What the Raytheon SM-3 contract means for Voyager Technologies stock

Voyager Technologies (VOYG) has drawn fresh attention after Raytheon, an RTX business, awarded the company a contract to supply propulsion and divert, attitude and control systems for the Standard Missile 3 interceptor family.

This contract highlights Voyager Technologies’ role in solid propulsion and precision maneuvering systems for missiles and space payloads, which already sit at the core of its Defense & National Security and Space Solutions segments.

Voyager Technologies’ latest contract comes on top of a sharp recent move in the shares, with a 7 day share price return of 70.61% and year to date share price return of 50.65%, while the 1 year total shareholder return sits at 35.88% as the market weighs raised 2026 revenue guidance, the Astrobotic acquisition and a larger defense order book.

If this contract has you looking beyond a single defense stock, it can be useful to see what else is moving in adjacent technologies using our screener of 36 power grid technology and infrastructure stocks

After a 70% jump in a week and Voyager Technologies now trading close to recent analyst targets, the choice is stark. Does it make more sense to buy after this contract driven surge, or to wait for a calmer entry point as the valuation picture becomes clearer?

Most Popular Narrative: 89.1% Undervalued

Against Voyager Technologies’ last close at $41.85, the most followed narrative points to a fair value of $385.20 per share, which implies a very large gap between market price and long term expectations.

Voyager Technologies presents a unique arbitrage opportunity. The market is currently pricing it as a low-growth defense contractor (based on its Q3 revenue of ~$40M), completely ignoring the massive "hidden asset" on its balance sheet: Starlab. With the ISS scheduled for retirement in 2030, Voyager is positioned to become the primary commercial space station operator for NASA and ESA. The recent IPO sell-off provides an attractive entry point for long-term investors.

Want to see how this vision for Voyager Technologies gets to that triple digit fair value? The key inputs are steep revenue acceleration, a step change in margins and a valuation multiple more often linked to mature platform leaders.

Result: Fair Value of $385.20 (UNDERVALUED)

However, this Voyager Technologies narrative still leans heavily on long term Starlab and lunar logistics projections, while current losses and possible future dilution could materially change the picture.

Another view on Voyager Technologies’ valuation

The user narrative leans heavily on long range projections and arrives at a very high fair value for Voyager Technologies. Our data driven checks tell a different story. Voyager scores just 2 out of 6 on value and trades on a P/S ratio of 13.4x.

That compares with 8x for peers and 4.7x for the wider US Aerospace & Defense industry, while the fair ratio sits at 7.7x. In plain terms, the current price already bakes in a lot of future growth. The key question is whether you are comfortable paying that kind of premium today.

Next Steps

With such a wide range of views on Voyager Technologies, it makes sense to move fast and test the story against your own expectations. A helpful place to start is by weighing its 3 key rewards and 3 important warning signs.

Looking for more investment ideas beyond Voyager Technologies?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.