Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Voyager Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
14.2
10.1
7.62
104
171
37.4
40.9
250
80
40.4
Research and development
42.2
62.3
64.9
120
109
73.8
60.8
92.2
127
135
General and administrative
13.3
19.7
33.8
36.3
35
37.2
31
35.8
35.9
37.5
Operating expenses
55.5
82
98.7
156
144
111
91.7
128
163
172
Operating income
-41.3
-71.9
-91.1
-51.7
27.4
-73.6
-50.8
122
-83.3
-132
Other non-operating income
1.16
1.17
2.63
8.08
9.36
2.42
4.45
11.7
19
12.3
Pre-tax income
-40.1
-70.7
-88.5
-43.6
36.7
-71.2
-46.4
134
-64.3
-120
Income tax
0.05
-0.18
0.02
1.41
0.67
0.14
Net income
-40.2
-70.7
-88.3
-43.6
36.7
-71.2
-46.4
132
-65
-120
EBITDA
-40.7
-70.3
-89
-48.9
31.2
-68.5
-44.6
126
-78.6
-128
EPS, basic
-1.59
-2.64
-2.75
-1.21
0.99
-1.89
-1.21
3.08
-1.13
-2.04
EPS, diluted
-1.59
-2.64
-2.75
-1.21
0.98
-1.89
-1.21
2.97
-1.13
-2.04
Shares, basic (weighted)
25.3
26.8
32.1
35.9
37.1
37.7
38.4
43
57.7
58.7
Shares, diluted (weighted)
25.3
26.8
32.1
35.9
37.3
37.7
38.4
44.6
57.7
58.7
Dividend per share
0.00
0.00
0.00
0.00
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
36.6
31.5
46.9
86
104
117
99
68.8
71.4
65.3
Short-term investments
138
138
109
195
76.7
15.1
19.9
162
195
131
Receivables
80.2
1.5
1.76
Other current assets
1.96
0.77
1.36
1.4
1.58
1.7
4.23
2.63
2.87
2.28
Total current assets
179
172
162
305
198
137
124
320
277
203
Property, plant and equipment
7.89
10.3
12.8
18
25.4
21.9
17.9
16.5
14.3
13.1
Lease right-of-use assets
28.5
36.1
33.5
15.5
13.5
33.3
28.5
Long-term investments
1.36
1.1
0.63
1.92
65.7
5.24
Total assets
190
184
177
355
262
194
159
351
393
252
Accounts payable
0.55
1.02
1.04
4.07
0.63
0.57
2.57
1.6
4
5.01
Accrued liabilities
6.49
11.5
9.79
21.5
14.2
11
7.82
16.8
14.2
12.1
Deferred revenue
6.76
3.38
20.8
47.2
7.73
33.9
59.4
42.9
24.4
1.59
Total current liabilities
13.8
15.9
31.7
76
26.8
51
72.6
64.5
49.8
26.5
Lease liabilities
31
43.4
38.6
20.3
17.1
36.5
28.7
Other non-current liabilities
0.03
1.01
6.71
32
44.4
39.6
21.3
18.1
37.5
Total liabilities
53.6
50.4
131
255
107
98.8
100
115
93.3
56.2
Paid-in capital
226
295
316
412
430
442
453
498
626
642
Retained earnings
-90
-161
-269
-313
-276
-347
-394
-261
-326
-446
Other comprehensive income
-0.05
-0.29
-0.13
-0.1
-0.13
-0.14
-0.22
-0.05
-0.41
0.03
Shareholders' equity
136
134
46.4
99.5
154
95.1
59
236
300
196
Total equity
136
134
46.4
99.5
154
95.1
59
236
300
196
Total liabilities and equity
190
184
177
355
262
194
159
351
393
252
Shares outstanding
25.6
31.6
32.4
36.9
37.4
37.9
38.6
44
54.7
59
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-40.2
-70.7
-88.3
-43.6
36.7
-71.2
-46.4
132
-65
-120
Depreciation and amortization
0.61
1.6
2.12
2.77
3.82
5.17
6.19
4.44
4.73
4.06
Stock-based compensation
6.31
9.24
15.7
15.6
14.9
11.3
9.34
11.2
14.8
14.8
Deferred income tax
-0.13
Change in receivables
-80.2
78.6
-0.26
Change in payables
-0.06
0.47
-0.28
2.6
-3.44
-0.06
1.99
-0.96
2.39
1.02
Cash from operations
-42.5
-61.4
-15.9
48.7
-96.7
-53.5
-12.5
77.9
-15.3
-132
Capital expenditures
-5.03
-3.99
-4.31
-7.72
-12.1
-1.61
-2.49
-3.26
-3.52
-2.6
Purchases of investments
-112
-147
-333
-494
-70.4
-15.1
-54.8
-224
-466
-134
Sales and maturities of investments
165
148
364
411
195
82.6
50
85.6
374
262
Cash from investing
47.7
-3.68
26.5
-90.5
113
65.9
-7.34
-142
-94.9
125
Stock issued
0.51
58
3.89
2.71
2.32
0.03
0.63
1.85
93.5
0.27
Cash from financing
0.51
59.9
4.75
81
3.16
0.61
1.11
33.6
114
0.82
Net change in cash
5.75
-5.11
15.3
39.2
19.4
13
-18.7
-30.1
3.85
-6.21
Free cash flow
-47.5
-65.3
-20.2
40.9
-109
-55.1
-15
74.7
-18.8
-135
Income taxes paid
0.02
1.48
0.71
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.68 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-340.1%
Operating income / revenue.
EBITDA margin
-329.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-312.3%
Pre-tax income / revenue.
Net margin
-312.6%
Net income / revenue.
FCF margin
-352.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-349.9%
Cash from operations / revenue.
Return on equity (ROE)
-69.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-54.5%
Net income / average total assets.
Return on invested capital (ROIC)
-78.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
343.8%
Research and development expense / revenue.
Stock-based pay / revenue
34.5%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
2.5%
Capital expenditures / revenue.
D&A / revenue
11.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-49.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-0.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-25.1%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-34.6%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
49.2%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
4.9%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-35.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
16.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-0.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
1.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
15.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
9.5%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
7.51x
Current assets / current liabilities.
Quick ratio
7.15x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
6.97x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.57
Revenue / diluted weighted shares.
FCF per share
-$2.01
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.99
Cash from operations / diluted weighted shares.
Book value per share
$2.52
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
4.79x
Market cap / revenue.
P/B
1.07x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.07x
Market cap / tangible book value, when positive.
EV/Sales
1.42x
Enterprise value / revenue.
FCF yield
-73.5%
Free cash flow / market cap.
Earnings yield
-65.2%
Net income / market cap (the inverse of P/E).
What was Voyager Therapeutics, Inc.'s revenue in fiscal 2025?
Voyager Therapeutics, Inc. reported revenue of $40.4M for fiscal 2025, 49.5% lower than the year before.
Was Voyager Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $119.7M.
How much free cash flow did Voyager Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $132.5M minus capital expenditures of $2.6M left free cash flow of -$135.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.