Voyager Therapeutics, Inc. logo VYGR - Voyager Therapeutics, Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 17
HOLD 4
SELL 0
STRONG
SELL
0
| PRICE TARGET: $14.40 DETAILS
HIGH: $18.00
LOW: $8.00
MEDIAN: $18.00
CONSENSUS: $14.40
UPSIDE: 278.95%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1
Revenue
Revenue 2.6 15.3 13.4 5.2 6.5 6.3 24.6 29.6 19.5 90.1 4.6 4.9 150.5 (1.6) 41.1 0.7 0.7 28.1 1.5 1.4 6.5 6.5 117.8 28.7 18.1 32.7 20.4 46.1 5.2 2.0 2.1 2.6 0.9 6.3 1.1 1.2 1.5 2.4 3.3 3.7 4.8 4.9 4.9 4.9 2.6 0 0 0 0
Cost of Revenue 0.9 0 0 0 0 0 0 32.0 1.2 1.3 25.9 22.0 18.6 14.6 19.3 12.5 14.3 14.0 17.9 19.5 22.3 22.0 25.0 29.4 32.3 36.6 29.8 25.3 24.8 16.9 16.6 16.5 14.9 13.3 19.6 15.3 14.1 12.7 10.3 10.5 8.7 9.2 6.5 6.5 5.5 3.0 2.4 2.1 1.4
Gross Profit 1.7 15.3 13.4 5.2 6.5 6.3 24.6 (2.4) 18.3 88.7 (21.2) (17.1) 131.9 (16.1) 21.7 (11.8) (13.7) 14.1 (16.4) (18.1) (15.8) (15.5) 92.8 (0.7) (14.2) (3.9) (9.3) 20.8 (19.6) (14.9) (14.5) (13.9) (13.9) (7.0) (18.4) (14.1) (12.6) (10.4) (7.0) (6.8) (3.9) (4.3) (1.5) (1.6) (2.9) (3.0) (2.4) (2.1) (1.4)
Operating Expenses
R&D Expenses 24.6 36.0 35.9 31.3 31.5 35.6 30.2 34.5 25.9 24.4 25.9 22.0 18.6 14.6 19.3 12.5 14.3 14.0 17.9 19.5 22.3 22.0 25.0 29.4 32.3 36.6 29.8 28.6 24.8 16.9 16.6 16.5 14.9 13.3 19.6 15.3 14.1 12.7 10.3 10.5 8.7 9.2 6.5 6.5 5.5 3.0 2.4 2.1 1.4
SG&A Expenses 8.3 9.3 8.1 10.5 9.6 9.0 8.2 10.2 8.6 10.2 8.3 8.3 9.0 8.5 7.3 7.6 7.7 8.4 8.7 10.4 9.7 8.3 8.3 8.2 10.2 9.9 8.5 8.3 9.7 8.3 6.6 11.8 7.2 5.4 4.9 4.5 4.9 3.5 3.4 2.9 3.6 3.2 2.5 2.4 1.9 1.5 1.3 1.1 1.6
Other Expenses (0.9) 0 0 0 0 0 0 (32.0) 0 0 (25.9) (22.0) (18.6) (14.6) (19.3) (12.5) (14.3) (14.0) (17.9) (19.5) (22.3) (22.0) (25.0) (29.4) (32.3) (36.6) 1.0 (0.1) 1.0 0.6 (0.1) (0.7) 0.4 0.6 (0.3) (0.3) 0.4 (0.5) (0.1) (0.1) (0.2) 0.2 0 (0.0) (9.7) 0 0 0 0
Operating Expenses 31.9 45.3 44.0 41.8 41.2 44.6 38.4 12.7 34.5 34.7 8.3 8.3 9.0 8.5 7.3 7.6 7.7 8.4 8.7 10.4 9.7 8.3 8.3 8.2 10.2 9.9 38.2 36.9 34.5 25.2 23.2 28.3 22.0 18.7 24.5 19.8 19.0 16.2 13.7 13.3 12.3 12.4 9.0 8.9 7.4 4.5 3.7 2.5 1.6
Operating Income
Operating Income (30.3) (29.9) (30.6) (36.6) (34.7) (38.3) (13.8) (15.0) (16.2) 54.1 (29.5) (25.4) 122.9 (24.6) 14.4 (19.4) (21.4) 5.7 (25.1) (28.6) (25.6) (23.7) 84.5 (9.0) (24.4) (13.8) (17.8) 9.2 (29.3) (23.2) (21.1) (25.7) (21.1) (12.3) (23.4) (18.6) (17.5) (13.8) (10.4) (9.6) (7.5) (7.4) (4.0) (4.0) (4.8) (4.5) (3.7) (3.2) (3.0)
Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.3 0 0 0 0.2 0.3 0 0
Interest Income 1.9 2.1 2.4 2.8 3.3 4.0 4.6 4.9 4.9 3.2 3.4 3.3 1.9 1.0 0.5 0.2 0.0 0 0.1 0.0 0.0 0.1 0.3 0.3 1.0 1.4 1.8 2.1 1.1 0.9 0.9 0.9 0.6 0.4 0.3 0.3 0.3 0 1.2 0.4 0.5 0 0.1 0.1 0 0 0 0 0.0
Profitability
EBITDA (29.3) (28.9) (26.9) (35.6) (33.7) (37.3) (12.6) (11.1) (15.0) 58.6 (28.6) (24.3) 124.0 (23.7) 15.8 (18.2) (18.5) 7.2 (23.9) (27.4) (24.3) (22.7) 85.6 (8.1) (23.6) (13.0) (17.1) 11.8 (28.7) (22.0) (20.6) (25.0) (20.6) (11.9) (22.9) (18.2) (17.2) (13.7) (10.2) (9.5) (7.3) (7.3) (3.9) (3.8) (4.7) (4.4) (3.6) (3.2) (3.0)
EBIT (30.3) (29.9) (27.8) (36.6) (34.7) (38.3) (13.8) (12.5) (16.2) 57.2 (29.5) (25.4) 122.9 (24.6) 14.4 (19.4) (21.4) 5.7 (25.1) (28.6) (25.6) (23.7) 84.5 (9.0) (24.4) (13.8) (17.8) 11.2 (29.3) (22.5) (21.1) (25.5) (21.1) (12.3) (23.4) (18.6) (17.5) (13.8) (10.4) (9.6) (7.5) (7.4) (4.0) (4.0) (4.8) (4.5) (3.7) (3.2) (3.0)
Income Before Tax (27.9) (27.4) (27.8) (33.4) (31.0) (33.9) (9.0) (10.1) (11.3) 57.2 (25.7) (22.1) 124.7 (23.6) 17.6 (19.1) (21.3) 5.7 (25.1) (30.1) (21.6) (15.9) 85.6 (8.7) (24.3) (12.6) (15.0) 11.2 (27.2) (22.5) (20.3) (25.5) (20.1) (11.8) (23.3) (18.7) (16.9) (14.3) (9.3) (9.3) (7.2) (7.3) (3.9) (3.9) (14.6) (4.7) (4.0) (4.6) (3.1)
Income Tax Expense 0.0 0.0 0.1 0.0 0.0 0.6 0.0 0.0 0.0 0.8 0.2 0.1 0.7 0.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 (0.2) 0.0 0 0.2 (0.2) 0.4 (0.3) 0 0 0 0 0 0 0 0 0 0
Net Income (27.9) (27.4) (27.9) (33.4) (31.0) (34.5) (9.0) (10.1) (11.3) 56.4 (25.9) (22.2) 124.0 (23.6) 17.6 (19.1) (21.3) 5.7 (25.1) (30.1) (21.6) (15.9) 85.6 (8.7) (24.3) (12.6) (15.0) 11.2 (27.2) (22.5) (20.3) (25.5) (19.9) (11.8) (23.3) (18.9) (16.6) (14.7) (9.0) (9.3) (7.2) (7.3) (3.9) (3.9) (14.6) (4.7) (4.0) (4.9) (3.2)
Per Share Data
EPS (Basic) -0.47 -0.47 -0.47 -0.57 -0.53 -0.59 -0.16 -0.18 -0.20 1.28 -0.59 -0.51 3.05 -0.61 0.46 -0.49 -0.56 0.15 -0.67 -0.80 -0.58 -0.43 2.30 -0.23 -0.66 -0.34 -0.41 0.30 -0.81 -0.70 -0.63 -0.80 -0.63 -0.40 -0.89 -0.73 -0.65 -0.57 -0.35 -0.37 -0.29 -0.29 -0.15 -0.26 -0.99 -1.22 -0.27 -8.09 -6.93
EPS (Diluted) -0.47 -0.47 -0.47 -0.57 -0.53 -0.59 -0.16 -0.18 -0.20 1.25 -0.59 -0.51 2.94 -0.61 0.45 -0.49 -0.56 0.15 -0.67 -0.80 -0.58 -0.43 2.27 -0.23 -0.66 -0.34 -0.41 0.29 -0.81 -0.70 -0.63 -0.80 -0.63 -0.40 -0.89 -0.73 -0.65 -0.57 -0.35 -0.37 -0.29 -0.29 -0.15 -0.26 -0.99 -1.22 -0.27 -8.09 -6.93
Shares Outstanding 59.5 58.7 58.8 58.7 58.3 58.0 57.9 57.7 57.1 44.0 43.9 43.5 40.6 38.5 38.5 38.2 38.0 37.8 37.5 37.6 37.3 37.1 37.2 37.0 37.0 36.8 36.6 36.6 33.4 32.3 32.2 31.9 31.8 29.3 26.2 25.9 25.8 25.5 25.4 25.2 25.1 24.9 25.7 14.7 14.7 3.8 14.7 0.6 0.5
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Current Assets
Cash & Cash Equivalents 43.3 65.3 45.1 43.9 74.8 71.4 112.5 76.1 143.1 68.8 65.3 244.3 268.3 99.0 96.9 78.3 131.9 117.4 111.5 117.8 117.8 104.4 147.4 144.3 165.2 86.0 82.6 79.9 113.3 46.9 42.1 59.6 140.4 31.5 48.2 66.3 43.6 36.6 63.5 67.0 33.9
Short-Term Investments 98.2 131.1 163.8 171.7 161.3 195.3 232.8 294.9 256.5 162.1 187.7 28.5 5.0 19.9 34.8 69.7 35.0 15.1 10.0 25.1 43.7 76.7 52.6 85.3 85.7 195.5 224.8 247.6 245.2 108.9 137.5 136.5 77.8 137.5 77.4 75.0 114.1 137.8 127.6 137.0 170.1
Net Receivables 1.6 1.8 4.0 2.5 2.1 4.5 19.7 3.3 3.5 84.5 3.3 3.4 25.3 0.6 10.2 0.2 0.2 0.7 1.2 1.8 4.3 8.0 12.7 12.7 16.3 18.7 14.0 10.1 0 0.2 0 0 0 0 0 0 0 2.3 0 0 0
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2.2 0 0 0 5.1 0 0 0 1.9 0 0 0 1.5 0 0 0
Other Current Assets 3.9 4.5 0 0 7.1 2.9 8.4 7.3 6.1 2.6 5.7 6.1 4.0 4.2 0 0 0 1.7 0 0 10.1 7.2 0 0 0 2.0 0 0 6.7 1.4 2.9 4.1 2.4 2.2 2.6 3.4 3.4 0.4 1.9 0 0
Total Current Assets 147.0 202.7 219.6 227.9 245.2 276.8 373.4 381.6 409.1 319.7 261.9 282.2 302.6 124.5 146.9 151.6 170.7 136.7 126.2 148.6 175.8 197.8 216.3 246.7 272.5 304.7 327.6 340.8 365.2 162.5 182.5 200.2 220.6 171.8 128.2 144.7 161.1 178.8 193.0 205.5 205.7
Non-Current Assets
Property, Plant & Equipment 39.4 41.6 43.0 44.9 46.1 47.7 49.7 51.8 56.6 30.0 31.1 31.8 32.2 33.3 34.0 35.5 51.8 55.4 56.8 57.8 59.6 61.5 49.3 47.2 46.3 46.5 44.6 44.5 43.4 12.8 12.5 12.2 11.5 10.3 10.6 10.7 10.1 7.9 4.3 3.6 3.6
Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long-Term Investments 0 0 20.1 46.4 59.1 65.7 0 0 1.0 0 1.6 1.6 0 1.5 1.5 1.5 1.8 0 1.8 1.8 1.8 0 2.2 1.4 1.4 1.9 2.0 1.3 1.3 0.6 0.8 0.9 1.3 1.1 1.0 1.5 2 1.4 2.4 0 10.0
Other Non-Current Assets 32.9 8.0 5.6 2.9 2.9 2.9 2.9 2.9 2.9 1.6 0 0 1.5 0 0 0 0 1.8 0 0.5 0.5 2.3 1.9 2.2 2.4 1.7 2.0 2.0 1.5 1.1 1.3 1.3 1.6 1.3 1.2 1.5 1.9 1.5 2.3 0.7 0.7
Total Non-Current Assets 72.3 49.6 68.7 94.2 108.0 116.2 52.6 54.7 60.5 31.6 32.7 33.4 33.7 34.9 35.5 37.0 53.5 57.2 58.6 60.1 61.9 63.8 53.4 50.8 50.1 50.1 48.6 47.8 46.2 14.5 14.6 14.4 14.4 12.7 12.7 13.7 14.0 10.8 9.0 4.3 14.3
Total Assets 219.3 252.3 288.3 322.1 353.2 393.1 426.0 436.2 469.6 351.3 294.7 315.5 336.3 159.4 182.5 188.6 224.2 193.9 184.8 208.7 237.7 261.6 269.8 297.5 322.6 354.8 376.2 388.6 411.3 177.0 197.1 214.7 235.0 184.5 140.9 158.4 175.1 189.6 202.0 209.8 220.0
Current Liabilities
Account Payables 2.7 5.0 2.1 1.8 2.6 4.0 3.2 2.6 7.6 1.6 3.3 1.7 3.7 2.6 1.3 1.2 1.2 0.6 0.6 0.8 3.2 0.6 3.4 2.0 4.8 4.1 4.0 2.2 2.3 1.0 1.4 1.6 1.4 1.0 0.9 0.3 0.6 0.6 0.8 0.5 1.7
Short-Term Debt 0 7.8 0 0 0 0 0 0 0 0 0 0 0 2.8 0 0 0 0 0 0 4.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Revenue 0.4 1.6 0 0 21.1 24.4 22.6 20.5 51.4 42.9 44.3 31.7 5.7 59.4 56.6 87.0 87.0 33.9 9.5 8.1 6.4 0 13.5 43.9 46.9 47.2 56.5 52.3 44.6 20.8 20.2 19.8 20.2 3.4 9.5 4.2 4.9 6.8 12.3 14.3 18.7
Other Current Liabilities 7.0 12.1 10.6 20.5 2.3 6.8 11.4 5.5 2.2 6.6 6.2 5.3 2.5 3.3 8.9 4.4 4.6 5.0 5.5 4.0 7.6 7.7 15.0 13.7 13.3 15.8 12 9.5 10.0 6.0 5.4 5.3 7.6 8.1 8.0 5.4 4.5 4.1 4.1 1.1 0.6
Total Current Liabilities 17.5 26.5 35.5 42.0 40.2 49.8 44.2 40.1 72.6 64.5 61.7 45.4 19.9 72.6 73.2 97.9 101.7 51.0 26.7 24.7 24.8 26.8 42.1 67.5 72.5 76.0 80.2 69.1 58.8 31.7 30.0 29.1 30.9 15.9 20.9 11.8 11.1 13.8 19.4 19.8 23.1
Non-Current Liabilities
Long-Term Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (47.2) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 1 1 2.5 3.6 1 1 1 1 1.0 1 1 1 1.0 1.0 1 1 1.0 1.0 1.0 1.0 1.0 37.1 1.0 1.0 1.0 1.0 1.0 1.0 34.4 6.7 6.6 6.3 6.3 6.3 6.4 6.4 6.1 5.0 2.0 1.4 1.4
Total Non-Current Liabilities 28.2 29.7 33.0 36.2 40.3 43.5 51.5 60.7 56.2 50.5 56.7 71.1 99.4 27.7 29.4 30.6 46.6 47.8 70.7 73.5 76.8 80.5 61.5 153.0 170.3 179.2 187.9 201.0 251.9 98.9 101.4 103.6 105.8 34.5 34.8 41.3 41.3 39.8 33.5 34.4 33.3
Total Liabilities 45.7 56.2 68.5 78.2 80.5 93.3 95.7 100.8 128.7 115.0 118.4 116.5 119.3 100.3 102.7 128.6 148.3 98.8 97.4 98.2 101.5 107.3 103.5 220.6 242.9 255.2 268.1 270.2 310.7 130.6 131.5 132.7 136.7 50.4 55.7 53.1 52.4 53.6 52.9 54.1 56.4
Stockholders' Equity
Common Stock 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Retained Earnings (473.8) (445.9) (418.5) (390.6) (357.2) (326.2) (291.7) (282.7) (272.5) (261.2) (317.6) (291.7) (269.5) (393.5) (369.9) (387.5) (368.4) (347.1) (352.8) (327.7) (297.6) (275.9) (260.0) (345.6) (336.9) (312.6) (300.1) (285.1) (296.2) (269.1) (246.5) (226.2) (200.7) (160.7) (148.9) (125.5) (106.7) (90.0) (75.3) (66.3) (57.0)
Accumulated Other Comprehensive Income (0.3) 0.0 0.0 (0.2) (0.2) (0.4) (0.0) (0.5) (0.5) (0.0) (0.2) (0.1) (0.1) (0.2) (0.3) (0.4) (0.2) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) 0.1 0.4 (0.1) (0.0) 0.1 (0.1) (0.1) (0.2) (0.1) (0.2) (0.3) (0.5) 0.0 0.3 (0.1) 0.6 0.1 0.0
Total Stockholders' Equity 173.7 196.1 219.8 243.9 272.7 299.8 330.3 335.4 340.9 236.3 176.2 199.0 217.0 59.0 79.8 60.1 75.9 95.1 87.4 110.5 136.2 154.3 166.2 76.9 79.8 99.5 108.2 118.4 100.7 46.4 65.6 82.0 98.3 134.1 85.2 105.3 122.7 135.9 149.1 155.7 163.6
Total Liabilities & Equity 219.3 252.3 288.3 322.1 353.2 393.1 426.0 436.2 469.6 351.3 294.7 315.5 336.3 159.4 182.5 188.6 224.2 193.9 184.8 208.7 237.7 261.6 269.8 297.5 322.6 354.8 376.2 388.6 411.3 177.0 197.1 214.7 235.0 184.5 140.9 158.4 175.1 189.6 202.0 209.8 220.0
Debt Metrics
Total Debt 34.6 36.5 38.4 40.2 42.0 43.7 45.3 46.9 47.9 20.3 21.0 21.7 22.4 23.1 23.8 24.3 42.9 44.2 45.3 45.7 46.7 47.6 31.8 32.6 33.4 34.2 34.8 35.4 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Debt (8.7) (28.8) (6.8) (3.7) (32.8) (27.6) (67.2) (29.2) (95.1) (48.5) (44.2) (222.6) (245.9) (75.8) (73.1) (54.1) (89.0) (73.3) (66.2) (72.1) (71.1) (56.8) (115.6) (111.7) (131.8) (51.9) (47.8) (44.4) (113.3) (46.9) (42.1) (59.6) (140.4) (31.5) (48.2) (66.3) (43.6) (36.6) (63.5) (67.0) (33.9)
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Operating Activities
Net Income (27.9) (27.4) (27.9) (33.4) (31.0) (34.5) (9.0) (10.1) (11.3) 56.4 (25.9) (22.2) 124.0 (23.6) 17.6 (19.1) (21.3) 5.7 (25.1) (30.1) (21.6) (15.9) 85.6 (8.7) (24.3) (12.6) (15.0) 11.2 (27.2) (22.5) (20.3) (25.5) (19.9) (11.8) (23.3) (18.9) (16.6) (14.7) (9.0) (9.3) (7.2)
Depreciation & Amortization 0.6 1.0 0.9 1.1 1.0 1.0 1.1 1.4 1.2 1.3 0.9 1.1 1.1 0.8 1.3 1.2 2.8 1.5 1.2 1.2 1.3 1.0 1.1 0.9 0.8 0.8 0.7 0.7 0.6 0.6 0.6 0.5 0.5 0.4 0.4 0.4 0.3 0.2 0.2 0.2 0.1
Stock-Based Compensation 2.5 3.5 3.5 4.1 3.7 3.7 3.4 4.0 3.6 3.0 2.9 2.7 2.6 2.3 2.2 0 2.3 1.7 2.1 4.0 3.6 0 0 3.9 4.0 0 3.3 5.3 3.5 2.6 2.6 8.1 2.3 2.3 3.2 1.5 2.2 1.8 1.8 1.3 1.4
Change in Working Capital (9.8) (6.9) (6.9) (3.1) (11.8) 16.7 (21.6) (26.4) 66.1 (82.8) 2.8 17.5 (4.1) 7.8 (37.3) (0.6) 50.6 2.3 1.0 0.7 (0.7) (2.9) (114.2) (17.4) (10.0) (14.6) (8.6) (47.7) 149.3 (4.8) (0.4) (5.8) 66.3 (5.4) 3.5 1.0 (1.2) (2.9) (3.1) (2.8) (4.1)
Other Non-Cash Items 1.3 (0.5) (0.7) (2.0) 0.3 (1.5) (1.9) (0.5) (0.8) (1.8) (1.8) 0.1 0.0 0.4 (0.0) 0.0 0.0 0.0 0.1 1.5 (3.8) (4.1) 2.8 0.0 0.6 3.1 (1.0) 0.4 (0.6) 0.4 0.5 0.8 (0.2) (0.1) 0.3 (0.5) 1 2.4 (0.2) 0.9 0.2
Operating Cash Flow (33.4) (30.3) (31.0) (33.3) (37.9) (14.5) (28.0) (31.6) 58.8 (23.8) (21.1) (0.8) 123.6 (12.2) (16.2) (18.5) 34.4 11.2 (20.7) (22.7) (21.3) (22.0) (24.7) (21.2) (28.8) (23.4) (21.6) (31.6) 125.2 (24.3) (17.6) (22.5) 48.6 (14.8) (15.9) (16.3) (14.3) (13.1) (10.2) (9.7) (9.5)
Investing Activities
Capital Expenditure (0.0) (0.6) (0.2) (1.1) (0.7) (0.2) (0.3) (1.0) (2.1) (0.8) (0.8) (1.2) (0.5) (0.9) (0.3) (1.2) (0.0) (0.3) (0.7) (0.2) (0.4) (3.6) (5.2) (1.9) (1.5) (3.4) (1.2) (2.1) (1.1) (0.5) (0.8) (1.3) (1.6) (0.2) (0.4) (0.5) (2.9) (3.9) (0.5) (0.2) (0.5)
Acquisitions 0 0 0 0 0 0 0 0 0 0 157.5 23.5 0 0 0 0 0 0 0 0 0 (0.0) 0 0 0 0.0 0 0 0 0 0 0 0 (49.9) 0 0 0 0 0 0 0
Purchases of Investments (43.4) (12.5) (6.6) (37.9) (76.9) (131.0) (40.8) (90.0) (203.9) (29.0) (166.5) (28.5) 0 0 0 (34.9) (20.0) (15.1) 0 0 0 (45.4) (10.0) (15.0) 0 (85.2) (94.7) (99.4) (215.0) (58.8) (69.3) (195.0) (10.0) (97.4) (49.9) 0 0 (45.7) (54.6) 0 0
Sales/Maturities of Investments 51.6 60.6 41.7 40.9 118.8 104.0 105.4 55.0 109.9 56.6 9 5 15 15 35 0 0 10 15 22.6 35 27.5 42.5 15 110.5 115 118.5 98.5 79.3 88 69 137 70 37.5 47.5 39 23.6 35.4 61.7 55 13
Other Investing Activities 0 0 0 0 0 0 0 0 0 0 (157.5) (23.5) 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 23.8 0.0 0.1 29.2 (0.3) (58.0) 60.0 49.9 (49.9) 39 23.6 0.1 7.1 (12.0) (0.5)
Investing Cash Flow 8.1 47.4 34.9 1.9 41.2 (27.2) 64.4 (35.9) (96.1) 26.8 (158.3) (24.7) 14.5 14.1 34.7 (36.1) (20.0) (5.5) 14.3 22.4 34.6 (21.5) 27.4 (1.8) 109.0 26.5 22.6 (2.9) (136.7) 28.6 (1.2) (59.4) 58.4 (60.1) (2.8) 38.5 20.7 (14.1) 6.6 42.8 12.1
Financing Activities
Net Debt Issuance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Stock Repurchased 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.4 0.6 0 0 0 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities 0 0 0 0 0 0 0 0.6 0.1 0.5 0.3 1.5 0.2 0.3 0.0 0.8 0.0 0.2 0 0.4 0.0 0.5 0.5 2.1 0.0 0.3 1.7 1.1 0.3 0.4 1.4 1.1 1.8 58.3 0.6 0.5 0.6 0.4 0.1 0.1 0.0
Financing Cash Flow 3.3 0.1 0.1 0.5 0.1 0.6 0.0 0.6 112.9 0.5 0.3 1.5 31.3 0.3 0.0 0.8 0.0 0.2 0 0.4 0.0 0.5 0.5 2.1 0.0 0.3 1.7 1.1 77.9 0.4 1.4 1.1 1.8 58.3 0.6 0.5 0.6 0.4 0.1 0.1 0.0
Cash Position
Net Change in Cash (22.0) 17.3 1.2 (30.8) 3.4 (41.2) 36.4 (67.0) 75.6 3.5 (179.0) (23.9) 169.4 2.1 18.5 (53.5) 14.4 6.0 (6.4) 0.0 13.4 (43.0) 3.1 (20.9) 79.2 3.4 2.8 (33.4) 66.4 4.7 (17.5) (80.8) 108.8 (16.7) (18.1) 22.7 7.0 (26.9) (3.5) 33.1 2.6
Cash at Beginning 68.0 50.7 43.9 77.6 74.2 115.4 79.0 146.0 70.4 65.3 245.9 269.8 100.5 96.9 79.8 131.9 117.4 111.5 119.6 117.8 104.4 147.4 144.3 167.0 86.0 82.6 80.6 114.0 47.6 42.9 60.3 141.1 32.3 48.2 66.3 43.6 36.6 63.5 67.0 33.9 31.3
Cash at End 46.0 68.0 45.1 46.8 77.6 74.2 115.4 79.0 146.0 68.8 66.9 245.9 269.8 99.0 98.4 78.3 131.9 117.4 113.3 117.8 117.8 104.4 147.4 146.1 165.2 86.0 83.4 80.6 114.0 47.6 42.9 60.3 141.1 31.5 48.2 66.3 43.6 36.6 63.5 67.0 33.9
Free Cash Flow (33.4) (30.9) (31.3) (34.4) (38.6) (14.7) (28.2) (32.5) 56.6 (24.5) (21.8) (2.0) 123.1 (13.2) (16.5) (19.7) 34.4 10.8 (21.4) (22.9) (21.7) (25.5) (29.9) (23.1) (30.3) (26.7) (22.8) (33.6) 124.1 (24.9) (18.5) (23.8) 47.0 (15.0) (16.3) (16.8) (17.2) (17.0) (10.7) (9.9) (9.9)
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1
Income Statement
Revenue 2.6 15.3 13.4 5.2 6.5 6.3 24.6 29.6 19.5 90.1 4.6 4.9 150.5 (1.6) 41.1 0.7 0.7 28.1 1.5 1.4 6.5 6.5 117.8 28.7 18.1 32.7 20.4 46.1 5.2 2.0 2.1 2.6 0.9 6.3 1.1 1.2 1.5 2.4 3.3 3.7 4.8 4.9 4.9 4.9 2.6 0 0 0 0
Gross Profit 1.7 15.3 13.4 5.2 6.5 6.3 24.6 (2.4) 18.3 88.7 (21.2) (17.1) 131.9 (16.1) 21.7 (11.8) (13.7) 14.1 (16.4) (18.1) (15.8) (15.5) 92.8 (0.7) (14.2) (3.9) (9.3) 20.8 (19.6) (14.9) (14.5) (13.9) (13.9) (7.0) (18.4) (14.1) (12.6) (10.4) (7.0) (6.8) (3.9) (4.3) (1.5) (1.6) (2.9) (3.0) (2.4) (2.1) (1.4)
Operating Income (30.3) (29.9) (30.6) (36.6) (34.7) (38.3) (13.8) (15.0) (16.2) 54.1 (29.5) (25.4) 122.9 (24.6) 14.4 (19.4) (21.4) 5.7 (25.1) (28.6) (25.6) (23.7) 84.5 (9.0) (24.4) (13.8) (17.8) 9.2 (29.3) (23.2) (21.1) (25.7) (21.1) (12.3) (23.4) (18.6) (17.5) (13.8) (10.4) (9.6) (7.5) (7.4) (4.0) (4.0) (4.8) (4.5) (3.7) (3.2) (3.0)
Net Income (27.9) (27.4) (27.9) (33.4) (31.0) (34.5) (9.0) (10.1) (11.3) 56.4 (25.9) (22.2) 124.0 (23.6) 17.6 (19.1) (21.3) 5.7 (25.1) (30.1) (21.6) (15.9) 85.6 (8.7) (24.3) (12.6) (15.0) 11.2 (27.2) (22.5) (20.3) (25.5) (19.9) (11.8) (23.3) (18.9) (16.6) (14.7) (9.0) (9.3) (7.2) (7.3) (3.9) (3.9) (14.6) (4.7) (4.0) (4.9) (3.2)
EPS (Diluted) -0.47 -0.47 -0.47 -0.57 -0.53 -0.59 -0.16 -0.18 -0.20 1.25 -0.59 -0.51 2.94 -0.61 0.45 -0.49 -0.56 0.15 -0.67 -0.80 -0.58 -0.43 2.27 -0.23 -0.66 -0.34 -0.41 0.29 -0.81 -0.70 -0.63 -0.80 -0.63 -0.40 -0.89 -0.73 -0.65 -0.57 -0.35 -0.37 -0.29 -0.29 -0.15 -0.26 -0.99 -1.22 -0.27 -8.09 -6.93
Balance Sheet
Cash & Equivalents 43.3 65.3 45.1 43.9 74.8 71.4 112.5 76.1 143.1 68.8 65.3 244.3 268.3 99.0 96.9 78.3 131.9 117.4 111.5 117.8 117.8 104.4 147.4 144.3 165.2 86.0 82.6 79.9 113.3 46.9 42.1 59.6 140.4 31.5 48.2 66.3 43.6 36.6 63.5 67.0 33.9
Total Assets 219.3 252.3 288.3 322.1 353.2 393.1 426.0 436.2 469.6 351.3 294.7 315.5 336.3 159.4 182.5 188.6 224.2 193.9 184.8 208.7 237.7 261.6 269.8 297.5 322.6 354.8 376.2 388.6 411.3 177.0 197.1 214.7 235.0 184.5 140.9 158.4 175.1 189.6 202.0 209.8 220.0
Total Debt 34.6 36.5 38.4 40.2 42.0 43.7 45.3 46.9 47.9 20.3 21.0 21.7 22.4 23.1 23.8 24.3 42.9 44.2 45.3 45.7 46.7 47.6 31.8 32.6 33.4 34.2 34.8 35.4 0 0 0 0 0 0 0 0 0 0 0 0 0
Stockholders' Equity 173.7 196.1 219.8 243.9 272.7 299.8 330.3 335.4 340.9 236.3 176.2 199.0 217.0 59.0 79.8 60.1 75.9 95.1 87.4 110.5 136.2 154.3 166.2 76.9 79.8 99.5 108.2 118.4 100.7 46.4 65.6 82.0 98.3 134.1 85.2 105.3 122.7 135.9 149.1 155.7 163.6
Cash Flow
Operating Cash Flow (33.4) (30.3) (31.0) (33.3) (37.9) (14.5) (28.0) (31.6) 58.8 (23.8) (21.1) (0.8) 123.6 (12.2) (16.2) (18.5) 34.4 11.2 (20.7) (22.7) (21.3) (22.0) (24.7) (21.2) (28.8) (23.4) (21.6) (31.6) 125.2 (24.3) (17.6) (22.5) 48.6 (14.8) (15.9) (16.3) (14.3) (13.1) (10.2) (9.7) (9.5)
Capital Expenditure (0.0) (0.6) (0.2) (1.1) (0.7) (0.2) (0.3) (1.0) (2.1) (0.8) (0.8) (1.2) (0.5) (0.9) (0.3) (1.2) (0.0) (0.3) (0.7) (0.2) (0.4) (3.6) (5.2) (1.9) (1.5) (3.4) (1.2) (2.1) (1.1) (0.5) (0.8) (1.3) (1.6) (0.2) (0.4) (0.5) (2.9) (3.9) (0.5) (0.2) (0.5)
Free Cash Flow (33.4) (30.9) (31.3) (34.4) (38.6) (14.7) (28.2) (32.5) 56.6 (24.5) (21.8) (2.0) 123.1 (13.2) (16.5) (19.7) 34.4 10.8 (21.4) (22.9) (21.7) (25.5) (29.9) (23.1) (30.3) (26.7) (22.8) (33.6) 124.1 (24.9) (18.5) (23.8) 47.0 (15.0) (16.3) (16.8) (17.2) (17.0) (10.7) (9.9) (9.9)