BFLY vs GEHC vs VREX Stock Comparison

Butterfly Network, GE HealthCare Technologies and Varex Imaging Prices as of Oct 23, 2026 Peers: Industry group
BFLY Butterfly Network, Inc.
$6.76 -26.5% 1M +204.5% 1Y
Market cap
$1.74B
P/E
–
Revenue (TTM)
$112.15M
Div. yield
–
Diagnostic Equipment Healthcare
2 wins
VREX Varex Imaging Corp
$18.42 -0.2% 1M +55.1% 1Y
Market cap
$775.90M
P/E
35.1x
Revenue (TTM)
$865.00M
Div. yield
–
Diagnostic Equipment Healthcare
1 win

Head to Head

11 decided of 12

GE HealthCare Technologies leads on 8 of the 12 questions below (GE HealthCare Technologies 8, Butterfly Network 2, Varex Imaging 1). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionBFLYGEHCVREXLeader
Larger companyMarket capitalisation $1.74B $32.60B $775.90M GEHC
Cheaper on earningsLower P/E, profitable companies only -23.3x 16.4x 35.1x GEHC
Cheaper on forward earningsLower price / next fiscal year consensus EPS — 14.0x 21.2x GEHC
Faster revenue growthRevenue growth, trailing twelve months +28.1% +6.5% +5.3% BFLY
More profitableNet margin, trailing twelve months -66.7% 9.3% 2.6% GEHC
Better return on capitalReturn on invested capital — 10.1% 6.9% GEHC
Less leveragedLower net debt / EBITDA — 2.4x 2.5x GEHC
Higher dividend yieldTrailing dividend yield 0.00% 0.00% 0.00% –
Better 1-year returnPrice return, last 12 months +204.5% -7.5% +55.1% BFLY
Better 5-year returnAnnualised price return, 5 years -8.2%/yr — -7.3%/yr VREX
Less volatileAnnualised volatility, 1 year 114.4% 34.9% 57.5% GEHC
Higher overall scoreMean of the five percentile scores vs peers 45/100 55/100 50/100 GEHC

Percentile Scorecard

BFLYGEHCVREX

Each axis is the mean percentile of its metrics against the company's industry group. 100 is the best in the group, 50 the middle.

Scores by Axis

AxisBFLYGEHCVREX
Valuation 28 #164 of 228 88 #29 of 228 87 #31 of 228
Growth 68 #72 of 222 22 #173 of 222 23 #172 of 222
Profitability 31 #145 of 210 77 #49 of 210 66 #72 of 210
Financial Health 61 #95 of 241 27 #177 of 241 41 #142 of 241
Shareholder Returns 35 #90 of 138 61 #55 of 138 36 #89 of 138
Overall 45 55 50
  • BFLY ranked among 248 companies in Medical Devices and Diagnostics
  • GEHC ranked among 248 companies in Medical Devices and Diagnostics
  • VREX ranked among 248 companies in Medical Devices and Diagnostics

Price Performance

Price return, split-adjusted, before dividends. Click a name to hide or show it.

Returns

PeriodBFLYGEHCVREXSPY
1 month -26.5%+8.1%-0.2% -1.0%
3 months +3.0%+17.9%+68.7% +2.9%
6 months +26.8%+3.8%+47.0% +6.4%
Year to date +77.9%-12.9%+58.1% +11.4%
1 year +204.5%-7.5%+55.1% +13.1%
3 years +611.6%+10.5%+2.5% +79.4%
3 years, per year +92.4%+3.4%+0.8% +21.5%
5 years -34.7%—-31.4% +67.7%
5 years, per year -8.2%—-7.3% +10.9%

Risk

MeasureBFLYGEHCVREXSPY
Volatility, 1Y 114.4%34.9%57.5% 12.7%
Downside volatility, 1Y 91.7%36.0%50.0% 12.7%
Beta vs S&P 500, 1Y 2.940.671.10 1.00
Return / volatility, 1Y 1.79-0.220.96 1.03
Max drawdown, 5Y -93.5%-37.4%-78.8% -25.4%
From 52-week high -32.0%-19.0%-0.9% -2.5%
52-week high $9.94$88.16$18.58 $779.14
52-week low $1.97$59.49$9.32 $631.97

Valuation History

Weekly multiples on trailing twelve-month fundamentals. Negative or extreme readings (a loss year, a collapsed denominator) are left out so the chart stays readable.

MultipleBFLYGEHCVREX
P/E now vs peer median -23.7xmedian 30.7x 16.3xmedian 30.7x 35.1xmedian 30.7x
P/S now vs peer median 14.3xmedian 3.0x 1.5xmedian 3.0x 0.9xmedian 3.0x
EV/EBITDA now vs peer median -20.5xmedian 17.7x 12.0xmedian 17.7x 10.1xmedian 17.7x
P/FCF now vs peer median -57.4xmedian 23.7x 20.4xmedian 23.7x -38.4xmedian 23.7x
P/B now vs peer median 8.5xmedian 2.4x 2.9xmedian 2.4x 1.5xmedian 2.4x
PEG now vs peer median -0.88median 0.96 2.43median 0.96 -9.15median 0.96

Financial History

Reported figures by fiscal period, placed on the calendar year (or quarter) each period ended in, so companies with different fiscal years line up.

Trailing twelve monthsBFLYGEHCVREX
Revenue $112.15M $21.27B $865.00M
Gross profit $59.04M $8.41B $296.90M
Operating income -$79.38M $2.73B $72.20M
Net income -$74.85M $2.05B $22.40M
Free cash flow -$28.04M $1.58B -$20.20M
R&D $38.10M $1.28B $91.40M
EPS (diluted) $-0.29 $4.37 $0.52
Cash & equivalents $124.66M $2.11B $99.20M
Total debt – $10.09B $347.10M
Shares (diluted) 262.10M 454.00M 42.60M
Enterprise value $1.19B $19.65B $307.70M

All Metrics

58 metrics · best in bold

Bold marks the best reading: the lowest positive value for multiples, leverage and payout, the highest for everything else. The bar under each value is its percentile against that company's own peers. Hover a value for its rank and the peer median.

Valuation

12 metrics
MetricBFLYGEHCVREX
P/E -23.7x 16.3x 35.1x
P/FCF -57.4x 20.4x -38.4x
P/Operating cash flow -67.0x 15.4x 68.7x
P/S 14.3x 1.5x 0.9x
P/B 8.5x 2.9x 1.5x
P/Tangible book 8.8x 3.5x 1.6x
EV/EBITDA -20.5x 12.0x 10.1x
EV/EBIT -18.7x 14.7x 14.2x
EV/Revenue 13.2x 1.9x 1.2x
EV/FCF -52.9x 25.5x -50.7x
EV/Operating cash flow -61.8x 19.2x 90.6x
PEG (3Y EPS CAGR) -0.88 2.43 -9.15

Growth

14 metrics
MetricBFLYGEHCVREX
Revenue growth (1Y) 28.1% 6.5% 5.3%
Revenue CAGR (3Y) 15.6% 3.8% -1.2%
Gross profit growth (1Y) 8.8% 1.3% 6.1%
Gross profit CAGR (3Y) 13.3% 3.7% 1.2%
Operating income growth (1Y) -14.8% -0.9% 297.8%
Operating income CAGR (3Y) 21.1% 2.9% -2.3%
Net income growth (1Y) -19.1% -11.5% 116.7%
Net income CAGR (3Y) 20.8% 2.9% -9.2%
EPS growth (1Y) -12.9% -10.6% 116.1%
EPS CAGR (3Y) 27.0% 6.7% -3.8%
Operating cash flow growth (1Y) 19.6% 5.1% -81.1%
Operating cash flow CAGR (3Y) 44.5% 0.2% -47.6%
Free cash flow growth (1Y) 12.2% 0.6% -155.5%
Free cash flow CAGR (3Y) 42.8% -2.8% -33.5%

Profitability

14 metrics
MetricBFLYGEHCVREX
Gross margin 52.6% 39.5% 34.3%
EBITDA margin -64.4% 15.7% 11.7%
Operating margin -70.8% 12.9% 8.3%
Pretax margin -66.7% 12.5% 3.2%
Net margin -66.7% 9.3% 2.6%
FCF margin -25.0% 7.4% -2.3%
Operating cash flow margin -21.4% 9.9% 1.3%
Return on equity -39.3% 18.9% 4.5%
Return on assets -26.3% 5.5% 2.1%
Return on invested capital – 10.1% 6.9%
Return on capital employed -35.1% 9.5% 8.0%
Asset turnover 0.4x 0.6x 0.8x
Cash conversion (OCF / net income) 0.3x 1.0x 0.5x
Stock comp / revenue 21.3% 0.7% 1.7%

Financial Health

11 metrics
MetricBFLYGEHCVREX
Debt / assets – 27.1% 31.6%
Debt / equity – 0.9x 0.7x
Net debt / EBITDA – 2.4x 2.5x
Debt / FCF – 6.4x -17.2x
Liabilities / assets 33.1% 70.5% 53.6%
Equity / assets 66.9% 29.5% 46.4%
Interest coverage -59.4x 6.4x 1.9x
Current ratio 4.1x 1.3x 3.4x
Quick ratio 2.7x 0.9x 1.3x
Cash ratio 2.1x 0.3x 0.5x
Altman Z-score 6.07 1.85 2.28

Shareholder Returns

7 metrics
MetricBFLYGEHCVREX
Dividend yield – 0.3% –
Net buyback yield -0.5% 1.2% -0.4%
Shareholder yield -0.5% 1.4% -0.4%
Payout ratio (earnings) – – –
Payout ratio (FCF) – – –
Dividend growth (1Y) – – –
Dividend CAGR (3Y) – – –

Analyst Estimates

Solid lines are reported fiscal-year results; dashed lines are the consensus for the years ahead. Hover a year for the analysts' high and low, and how each result compared with its estimate.

ConsensusBFLYGEHCVREX
Forward P/E – 14.0xFY2026 21.2xFY2026
EPS, next fiscal year $-0.10FY2026 $5.09FY2026 $0.87FY2026
EPS growth, next FY – +10.9%FY2026 -3.3%FY2026
EPS growth, the year after – -0.6% +14.9%
Revenue, next fiscal year $114.50MFY2026 $22.47BFY2026 $829.68MFY2026
Revenue growth, next FY +17.3%FY2026 +8.9%FY2026 -1.8%FY2026
Revenue growth, the year after +26.0% +7.5% +2.3%

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersBFLYGEHCVREX
Held by institutions 59.9% 87.0% 95.2%
Institutions holding 245 1,221 186
Change in shares held, QoQ +13.9% +1.7% -2.7%
Institutions buying 143 538 98
Institutions selling 59 461 58
Buyers to sellers 2.42 1.17 1.69

Return Correlation

Daily returns, last 12 months

1.00 means two stocks move in lockstep, 0 that they move independently. Pairs below about 0.5 diversify each other.

BFLYGEHCVREX
BFLY 1.00 0.22 0.19
GEHC 0.22 1.00 0.26
VREX 0.19 0.26 1.00

Add a Peer

Largest companies in the same industry

Related Comparisons

Frequently Asked Questions

Which is bigger, BFLY, GEHC and VREX?

GE HealthCare Technologies (GEHC) is the largest by market capitalisation: Butterfly Network (BFLY) $1.74B, GE HealthCare Technologies (GEHC) $32.60B, Varex Imaging (VREX) $775.90M.

Which stock is cheaper, BFLY, GEHC and VREX?

GE HealthCare Technologies (GEHC) trades on the lowest price-to-earnings ratio (Butterfly Network (BFLY) -23.3x, GE HealthCare Technologies (GEHC) 16.4x, Varex Imaging (VREX) 35.1x). On next year's consensus earnings, GE HealthCare Technologies (GEHC) is cheapest (GE HealthCare Technologies (GEHC) 14.0x, Varex Imaging (VREX) 21.2x). A lower multiple can reflect slower expected growth, so read it next to the growth figures.

Which company is growing faster?

Butterfly Network (BFLY) grew revenue fastest over the trailing twelve months: Butterfly Network (BFLY) +28.1%, GE HealthCare Technologies (GEHC) +6.5%, Varex Imaging (VREX) +5.3%.

Which company is more profitable?

GE HealthCare Technologies (GEHC) has the highest net margin (Butterfly Network (BFLY) -66.7%, GE HealthCare Technologies (GEHC) 9.3%, Varex Imaging (VREX) 2.6%). On return on invested capital, GE HealthCare Technologies (GEHC) leads (GE HealthCare Technologies (GEHC) 10.1%, Varex Imaging (VREX) 6.9%).

Which stock has performed better?

Over the past year Butterfly Network (BFLY) returned the most: Butterfly Network (BFLY) +204.5%, GE HealthCare Technologies (GEHC) -7.5%, Varex Imaging (VREX) +55.1%. Over five years, Varex Imaging (VREX) compounded fastest (Butterfly Network (BFLY) -8.2%/yr, Varex Imaging (VREX) -7.3%/yr). Returns are price only, before dividends.

Which stock is riskier?

By one-year price volatility, GE HealthCare Technologies (GEHC) has been the steadiest (Butterfly Network (BFLY) 114.4%, GE HealthCare Technologies (GEHC) 34.9%, Varex Imaging (VREX) 57.5%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, BFLY, GEHC and VREX?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, GE HealthCare Technologies (GEHC) leads on 8. Business Quant does not give investment advice; use the comparison as a starting point for your own research.

Data from SEC filings, exchange prices and consensus estimates, via Business Quant. Percentile scores compare each company with its own peer group, so two companies' scores are each relative to different peers unless you rank against the whole market. Price returns exclude dividends. Nothing on this page is investment advice.