VYGR Nasdaq Biological Products, (No Diagnostic Substances) Financials FY2016βFY2025
Voyager Therapeutics, Inc. had $40.4M of revenue in fiscal 2025, down 49.5% on the year before. Over five years, revenue changed β25.1% a year on average.
Last close Β· Oct 23, 2026
$1.74
6.5%Hi! I read Voyager Therapeutics, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β49.5%
No. Sales fell 49.5% last year.
Does it make a profit?
β296.5%
No. It lost money last year.
Does profit turn into cash?
β334.5%
No. It spent more cash than it brought in.
How healthy are the accounts?
1 / 7
Weak. It passes 1 of 7 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Voyager Therapeutics, Inc. did it, and the next one. Share prices often move a lot on those days.
Next results
November 9, 2026
Monday Β· in 14 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 6, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 7, 2026 | Q1 '26 | After the market closes | 8-K β |
| Mar 9, 2026 | Q4 '25 | After the market closes | 8-K β |
| Nov 10, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Aug 6, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 6, 2025 | Q1 '25 | After the market closes | 8-K β |
| Mar 11, 2025 | Q4 '24 | After the market closes | 8-K β |
| Nov 12, 2024 | Q3 '24 | After the market closes | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Voyager Therapeutics, Inc. had $40.4M of revenue in fiscal 2025, down 49.5% on the year before. Over five years, revenue changed β25.1% a year on average. Its operating margin was β326.6%, down 222.4Β pts: of every 100 in sales, about β327 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Voyager Therapeutics, Inc. lost $120M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$135M in fiscal 2025, β334.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Voyager Therapeutics, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $133M | $119M | $231M | $267M | $196M |
| Current ratio | 2.7x | 1.7x | 5.0x | 5.6x | 7.6x |
| Quick ratio | 2.7x | 1.7x | 5.0x | 5.6x | 7.6x |
| Total assets | $194M | $159M | $351M | $393M | $252M |
| Total liabilities | $98.8M | $100M | $115M | $93.3M | $56.2M |
| Shareholders' equity | $95.1M | $59.0M | $236M | $300M | $196M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Voyager Therapeutics, Inc. passes 1 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 1 / 7 | 1 / 7 | 4 / 7 | 4 / 7 | 1 / 7 | 3 / 7 | 5 / 7 | 2 / 7 | 1 / 7 |
| Accruals ratio | 1.2% | β5.0% | β40.1% | β34.7% | 43.3% | β7.8% | β19.2% | 21.3% | β13.4% | 4.0% |
| Altman Z'' | 5.36 | 2.88 | β3.19 | 0.79 | 3.06 | β4.48 | β7.44 | 6.83 | 3.03 | β1.03 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $14.2M | $10.1M | $7.6M | $104M | $171M | $37.4M | $40.9M | $250M | $80.0M | $40.4M |
| Research and development | $42.2M | $62.3M | $64.9M | $120M | $109M | $73.8M | $60.8M | $92.2M | $127M | $135M |
| Operating income | β$41.3M | β$71.9M | β$91.1M | β$51.7M | $27.4M | β$73.6M | β$50.8M | $122M | β$83.3M | β$132M |
| Pretax income | β$40.1M | β$70.7M | β$88.5M | β$43.6M | $36.7M | β$71.2M | β$46.4M | $134M | β$64.3M | β$120M |
| Income tax | $0.1M | β | β$0.2M | β | β | β | $0.0M | $1.4M | $0.7M | $0.1M |
| Net income | β$40.2M | β$70.7M | β$88.3M | β$43.6M | $36.7M | β$71.2M | β$46.4M | $132M | β$65.0M | β$120M |
| Net income to common | β$40.2M | β$70.7M | β$88.3M | β$43.6M | $36.7M | β$71.2M | β$46.4M | $132M | β$65.0M | β$120M |
| Diluted EPS | β$1.59 | β$2.64 | β$2.75 | β$1.21 | $0.98 | β$1.89 | β$1.21 | $2.97 | β$1.13 | β$2.04 |
| Diluted shares | 0.03B | 0.03B | 0.03B | 0.04B | 0.04B | 0.04B | 0.04B | 0.04B | 0.06B | 0.06B |
| Cash flow | ||||||||||
| Cash from operations | β$42.5M | β$61.4M | β$15.9M | $48.7M | β$96.7M | β$53.5M | β$12.5M | $77.9M | β$15.3M | β$132M |
| Capital expenditure | $5.0M | $4.0M | $4.3M | $7.7M | $12.1M | $1.6M | $2.5M | $3.3M | $3.5M | $2.6M |
| Free cash flow | β$47.5M | β$65.3M | β$20.2M | $40.9M | β$109M | β$55.1M | β$15.0M | $74.7M | β$18.8M | β$135M |
| Depreciation and amortization | $0.6M | $1.6M | $2.1M | $2.8M | $3.8M | $5.2M | $6.2M | $4.4M | $4.7M | $4.1M |
| Stock-based compensation | $6.3M | $9.2M | $15.7M | $15.6M | $14.9M | $11.3M | $9.3M | $11.2M | $14.8M | $14.8M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $174M | $169M | $156M | $282M | $181M | $133M | $119M | $231M | $267M | $196M |
| Current assets | $179M | $172M | $162M | $305M | $198M | $137M | $124M | $320M | $277M | $203M |
| Current liabilities | $13.8M | $15.9M | $31.7M | $76.0M | $26.8M | $51.0M | $72.6M | $64.5M | $49.8M | $26.5M |
| Property and equipment, net | $7.9M | $10.3M | $12.8M | $18.0M | $25.4M | $21.9M | $17.9M | $16.5M | $14.3M | $13.1M |
| Total assets | $190M | $184M | $177M | $355M | $262M | $194M | $159M | $351M | $393M | $252M |
| Total liabilities | $53.6M | $50.4M | $131M | $255M | $107M | $98.8M | $100M | $115M | $93.3M | $56.2M |
| Shareholders' equity | $136M | $134M | $46.4M | $99.5M | $154M | $95.1M | $59.0M | $236M | $300M | $196M |
| Margins | ||||||||||
| Operating margin | β290.4% | β709.1% | β1,195.6% | β49.5% | 16.0% | β196.8% | β124.3% | 48.8% | β104.1% | β326.6% |
| EBITDA margin | β286.1% | β693.3% | β1,167.8% | β46.9% | 18.2% | β183.0% | β109.1% | 50.6% | β98.2% | β316.5% |
| Net margin | β282.7% | β697.6% | β1,158.8% | β41.8% | 21.5% | β190.3% | β113.4% | 52.9% | β81.3% | β296.5% |
| FCF margin | β334.1% | β644.6% | β265.0% | 39.2% | β63.6% | β147.4% | β36.7% | 29.9% | β23.5% | β334.5% |
| Returns | ||||||||||
| Return on capital employed | β23.5% | β42.6% | β62.7% | β18.5% | 11.7% | β51.5% | β58.6% | 42.5% | β24.3% | β58.4% |
| Return on equity | β29.6% | β52.4% | β97.8% | β59.7% | 28.9% | β57.1% | β60.2% | 89.6% | β24.3% | β48.3% |
| Return on assets | β21.2% | β37.8% | β48.8% | β16.4% | 11.9% | β31.3% | β26.3% | 51.8% | β17.5% | β37.1% |
| Return on tangible equity | β29.6% | β52.7% | β190.1% | β43.8% | 23.8% | β74.9% | β78.6% | 56.0% | β21.7% | β61.1% |
| Growth | ||||||||||
| Revenue growth | β | β28.7% | β24.8% | 1,270.1% | 63.9% | β78.1% | 9.3% | 511.2% | β68.0% | β49.5% |
| Net income growth | β | β | β | β | β | β293.8% | β | β | β149.1% | β |
| EPS growth | β | β | β | β | β | β292.9% | β | β | β138.0% | β |
| FCF growth | β | β | β | β | β365.7% | β | β | β | β125.2% | β |
| Share count change | β | 5.9% | 19.6% | 12.0% | 4.0% | 0.9% | 1.8% | 16.2% | 29.4% | 1.8% |
| Financial health | ||||||||||
| Current ratio | 13.0x | 10.8x | 5.1x | 4.0x | 7.4x | 2.7x | 1.7x | 5.0x | 5.6x | 7.6x |
| Quick ratio | 13.0x | 10.8x | 5.1x | 4.0x | 7.4x | 2.7x | 1.7x | 5.0x | 5.6x | 7.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 35.4% | 39.3% | 56.5% | 7.4% | 7.1% | 4.3% | 6.1% | 1.3% | 4.4% | 6.4% |
| Stock comp / revenue | 44.4% | 91.1% | 206.2% | 15.0% | 8.7% | 30.3% | 22.8% | 4.5% | 18.5% | 36.6% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 1.0 | 1.0 | 4.0 | 4.0 | 1.0 | 3.0 | 5.0 | 2.0 | 1.0 |
| Altman Z'' | 5.4 | 2.9 | β3.2 | 0.8 | 3.1 | β4.5 | β7.4 | 6.8 | 3.0 | β1.0 |
| Accruals ratio | 1.2% | β5.0% | β40.1% | β34.7% | 43.3% | β7.8% | β19.2% | 21.3% | β13.4% | 4.0% |
Source: SEC EDGAR XBRL filings (CIK 0001640266). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
