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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 operational execution, sustainable earnings growth, and disciplined capital deployment. The company's fourth-quarter results showed improved performances across segments, with higher investment income. Despite missing earnings estimates, Voya's full-year 2025 net income available to common shareholders was $613 million. Analysts have a "Moderate Buy" consensus rating, with seven buy ratings and two hold ratings. The company's focus on sustainable growth and enhanced shareholder value has been a key driver. (Source: Marketbeat)

1.c. Company Highlights

2. Voya's Strong 2025 Results and Outlook for 2026

Voya delivered a robust financial performance in 2025, with pretax adjusted operating earnings exceeding $1 billion, a 17% increase from the previous year, driven primarily by higher fee-based revenues in the Retirement segment. The company's earnings per share (EPS) came in at $8.85, representing a 22% increase from the previous year. The Retirement segment's adjusted operating margin expanded to 40%, driven by efficiency improvements and investments in key priorities. Investment Management also delivered strong results, with a record $1 billion in annual net revenue and 4.8% organic growth.

Publication Date: Feb -10

📋 Highlights
  • 2025 Earnings Growth: Achieved $1.168 billion in pretax adjusted operating earnings, a $168 million increase YoY, with a 22% rise in earnings per share to $8.85.
  • Retirement Segment Success: Recorded $28 billion in defined contribution net flows (10M+ accounts) and $60 billion in OneAmerica assets, boosting total assets to $730 billion.
  • Investment Management Performance: Generated $1 billion in annual net revenue with 4.8% organic growth, exceeding long-term targets and expanding into private assets and ETFs.
  • Excess Cash Generation: Produced $775 million in excess capital (Q4: $175 million), surpassing the $700 million target, and achieved an 18.6% adjusted return on equity (200 bps expansion).
  • 2026 Strategic Priorities: Focus on Retirement/Investment Management growth, Employee Benefits margin improvements, and AI-driven efficiency, with $2% organic growth expected in Investment Management.

Segment Performance

The Retirement segment was a key driver of Voya's success, with record defined contribution net flows of $28 billion and a participant base approaching 10 million accounts. The OneAmerica integration exceeded financial targets, expanding the company's capabilities and reach with advisers. Investment Management generated a record $1 billion in annual net revenue, driven by the scale and breadth of its platform. Employee Benefits made meaningful progress in improving margins, with rate increases and enhanced risk selection.

Outlook for 2026

Voya's priorities for 2026 include growing excess cash generation, maintaining balance sheet strength and capital flexibility, driving commercial momentum in Retirement and Investment Management, and further improving margins in Employee Benefits. As Michael Katz noted, "expanding excess cash flow generation in '26 boils down to commercial momentum in Retirement and Investment Management, as well as Employee Benefits margins." The company is confident in its ability to continue growing cash generation and returning it to shareholders.

Valuation and Outlook

With a Price-to-Book Ratio (P/B) of 1.48 and a Return on Equity (ROE) of 13.83%, Voya's valuation appears reasonable. Analysts estimate next year's revenue growth at -9.6%. The company's Dividend Yield is 2.38%, providing a relatively stable source of return. Given the company's strong financial performance and outlook, it is well-positioned to continue delivering value to shareholders.

3. NewsRoom

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Voya Financial: There Seems To Be Better Value Elsewhere Following Its 2025 Earnings

Feb -19

Source: seekingalpha.com

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Voya Financial Announces MyCompass Target Date Investment Solutions Reach $10 Billion AUM Milestone

Feb -18

Source: businesswire.com

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Gator Capital Bets Big on VOYA With $9.3 Million Buy, According to Recent SEC Filing

Feb -16

Source: fool.com

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Bloomberg's 2026 Watch List Flags 5 Ideal 'Safer' February Dividend Buys

Feb -11

Source: seekingalpha.com

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Voya Financial, Inc. (VOYA) Presents at UBS Financial Services Conference 2026 Transcript

Feb -09

Source: seekingalpha.com

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Voya Financial, Inc. (NYSE:VOYA) Receives Average Rating of “Moderate Buy” from Analysts

Feb -09

Source: defenseworld.net

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Voya Financial Q4 Earnings Call Highlights

Feb -07

Source: defenseworld.net

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Voya Investment Management survey shows target-date funds increase retirement participants' confidence

Feb -05

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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Momentum: 4.0

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Voya Financial

A-Score: 5.8/10

Value: 6.8

Growth: 5.7

Quality: 6.2

Yield: 5.0

Momentum: 3.5

Volatility: 7.7

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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

74.72$

Current Price

74.72$

Potential

-0.00%

Expected Cash-Flows