American Financial Group vs Voya Financial
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The short version
- Voya Financial is the larger business, with $8.2B of revenue in fiscal 2025 against $8.2B for American Financial Group.
- Voya Financial grew revenue faster (1.7%, against −1.8%).
- Investors pay more for each dollar of Voya Financial’s earnings: a P/E of 16.2x against 13.2x for American Financial Group.
| Latest fiscal year | AFG · FY25 | VOYA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.5B | $8.8B |
| Revenue | $8.2B | $8.2B |
| Free cash flow | — | — |
| Net income | $842M | $654M |
| Growth | ||
| Revenue growth | −1.8% | 1.7% |
| 5-year growth | 7.2% | 1.4% |
| Share count change | −0.5% | −3.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 13.1% | 12.7% |
| Net margin | 10.3% | 8.0% |
| FCF margin | — | — |
| Return on capital | 17.8% | — |
| Return on equity | 18.1% | — |
| Balance sheet | ||
| Net debt | $93.0M | $1.4B |
| Net debt / EBITDA | 0.1x | — |
| Dividends and buybacks | $705M | $378M |
| Valuation & quality | ||
| P/E | 13.2x | 16.2x |
| Piotroski F-score | — | — |
Revenue
FY16
AFG $6.5B
VOYA $8.8B
FY17
AFG $6.9B
VOYA $7.2B
FY18
AFG $7.2B
VOYA $7.2B
FY19
AFG $6.2B
VOYA $7.5B
FY20
AFG $5.8B
VOYA $7.6B
FY21
AFG $6.6B
VOYA $4.2B
FY22
AFG $7.0B
VOYA $5.9B
FY23
AFG $7.8B
VOYA $7.3B
FY24
AFG $8.3B
VOYA $8.1B
FY25
AFG $8.2B
VOYA $8.2B
AFG
VOYA
Operating margin
FY16
AFG 12.1%
VOYA 1.3%
FY17
AFG 10.6%
VOYA —
FY18
AFG 8.9%
VOYA —
FY19
AFG 10.2%
VOYA —
FY20
AFG 5.9%
VOYA —
FY21
AFG 20.4%
VOYA —
FY22
AFG 16.0%
VOYA —
FY23
AFG 13.7%
VOYA 12.5%
FY24
AFG 13.5%
VOYA 10.8%
FY25
AFG 13.1%
VOYA 12.7%
AFG
VOYA
Free cash flow
FY16
AFG —
VOYA $3.6B
FY17
AFG —
VOYA —
FY18
AFG —
VOYA —
FY19
AFG —
VOYA —
FY20
AFG —
VOYA —
FY21
AFG —
VOYA —
FY22
AFG —
VOYA —
FY23
AFG —
VOYA —
FY24
AFG —
VOYA —
FY25
AFG —
VOYA —
AFG
VOYA
Return on capital
FY16
AFG —
VOYA —
FY17
AFG —
VOYA —
FY18
AFG —
VOYA —
FY19
AFG —
VOYA —
FY20
AFG —
VOYA —
FY21
AFG 19.9%
VOYA —
FY22
AFG 18.9%
VOYA —
FY23
AFG 18.6%
VOYA —
FY24
AFG 19.6%
VOYA —
FY25
AFG 17.8%
VOYA —
AFG
VOYA
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.