Voyager Technologies (VOYG)


Market Price (11/12/2026): $29.16 | Market Cap: $1.8 BilSector: Industrials | Industry: Aerospace & Defense

Voyager Technologies (VOYG)


Market Price (11/12/2026): $29.16
Market Cap: $1.8 Bil
Sector: Industrials
Industry: Aerospace & Defense

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 42%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -25%

Weak multi-year price returns
2Y Excs Rtn is -74%, 3Y Excs Rtn is -120%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -192 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -86%

Expensive valuation multiples
P/SPrice/Sales ratio is 8.1x

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -58%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -131%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15%

Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 22%

Key risks
VOYG key risks include [1] its heavy dependence on future government contracts to close a substantial funding gap for its Starlab project and [2] persistent unprofitability combined with a high, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 42%
1 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -25%
2 Weak multi-year price returns
2Y Excs Rtn is -74%, 3Y Excs Rtn is -120%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -192 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -86%
4 Expensive valuation multiples
P/SPrice/Sales ratio is 8.1x
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -58%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -131%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15%
7 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 22%
8 Key risks
VOYG key risks include [1] its heavy dependence on future government contracts to close a substantial funding gap for its Starlab project and [2] persistent unprofitability combined with a high, Show more.

VOYG in ETFs

Weight = VOYG's share of each fund

VTI0.00%
ITOT0.00%
IWM0.04%
VB0.02%
NASA2.8%
MISL0.15%
ITA0.10%
IWO0.09%
+5 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Prices as of 11/11/2026

Nov 9: up 16.3% in one day (S&P 500 up 2.4%)
On November 9, the stock rose as the market staged a broad-based relief rally, with the S&P 500 also seeing gains. The company had no specific news released that day.

Up 45.5% since its Nov 5 low (S&P 500 up 3.7%)
The stock's ascent over this period occurred without specific company news. Its largest daily gains included November 6 and November 9, with the latter day supported by a broad-based market rally.

Nov 3: up 1.0% the day after its Nov 2 earnings report (S&P 500 up 0.3%)
The stock had a modest gain following its third quarter earnings report, which showed record revenue and a new Board of Advisors chairman. This was offset by a wider quarterly loss that missed analyst estimates.

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Prices as of 11/11/2026

Nov 9: up 16.3% in one day (S&P 500 up 2.4%)
On November 9, the stock rose as the market staged a broad-based relief rally, with the S&P 500 also seeing gains. The company had no specific news released that day.

Up 45.5% since its Nov 5 low (S&P 500 up 3.7%)
The stock's ascent over this period occurred without specific company news. Its largest daily gains included November 6 and November 9, with the latter day supported by a broad-based market rally.

Nov 3: up 1.0% the day after its Nov 2 earnings report (S&P 500 up 0.3%)
The stock had a modest gain following its third quarter earnings report, which showed record revenue and a new Board of Advisors chairman. This was offset by a wider quarterly loss that missed analyst estimates.

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Stock Movement Drivers

Fundamental Drivers

The 20.6% change in VOYG stock from 7/31/2026 to 11/11/2026 was primarily driven by a 33.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)731202611112026Change
Stock Price ($)24.5329.5820.6%
Change Contribution By: 
Total Revenues ($ Mil)16722333.6%
P/S Multiple8.68.1-5.6%
Shares Outstanding (Mil)5861-4.4%
Cumulative Contribution20.6%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/11/2026
ReturnCorrelation
VOYG20.6% 
Market (SPY)1.7%50.7%
Sector (XLI)-4.9%49.3%

Fundamental Drivers

The 12.0% change in VOYG stock from 4/30/2026 to 11/11/2026 was primarily driven by a 34.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)430202611112026Change
Stock Price ($)26.4129.5812.0%
Change Contribution By: 
Total Revenues ($ Mil)16622334.2%
P/S Multiple9.38.1-12.8%
Shares Outstanding (Mil)5861-4.3%
Cumulative Contribution12.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/11/2026
ReturnCorrelation
VOYG12.0% 
Market (SPY)6.0%47.0%
Sector (XLI)-1.8%35.9%

Fundamental Drivers

The -3.3% change in VOYG stock from 10/31/2025 to 11/11/2026 was primarily driven by a -7.7% change in the company's Shares Outstanding (Mil).
(LTM values as of)1031202511112026Change
Stock Price ($)30.5829.58-3.3%
Change Contribution By: 
Total Revenues ($ Mil)�2230.0%
P/S Multiple�8.10.0%
Shares Outstanding (Mil)5661-7.7%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/11/2026
ReturnCorrelation
VOYG-3.3% 
Market (SPY)12.3%47.6%
Sector (XLI)11.2%37.7%

Fundamental Drivers

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Market Drivers

10/31/2023 to 11/11/2026
ReturnCorrelation
VOYG  
Market (SPY)87.9%42.9%
Sector (XLI)80.8%36.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
VOYG Return-----54%13%-48%
Peers Return23%25%-4%12%32%9%136%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
VOYG Win Rate----43%45% 
Peers Win Rate58%57%45%62%63%47% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
VOYG Max Drawdown------61% 
Peers Max Drawdown-14%-18%-23%-17%-15%-28% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: LMT, NOC, RTX, LHX, GD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/11/2026 (YTD)

How Low Can It Go

VOYG has limited trading history. Below is the Industrials sector ETF (XLI) in its place.

EventXLIS&P 500
2025 US Tariff Shock
  % Loss-15.8%-18.8%
  % Gain to Breakeven18.8%23.1%
  Time to Breakeven34 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-11.7%-9.5%
  % Gain to Breakeven13.2%10.5%
  Time to Breakeven45 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-20.1%-24.5%
  % Gain to Breakeven25.1%32.4%
  Time to Breakeven125 days427 days
2020 COVID-19 Crash
  % Loss-41.6%-33.7%
  % Gain to Breakeven71.2%50.9%
  Time to Breakeven231 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-23.7%-19.2%
  % Gain to Breakeven31.1%23.8%
  Time to Breakeven120 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-11.1%-12.2%
  % Gain to Breakeven12.5%13.9%
  Time to Breakeven51 days62 days

Compare to LMT, NOC, RTX, LHX, GD

In The Past

State Street Industrial Select Sector SPDR ETF's stock fell -15.8% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

VOYG has limited trading history. Below is the Industrials sector ETF (XLI) in its place.

EventXLIS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-20.1%-24.5%
  % Gain to Breakeven25.1%32.4%
  Time to Breakeven125 days427 days
2020 COVID-19 Crash
  % Loss-41.6%-33.7%
  % Gain to Breakeven71.2%50.9%
  Time to Breakeven231 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-23.7%-19.2%
  % Gain to Breakeven31.1%23.8%
  Time to Breakeven120 days105 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-22.5%-17.9%
  % Gain to Breakeven29.0%21.8%
  Time to Breakeven114 days123 days
2008-2009 Global Financial Crisis
  % Loss-60.5%-53.4%
  % Gain to Breakeven153.2%114.4%
  Time to Breakeven700 days1085 days

Compare to LMT, NOC, RTX, LHX, GD

In The Past

State Street Industrial Select Sector SPDR ETF's stock fell -15.8% during the 2025 US Tariff Shock. Such a loss loss requires a 18.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Voyager Technologies (VOYG)

Voyager Technologies (VOYG) is an innovation-driven company focused on defense technology and space solutions, addressing critical challenges in national security and the burgeoning space industry. The company operates through three distinct business segments: Defense & National Security, which delivers mission-critical solutions such as advanced communications and defense systems; Space Solutions, providing space infrastructure, advanced technology, and mission services for commercial, academic, and government endeavors; and Starlab Space Stations, a commercial space station initiative designed to succeed the International Space Station (ISS), operated through a global joint venture with partners like Airbus and Palantir.

VOYG serves a diverse client base, functioning both as a prime contractor for comprehensive solutions and as a merchant supplier of specialized technologies. Its primary customers and partners include significant government agencies such as NASA and the U.S. Air Force, alongside major commercial players like Palantir and Lockheed Martin. The company benefits from substantial market tailwinds and leverages a public-private partnership model, notably securing a $217.5 million development grant from NASA for the Starlab project, which represents a key future revenue stream and a testament to its capabilities in critical national security and space technology development.

AI Analysis | Feedback

Here are 1-2 brief analogies for Voyager Technologies (VOYG):

  • A bit like Palantir, but also building the commercial space station designed to replace the International Space Station (Starlab).

  • Think of them as 'SpaceX for commercial space stations,' also providing cutting-edge defense and national security technology.

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  • Defense & National Security Systems: Develops and provides mission-critical solutions for defense and national security, including communications, intelligence collection, guidance, navigation, control, and missile defense.
  • Advanced Space Technology & Infrastructure: Offers advanced space technology, in-space infrastructure (e.g., Bishop Airlock), science systems, and mission services for various space endeavors.
  • Starlab Commercial Space Station: Designs, develops, and will operate Starlab, a commercial space station intended to succeed the International Space Station.
  • AI-Powered Intelligence & Analytics Platform: Provides artificial intelligence-powered edge computing units and an end-to-end intelligence analytics platform for real-time intelligence.

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Voyager Technologies (VOYG) sells primarily to government agencies and other companies. Its major customers include:

  • NASA (National Aeronautics and Space Administration)
  • U.S. Air Force
  • Palantir Technologies (PLTR)
  • Lockheed Martin (LMT)
  • Sierra Space

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  • Northrop Grumman (NOC)
  • Airbus (AIR.PA)
  • Mitsubishi Heavy Industries (7011.T)
  • MDA Space (MDA.TO)
  • Palantir (PLTR)

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Dylan Taylor, Chief Executive Officer and Chairman

Mr. Taylor is a Co-Founder of Voyager Technologies. He previously served in various presidential roles at Colliers International Group Inc., including CEO of Real Estate Services, Global President, Global Chief Operating Officer, and CEO of the Americas, from January 2009 to August 2019. He is also the founder of Space for Humanity, a non-profit organization focused on democratizing space exploration. Mr. Taylor is considered the most active private space investor globally, with early-stage investments in over 50 emerging space ventures. His executive experience includes Fortune 1000 companies in advanced electronics, finance, and real estate, such as Prudential plc, Honeywell, UMB Bank, Colliers, and Jones Lang LaSalle. He is also a Co-Founding Patron of the Commercial Spaceflight Federation.

Phil De Sousa, Chief Financial Officer

Mr. De Sousa joined Voyager in 2022. Prior to this, he was the Chief Financial Officer at Transamerican Auto Parts, a division of Polaris Industries. He also held positions as Vice President Finance, Global Operations and Engineering at Polaris, and Vice President Finance, Investor Relations at Xylem Inc. At Xylem Inc., he led the company's initial public offering and managed $1.5 billion capital raises. His earlier career included financial roles at ITT Corporation, Hexcel Corporation, Tudor Investment Corporation, and Arthur Andersen, LLP. He is a Certified Public Accountant.

Matthew Kuta, President and Co-Founder

Mr. Kuta is a Co-Founder of Voyager Technologies. He also served as the founding Executive Director for Space for Humanity, a non-profit organization. Before co-founding Voyager, Mr. Kuta was a key member of the private equity investment team at Goldman Sachs in New York City, and earlier focused on middle-market private equity at Plexus Capital. He is a former F-15E fighter pilot, where he led large multi-national teams.

Wallis Laughrey, Chief Strategy Officer

Mr. Laughrey is responsible for developing and executing Voyager Technologies' long-term business strategies. He brings extensive experience in strategic transformations and technological advancements within the Aerospace & Defense industry. His background includes leadership roles at Northrop Grumman and the U.S. Air Force.

Matt Magaña, President, Defense & National Security

Mr. Magaña leads the strategic, operational, and financial performance for the Defense & National Security segment of Voyager Technologies. His experience spans various domains, including nuclear defense, air dominance, naval and undersea warfare, and space. Before joining Voyager in 2024, he served as President of Blue Canyon Technologies.

AI Analysis | Feedback

The key risks to Voyager Technologies (VOYG) primarily stem from its significant reliance on government contracts and funding, the inherent complexities and uncertainties in developing and commercializing its Starlab Space Station, and the challenges associated with its inorganic growth strategy.

  1. Significant Dependence on U.S. Government Contracts and Funding: Voyager Technologies relies on its relationship with the U.S. government for a substantial portion of its business, including revenue from major customers like NASA (25.6% of 2024 revenue and 19.7% for Q1 2025) and significant contracts with the U.S. Air Force. Changes to the U.S. government’s priorities and spending, or delays or reductions in funding, could have a material adverse effect on the company. The development of the Starlab Space Station, a key initiative, is also heavily dependent on development grants from NASA.
  2. Technical, Operational, and Financial Risks in Starlab Space Station Development: The Starlab Space Station is a complex, long-term project intended to succeed the International Space Station (ISS). While the company has achieved initial milestones and secured significant development grants, the successful design, detailed development, and eventual commercial operation of Starlab inherently involve substantial technical challenges, potential delays, cost overruns, and the ongoing need for significant capital and grant funding. The project's success is critical for the "Starlab Space Stations" business segment.
  3. Risks Associated with Growth Through Acquisitions: Voyager Technologies has pursued an aggressive inorganic growth strategy, executing and integrating seven acquisitions since 2019. While acquisitions have contributed to revenue growth, such a strategy carries inherent risks related to successful integration of acquired companies, technologies, and personnel, as well as the potential for failing to realize anticipated synergies or for acquired businesses to underperform.

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Product/Service Segment Market Size Region
Defense & National Security (Total Addressable Market) $163 billion Global (including U.S. and allied international economies)
Defense & National Security (Serviceable Addressable Market) $11 billion Global (including U.S. and allied international economies)
Space Solutions & Starlab Space Stations (Total Addressable Market) $16 billion Global (including U.S. and allied international economies)
Space Solutions & Starlab Space Stations (Serviceable Addressable Market) $1 billion Global (including U.S. and allied international economies)

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Expected Drivers of Future Revenue Growth for Voyager Technologies (VOYG)

  1. Continued Development and Commercialization of the Starlab Space Station: Voyager Technologies is progressing with the Starlab commercial space station, intended to succeed the International Space Station (ISS) by 2030. The company anticipates significant revenue from remaining development grants, with $70.3 million of a $217.5 million NASA grant available as of March 31, 2025, upon achieving program milestones such as the upcoming Critical Design Review. Further funding opportunities are expected from NASA's budget allocation for commercial LEO development through 2030, and the company recently received a $15 million grant from the Texas Space Commission.
  2. Expansion in Defense & National Security Contracts: The company is well-positioned to capitalize on increasing investments in defense and national security, driven by the current threat environment. Voyager Technologies' strong relationships with government customers, including a $900 million ceiling IDIQ contract awarded in 2023 by the Air Force Life Cycle Management Center, indicate a continued growth in securing new and expanding existing contracts for mission-critical solutions in areas like communications, intelligence collection systems, and missile defense.
  3. Strategic Acquisitions (Inorganic Growth): Voyager Technologies explicitly includes inorganic expansion as a key component of its growth strategy. With a history of successfully integrating seven acquisitions since 2019, the company is expected to continue pursuing strategic mergers and acquisitions to vertically and horizontally integrate capabilities, broaden its technology offerings, and expand its market reach, thereby contributing to future revenue growth.
  4. Development and Deployment of Advanced AI-Powered Technologies: The company is actively developing new, advanced technology solutions, notably "artificial intelligence powered edge computing units" designed for Earth and space applications. These units, integrated with Palantir’s operating system and Voyager's analytics platform, aim to deliver real-time intelligence capabilities for defense, national security, and space exploration. The commercialization of such innovative offerings is anticipated to be a significant driver of organic revenue growth.
  5. Growth in Space Solutions and Mission Services: Beyond the Starlab project, Voyager's Space Solutions segment is poised for growth by delivering space infrastructure, advanced space technology, science systems, and mission services to commercial, academic, and government clients. Leveraging its capabilities as both a prime contractor and a merchant supplier, and maintaining long-term relationships with partners like NASA, Lockheed Martin, and Sierra Space, the company expects to expand its footprint in the broader space market through various programs and service offerings.

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Inbound Investments

  • Voyager Technologies received a total of $217.5 million in development grants from NASA for the design and development of the Starlab commercial space station. Cash proceeds from this grant included $3.0 million in 2022, $62.0 million in 2023, $62.2 million in 2024, and $20.0 million during the three months ended March 31, 2025.
  • The company was awarded $15 million in 2025 by the Texas Space Commission as part of their Space Exploration and Aeronautics Research Fund grant program to support Starlab and grow its ecosystem.

Outbound Investments

  • Since 2019, Voyager Technologies has executed and successfully vertically and horizontally integrated seven acquisitions.

Peer Outperformance in Aerospace & Defense

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Share of Aerospace & Defense constituents that VOYG has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
67%
of 70 industry peers · 23.3% return
3Y
—
insufficient peer history
5Y
—
insufficient peer history
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Median price return by industry across the Industrials sector, ranked by 5Y. Aerospace & Defense is VOYG's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 28 -10.9%105.0%116.4% FIX 1091% · STRL 953% · AGX 682%
Marine Transportation 5 27.2%33.1%101.9% MATX 142% · KEX 121%
Construction Machinery & Heavy Transportation Equipment 14 14.3%70.1%100.5% ALSN 287% · WAB 223% · CAT 213%
Aerospace & Defense ← 54 3.6%60.3%67.6% ATI 967% · FTAI 947% · HWM 610%
Industrial Machinery & Supplies & Components 71 8.3%53.2%38.4% CRS 858% · MLI 276% · SYM 270%
Rail Transportation 7 36.1%76.3%33.1% CSX 58% · UNP 41% · NSC 33%
Trading Companies & Distributors 19 16.3%42.2%28.5% DXPE 333% · URI 213% · AIT 201%
Diversified Support Services 34 20.4%41.1%23.8% CXW 199% · OPLN 134% · CACI 129%
Building Products 34 -1.9%12.4%20.1% MOD 820% · GFF 352% · TT 140%
Cargo Ground Transportation 16 36.6%19.2%5.9% XPO 305% · R 267% · ARCB 26%
Industrial Conglomerates 17 14.7%11.8%0.9% CSW 104% · CSL 78% · DD 76%
Office Services & Supplies 10 17.3%24.2%-0.1% PBI 145% · HNI 42% · MSA 21%
Electrical Components & Equipment 39 -1.2%67.5%-0.3% POWL 1577% · VRT 677% · BE 518%
Data Processing & Outsourced Services 6 -6.2%2.7%-12.9% EXLS 60% · BR 20% · G -8%
Research & Consulting Services 13 0.6%-14.0%-24.0% HURN 216% · FCN 36% · BAH 7%
Agricultural & Farm Machinery 16 14.0%-1.8%-24.9% DE 107% · TTC 15% · AGCO 8%
Passenger Airlines 11 10.8%86.3%-27.8% LTM 3186% · UAL 131% · DAL 118%
Environmental & Facilities Services 29 -10.1%29.5%-28.6% GEO 249% · CLH 174% · RSG 99%
Air Freight & Logistics 11 -25.6%-0.7%-39.2% FDX 77% · EXPD 63% · CHRW 62%
Security & Alarm Services 9 -45.5%43.8%-39.5% BCO 90%
Human Resource & Employment Services 22 20.5%-14.9%-40.9% ADP 50% · FA 21% · PAYX 10%
Passenger Ground Transportation 3 -24.5%37.0%-50.4% UBER 63% · CAR -50% · LYFT -67%
Airport Services 4 -38.1%-57.9%-82.8% JOBY -37%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

VOYGLMTNOCRTXLHXGDMedian
NameVoyager .Lockheed.Northrop.RTX L3Harris.General . 
Mkt Price29.16611.00552.58201.46277.01368.95322.98
Mkt Cap1.8140.878.5272.450.299.789.1
Rev LTM22379,11643,59195,98723,33356,52050,056
Op Inc LTM-1929,3164,62511,2992,4945,8595,242
FCF LTM-2928,3813,8299,1273,6415,7794,804
FCF 3Y Avg-6,4942,7167,0462,4414,2914,291
CFO LTM-12910,1125,26612,4354,1857,3066,286
CFO 3Y Avg-8,2624,31510,2362,8925,3915,391

Growth & Margins

VOYGLMTNOCRTXLHXGDMedian
NameVoyager .Lockheed.Northrop.RTX L3Harris.General . 
Rev Chg LTM41.8%7.9%6.5%11.6%7.3%9.7%8.8%
Rev Chg 3Y Avg-5.4%4.1%12.7%7.8%10.9%7.8%
Rev Chg Q124.1%11.3%6.7%11.1%7.1%12.9%11.2%
QoQ Delta Rev Chg LTM28.2%2.7%1.6%2.7%1.7%3.0%2.7%
Op Inc Chg LTM-122.6%52.8%12.9%28.2%8.6%10.0%11.4%
Op Inc Chg 3Y Avg-8.3%10.0%53.2%12.0%11.9%11.9%
Op Mgn LTM-86.0%11.8%10.6%11.8%10.7%10.4%10.6%
Op Mgn 3Y Avg-10.7%9.2%10.0%10.3%10.3%10.3%
QoQ Delta Op Mgn LTM2.5%-0.1%-0.1%0.6%0.6%0.0%0.3%
CFO/Rev LTM-57.6%12.8%12.1%13.0%17.9%12.9%12.9%
CFO/Rev 3Y Avg-11.0%10.3%11.8%13.0%10.3%11.0%
FCF/Rev LTM-130.6%10.6%8.8%9.5%15.6%10.2%9.9%
FCF/Rev 3Y Avg-8.7%6.4%8.1%10.9%8.2%8.2%

Valuation

VOYGLMTNOCRTXLHXGDMedian
NameVoyager .Lockheed.Northrop.RTX L3Harris.General . 
Mkt Cap1.8140.878.5272.450.299.789.1
P/S8.01.81.82.82.21.82.0
P/Op Inc-9.315.117.024.120.117.017.0
P/EBIT-9.916.113.321.817.016.716.4
P/E-10.121.617.432.424.721.421.5
P/CFO-13.813.914.921.912.013.613.8
Total Yield-9.8%6.9%7.5%4.5%5.9%6.4%6.1%
Dividend Yield0.0%2.3%1.7%1.4%1.9%1.7%1.7%
FCF Yield 3Y Avg-5.3%3.6%3.4%5.3%4.8%4.8%
D/E0.50.10.20.10.20.10.2
Net D/E0.20.10.20.10.20.00.1

Returns

VOYGLMTNOCRTXLHXGDMedian
NameVoyager .Lockheed.Northrop.RTX L3Harris.General . 
1M Rtn7.2%19.4%13.9%7.9%16.3%10.0%12.0%
3M Rtn-32.2%1.3%-3.9%-9.3%-4.3%-6.0%-5.1%
6M Rtn-13.2%19.0%1.0%14.0%-8.4%9.1%5.1%
12M Rtn21.6%37.1%-0.9%14.1%-6.7%6.6%10.3%
3Y Rtn-48.4%48.8%25.4%160.1%61.1%60.6%54.7%
1M Excs Rtn14.2%24.9%18.4%13.7%21.7%14.7%16.5%
3M Excs Rtn-30.6%6.4%0.2%-4.8%0.1%-2.1%-1.0%
6M Excs Rtn-14.2%18.0%0.0%12.9%-9.4%8.0%4.0%
12M Excs Rtn11.4%28.5%-10.4%4.1%-15.3%-2.6%0.7%
3Y Excs Rtn-119.6%-25.7%-49.1%87.2%-10.9%-12.3%-19.0%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil202520242023
Defense and National Security1237763
Space Solutions487577
Starlab Space Stations000
Intersegment eliminations-4-8-4
Total166144136


Price Behavior

Price Behavior
Market Price$29.58 
Market Cap ($ Bil)1.8 
Distance from 52W High-42.9% 
   50 Days200 Days
DMA Price$29.43$31.37
DMA Trenddowndown
Distance from DMA0.5%-5.7%
 3M1YR
Volatility87.1%93.5%
Downside Capture342.20380.33
Upside Capture178.34365.76
Correlation (S&P 500)44.8%48.4%
VOYG Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta2.172.263.873.593.28-0.07
Up Beta3.293.169.125.683.14-0.83
Down Beta1.921.782.772.932.98-0.43
Up Capture116%163%349%474%946%110%
Bmk +ve Days12182862130427
Stock +ve Days7172959125165
Down Capture279%283%234%236%182%110%
Bmk -ve Days10253664121325
Stock -ve Days15263567126182

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VOYG
VOYG23.2%93.5%0.63-
Sector ETF (XLI)11.9%18.3%0.4637.7%
Equity (SPY)12.5%13.7%0.6047.5%
Gold (GLD)-3.5%28.8%-0.1321.4%
Commodities (DBC)33.0%21.3%1.24-2.7%
Real Estate (VNQ)11.7%14.2%0.539.5%
Bitcoin (BTCUSD)-30.9%43.5%-0.7327.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VOYG
VOYG-11.7%92.5%-0.07-
Sector ETF (XLI)11.9%17.8%0.5036.2%
Equity (SPY)11.8%17.3%0.5142.8%
Gold (GLD)17.1%19.2%0.7220.9%
Commodities (DBC)7.9%19.6%0.291.0%
Real Estate (VNQ)1.3%18.9%-0.048.3%
Bitcoin (BTCUSD)3.1%51.5%0.2428.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with VOYG
VOYG-6.0%92.5%-0.07-
Sector ETF (XLI)13.5%20.2%0.5936.2%
Equity (SPY)15.5%18.0%0.7342.8%
Gold (GLD)11.5%16.6%0.5720.9%
Commodities (DBC)7.4%18.2%0.331.0%
Real Estate (VNQ)6.1%20.7%0.258.3%
Bitcoin (BTCUSD)58.6%66.3%0.9928.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10302026
Short Interest: Shares Quantity13.2 Mil
Short Interest: % Change Since 10152026-4.1%
Average Daily Volume1.3 Mil
Days-to-Cover Short Interest9.9 days
Basic Shares Quantity61.0 Mil
Short % of Basic Shares21.7%

Earnings Returns History

Updated 11/11/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/2/20261.0%13.5% 
8/3/202619.6%53.5%17.7%
5/4/20263.2%20.5%75.8%
3/9/20266.3%3.0%5.5%
11/3/2025-2.8%-16.2%-18.0%
8/5/20253.7%-12.5%-19.1%
SUMMARY STATS   
# Positive543
# Negative122
Median Positive3.7%17.0%17.7%
Median Negative-2.8%-14.3%-18.5%
Max Positive19.6%53.5%75.8%
Max Negative-2.8%-16.2%-19.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/2/20261.0%13.5% 
8/3/202619.6%53.5%17.7%
5/4/20263.2%20.5%75.8%
3/9/20266.3%3.0%5.5%
11/3/2025-2.8%-16.2%-18.0%
8/5/20253.7%-12.5%-19.1%
SUMMARY STATS   
# Positive543
# Negative122
Median Positive3.7%17.0%17.7%
Median Negative-2.8%-14.3%-18.5%
Max Positive19.6%53.5%75.8%
Max Negative-2.8%-16.2%-19.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/03/202610-Q
06/30/202608/04/202610-Q
03/31/202605/05/202610-Q
12/31/202503/10/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202506/12/2025424B4
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/03/202610-Q
06/30/202608/04/202610-Q
03/31/202605/05/202610-Q
12/31/202503/10/202610-K
09/30/202511/04/202510-Q
06/30/202508/05/202510-Q
03/31/202506/12/2025424B4

Recent Forward Guidance

Updated 11/3/2026

Latest: Q3 2026 Earnings Reported 11/2/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported285.00 Mil295.00 Mil305.00 Mil1.7% RaisedGuidance: 290.00 Mil for 2026
2026 Revenue GrowthReported72.0%78.0%84.0% 3.0%RaisedGuidance: 75.0% for 2026


Prior: Q2 2026 Earnings Reported 8/3/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported275.00 Mil290.00 Mil305.00 Mil19.6% RaisedGuidance: 242.50 Mil for 2026
2026 Revenue GrowthReported66.0%75.0%84.0%   

Q1 2026 Earnings Reported 5/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported230.00 Mil242.50 Mil255.00 Mil1.0% RaisedGuidance: 240.00 Mil for 2026

Q4 2025 Earnings Reported 3/9/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported225.00 Mil240.00 Mil255.00 Mil43.3% Higher NewActual: 167.50 Mil for 2025
2026 Revenue GrowthReported35.0%44.0%53.0%   

Insider Activity

Updated 8/13/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kuta, Matthew JamesPresidentDirectSell813202642.97199,8078,586,1408,068,369Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Kuta, Matthew JamesPresidentDirectSell813202642.97199,8078,586,1408,068,369Form

Investor Activity (13F)

Updated Nov 12, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Senvest Management, LLC$83.8 Mil2.8%49TRIM -8.3%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Senvest Management, LLC$83.8 Mil2.8%49TRIM -8.3%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Senvest Management, LLC$83.8 Mil2.8%49TRIM -8.3%13F
Core Cache Last Updated: 11/11/2026