Voya Financial (VOYA) AI Stock Analysis

• Market Cap: $6.20B
• Dividend Yield: 2.41%
• Average Volume (3M): 1.01M
• Price to Earnings (P/E): 10.6
• Beta (1Y): 1.06
• Revenue Growth: 2.91%
• EPS Growth: -7.66%
• Country: US
• Employees: 10,000
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Conglomerates
• EPS (TTM): 1.94
• Shares Outstanding: 92,763,060
• 10 Day Avg. Volume: 876,039
• 30 Day Avg. Volume: 1,010,736
• PEG Ratio: 8.62
• Price to Book (P/B): 1.44
• Price to Sales (P/S): 0.95
• P/FCF Ratio: 5.55
• Enterprise Value/Market Cap: 1.17
• Enterprise Value/Revenue: 0.97
• Enterprise Value/Gross Profit: 1.86
• Enterprise Value/Ebitda: 27.74
• 1Y Price Target: $88.75
• Price Target Upside: 32.70% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): 9.81
• Revenue Forecast (FY): $8.19B

• Rating: 63 Neutral
• Price Target: $79.00 ▲(18.12% Upside)
• Action: Downgraded Date: 02/21/26
• Date: Action: Downgraded 02/21/26

The score is anchored by adequate fundamentals with strong leverage/ROE trends but meaningfully tempered by the sharp deterioration in reported 2025 cash flow. Offsetting that risk, the latest earnings call points to strong capital generation, buybacks, and segment momentum into 2026, while valuation (low P/E with a dividend) is supportive; technicals are neutral-to-soft in the near term.

Positive Factors

Capital generation & buybacks

Sustained excess capital generation (~$775M in 2025) and active repurchase programs indicate durable internal funding capacity. That strengthens capital flexibility, supports ROE expansion, enables disciplined capital return while preserving ability to fund strategic M&A or reinvest in core franchises over multiple years.

Retirement scale & inflows

Large retirement scale, record DC flows and ~10M participant accounts produce recurring, fee-based revenues (> $1.4B). Size and strong net flows underpin pricing leverage, distribution stickiness and margin sustainability in defined contribution, making revenue streams more resilient and predictable over the medium term.

Investment Management growth & AUM

Investment Management’s scale (~$360B AUM), positive organic growth and consistent net flows support durable fee income and diversification across public/private fixed income, equity and alternatives. Stable AUM and recurring management fees reduce earnings cyclicality versus purely transaction-driven models.

Negative Factors

2025 cash flow deterioration

A collapse to zero operating and free cash flow in 2025 signals volatile cash conversion and raises structural concerns about working-capital timing, investment activity or one-off drains. Persistent cash inconsistency can impair sustainable capital deployment and increase reliance on capital markets to fund buybacks or growth.

Stop Loss reserving volatility

Material reserve builds and a multi-year remediation plan for Stop Loss highlight persistent underwriting risk. Elevated frequency/severity trends and cohort development uncertainty can drive earnings and reserve volatility, pressure regulatory capital and complicate long-term margin and pricing assumptions in Employee Benefits.

Negative revenue growth & margin weakness

A meaningful revenue decline and weaker operating margins in 2025 point to structural volatility in top-line drivers and margin sustainability. If revenue cyclicality and one-off items persist, long-term earnings visibility and the ability to expand margins across segments may be constrained.

Voya Financial Business Overview & Revenue Model

Company Description

Voya Financial, Inc. operates as a retirement, investment, and employee benefits company in the United States. The company's Wealth Solutions segment offers tax-deferred employer-sponsored retirement savings plans and administrative services; and individual retirement accounts, and other retail financial products and services, as well as financial planning and advisory services. This segment serves corporate, education, healthcare, and other non-profit and government entities, as well as institutional and individual customers. Its Investment Management segment provides fixed income, equity, multi-asset, and alternative products and solutions to individual investors and institutional clients through its direct sales force, consultant channel, banks, broker-dealers, and independent financial advisers. The company's Health Solutions segment offers stop loss, group life, voluntary employee-paid, and disability products through consultants, brokers, third-party administrators, enrollment firms, and technology partners to mid-sized and large businesses. The company was formerly known as ING U.S., Inc. and changed its name to Voya Financial, Inc. in April 2014. Voya Financial, Inc. was incorporated in 1999 and is based in New York, New York.

How the Company Makes Money

Voya Financial generates revenue through several key streams. The primary source of income comes from its Retirement segment, which includes fees from managed retirement accounts and plans. The Investment Management segment contributes through asset management fees charged on mutual funds and institutional investments. Employee Benefits revenue is derived from premiums collected for various insurance products, such as life and disability insurance. Additionally, Voya earns income from Individual Life products and investment income from its general account. Strategic partnerships with employers and financial advisors further enhance their distribution channels, contributing to overall earnings. Market performance and interest rates can significantly impact revenues, particularly in investment management and insurance products.

Voya Financial Financial Statement Overview

Summary

Profitability and balance-sheet metrics are generally solid (income statement score 63; balance sheet score 72, including improved debt-to-equity and healthy ROE). However, cash generation is a major concern (cash flow score 38) with 2025 operating cash flow and free cash flow reported at zero, alongside weakening operating profitability and negative revenue growth in 2025.

Income Statement

Profitability is generally solid with positive net margins in 2022–2025 and net income holding relatively steady (about $510M–$667M) despite revenue swings. However, revenue growth has been volatile and turned negative in 2025 (-7.3%), and operating profitability weakened meaningfully in 2025 as operating margin fell sharply versus 2023–2024 levels. Results also show a notable outlier in 2021 with unusually high margins and earnings, suggesting comparability/one-time items risk in the trend.

Balance Sheet

Leverage appears manageable with debt-to-equity improving to ~0.42 in 2025 from ~0.90 in 2024, alongside a stronger equity base. Returns on equity are consistently healthy in recent years (low-to-mid teens in 2022–2025). Key watchouts are the large asset base typical of the industry (making results sensitive to market/credit conditions) and year-to-year equity variability (e.g., 2021–2022), which can amplify reported return and capital trend swings.

Cash Flow

Cash generation is inconsistent: operating cash flow was strong in 2022–2024 (about $0.9B–$1.6B), but 2025 shows zero operating cash flow and zero free cash flow with -100% free cash flow growth, a major deterioration versus prior years. Earlier periods also show volatility (e.g., very low operating cash flow in 2021). This pattern raises questions around working-capital/investment timing and the reliability of cash conversion year to year based on the provided figures.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.50B	8.05B	7.35B	5.93B	4.23B
Gross Profit	3.89B	3.88B	3.69B	2.97B	7.36B
EBITDA	261.00M	1.10B	976.00M	611.00M	2.97B
Net Income	654.00M	667.00M	625.00M	510.00M	2.11B
Balance Sheet
Total Assets	178.86B	163.89B	157.09B	146.61B	171.26B
Cash, Cash Equivalents and Short-Term Investments	1.23B	25.70B	26.71B	28.41B	35.37B
Total Debt	2.10B	3.60B	3.43B	3.47B	3.48B
Total Liabilities	171.82B	157.88B	151.03B	141.61B	161.44B
Stockholders Equity	4.95B	4.00B	4.19B	3.35B	8.25B
Cash Flow
Free Cash Flow	1.29B	911.00M	1.64B	1.35B	22.00M
Operating Cash Flow	1.29B	911.00M	1.64B	1.35B	22.00M
Investing Cash Flow	-1.37B	-141.00M	2.53B	-1.95B	-327.00M
Financing Cash Flow	-85.00M	-759.00M	-4.06B	28.00M	-265.00M

Voya Financial Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 66.88
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VOYA, the sentiment is Negative. The current price of 66.88 is below the 20-day moving average (MA) of 73.29, below the 50-day MA of 74.67, and below the 200-day MA of 71.75, indicating a bearish trend. The MACD of -1.48 indicates Positive momentum. The RSI at 34.18 is Neutral, neither overbought nor oversold. The STOCH value of 22.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VOYA.

Voya Financial Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PNFP	73 Outperform	$13.72B	11.25	9.53%	0.95%	7.76%	49.85%
OMF	68 Neutral	$6.45B	8.38	23.76%	6.07%	9.51%	29.38%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
MAIN	65 Neutral	$5.09B	10.29	17.04%	7.17%	11.60%	9.38%
VOYA	63 Neutral	$6.20B	10.63	14.60%	2.41%	2.91%	-7.66%
UPST	50 Neutral	$2.67B	63.33	7.49%	―	73.29%	―

Voya Financial Corporate Events

Voya Financial Reports Strong 2025 Results and Capital Generation

On Feb. 3, 2026, Voya Financial reported its fourth-quarter and full-year 2025 results, highlighting robust underlying operating performance despite a slight decline in GAAP net income year over year. Full-year 2025 net income available to common shareholders was $613 million, or $6.29 per diluted share, down modestly from 2024 due to nonrecurring prior-period gains and higher severance and acquisition-related costs, while after-tax adjusted operating earnings rose to $861 million, or $8.85 per diluted share, supported by more than $1 billion in pre-tax adjusted operating earnings and approximately $775 million in excess capital generation, a 19% increase from the prior year. Retirement and Investment Management segments posted higher earnings, strong organic growth and record inflows, boosted by the OneAmerica acquisition and positive markets, while Employee Benefits saw a sharp turnaround with significantly improved underwriting margins and operating earnings, even as Corporate results reflected higher performance-based compensation costs. Voya returned $374 million to shareholders through buybacks and dividends in 2025, reduced its share count, and ended the year with about $0.4 billion in excess capital and $562 million in remaining repurchase authorization, underscoring a balance of growth investment, margin expansion and capital return that reinforces its competitive positioning in retirement, asset management and workplace benefits.

The most recent analyst rating on (VOYA) stock is a Buy with a $93.00 price target. To see the full list of analyst forecasts on Voya Financial stock, see the VOYA Stock Forecast page.

Voya Financial Reports Preliminary Year-End 2025 AUM Update

As of December 31, 2025, Voya Financial’s Investment Management segment reported preliminary assets under management of approximately $360 billion, comprising $103 billion in equity assets, $153 billion in public fixed income, $86 billion in private fixed income, $15 billion in alternative assets and $3 billion in money market assets. The portfolio included $172 billion in institutional external client assets, $151 billion in retail external client assets and $37 billion in company general account assets, with fourth-quarter 2025 figures reflecting an $11 billion client reclassification from assets under management to assets under administration, providing investors an early view of the scale and composition of the business ahead of the company’s scheduled February 3, 2026 earnings release.

The most recent analyst rating on (VOYA) stock is a Buy with a $93.00 price target. To see the full list of analyst forecasts on Voya Financial stock, see the VOYA Stock Forecast page.

Voya Financial Announces Q4 2025 Share Repurchase Plan

Voya Financial announced its capital deployment plans during the 2025 Goldman Sachs Financial Services Conference, revealing a $100 million share repurchase for Q4 2025 and a new $150 million repurchase plan for Q1 2026. Additionally, the company expects alternative investment income for Q4 2025 to be between $42 million and $57 million, indicating a strong annualized return of 9%, which could positively impact its financial performance and investor confidence.

The most recent analyst rating on (VOYA) stock is a Buy with a $85.00 price target. To see the full list of analyst forecasts on Voya Financial stock, see the VOYA Stock Forecast page.