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1. Company Snapshot

1.a. 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 individual retirement accounts, and other retail financial products and services, as well as financial planning and advisory services.


This segment serves corporate, education, healthcare, and other non-profit and government entities, as well as institutional and individual customers.Its Investment Management segment provides fixed income, equity, multi-asset, and alternative products and solutions to individual investors and institutional clients through its direct sales force, consultant channel, banks, broker-dealers, and independent financial advisers.The company's Health Solutions segment offers stop loss, group life, voluntary employee-paid, and disability products through consultants, brokers, third-party administrators, enrollment firms, and technology partners to mid-sized and large businesses.


The company was formerly known as ING U.S., Inc.and changed its name to Voya Financial, Inc.in April 2014.


Voya Financial, Inc.was incorporated in 1999 and is based in New York, New York.

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1.b. Last Insights on VOYA

Voya Financial's recent performance was driven by strong Q2 earnings, beating estimates by 14.8% with an adjusted earnings of $2.40 per share. The company's net investment income showed significant growth. Voya's partnership with Blue Owl to offer private market strategies to retirement plans may boost diversification and long-term outcomes. Additionally, the company expanded access to retirement income solutions with BlackRock's LifePath Paycheck. Its solid performance across businesses, commercial momentum, and expense discipline contributed to its results. (Source: Zacks)

1.c. Company Highlights

2. Voya Financial Delivers Strong Q3 2025 Results with 30% EPS Growth

Voya Financial reported adjusted operating EPS of $2.45, surpassing analyst estimates of $2.22, driven by profitable growth across its diverse businesses. The company's adjusted operating earnings increased nearly 30% year-over-year, driven by earnings growth across all business segments. Revenue growth is expected to continue, with analysts estimating a 5.7% increase in revenues for the next year.

Publication Date: Nov -09

📋 Highlights
  • Adjusted Operating EPS Growth:: Increased nearly 30% YoY, driven by growth across Retirement, Investment Management, and Employee Benefits segments.
  • Wealth Management Investment:: $75M–$150M allocated in 2026, expected to reduce margins by 200 bps due to adviser hiring and tech upgrades.
  • Institutional Flows:: $9.7B year-to-date, led by insurance business and CLOs, with $3.6B in Q3 from large insurance wins.
  • Stop Loss Claims:: 2025 cohort shows modestly better claims performance than 2024, with Q4 expected to confirm trend.
  • Corporate Expenses:: Elevated in Q3/Q4 due to performance pay and preferred stock dividends, with normalization planned for 2026.

Segment Performance

The company's Retirement, Investment Management, and Employee Benefits segments all demonstrated strong performance, with notable achievements in organic defined contribution net flows, investment performance, and commercial momentum. Institutional flows were $9.7 billion year-to-date, driven by Insurance business, CLOs, public and private fixed income, and private equity secondaries.

Wealth Management Growth

Voya is investing $75 million to $150 million in Wealth Management in 2026, which is expected to have a 200 basis point impact on margins. The company is upgrading its adviser platform and investing in digital self-service to meet the growing needs of its customer base. Heather Lavallee stated that 2026 will be a build year for Voya's Wealth Management business as the company hires advisers and invests in technology.

Valuation

With a Price-to-Book Ratio of 1.39, Voya's valuation appears reasonable compared to its peers. The company's Dividend Yield of 2.5% is also attractive, providing a relatively stable source of return. Additionally, the company's Return on Equity (ROE) of 13.6% indicates a strong ability to generate profits from shareholder equity.

Outlook

The company's guidance for Wealth Management and Employee Benefits suggests continued growth momentum, driven by investments in technology and commercial momentum in the market. As Voya continues to execute on its strategic priorities, investors may benefit from the company's long-term profitable growth prospects.

3. NewsRoom

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Edgestream Partners L.P. Takes Position in Voya Financial, Inc. $VOYA

Dec -03

Source: defenseworld.net

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Voya Investment Management launches its first actively managed ETFs

Nov -19

Source: businesswire.com

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Strong Buy Case For Voya: Disciplined Execution And Growth Ahead

Nov -12

Source: seekingalpha.com

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Voya Financial: From Recordkeeper To Cash-Rich Asset Manager

Nov -12

Source: seekingalpha.com

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Voya surprises Montana teacher with $27,000 to support her "Indigi-STEAM" program for the Crow Reservation

Nov -06

Source: businesswire.com

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Voya Financial, Inc. (VOYA) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

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Voya Financial (VOYA) Beats Q3 Earnings and Revenue Estimates

Nov -05

Source: zacks.com

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Voya Financial announces third-quarter 2025 results

Nov -04

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.76%)

6. Segments

Health Solutions

Expected Growth: 2.5%

Voya Financial's Health Solutions segment growth is driven by increasing demand for employee benefits, expansion of voluntary benefits offerings, and strategic partnerships. The 2.5% growth rate is also attributed to the rising need for health and wellness solutions, growth in the mid-market segment, and Voya's ability to provide customized solutions to clients.

Wealth Solutions

Expected Growth: 3.5%

Voya Financial's Wealth Solutions segment growth is driven by increasing demand for retirement plans and investment products, expansion of distribution channels, and strategic acquisitions. Additionally, the company's focus on digital transformation, customer-centric approach, and diversified product offerings contribute to its 3.5% growth.

Investment Management

Expected Growth: 2.8%

Voya Financial's Investment Management segment growth of 2.8% is driven by increasing demand for retirement and institutional investment solutions, expansion of distribution channels, and strategic acquisitions. Additionally, the company's focus on fee-based businesses, cost savings initiatives, and strong investment performance also contribute to its growth.

Adjustments

Expected Growth: 0.5%

Voya Financial, Inc.'s 0.5% growth is driven by increasing demand for retirement and investment products, expansion into new markets, and strategic acquisitions. Additionally, cost savings initiatives and improved operational efficiency have contributed to the growth. Furthermore, Voya's focus on digital transformation and customer experience has enhanced its competitiveness in the market.

Corporate

Expected Growth: 1.2%

Voya Financial's Corporate segment growth of 1.2% is driven by increasing demand for retirement and employee benefits, expansion of distribution channels, and strategic acquisitions. Additionally, the company's focus on digital transformation, cost savings initiatives, and favorable interest rates also contribute to its growth.

7. Detailed Products

Retirement Solutions

Voya Financial offers a range of retirement solutions, including 401(k), 403(b), and IRA plans, to help individuals and employers plan for retirement.

Investment Management

Voya Investment Management offers a range of investment products, including mutual funds, exchange-traded funds (ETFs), and separately managed accounts, to help individuals and institutions achieve their investment goals.

Employee Benefits

Voya Financial offers a range of employee benefits, including life insurance, disability insurance, and voluntary benefits, to help employers attract and retain top talent.

Individual Life Insurance

Voya Financial offers a range of individual life insurance products, including term life, whole life, and universal life insurance, to help individuals and families protect their loved ones.

Annuities

Voya Financial offers a range of annuity products, including fixed annuities, variable annuities, and indexed annuities, to help individuals achieve their retirement income goals.

8. Voya Financial, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Voya Financial, Inc. operates in a highly competitive industry, but the threat of substitutes is mitigated by the company's diversified product offerings and strong brand recognition.

Bargaining Power Of Customers

Voya Financial, Inc. has a large customer base, but the bargaining power of customers is high due to the availability of alternative financial services providers.

Bargaining Power Of Suppliers

Voya Financial, Inc. has a diversified supplier base, and the bargaining power of suppliers is low due to the company's significant scale and purchasing power.

Threat Of New Entrants

The threat of new entrants in the financial services industry is moderate, as there are significant barriers to entry, including regulatory hurdles and capital requirements.

Intensity Of Rivalry

The financial services industry is highly competitive, and Voya Financial, Inc. faces intense rivalry from established players and new entrants.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 52.47%
Debt Cost 5.89%
Equity Weight 47.53%
Equity Cost 9.19%
WACC 7.46%
Leverage 110.37%

11. Quality Control: Voya Financial, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 6.9/10

Value: 6.3

Growth: 5.9

Quality: 7.0

Yield: 6.0

Momentum: 8.0

Volatility: 8.3

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A-Score: 6.8/10

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Quality: 6.1

Yield: 10.0

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A-Score: 6.6/10

Value: 6.3

Growth: 6.1

Quality: 7.4

Yield: 6.0

Momentum: 6.0

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A-Score: 6.5/10

Value: 5.8

Growth: 5.2

Quality: 6.4

Yield: 7.0

Momentum: 7.5

Volatility: 7.0

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Voya Financial

A-Score: 5.6/10

Value: 6.3

Growth: 5.7

Quality: 6.2

Yield: 4.0

Momentum: 4.0

Volatility: 7.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

70.82$

Current Price

70.82$

Potential

-0.00%

Expected Cash-Flows