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Wednesday 4 November 2026 Export VOYA’s income statement to Excel — free account

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
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Voya Financial, Inc. (VOYA) valuation and DCF model

What the price implies · reverse DCF

At $104.46 the price implies 19.1% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 46.7% a year over the last ten years, 26.0% over the last five. The price asks for less than its ten-year rate. Return on equity averaged 3.5% over ten years; the price implies 13.4% for good.

In December 2019 the price assumed 47.1% a year; Voya Financial, Inc. went on to grow the dividend a share 0.1% a year to FY2025.

Price implies
19.1%
Last 5 years, reported
26.0%
Last 10 years, reported
46.7%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
19.1% a year for ten years
$104.46
today’s price
Its base case
20.0% a year for five years, then 12.0%
$84.58
19.0% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Voya Financial, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 19.1% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Voya Financial, Inc.’s own cost of capital: risk-free 4.3% + beta 0.83 × equity premium 4.5% = 8.0% cost of equity; after-tax cost of debt 6.0%; weighted, 7.5%.

Use 7.5%
Base case value per share $84.58 ten years discounted, and what follows
Current price $104.46 market price per share
Below today’s price 19.0% downside at the base case’s assumptions

How we got there$29.34 10 years of dividends+$55.24 terminal value=$84.58 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Financial Conglomerates).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 16.48× 12.99× 10.91× 51% above 15.52× 6% above
P/FCF 5.88× 5.33× 5.12× 15% above 9.82× 40% below
P/B 1.67× 1.29× 1.03× 62% above 1.39× 20% above
EV/EBITDA — 8.79× 13.38× — 3.38× —
EV/Sales — 1.48× 1.45× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
5.20×8.66×12.12×15.57×10Y avg 10.91×2018202120222023202420252026

VOYA trades at 16.48× P/E, against a 10-year average of 10.91× (range 3.78×–16.48×). That is dearer than 100% of the last 6 year-end readings; re-rating to the average implies $69.16 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.