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Voya Financial

VOYA NYSE Multi-Sector Holdings Financials FY2016–FY2025

Voya Financial's revenue rose 1.7% to $8.2 billion in fiscal 2025. Its operating margin was 12.7%, up from 10.8% a year earlier. It paid out $378 million in dividends and buybacks. The diluted share count fell 3.9%.

Last close · Oct 23, 2026

$95.81

2.7%
Value it Compare
Revenue Total sales reported in the income statement.
$8.2B
1.7% vs prior year
Operating margin Operating income as a share of revenue.
12.7%
1.9 pts
Net income Profit after all expenses, interest and tax.
$654M
1.9%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$8.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
16.2x
On $5.93 EPS (TTM)

What Voya Financial does

No business description yet.

Legal name
Voya Financial, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001535929-26-000043
0001535929

Revenue and margins

Voya Financial had $8.2B of revenue in fiscal 2025, up 1.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Voya Financial returned $378M to shareholders in fiscal 2025. The diluted share count fell 3.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Voya Financial yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.4B and divides by 97.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 16.2x · peers 15.8x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Voya Financial can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.5B$1.0B$1.1B$1.5B$1.3B
Debt incl. finance leases $2.6B$2.4B$2.2B$3.0B$2.8B
Interest coverage 20.7x4.3x8.1x8.5x9.0x
Total assets $171.3B$146.6B$157.1B$163.9B$178.9B
Total liabilities $161.4B$141.6B$151.0B$157.9B$171.8B
Shareholders' equity $8.3B$3.3B$4.2B$4.0B$5.0B
Net debt (− = net cash) $1.1B$1.4B$1.1B$1.5B$1.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$6.4M

4 insiders

Of sales under plans

95%

$6.1M

DateInsiderTradeSharesPriceValueFiling
Aug 21, 2026 Santhosh KeshavanSee Remarks Sold plan 35,587 $98.07 $3.5M Form 4
Jun 8, 2026 Trevor OgleSee Remarks Sold plan 3,994 $90.00 $0.4M Form 4
Mar 2, 2026 Trevor OgleSee Remarks Sold plan 1,689 $65.00 $0.1M Form 4
Feb 20, 2026 Tony D OhSee Remarks Sold 3,515 $73.78 $0.3M Form 4
Feb 20, 2026 Trevor OgleSee Remarks Sold plan 8,536 $73.81 $0.6M Form 4
Dec 12, 2025 Michael Robert KatzSee Remarks Sold plan 20,600 $75.00 $1.5M Form 4
Nov 6, 2025 Tony D OhSee Remarks Sold 717 $71.92 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✕
F-score — / 9— / 9— / 9
Accruals ratio −0.7%−0.4%−0.4%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Voya Financial VOYA $8.8B 1.7% 12.7% — — 16.2x —
Jefferies JEF $10.0B 4.4% — −23.2% 26.1% 15.8x — Compare →
Berkshire Hathaway BRK-B — 0.0% — 6.7% — — — Compare →
American Financial Group AFG $12.5B −1.8% 13.1% — 17.8% 13.2x — Compare →
Nasdaq NDAQ $57.8B 11.7% 28.2% 24.1% 9.5% 28.0x 9 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $8.8B $7.2B $7.2B $7.5B $7.6B $4.2B $5.9B $7.3B $8.1B $8.2B
Operating income $115M — — — — — — $916M $870M $1.0B
Interest expense $288M $184M $221M $176M $154M $157M $131M $113M $103M $115M
Pretax income $777M $385M $521M $574M $352M $3.1B $428M $678M $799M $837M
Income tax −$29.0M $687M $39.0M −$217M −$18.0M −$34.0M −$5.0M −$51.0M $57.0M $104M
Net income −$327M −$3.0B $762M −$360M −$206M $2.4B $510M $625M $667M $654M
Diluted EPS −$1.61 −$16.25 $4.53 −$2.64 −$1.84 $18.56 $4.30 $5.42 $6.17 $6.29
Diluted shares 0.20B 0.18B 0.17B 0.15B 0.13B 0.13B 0.11B 0.11B 0.10B 0.10B
Cash flow
Cash from operations $3.7B $1.6B $1.9B $1.3B $1.4B $22.0M $1.4B $1.6B $1.3B $1.3B
Capital expenditure $66.7M — — — — — — — — —
Free cash flow $3.6B — — — — — — — — —
Depreciation and amortization $98.6M $81.0M — — — — — — — —
Stock-based compensation $99.0M $117M $96.0M $98.0M $88.0M $88.0M $90.0M $126M $96.0M $72.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $2.0M $584M $0.0M $224M
Share buybacks $687M $923M $1.0B $1.1B $516M $1.1B $750M $369M $640M $200M
Dividends paid $8.0M $8.0M $6.0M $44.0M $36.0M $36.0M $83.0M $127M $171M $178M
Dividends and buybacks $695M $931M $1.0B $1.2B $552M $1.1B $833M $496M $811M $378M
Balance sheet
Cash and short-term investments $2.5B $1.3B $1.4B $1.2B $1.6B $1.5B $1.0B $1.1B $1.5B $1.3B
Total debt $3.6B $3.8B $3.1B $3.0B $3.0B $2.6B $2.4B $2.1B $2.9B $2.7B
Finance lease liabilities $0.0M $0.0M $0.0M $62.0M $53.0M $22.0M $19.0M $82.0M $74.0M $66.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $214.6B $222.5B $155.4B $169.0B $180.5B $171.3B $146.6B $157.1B $163.9B $178.9B
Total liabilities $200.6B $211.5B $146.4B $158.8B $169.3B $161.4B $141.6B $151.0B $157.9B $171.8B
Shareholders' equity $13.0B $10.0B $8.2B $9.3B $10.1B $8.3B $3.3B $4.2B $4.0B $5.0B
Margins
Operating margin 1.3% — — — — — — 12.5% 10.8% 12.7%
EBITDA margin 2.4% 9.0% — — — — — — — —
Net margin −3.7% −41.4% 10.6% −4.8% −2.7% 56.8% 8.6% 8.5% 8.3% 8.0%
FCF margin 41.3% — — — — — — — — —
Returns
Return on equity −2.5% −26.0% — −4.1% −2.1% 25.8% — — — —
Return on assets −0.2% −1.4% 0.4% −0.2% −0.1% 1.4% 0.3% 0.4% 0.4% 0.4%
Growth
Revenue growth 0.8% −17.7% −0.9% 4.4% 2.3% −45.4% 42.1% 23.9% 9.6% 1.7%
Net income growth −180.2% — — −147.2% — — −78.5% 22.6% 6.7% −2.0%
EPS growth −189.4% — — −158.3% — — −76.8% 26.1% 13.8% 1.9%
FCF growth 13.7% — — — — — — — — —
Share count change −10.9% −9.2% −8.6% −12.6% −10.3% −4.6% −12.4% −1.3% −6.8% −3.9%
Financial health
Net debt / EBITDA 5.0x 3.8x — — — — — — — —
Debt / equity 0.3x — 0.4x 0.3x 0.3x — — — — —
Interest coverage 0.4x 3.1x 3.4x 4.3x 3.3x 20.7x 4.3x 8.1x 8.5x 9.0x
Capital allocation
Capex / revenue 0.8% — — — — — — — — —
Stock comp / revenue 1.1% 1.6% 1.3% 1.3% 1.2% 2.1% 1.5% 1.7% 1.2% 0.9%
Payouts / FCF 19.2% — — — — — — — — —
Quality scores
Accruals ratio −1.9% −2.1% −0.6% −1.0% −0.9% 1.3% −0.5% −0.7% −0.4% −0.4%

Source: SEC EDGAR XBRL filings (CIK 0001535929). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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