Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.2M | $10.1M | $7.62M | $104M | $171M | $37.4M | $40.9M | $250M | $80.0M | $40.4M |
| Revenue growth | — | -28.7% | -24.8% | 1270.1% | 63.9% | -78.1% | 9.3% | 511.2% | -68.0% | -49.5% |
| Operating income | -$41.3M | -$71.9M | -$91.1M | -$51.7M | $27.4M | -$73.6M | -$50.8M | $122M | -$83.3M | -$132M |
| Operating margin | -290.4% | -709.1% | -1195.6% | -49.5% | 16.0% | -196.8% | -124.3% | 48.8% | -104.1% | -326.6% |
| Net income | -$40.2M | -$70.7M | -$88.3M | -$43.6M | $36.7M | -$71.2M | -$46.4M | $132M | -$65.0M | -$120M |
| Net margin | -282.7% | -697.6% | -1158.8% | -41.8% | 21.5% | -190.3% | -113.4% | 52.9% | -81.3% | -296.5% |
| EPS (diluted) | -$1.59 | -$2.64 | -$2.75 | -$1.21 | $0.98 | -$1.89 | -$1.21 | $2.97 | -$1.13 | -$2.04 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$42.5M | -$61.4M | -$15.9M | $48.7M | -$96.7M | -$53.5M | -$12.5M | $77.9M | -$15.3M | -$132M |
| Capital expenditures | $5.03M | $3.98M | $4.30M | $7.72M | $12.1M | $1.61M | $2.49M | $3.26M | $3.52M | $2.60M |
| Free cash flow | -$47.5M | -$65.3M | -$20.2M | $40.9M | -$109M | -$55.1M | -$15.0M | $74.7M | -$18.8M | -$135M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $36.6M | $31.5M | $46.9M | $86.0M | $104M | $117M | $99.0M | $68.8M | $71.4M | $65.3M |
| 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 |
| Retained earnings | -$90.0M | -$161M | -$269M | -$313M | -$276M | -$347M | -$394M | -$261M | -$326M | -$446M |
| Shares (wtd avg diluted) | 25.6M | 31.6M | 32.1M | 35.9M | 37.3M | 37.7M | 38.4M | 44.6M | 57.7M | 58.7M |
Every figure is extracted from Voyager Therapeutics, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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