BFLY vs NNOX: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BFLY and NNOX share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BFLY and NNOX exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Butterfly Network designs and sells handheld ultrasound systems built on its proprietary Ultrasound-on-Chip technology, which replaces the traditional piezoelectric crystals in an ultrasound machine with a semiconductor sensor. That lets a single probe (the flagship iQ3) image the whole body and connect to a phone or tablet, and the company layers on subscription software, cloud storage, and AI tools that push clinicians toward higher-margin recurring revenue. Customers include hospitals, clinics, medical schools, and increasingly international and lower-resource settings where a $2,000-to-$5,000-range device is far cheaper than a cart-based system.

Full BFLY guide

Nano-X Imaging Ltd is a medical-imaging technology company, headquartered in Israel, developing and commercializing a new approach to X-ray imaging. Its core innovation is a digital, semiconductor-based X-ray source (a cold-cathode, MEMS-style emitter) that the company positions as a lower-cost, more compact alternative to the traditional hot-filament X-ray tubes used across the industry. That source powers the Nanox.ARC and Nanox.ARC X, multi-source digital tomosynthesis systems that produce 3D-style tomographic images and have received FDA 510(k) clearance for a range of musculoskeletal and other indications. In February 2026 the company also received FDA clearance for TAP2D, a cloud-enabled feature that generates a 2D image from a single 3D tomosynthesis scan.

Full NNOX guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• BFLY drivers: Software and recurring-revenue mix shift; iQ3 probe and hardware refresh cycle.
• NNOX drivers: Differentiated imaging technology; FDA clearances and the Nanox.ARC roadmap.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Butterfly remains unprofitable, with trailing losses of roughly $76M against about $103M of revenue as of Q1 2026, so it depends on its cash balance and, potentially, future capital raises that could dilute shareholders. For NNOX, the dominant risk is that Nano-X is early-commercial and unprofitable, with tiny revenue relative to its spending and ongoing cash burn, so it may need to raise additional capital that could dilute existing shareholders.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BFLY if you believe its drivers more; NNOX if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BFLY and NNOX guides.

BFLY. As of mid-2026, Butterfly generated roughly $103M in trailing revenue while posting net losses, and it guided to full-year 2026 revenue of about $117M to $121M with an adjusted-EBITDA loss of roughly $21M to $25M. With a market cap in the $1.5B-to-$2.3B range after a large share-price run, the stock trades at a high multiple of sales, so the valuation embeds substantial future growth. The roughly $138M cash balance gives it a multi-year runway at current burn rates.

NNOX. Figures are approximate and tied to the asOf date; verify live numbers before acting. Because Nano-X has minimal revenue and no profits, traditional earnings multiples are not meaningful, and the stock is valued largely on the perceived potential of its technology and partnerships. The most important numbers to watch are cash on hand versus quarterly burn (which together imply how long the company can operate before needing to raise money) and the pace of actual system installations, not any single revenue print.

Headline figures (approximate, JUNE 2026): BFLY shows revenue (ttm) ~$103M, q1 2026 revenue growth ~25% YoY, fy2026 revenue guidance ~$117M to $121M, gross margin (q1 2026) ~69%; NNOX shows q1 2026 revenue about $4.3 million, up year over year but still very small, profitability not profitable; the company operates at a loss and burns cash, cash position about $44.2 million as of March 31, 2026, down from roughly $60 million at year-end 2025, operating cash flow (q1 2026) roughly negative $14 million in the quarter.

BFLY and NNOX are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BFLY and NNOX exposure against your real portfolio. It is not an investment adviser.