Voyager Therapeutics, Inc.
VYGR Healthcare Biotechnology
Voyager Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $40.4 million, down 49.5% from fiscal 2024. In the quarter to June 2026, revenue fell 39.1%, EPS grew 29.8% and free cash flow grew 24.8%, each against the same quarter a year earlier.
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Voyager Therapeutics, Inc. (VYGR) Altman Z-score
Voyager Therapeutics, Inc.'s Altman Z-score for fiscal 2025 is −0.74, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −0.74 | (1.88) |
| FY2024 | 1.14 | (2.45) |
| FY2023 | 3.58 | 6.05 |
| FY2022 | −2.46 | (0.05) |
| FY2021 | −2.42 | (4.21) |
| FY2020 | 1.79 | 1.26 |
| FY2019 | 0.53 | 2.04 |
| FY2018 | −1.51 | (5.37) |
| FY2017 | 3.86 | 0.52 |
| FY2016 | 3.34 | 2.05 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.70 | — | 0.84 | |
| Retained earnings / total assets | (1.77) | — | −2.47 | |
| EBIT / total assets | (0.52) | — | −1.72 | |
| Market value of equity / total liabilities | 4.10 | — | 2.46 | |
| Sales / total assets | 0.16 | — | 0.16 | |
| Altman Z-score | Distress zone | −0.74 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.03 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| SPRB Spruce Biosciences, Inc. compare | 36.6× |
| VYGR Voyager Therapeutics, Inc. | −0.7× |
| KRRO Korro Bio, Inc. compare | −6.7× |
| HUMA Humacyte, Inc. compare | −10.5× |
| CUE Cue Biopharma, Inc. compare | −11.9× |
| OTLK Outlook Therapeutics, Inc. compare | −58.9× |
| ABOS Acumen Pharmaceuticals, Inc. compare | — |
| TLSA Tiziana Life Sciences Ltd compare | — |
| ANTX AN2 Therapeutics, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets