VOYGVoyager Technologies, Inc.
Is the business good?
3 of 9 health tests passed. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Weak, deteriorating fundamentals. Nine pass/fail tests of year-over-year health from the filings.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is VOYG?
Voyager Technologies, Inc. earns −30% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 39 points below what the capital costs: growth destroys value
- Operating margin
- −88%
Operating margin · Aerospace & Defense median 9.6% · 12 months to Q2 2026
- Share count, year on year
- +97%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 11%
Gross margin
| Year | Operating margin |
|---|---|
| FY2023 | −10% |
| FY2024 | −34% |
| FY2025 | −65% |
Details›
- Gross margin12 months to Q2 2026
- 11%
- Operating margin12 months to Q2 2026
- −88%
- Net margin12 months to Q2 2026
- −79%
- Free cash flow margin
- −165%
- Revenue, trailing twelve months
- $174M
- Free cash flow, trailing twelve months
- −$288M
- Net income, trailing twelve months
- −$137M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −30%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from VOYG and who it buys from, as the companies report it.
- U.S. government86%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; VOYG’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Aerospace & Defense
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