Voya Financial (VOYA)
NYSE:VOYA
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Voya Financial
(NYSE:VOYA)
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Rating:60Neutral
Price Target:
$70.00
▲(2.53% Upside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Voya Financial (VOYA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.33B
Dividend Yield2.41%
Average Volume (3M)1.07M
Price to Earnings (P/E)10.9
Beta (1Y)1.02
Revenue Growth2.91%
EPS Growth-7.66%
CountryUS
Employees10,000
SectorFinancial
Sector Strength70
IndustryFinancial - Conglomerates
Share Statistics
EPS (TTM)1.94
Shares Outstanding92,763,060
10 Day Avg. Volume905,688
30 Day Avg. Volume1,071,247
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 Cap1.16
Enterprise Value/Revenue0.98
Enterprise Value/Gross Profit1.89
Enterprise Value/Ebitda28.08
Forecast
1Y Price Target
$86.13Price Target Upside26.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)9.73
Revenue Forecast (FY)$8.19B
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 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 ass...
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 Earnings Call Summary
Earnings Call Date:Feb 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call conveyed strong financial and commercial momentum across Voya's core franchises — record earnings, robust DC flows, investment management revenue and significant excess cash generation — while acknowledging material, but manageable, challenges in the Stop Loss line driven by reserve strengthening and a wider range of healthcare outcomes. Management emphasized pricing, risk selection and reserving actions (including a Q4 reserve build and 24% Jan 2026 rate increases) and reiterated a multi-year remediation approach; the positives (broad-based earnings growth, cash generation, scale and strategic execution) materially outweigh the Stop Loss uncertainties.Positive Updates
Record Annual Earnings and EPS Growth
Generated over $1.0 billion of pretax adjusted operating earnings for FY2025 (up $168 million YoY) and increased diluted EPS 22% to $8.85; Q4 EPS of $1.94 was up 39% YoY.
Negative Updates
Stop Loss Reserving and Uncertainty
Recorded a $37 million reserve increase in Q4; management noted a materially wider range of possible outcomes (range roughly double historical) and emphasized the importance of Q1 development to clarify accident-year performance.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Earnings and EPS Growth
Generated over $1.0 billion of pretax adjusted operating earnings for FY2025 (up $168 million YoY) and increased diluted EPS 22% to $8.85; Q4 EPS of $1.94 was up 39% YoY.
Read all positive updates
Company Guidance
The company guided to continued improvement in 2026, saying it expects further excess capital generation above the $775 million produced in 2025 (including ~$175 million in Q4 and exceeding a $700 million target), continued commercial momentum in Retirement and Investment Management, and additional margin expansion in Employee Benefits led by Stop Loss actions; specific metrics called out include planned share repurchases of $150 million in Q1 (and an expected $150 million in Q2, subject to macro), an expanded adjusted ROE of 18.6%, Retirement momentum underpinning meaningful DC net inflows (plans expected to fund in the back half of the year) after 2025’s record $28 billion DC net flows, fee‑based revenues >$1.4 billion and ~10 million participant accounts, Investment Management on track to sustain organic growth after $1.0 billion of 2025 net revenues, 4.8% organic growth, ~$15 billion of 2025 flows and $360 billion AUM, and Stop Loss posture that embeds a 24% average net effective rate increase for the January 2026 cohort (after 2025 reserve actions including a $37 million Q4 increase and full‑year Stop Loss reported loss‑ratio improvement from 94% to 84%), with claims credibility for January cohorts moving from ~65% to ~90% on a paid basis through Q1.Voya Financial Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
72
Positive
Cash Flow
38
Negative
| 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
Neutral
68.27
Price Trends
70.71
Negative
71.80
Negative
71.97
Negative
Market Momentum
-0.74
Negative
49.36
Neutral
48.11
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 68.27 is above the 20-day moving average (MA) of 67.40, below the 50-day MA of 70.71, and below the 200-day MA of 71.97, indicating a neutral trend. The MACD of -0.74 indicates Negative momentum. The RSI at 49.36 is Neutral, neither overbought nor oversold. The STOCH value of 48.11 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $13.34B | 11.43 | 9.48% | 0.95% | 7.76% | 49.85% | |
68 Neutral | $6.44B | 10.25 | 23.40% | 6.07% | 9.51% | 29.38% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | $4.88B | 10.94 | 16.94% | 7.17% | 11.60% | 9.38% | |
60 Neutral | $6.33B | 10.93 | 13.83% | 2.41% | 2.91% | -7.66% | |
49 Neutral | $2.64B | 78.35 | 7.29% | ― | 73.29% | ― |
* Financial Sector Average
VOYA
Voya Financial
68.27
15.41
29.14%
MAIN
Main Street Capital
54.20
8.24
17.94%
PNFP
Pinnacle Financial Partners
88.23
2.12
2.46%
OMF
OneMain Holdings
54.97
17.50
46.71%
UPST
Upstart Holdings
26.91
-8.98
-25.02%
Voya Financial Corporate Events
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...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Voya Financial Reports Strong 2025 Results and Capital Generation
Positive
Feb 3, 2026
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 ...
Business Operations and StrategyFinancial Disclosures
Voya Financial Reports Preliminary Year-End 2025 AUM Update
Neutral
Jan 23, 2026
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...
Stock BuybackFinancial Disclosures
Voya Financial Announces Q4 2025 Share Repurchase Plan
Positive
Dec 9, 2025
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 ...
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.