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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.

1.90 0.16 −7.77%
Market cap
$126.9M
P/E
0.0×
Fwd P/E
−2.1×
Dividend yield
—
F-score
2/9
Altman Z
−0.74
Beneish M
−2.87
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.30
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — 10 — 1 — — — — — —
Insider Ownership 14.79%

Capital & Financial Ratios $m

Market Cap 126.93
Revenue 34.46
Net Income (107.73)
Free Cash Flow (121.42)
Net Debt (116.34)
Current Ratio 7.51 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (2.07) (negative: loss-making)
P/S ratio 3.34
P/B ratio 0.75
Past 5Y EPS Growth —
This Y EPS Growth 16.44% (at or above 15%: strong)
Next Y EPS Growth 23.25% (at or above 15%: strong)
Next Y revenue growth (49.77%) (below 0%: weak)
Next 5Y EPS Growth 17.58% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.0×, against a ten-year median of 1.6×; over the ten years it ranged from −8.9× in 2016 to 69.2× in 2017.
P/S against its own 10 years 32.03%
10-year low 10-year high
P/B against its own 10 years 4.46%
10-year low 10-year high
EV/FCF against its own 10 years 0.66%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 231 267 196 116
Receivables 83 2 2 3
Inventory — — — —
Other — — — —
320 277 203 125
2023 2024 2025 Q'26
Payables 2 4 5 2
ST’ Debt — — — —
Other 3 7 — —
65 50 27 17

Compound Annual Growth %

10y 5y 3y
Sales 8.82% (25.09%) (0.44%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 1.49% 4.91% 49.21%

Revenue $m

Mar Jun Sep Dec Year
’26 3 3 — — —
’25 6 5 13 15 40
’24 20 30 25 6 80
’23 150 5 5 90 250
’22 1 1 41 (2) 41
’21 7 1 1 28 37
’20 18 29 118 7 171
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (33) (26) — — —
’25 (38) (33) (31) (30) (132)
’24 59 (32) (28) (15) (15)
’23 124 (1) (21) (24) 78
’22 34 (18) (16) (12) (13)
’21 (21) (23) (21) 11 (54)
’20 (29) (21) (25) (22) (97)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (33) (26) — — —
’25 (39) (34) (31) (31) (135)
’24 57 (33) (28) (15) (19)
’23 123 (2) (22) (25) 75
’22 34 (20) (16) (13) (15)
’21 (22) (23) (21) 11 (55)
’20 (30) (23) (30) (26) (109)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (0.47) (0.40) — — —
’25 (0.53) (0.57) (0.47) (0.46) (2.04)
’24 (0.20) (0.18) (0.16) (0.59) (1.13)
’23 2.94 (0.51) (0.59) 1.25 2.97
’22 (0.56) (0.50) 0.45 (0.61) (1.21)
’21 (0.58) (0.80) (0.67) 0.15 (1.89)
’20 (0.66) (0.23) 2.27 (0.43) 0.98
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 8.12 8.10 8.30 7.76 6.26 2.46 2.60 5.87 5.19 2.65

Analyst estimates 2026–2028

Powerpack
High 21.92 25.99 31.91 28.79 14.80 9.15 10.60 14.34 11.72 6.27
People
People Employees 77 88 123 185 177 101 125 162 172 141
Revenue/emp, $m 0.18 0.12 0.06 0.56 0.97 0.37 0.33 1.54 0.47 0.29
Income, $m
Income, $m Revenue 14 10 8 104 171 37 41 250 80 40
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT (40) (71) (88) (44) 37 (71) (46) 134 (64) (120)
EBT margin, % (282.29) (697.56) (1,161.15) (41.76) 21.47 (190.29) (113.41) 53.49 (80.42) (296.17)
Net income (40) (71) (88) (44) 37 (71) (46) 132 (65) (120)
Depreciation 1 2 0 (1) 4 6 6 1 (3) 1
Per share, $
Per share, $ Revenue 0.56 0.38 0.24 2.91 4.61 0.99 1.07 5.81 1.39 0.69
Earnings (1.59) (2.64) (2.75) (1.21) 0.99 (1.89) (1.21) 3.08 (1.13) (2.04)
Cash flow (1.68) (2.29) (0.50) 1.36 (2.60) (1.42) (0.33) 1.81 (0.27) (2.26)
Capex (0.20) (0.15) (0.13) (0.21) (0.33) (0.04) (0.06) (0.08) (0.06) (0.04)
Free cash flow (1.88) (2.44) (0.63) 1.15 (2.93) (1.46) (0.39) 1.74 (0.33) (2.30)
Book value 5.37 5.00 1.45 2.77 4.16 2.52 1.54 5.49 5.20 3.34
Shares, m 25 27 32 36 37 38 38 43 58 59
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 7.30 0.00 0.00 2.79 0.00 0.00
P/S 21.30 46.63 39.56 4.80 1.55 2.74 5.67 1.55 4.09 5.71
P/B 2.23 3.53 6.49 5.03 1.72 1.08 3.93 1.64 1.09 1.18
EV/Sales 9.03 29.95 19.11 2.10 0.49 (0.80) 2.77 0.63 0.75 0.85
EV/FCF (2.70) (4.65) (7.21) 5.33 (0.78) 0.55 (7.55) 2.09 (3.20) (0.25)
Cash, $m
Cash, $m Operating cash flow (42) (61) (16) 49 (97) (54) (13) 78 (15) (132)
Capex (5) (4) (4) (8) (12) (2) (2) (3) (4) (3)
Free cash flow (48) (65) (20) 41 (109) (55) (15) 75 (19) (135)
Balance, $m
Balance, $m Working capital 165 156 131 229 171 86 52 255 227 176
Total debt — — — 34 48 44 23 — — —
Net debt (174) (169) (156) (282) (181) (133) (119) (231) (267) (196)
Shareholders’ equity 136 134 46 100 154 95 59 236 300 196
Returns, %
Returns, % ROA (19.18) (37.80) (48.84) (16.40) 11.92 (31.27) (26.28) 51.83 (17.47) (37.10)
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,400.53 (157.38) 0.00
ROE (26.36) (52.37) (97.83) (59.74) 28.95 (57.10) (60.24) 89.61 (24.25) (48.29)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Voyager Therapeutics, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KRRO Korro Bio, Inc. $137.1M — (loss-making) — (loss-making) −86.28% (below 0%: shrinking) n/m +12.07% (above 0%: growing) 100.00% 0.00% Compare
ANTX AN2 Therapeutics, Inc. $135.9M — (loss-making) — — n/m +7.91% (above 0%: growing) 0.00% 0.00% Compare
CUE Cue Biopharma, Inc. $135.6M — (loss-making) — (loss-making) +166.66% (above 0%: growing) n/m −742.65% (below 0%: shrinking) 100.00% (1,113.30%) Compare
TLSA Tiziana Life Sciences Ltd $134.7M — (loss-making) — — −258.11% (below 0%: shrinking) +18.03% (above 0%: growing) 0.00% — Compare
VYGR Voyager Therapeutics, Inc. $126.9M — (loss-making) — (loss-making) −39.13% (below 0%: shrinking) n/m +24.80% (above 0%: growing) 100.00% (833.87%)
HUMA Humacyte, Inc. $122.1M — (loss-making) — (loss-making) +34.88% (above 0%: growing) n/m +17.85% (above 0%: growing) (203.20%) (6,649.26%) Compare
OTLK Outlook Therapeutics, Inc. $121.7M — (loss-making) — (loss-making) −99.42% (below 0%: shrinking) n/m −76.54% (below 0%: shrinking) (95.40%) (124,255.17%) Compare
ABOS Acumen Pharmaceuticals, Inc. $120.8M — (loss-making) — — n/m +43.23% (above 0%: growing) 0.00% 0.00% Compare
SPRB Spruce Biosciences, Inc. $119.2M — (loss-making) — (loss-making) −75.86% (below 0%: shrinking) n/m −152.10% (below 0%: shrinking) 100.00% 0.00% Compare
Median of peers $128.4M — — −75.86% — +9.99% 0.00% 0.00%

All 614 Biotechnology stocks →

Voyager Therapeutics, Inc. (VYGR) key facts

  • Concern: Voyager Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $40.4 million, down 49.5% from fiscal 2024.
  • Concern: Voyager Therapeutics, Inc. reported a net loss of $119.7 million, or a loss of $2.04 per share, for fiscal 2025.
  • Voyager Therapeutics, Inc. (VYGR) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, VYGR traded at $1.90, a market capitalization of $126.9 million.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 3.3× sales.
  • Return on equity was −48.3% and debt-to-equity 0.00.
  • Its Piotroski F-score is 2 out of 9 and its Altman Z-score is −0.74 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Voyager Therapeutics, Inc. (VYGR) Latest News

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stockrow.com/VYGR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com