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Side-by-side financial comparison of Butterfly Network, Inc. (BFLY) and STEM, INC. (STEM). Click either name above to swap in a different company.
STEM, INC. is the larger business by last-quarter revenue ($47.1M vs $26.5M, roughly 1.8× Butterfly Network, Inc.). STEM, INC. runs the higher net margin — -33.9% vs -47.8%, a 13.9% gap on every dollar of revenue. On growth, Butterfly Network, Inc. posted the faster year-over-year revenue change (25.0% vs -15.6%). Over the past eight quarters, STEM, INC.'s revenue compounded faster (36.1% CAGR vs 11.1%).
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.
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
BFLY vs STEM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $26.5M | $47.1M |
| Net Profit | $-12.7M | $-16.0M |
| Gross Margin | 68.9% | 48.9% |
| Operating Margin | -21.2% | -17.7% |
| Net Margin | -47.8% | -33.9% |
| Revenue YoY | 25.0% | -15.6% |
| Net Profit YoY | — | 68.8% |
| EPS (diluted) | $-0.05 | $-4.40 |
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 | $47.1M | ||
| Q3 25 | $21.5M | $38.2M | ||
| Q2 25 | $23.4M | $38.4M | ||
| Q1 25 | $21.2M | $32.5M | ||
| Q4 24 | $22.4M | $55.8M | ||
| Q3 24 | $20.6M | $29.3M | ||
| Q2 24 | $21.5M | $34.0M |
| Q1 26 | $-12.7M | — | ||
| Q4 25 | $-15.3M | $-16.0M | ||
| Q3 25 | $-34.0M | $-23.8M | ||
| Q2 25 | $-13.8M | $202.5M | ||
| Q1 25 | $-14.0M | $-25.0M | ||
| Q4 24 | $-18.1M | $-51.1M | ||
| Q3 24 | $-16.9M | $-148.3M | ||
| Q2 24 | $-15.7M | $-582.3M |
| Q1 26 | 68.9% | — | ||
| Q4 25 | 67.3% | 48.9% | ||
| Q3 25 | -17.5% | 35.5% | ||
| Q2 25 | 63.7% | 33.4% | ||
| Q1 25 | 63.0% | 32.4% | ||
| Q4 24 | 61.5% | -4.4% | ||
| Q3 24 | 59.5% | 21.2% | ||
| Q2 24 | 58.6% | 27.6% |
| Q1 26 | -21.2% | — | ||
| Q4 25 | -53.0% | -17.7% | ||
| Q3 25 | -163.5% | -33.6% | ||
| Q2 25 | -68.9% | -34.8% | ||
| Q1 25 | -87.0% | -65.0% | ||
| Q4 24 | -77.5% | -84.4% | ||
| Q3 24 | -83.9% | -493.2% | ||
| Q2 24 | -80.2% | -1705.5% |
| Q1 26 | -47.8% | — | ||
| Q4 25 | -48.5% | -33.9% | ||
| Q3 25 | -158.1% | -62.2% | ||
| Q2 25 | -59.2% | 527.8% | ||
| Q1 25 | -65.8% | -76.9% | ||
| Q4 24 | -81.0% | -91.6% | ||
| Q3 24 | -82.3% | -506.3% | ||
| Q2 24 | -73.1% | -1712.6% |
| Q1 26 | $-0.05 | — | ||
| Q4 25 | $-0.06 | $-4.40 | ||
| Q3 25 | $-0.13 | $-2.84 | ||
| Q2 25 | $-0.06 | $-1.79 | ||
| Q1 25 | $-0.06 | $-0.15 | ||
| Q4 24 | $-0.09 | $-15.29 | ||
| Q3 24 | $-0.08 | $-18.24 | ||
| Q2 24 | $-0.07 | $-71.81 |
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 | $48.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $191.2M | $-249.4M |
| Total Assets | $285.9M | $308.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $138.0M | — | ||
| Q4 25 | $150.5M | $48.9M | ||
| Q3 25 | $144.2M | $43.1M | ||
| Q2 25 | $148.1M | $40.8M | ||
| Q1 25 | $155.2M | $58.6M | ||
| Q4 24 | $88.8M | $56.3M | ||
| Q3 24 | $93.8M | $75.4M | ||
| Q2 24 | $102.1M | $89.6M |
| Q1 26 | $191.2M | — | ||
| Q4 25 | $196.0M | $-249.4M | ||
| Q3 25 | $203.8M | $-235.7M | ||
| Q2 25 | $232.8M | $-214.1M | ||
| Q1 25 | $239.7M | $-417.5M | ||
| Q4 24 | $168.8M | $-398.4M | ||
| Q3 24 | $181.8M | $-344.1M | ||
| Q2 24 | $194.3M | $-203.2M |
| Q1 26 | $285.9M | — | ||
| Q4 25 | $296.5M | $308.9M | ||
| Q3 25 | $290.0M | $362.6M | ||
| Q2 25 | $313.3M | $379.2M | ||
| Q1 25 | $318.4M | $405.1M | ||
| Q4 24 | $256.1M | $437.4M | ||
| Q3 24 | $265.3M | $537.8M | ||
| Q2 24 | $273.1M | $691.5M |
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 | $8.2M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-13.9M | — | ||
| Q4 25 | $9.0M | $8.2M | ||
| Q3 25 | $-2.9M | $11.4M | ||
| Q2 25 | $-7.2M | $-21.3M | ||
| Q1 25 | $-11.7M | $8.5M | ||
| Q4 24 | $-3.1M | $-14.7M | ||
| Q3 24 | $-7.9M | $-9.4M | ||
| Q2 24 | $-10.0M | $-11.9M |
| Q1 26 | — | — | ||
| Q4 25 | $7.9M | — | ||
| Q3 25 | $-3.9M | — | ||
| Q2 25 | $-8.1M | — | ||
| Q1 25 | $-12.0M | — | ||
| Q4 24 | $-3.5M | — | ||
| Q3 24 | $-8.3M | — | ||
| Q2 24 | $-10.7M | — |
| Q1 26 | — | — | ||
| Q4 25 | 25.2% | — | ||
| Q3 25 | -18.2% | — | ||
| Q2 25 | -34.5% | — | ||
| Q1 25 | -56.7% | — | ||
| Q4 24 | -15.8% | — | ||
| Q3 24 | -40.5% | — | ||
| Q2 24 | -50.0% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.4% | — | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | 3.8% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 2.0% | — | ||
| Q2 24 | 3.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.11× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
STEM
Segment breakdown not available.
