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Voya Financial
(NYSE:VOYA)
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Rating:68Neutral
Price Target:
$111.00
▲(12.59% Upside)
Action:Downgraded
Date:08/07/26
VOYA scores as moderately attractive: strong technical uptrend and a positive earnings outlook (higher H2 earnings and strong capital generation/returns) support the rating. The primary constraint is financial risk from the TTM negative equity balance-sheet signal and uneven year-to-year operating consistency, which meaningfully tempers the otherwise solid cash-flow profile and reasonable valuation.
Positive Factors
Cash generation
Sustained operating and free cash flow (~$1.16B TTM) provides durable internal funding for buybacks, dividends, debt servicing and reinvestment. Strong cash conversion (>90% target) enhances financial flexibility and supports shareholder returns and strategic initiatives over the next 2–6 months.
Negative Factors
Balance-sheet equity deficit
Negative shareholders' equity on a TTM basis is a material structural weakness: it can constrain regulatory capital, limit strategic optionality, raise refinancing risk and force capital actions. Even with manageable leverage historically, this anomaly reduces long-term financial flexibility and investor confidence.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained operating and free cash flow (~$1.16B TTM) provides durable internal funding for buybacks, dividends, debt servicing and reinvestment. Strong cash conversion (>90% target) enhances financial flexibility and supports shareholder returns and strategic initiatives over the next 2–6 months.
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
$9.08B
Dividend Yield1.89%
Average Volume (3M)1.11M
Price to Earnings (P/E)16.8
Beta (1Y)0.98
Revenue Growth3.16%
EPS Growth18.32%
CountryUS
Employees11,000
SectorFinancial
Sector Strength70
IndustryInvestment - Banking & Investment Services
Share Statistics
EPS (TTM)5.97
Shares Outstanding90,596,350
10 Day Avg. Volume904,276
30 Day Avg. Volume1,110,519
Financial Highlights & Ratios
PEG Ratio9.19
Price to Book (P/B)1.44
Price to Sales (P/S)0.95
P/FCF Ratio5.55
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$107.64Price Target Upside9.18% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)9.2
Revenue Forecast (FY)$7.77B
Voya Financial Business Overview & Revenue Model
Company Description
Voya Financial, Inc. provides workplace benefits, and savings solutions and technologies in the United States and internationally. The company operates through three segments: Retirement, Investment Management and Employee Benefits. The Retirement...
How the Company Makes Money
Voya makes money primarily through (1) fees for administering and servicing retirement plans, (2) insurance premiums and related income from its employee benefits offerings, and (3) investment management fees and other asset-management-related rev...
Voya Financial Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call conveys predominantly positive operational momentum: strong retirement inflows, scale and fee growth; investment management earnings and outperformance; improving employee benefits loss ratios; completed OneAmerica integration; solid capital generation and active shareholder returns. Key near-term headwinds include below-expectation alternative investment results (material EPS drag), severance costs this quarter, some retail/redemption and benefit-line timing or renewal softness, and stop loss not yet fully back at target margins. Management communicated clear remediation actions, confidence in cash generation, and expectations for improved results in the second half and into 2027.Positive Updates
Adjusted Operating Earnings Delivered
Adjusted operating earnings of $140 million, or $1.51 per diluted share in Q2 2026, demonstrating underlying business resilience despite identified one-time items.
Negative Updates
Alternative Investments Performance Drag
Alternative investment performance below expectations drove an approximate $0.90 per share headwind to Q2 EPS; alts produced a modest loss (~2.5% annualized) in the quarter vs. Q1 return >8% and long-term target ~9%, driven by private equity realizations, market volatility and interest rate moves.
Read all updates
Q2-2026 Updates
Positive
Negative
Adjusted Operating Earnings Delivered
Adjusted operating earnings of $140 million, or $1.51 per diluted share in Q2 2026, demonstrating underlying business resilience despite identified one-time items.
Read all positive updates
Company Guidance
Management guided that 2026 cash generation should exceed 2025 levels and H2 earnings should be meaningfully higher, driven by commercial momentum, expense actions and improving fundamentals: Q2 adjusted operating earnings were $140M ($1.51 DPS) including an approximate $0.90 per‑share headwind from alternative investments and severance, and severance savings are expected to fully offset upfront costs by year‑end (roughly a six‑month payback). They generated ≈$150M of excess capital in Q2 ($350M YTD), repurchased $150M in Q2 ($300M YTD), returned >$380M to shareholders in H1, ended the quarter with ≈$200M excess capital and plan at least $100M of buybacks in Q3; cash conversion was >100% in Q2 with conversion targets above 90%. Segment guidance/metrics included Retirement AOE $190M in Q2, DC net flows $8.1B, TTM AOE +6%, fee revenue +10% YoY now >60% of revenue and >10M participant accounts; Investment Management AOE $57M (+12% YoY), net inflows $1.2B in Q2 ($6.3B LTM) with 83%/85% of assets outperforming peers over 3/10 years; Employee Benefits AOE $22M in Q2 ($122M LTM), aggregate loss ratio improved ~5 points to ~74% and early 2026 stop‑loss experience is encouraging though any reserve adjustments would more likely be considered in Q4.Voya Financial Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
41
Neutral
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.77B | 7.50B | 8.05B | 7.35B | 5.93B | 4.23B |
| Gross Profit | 3.65B | 3.89B | 3.88B | 3.69B | 2.97B | 7.36B |
| EBITDA | 981.00M | 261.00M | 1.10B | 976.00M | 611.00M | 2.97B |
| Net Income | 608.00M | 654.00M | 667.00M | 625.00M | 510.00M | 2.11B |
Balance Sheet | ||||||
| Total Assets | 1.59B | 178.86B | 163.89B | 157.09B | 146.61B | 171.26B |
| Cash, Cash Equivalents and Short-Term Investments | 149.00M | 1.23B | 25.70B | 26.71B | 28.41B | 35.37B |
| Total Debt | 2.10B | 2.10B | 3.60B | 3.43B | 3.47B | 3.48B |
| Total Liabilities | 2.79B | 171.82B | 157.88B | 151.03B | 141.61B | 161.44B |
| Stockholders Equity | 4.68B | 4.95B | 4.00B | 4.19B | 3.35B | 8.25B |
Cash Flow | ||||||
| Free Cash Flow | 1.19B | 1.29B | 911.00M | 1.64B | 1.35B | 22.00M |
| Operating Cash Flow | 1.19B | 1.29B | 911.00M | 1.64B | 1.35B | 22.00M |
| Investing Cash Flow | -718.00M | -1.37B | -141.00M | 2.53B | -1.95B | -327.00M |
| Financing Cash Flow | -710.00M | -85.00M | -759.00M | -4.06B | 28.00M | -265.00M |
Voya Financial Technical Analysis
Neutral
98.59
Price Trends
94.43
Positive
85.15
Positive
78.74
Positive
Market Momentum
1.62
Positive
51.03
Neutral
63.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VOYA, the sentiment is Neutral. The current price of 98.59 is below the 20-day moving average (MA) of 99.47, above the 50-day MA of 94.43, and above the 200-day MA of 78.74, indicating a neutral trend. The MACD of 1.62 indicates Positive momentum. The RSI at 51.03 is Neutral, neither overbought nor oversold. The STOCH value of 63.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | $15.80B | 12.92 | 7.58% | 1.44% | 66.97% | -3.45% | |
74 Outperform | $5.47B | 11.90 | 13.30% | 8.04% | 3.49% | -18.26% | |
68 Neutral | $9.08B | 16.79 | 18.20% | 1.89% | 3.16% | 18.32% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $7.27B | 9.56 | 23.07% | 7.01% | 6.93% | 19.96% | |
55 Neutral | $2.94B | 48.10 | 7.85% | ― | 46.30% | ― |
* Financial Sector Average
VOYA
Voya Financial
98.22
26.71
37.35%
MAIN
Main Street Capital
59.03
-2.82
-4.57%
PNFP
Pinnacle Financial Partners
105.70
14.91
16.42%
OMF
OneMain Holdings
63.67
10.40
19.53%
UPST
Upstart Holdings
29.89
-33.52
-52.86%
Voya Financial Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Voya Financial Reports Lower Q2 Earnings Amid Severance Costs
Neutral
Aug 4, 2026
Voya Financial reported second-quarter 2026 net income available to common shareholders of $90 million, or $0.97 per diluted share, and after-tax adjusted operating earnings of $140 million, or $1.51 per diluted share, down from the prior year lar...
Business Operations and StrategyFinancial Disclosures
Voya Financial Reports Strong Diversified Investment Management AUM
Positive
Jul 21, 2026
As of June 30, 2026, Voya Financial’s Investment Management segment reported preliminary assets under management of approximately $377 billion, ahead of its scheduled quarterly earnings release on August 4, 2026. The AUM mix included $117 bi...
Financial Disclosures
Voya Financial Issues Preliminary Q2 Investment Income Update
Negative
Jul 8, 2026
Voya Financial disclosed preliminary expectations for alternative investment income and investment capital returns for the quarter ended June 30, 2026, ahead of its scheduled earnings release on August 4, 2026. The company estimates a pre-tax loss...
Executive/Board ChangesShareholder Meetings
Voya Shareholders Back Board, Pay Plan and Auditor
Positive
May 21, 2026
Voya Financial, Inc. held its Annual Meeting of Stockholders on May 21, 2026, where shareholders elected twelve directors, including Heather Lavallee and other incumbent board members, to serve one-year terms ending at the 2027 annual meeting. Eac...
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.