A Business at a Glance
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Voya Financial, Inc.
VOYA
$9.6B
Mkt Cap
$98.59
+1.86%
Voya Financial, Inc. (VOYA) has a current P/E ratio of 15.7, compared to its historical median P/E of 11.3. The stock is currently considered Expensive based on its historical valuation range.
Voya Financial, Inc. (VOYA) has a 5-year average return on invested capital (ROIC) of 11.0%. This indicates solid capital allocation.
Voya Financial, Inc. (VOYA) has a market capitalization of $9.1B. It is classified as a mid-cap stock.
Yes, Voya Financial, Inc. (VOYA) pays a dividend with a trailing twelve-month yield of 1.96%. The company also returns capital through share buybacks, with a buyback yield of 3.84%.
Based on historical P/E analysis, Voya Financial, Inc. (VOYA) appears expensive. The current P/E of 15.7 is 39% above its historical median of 11.3. The estimated fair value CAGR (P/E method) is 20.5%.
Voya Financial, Inc. (VOYA) operates in the Life Insurance industry, within the Financials sector.
Voya Financial, Inc. (VOYA) reported annual revenue of $8.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Voya Financial is a leading provider of workplace retirement solutions, employee benefits, and international asset management serving over 18 million individual customers and more than 50,000 employer and institutional clients. The company operates through three segments: Retirement, which administers defined contribution plans for approximately 45,000 U.S. employers and serves nearly 10 million participant accounts through its award-winning platform and Wealth Management advisory services; Investment Management, which operates as a leading international asset manager with institutional-quality fixed income and private asset strategies distributed globally, particularly in Europe and Asia; and Employee Benefits, which provides supplemental health and group insurance products covering approximately 6.8 million individual lives, along with benefits administration services through its Benefitfocus platform reaching approximately 12.2 million employees. Voya's business model combines fee-based revenue from retirement administration and investment management with spread-based and underwriting revenue from insurance products, creating diversification across revenue types and economic cycles. The company distributes its products through financial intermediaries, independent producers, affiliated advisors, and dedicated sales specialists throughout the U.S., as well as through international partnerships such as Allianz Global Investments. With approximately 11,000 employees and a global services capability center in India, Voya has established competitive advantages through its integrated technology platforms, specialized capabilities in private assets and institutional mandates, and scale in workplace retirement administration that enables cross-selling of wealth management and benefits solutions.
【Margin expansion and cash generation】 Management expects continued improvement in Employee Benefits margins in 2026, particularly in Stop Loss, where pricing actions and enhanced risk selection are expected to return loss ratios toward long-term targets, with the company having taken a 24% rate increase on January 2026 business. Retirement is positioned for strong organic defined contribution net flows in 2026, with most growth expected in the back half of the year, supported by known plan implementations and plan retention exceeding 95%, while Wealth Management expansion remains on track with first quarter revenues up more than 12% year-over-year. Investment Management delivered record flows of approximately $15 billion in 2025, well exceeding the 2% long-term organic growth target, with broad-based strength across channels and strategies, and the company expects to continue generating excess capital well above its $700 million target, with disciplined deployment toward share repurchases, dividend increases, and strategic investments in Wealth Management capabilities.
| Metric | Target | Period |
|---|---|---|
| Excess capital generation | above $700 million | FY2026 |
| Retirement organic growth | 2%+ | FY2026 |
| Capital return to shareholders | $100 million to $150 million quarterly | FY2026 |
Excess capital generation (FY2026): “Looking forward, we expect further excess capital improvement in 2026.”
Retirement organic growth (FY2026): “Bottom line, the organic growth expectation of 2 %+ for the remainder of the year remains intact.”
Capital return to shareholders (FY2026): “We expect a return between $100 million and $150 million in quarterly dividends and share repurchases throughout 2026, subject to market conditions.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 8.3B | 8.2B | 8.1B | 7.3B | 5.9B | 4.2B |
| Net Income | 639M | 613M | 626M | 589M | 474M | 2.3B |
| EPS | $6.76 | $6.29 | $6.17 | $5.42 | $4.30 | $18.56 |
| Free Cash Flow | 0 | 1.3B | 1.3B | 1.6B | 1.4B | 22M |
| ROIC | 0.0% | 9.7% | 10.1% | 10.0% | 5.8% | 19.4% |
| Gross Margin | - | 10.2% | 9.9% | 9.2% | 7.2% | 73.9% |
| Debt/Equity | 0.54 | 0.54 | 0.72 | 0.50 | 0.71 | 0.31 |
| Dividends/Share | $1.94 | $1.82 | $1.70 | $1.20 | $0.80 | $0.29 |
| Operating Income | 0 | 1.0B | 870M | 916M | 428M | 3.1B |
| Operating Margin | 0.0% | 12.7% | 10.8% | 12.5% | 7.2% | 73.9% |
| ROE | 13.7% | 13.7% | 15.3% | 15.6% | 8.2% | 25.4% |
| Shares Outstanding | 92M | 97M | 101M | 109M | 110M | 126M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 11.0B | 8.7B | 8.8B | 7.2B | 7.2B | 7.5B | 7.6B | 4.2B | 5.9B | 7.3B | 8.1B | 8.2B | 8.3B |
| Gross Margin | 7.3% | 5.5% | 0.1% | 5.3% | 7.3% | 7.7% | 4.6% | 73.9% | 7.2% | 9.2% | 9.9% | 10.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | 7.0M | 4.0M | 11M | 9.0M | 10M | 28M | 48M | 48M |
| EBIT | 214M | 156M | 115M | 385M | 521M | 574M | 352M | 3.1B | 428M | 916M | 870M | 1.0B | 0 |
| Op. Margin | 1.9% | 1.8% | 1.3% | 5.3% | 7.3% | 7.7% | 4.6% | 73.9% | 7.2% | 12.5% | 10.8% | 12.7% | 0.0% |
| Net Income | 2.3B | 408M | -327M | -3.0B | 762M | -388M | -242M | 2.3B | 474M | 589M | 626M | 613M | 639M |
| Net Margin | 20.9% | 4.7% | -3.7% | -41.4% | 10.6% | -5.2% | -3.2% | 55.9% | 8.0% | 8.0% | 7.8% | 7.5% | 7.7% |
| Non-Recurring | -157M | -169M | 20M | 0 | 0 | 64M | 81M | 0 | 32M | -182M | -142M | -147M | -147M |
| Returns on Capital | |||||||||||||
| ROIC | 12.6% | 2.2% | -2.0% | -20.2% | 6.2% | -3.3% | -1.9% | 19.4% | 5.8% | 10.0% | 10.1% | 9.7% | 0.0% |
| ROE | 15.6% | 2.8% | -2.5% | -26.0% | 8.4% | -4.4% | -2.5% | 25.4% | 8.2% | 15.6% | 15.3% | 13.7% | 13.7% |
| ROA | 1.0% | 0.2% | -0.2% | -1.4% | 0.4% | -0.2% | -0.1% | 1.3% | 0.3% | 0.4% | 0.4% | 0.4% | 0.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 3.6B | 3.2B | 3.7B | 1.6B | 1.9B | 1.3B | 1.4B | 22M | 1.4B | 1.6B | 1.3B | 1.3B | 1.4B |
| Free Cash Flow | 3.6B | 3.2B | 3.6B | 1.6B | 1.9B | 1.3B | 1.4B | 22M | 1.4B | 1.6B | 1.3B | 1.3B | 0 |
| Owner Earnings | 3.4B | 3.1B | 3.5B | 1.4B | 1.7B | 1.2B | 1.2B | -112M | 1.2B | 1.4B | 1.2B | 1.1B | 1.3B |
| CapEx | 33M | 60M | 67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 91M | 93M | 99M | 81M | 61M | 60M | 55M | 46M | 36M | 85M | 96M | 103M | 107M |
| Growth CapEx | 0 | 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 91M | 93M | 99M | 81M | 61M | 60M | 55M | 46M | 36M | 85M | 96M | 103M | 107M |
| CapEx/OCF | 0.9% | 1.9% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 10M | 9.0M | 8.0M | 8.0M | 6.0M | 44M | 36M | 36M | 83M | 127M | 171M | 178M | 179M |
| Dividend Yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.6% | 0.6% | 0.5% | 1.3% | 1.8% | 2.4% | 2.7% | 2.0% |
| Share Buybacks | 789M | 1.5B | 687M | 923M | 1.0B | 1.1B | 516M | 1.1B | 750M | 369M | 640M | 200M | 350M |
| Buyback Yield | 8.1% | 19.8% | 9.5% | 11.2% | 17.3% | 14.2% | 7.4% | 14.4% | 12.1% | 4.9% | 9.5% | 2.8% | 3.8% |
| Stock-Based Comp | 93M | 76M | 99M | 117M | 96M | 98M | 88M | 88M | 90M | 126M | 96M | 72M | 72M |
| Debt Repayment | 0 | 31M | 809M | 461M | 677M | 113M | 1.0M | 482M | 366M | 541M | 1.0M | 400M | 400M |
| Balance Sheet | |||||||||||||
| Net Debt | 5.6B | -59.1B | -41.5B | -40.5B | -30.9B | -34.0B | -38.2B | -32.5B | 1.1B | 1.1B | 1.5B | 1.3B | 1.3B |
| Cash & Equiv. | 2.5B | 1.8B | 2.1B | 854M | 1.2B | 1.2B | 1.5B | 1.4B | 1.0B | 1.1B | 1.5B | 1.3B | 1.2B |
| Long-Term Debt | 3.5B | 3.5B | 3.5B | 3.1B | 3.1B | 3.0B | 3.0B | 2.6B | 2.1B | 2.1B | 2.1B | 1.5B | 1.9B |
| Debt/Equity | 0.61 | 0.78 | 0.62 | 0.87 | 0.89 | 0.74 | 0.68 | 0.31 | 0.71 | 0.50 | 0.72 | 0.54 | 0.54 |
| Interest Coverage | 1.1 | 0.8 | 0.4 | 2.1 | 2.4 | 3.3 | 2.2 | 16.6 | 3.2 | 6.9 | 7.0 | 8.9 | 8.9 |
| Equity | 16.1B | 13.4B | 13.0B | 10.0B | 8.2B | 9.3B | 10.1B | 8.3B | 3.3B | 4.2B | 4.0B | 5.0B | 4.7B |
| Total Assets | 226.9B | 218.2B | 214.6B | 222.5B | 155.4B | 169.0B | 180.5B | 171.3B | 146.6B | 157.1B | 163.9B | 178.9B | 173.4B |
| Total Liabilities | 208.4B | 201.9B | 200.6B | 211.5B | 146.4B | 158.8B | 169.3B | 161.4B | 141.8B | 151.2B | 158.1B | 172.0B | 166.7B |
| Intangibles | N/A | 220M | 188M | 155M | 121M | 87M | 76M | 97M | 631M | 857M | 832M | 874M | 864M |
| Retained Earnings | 20M | 9.0M | 0 | 0 | 0 | 0 | -5.0B | -1.3B | -201M | 505M | 954M | 1.4B | 1.5B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 9.00 | 1.80 | -1.61 | -16.25 | 4.53 | -2.64 | -1.84 | 18.56 | 4.30 | 5.42 | 6.17 | 6.29 | 6.76 |
| Owner EPS | 13.51 | 13.59 | 17.20 | 7.52 | 10.17 | 7.84 | 9.27 | -0.89 | 11.12 | 13.13 | 11.36 | 11.42 | 13.55 |
| Book Value | 63.32 | 59.28 | 63.98 | 54.36 | 48.47 | 63.54 | 76.87 | 65.63 | 30.38 | 38.58 | 39.47 | 50.82 | 50.41 |
| Cash Flow/Share | 14.23 | 14.33 | 18.18 | 8.59 | 11.11 | 8.91 | 10.36 | 0.17 | 12.26 | 15.07 | 13.26 | 13.22 | 8.07 |
| Dividends/Share | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.32 | 0.27 | 0.29 | 0.80 | 1.20 | 1.70 | 1.82 | 1.94 |
| Shares Out. | 255.0M | 226.7M | 203.1M | 184.1M | 168.2M | 147.0M | 131.5M | 125.8M | 110.2M | 108.7M | 101.5M | 97.5M | 92.4M |
| Valuation | |||||||||||||
| P/E Ratio | 4.3 | 18.4 | N/A | N/A | 7.8 | N/A | N/A | 3.7 | 13.0 | 12.8 | 10.8 | 11.9 | 14.6 |
| P/FCF | 2.7 | 2.4 | 2.0 | 5.2 | 3.2 | 6.1 | 5.1 | 350.5 | 4.6 | 4.6 | 5.0 | 5.6 | N/A |
| EV/EBIT | 35.4 | 34.3 | 37.2 | 41.1 | N/A | 21.0 | 20.5 | N/A | 12.7 | 13.0 | 10.2 | 10.5 | N/A |
| Price/Book | 0.6 | 0.6 | 0.6 | 0.8 | 0.7 | 0.9 | 0.7 | 0.9 | 1.8 | 1.8 | 1.7 | 1.5 | 2.0 |
| Price/Sales | 0.8 | 0.8 | 0.6 | 0.8 | 1.0 | 0.9 | 0.8 | 1.7 | 1.1 | 1.0 | 0.9 | 0.8 | 1.1 |
| FCF Yield | 36.8% | 42.4% | 50.4% | 19.2% | 31.5% | 16.4% | 19.6% | 0.3% | 21.9% | 21.8% | 20.0% | 17.7% | N/A |
| Market Cap | 9.8B | 7.5B | 7.2B | 8.2B | 5.9B | 8.0B | 6.9B | 7.7B | 6.2B | 7.5B | 6.7B | 7.3B | 9.1B |
| Avg. Price | 33.09 | 38.03 | 27.48 | 35.16 | 44.03 | 47.04 | 45.67 | 58.20 | 59.53 | 66.03 | 69.87 | 68.77 | 98.59 |
| Year-End Price | 38.30 | 33.14 | 35.45 | 44.72 | 35.28 | 54.35 | 52.75 | 61.31 | 56.11 | 69.21 | 66.39 | 74.61 | 98.59 |
Voya Financial, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Voya Financial, Inc. trades at 15.7x trailing earnings, compared to its 15-year median P/E of 11.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 7.5x vs a median of 5.0x. The company's 5-year average ROIC is 11.0% with a gross margin of 22.1%. Total shareholder yield (dividends + buybacks) is 5.8%. At current prices, the estimated annualized return to fair value is +8.9%.
Voya Financial, Inc. (VOYA) has a net profit margin of 7.5%. This is a modest margin.
Voya Financial, Inc. (VOYA) generated $1.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Voya Financial, Inc. (VOYA) has a debt-to-equity ratio of 0.54. This indicates moderate leverage.
Voya Financial, Inc. (VOYA) reported earnings per share (EPS) of $6.29 in its most recent fiscal year.
Voya Financial, Inc. (VOYA) has a return on equity (ROE) of 13.7%. This indicates moderate shareholder returns.
Voya Financial, Inc. (VOYA) has a 5-year average gross margin of 22.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for Voya Financial, Inc. (VOYA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Voya Financial, Inc. (VOYA) has a book value per share of $50.82, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued improvement in Employee Benefits margins in 2026, particularly in Stop Loss, where pricing actions and enhanced risk selection are expected to return loss ratios toward long-term targets, with the company having taken a 24% rate increase on January 2026 business. Retirement is positioned for strong organic defined contribution net flows in 2026, with most growth expected in the back half of the year, supported by known plan implementations and plan retention exceeding 95%, while Wealth Management expansion remains on track with first quarter revenues up more than 12% year-over-year. Investment Management delivered record flows of approximately $15 billion in 2025, well exceeding the 2% long-term organic growth target, with broad-based strength across channels and strategies, and the company expects to continue generating excess capital well above its $700 million target, with disciplined deployment toward share repurchases, dividend increases, and strategic investments in Wealth Management capabilities.
Based on recent SEC filings and earnings calls, Voya Financial, Inc. (VOYA) has provided the following forward guidance: Excess capital generation: above $700 million (FY2026); Retirement organic growth: 2%+ (FY2026); Capital return to shareholders: $100 million to $150 million quarterly (FY2026).