What is Voyager Therapeutics Inc's earnings per share (EPS)?

Voyager Therapeutics Inc (VYGR) reported diluted earnings per share of $-2.04 for fiscal year 2025. This represents a -80.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Voyager Therapeutics Inc Financials

VYGR

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Voyager Therapeutics Inc (VYGR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Voyager Therapeutics Inc has an operating margin of -326.6%, meaning the company retains $-327 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -104.1% the prior year.

Growth

Voyager Therapeutics Inc's revenue declined 49.5% year-over-year, from $80.0M to $40.4M. This contraction results in a growth score of 0/100.

Leverage

Voyager Therapeutics Inc carries a low D/E ratio of 0.29, meaning only $0.29 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 7.64, Voyager Therapeutics Inc holds $7.64 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Voyager Therapeutics Inc generated -$132.5M in operating cash flow, capex of $2.6M consumed most of it, leaving -$135.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Voyager Therapeutics Inc generates a -61.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -21.7% the prior year.

Piotroski F-Score Weak

1/9

Voyager Therapeutics Inc passes 1 of 9 financial strength tests. No profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

1.11x

For every $1 of reported earnings, Voyager Therapeutics Inc generates $1.11 in operating cash flow (-$132.5M OCF vs -$119.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$40.4M

YoY-49.5%

5Y CAGR-25.1%

10Y CAGR+8.8%

Voyager Therapeutics Inc generated $40.4M in revenue in fiscal year 2025. This represents a decrease of 49.5% from the prior year.

EBITDA

-$127.8M

YoY-62.7%

Voyager Therapeutics Inc's EBITDA was -$127.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 62.7% from the prior year.

Net Income

-$119.7M

YoY-84.2%

Voyager Therapeutics Inc reported -$119.7M in net income in fiscal year 2025. This represents a decrease of 84.2% from the prior year.

EPS (Diluted)

$-2.04

YoY-80.5%

Voyager Therapeutics Inc earned $-2.04 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 80.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$135.1M

YoY-617.2%

Voyager Therapeutics Inc generated -$135.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 617.2% from the prior year.

Cash & Debt

$65.3M

YoY-8.5%

5Y CAGR-9.0%

10Y CAGR+7.6%

Voyager Therapeutics Inc held $65.3M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

59M

YoY+7.9%

5Y CAGR+9.6%

10Y CAGR+8.2%

Voyager Therapeutics Inc had 59M shares outstanding in fiscal year 2025. This represents an increase of 7.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-326.6%

YoY-222.4pp

5Y CAGR-342.6pp

10Y CAGR-209.7pp

Voyager Therapeutics Inc's operating margin was -326.6% in fiscal year 2025, reflecting core business profitability. This is down 222.4 percentage points from the prior year.

Net Margin

-296.5%

YoY-215.3pp

5Y CAGR-318.0pp

10Y CAGR-125.4pp

Voyager Therapeutics Inc's net profit margin was -296.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 215.3 percentage points from the prior year.

Return on Equity

-61.1%

YoY-39.4pp

5Y CAGR-84.9pp

10Y CAGR-43.5pp

Voyager Therapeutics Inc's ROE was -61.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 39.4 percentage points from the prior year.

Capital Allocation

R&D Spending

$134.7M

YoY+5.7%

5Y CAGR+4.4%

10Y CAGR+17.1%

Voyager Therapeutics Inc invested $134.7M in research and development in fiscal year 2025. This represents an increase of 5.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$2.6M

YoY-26.3%

5Y CAGR-26.5%

10Y CAGR+9.7%

Voyager Therapeutics Inc invested $2.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 26.3% from the prior year.

VYGR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$40.4M-49.5%	$80.0M-68.0%	$250.0M+511.2%	$40.9M+9.3%	$37.4M-78.1%	$171.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$134.7M+5.7%	$127.4M+38.2%	$92.2M+51.7%	$60.8M-17.6%	$73.8M-32.2%	$108.8M
SG&A Expenses	$37.5M+4.5%	$35.9M+0.3%	$35.8M+15.6%	$31.0M-16.8%	$37.2M+6.4%	$35.0M
Operating Income	-$131.8M-58.3%	-$83.3M-168.3%	$122.0M+340.0%	-$50.8M+30.9%	-$73.6M-368.8%	$27.4M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$144K-78.3%	$665K-52.8%	$1.4M+8700.0%	$16K	N/A	N/A
Net Income	-$119.7M-84.2%	-$65.0M-149.1%	$132.3M+385.1%	-$46.4M+34.8%	-$71.2M-293.8%	$36.7M
EPS (Diluted)	$-2.04-80.5%	$-1.13-138.0%	$2.97+345.5%	$-1.21+36.0%	$-1.89-292.9%	$0.98

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$15.3M+14.7%	$13.4M+157.0%	$5.2M-19.7%	$6.5M+3.1%	$6.3M-74.5%	$24.6M-16.7%	$29.6M+51.6%	$19.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$36.0M+0.2%	$35.9M+14.5%	$31.3M-0.6%	$31.5M-11.4%	$35.6M+17.7%	$30.2M-12.2%	$34.5M+27.2%	$27.1M
SG&A Expenses	$9.3M+15.1%	$8.1M-22.9%	$10.5M+8.9%	$9.6M+7.2%	$9.0M+10.1%	$8.2M-19.5%	$10.2M+17.9%	$8.6M
Operating Income	-$29.9M+2.2%	-$30.6M+16.5%	-$36.6M-5.6%	-$34.7M+9.4%	-$38.3M-177.9%	-$13.8M+8.3%	-$15.0M+7.2%	-$16.2M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$9K-89.2%	$83K+453.3%	$15K-59.5%	$37K-93.7%	$584K+1258.1%	$43K+79.2%	$24K+71.4%	$14K
Net Income	-$27.4M+1.7%	-$27.9M+16.4%	-$33.4M-7.6%	-$31.0M+10.1%	-$34.5M-281.3%	-$9.0M+10.8%	-$10.1M+10.5%	-$11.3M
EPS (Diluted)	N/A	$-0.47+17.5%	$-0.57-7.5%	$-0.53	N/A	$-0.16+11.1%	$-0.18+10.0%	$-0.20

VYGR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$252.3M-35.8%	$393.1M+11.9%	$351.3M+120.4%	$159.4M-17.8%	$193.9M-25.9%	$261.6M
Current Assets	$202.7M-26.8%	$276.8M-13.4%	$319.7M+156.8%	$124.5M-8.9%	$136.7M-30.9%	$197.8M
Cash & Equivalents	$65.3M-8.5%	$71.4M+3.7%	$68.8M-30.5%	$99.0M-15.7%	$117.4M+12.4%	$104.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$56.2M-39.8%	$93.3M-18.9%	$115.0M+14.6%	$100.3M+1.6%	$98.8M-7.9%	$107.3M
Current Liabilities	$26.5M-46.7%	$49.8M-22.8%	$64.5M-11.1%	$72.6M+42.4%	$51.0M+90.5%	$26.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$196.1M-34.6%	$299.8M+26.8%	$236.3M+300.4%	$59.0M-37.9%	$95.1M-38.4%	$154.3M
Retained Earnings	-$445.9M-36.7%	-$326.2M-24.9%	-$261.2M+33.6%	-$393.5M-13.4%	-$347.1M-25.8%	-$275.9M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$252.3M-12.5%	$288.3M-10.5%	$322.1M-8.8%	$353.2M-10.1%	$393.1M-7.7%	$426.0M-2.3%	$436.2M-7.1%	$469.6M
Current Assets	$202.7M-7.7%	$219.6M-3.6%	$227.9M-7.1%	$245.2M-11.4%	$276.8M-25.9%	$373.4M-2.1%	$381.6M-6.7%	$409.1M
Cash & Equivalents	$65.3M+44.7%	$45.1M+2.7%	$43.9M-41.2%	$74.8M+4.7%	$71.4M-36.6%	$112.5M+47.8%	$76.1M-46.8%	$143.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$56.2M-17.9%	$68.5M-12.4%	$78.2M-3.0%	$80.5M-13.7%	$93.3M-2.5%	$95.7M-5.0%	$100.8M-21.7%	$128.7M
Current Liabilities	$26.5M-25.2%	$35.5M-15.5%	$42.0M+4.4%	$40.2M-19.2%	$49.8M+12.6%	$44.2M+10.2%	$40.1M-44.7%	$72.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$196.1M-10.8%	$219.8M-9.9%	$243.9M-10.5%	$272.7M-9.0%	$299.8M-9.2%	$330.3M-1.5%	$335.4M-1.6%	$340.9M
Retained Earnings	-$445.9M-6.6%	-$418.5M-7.1%	-$390.6M-9.3%	-$357.2M-9.5%	-$326.2M-11.8%	-$291.7M-3.2%	-$282.7M-3.7%	-$272.5M

VYGR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$132.5M-765.2%	-$15.3M-119.6%	$77.9M+722.9%	-$12.5M+76.6%	-$53.5M+44.7%	-$96.7M
Capital Expenditures	$2.6M-26.3%	$3.5M+8.1%	$3.3M+30.7%	$2.5M+54.8%	$1.6M-86.7%	$12.1M
Free Cash Flow	-$135.1M-617.2%	-$18.8M-125.2%	$74.7M+597.8%	-$15.0M+72.8%	-$55.1M+49.3%	-$108.8M
Investing Cash Flow	$125.4M+232.2%	-$94.9M+33.0%	-$141.6M-1830.0%	-$7.3M-111.1%	$65.9M-41.7%	$113.0M
Financing Cash Flow	$816K-99.3%	$114.0M+238.9%	$33.6M+2931.1%	$1.1M+81.4%	$612K-80.7%	$3.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$30.3M+2.5%	-$31.0M+6.7%	-$33.3M+12.2%	-$37.9M-160.8%	-$14.5M+48.1%	-$28.0M+11.4%	-$31.6M-153.7%	$58.8M
Capital Expenditures	$626K+202.4%	$207K-81.3%	$1.1M+67.9%	$658K+324.5%	$155K-39.9%	$258K-73.3%	$967K-54.8%	$2.1M
Free Cash Flow	-$30.9M+1.2%	-$31.3M+9.1%	-$34.4M+10.9%	-$38.6M-162.6%	-$14.7M+48.0%	-$28.2M+13.3%	-$32.5M-157.5%	$56.6M
Investing Cash Flow	$47.4M+35.9%	$34.9M+1704.9%	$1.9M-95.3%	$41.2M+251.5%	-$27.2M-142.3%	$64.4M+279.0%	-$35.9M+62.6%	-$96.1M
Financing Cash Flow	$136K+60.0%	$85K-83.4%	$513K+525.6%	$82K-85.7%	$574K+4000.0%	$14K-97.5%	$571K-99.5%	$112.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VYGR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-326.6%-222.4pp	-104.1%-152.9pp	48.8%+173.1pp	-124.3%+72.5pp	-196.8%-212.8pp	16.0%
Net Margin	-296.5%-215.3pp	-81.3%-134.2pp	52.9%+166.4pp	-113.5%+76.8pp	-190.3%-211.8pp	21.5%
Return on Equity	-61.1%-39.4pp	-21.7%-77.7pp	56.0%+134.6pp	-78.6%-3.7pp	-74.9%-98.7pp	23.8%
Return on Assets	-47.5%-30.9pp	-16.5%-54.2pp	37.7%+66.8pp	-29.1%+7.6pp	-36.7%-50.8pp	14.1%
Current Ratio	7.64+2.1	5.56+0.6	4.96+3.2	1.72-1.0	2.68-4.7	7.39
Debt-to-Equity	0.29-0.0	0.31-0.2	0.49-1.2	1.70+0.7	1.04+0.3	0.70
FCF Margin	-334.5%-311.0pp	-23.5%-53.4pp	29.9%+66.5pp	-36.7%+110.7pp	-147.4%-83.8pp	-63.6%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-195.2%+33.7pp	-228.9%+475.4pp	-704.3%-168.4pp	-536.0%+74.1pp	-610.1%-554.1pp	-56.0%-5.1pp	-50.8%+32.1pp	-82.9%
Net Margin	-178.8%+29.9pp	-208.7%+433.3pp	-642.0%-162.7pp	-479.2%+70.1pp	-549.3%-512.6pp	-36.7%-2.4pp	-34.3%+23.8pp	-58.1%
Return on Equity	-14.0%-1.3pp	-12.7%+1.0pp	-13.7%-2.3pp	-11.4%+0.1pp	-11.5%-8.8pp	-2.7%+0.3pp	-3.0%+0.3pp	-3.3%
Return on Assets	-10.9%-1.2pp	-9.7%+0.7pp	-10.4%-1.6pp	-8.8%-0.0pp	-8.8%-6.7pp	-2.1%+0.2pp	-2.3%+0.1pp	-2.4%
Current Ratio	7.64+1.5	6.19+0.8	5.43-0.7	6.10+0.5	5.56-2.9	8.45-1.1	9.51+3.9	5.64
Debt-to-Equity	0.29-0.0	0.310.0	0.32+0.0	0.30-0.0	0.31+0.0	0.29-0.0	0.30-0.1	0.38
FCF Margin	-201.4%+32.5pp	-233.9%+427.0pp	-660.9%-65.3pp	-595.6%-361.7pp	-233.9%-119.3pp	-114.6%-4.6pp	-110.0%-400.2pp	290.1%

Similar Companies

AC Immune ACIU

$279.9M

Lexeo Therapeutics Inc LXEO

$418.9M

Editas Medicine Inc EDIT

$241.7M

Tiziana Life Sciences Ltd Com TLSA

$148.9M

COGNITION THERAPEUTICS INC CGTX

$67.9M

Frequently Asked Questions

What is Voyager Therapeutics Inc's annual revenue?

Voyager Therapeutics Inc (VYGR) reported $40.4M in total revenue for fiscal year 2025. This represents a -49.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Voyager Therapeutics Inc's revenue growing?

Voyager Therapeutics Inc (VYGR) revenue declined by 49.5% year-over-year, from $80.0M to $40.4M in fiscal year 2025.

Is Voyager Therapeutics Inc profitable?

No, Voyager Therapeutics Inc (VYGR) reported a net income of -$119.7M in fiscal year 2025, with a net profit margin of -296.5%.

What is Voyager Therapeutics Inc's EBITDA?

Voyager Therapeutics Inc (VYGR) had EBITDA of -$127.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Voyager Therapeutics Inc's operating margin?

Voyager Therapeutics Inc (VYGR) had an operating margin of -326.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Voyager Therapeutics Inc's net profit margin?

Voyager Therapeutics Inc (VYGR) had a net profit margin of -296.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Voyager Therapeutics Inc's return on equity (ROE)?

Voyager Therapeutics Inc (VYGR) has a return on equity of -61.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Voyager Therapeutics Inc's free cash flow?

Voyager Therapeutics Inc (VYGR) generated -$135.1M in free cash flow during fiscal year 2025. This represents a -617.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Voyager Therapeutics Inc's operating cash flow?

Voyager Therapeutics Inc (VYGR) generated -$132.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Voyager Therapeutics Inc's total assets?

Voyager Therapeutics Inc (VYGR) had $252.3M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Voyager Therapeutics Inc's capital expenditures?

Voyager Therapeutics Inc (VYGR) invested $2.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Voyager Therapeutics Inc spend on research and development?

Voyager Therapeutics Inc (VYGR) invested $134.7M in research and development during fiscal year 2025.

How many shares does Voyager Therapeutics Inc have outstanding?

Voyager Therapeutics Inc (VYGR) had 59M shares outstanding as of fiscal year 2025.

What is Voyager Therapeutics Inc's current ratio?

Voyager Therapeutics Inc (VYGR) had a current ratio of 7.64 as of fiscal year 2025, which is generally considered healthy.

What is Voyager Therapeutics Inc's debt-to-equity ratio?

Voyager Therapeutics Inc (VYGR) had a debt-to-equity ratio of 0.29 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Voyager Therapeutics Inc's return on assets (ROA)?

Voyager Therapeutics Inc (VYGR) had a return on assets of -47.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Voyager Therapeutics Inc's cash runway?

Based on fiscal year 2025 data, Voyager Therapeutics Inc (VYGR) had $65.3M in cash against an annual operating cash burn of $132.5M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Voyager Therapeutics Inc's Piotroski F-Score?

Voyager Therapeutics Inc (VYGR) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Voyager Therapeutics Inc's earnings high quality?

Voyager Therapeutics Inc (VYGR) has an earnings quality ratio of 1.11x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Voyager Therapeutics Inc?

Voyager Therapeutics Inc (VYGR) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.