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) Beneish M-score
Voyager Therapeutics, Inc.'s Beneish M-score for fiscal 2025 is −2.87; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.87 | (0.11) |
| FY2024 | −2.76 | (54.15) |
| FY2023 | 51.39 | 55.80 |
| FY2022 | −4.41 | 0.85 |
| FY2021 | −5.26 | (5.40) |
| FY2020 | 0.14 | (16.09) |
| FY2019 | 16.22 | 22.26 |
| FY2018 | −6.03 | (2.65) |
| FY2017 | −3.38 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.74 | — | 1.60 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.56 | — | 0.23 | |
| Sales growth index | 0.50 | — | 0.45 | |
| Depreciation index | (3.83) | — | −0.44 | |
| SG&A index | 2.07 | — | −0.36 | |
| Total accruals to total assets | 0.05 | — | 0.24 | |
| Leverage index | 0.83 | — | −0.27 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.87 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| KRRO Korro Bio, Inc. compare | −3.5× |
| VYGR Voyager Therapeutics, Inc. | −2.9× |
| CUE Cue Biopharma, Inc. compare | −0.4× |
| ABOS Acumen Pharmaceuticals, Inc. compare | 0.6× |
| SPRB Spruce Biosciences, Inc. compare | — |
| OTLK Outlook Therapeutics, Inc. compare | — |
| TLSA Tiziana Life Sciences Ltd compare | — |
| ANTX AN2 Therapeutics, Inc. compare | — |
| HUMA Humacyte, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI