C

Voyager Therapeutics, Inc. — Earnings Quality Grade C

VYGR · Healthcare

Some red flags

Revenue
$40M
2025
Net Income
-$120M
2025
Gross Margin
Free Cash Flow
-$135M
01

Screening Summary

10
Passed
4
Watch
0
Failed
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 16 days, change +9 days YoY

!
A2AR vs Revenue Growth

AR growth 17.1% exceeds revenue growth -49.5%

A3Revenue vs CFFO

Revenue -49.5%, CFFO -765.2%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -26.3% vs revenue -49.5%. Normal

B3SG&A Ratio

Insufficient data

B4Gross Margin

Insufficient data

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 1.11. Profits backed by cash

!
C2Free Cash Flow

FCF is negative ($-0.1B)

!
C3Accruals Ratio

Accruals ratio = 5.1%. Elevated

C4Cash vs Debt

Cash $0.2B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

No goodwill. Clean balance sheet

D2Leverage

Debt/EBITDA = -0.3x. Healthy

D3Soft Asset Growth

Other assets -4.8% vs revenue -49.5%. Normal

D4Asset Impairment

No write-off data

05

Acquisition Risk

!
E1Serial Acquirer FCF

FCF after acquisitions negative for 2/3 years

E2Goodwill Surge

No goodwill

06

Manipulation Score

F1Beneish M-Score

Insufficient data

Portfolio monitoring

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05

Altman Z-Score

-1.03
Distress Zone
0 Distress1.102.605.0+ Safe
0.6982
Liquidity
-1.7675
Cumulative profit
-0.5226
Operating efficiency
3.489
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25