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Voya Financial
(NYSE:VOYA)
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Rating:76Outperform
Price Target:
$103.00
▲(38.35% Upside)
Action:Reiterated
Date:05/22/26
VOYA scores well on financial quality (notably cash-flow strength and a solid balance sheet) and an upbeat earnings outlook with strong capital returns. Technicals add support via a clear uptrend, while low valuation and a decent dividend further lift the score. The main constraint is uneven revenue/profitability trends and ongoing Stop-Loss/medical-cost volatility risk.
Positive Factors
Strong cash generation & capital returns
Consistently high cash conversion and active buybacks/dividends show durable free cash flow conversion. That supports recurring shareholder returns, funds organic growth or bolt‑on deals, and provides a buffer versus cyclical revenue swings, sustaining financial flexibility over months.
Negative Factors
Stop‑Loss volatility & reserve risk
Elevated and volatile stop‑loss loss ratios plus emerging claim severity (e.g., advanced therapies) create persistent underwriting uncertainty. This can periodically erode margins, force reserve strengthening or price hikes, and require capital absorbency, reducing earnings predictability over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation & capital returns
Consistently high cash conversion and active buybacks/dividends show durable free cash flow conversion. That supports recurring shareholder returns, funds organic growth or bolt‑on deals, and provides a buffer versus cyclical revenue swings, sustaining financial flexibility over 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
$8.21B
Dividend Yield2.41%
Average Volume (3M)1.26M
Price to Earnings (P/E)13.6
Beta (1Y)1.00
Revenue Growth3.55%
EPS Growth24.02%
CountryUS
Employees11,000
SectorFinancial
Sector Strength70
IndustryInvestment - Banking & Investment Services
Share Statistics
EPS (TTM)6.71
Shares Outstanding90,666,310
10 Day Avg. Volume1,455,618
30 Day Avg. Volume1,255,111
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 Cap1.19
Enterprise Value/Revenue5.20
Enterprise Value/Gross Profit5.76
Enterprise Value/Ebitda8.83
Forecast
1Y Price Target
$93.18Price Target Upside25.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)9.54
Revenue Forecast (FY)$7.87B
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: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
84.11
Positive
77.04
Positive
75.19
Positive
Market Momentum
2.55
Positive
65.27
Neutral
36.79
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 89.17, below the 50-day MA of 84.11, and below the 200-day MA of 75.19, indicating a bullish trend. The MACD of 2.55 indicates Positive momentum. The RSI at 65.27 is Neutral, neither overbought nor oversold. The STOCH value of 36.79 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $8.21B | 13.56 | 14.17% | 2.41% | 3.55% | 24.02% | |
73 Outperform | $4.74B | 10.84 | 14.32% | 7.17% | 16.23% | -19.30% | |
73 Outperform | $15.24B | 12.42 | 7.42% | 0.95% | 39.90% | 16.82% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $7.04B | 9.06 | 23.62% | 6.07% | 7.80% | 42.28% | |
56 Neutral | $3.39B | 69.77 | 6.59% | ― | 57.69% | ― |
* Financial Sector Average
VOYA
Voya Financial
90.53
19.41
27.30%
MAIN
Main Street Capital
51.88
-3.21
-5.83%
PNFP
Pinnacle Financial Partners
100.88
-11.62
-10.33%
OMF
OneMain Holdings
60.97
6.89
12.73%
UPST
Upstart Holdings
35.43
-32.71
-48.00%
Voya Financial Corporate Events
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...
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...
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.