Voyager Technologies (VOYG)
Market Price (9/23/2026): $33.82 | Market Cap: $2.0 BilSector: Industrials | Industry: Aerospace & Defense
Voyager Technologies (VOYG)
Market Price (9/23/2026): $33.82Market Cap: $2.0 BilSector: IndustrialsIndustry: Aerospace & Defense
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Weak multi-year price returns2Y Excs Rtn is -71%, 3Y Excs Rtn is -108% Meaningful short interestShort 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 16% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -154 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -88% Expensive valuation multiplesP/SPrice/Sales ratio is 13x Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -65%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -165% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 54% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -10% Key risksVOYG 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. |
| Weak multi-year price returns2Y Excs Rtn is -71%, 3Y Excs Rtn is -108% |
| Meaningful short interestShort 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 16% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -154 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -88% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 13x |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -65%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -165% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 54% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -10% |
| Key risksVOYG 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. |
Qualitative Assessment
AI Analysis | Feedback
Voyager Technologies (VOYG) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Ongoing Unprofitability and Significant Cash Burn Persisted. Despite reporting record quarterly revenue of $52.7 million in fiscal Q2 2026 (ended June 30, 2026), Voyager Technologies continued to experience substantial losses, with a net loss of $46.5 million and a negative net margin of 78.61% for the quarter. This highlights the company's persistent unprofitability and ongoing need for external funding.
2. Significant Insider Selling Occurred After Earnings. President Matthew James Kuta sold 199,807 shares of Voyager Technologies stock on August 11, 2026, in a transaction totaling $8,585,706.79. This substantial insider selling, which exceeded the $5 million threshold, took place shortly after the company's positive fiscal Q2 2026 earnings report and updated guidance.
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Voyager Technologies (VOYG) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Ongoing Unprofitability and Significant Cash Burn Persisted. Despite reporting record quarterly revenue of $52.7 million in fiscal Q2 2026 (ended June 30, 2026), Voyager Technologies continued to experience substantial losses, with a net loss of $46.5 million and a negative net margin of 78.61% for the quarter. This highlights the company's persistent unprofitability and ongoing need for external funding.
2. Significant Insider Selling Occurred After Earnings. President Matthew James Kuta sold 199,807 shares of Voyager Technologies stock on August 11, 2026, in a transaction totaling $8,585,706.79. This substantial insider selling, which exceeded the $5 million threshold, took place shortly after the company's positive fiscal Q2 2026 earnings report and updated guidance.
3. Market Skepticism Arose Regarding Aggressive Full-Year Revenue Guidance. Following the fiscal Q2 2026 earnings report, Voyager Technologies raised its full-year fiscal 2026 revenue guidance to a range of $275 million to $305 million. However, analysts noted that first-half sales were considerably lower, implying a need for 117% to 152% growth in the second half of the year, with a significant portion of this growth not yet fully funded by existing backlog.
4. Valuation Concerns and Broader Macroeconomic Headwinds Weighed on Sentiment. While the company benefited from initial positive sentiment and stock rallies following strategic announcements, such as the agreement to acquire Astrobotic Technology for up to $300 million in June 2026, the market may have already priced in these developments. Subsequently, the stock faced pressure from its high valuation multiples and broader macroeconomic factors, including a renewed bond market selloff and rising oil prices.
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Stock Movement Drivers
Fundamental Drivers
The -24.2% change in VOYG stock from 5/31/2026 to 9/22/2026 was primarily driven by a -27.1% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.53 | 37.53 | -24.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 167 | 174 | 4.2% |
| P/S Multiple | 17.3 | 12.6 | -27.1% |
| Shares Outstanding (Mil) | 58 | 59 | -0.3% |
| Cumulative Contribution | -24.2% |
Market Drivers
5/31/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| VOYG | -24.2% | |
| Market (SPY) | 2.5% | 45.2% |
| Sector (XLI) | -1.4% | 32.3% |
Fundamental Drivers
The 40.6% change in VOYG stock from 2/28/2026 to 9/22/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.69 | 37.53 | 40.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 174 | 0.0% |
| P/S Multiple | � | 12.6 | 0.0% |
| Shares Outstanding (Mil) | 56 | 59 | -3.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| VOYG | 40.6% | |
| Market (SPY) | 13.3% | 46.8% |
| Sector (XLI) | -3.4% | 32.5% |
Fundamental Drivers
The 22.3% change in VOYG stock from 8/31/2025 to 9/22/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.69 | 37.53 | 22.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 174 | 0.0% |
| P/S Multiple | � | 12.6 | 0.0% |
| Shares Outstanding (Mil) | 56 | 59 | -3.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
8/31/2025 to 9/22/2026| Return | Correlation | |
|---|---|---|
| VOYG | 22.3% | |
| Market (SPY) | 21.2% | 47.3% |
| Sector (XLI) | 13.5% | 37.7% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 9/22/2026| Return | Correlation | |
|---|---|---|
| VOYG | ||
| Market (SPY) | 78.3% | 42.0% |
| Sector (XLI) | 64.3% | 34.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VOYG Return | - | - | - | - | -54% | 44% | -33% |
| Peers Return | 23% | 25% | -4% | 12% | 32% | 1% | 119% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| VOYG Win Rate | - | - | - | - | 43% | 56% | |
| Peers Win Rate | 58% | 57% | 45% | 62% | 63% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| VOYG Max Drawdown | - | - | - | - | - | -56% | |
| Peers Max Drawdown | -14% | -18% | -23% | -17% | -15% | -26% | |
| 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 9/22/2026 (YTD)
How Low Can It Go
VOYG has limited trading history. Below is the Industrials sector ETF (XLI) in its place.
| Event | XLI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.8% | -18.8% |
| % Gain to Breakeven | 18.8% | 23.1% |
| Time to Breakeven | 34 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.7% | -9.5% |
| % Gain to Breakeven | 13.2% | 10.5% |
| Time to Breakeven | 45 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.1% | -24.5% |
| % Gain to Breakeven | 25.1% | 32.4% |
| Time to Breakeven | 125 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.6% | -33.7% |
| % Gain to Breakeven | 71.2% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.7% | -19.2% |
| % Gain to Breakeven | 31.1% | 23.8% |
| Time to Breakeven | 120 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.1% | -12.2% |
| % Gain to Breakeven | 12.5% | 13.9% |
| Time to Breakeven | 51 days | 62 days |
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.
| Event | XLI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -20.1% | -24.5% |
| % Gain to Breakeven | 25.1% | 32.4% |
| Time to Breakeven | 125 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.6% | -33.7% |
| % Gain to Breakeven | 71.2% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.7% | -19.2% |
| % Gain to Breakeven | 31.1% | 23.8% |
| Time to Breakeven | 120 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.5% | -17.9% |
| % Gain to Breakeven | 29.0% | 21.8% |
| Time to Breakeven | 114 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -60.5% | -53.4% |
| % Gain to Breakeven | 153.2% | 114.4% |
| Time to Breakeven | 700 days | 1085 days |
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.
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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.
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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.
- 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.
- 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.
- 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)
- 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.
- 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.
- 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.
- 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.
- 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
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 4.9% | 113.4% | 189.3% | STRL 2263% · CDNL 2216% · FIX 2188% |
| Marine Transportation | 9 | 75.9% | 107.9% | 157.6% | HOS 44163% · ASC 540% · MATX 195% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 5.8% | 51.3% | 128.1% | CAT 348% · ALSN 247% · WAB 234% |
| Aerospace & Defense ← | 56 | -6.7% | 74.0% | 73.2% | ATI 1012% · FTAI 956% · HWM 621% |
| Trading Companies & Distributors | 19 | 8.8% | 43.2% | 59.2% | DXPE 563% · AIT 295% · WCC 220% |
| Rail Transportation | 7 | 24.1% | 55.7% | 52.3% | FSTR 144% · CSX 65% · RAIL 63% |
| Industrial Machinery & Supplies & Components | 73 | 9.4% | 55.0% | 38.9% | CRS 1184% · PSIX 1105% · EROC 637% |
| Diversified Support Services | 33 | 11.4% | 36.2% | 34.5% | LIME 3198% · TH 445% · WLFC 358% |
| Cargo Ground Transportation | 16 | 35.3% | 0.2% | 29.7% | XPO 240% · R 228% · CVLG 155% |
| Electrical Components & Equipment | 41 | -1.0% | 62.2% | 24.6% | POWL 2390% · BE 1308% · VRT 957% |
| Building Products | 34 | -13.8% | 1.8% | 18.9% | LMB 638% · GFF 399% · PPIH 291% |
| Passenger Ground Transportation | 3 | -31.7% | 49.9% | 4.9% | UBER 54% · CAR 5% · LYFT -73% |
| Industrial Conglomerates | 17 | 12.1% | 9.3% | 2.7% | RCMT 455% · CSW 148% · DD 76% |
| Agricultural & Farm Machinery | 17 | 2.1% | 3.8% | -5.6% | BLBD 191% · DE 114% · GENC 62% |
| Environmental & Facilities Services | 29 | -9.4% | 21.8% | -6.3% | CECO 958% · ADUR 422% · NVRI 350% |
| Research & Consulting Services | 14 | -15.6% | -24.4% | -12.9% | HURN 205% · CRAI 73% · GRNQ 62% |
| Data Processing & Outsourced Services | 6 | -33.8% | -15.3% | -26.3% | EXLS 42% · BR 6% · G -25% |
| Passenger Airlines | 11 | 10.5% | 22.0% | -29.9% | LTM 3123% · UAL 143% · SKYW 107% |
| Office Services & Supplies | 9 | 8.6% | 13.0% | -34.5% | PBI 171% · TILE 145% · HNI 52% |
| Human Resource & Employment Services | 22 | 4.2% | -14.1% | -37.6% | BBSI 84% · ADP 50% · PAYX 21% |
| Air Freight & Logistics | 12 | -23.0% | -20.9% | -39.3% | CHRW 90% · FDX 78% · EXPD 59% |
| Security & Alarm Services | 10 | -24.5% | 17.1% | -46.6% | CIX 161% · MG 127% · NL 75% |
| Airport Services | 3 | -73.9% | -77.8% | -61.5% | JOBY -39% · ASLE -62% · UP -100% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Voyager Technologies Earnings Notes | 12/16/2025 | |
| Is Voyager Technologies Stock Built to Withstand a Pullback? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 291.64 |
| Mkt Cap | 82.6 |
| Rev LTM | 48,876 |
| Op Inc LTM | 5,130 |
| FCF LTM | 5,046 |
| FCF 3Y Avg | 4,246 |
| CFO LTM | 6,392 |
| CFO 3Y Avg | 5,261 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.2% |
| Rev Chg 3Y Avg | 8.6% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Inc Chg LTM | 12.5% |
| Op Inc Chg 3Y Avg | 10.3% |
| Op Mgn LTM | 10.5% |
| Op Mgn 3Y Avg | 9.9% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 13.8% |
| CFO/Rev 3Y Avg | 11.0% |
| FCF/Rev LTM | 11.5% |
| FCF/Rev 3Y Avg | 8.6% |
Price Behavior
| Market Price | $37.53 | |
| Market Cap ($ Bil) | 2.2 | |
| Distance from 52W High | -27.5% | |
| 50 Days | 200 Days | |
| DMA Price | $33.61 | $34.31 |
| DMA Trend | up | down |
| Distance from DMA | 11.7% | 9.4% |
| 3M | 1YR | |
| Volatility | 88.1% | 90.7% |
| Downside Capture | 208.32 | 385.18 |
| Upside Capture | 209.77 | 336.66 |
| Correlation (SPY) | 47.3% | 48.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 7.32 | 4.62 | 3.63 | 3.37 | 3.45 | -0.47 |
| Up Beta | 13.19 | 9.75 | 6.97 | 3.05 | 3.18 | 0.21 |
| Down Beta | 7.88 | 5.17 | 2.77 | 3.11 | 2.99 | 0.20 |
| Up Capture | 612% | 216% | 185% | 646% | 1213% | 92% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 20 | 29 | 65 | 125 | 148 |
| Down Capture | 62% | 244% | 294% | 243% | 191% | 108% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 22 | 35 | 62 | 125 | 156 |
[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 | |
|---|---|---|---|---|
| VOYG | 29.7% | 91.3% | 0.69 | - |
| Sector ETF (XLI) | 12.7% | 17.2% | 0.53 | 37.9% |
| Equity (SPY) | 17.6% | 13.0% | 0.98 | 48.3% |
| Gold (GLD) | 18.0% | 29.3% | 0.56 | 26.8% |
| Commodities (DBC) | 46.6% | 20.7% | 1.75 | -0.9% |
| Real Estate (VNQ) | 5.2% | 13.6% | 0.12 | 11.3% |
| Bitcoin (BTCUSD) | -26.0% | 44.9% | -0.54 | 31.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VOYG | |
|---|---|---|---|---|
| VOYG | -7.4% | 91.0% | 0.07 | - |
| Sector ETF (XLI) | 12.7% | 17.6% | 0.55 | 34.3% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 42.0% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | 23.3% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | 1.3% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.05 | 7.6% |
| Bitcoin (BTCUSD) | 12.7% | 52.6% | 0.42 | 29.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VOYG | |
|---|---|---|---|---|
| VOYG | -3.8% | 91.0% | 0.07 | - |
| Sector ETF (XLI) | 13.3% | 20.0% | 0.58 | 34.3% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 42.0% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 23.3% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 1.3% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 7.6% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 29.5% |
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Returns Analyses
Earnings Returns History
Updated 9/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 19.6% | 53.5% | 17.7% |
| 5/4/2026 | 3.2% | 20.5% | 75.8% |
| 3/9/2026 | 6.3% | 3.0% | 5.5% |
| 11/3/2025 | -2.8% | -16.2% | -18.0% |
| 8/5/2025 | 3.7% | -12.5% | -19.1% |
| SUMMARY STATS | |||
| # Positive | 4 | 3 | 3 |
| # Negative | 1 | 2 | 2 |
| Median Positive | 5.0% | 20.5% | 17.7% |
| Median Negative | -2.8% | -14.3% | -18.5% |
| Max Positive | 19.6% | 53.5% | 75.8% |
| Max Negative | -2.8% | -16.2% | -19.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 19.6% | 53.5% | 17.7% |
| 5/4/2026 | 3.2% | 20.5% | 75.8% |
| 3/9/2026 | 6.3% | 3.0% | 5.5% |
| 11/3/2025 | -2.8% | -16.2% | -18.0% |
| 8/5/2025 | 3.7% | -12.5% | -19.1% |
| SUMMARY STATS | |||
| # Positive | 4 | 3 | 3 |
| # Negative | 1 | 2 | 2 |
| Median Positive | 5.0% | 20.5% | 17.7% |
| Median Negative | -2.8% | -14.3% | -18.5% |
| Max Positive | 19.6% | 53.5% | 75.8% |
| Max Negative | -2.8% | -16.2% | -19.1% |
Recent Forward Guidance
Updated 9/15/2026Latest: Q2 2026 Earnings Reported 8/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 275.00 Mil | 290.00 Mil | 305.00 Mil | 19.6% | Raised | Guidance: 242.50 Mil for 2026 | |
| 2026 Revenue Growth | Reported | 66.0% | 75.0% | 84.0% | ||||
Prior: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 230.00 Mil | 242.50 Mil | 255.00 Mil | 1.0% | Raised | Guidance: 240.00 Mil for 2026 | |
Q4 2025 Earnings Reported 3/9/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 225.00 Mil | 240.00 Mil | 255.00 Mil | 43.3% | Higher New | Actual: 167.50 Mil for 2025 | |
| 2026 Revenue Growth | Reported | 35.0% | 44.0% | 53.0% | ||||
Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | Reported | 165.00 Mil | 167.50 Mil | 170.00 Mil | 0 | Affirmed | Guidance: 167.50 Mil for 2025 | |
| 2025 Non-GAAP Adjusted EBITDA | Reported | -63.00 Mil | -61.50 Mil | -60.00 Mil | 0 | Affirmed | Guidance: -61.50 Mil for 2025 | |
Insider Activity
Updated 8/13/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kuta, Matthew James | President | Direct | Sell | 8132026 | 42.97 | 199,807 | 8,586,140 | 8,068,369 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kuta, Matthew James | President | Direct | Sell | 8132026 | 42.97 | 199,807 | 8,586,140 | 8,068,369 | Form |
Investor Activity (13F)
Updated Sep 23, 2026Active 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 Manager |
|---|
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Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Aerospace & Defense Resources |
| Defense News |
| FlightGlobal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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