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Side-by-side financial comparison of Butterfly Network, Inc. (BFLY) and Spok Holdings, Inc (SPOK). Click either name above to swap in a different company.
Spok Holdings, Inc is the larger business by last-quarter revenue ($33.9M vs $26.5M, roughly 1.3× Butterfly Network, Inc.). Spok Holdings, Inc runs the higher net margin — 8.7% vs -47.8%, a 56.4% gap on every dollar of revenue. On growth, Butterfly Network, Inc. posted the faster year-over-year revenue change (25.0% vs -0.1%). Over the past eight quarters, Butterfly Network, Inc.'s revenue compounded faster (11.1% CAGR vs -1.5%).
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.
Spok Holdings, Inc. is a global provider of critical communication solutions primarily serving the healthcare industry. It offers unified clinical communication platforms, secure messaging tools, alerting systems, and on-call scheduling software that help care teams coordinate efficiently, cut response times, and boost patient safety across medical facilities.
BFLY vs SPOK — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $26.5M | $33.9M |
| Net Profit | $-12.7M | $2.9M |
| Gross Margin | 68.9% | 76.7% |
| Operating Margin | -21.2% | 11.6% |
| Net Margin | -47.8% | 8.7% |
| Revenue YoY | 25.0% | -0.1% |
| Net Profit YoY | — | -19.6% |
| EPS (diluted) | $-0.05 | $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.
| Q1 26 | $26.5M | — | ||
| Q4 25 | $31.5M | $33.9M | ||
| Q3 25 | $21.5M | $33.9M | ||
| Q2 25 | $23.4M | $35.7M | ||
| Q1 25 | $21.2M | $36.3M | ||
| Q4 24 | $22.4M | $33.9M | ||
| Q3 24 | $20.6M | $34.9M | ||
| Q2 24 | $21.5M | $34.0M |
| Q1 26 | $-12.7M | — | ||
| Q4 25 | $-15.3M | $2.9M | ||
| Q3 25 | $-34.0M | $3.2M | ||
| Q2 25 | $-13.8M | $4.6M | ||
| Q1 25 | $-14.0M | $5.2M | ||
| Q4 24 | $-18.1M | $3.6M | ||
| Q3 24 | $-16.9M | $3.7M | ||
| Q2 24 | $-15.7M | $3.4M |
| Q1 26 | 68.9% | — | ||
| Q4 25 | 67.3% | 76.7% | ||
| Q3 25 | -17.5% | 78.3% | ||
| Q2 25 | 63.7% | 79.5% | ||
| Q1 25 | 63.0% | 80.1% | ||
| Q4 24 | 61.5% | 78.5% | ||
| Q3 24 | 59.5% | 79.5% | ||
| Q2 24 | 58.6% | 78.9% |
| Q1 26 | -21.2% | — | ||
| Q4 25 | -53.0% | 11.6% | ||
| Q3 25 | -163.5% | 12.9% | ||
| Q2 25 | -68.9% | 15.1% | ||
| Q1 25 | -87.0% | 16.6% | ||
| Q4 24 | -77.5% | 13.7% | ||
| Q3 24 | -83.9% | 14.2% | ||
| Q2 24 | -80.2% | 13.2% |
| Q1 26 | -47.8% | — | ||
| Q4 25 | -48.5% | 8.7% | ||
| Q3 25 | -158.1% | 9.5% | ||
| Q2 25 | -59.2% | 12.8% | ||
| Q1 25 | -65.8% | 14.3% | ||
| Q4 24 | -81.0% | 10.8% | ||
| Q3 24 | -82.3% | 10.5% | ||
| Q2 24 | -73.1% | 10.1% |
| Q1 26 | $-0.05 | — | ||
| Q4 25 | $-0.06 | $0.13 | ||
| Q3 25 | $-0.13 | $0.15 | ||
| Q2 25 | $-0.06 | $0.22 | ||
| Q1 25 | $-0.06 | $0.25 | ||
| Q4 24 | $-0.09 | $0.17 | ||
| Q3 24 | $-0.08 | $0.18 | ||
| Q2 24 | $-0.07 | $0.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $138.0M | $25.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $191.2M | $146.4M |
| Total Assets | $285.9M | $206.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $138.0M | — | ||
| Q4 25 | $150.5M | $25.3M | ||
| Q3 25 | $144.2M | $21.4M | ||
| Q2 25 | $148.1M | $20.2M | ||
| Q1 25 | $155.2M | $19.9M | ||
| Q4 24 | $88.8M | $29.1M | ||
| Q3 24 | $93.8M | $27.8M | ||
| Q2 24 | $102.1M | $23.9M |
| Q1 26 | $191.2M | — | ||
| Q4 25 | $196.0M | $146.4M | ||
| Q3 25 | $203.8M | $148.7M | ||
| Q2 25 | $232.8M | $150.9M | ||
| Q1 25 | $239.7M | $151.7M | ||
| Q4 24 | $168.8M | $154.7M | ||
| Q3 24 | $181.8M | $156.3M | ||
| Q2 24 | $194.3M | $158.2M |
| Q1 26 | $285.9M | — | ||
| Q4 25 | $296.5M | $206.1M | ||
| Q3 25 | $290.0M | $209.7M | ||
| Q2 25 | $313.3M | $208.7M | ||
| Q1 25 | $318.4M | $204.5M | ||
| Q4 24 | $256.1M | $217.1M | ||
| Q3 24 | $265.3M | $216.8M | ||
| Q2 24 | $273.1M | $216.4M |
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 | $-13.9M | $11.5M |
| Free Cash FlowOCF − Capex | — | $10.1M |
| FCF MarginFCF / Revenue | — | 29.9% |
| Capex IntensityCapex / Revenue | — | 4.1% |
| Cash ConversionOCF / Net Profit | — | 3.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $25.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-13.9M | — | ||
| Q4 25 | $9.0M | $11.5M | ||
| Q3 25 | $-2.9M | $8.1M | ||
| Q2 25 | $-7.2M | $7.0M | ||
| Q1 25 | $-11.7M | $2.3M | ||
| Q4 24 | $-3.1M | $8.4M | ||
| Q3 24 | $-7.9M | $11.1M | ||
| Q2 24 | $-10.0M | $7.4M |
| Q1 26 | — | — | ||
| Q4 25 | $7.9M | $10.1M | ||
| Q3 25 | $-3.9M | $7.6M | ||
| Q2 25 | $-8.1M | $6.0M | ||
| Q1 25 | $-12.0M | $1.5M | ||
| Q4 24 | $-3.5M | $7.5M | ||
| Q3 24 | $-8.3M | $10.3M | ||
| Q2 24 | $-10.7M | $6.8M |
| Q1 26 | — | — | ||
| Q4 25 | 25.2% | 29.9% | ||
| Q3 25 | -18.2% | 22.4% | ||
| Q2 25 | -34.5% | 16.8% | ||
| Q1 25 | -56.7% | 4.2% | ||
| Q4 24 | -15.8% | 22.3% | ||
| Q3 24 | -40.5% | 29.4% | ||
| Q2 24 | -50.0% | 20.0% |
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | 4.1% | ||
| Q3 25 | 4.7% | 1.6% | ||
| Q2 25 | 3.8% | 2.9% | ||
| Q1 25 | 1.7% | 2.1% | ||
| Q4 24 | 1.8% | 2.5% | ||
| Q3 24 | 2.0% | 2.4% | ||
| Q2 24 | 3.4% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.93× | ||
| Q3 25 | — | 2.54× | ||
| Q2 25 | — | 1.55× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 3.03× | ||
| Q2 24 | — | 2.17× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFLY
| Product | $14.7M | 55% |
| Software and other services | $11.9M | 45% |
SPOK
| Paging | $16.8M | 50% |
| Software Operations | $16.0M | 47% |
| License | $1.2M | 4% |
