Voya Financial (VOYA) AI Stock Analysis

• Market Cap: $6.31B
• 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: 1.16
• Enterprise Value/Revenue: 0.98
• Enterprise Value/Gross Profit: 1.89
• Enterprise Value/Ebitda: 28.18
• 1Y Price Target: $88.75
• Price Target Upside: 30.40% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): 9.76
• Revenue Forecast (FY): $8.19B

• Rating: 60 Neutral
• Price Target: $70.00 ▲(2.85% Upside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is held back primarily by weak cash-flow reliability in 2025 (operating cash flow and free cash flow at zero) and a clearly bearish technical setup (below major moving averages, negative MACD). Offsetting these are an attractive valuation (low P/E and a solid dividend yield) and a constructive earnings-call outlook featuring strong capital generation, buybacks, and continued momentum in key franchises, tempered by Stop Loss reserve and claims volatility risk.

Positive Factors

Retirement franchise scale & DC flows

Voya's retirement franchise exhibits durable competitive scale with record $28B DC net flows, ~730B DC assets and nearly 10M accounts. Scale supports sticky fee revenue (> $1.4B reported), high adjusted margins (~40%) and deep employer/advisor distribution, underpinning predictable long‑term fee income and cross‑sell.

Investment Management AUM and organic growth

The asset management business delivers recurring fee income from a $360B AUM base and sustained organic growth (~4.8%) with meaningful net flows. Diversified asset mix and performance fees provide structural revenue resilience, supporting margins and earnings even through market cycles and enabling reinvestment in distribution and products.

Capital generation & improved leverage

Strong excess capital generation (~$775M in 2025) and materially improved leverage (debt-to-equity ~0.42 vs ~0.90 prior year) enhance financial flexibility. This supports disciplined capital deployment (buybacks, selective M&A) and buffers underwriting volatility, reflecting durable balance sheet capacity to fund strategic priorities over multiple quarters.

Negative Factors

Weak and inconsistent cash generation

A collapse to zero operating and free cash flow in 2025 versus prior strong years raises durable concerns about cash conversion reliability. Inconsistent cash flow complicates funding for capital returns, reserves, and growth initiatives, increasing dependence on capital markets and making multi‑quarter planning for investments and buybacks less predictable.

Stop Loss reserving & underwriting volatility

Material reserve builds and management's view that Stop Loss remediation is multi‑year indicate persistent underwriting volatility. Larger outcome ranges and limited paid‑claims transparency create longer‑term earnings and capital unpredictability, pressuring margins and requiring sustained pricing/risk selection to restore actuarial credibility.

Revenue and operating margin deterioration in 2025

A notable revenue decline and weaker operating margin in 2025 point to structural pressures that can persist beyond a single quarter. Volatile top‑line trends and margin compression reduce earnings predictability and complicate reinvestment plans, requiring sustained commercial execution and cost discipline to return to prior margin trajectories.

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

Underlying profitability and ROE are solid and leverage improved materially (debt-to-equity ~0.42 in 2025 vs ~0.90 in 2024). However, earnings quality is pressured by a sharp deterioration in 2025 cash generation (operating cash flow and free cash flow at zero) alongside negative 2025 revenue growth (-7.3%) and weaker operating margin.

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: 68.06
• 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 68.06 is below the 20-day moving average (MA) of 72.89, below the 50-day MA of 74.54, and below the 200-day MA of 71.75, indicating a bearish trend. The MACD of -1.65 indicates Positive momentum. The RSI at 37.94 is Neutral, neither overbought nor oversold. The STOCH value of 26.76 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	$14.01B	11.25	9.53%	0.95%	7.76%	49.85%
OMF	68 Neutral	$6.52B	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	$5.19B	10.29	17.04%	7.17%	11.60%	9.38%
VOYA	60 Neutral	$6.31B	10.63	14.60%	2.41%	2.91%	-7.66%
UPST	50 Neutral	$2.77B	65.77	7.49%	―	73.29%	―

Voya Financial Corporate Events

Voya Financial Issues New 2036 Senior Notes Offering

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 existing indenture and related supplemental indenture, will pay interest semiannually starting September 2, 2026, and feature optional redemption provisions and customary covenant and default protections for noteholders.

The offering generated approximately $395.2 million in net proceeds, which Voya plans to use for general corporate purposes, potentially including repayment at maturity of its $447 million in 3.65% senior notes due June 15, 2026. This refinancing-oriented transaction extends the company’s debt maturity profile and underscores its continued access to public capital markets, with implications for its funding costs and capital structure management over the coming decade.

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

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.