(VOYG) Voyager Technologies - Overview
Sector: Industrials | Industry: Aerospace & Defense | Exchange: NYSE (USA) | Market Cap: 2.645m USD | Total Return: -21% in 12m
Avg Turnover: 61.0M
Qual. Beats: 0
Rev. Trend: 97.1%
Warnings
Interest Coverage Ratio -19.0 is critical
Beneish M-Score -0.58 > -1.5 - likely earnings manipulation
Altman Z'' -0.69 < 1.0 - financial distress zone
Extended 1w Choppy
Tailwinds
Rs Leader, Idiosyncratic Leader, Tailwind
Voyager Technologies, Inc. (NYSE: VOYG) is a Denver-based aerospace and defense firm specializing in space infrastructure and national security systems. The company operates through three primary segments: Defense & National Security, Space Solutions, and Starlab Space Stations. Its portfolio includes radiation-hardened communications, solid propulsion subsystems, and the Bishop Airlock, which facilitates payload transfers on the International Space Station (ISS).
The company operates within the rapidly expanding commercial space sector, where business models are shifting from government-led initiatives to private-public partnerships for orbital logistics and station management. Defense contractors in this niche increasingly prioritize vertically integrated supply chains to secure components like star trackers and inertial measurement units for satellite constellations. Evaluating the companys long-term valuation relative to these sector trends on ValueRay may provide further clarity for your analysis.
Following a corporate rebranding in February 2025, Voyager continues to develop the Starlab commercial space station to ensure a continuous human presence in low Earth orbit. The firm integrates artificial intelligence and edge computing into its hardware to serve diverse clients across the global defense and space science industries.
- Government defense contract awards drive Defense and National Security segment revenue
- Starlab commercial space station development milestones impact long-term capital expenditure
- Demand for radiation-hardened electronics fuels growth in satellite communications markets
- NASA funding levels and ISS decommissioning timelines dictate Space Solutions demand
- Geopolitical tensions increase procurement of solid propulsion and signal intelligence systems
| Net Income: -121.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.27 > 0.02 and ΔFCF/TA 2.21 > 1.0 |
| NWC/Revenue: 237.8% < 20% (prev 84.82%; Δ 153.0% < -1%) |
| CFO/TA -0.08 > 3% & CFO -86.3m > Net Income -121.9m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 4.57 > 1.5 & < 3 |
| Outstanding Shares: last quarter (58.3m) vs 12m ago 3.64% < -2% |
| Gross Margin: 8.08% > 18% (prev 0.24%; Δ 784.2% > 0.5%) |
| Asset Turnover: 24.07% > 50% (prev 39.45%; Δ -15.39% > 0%) |
| Interest Coverage Ratio: -18.98 > 6 (EBITDA TTM -97.4m / Interest Expense TTM 6.21m) |
| A: 0.39 (Total Current Assets 508.7m - Total Current Liabilities 111.3m) / Total Assets 1.02b |
| B: -0.42 (Retained Earnings -429.9m / Total Assets 1.02b) |
| C: -0.17 (EBIT TTM -117.8m / Avg Total Assets 694.6m) |
| D: -0.69 (Book Value of Equity -430.0m / Total Liabilities 619.2m) |
| Altman-Z'' = -0.69 = B |
| DSRI: 1.57 (Receivables 48.0m/26.4m, Revenue 167.2m/144.2m) |
| GMI: 3.00 (GM 8.08% / 24.22%) |
| AQI: 1.15 (AQ_t 0.28 / AQ_t-1 0.24) |
| SGI: 1.16 (Revenue 167.2m / 144.2m) |
| TATA: -0.03 (NI -121.9m - CFO -86.3m) / TA 1.02b) |
| Beneish M = -0.58 (Cap -4..+1) = D |
As of May 26, 2026, the stock is trading at USD 44.64 with a total of 3,032,700 shares traded.
Over the past week, the price has changed by +29.62%,
over one month by +63.94%,
over three months by +61.68% and
over the past year by -20.96%.
Voyager Technologies has no consensus analysts rating.
| Analysts Target Price | 38.3 | -14.2% |
P/S = 15.8261
P/B = 7.4055
Revenue TTM = 167.2m USD
EBIT TTM = -117.8m USD
EBITDA TTM = -97.4m USD
Long Term Debt = 448.3m USD (from longTermDebt, last quarter)
Short Term Debt = 6.76m USD (from shortTermDebt, last quarter)
Debt = 534.4m USD (from shortLongTermDebtTotal, last quarter) + Leases 43.1m
Net Debt = 105.0m USD (calculated: Debt 534.4m - CCE 429.4m)
Enterprise Value = 2.75b USD (2.65b + Debt 534.4m - CCE 429.4m)
Interest Coverage Ratio = -18.98 (Ebit TTM -117.8m / Interest Expense TTM 6.21m)
EV/FCF = -9.81x (Enterprise Value 2.75b / FCF TTM -280.4m)
FCF Yield = -10.20% (FCF TTM -280.4m / Enterprise Value 2.75b)
FCF Margin = -167.8% (FCF TTM -280.4m / Revenue TTM 167.2m)
Net Margin = -72.90% (Net Income TTM -121.9m / Revenue TTM 167.2m)
Gross Margin = 8.08% ((Revenue TTM 167.2m - Cost of Revenue TTM 153.6m) / Revenue TTM)
Gross Margin QoQ = -16.40% (prev 14.14%)
Tobins Q-Ratio = 2.69 (Enterprise Value 2.75b / Total Assets 1.02b)
Interest Expense / Debt = 1.16% (Interest Expense 6.21m / Debt 534.4m)
Taxrate = 21.0% (US default 21%)
NOPAT = -93.1m (EBIT -117.8m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 3.88 (Total Current Assets 508.7m / Total Current Liabilities 131.1m)
Debt / Equity = 1.50 (Debt 534.4m / totalStockholderEquity, last quarter 357.2m)
Debt / EBITDA = -1.08 (negative EBITDA) (Net Debt 105.0m / EBITDA -97.4m)
Debt / FCF = -0.37 (negative FCF - burning cash) (Net Debt 105.0m / FCF TTM -280.4m)
Total Stockholder Equity = 471.6m (last 4 quarters mean from totalStockholderEquity)
RoA = -17.54% (Net Income -121.9m / Total Assets 1.02b)
RoE = -13.52% (Net Income TTM -121.9m / Total Stockholder Equity 901.5m)
RoCE = -8.73% (EBIT -117.8m / Capital Employed (Equity 901.5m + L.T.Debt 448.3m))
RoIC = -16.94% (negative operating profit) (NOPAT -93.1m / Invested Capital 549.3m)
WACC = 16.01% (E(2.65b)/V(3.18b) * Re(19.06%) + D(534.4m)/V(3.18b) * Rd(1.16%) * (1-Tc(0.21)))
Discount Rate = 19.06% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 64.25 | Cagr: 2.07%
[DCF] Fair Price = unknown (Cash Flow -280.4m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.00 | # QB: 0
Revenue Correlation: 97.13 | Revenue CAGR: 10.59% | SUE: N/A | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.94 | Chg30d=-55.13% | Revisions=-43% | Analysts=7
EPS next Quarter (2026-09-30): EPS=-0.91 | Chg30d=-48.33% | Revisions=-43% | Analysts=7
EPS current Year (2026-12-31): EPS=-3.20 | Chg30d=-31.86% | Revisions=-50% | GrowthEPS=-56.2% | GrowthRev=+44.9%
EPS next Year (2027-12-31): EPS=-1.23 | Chg30d=-31.08% | Revisions=-20% | GrowthEPS=+61.5% | GrowthRev=+55.0%
[Analyst] Revisions Ratio: -50%