Voya Financial, Inc.VOYA
NYSE•Financial Services•Financial Conglomerates
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 segment offers full-service retirement products; recordkeeping services; stable value and fixed general account investment products; non-qualified plan administration services; and tools, guidance, and services to promote the financial well-being and retirement security of employees. This segment also provides wealth management services, such as individual retirement, managed, and brokerage accounts, as well as financial guidance and advisory services. This segment serves corporate, public and private school systems, higher education institutions, hospitals and healthcare facilities, other non-profit organizations, and state and local governments, as well as institutional clients and individual customers. The Employee Benefits segment offers various insurance products comprising stop loss, group life, group disability, whole and term life, critical illness, accident, and hospital indemnity insurance. This segment also provides worksite employee benefits, health account solutions, leave management, benefits administration, health plan enrollment, financial wellness, and decision support products and services to mid-size and large corporate employers and professional associations. The Investment Management segment provides fixed income, equity, multi-asset, and alternative products and solutions to individual investors, financial intermediaries, and institutional clients through its direct sales force, consultant channel, intermediary partners, banks, broker-dealers, and independent financial advisers. 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 founded in 1975 and is based in New York, New York.
Voya Financial, Inc. (VOYA) reported trailing twelve months revenue of $8.25B as of March 2026, a 3.6% increase year-over-year. Quarterly revenue reached $2.03B, reflecting continued top-line momentum.
Voya Financial, Inc. generated $680.00M in TTM net income, with quarterly EBITDA of $259.00M. The operating margin expanded from 8.8% to 11.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (11.3%) and net margin (9.0%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 7.9% a year ago, signaling stronger bottom-line efficiency.
VOYA trades at a P/E of 12.5x (below the broader market average) and a P/S of 1.0x. The price-to-book ratio of 1.8x reflects a moderate premium to book value.
The company reported negative free cash flow of $-36.00M, indicating cash consumption over the period. The balance sheet shows $173.43B in total assets with $1.91B in long-term debt against $4.66B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~10.9%, suggesting durable pricing power and cost discipline.
ROE is positive at ~14.6% on average, adequate but below the threshold typically associated with wide moats.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~13.2% — no sign of cost or pricing stress.
FCF covers net income by 2.1x on average — earnings are well-supported by cash generation.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares decreased 7.3% — net buybacks are reducing shares outstanding and boosting per-share value.