 | — | 4.27× | ||
| Q3 24 | — | 6.13× | ||
| Q2 24 | — | 1.41× | ||
| Q1 24 | — | -1.24× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFLY
| Products | $18.1M | 57% |
| Software And Other Services | $13.4M | 43% |
LADR
Segment breakdown not available.
