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Voyager Therapeutics (VYGR) Financials

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$1.76 -0.07 (-3.84%)
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Annual Income Statements for Voyager Therapeutics

Annual Income Statements for Voyager Therapeutics

This table shows Voyager Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -38 -40 -71 -88 -44 37 -71 -46 132 -65 -120
Consolidated Net Income / (Loss)		 -30 -40 -71 -88 -44 37 -71 -46 132 -65 -120
Net Income / (Loss) Continuing Operations		 -30 -40 -71 -88 -44 37 -71 -46 132 -65 -120
Total Pre-Tax Income 		-30 -40 -71 -88 0.00 37 -71 -46 134 -64 -120
Total Operating Income		 -20 -41 -72 -91 -52 27 -74 -51 122 -83 -132
Total Gross Profit		 17 14 10 7.62 104 171 37 41 250 80 40
Total Revenue		 17 14 10 7.62 104 171 37 41 250 80 40
Operating Revenue		 17 14 10 7.62 104 171 37 41 250 80 40
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 38 56 82 99 156 144 111 92 128 163 172
Selling, General & Admin Expense		 9.91 13 20 34 36 35 37 31 36 36 38
Research & Development Expense		 28 42 62 65 120 109 74 61 92 127 135
Total Other Income / (Expense), net		 -9.42 1.16 1.17 2.63 8.08 9.36 2.42 4.45 12 19 12
Interest & Investment Income		 0.33 0.98 1.23 3.31 6.46 1.66 -0.39 1.79 12 18 11
Other Income / (Expense), net		 -9.75 0.18 -0.06 -0.68 1.63 7.70 2.81 2.65 0.00 0.62 1.65
Income Tax Expense		 - 0.05 - -0.18 - 0.00 0.00 0.02 1.41 0.67 0.14
Basic Earnings per Share		 $9.14 ($1.59) ($2.64) ($2.75) ($1.21) $0.99 ($1.89) ($1.21) $3.08 ($1.13) ($2.04)
Weighted Average Basic Shares Outstanding		 4.19M 25.30M 26.80M 32.07M 35.90M 37.13M 37.67M 38.36M 43.02M 57.67M 58.69M
Diluted Earnings per Share		 $9.14 ($1.59) ($2.64) ($2.75) ($1.21) $0.98 ($1.89) ($1.21) $2.97 ($1.13) ($2.04)
Weighted Average Diluted Shares Outstanding		 4.19M 25.30M 26.80M 32.07M 35.90M 37.35M 37.67M 38.36M 44.57M 57.67M 58.69M
Weighted Average Basic & Diluted Shares Outstanding		 4.19M 25.30M 26.80M 32.07M 35.90M 37.65M 38.11M 43.29M 54.30M 55.21M 59.60M

Quarterly Income Statements for Voyager Therapeutics

This table shows Voyager Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
Total Costs & Expenses		 - - - - - - 44 - - - 30
Net Income / (Loss) Attributable to Common Shareholders		 -11 -10 -9.04 -34 -31 -33 -28 -27 -28 -24 -25
Consolidated Net Income / (Loss)		 -11 -10 -9.04 -34 -31 -33 -28 -27 -28 -24 -25
Net Income / (Loss) Continuing Operations		 -11 -10 -9.04 -34 -31 -33 -28 -27 -28 -24 -25
Total Pre-Tax Income 		-11 -10 -9.00 -34 -31 -33 -28 -27 -28 -24 -25
Total Operating Income		 -16 -15 -14 -38 -35 -37 -31 -30 -30 -26 -26
Total Gross Profit		 20 30 25 6.28 6.47 5.20 13 15 2.59 3.17 4.01
Total Revenue		 20 30 25 6.28 6.47 5.20 13 15 2.59 3.17 4.01
Operating Revenue		 20 30 25 6.28 6.47 5.20 13 15 2.59 3.17 4.01
Total Cost of Revenue		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00
Total Operating Expenses		 36 45 38 45 41 42 44 45 33 30 30
Selling, General & Admin Expense		 8.61 10 8.17 8.99 9.64 10 8.09 9.32 8.26 7.52 6.07
Research & Development Expense		 27 34 30 36 32 31 36 36 25 22 24
Total Other Income / (Expense), net		 4.87 4.91 4.78 4.40 3.71 3.26 2.79 2.52 2.35 1.94 1.75
Interest & Investment Income		 4.87 4.89 4.58 3.99 3.29 2.83 2.39 2.11 1.91 1.53 1.34
Other Income / (Expense), net		 0.00 0.02 0.20 - 0.42 0.43 0.40 0.40 0.44 0.41 0.41
Income Tax Expense		 0.01 0.02 0.04 0.58 0.04 0.02 0.08 0.01 0.01 0.02 0.02
Basic Earnings per Share		 ($0.20) ($0.18) ($0.16) ($0.59) ($0.53) ($0.57) ($0.47) ($0.47) ($0.47) ($0.40) ($0.40)
Weighted Average Basic Shares Outstanding		 57.12M 57.72M 57.85M 57.67M 58.35M 58.67M 58.80M 58.69M 59.50M 60.55M 61.82M
Diluted Earnings per Share		 ($0.20) ($0.18) ($0.16) ($0.59) ($0.53) ($0.57) ($0.47) ($0.47) ($0.47) ($0.40) ($0.40)
Weighted Average Diluted Shares Outstanding		 57.12M 57.72M 57.85M 57.67M 58.35M 58.67M 58.80M 58.69M 59.50M 60.55M 61.82M
Weighted Average Basic & Diluted Shares Outstanding		 54.39M 54.53M 54.63M 55.21M 55.34M 55.47M 55.60M 59.60M 60.42M 61.62M 62.23M

Annual Cash Flow Statements for Voyager Therapeutics

This table details how cash moves in and out of Voyager Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 24 5.75 -5.11 15 39 19 13 -19 -30 3.85 -6.21
Net Cash From Operating Activities		 41 -42 -61 -16 49 -97 -54 -13 78 -15 -132
Net Cash From Continuing Operating Activities		 41 -42 -61 -16 49 -97 -54 -13 78 -15 -132
Net Income / (Loss) Continuing Operations		 -30 -40 -71 -88 -44 37 -71 -46 132 -65 -120
Consolidated Net Income / (Loss)		 -30 -40 -71 -88 -44 37 -71 -46 132 -65 -120
Depreciation Expense		 0.60 0.61 1.60 2.12 2.77 3.82 5.17 6.19 4.44 4.73 4.06
Amortization Expense		 -0.45 0.70 -0.02 -2.16 -3.58 0.03 0.35 -0.02 -3.63 -7.97 -2.97
Non-Cash Adjustments To Reconcile Net Income		 16 8.20 9.40 17 -0.90 10 19 7.27 10 25 20
Changes in Operating Assets and Liabilities, net		 55 -12 -1.62 56 94 -147 -6.59 20 -65 28 -34
Net Cash From Investing Activities		 -195 48 -3.68 26 -90 113 66 -7.34 -142 -95 125
Net Cash From Continuing Investing Activities		 -195 48 -3.68 26 -90 113 66 -7.35 -142 -95 125
Purchase of Property, Plant & Equipment		 -1.03 -5.03 -3.99 -4.31 -7.72 -12 -1.61 -2.51 -3.26 -3.52 -2.60
Purchase of Investments		 -220 -112 -147 -333 -494 -70 -15 -55 -224 -466 -134
Sale and/or Maturity of Investments		 27 165 148 364 411 195 83 50 86 374 262
Net Cash From Financing Activities		 178 0.51 60 4.75 81 3.16 0.61 1.11 34 114 0.82
Net Cash From Continuing Financing Activities		 178 0.51 60 4.75 81 3.16 0.61 1.11 34 114 0.82
Issuance of Common Equity		 105 - 59 0.86 78 0.84 0.58 0.48 32 114 0.55
Other Financing Activities, net		 73 0.51 1.36 3.89 2.71 2.32 0.03 0.63 1.85 0.39 0.27

Quarterly Cash Flow Statements for Voyager Therapeutics

This table details how cash moves in and out of Voyager Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
Net Change in Cash & Equivalents		 76 -67 36 -41 3.39 -31 3.93 17 -22 -7.55 13
Net Cash From Operating Activities		 59 -32 -28 -15 -38 -33 -31 -30 -33 -26 -20
Net Cash From Continuing Operating Activities		 59 -32 -28 -15 -38 -33 -31 -30 -33 -26 -20
Net Income / (Loss) Continuing Operations		 -11 -10 -9.04 -34 -31 -33 -28 -27 -28 -24 -25
Consolidated Net Income / (Loss)		 -11 -10 -9.04 -34 -31 -33 -28 -27 -28 -24 -25
Depreciation Expense		 1.20 1.39 1.13 1.01 1.01 1.07 0.93 1.05 0.93 0.91 0.84
Amortization Expense		 -1.93 -2.46 -2.06 -1.51 -1.00 -0.79 -0.65 -0.53 -0.37 -0.25 -0.14
Non-Cash Adjustments To Reconcile Net Income		 5.41 9.49 2.45 7.98 5.11 4.97 4.69 5.55 3.76 3.77 4.47
Changes in Operating Assets and Liabilities, net		 65 -30 -20 12 -12 -5.13 -8.13 -8.90 -9.81 -5.80 -0.14
Net Cash From Investing Activities		 -96 -36 64 -27 41 1.93 35 47 8.10 15 29
Net Cash From Continuing Investing Activities		 -96 -36 64 -27 41 1.93 35 47 8.10 15 29
Purchase of Investments		 -204 -90 -41 -131 -77 -38 -6.64 -13 -43 -27 -7.69
Sale and/or Maturity of Investments		 110 55 105 104 119 41 42 61 52 43 37
Net Cash From Financing Activities		 113 0.57 0.01 0.57 0.08 0.51 0.09 0.14 3.33 2.91 3.03
Net Cash From Continuing Financing Activities		 113 0.57 0.01 0.57 0.08 0.51 0.09 0.14 3.33 2.91 3.03
Issuance of Common Equity		 113 0.48 -0.08 0.45 0.00 0.43 - 0.12 3.04 2.85 3.03

Annual Balance Sheets for Voyager Therapeutics

This table presents Voyager Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 229 190 184 177 355 262 194 159 351 393 252
Total Current Assets		 196 179 172 162 305 198 137 124 320 277 203
Cash & Equivalents		 31 37 32 47 86 104 117 99 69 71 65
Short-Term Investments		 163 138 138 109 195 77 15 20 162 195 131
Accounts Receivable		 - - - - - - - 0.00 80 1.50 1.76
Prepaid Expenses		 1.56 4.37 2.74 6.68 4.63 8.62 3.43 5.39 5.32 7.95 4.33
Other Current Assets		 - - - - 18 8.01 0.73 0.26 3.34 0.68 0.15
Plant, Property, & Equipment, net		 3.23 7.89 10 13 18 25 22 18 16 14 13
Total Noncurrent Assets		 30 2.89 2.40 1.78 32 38 35 17 15 102 36
Long-Term Investments		 30 1.36 1.10 0.63 1.92 - - - 0.00 66 5.24
Other Noncurrent Operating Assets		 0.32 1.53 1.30 1.15 30 38 35 17 15 36 31
Total Liabilities & Shareholders' Equity		 229 190 184 177 355 262 194 159 351 393 252
Total Liabilities		 60 54 50 131 255 107 99 100 115 93 56
Total Current Liabilities		 24 14 16 32 76 27 51 73 65 50 27
Accounts Payable		 0.61 0.55 1.02 1.04 4.07 0.63 0.57 2.57 1.60 4.00 5.01
Accrued Expenses		 3.43 6.49 11 9.79 22 14 11 7.82 17 14 12
Current Deferred Revenue		 20 6.76 3.38 21 47 7.73 34 59 43 24 1.59
Other Current Liabilities		 - - - - 3.19 4.20 5.57 2.83 3.20 7.23 7.84
Total Noncurrent Liabilities		 36 40 35 99 179 80 48 28 49 44 30
Other Noncurrent Operating Liabilities		 0.04 0.03 1.01 6.71 32 44 40 21 17 37 30
Commitments & Contingencies		 - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 169 136 134 46 100 154 95 59 236 300 196
Total Preferred & Common Equity		 169 136 134 46 100 154 95 59 236 300 196
Preferred Stock		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 169 136 134 46 100 154 95 59 236 300 196
Common Stock		 219 226 295 316 412 430 442 453 498 626 642
Retained Earnings		 -50 -90 -161 -269 -313 -276 -347 -394 -261 -326 -446
Accumulated Other Comprehensive Income / (Loss)		 -0.25 -0.05 -0.29 -0.13 -0.10 -0.13 -0.14 -0.22 -0.05 -0.41 0.03

Quarterly Balance Sheets for Voyager Therapeutics

This table presents Voyager Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026 9/30/2026
Total Assets		 295 470 436 426 353 322 288 219 198 177
Total Current Assets		 262 409 382 373 245 228 220 147 125 114
Cash & Equivalents		 65 143 76 113 75 44 45 43 36 48
Short-Term Investments		 188 256 295 233 161 172 164 98 81 58
Accounts Receivable		 - 0.84 1.70 16 1.62 1.67 3.19 1.49 2.93 4.02
Prepaid Expenses		 5.74 6.11 7.30 8.42 7.08 9.77 6.62 3.86 5.74 3.35
Other Current Assets		 3.25 2.62 1.55 3.71 0.49 0.85 0.85 0.15 0.22 0.26
Plant, Property, & Equipment, net		 17 17 16 15 14 14 13 12 11 9.77
Total Noncurrent Assets		 16 43 38 37 94 80 55 60 61 53
Long-Term Investments		 - 0.98 - - 59 46 20 30 32 25
Other Noncurrent Operating Assets		 16 42 38 37 35 34 35 30 29 28
Total Liabilities & Shareholders' Equity		 295 470 436 426 353 322 288 219 198 177
Total Liabilities		 118 129 101 96 81 78 68 46 43 42
Total Current Liabilities		 62 73 40 44 40 42 35 17 17 17
Accounts Payable		 3.27 7.58 2.61 3.16 2.63 1.80 2.12 2.72 1.61 1.95
Accrued Expenses		 11 7.60 10 11 9.05 12 15 6.97 7.95 8.49
Current Deferred Revenue		 44 51 21 23 21 21 11 0.40 0.24 0.00
Other Current Liabilities		 3.11 5.94 6.74 6.98 7.43 7.64 7.85 7.36 6.88 6.38
Total Noncurrent Liabilities		 57 56 61 52 40 36 33 28 27 25
Other Noncurrent Operating Liabilities		 19 43 41 39 36 34 32 28 27 25
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 176 341 335 330 273 244 220 174 154 135
Total Preferred & Common Equity		 176 341 335 330 273 244 220 174 154 135
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 176 341 335 330 273 244 220 174 154 135
Common Stock		 494 614 619 622 630 635 638 648 653 659
Retained Earnings		 -318 -273 -283 -292 -357 -391 -418 -474 -498 -523
Accumulated Other Comprehensive Income / (Loss)		 -0.25 -0.51 -0.52 -0.03 -0.20 -0.22 0.01 -0.26 -0.42 -0.63

Annual Metrics And Ratios for Voyager Therapeutics

This table displays calculated financial ratios and metrics derived from Voyager Therapeutics' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 26,749,240.00 26,720,082.00 26,949,523.00 32,556,874.00 37,073,347.00 37,465,777.00 37,957,396.00 38,607,346.00 43,995,363.00 - 55,600,084.00
DEI Adjusted Shares Outstanding		 26,749,240.00 26,720,082.00 26,949,523.00 32,556,874.00 37,073,347.00 37,465,777.00 37,957,396.00 38,607,346.00 43,995,363.00 - 55,600,084.00
DEI Earnings Per Adjusted Shares Outstanding		 -1.43 -1.50 -2.62 -2.71 -1.18 0.98 -1.88 -1.20 3.01 - -2.15
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% -17.96% -28.73% -24.82% 1,270.14% 63.93% -78.14% 9.33% 511.16% -68.00% -49.53%
EBITDA Growth		 -85.10% -33.34% -76.73% -30.52% 44.60% 176.52% -267.74% 35.66% 392.39% -169.94% -50.30%
EBIT Growth		 -83.89% -37.04% -74.93% -27.60% 45.46% 170.09% -301.83% 31.95% 353.23% -167.75% -57.50%
NOPAT Growth		 -40.98% -103.91% -74.01% -26.76% 43.27% 175.70% -288.19% 30.94% 439.26% -148.29% -58.30%
Net Income Growth		 -81.85% -35.46% -75.90% -24.88% 50.62% 184.27% -293.78% 34.82% 385.14% -149.12% -84.18%
EPS Growth		 -67.16% -117.40% -66.04% -4.17% 56.00% 180.99% -292.86% 35.98% 345.45% -138.05% -80.53%
Operating Cash Flow Growth		 446.53% -202.86% -44.41% 74.10% 406.33% -298.73% 44.66% 76.63% 722.90% -119.65% -765.23%
Free Cash Flow Firm Growth		 0.00% -225.90% -21.96% 118.72% 273.28% -443.43% 68.50% 67.60% 511.24% -135.31% -520.50%
Invested Capital Growth		 -839.02% 27.89% 9.42% -204.67% -67.24% 85.42% -39.77% -59.61% 110.77% -606.25% 82.81%
Revenue Q/Q Growth		 0.00% -15.33% 64.77% -36.28% 41.60% -13.25% 135.66% -42.00% 57.84% -51.15% 28.92%
EBITDA Q/Q Growth		 0.00% -15.64% 1.30% -14.25% 15.87% -2.68% 25.82% -303.23% 169.94% -1,560.94% 6.78%
EBIT Q/Q Growth		 0.00% -17.83% 1.37% -13.92% 15.92% -5.50% 23.95% -179.18% 181.22% -1,010.91% 6.04%
NOPAT Q/Q Growth		 0.00% -18.35% 2.04% -13.47% 15.38% -26.67% 28.56% -147.11% 181.45% -764.85% 5.97%
Net Income Q/Q Growth		 0.00% -22.53% 3.87% -13.80% 18.59% -8.36% 23.31% -171.82% 152.98% -351.17% 5.57%
EPS Q/Q Growth		 0.00% -104.53% 7.37% -13.17% 25.31% -10.91% 22.86% -168.89% 139.52% -291.53% 5.56%
Operating Cash Flow Q/Q Growth		 -11.30% -11.66% -2.92% -149.29% 2.07% 1.41% 38.26% -214.45% -12.88% 37.61% -13.48%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.73% -41.42% -13.56% -1.39% 44.79% -496.83% -19.68% 63.65% -14.71%
Invested Capital Q/Q Growth		 0.00% 10.33% 12.68% 4.20% 8.61% 25.44% -10.00% -15.46% 108.40% -116.80% 38.93%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 -172.24% -279.95% -694.17% -1,205.20% -48.73% 22.75% -174.51% -102.69% 49.13% -107.38% -319.78%
Operating Margin		 -116.85% -290.43% -709.06% -1,195.63% -49.51% 16.00% -196.76% -124.27% 48.80% -104.11% -326.56%
EBIT Margin		 -173.09% -289.15% -709.67% -1,204.59% -47.95% 20.50% -189.25% -117.79% 48.81% -103.33% -322.47%
Profit (Net Income) Margin		 -171.18% -282.65% -697.56% -1,158.79% -41.76% 21.47% -190.29% -113.45% 52.93% -81.25% -296.53%
Tax Burden Percent		 100.00% 100.13% 100.00% 99.80% 0.00% 100.00% 100.00% 100.03% 98.95% 101.03% 100.12%
Interest Burden Percent		 98.89% 97.63% 98.29% 96.39% 0.00% 104.73% 100.55% 96.28% 109.61% 77.83% 91.84%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.05% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -34.86% -26.36% -52.37% -97.83% -59.74% 28.95% -57.10% -60.24% 89.61% -24.25% -48.29%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 844.94% 0.00% 0.00%
Operating Return on Assets (OROA)		 -24.90% -19.63% -38.46% -50.78% -18.82% 11.38% -31.09% -27.28% 47.79% -22.21% -40.35%
Return on Assets (ROA)		 -24.63% -19.18% -37.80% -48.84% -16.40% 11.92% -31.27% -26.28% 51.83% -17.47% -37.10%
Return on Common Equity (ROCE)		 -30.36% -26.36% -52.37% -97.83% -59.74% 28.95% -57.10% -60.24% 89.61% -24.25% -48.29%
Return on Equity Simple (ROE_SIMPLE)		 -17.55% -29.57% -52.74% -190.09% -43.81% 23.81% -74.90% -78.63% 0.00% -21.68% 0.00%
Net Operating Profit after Tax (NOPAT)		 -14 -29 -50 -64 -36 27 -52 -36 121 -58 -92
NOPAT Margin		 -81.79% -203.30% -496.34% -836.94% -34.65% 16.00% -137.73% -86.99% 48.29% -72.88% -228.59%
Net Nonoperating Expense Percent (NNEP)		 -13.39% -5.64% -11.79% -15.02% -3.37% 4.03% -12.54% -8.61% 6.65% -2.38% -10.27%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -60.29% 51.09% -19.45% -47.07%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 57.17% 93.32% 194.75% 443.75% 34.81% 20.45% 99.55% 75.73% 14.33% 44.90% 92.99%
R&D to Revenue		 159.68% 297.11% 614.31% 851.88% 114.70% 63.55% 197.21% 148.54% 36.87% 159.21% 333.57%
Operating Expenses to Revenue		 216.85% 390.43% 809.06% 1,295.63% 149.51% 84.00% 296.76% 224.27% 51.20% 204.11% 426.56%
Earnings before Interest and Taxes (EBIT)		 -30 -41 -72 -92 -50 35 -71 -48 122 -83 -130
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -30 -40 -70 -92 -51 39 -65 -42 123 -86 -129
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.46 2.50 3.34 6.59 5.20 1.74 1.08 3.99 1.57 1.03 1.11
Price to Tangible Book Value (P/TBV)		 3.46 2.50 3.34 6.59 5.20 1.74 1.08 3.99 1.57 1.03 1.11
Price to Revenue (P/Rev)		 33.80 23.94 44.14 40.17 4.95 1.57 2.75 5.76 1.49 3.87 5.41
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 7.29 0.00 0.00 2.81 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 13.72% 0.00% 0.00% 35.64% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 21.79 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 20.85 11.58 27.35 19.64 2.24 0.51 0.00 2.85 0.56 0.00 0.42
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 2.23 0.00 0.00 1.14 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 2.47 0.00 0.00 1.15 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 3.17 0.00 0.00 1.16 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.75 0.00 0.00 0.00 4.80 0.00 0.00 0.00 1.80 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 10.27 0.00 0.00 14.78 6.19 0.00 0.00 0.00 2.58 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -1.36 -1.31 -1.28 -1.81 -3.01 -1.83 -1.26 -1.63 -1.18 -1.05 -1.08
Leverage Ratio		 1.42 1.37 1.39 2.00 3.64 2.43 1.83 2.29 1.73 1.39 1.30
Compound Leverage Factor		 1.40 1.34 1.36 1.93 0.00 2.54 1.84 2.21 1.90 1.08 1.20
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 6.06 3.55 3.89 -1.50 0.58 1.90 -2.36 -2.40 3.63 1.03 -0.85
Noncontrolling Interest Sharing Ratio		 12.91% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 8.19 12.95 10.81 5.13 4.01 7.39 2.68 1.72 4.96 5.56 7.64
Quick Ratio		 8.12 12.64 10.63 4.92 3.70 6.77 2.60 1.64 4.82 5.39 7.47
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 35 -44 -54 10 38 -130 -41 -13 54 -19 -119
Operating Cash Flow to CapEx		 4,009.61% -844.74% -1,539.52% -369.04% 644.92% -799.50% -3,326.60% -499.36% 2,393.09% -434.82% -5,102.74%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.14 0.07 0.05 0.04 0.39 0.56 0.16 0.23 0.98 0.22 0.13
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.96 24.73
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 5.74 2.56 1.12 0.66 6.79 7.88 1.58 2.06 14.56 5.19 2.94
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 186.27 14.76
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 186.27 14.76
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -55 -40 -36 -110 -184 -27 -37 -60 6.45 -33 -5.61
Invested Capital Turnover		 -0.57 -0.30 -0.27 -0.10 -0.71 -1.62 -1.16 -0.84 -9.37 -6.11 -2.11
Increase / (Decrease) in Invested Capital		 -49 15 3.76 -74 -74 157 -11 -22 66 -39 27
Enterprise Value (EV)		 361 165 277 150 234 87 -30 117 140 -23 17
Market Capitalization		 586 340 447 306 517 268 103 236 371 310 219
Book Value per Share		 $6.32 $5.09 $4.97 $1.43 $2.68 $4.12 $2.50 $1.53 $5.37 $5.49 $3.53
Tangible Book Value per Share		 $6.32 $5.09 $4.97 $1.43 $2.68 $4.12 $2.50 $1.53 $5.37 $5.49 $3.53
Total Capital		 169 136 134 46 100 154 95 59 236 300 196
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -224 -176 -170 -156 -283 -181 -133 -119 -231 -332 -202
Capital Expenditures (CapEx)		 1.03 5.03 3.99 4.31 7.55 12 1.61 2.51 3.26 3.52 2.60
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -22 -9.43 -13 -25 -53 -10 -47 -67 24 -40 -20
Debt-free Net Working Capital (DFNWC)		 172 165 156 131 229 171 86 52 255 227 176
Net Working Capital (NWC)		 172 165 156 131 229 171 86 52 255 227 176
Net Nonoperating Expense (NNE)		 15 11 20 25 7.42 -9.36 20 11 -12 6.70 27
Net Nonoperating Obligations (NNO)		 -224 -176 -170 -156 -283 -181 -133 -119 -230 -332 -202
Total Depreciation and Amortization (D&A)		 0.15 1.31 1.57 -0.05 -0.82 3.84 5.51 6.18 0.82 -3.24 1.09
Debt-free, Cash-free Net Working Capital to Revenue		 -129.08% -66.34% -129.84% -328.10% -50.66% -5.92% -125.14% -163.64% 9.72% -49.58% -50.28%
Debt-free Net Working Capital to Revenue		 992.06% 1,160.23% 1,538.16% 1,716.87% 219.03% 99.93% 229.10% 126.89% 102.07% 283.77% 436.29%
Net Working Capital to Revenue		 992.06% 1,160.23% 1,538.16% 1,716.87% 219.03% 99.93% 229.10% 126.89% 102.07% 283.77% 436.29%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $9.14 $1.59 $2.64 ($2.75) ($1.21) $0.99 ($1.89) ($1.21) $3.08 ($1.13) ($2.04)
Adjusted Weighted Average Basic Shares Outstanding		 26.75M 26.85M 32.21M 32.62M 37.15M 37.13M 37.67M 38.36M 43.02M 57.67M 58.69M
Adjusted Diluted Earnings per Share		 $9.14 $1.59 $2.64 ($2.75) ($1.21) $0.98 ($1.89) ($1.21) $2.97 ($1.13) ($2.04)
Adjusted Weighted Average Diluted Shares Outstanding		 26.75M 26.85M 32.21M 32.62M 37.15M 37.35M 37.67M 38.36M 44.57M 57.67M 58.69M
Adjusted Basic & Diluted Earnings per Share		 $9.14 $1.59 $2.64 ($2.75) ($1.21) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 4.19M 25.30M 26.80M 32.07M 35.90M 37.65M 38.11M 43.29M 54.30M 55.21M 59.60M
Normalized Net Operating Profit after Tax (NOPAT)		 -14 -29 -50 -64 -36 19 -52 -36 121 -58 -92
Normalized NOPAT Margin		 -81.79% -203.30% -496.34% -836.94% -34.65% 11.20% -137.73% -86.99% 48.29% -72.88% -228.59%
Pre Tax Income Margin		 -171.18% -282.29% -697.56% -1,161.15% 0.00% 21.47% -190.29% -113.41% 53.49% -80.42% -296.17%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Voyager Therapeutics

This table displays calculated financial ratios and metrics derived from Voyager Therapeutics' official financial filings.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026
DEI Shares Outstanding		 54,300,627.00 54,393,628.00 54,533,254.00 - 55,206,885.00 55,336,446.00 55,468,806.00 55,600,084.00 59,599,375.00 60,421,287.00 61,617,948.00
DEI Adjusted Shares Outstanding		 54,300,627.00 54,393,628.00 54,533,254.00 - 55,206,885.00 55,336,446.00 55,468,806.00 55,600,084.00 59,599,375.00 60,421,287.00 61,617,948.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.21 -0.19 -0.17 - -0.56 -0.60 -0.50 -0.49 -0.47 -0.41 -0.40
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -87.03% 509.48% 433.79% -93.03% -66.83% -82.42% -45.73% 144.28% -59.94% -39.13% -69.97%
EBITDA Growth		 -113.65% 33.96% 52.22% -172.38% -102.50% -123.45% -106.19% 24.45% 14.57% 29.52% 15.38%
EBIT Growth		 -113.17% 40.98% 53.98% -170.84% -111.80% -141.24% -122.34% 22.08% 12.95% 28.23% 13.84%
NOPAT Growth		 -109.27% 40.91% 53.30% -150.31% -114.38% -143.76% -122.02% 21.85% 12.75% 27.94% 13.64%
Net Income Growth		 -109.13% 54.34% 65.08% -161.15% -173.80% -229.18% -208.40% 20.47% 9.94% 26.69% 11.47%
EPS Growth		 -106.80% 64.71% 72.88% -152.21% -165.00% -216.67% -193.75% 20.34% 11.32% 29.82% 14.89%
Operating Cash Flow Growth		 -52.44% -3,682.04% -32.86% 38.85% -164.48% -5.32% -11.01% -108.29% 11.81% 22.31% 36.66%
Free Cash Flow Firm Growth		 -109.15% -51.59% -1,779.47% 194.43% -667.26% 11.28% 61.75% -491.16% 25.86% 2.35% -12.39%
Invested Capital Growth		 -5.87% 51.70% 80.38% -606.25% 62.42% 49.18% 38.96% 82.81% 108.96% 130.74% 132.42%
Revenue Q/Q Growth		 -78.33% 51.56% -16.73% -74.51% 3.11% -19.67% 157.02% 14.75% -83.09% 22.06% 26.82%
EBITDA Q/Q Growth		 -131.56% 4.97% 9.75% -167.43% 10.78% -4.86% 16.72% 3.03% -0.89% 13.49% 0.02%
EBIT Q/Q Growth		 -129.93% 7.28% 9.50% -182.03% 9.56% -5.61% 16.59% 2.21% -1.04% 12.92% -0.13%
NOPAT Q/Q Growth		 -121.26% 7.16% 8.29% -177.93% 9.42% -5.57% 16.47% 2.16% -1.13% 12.81% -0.11%
Net Income Q/Q Growth		 -120.09% 10.49% 10.82% -281.32% 10.05% -7.61% 16.45% 1.67% -1.86% 12.40% -0.90%
EPS Q/Q Growth		 -117.70% 10.00% 11.11% -268.75% 10.17% -7.55% 17.54% 0.00% 0.00% 14.89% 0.00%
Operating Cash Flow Q/Q Growth		 347.34% -153.74% 11.44% 48.05% -160.82% 12.23% 6.65% 2.53% -10.43% 22.67% 23.90%
Free Cash Flow Firm Q/Q Growth		 38.25% -506.47% -46.63% 117.20% -601.70% 29.87% 36.77% -75.85% 4.90% 7.64% 27.23%
Invested Capital Q/Q Growth		 -1,025.71% 40.32% 57.73% -116.80% 31.29% 19.29% 49.23% 38.93% 135.81% 176.90% -46.47%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 -86.69% -54.35% -58.91% -618.05% -529.26% -690.85% -223.84% -189.16% -1,128.73% -800.03% -630.67%
Operating Margin		 -82.92% -50.80% -55.95% -610.05% -535.96% -704.33% -228.91% -195.17% -1,167.37% -833.87% -658.25%
EBIT Margin		 -82.92% -50.73% -55.14% -610.05% -529.51% -696.12% -225.92% -192.54% -1,150.60% -820.88% -648.13%
Profit (Net Income) Margin		 -58.05% -34.29% -36.72% -549.33% -479.24% -641.96% -208.69% -178.83% -1,077.40% -773.24% -615.20%
Tax Burden Percent		 100.12% 100.24% 100.48% 101.72% 100.12% 100.05% 100.30% 100.03% 100.05% 100.08% 100.07%
Interest Burden Percent		 69.93% 67.42% 66.28% 88.52% 90.40% 92.18% 92.10% 92.85% 93.59% 94.12% 94.85%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -1.09% 3.38% 10.22% -24.25% -27.61% -37.26% -46.09% -48.29% -52.26% -54.09% -58.90%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -5,655.73% -1,899.87% -3,064.98%
Operating Return on Assets (OROA)		 -24.50% -19.40% -25.06% -131.14% -86.18% -78.17% -19.81% -24.09% -146.67% -108.83% -69.94%
Return on Assets (ROA)		 -17.15% -13.11% -16.69% -118.08% -78.00% -72.09% -18.30% -22.38% -137.34% -102.51% -66.38%
Return on Common Equity (ROCE)		 -1.09% 3.38% 10.22% -24.25% -27.61% -37.26% -46.09% -48.29% -52.26% -54.09% -58.90%
Return on Equity Simple (ROE_SIMPLE)		 -0.89% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -11 -11 -9.65 -27 -24 -26 -21 -21 -21 -18 -18
NOPAT Margin		 -58.05% -35.56% -39.17% -427.04% -375.18% -493.03% -160.24% -136.62% -817.16% -583.71% -460.77%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.12% 0.20% -2.73% -1.94% -2.45% -2.26% -2.42% -2.89% -2.92% -3.43%
Return On Investment Capital (ROIC_SIMPLE)		 -3.32% -3.14% -2.92% -8.94% -8.91% -10.51% -9.74% -10.69% -12.20% -11.97% -13.69%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 44.10% 34.32% 33.16% 143.26% 148.93% 201.83% 60.55% 60.75% 318.59% 237.47% 151.10%
R&D to Revenue		 138.82% 116.48% 122.79% 566.79% 487.04% 602.50% 268.36% 234.43% 948.79% 696.40% 607.15%
Operating Expenses to Revenue		 182.92% 150.80% 155.95% 710.05% 635.96% 804.33% 328.91% 295.17% 1,267.37% 933.87% 758.25%
Earnings before Interest and Taxes (EBIT)		 -16 -15 -14 -38 -34 -36 -30 -30 -30 -26 -26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -17 -16 -15 -39 -34 -36 -30 -29 -29 -25 -25
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.48 1.28 0.97 1.03 0.68 0.71 1.18 1.11 1.32 1.37 1.22
Price to Tangible Book Value (P/TBV)		 1.48 1.28 0.97 1.03 0.68 0.71 1.18 1.11 1.32 1.37 1.22
Price to Revenue (P/Rev)		 4.25 2.99 1.95 3.87 2.79 4.04 8.27 5.41 6.30 6.14 6.58
Price to Earnings (P/E)		 0.00 47.68 12.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 2.10% 8.11% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 29.07 11.26 11.08
Enterprise Value to Revenue (EV/Rev)		 0.88 0.41 0.00 0.00 0.00 0.00 0.96 0.42 1.60 1.82 1.31
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -1.21 -1.20 -1.18 -1.05 -1.13 -1.09 -1.04 -1.08 -1.05 -1.03 -1.02
Leverage Ratio		 1.44 1.41 1.42 1.39 1.34 1.31 1.30 1.30 1.28 1.31 1.31
Compound Leverage Factor		 1.01 0.95 0.94 1.23 1.21 1.21 1.20 1.21 1.20 1.23 1.24
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 2.54 2.81 2.25 1.41 0.54 0.08 0.77 0.47 0.42 -0.20 -1.45
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 5.64 9.51 8.45 5.56 6.10 5.43 6.19 7.64 8.42 7.51 6.81
Quick Ratio		 5.52 9.29 8.17 5.39 5.91 5.18 5.98 7.47 8.19 7.15 6.59
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -8.02 -49 -71 12 -62 -43 -27 -48 -46 -42 -31
Operating Cash Flow to CapEx		 2,744.84% -3,265.77% -10,840.31% -9,373.55% -5,759.12% -3,010.05% -14,999.03% -4,834.35% -238,707.14% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.30 0.38 0.45 0.22 0.16 0.11 0.09 0.13 0.13 0.13 0.11
Accounts Receivable Turnover		 9.22 0.00 0.00 1.96 54.44 25.23 3.27 24.73 23.42 14.96 6.97
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 6.90 8.58 10.14 5.19 4.28 2.82 2.20 2.94 2.79 2.74 2.18
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 39.61 0.00 0.00 186.27 6.70 14.47 111.54 14.76 15.59 24.39 52.36
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 39.61 0.00 0.00 186.27 6.70 14.47 111.54 14.76 15.59 24.39 52.36
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -60 -36 -15 -33 -22 -18 -9.19 -5.61 2.01 5.56 2.98
Invested Capital Turnover		 -2.05 -2.63 -3.57 -6.11 -1.63 -1.59 -2.58 -2.11 -3.58 -5.50 -8.09
Increase / (Decrease) in Invested Capital		 -3.31 38 62 -39 37 18 5.86 27 24 24 12
Enterprise Value (EV)		 105 59 -26 -23 -109 -90 30 17 58 63 33
Market Capitalization		 506 430 319 310 187 172 259 219 230 211 165
Book Value per Share		 $6.28 $6.17 $6.06 $5.49 $4.94 $4.41 $3.96 $3.53 $2.91 $2.56 $2.19
Tangible Book Value per Share		 $6.28 $6.17 $6.06 $5.49 $4.94 $4.41 $3.96 $3.53 $2.91 $2.56 $2.19
Total Capital		 341 335 330 300 273 244 220 196 174 154 135
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -401 -371 -345 -332 -295 -262 -229 -202 -172 -149 -132
Capital Expenditures (CapEx)		 2.14 0.97 0.26 0.16 0.66 1.11 0.21 0.63 0.01 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -63 -30 -16 -40 -31 -30 -25 -20 -12 -7.80 -9.19
Debt-free Net Working Capital (DFNWC)		 337 341 329 227 205 186 184 176 130 109 98
Net Working Capital (NWC)		 337 341 329 227 205 186 184 176 130 109 98
Net Nonoperating Expense (NNE)		 0.00 -0.38 -0.60 7.68 6.74 7.74 6.48 6.47 6.75 6.00 6.20
Net Nonoperating Obligations (NNO)		 -401 -371 -345 -332 -295 -262 -229 -202 -172 -149 -132
Total Depreciation and Amortization (D&A)		 -0.74 -1.07 -0.93 -0.50 0.02 0.27 0.28 0.52 0.57 0.66 0.70
Debt-free, Cash-free Net Working Capital to Revenue		 -52.91% -20.58% -9.85% -49.58% -46.34% -69.72% -79.32% -50.28% -32.75% -22.62% -36.60%
Debt-free Net Working Capital to Revenue		 282.74% 237.49% 201.02% 283.77% 306.15% 436.60% 587.85% 436.29% 354.93% 314.99% 388.79%
Net Working Capital to Revenue		 282.74% 237.49% 201.02% 283.77% 306.15% 436.60% 587.85% 436.29% 354.93% 314.99% 388.79%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.20) ($0.18) ($0.16) ($0.59) ($0.53) ($0.57) ($0.47) ($0.47) ($0.47) ($0.40) ($0.40)
Adjusted Weighted Average Basic Shares Outstanding		 57.12M 57.72M 57.85M 57.67M 58.35M 58.67M 58.80M 58.69M 59.50M 60.55M 61.82M
Adjusted Diluted Earnings per Share		 ($0.20) ($0.18) ($0.16) ($0.59) ($0.53) ($0.57) ($0.47) ($0.47) ($0.47) ($0.40) ($0.40)
Adjusted Weighted Average Diluted Shares Outstanding		 57.12M 57.72M 57.85M 57.67M 58.35M 58.67M 58.80M 58.69M 59.50M 60.55M 61.82M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 54.39M 54.53M 54.63M 55.21M 55.34M 55.47M 55.60M 59.60M 60.42M 61.62M 62.23M
Normalized Net Operating Profit after Tax (NOPAT)		 -11 -11 -9.65 -27 -24 -26 -21 -21 -21 -18 -18
Normalized NOPAT Margin		 -58.05% -35.56% -39.17% -427.04% -375.18% -493.03% -160.24% -136.62% -817.16% -583.71% -460.77%
Pre Tax Income Margin		 -57.98% -34.20% -36.55% -540.03% -478.67% -641.67% -208.07% -178.78% -1,076.86% -772.61% -614.75%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Voyager Therapeutics’ second-quarter 2026 statements show some improvement in quarterly losses and operating expenses, but the company remains dependent on its investment portfolio and equity financing while continuing to generate substantial operating cash burn.

  • Quarterly revenue increased sequentially. Q2 2026 revenue was $3.2 million, up from $2.6 million in Q1 2026. Reported gross profit also rose to $3.2 million because the company recorded no cost of revenue.
  • The net loss narrowed. Net loss improved to $24.5 million in Q2 2026 from $27.9 million in Q1 and $33.4 million in the restated Q2 2025 results. Loss per share improved to $0.40 from $0.47 in both comparison periods.
  • Operating expenses are moving lower. Total operating expenses declined to $29.6 million in Q2 2026 from $32.9 million in Q1 and $41.8 million in Q2 2025. Research and development expense fell to $22.0 million from $24.6 million sequentially and $31.3 million year over year.
  • Operating cash burn improved sequentially. Cash used in operating activities was $25.8 million in Q2 2026, compared with $33.4 million in Q1. This improvement is consistent with the company’s lower net loss and reduced operating expenses.
  • The balance sheet remains largely equity-funded. At June 30, 2026, Voyager reported $154.4 million of total equity versus $43.4 million of liabilities. The company had no preferred stock and no reported commitments or contingencies in the supplied data.
  • Investment income continues to cushion operating losses. Interest and investment income was $1.5 million in Q2 2026, down from $1.9 million in Q1 and $2.8 million in Q2 2025. This income is helpful, but it depends on the company’s remaining cash and investment balances rather than core operating profitability.
  • Revenue remains volatile and below prior-year levels. Q2 2026 revenue of $3.2 million was approximately 39% lower than the restated $5.2 million reported in Q2 2025 and far below the $15.3 million recorded in Q4 2025. The data does not show a consistent revenue-growth trend.
  • Voyager remains structurally unprofitable. The company has reported net losses in every supplied quarter since Q1 2024, aside from the older Q4 2023 period. Operating income was negative $26.4 million in Q2 2026, meaning revenue covered only a small portion of operating costs.
  • Cash resources have declined materially. Cash and short-term investments totaled $117.8 million at June 30, 2026, down from $141.5 million at March 31 and $216.6 million at June 30, 2025. Including long-term investments, total cash and investment holdings were approximately $150.3 million, compared with more than $345 million at September 30, 2024.
  • Additional equity issuance is contributing to dilution. Voyager issued approximately $2.8 million of common equity in Q2 and $3.0 million in Q1. Weighted-average basic shares increased to 60.5 million in Q2 2026 from 59.5 million in Q4 2025 and 58.7 million in Q2 2025, diluting existing shareholders while the company continues to fund losses.

At Q2 2026’s operating cash-burn rate, the company’s cash and short-term investments alone represented roughly four to five quarters of funding, before considering changes in spending, investment income, financing, or clinical-development costs. The broader trend remains mixed: expense reductions and a narrower loss are encouraging, but declining liquidity, recurring operating losses, inconsistent revenue, and ongoing equity issuance remain significant risks for investors.

11/11/26 03:13 PM ETAI Generated. May Contain Errors.

Voyager Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Voyager Therapeutics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Voyager Therapeutics' net income appears to be on an upward trend, with a most recent value of -$119.72 million in 2025, falling from -$29.67 million in 2015. The previous period was -$65.00 million in 2024. See Voyager Therapeutics' forecast for analyst expectations on what's next for the company.

Voyager Therapeutics' total operating income in 2025 was -$131.84 million, based on the following breakdown:
  • Total Gross Profit: $40.37 million
  • Total Operating Expenses: $172.22 million

Over the last 10 years, Voyager Therapeutics' total revenue changed from $17.33 million in 2015 to $40.37 million in 2025, a change of 132.9%.

In the past 12 quarters, Voyager Therapeutics' cash and equivalents has ranged from $35.77 million in Q2 2026 to $143.08 million in Q1 2024, and is currently $48.41 million as of their latest financial filing in Q3 2026.

Voyager Therapeutics had total debt of $0.00 at the end of 2025, compared with none in 2024, and none in 2015.

Over the last 10 years, Voyager Therapeutics' book value per share changed from 6.32 in 2015 to 3.53 in 2025, a change of -44.2%.


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Financial statements for NASDAQ:VYGR last updated on 11/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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