Voyager Therapeutics, Inc.

Health Care
Biotechnology: Biological Products (No Diagnostic Substances)
www.voyagertherapeutics.com

Earnings Score
Moat Score

Market Cap $351.80M
PE 14
Debt $NaN
Cash $115.40M
EV $NaN
FCF -$28.66M

Earnings

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Sales & Net Margins

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Earnings	$25.88M
EBIT	$26.78M
ROE	8%
ROA	6%
FCF	-$28.66M
Equity	$330.31M
Growth Stability	1
PE	13.59
PEG	14.25
PB	1.07
P/FCF	-12.27
P/S	2.15
Price/Cash	0.33
Net Margins	-41%
Op. Margins	16%
Earnings CAGR	0%
Sales Growth YoY	434%
Sales Growth QoQ	-17%
Sales CAGR	42%
FCF CAGR	-1%
Equity CAGR	6%
Earnings Stability	0
Earnings Growth YoY	-65%

Earnings Growth QoQ	-11%
Earnings CAGR 5Y	1%
Sales CAGR 5Y	9%
FCF CAGR 5Y	7%
Equity CAGR 5Y	28%
Earnings CAGR 3Y	100%
Sales CAGR 3Y	100%
FCF CAGR 3Y	71%
Equity CAGR 3Y	95%
Market Cap	$351.80M
Revenue	$163.78M
Assets	$426.04M
Cash	$115.40M
Shares Outstanding	54.54M
Earnings Score	6%
Moat Score	54%
Working Capital	329.23M
Current Ratio	8.45
Shares Growth 3y	16%
Equity Growth QoQ	-2%
Equity Growth YoY	87%

Assets & ROA

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Stockholders Equity & ROE

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Voyager Therapeutics Inc is a gene therapy company focused on developing life-changing treatments for patients suffering from severe neurological diseases. It focuses on neurological diseases where an adeno-associated virus, or AAV, gene therapy approach that either increases or decreases the production of a specific protein can slow or reduce the symptoms experienced by patients, and therefore have a clinically meaningful impact. The company's gene therapy platform enables to engineer, optimize, manufacture and deliver AAV-based gene therapies that have the potential to provide durable efficacy following a single administration. The company operates in a single segment of developing and commercializing gene therapies.

SEC Filings

Direct access to Voyager Therapeutics, Inc. (VYGR) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Voyager Therapeutics, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Voyager Therapeutics, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 0%

Stability 0%

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Voyager Therapeutics, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Voyager Therapeutics, Inc..

Years

Calculation mode

= -$269M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$29M	-$28M	-$28M	-$28M	-$28M	-$27M	-$27M	-$27M	-$27M	-$26M	-$26M	-$260M
DCF		-$26M	-$23M	-$21M	-$19M	-$17M	-$15M	-$14M	-$12M	-$11M	-$10M	-$100M
Value	-$269M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-	-221%	-283%	-698%	-1K%	-42%	21%	-190%	-113%	53%	-41%
ROA	-	-9%	-21%	-38%	-50%	-12%	14%	-37%	-29%	38%	6%
ROE	-	-23%	-30%	-53%	-190%	-44%	24%	-75%	-79%	56%	8%

Bad Net Margins (-41.39%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	-	-	-	-	-	-	-
Debt over Equity	-	-	-	-	-	-	-	-	-	-	-
Growth Stability	-	-	-	-	-	-	-	-	-	-	1

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Good Graham’s Stability (1)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-	-18%	-29%	-25%	1K%	64%	-78%	9%	511%	9%
Earnings YoY growth	-	117%	5%	76%	25%	-51%	-184%	-294%	-35%	-385%	1%
Equity YoY growth	-	-912%	-20%	-1%	-65%	114%	55%	-38%	-38%	300%	28%
FCF YoY growth	-	-370%	-218%	38%	-69%	-303%	-366%	-49%	-73%	-598%	7%