Voyager Therapeutics, Inc. (VYGR) intrinsic value & 10-year financials
Voyager Therapeutics, Inc. (VYGR) has a Graham intrinsic value of $84.76 per share. At $1.90 on Oct 17, 2026, the stock trades 98% below that value. Over the last 10 fiscal years revenue grew 12.3% a year to $40.4M, with an average return on invested capital of 266.6%.
- Graham intrinsic value
- $84.76
- Share price (Oct 17, 2026)
- $1.90
- Price vs Graham value
- 98% below
- Market cap
- $111.5M
- Revenue (FY2025)
- $40.4M
- Revenue growth (10-yr CAGR)
- 12.3%
- ROIC (10-yr avg)
- 266.6%
- Free cash flow (FY2025)
- -$135.1M
VYGR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $40.4M | -$119.7M | -$2.04 | -$135.1M | -326.6% | -62.1% |
| FY2024 | $80.0M | -$65.0M | -$1.13 | -$18.8M | -104.1% | -37.1% |
| FY2023 | $250.0M | $132.3M | $2.97 | $74.7M | 48.8% | 146.4% |
| FY2022 | $40.9M | -$46.4M | -$1.21 | -$15.0M | -124.3% | 2977.3% |
| FY2021 | $37.4M | -$71.2M | -$1.89 | -$55.1M | -196.8% | -130.0% |
| FY2020 | $171.1M | $36.7M | $0.98 | -$108.8M | 16.0% | 53.4% |
| FY2019 | $104.4M | -$43.6M | -$1.21 | $40.9M | -49.5% | -98.1% |
| FY2018 | $7.6M | -$88.3M | -$2.75 | -$20.2M | -1195.6% | -100.7% |
| FY2017 | $10.1M | -$70.7M | — | -$65.3M | -709.1% | -52.4% |
| FY2016 | $14.2M | -$40.2M | — | -$47.5M | -290.4% | -30.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Voyager Therapeutics, Inc. is a consistent compounder, expanding top-line revenue at 12.3% annually over the past decade.
Voyager Therapeutics, Inc. has historically struggled to out-earn its cost of capital, averaging just -28.1% ROIC.
Voyager Therapeutics, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Voyager Therapeutics, Inc. is modeled at 12.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $84.76 per share.