Voyager Technologies, Inc./DE (NYSE: VOYG)

Sector: Industrials Industry: Aerospace & Defense CIK: 0001788060
Market Cap 340.13 Mn
P/B 0.58
P/E -4.05
P/S 2.36
ROIC (Qtr) 0.00
Div Yield % 0.00
Rev 1y % (Qtr) -0.03
Total Debt (Qtr) 10.51 Mn
Debt/Equity (Qtr) 0.02
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About

Investment thesis

Bull case

  • Healthy cash reserves of 413.32M provide 94.34x coverage of short-term debt 4.38M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 610.81M provides 58.10x coverage of total debt 10.51M, indicating robust asset backing and low credit risk.
  • Tangible assets of 610.81M provide exceptional 74.97x coverage of deferred revenue 8.15M, showing strong service capability backing.
  • Tangible assets of 610.81M provide robust 8.67x coverage of other current liabilities 70.44M, indicating strong asset backing.
  • Strong cash position of 413.32M provides 5.87x coverage of other current liabilities 70.44M, indicating excellent liquidity.

Bear case

  • High receivables of 16.52M relative to inventory of 1.72M (9.61 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.
  • Operating cash flow of 0 provides insufficient coverage of deferred revenue obligations of 8.15M, which is 0x, raising concerns about future service delivery capabilities.
  • Tangible assets of 610.81M provide limited backing for working capital of 383.60M, which is 1.59x, suggesting increased operational risk in market downturns.
  • Tax assets of 0 provide limited offset against tax liabilities of 354000, which is 0x, indicating potential future cash flow pressure from tax obligations.
  • Current liabilities of 97.86M significantly exceed receivables of 16.52M, which is 5.92x, indicating potential working capital stress.

Peer comparison

Companies in the Aerospace & Defense
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 GE General Electric Co 347.18 Bn 39.89 7.57 20.49 Bn
2 RTX RTX Corp 272.90 Bn 40.54 3.08 39.51 Bn
3 BA Boeing Co 185.24 Bn 98.01 2.07 54.10 Bn
4 LMT Lockheed Martin Corp 151.16 Bn 30.13 2.01 21.70 Bn
5 NOC Northrop Grumman Corp /De/ 100.62 Bn 24.06 2.40 17.02 Bn
6 HWM Howmet Aerospace Inc. 99.61 Bn -156.86 7.95 3.05 Bn
7 GD General Dynamics Corp 94.33 Bn 27.82 2.39 8.01 Bn
8 TDG TransDigm Group INC 75.70 Bn 41.87 8.31 30.05 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.00 2.53
EV to Cash from Ops. EV to Cash from Ops. 0.00 74.76
EV to Debt EV to Debt 0.00 70.01
EV to EBIT EV to EBIT 0.00 8.56
EV to EBITDA EV to EBITDA 0.00 28.68
EV to Free Cash Flow [EV/FCF] EV to Free Cash Flow [EV/FCF] 0.00 73.68
EV to Market Cap EV to Market Cap 0.00 1.05
EV to Revenue EV to Revenue 0.00 9.46
Price to Book Value [P/B] P/B 0.58 7.10
Price to Earnings [P/E] P/E -4.05 21.32
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 -3.71
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 18.88
Dividend per Basic Share Div per Share (Qtr) 0.00 0.72
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 11.28
Interest Coverage Int. cover (Qtr) 0.00 -10.55
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -77.00
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 0.00 27,757.82
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 1.15
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 0.00 -9.06
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 0.00 11.61
EBIT Growth (1y) % EBIT 1y % (Qtr) 0.00 -0.09
EBT Growth (1y) % EBT 1y % (Qtr) 0.00 -31.50
EPS Growth (1y) % EPS 1y % (Qtr) 0.00 -100.94
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 26.50
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 0.00 -1.44
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.00 0.51
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.03
Cash Ratio Cash Ratio (Qtr) 4.22 1.78
Current Ratio Curr Ratio (Qtr) 4.92 3.60
Debt to Equity Ratio Debt/Equity (Qtr) 0.02 0.32
Interest Cover Ratio Int Coverage (Qtr) 0.00 -10.55
Times Interest Earned Times Interest Earned (Qtr) 0.00 -10.55
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 0.00 -309.23
EBIT Margin % EBIT Margin % (Qtr) 0.00 -340.98
EBT Margin % EBT Margin % (Qtr) 0.00 -345.99
Gross Margin % Gross Margin % (Qtr) 0.00 -51.92
Net Profit Margin % Net Margin % (Qtr) 0.00 -347.41