Latest Ratios: P/E Ratio -1.9x · EV/EBITDA N/A · ROE -48.3%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $228M | $231M | $327M | $376M | $234M | $102M | $267M | $501M | $301M | $445M | $322M |
| Enterprise Value | $200M | $202M | $299M | $328M | $158M | $29M | $210M | $449M | $255M | $413M | $286M |
| P/E Ratio → | -1.85 | — | — | 2.84 | — | — | 7.30 | — | — | — | — |
| P/S Ratio | 5.66 | 5.71 | 4.09 | 1.50 | 5.72 | 2.73 | 1.56 | 4.80 | 39.56 | 43.90 | 22.67 |
| P/B Ratio | 1.13 | 1.18 | 1.09 | 1.59 | 3.96 | 1.07 | 1.73 | 5.03 | 6.49 | 3.32 | 2.37 |
| P/FCF | — | — | — | 5.04 | — | — | — | 12.23 | — | — | — |
| P/OCF | — | — | — | 4.83 | — | — | — | 10.29 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.00 | 3.74 | 1.31 | 3.87 | 0.77 | 1.23 | 4.30 | 33.41 | 40.79 | 20.09 |
| EV / EBITDA | — | — | — | 2.59 | — | — | 6.74 | — | — | — | — |
| EV / EBIT | — | — | — | 2.69 | — | — | 7.68 | — | — | — | — |
| EV / FCF | — | — | — | 4.39 | — | — | — | 10.96 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 63.1% | -36.3% | -97.2% | 36.4% | -14.7% | -751.9% | -514.3% | -197.1% |
| Operating Margin | -326.6% | -326.6% | -104.1% | 48.8% | -124.3% | -196.8% | 16.0% | -49.5% | -1195.6% | -709.1% | -290.4% |
| Net Profit Margin | -296.5% | -296.5% | -81.3% | 52.9% | -113.4% | -190.3% | 21.5% | -41.8% | -1158.8% | -697.6% | -282.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -48.3% | -48.3% | -24.3% | 89.6% | -60.2% | -57.1% | 28.9% | -59.7% | -97.8% | -52.4% | -26.4% |
| ROA | -37.1% | -37.1% | -17.5% | 51.8% | -26.3% | -31.3% | 11.9% | -16.4% | -48.8% | -37.8% | -19.2% |
| ROIC | -45.0% | -45.0% | -27.2% | 107.0% | -1528.8% | -92.6% | 28.3% | -164.1% | -133.8% | -53.4% | -26.1% |
| ROCE | -46.3% | -46.3% | -26.4% | 65.3% | -44.3% | -39.0% | 10.7% | -24.4% | -58.0% | -41.7% | -21.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.19 | 0.19 | 0.15 | 0.09 | 0.39 | 0.46 | 0.31 | 0.34 | — | — | — |
| Debt / EBITDA | — | — | — | 0.16 | — | — | 1.53 | — | — | — | — |
| Net Debt / Equity | — | -0.15 | -0.09 | -0.21 | -1.28 | -0.77 | -0.37 | -0.52 | -1.01 | -0.24 | -0.27 |
| Net Debt / EBITDA | — | — | — | -0.38 | — | — | -1.82 | — | — | — | — |
| Debt / FCF | — | — | — | -0.65 | — | — | — | -1.27 | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | -42.31 |
Net cash position: cash ($65M) exceeds total debt ($36M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.64 | 7.64 | 5.56 | 4.96 | 1.72 | 2.68 | 7.39 | 4.01 | 5.13 | 10.81 | 12.95 |
| Quick Ratio | 7.64 | 7.64 | 5.56 | 4.96 | 1.72 | 2.68 | 7.39 | 3.98 | 4.97 | 10.69 | 12.84 |
| Cash Ratio | 7.40 | 7.40 | 5.36 | 3.58 | 1.64 | 2.60 | 6.77 | 3.70 | 4.92 | 10.63 | 12.64 |
| Asset Turnover | — | 0.16 | 0.20 | 0.71 | 0.26 | 0.19 | 0.65 | 0.29 | 0.04 | 0.05 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | 54.38 | 12.69 | 33.65 | 27.72 |
| Days Sales Outstanding | — | 15.92 | 20.49 | 123.30 | 5.70 | 7.30 | 17.09 | 65.38 | 9.63 | — | 59.11 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 35.2% | — | — | 13.7% | — | — | — | — |
| FCF Yield | — | — | — | 19.8% | — | — | — | 8.2% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% |
| Shares Outstanding | — | $59M | $58M | $45M | $38M | $38M | $37M | $36M | $32M | $27M | $25M |
Liquidity and Milestone Dependency
Based on reported figures, Voyager’s P/S ratio of 5.37 suggests that investors are pricing the company as a speculative platform play rather than a traditional biotech, with valuation heavily dependent on the perceived future optionality of the TRACER capsid technology rather than current earnings.
The lack of a meaningful P/E or EV/EBITDA multiple underscores the company's pre-commercial status and reliance on non-recurring licensing revenue. Investors should monitor whether this premium holds as the company shifts toward capital-intensive internal clinical development, which may compress valuation multiples if milestone progress stalls.
According to recent financial statements, Voyager’s ROIC has trended into negative territory, reaching -13.7% in 2026Q1, which indicates that the company is currently destroying shareholder value as it aggressively deploys capital into its internal Tau and SOD1 programs without offsetting commercial returns.
The sharp decline from the positive returns observed in 2023Q4 highlights the transition from a partnership-funded model to a more capital-intensive internal development phase. This trend warrants further investigation into whether the current R&D spend will eventually yield proprietary assets capable of generating superior long-term returns on invested capital.
As reported in financial statements, the company's asset turnover ratio remains extremely low at 0.01 in 2026Q1, reflecting a structural inability to generate meaningful revenue from its current asset base, which is typical for a firm in the early stages of clinical-stage biotechnology development.
The erratic nature of the cash conversion cycle, driven by lumpy milestone payments, makes traditional efficiency metrics less useful for assessing operational health. Investors should focus on the burn rate relative to the remaining cash runway rather than standard working capital turnover ratios, which are distorted by the licensing model.
Based on the 2026Q1 balance sheet, the current ratio of 8.42 appears deceptively strong, yet it masks a rapidly depleting cash position that has fallen significantly from prior periods, leaving the company increasingly vulnerable to liquidity shocks if new partnership milestones are not achieved in the near term.
While the high current ratio suggests an ability to cover short-term obligations, the lack of recurring revenue means that the company is essentially consuming its own liquidity to fund operations. This position appears precarious, and the company may face significant dilution risk if it cannot secure additional non-dilutive funding or partnership capital.
As indicated by the financial data, the P/S ratio is the most commonly misapplied metric for Voyager, as it fails to distinguish between high-quality recurring product sales and the lumpy, non-recurring licensing income that characterizes the company's current financial performance and distorts valuation comparisons.
Using P/S to value Voyager obscures the underlying volatility of its business model, as a single milestone payment can artificially inflate revenue and compress the multiple. Analysts should instead utilize a risk-adjusted net present value (rNPV) approach for the pipeline or focus on the cash-burn-to-runway ratio to better assess the company's true economic viability.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying VYGR stock.
Voyager Therapeutics, Inc.'s current P/E ratio is -1.9x. The historical average is 5.1x.
Voyager Therapeutics, Inc.'s return on equity (ROE) is -48.3%. The historical average is -31.1%.
Based on historical data, Voyager Therapeutics, Inc. is trading at a P/E of -1.9x. Compare with industry peers and growth rates for a complete picture.
Voyager Therapeutics, Inc. has 100.0% gross margin and -326.6% operating margin.