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Voya Financial, Inc.

VOYA Financial Financial Conglomerates

Voya Financial, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.2 billion, up 1.73% from fiscal 2024.

Revenue
−4.84%
EPS
+17.6%
Free cash flow
−32.2%
Total debt
−1.26%

Quarter to September 2026, against a year earlier

104.46 1.35 +1.31%
Market cap
$9.3B
P/E
16.5×
Fwd P/E
12.3×
Dividend yield
1.80%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2016

  • Retirement Deferred Group and Individual Annuity
  • Individual Life
  • Employee Benefits
  • Investment Management
  • Corporate
  • Other, not broken out

Every year since 2011 →

Insider Decisions last twelve months

Sold, $m 6.59
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 2 1 — — 1 — 1 — 1 —
Insider Ownership 0.01%

Capital & Financial Ratios $m

Size
Market Cap 9,340.00
Revenue ttm 8,063.00
Net income ttm 733.00
Free cash flow ttm 1,668.00
Net debt Q 2,247.00
Valuation
P/E 16.48
Forward P/E 12.30
Price / sales 1.17
Forward P/S Powerpack
Price / FCF 5.88
Price / book 1.67
Financial health
Current ratio Q 0.00
Debt / equity Q 0.61
Interest coverage Q 0.00
Growth
Revenue growth Q −4.84% (below 0%: shrinking)
Operating income growth Q −6.51% (below 0%: shrinking)
EPS, this year +2.60%
EPS, next year A +25.29% (at or above 15%: strong)
Revenue, next year A −5.51% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +13.04%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 86.25%
10-year low 10-year high
P/S against its own 10 years 79.82%
10-year low 10-year high
P/B against its own 10 years 100.00%
10-year low 10-year high

Dividends

Yield
1.80%
Annual rate
1.88
Payout ratio
30.2%
Growth, 2017–25
+61.2%/yr
  1. 0.04 ’17
  2. 0.04 ’18 +0
  3. 0.32 ’19 +700
  4. 0.60 ’20 +88
  5. 0.74 ’21 +23
  6. 0.84 ’22 +14
  7. 1.24 ’23 +48
  8. 2.10 ’24 +69
  9. 1.82 ’25 −13
  10. 1.91 ’26e +5
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,118 1,514 1,348 1,188
Receivables 11,982 11,284 10,713 —
Inventory — — — —
Other — — — —
13,100 12,798 12,061 —
2023 2024 2025 Q'26
Payables 9,560 9,332 8,982 8,523
ST’ Debt 1 399 586 13
Other 39,174 37,104 40,374 39,826
48,735 46,835 49,942 48,362

Compound Annual Growth %

10y 5y 3y
Sales (0.62%) 1.37% 11.36%
Cash Flow (8.83%) (1.11%) (1.60%)
Earnings 4.15% 0.00% 8.95%
Book Value (8.33%) (9.42%) 12.16%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.61 Actual 2.60

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.11 1.94 Miss by 0.17
Q1 FY26 2.02 2.26 Beat by 0.24
Q2 FY26 1.88 1.51 Miss by 0.37
Q3 FY26 2.61 2.60 Miss by 0.01
Q4 FY26 2.71 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.75 0.97 2.09 — —
’25 1.42 1.66 1.80 1.41 6.29
’24 2.24 1.96 0.98 0.94 6.17
’23 0.63 1.41 2.29 1.10 5.42
’22 0.24 0.57 1.82 1.77 4.30
’21 8.29 3.53 1.15 3.36 16.61
’20 (0.71) (0.55) (2.64) 2.57 (1.84)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,031 1,896 2,025 — —
’25 1,969 1,981 2,128 2,111 8,189
’24 2,051 2,033 1,956 2,010 8,050
’23 1,835 1,871 1,823 1,819 7,348
’22 1,506 1,524 1,345 1,555 5,930
’21 (1,957) 2,503 2,009 1,619 4,174
’20 1,685 1,669 2,071 2,224 7,649
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (36) 503 644 — —
’25 (179) 742 168 557 1,288
’24 231 316 719 79 1,345
’23 156 715 403 364 1,638
’22 362 353 418 219 1,352
’21 (936) 611 177 170 22
’20 (76) 508 356 574 1,362
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (36) 503 644 — —
’25 (179) 742 168 557 1,288
’24 231 316 719 79 1,345
’23 156 715 403 364 1,638
’22 362 353 418 219 1,352
’21 (936) 611 177 170 22
’20 (76) 508 356 574 1,362
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 19.1% a year for ten years. It grew 46.7% a year over the last ten.

Implied
19.1%
10 years, reported
46.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 8,788 7,229 7,161 7,478 7,649 4,174 5,930 7,348 8,050 8,189 8,063 (0.8%) 7,738 8,079 8,334 +0.6%
Gross margin, % 39.53 49.40 50.61 49.85 46.39 152.42 57.37 58.68 55.04 58.96 59.06 +19.4 pt
EBT 10 385 521 574 352 3,085 428 678 799 837 720 +63.5%
EBT margin, % 0.11 5.33 7.28 7.68 4.60 73.91 7.22 9.23 9.93 10.22 8.93 +10.1 pt
Net income (298) (2,775) 907 (310) (49) 3,131 433 729 742 733 733 n/m
Per share, $
Per share, $ Revenue 43.76 39.27 43.88 53.04 60.04 35.77 58.89 71.55 81.15 85.48 89.29 +7.7%
Earnings (1.63) (16.25) 4.67 (2.69) (1.90) 17.86 4.69 5.74 6.31 6.40 6.34 n/m
Cash flow 18.39 8.59 11.45 9.29 10.69 0.19 13.43 15.95 13.56 13.44 18.47 (3.4%)
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow 18.39 8.59 11.45 9.29 10.69 0.19 13.43 15.95 13.56 13.44 18.47 (3.4%)
Book value 69.56 59.96 55.18 72.06 87.74 84.16 47.97 57.23 58.35 71.16 62.43 +0.3%
Shares, m 201 184 163 141 127 117 101 103 99 96 93 (7.9%)
Valuation, ×
Valuation, × P/E 0.00 0.00 7.62 0.00 0.00 3.78 12.92 12.92 11.00 11.66 16.48 6.0
P/S 0.91 1.27 0.91 1.15 0.98 1.85 1.05 1.03 0.85 0.87 1.17 1.1
P/B 0.57 0.83 0.73 0.85 0.67 0.79 1.28 1.28 1.18 1.05 1.67 0.9
EV/Sales 1.17 1.81 1.32 1.57 1.20 2.38 1.47 1.31 1.13 1.12 — 1.4
EV/FCF 2.83 8.59 5.26 9.44 7.06 (239.62) 6.78 6.12 7.12 7.48 — (17.9)
Cash, $m
Cash, $m Operating cash flow 3,692 1,582 1,868 1,310 1,362 22 1,352 1,638 1,345 1,288 1,668 (11.0%)
Capex — — — — — — — — — — (63) —
Free cash flow 3,692 1,582 1,868 1,310 1,362 22 1,352 1,638 1,345 1,288 1,668 (11.0%)
Balance, $m
Balance, $m Working capital (56,006) (57,625) (45,911) (46,364) (47,707) (37,551) (38,882) (35,635) (34,037) (37,881) (48,362) (4.3%)
Net debt 2,290 3,891 2,935 3,167 1,675 2,206 2,530 2,101 2,297 2,029 2,247 (1.3%)
Shareholders’ equity 13,968 11,039 9,005 10,161 11,178 9,821 4,831 5,878 5,788 6,817 5,637 (7.7%)
Returns, %
Returns, % ROA (0.15) (1.37) 0.40 (0.24) (0.14) 1.33 0.30 0.39 0.39 0.36 0.33 +0.5 pt
ROIC 0.04 1.61 2.73 2.69 1.71 16.03 3.63 5.31 6.18 5.91 5.71 +5.9 pt
ROE (2.16) (23.93) 7.60 (4.05) (2.27) 22.23 6.47 11.00 10.73 9.73 9.34 +11.9 pt
People
People Employees 6,700 6,300 6,000 6,000 6,000 6,000 6,100 9,000 10,000 11,000 — +5.7%
Revenue/emp, $m 1.31 1.15 1.19 1.25 1.27 0.70 0.97 0.82 0.81 0.74 — (6.1%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

Business profile

Updated

Voya Financial provides workplace retirement, savings and benefits services to U.S. employers and their employees. It also manages investments for institutions and individuals. The company has three reporting segments: Retirement, Investment Management and Employee Benefits.

Retirement helps employers run workplace savings plans. Its services include keeping track of participants’ accounts, administering plans and providing investment options. Voya also offers individual retirement accounts, financial planning and advice through its wealth management business.

Where the money comes from and where it goes Fiscal 2016

Fiscal 2016: revenue by segment, and margins
Retirement Deferred Group and Individual Annuity 3,257 37.06%
Individual Life 2,528 28.77%
Employee Benefits 1,616 18.39%
Investment Management 627 7.13%
Corporate 451 5.13%
Other, not broken out 309 3.52%
Gross margin 39.53%
Operating margin 0.11%
Pre-tax margin 0.11%

Revenue by segment since 2011

Voya Financial, Inc. vs peers in Financial Conglomerates (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
IX Orix Corp Ads $40.0B 10.4× — +19.77% (above 0%: growing) +201.50% (above 0%: growing) −154.50% (below 0%: shrinking) 44.45% 20.40% Compare
FRHC Freedom Holding Corp. $11.9B 72.8× 12.3× +39.80% (above 0%: growing) +1.96% (above 0%: growing) −197.00% (below 0%: shrinking) 95.19% 29.81% Compare
VOYA Voya Financial, Inc. $9.3B 17.1× 12.3× −4.29% (below 0%: shrinking) −41.42% (below 0%: shrinking) −32.21% (below 0%: shrinking) 56.49% 5.38%
HTH Hilltop Holdings Inc. $2.1B 15.5× 16.6× −9.35% (below 0%: shrinking) −40.54% (below 0%: shrinking) +86.23% (above 0%: growing) 81.67% 0.00% Compare
TMS Live Oak Acquisition Corp. V $347.0M — (loss-making) — — n/m −1,236.38% (below 0%: shrinking) 41.31% 2.01% Compare
RILY BRC Group Holdings, Inc. $151.2M 0.3× — (loss-making) +6.13% (above 0%: growing) −89.11% (below 0%: shrinking) +30.61% (above 0%: growing) 74.60% 16.35% Compare
Median of peers $2.1B 13.0× — +12.95% −19.29% −154.50% 74.60% 16.35%

All 6 Financial Conglomerates stocks →

From the latest earnings call

Updated

  • CFO Mike Katz said below-expectation alternative investment performance and severance actions affected second-quarter earnings, while he expects the resulting expense savings to offset upfront costs by year-end.
  • CEO Heather Lavallee said early claims experience on Voya’s stop-loss business was better than in prior years, with fewer high-severity claims and lower claim frequency.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 101.88%
Held by the ten largest 55.07%
Holder Shares Stake Change
Vanguard 9.74m 10.76% −910.94k
BlackRock 9.39m 10.37% −969.00
T. Rowe Price 6.82m 7.52% +631.72k
BNY 5.75m 6.34% +161.47k
Wellington Management 3.89m 4.29% −2.26m
PZENA INVESTMENT MANAGEMENT LLC 3.53m 3.90% −143.47k
State Street 3.21m 3.54% −44.62k
Dimensional Fund Advisors 2.82m 3.11% +119.99k
MFS Investment Management 2.42m 2.67% +67.58k
Morgan Stanley 2.33m 2.57% +708.79k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 12.59m 13.26m 138.44
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Voya Financial, Inc. (VOYA) Latest News

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VOYA metrics, ten years each

stockrow.com/VOYA · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com