Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Valued as a loss-making company: Sales comps and Analyst consensus.
ACCE opinionVoyager Technologies Inc. Class A Common Stock (VOYG)
Fair value
Not available
ACCE price target
$24.00
Rating
Not rated
Horizon
12 months
ACCE price target published on 12 Oct 2026, 00:00 CEST.
Price used: $25.09 at the close on 23 Oct 2026, 22:00 CEST.
Models: Analyst consensus and Sales comps.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
26
out of 100
Analysts
82% buy
11 covering
P/E
0.0x
forward 0.0x
1-year return
-22.0%
Dividend yield
0.00%
Voyager Technologies Inc. Class A Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Voyager Technologies builds space hardware and services for defense and government customers, and it sits in our Space Economy index for that exposure. Revenue is growing 15.5%, but a 10.9% gross margin and a -97.5% operating margin mean the business is still deep in investment mode and has not yet shown it can convert growth into profit. The return on equity of -30.4% and a 0.0 P/E (no earnings to value) leave little in the numbers to anchor on, and the composite score of 28/100 reflects that weakness. At $1.6B market cap, the case rests on whether revenue growth can widen margins before the balance sheet has to carry more of the burden, which is worth a closer look in the financials before any further work.
⚠ Investor warnings · 4 flagsAI-assisted·How I use AI
high
Heavy cash burn
Free cash flow is -$205.6M against a $1.5B market cap, with operating margin at -97.5% and net margin at -78.6%. Losses are large relative to revenue.
high
Elevated short interest
Short interest stands at 26.0% of shares outstanding, a high level that signals strong bearish conviction and can amplify volatility in either direction.
moderate
Leverage on thin equity
Debt-to-equity is 1.22 with ROE at -30.4%, so the balance sheet carries meaningful debt while the business is not yet earning a return on it.
moderate
Price above ACCE target
The stock trades 4.5% above the ACCE price target of $24.00, with the current price at $25.09.
AI research notes
AI-assisted·How I use AIWritten Oct 19, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Analysts are broadly positive, with 82% (9 of 11) rating the stock Buy or Strong Buy.
Revenue grew 15.5% over the past year, ahead of its 10.6% average annual pace over five years.
The latest quarter beat expectations, with earnings per share of -0.76 against -1.01 expected, a 24.8% surprise.
Why it could disappoint
The company burned $206M of free cash over the last twelve months, a free cash flow yield of -13.3%.
Net margin is -78.6% and return on invested capital is -10.1%, so the business is not yet earning a profit on its capital.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 2, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where VOYG's valuation models land
Price
$25.09
Model fair valueConfidence: low
about $27.16
Model
Fair value
Upside
Analyst consensus
Sales comps
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Quality
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