Voya Financial (VOYA)
NYSE:VOYA
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Voya Financial
(NYSE:VOYA)
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Rating:78Outperform
Price Target:
$93.00
▲(24.92% Upside)
Action:Upgraded
Date:05/10/26
VOYA scores well on strong cash generation and improving leverage, supported by an attractive low P/E and a constructive uptrend in price/momentum indicators. The primary constraint on the score is business volatility—especially Stop Loss reserving/medical cost uncertainty and uneven income-statement performance—despite management’s positive guidance and continued capital returns.
Positive Factors
Cash Generation & Capital Return
Consistently strong operating and free cash flow with >90% cash conversion gives Voya durable internal funding to support buybacks, dividends and selective reinvestment. Over months this reduces reliance on external financing and preserves capital flexibility for strategic needs.
Negative Factors
Stop‑Loss Underwriting Volatility
Elevated and variable stop‑loss loss ratios driven by medical severity create persistent reserve and underwriting risk. This structural exposure can swing margins and capital needs, making Employee Benefits profitability and earnings predictability sensitive to long‑term healthcare cost trends and reserve development.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation & Capital Return
Consistently strong operating and free cash flow with >90% cash conversion gives Voya durable internal funding to support buybacks, dividends and selective reinvestment. Over months this reduces reliance on external financing and preserves capital flexibility for strategic needs.
Read all positive factors
Voya Financial Key Performance Indicators (KPIs)
Any
Adjusted Operating Revenue by Segment
Shows revenue generated by each business unit (e.g., Retirement, Investment Management, Employee Benefits, Individual), revealing where growth and fee income are coming from. Highlights diversification, sensitivity to market moves and net flows, and whether lower-fee or higher-margin businesses are driving top-line trends.
Shows revenue generated by each business unit (e.g., Retirement, Investment Management, Employee Benefits, Individual), revealing where growth and fee income are coming from. Highlights diversification, sensitivity to market moves and net flows, and whether lower-fee or higher-margin businesses are driving top-line trends.
Data provided by:
The Fly
The FlyVoya Financial (VOYA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.38B
Dividend Yield2.41%
Average Volume (3M)1.43M
Price to Earnings (P/E)9.0
Beta (1Y)1.06
Revenue Growth3.55%
EPS Growth24.02%
CountryUS
Employees10,000
SectorFinancial
Sector Strength70
IndustryFinancial - Conglomerates
Share Statistics
EPS (TTM)6.71
Shares Outstanding90,666,310
10 Day Avg. Volume1,452,746
30 Day Avg. Volume1,426,774
Financial Highlights & Ratios
PEG Ratio8.62
Price to Book (P/B)1.44
Price to Sales (P/S)0.95
P/FCF Ratio5.55
Enterprise Value/Market Cap1.19
Enterprise Value/Revenue4.69
Enterprise Value/Gross Profit5.19
Enterprise Value/Ebitda7.96
Forecast
1Y Price Target
$89.22Price Target Upside19.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)9.56
Revenue Forecast (FY)$7.94B
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 ...
How the Company Makes Money
Voya primarily generates revenue through fee-based and spread-based income across its workplace benefits, retirement, and investment/asset-management activities. In its retirement business, it earns (1) administrative and recordkeeping fees for se...
Voya Financial Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
Overall the call was positive: the company reported strong adjusted EPS growth, high margins in Retirement and Investment Management, robust cash generation (returned ~$200M and executing further buybacks), and clear signs of underwriting and pricing progress in Employee Benefits (including Stop Loss). The principal risks are Stop Loss historical volatility and reserve uncertainty, timing‑driven Retirement flows in Q1, valuation/activist attention, and medical cost uncertainty. Management conveyed confidence in a path to margin recovery and continued organic growth, making the quarter’s positives outweigh the outstanding challenges.Positive Updates
Strong EPS Growth
Adjusted operating EPS of $2.26 in Q1 and $9.11 on a trailing twelve‑month basis (TTM), representing TTM EPS growth of over 20%; CEO cited adjusted operating EPS growth of 13% year‑over‑year for the quarter.
Negative Updates
Stop Loss Volatility and Elevated Loss Ratios
Stop Loss has shown significant volatility: 2024 loss ratio ~84% and management indicated a conservative 2026 loss pick of ~87%; claims are emerging faster (severity concerns including cell/gene therapies) and the business remains sensitive to reserve development—while recent reserve releases are encouraging, variability remains material.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong EPS Growth
Adjusted operating EPS of $2.26 in Q1 and $9.11 on a trailing twelve‑month basis (TTM), representing TTM EPS growth of over 20%; CEO cited adjusted operating EPS growth of 13% year‑over‑year for the quarter.
Read all positive updates
Company Guidance
Management guided to positive full‑year net flows in Retirement (strong Q2 expected after an anticipated Q1 plan exit) and reiterated 2%+ organic growth at Investment Management, while reporting Q1 adjusted operating EPS of $2.26 and trailing‑12‑month adjusted operating EPS of $9.11 (>20% YoY). Key segment metrics included Retirement adjusted operating earnings of $209M in Q1 and $960M TTM with ~39% trailing margins, fee‑based revenues near 60% of segment net revenues, >$50B of annual recurring deposits and nearly 10M retirement accounts; Wealth revenues were +12% YoY. Investment Management delivered $46M adjusted earnings in Q1, a 28.6% trailing margin, ~ $7B of net inflows over the past year and 78%/82% 3‑/10‑year outperformance versus peers/benchmarks. Employee Benefits showed $63M adjusted earnings in Q1 ($169M TTM), a $25M reserve release, >90% completion of 2025 business, ~24% rate increases with in‑force premium flat and a 2026 Stop‑Loss loss‑pick referenced near 87% as management pushes to restore Stop‑Loss margins to target. Corporate cash and capital priorities: >90% cash conversion, ~ $200M excess capital generated and returned in Q1 (plus $150M incremental repurchases planned in Q2), ROE >18%, ~14% reduction in diluted shares since 2022 and a ~20% dividend payout ratio.Voya Financial Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.87B | 7.50B | 8.05B | 7.35B | 5.93B | 4.23B |
| Gross Profit | 1.69B | 3.89B | 3.88B | 3.69B | 2.97B | 7.36B |
| EBITDA | 1.10B | 261.00M | 1.10B | 976.00M | 611.00M | 2.97B |
| Net Income | 680.00M | 654.00M | 667.00M | 625.00M | 510.00M | 2.11B |
Balance Sheet | ||||||
| Total Assets | 173.43B | 178.86B | 163.89B | 157.09B | 146.61B | 171.26B |
| Cash, Cash Equivalents and Short-Term Investments | 969.00M | 1.23B | 25.70B | 26.71B | 28.41B | 35.37B |
| Total Debt | 2.50B | 2.10B | 3.60B | 3.43B | 3.47B | 3.48B |
| Total Liabilities | 166.73B | 171.82B | 157.88B | 151.03B | 141.61B | 161.44B |
| Stockholders Equity | 4.66B | 4.95B | 4.00B | 4.19B | 3.35B | 8.25B |
Cash Flow | ||||||
| Free Cash Flow | 1.43B | 1.29B | 911.00M | 1.64B | 1.35B | 22.00M |
| Operating Cash Flow | 1.43B | 1.29B | 911.00M | 1.64B | 1.35B | 22.00M |
| Investing Cash Flow | -1.97B | -1.37B | -141.00M | 2.53B | -1.95B | -327.00M |
| Financing Cash Flow | 615.00M | -85.00M | -759.00M | -4.06B | 28.00M | -265.00M |
Voya Financial Technical Analysis
Positive
74.45
Price Trends
73.81
Positive
73.87
Positive
73.23
Positive
Market Momentum
1.91
Positive
55.29
Neutral
47.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VOYA, the sentiment is Positive. The current price of 74.45 is below the 20-day moving average (MA) of 80.92, above the 50-day MA of 73.81, and above the 200-day MA of 73.23, indicating a neutral trend. The MACD of 1.91 indicates Positive momentum. The RSI at 55.29 is Neutral, neither overbought nor oversold. The STOCH value of 47.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VOYA.
Voya Financial Risk Analysis
Voya Financial disclosed 10 risk factors in its most recent earnings report. Voya Financial reported the most risks in the "Macro & Political" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Voya Financial Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $7.38B | 9.01 | 14.17% | 2.41% | 3.55% | 24.02% | |
73 Outperform | $4.74B | 24.50 | 14.32% | 7.17% | 16.23% | -19.30% | |
73 Outperform | $14.32B | 11.04 | 7.42% | 0.95% | 39.90% | 16.82% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $6.18B | 6.91 | 23.62% | 6.07% | 7.80% | 42.28% | |
50 Neutral | $2.67B | -93.50 | 6.59% | ― | 57.69% | ― |
* Financial Sector Average
VOYA
Voya Financial
80.00
12.67
18.82%
MAIN
Main Street Capital
50.53
-2.28
-4.32%
PNFP
Pinnacle Financial Partners
94.33
-13.82
-12.78%
OMF
OneMain Holdings
52.90
5.34
11.22%
UPST
Upstart Holdings
28.08
-18.56
-39.79%
Voya Financial Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Voya Financial Delivers Strong First-Quarter 2026 Earnings Growth
Positive
May 5, 2026
Voya Financial reported strong first-quarter 2026 results on May 5, 2026, with net income available to common shareholders rising 23% year over year to $165 million, or $1.75 per diluted share, and after-tax adjusted operating earnings increasing ...
Financial Disclosures
Voya Financial Announces Preliminary First-Quarter 2026 AUM
Neutral
Apr 21, 2026
Voya Financial disclosed preliminary assets under management for its Investment Management segment ahead of its first-quarter 2026 earnings release, reporting approximately $353 billion in AUM as of March 31, 2026. The portfolio mix included $98 b...
Stock BuybackFinancial Disclosures
Voya Financial Issues Preliminary Q1 2026 Investment Update
Positive
Apr 8, 2026
Voya Financial, Inc. disclosed preliminary alternative investment income expectations and capital deployment activity for the first quarter ended March 31, 2026, ahead of its scheduled earnings release on May 5, 2026. The company reported having r...
Business Operations and StrategyPrivate Placements and Financing
Voya Financial Issues New 2036 Senior Notes Offering
Positive
Mar 2, 2026
On March 2, 2026, Voya Financial completed a registered public offering of $400 million in 5.050% senior unsecured notes due 2036, fully and unconditionally guaranteed by its wholly owned subsidiary Voya Holdings Inc. The notes, issued under an ex...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.