Filing Flows › Butterfly Network (BFLY) › Takeover & LBO
Is Butterfly Network (BFLY) a takeover target?
A leveraged buyout does not work for Butterfly Network on its latest figures: it has no positive EBITDA to borrow against (−$51.1M over the last 12 months, on revenue of $123M). Historically 5.9% of companies with its figures were bought within a year (1.18× the average).
Why a leveraged buyout does not fit
A leveraged buyout is paid for mostly with debt that the company's own cash flow repays. Butterfly Network's EBITDA over the last 12 months was −$51.1M on revenue of $123M, so there is nothing to lend against and nothing to repay a loan with: a buyer would have to pay almost entirely with its own money. That is the kind of deal another company — a strategic buyer that wants the products, the pipeline or the technology — makes, not a private-equity fund. The model therefore gives no buyout price.
What a takeover could cost
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Butterfly Network would cost about $8.99 a share, $2.4B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 22% | $8.13 | $2.2B |
| Median | 35% | $8.99 | $2.4B |
| High end (a quarter paid more) | 45% | $9.66 | $2.6B |
The odds, from history
Historically 5.9% of companies with its figures were bought within a year (1.18× the average). Its figures put it in decile 8 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Butterfly Network's latest quarter
Butterfly Network, Q3 2026: revenue $32.6M (+52% year over year), operating margin -41.7%, net loss $12.8M, operating cash flow −$2.3M. The chart follows the revenue to costs, profit and cash.
Questions
Is Butterfly Network being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy Butterfly Network?
A leveraged buyout does not work for Butterfly Network on its latest figures: it has no positive EBITDA to borrow against (−$51.1M over the last 12 months, on revenue of $123M). With no cash flow to repay a loan, a buyer would pay almost entirely with its own money: a deal for another company (a strategic buyer), not for a private-equity fund.
What would a takeover of Butterfly Network cost?
Takeovers in its sector paid a median premium of 35% over the share price before the deal (the middle half 22% to 45%), according to the 15 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Butterfly Network would cost about $8.99 a share, $2.4B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.