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Voya Financial, Inc. (VOYA.PB) stock analysis

VOYA.PBNYSELife InsuranceFiscal year ends December 31Also trades as VOYA
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026Score 8/3049% above fair value
$22.92−0.08 (-0.35%)

Close on Oct 30, 2026Market cap $8.88BP/E 16.5Yield 1.86%

StockData Score

Prices as of Oct 30, 2026How the score works

Value0Growth2Performance2Health1Dividend3

Weak8 of 30 checks passed

Voya Financial passes 8 of the 30 checks behind our score; 8 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
0/6
Growth
2/6
Past performance
2/6
Financial health
1/6
Dividend
3/6

What stands out

  • Revenue growing 10%+ a year

    Revenue grew 11.4% a year over the last three fiscal years.

  • EPS growing 10%+ a year

    Diluted EPS grew 13.5% a year over the last three fiscal years.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 56.7% of total debt.

  • Covered by earnings

    Dividends take 29.4% of net income.

What to watch

  • Margin of safety under 20%

    The price is 48.9% above fair value, so there is no margin of safety.

  • Trading above fair value

    The share price of $98.05 is above our fair value estimate of $65.85.

  • Return on equity under 15%

    Return on equity was 13.1% over the last twelve months and averaged 16.4% over five years; we look for 15% on both.

  • High debt

    Debt is 44.9% of shareholders' equity, above the 40% we consider low.

Valuation0/6

  • P/E above its 5-year median

    Voya Financial's P/E of 16.5 is above its own 5-year median of 11.8.

  • P/E above the industry

    Voya Financial's P/E of 16.5 is above the Life Insurance median of 10.6.

  • P/S above the industry

    Voya Financial's price-to-sales of 1.09 is above the Life Insurance median of 0.64.

  • P/B above the industry

    Voya Financial's price-to-book of 1.90 is above the Life Insurance median of 0.92.

  • Trading above fair value

    The share price of $98.05 is above our fair value estimate of $65.85.

  • Margin of safety under 20%

    The price is 48.9% above fair value, so there is no margin of safety.

Growth2/6

  • Revenue growing 10%+ a year

    Revenue grew 11.4% a year over the last three fiscal years.

  • EPS growing 10%+ a year

    Diluted EPS grew 13.5% a year over the last three fiscal years.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing slower than the industry

    Revenue grew 3.2% over the last twelve months; the Life Insurance median is 8.0%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin trend

    Banks and insurers do not report gross profit.

Past performance2/6

  • Return on equity under 15%

    Return on equity was 13.1% over the last twelve months and averaged 16.4% over five years; we look for 15% on both.

  • Return on assets under 1%

    Return on assets was 0.3%; for a bank or insurer, 1% or more is considered good.

  • Return on equity above the industry

    Voya Financial's return on equity of 13.1% is above the Life Insurance median of 11.7%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin below its 5-year average

    Net margin was 7.4% over the last twelve months, against a 5-year average of 18.0%.

  • Net margin above the industry

    Voya Financial's net margin of 7.4% is above the Life Insurance median of 6.5%.

Financial health1/6

  • High debt

    Debt is 44.9% of shareholders' equity, above the 40% we consider low.

  • Debt rising against equity

    Debt to equity rose from 30.1% five years ago to 44.9%.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 56.7% of total debt.

  • Interest coverage

    Interest expense is not reported separately.

  • Short-term liquidity

    Insurers do not split assets into current and non-current.

  • Bankruptcy risk (Altman Z)

    The Altman model does not apply to insurers.

Dividend3/6

  • Pays a dividend

    Voya Financial paid dividends worth 1.9% of the share price over the last twelve months.

  • Yield below Treasuries

    The 1.9% yield is below the 4.4% on a 1-year Treasury.

  • Yield below the top quarter

    The top quarter of US dividend payers yield 4.0% or more; Voya Financial yields 1.9%.

  • Dividend not cut

    The dividend per share has not fallen by more than 10% in any of the last 10 fiscal years.

  • Covered by earnings

    Dividends take 29.4% of net income.

  • Cash-flow cover

    Needs dividends paid and free cash flow.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$65.85

The share price is 49% above this estimate.

20%+ below
Near fair value
20%+ above
$98.05Price$65.85Fair value
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
P/E11.2×11.8×10.6×$66.4550%
P/B1.3×1.6×0.9×$65.2650%
Fair value$65.85100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/E at month end
  • Own 5-year median 11.8
  • Life Insurance median 10.6

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$88.19M
Value traded per 1% price move
$82.99M

Downside

Low risk

Typical loss in a bad month
11.6%
Volatility (annualized)
26%
Sharpe ratio, 1 year
1.15
Beta to the S&P 500 (5Y)
0.90

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Operating margin

12.7%

Net margin

8.0%+10.7 pts over 5 years