Voyager Technologies, Inc. — Earnings Quality Grade F
VOYG · Industrials
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 27 days (39 → 65)
Small-cap context: DSO swings on a small revenue base are more often quarterly customer-mix effects than red flags.
AR growth 94.1% exceeds revenue growth 15.4%
Revenue grew 15.4% but CFFO declined -139.0%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory growth 150.7% exceeds COGS 25.0%
CapEx growth 74.9% is >2x revenue growth 15.4%
SG&A/Gross Profit = 391.9%, exceeds 70%
Gross margin swung -6.3pp (24.2% → 18.0%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.2B)
Accruals ratio = -4.2%. Low accruals
Cash $0.5B covers debt $0.5B
Balance Sheet Health
Goodwill+Intangibles $0.3B = 67% of equity. Over 50%
Interest coverage = -15.9x (<2x). Financial stress
Other assets grew 316.8% vs revenue 15.4%
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles surged 216% YoY
Manipulation Score
M-Score = -1.66 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25