# Voya Financial (VOYA.US)

Canonical: https://gigainvestors.com/s/VOYA

Analysis as of: 2026-10-16T07:32:55.051Z. Financial observations: FY2009–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $95.12 per share; close as of 2026-10-15.

Estimated value: low $111.38 per share, central $157.66 per share, high $185.12 per share. Buy at or below the central value $157.66 per share. Valuation as of 2026-10-16T07:32:55.051Z; scenarios are not confidence intervals.

Expected annual return: 14.3% at the stated quote. About 14.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 1.91×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.00×

- FY2017: 0.05×

- FY2018: 0.17×

- FY2019: -0.14×

- FY2020: -0.07×

- FY2021: 0.35×

- FY2022: 0.07×

- FY2023: 0.09×

- FY2024: 0.10×

- FY2025: 0.03×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.7%

- ROIC, second-lowest year: -3.8%

- Typical minus recent gross margin: 2.7 pp

- Typical gross margin (annual median): 50.2%

- Recent gross margin (lower of latest and 3-year median): 47.5%

- Years with nonpositive capital: 6

- Capital spending / revenue: 0.4%

- ROIC including acquisitions, ten-year median: 16.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.1%

- FY2017: 1.7%

- FY2018: 13.7%

- FY2019: -7.9%

- FY2020: -3.8%

- FY2021: 18.0%

- FY2022: 13.7%

- FY2023: 8.9%

- FY2024: 9.8%

- FY2025: 4.5%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.7B

- Net income, five-year total: $5.3B

- Return on incremental invested capital: -0.4%

- Working capital / revenue, annual change: 18.3 pp

- Working capital / revenue, change between three-year averages: 107.7 pp

- Working capital / revenue, final three-year average: 144.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.57×

- FY2022: 1.04×

- FY2023: 1.03×

- FY2024: 1.24×

- FY2025: 1.66×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 1.7% vs 8.9%

- Per-share earnings: -1.61 to 6.58 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -8.1%

- Ordinary dilution, 5-year annual growth: -5.9%

- Market cap gain: -$642M

- Cumulative retained earnings: $11B

- Diluted shares, 10-year annual growth: -8.1%

- Diluted shares, 5-year annual growth: -5.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $8.19

- Per-share value, starting three-year median: -$1.61

- Per-share value, ending three-year median: $6.58

- Buybacks concentrated in cheaper years (correlation): 0.55

- Average buyback yield: 10.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $4.0B

- Cumulative net income, 10 years: $4.0B

- ROIC, first three-year median: 1.7%

- ROIC, last three-year median: 8.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.61

- FY2017: -$16.25

- FY2018: $5.20

- FY2019: $5.20

- FY2020: $2.81

- FY2021: $22.85

- FY2022: $4.63

- FY2023: $5.74

- FY2024: $6.58

- FY2025: $6.71

### accounting: pass

- Sloan accruals: -0.4%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.97×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.63×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.9%

- FY2017: -2.1%

- FY2018: -0.6%

- FY2019: -0.3%

- FY2020: -0.5%

- FY2021: 1.6%

- FY2022: -0.6%

- FY2023: -0.6%

- FY2024: -0.1%

- FY2025: -0.4%

## Holders

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to shrink 0.1% a year for ten years · sales +1.7%

Story as of 2026-10-16T09:59:48.867Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.1% a year for ten years

- 2025-08-06: VOYA Q2 Earnings Beat Estimates on Strong Net Investment Income ([finance.yahoo.com](https://finance.yahoo.com/news/voya-q2-earnings-beat-estimates-170000253.html))

- 2026-08-05: VOYA Q2 Earnings Miss on Weak Alternative Investment Results ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/voya-q2-earnings-miss-weak-171500333.html))

### Sales · FY2024–2025

sales +1.7%; source https://www.sec.gov/Archives/edgar/data/1535929/000153592926000043/voya-20251231.htm; observed 2026-02-20.

- FY2016: $8.8B 

- FY2017: $7.2B 

- FY2018: $7.2B 

- FY2019: $7.5B 

- FY2020: $7.6B 

- FY2021: $4.2B 

- FY2022: $5.9B 

- FY2023: $7.3B 

- FY2024: $8.1B 

- FY2025: $8.2B 

### Gross margin · FY2025

gross margin 47.5%; source https://www.sec.gov/Archives/edgar/data/1535929/000153592926000043/voya-20251231.htm; observed 2026-02-20.

- FY2016: 29.9% 

- FY2017: 39.6% 

- FY2019: 98.1% 

- FY2020: 96.7% 

- FY2021: 77.8% 

- FY2022: 50.1% 

- FY2023: 50.2% 

- FY2024: 48.2% 

- FY2025: 47.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in financial conglomerates; annual sales are USD 8.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1535929/000153592926000043/voya-20251231.htm#000153592926000043 (filed 2026-02-20); FY2025: revenue 8189000000; grossProfit 3886000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VOYA.US: 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.

### Why customers stay

Margins ranged from 47.5% to 50.2% during 2023–25; it earns 6.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 50.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 48.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1535929/000153592926000043/voya-20251231.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 47.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on capital observations [[2016,0.0005401989012354349],[2017,0.017239597685312757],[2018,0.13710803921162257],[2019,-0.0794181705040448],[2020,-0.038324607329842934],[2021,0.1795539033457249],[2022,0.13704771053474224],[2023,0.0889413616686344],[2024,0.09752891692954785],[2025,0.04548654576579468]]; median 0.06721395371721453. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 20.6% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2018: growth capex 0; upkeep 158000000; owner earnings 778000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2019: growth capex 0; upkeep 233000000; owner earnings 592000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2020: growth capex 0; upkeep 0; owner earnings 727000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2021: growth capex 0; upkeep 484000000; cash acquisitions 0; owner earnings 1642000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2022: growth capex 0; upkeep 0; cash acquisitions 2000000; owner earnings 528000000. Growth capex plus acquisitions / owner earnings = 0.003787878787878788.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: growth capex 0; upkeep 0; cash acquisitions 584000000; owner earnings 645000000. Growth capex plus acquisitions / owner earnings = 0.9054263565891473.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: growth capex 0; upkeep 0; cash acquisitions 0; owner earnings 824311320.754717. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1535929/000153592926000043/voya-20251231.htm (filed 2026-02-20); FY2025: growth capex 0; upkeep 0; cash acquisitions 224000000; owner earnings 1084944065.484311. Growth capex plus acquisitions / owner earnings = 0.20646225655882824.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,8000000],[2017,8000000],[2018,6000000],[2019,72000000],[2020,112000000],[2021,116000000],[2022,119000000],[2023,163000000],[2024,209000000],[2025,219000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1535929/000153592926000043/voya-20251231.htm (filed 2026-02-20); FY2025: cash repurchases 200000000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VOYA.US SharesStats.PercentInsiders = 0.32299999999999995 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.1% yearly over ten years; actual growth was 19.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Ten-year compound average after fade. Initial solved rate -0.013829095450422046. Price 95.12; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.9366754617414248 → FY2025 11.139056113801962. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $30.55 per share

- 2016-11: $38.87 per share

- 2016-12: $39.22 per share

- 2017-01: $40.22 per share

- 2017-02: $41.23 per share

- 2017-03: $37.96 per share

- 2017-04: $37.38 per share

- 2017-05: $34.18 per share

- 2017-06: $36.89 per share

- 2017-07: $39.24 per share

- 2017-08: $38.23 per share

- 2017-09: $39.89 per share

- 2017-10: $40.16 per share

- 2017-11: $44.20 per share

- 2017-12: $49.47 per share

- 2018-01: $51.91 per share

- 2018-02: $51.02 per share

- 2018-03: $50.50 per share

- 2018-04: $52.35 per share

- 2018-05: $51.94 per share

- 2018-06: $47.00 per share

- 2018-07: $50.52 per share

- 2018-08: $50.07 per share

- 2018-09: $49.67 per share

- 2018-10: $43.76 per share

- 2018-11: $44.95 per share

- 2018-12: $40.14 per share

- 2019-01: $46.43 per share

- 2019-02: $50.57 per share

- 2019-03: $49.96 per share

- 2019-04: $54.89 per share

- 2019-05: $50.93 per share

- 2019-06: $55.30 per share

- 2019-07: $56.17 per share

- 2019-08: $49.32 per share

- 2019-09: $54.44 per share

- 2019-10: $53.96 per share

- 2019-11: $58.28 per share

- 2019-12: $60.98 per share

- 2020-01: $59.73 per share

- 2020-02: $52.64 per share

- 2020-03: $40.55 per share

- 2020-04: $45.17 per share

- 2020-05: $45.05 per share

- 2020-06: $46.65 per share

- 2020-07: $49.40 per share

- 2020-08: $51.91 per share

- 2020-09: $47.93 per share

- 2020-10: $47.93 per share

- 2020-11: $57.63 per share

- 2020-12: $58.81 per share

- 2021-01: $55.46 per share

- 2021-02: $60.28 per share

- 2021-03: $63.64 per share

- 2021-04: $67.82 per share

- 2021-05: $65.52 per share

- 2021-06: $61.50 per share

- 2021-07: $64.40 per share

- 2021-08: $64.98 per share

- 2021-09: $61.39 per share

- 2021-10: $69.77 per share

- 2021-11: $62.14 per share

- 2021-12: $66.31 per share

- 2022-01: $67.96 per share

- 2022-02: $67.35 per share

- 2022-03: $66.35 per share

- 2022-04: $63.14 per share

- 2022-05: $68.61 per share

- 2022-06: $59.53 per share

- 2022-07: $60.16 per share

- 2022-08: $61.53 per share

- 2022-09: $60.50 per share

- 2022-10: $68.36 per share

- 2022-11: $65.98 per share

- 2022-12: $61.49 per share

- 2023-01: $69.77 per share

- 2023-02: $74.49 per share

- 2023-03: $71.46 per share

- 2023-04: $76.48 per share

- 2023-05: $67.80 per share

- 2023-06: $71.71 per share

- 2023-07: $74.26 per share

- 2023-08: $69.68 per share

- 2023-09: $66.45 per share

- 2023-10: $66.77 per share

- 2023-11: $71.51 per share

- 2023-12: $72.96 per share

- 2024-01: $72.37 per share

- 2024-02: $68.36 per share

- 2024-03: $73.92 per share

- 2024-04: $68.16 per share

- 2024-05: $75.82 per share

- 2024-06: $71.15 per share

- 2024-07: $72.73 per share

- 2024-08: $70.83 per share

- 2024-09: $79.22 per share

- 2024-10: $80.30 per share

- 2024-11: $83.00 per share

- 2024-12: $68.83 per share

- 2025-01: $70.99 per share

- 2025-02: $72.26 per share

- 2025-03: $67.76 per share

- 2025-04: $59.20 per share

- 2025-05: $66.52 per share

- 2025-06: $71.00 per share

- 2025-07: $70.00 per share

- 2025-08: $75.09 per share

- 2025-09: $74.80 per share

- 2025-10: $74.46 per share

- 2025-11: $70.30 per share

- 2025-12: $74.49 per share

- 2026-01: $76.66 per share

- 2026-02: $66.88 per share

- 2026-03: $68.32 per share

- 2026-04: $81.96 per share

- 2026-05: $81.22 per share

- 2026-06: $90.53 per share

- 2026-07: $99.43 per share

- 2026-08: $101.32 per share

- 2026-09: $94.48 per share

- 2026-10: $95.12 per share

## Annual estimated value (USD per share)

- FY2016: low $23.94 per share, central $27.25 per share, high $31.64 per share

- FY2017: low $21.69 per share, central $24.68 per share, high $28.66 per share

- FY2018: low $23.51 per share, central $26.75 per share, high $31.07 per share

- FY2019: low $28.09 per share, central $31.97 per share, high $37.13 per share

- FY2020: low $50.18 per share, central $57.10 per share, high $66.31 per share

- FY2021: low $34.47 per share, central $39.22 per share, high $45.55 per share

- FY2022: low $55.90 per share, central $63.61 per share, high $73.87 per share

- FY2023: low $65.73 per share, central $74.79 per share, high $86.85 per share

- FY2024: low $82.47 per share, central $93.85 per share, high $108.98 per share

- FY2025: low $116.00 per share, central $164.19 per share, high $192.78 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1535929/000153592926000043/voya-20251231.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Richard Pzena](https://gigainvestors.com/PIM): 3,529,646 VOYA shares; USD 319,539,000 reported position value; 0.94% of portfolio; reduce; quarter 2026 Q2.
- [Lee Ainslie](https://gigainvestors.com/mc): 1,324,081 VOYA shares; USD 119,869,000 reported position value; 1.08% of portfolio; new; quarter 2026 Q2.

# VOYA — Voya Financial Inc.

Held by 2 investors · USD 439,408,000 total · 2026 Q2 · reported price USD 90.53 (split-adjusted).
Page: https://gigainvestors.com/s/VOYA

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Richard Pzena (https://gigainvestors.com/PIM) | USD 319,539,000 | 0.9% | reduce -3.91% |
| Lee Ainslie (https://gigainvestors.com/mc) | USD 119,869,000 | 1.1% | new |

## Total held by quarter

- 2013 Q2: USD 100,322,488 · 1 holder · USD 27.06
- 2013 Q3: USD 108,293,417 · 1 holder · USD 29.21
- 2013 Q4: USD 150,054,225 · 1 holder · USD 35.15
- 2014 Q1: USD 146,580,417 · 1 holder · USD 36.27
- 2014 Q2: USD 146,863,313 · 1 holder · USD 36.34
- 2014 Q3: USD 158,017,489 · 1 holder · USD 39.10
- 2014 Q4: USD 234,843,176 · 1 holder · USD 42.38
- 2015 Q1: USD 254,739,921 · 1 holder · USD 43.11
- 2015 Q2: USD 273,074,821 · 1 holder · USD 46.47
- 2015 Q3: USD 141,486,501 · 1 holder · USD 38.77
- 2015 Q4: USD 134,698,653 · 1 holder · USD 36.91
- 2016 Q1: USD 130,788,571 · 1 holder · USD 29.77
- 2016 Q2: USD 122,396,133 · 1 holder · USD 24.76
- 2016 Q3: USD 148,950,435 · 1 holder · USD 28.82
- 2016 Q4: USD 232,215,855 · 1 holder · USD 39.22
- 2017 Q1: USD 224,755,580 · 1 holder · USD 37.96
- 2017 Q2: USD 218,420,267 · 1 holder · USD 36.89
- 2017 Q3: USD 236,182,826 · 1 holder · USD 39.89
- 2017 Q4: USD 282,099,905 · 1 holder · USD 49.47
- 2018 Q1: USD 197,382,684 · 1 holder · USD 50.50
- 2018 Q2: USD 136,500,596 · 1 holder · USD 47.00
- 2018 Q3: USD 101,776,463 · 1 holder · USD 49.67
- 2018 Q4: USD 42,285,322 · 1 holder · USD 40.14
- 2019 Q1: USD 36,792,842 · 1 holder · USD 49.96
- 2019 Q2: USD 17,444,164 · 1 holder · USD 55.30
- 2019 Q3: USD 22,640,453 · 2 holders · USD 54.44
- 2019 Q4: USD 4,701,741 · 1 holder · USD 60.98
- 2020 Q1: USD 1,327,161 · 1 holder · USD 40.55
- 2020 Q2: USD 341,024 · 1 holder · USD 46.69
- 2020 Q3: USD 50,995 · 1 holder · USD 47.57
- 2020 Q4: USD 0 · 0 holders
- 2021 Q1: USD 0 · 0 holders
- 2021 Q2: USD 0 · 0 holders
- 2021 Q3: USD 0 · 0 holders
- 2021 Q4: USD 0 · 0 holders
- 2022 Q1: USD 0 · 0 holders
- 2022 Q2: USD 0 · 0 holders
- 2022 Q3: USD 0 · 0 holders
- 2022 Q4: USD 0 · 0 holders
- 2023 Q1: USD 0 · 0 holders
- 2023 Q2: USD 307,004 · 1 holder · USD 71.73
- 2023 Q3: USD 0 · 0 holders
- 2023 Q4: USD 0 · 0 holders
- 2024 Q1: USD 279,457,517 · 1 holder · USD 73.92
- 2024 Q2: USD 262,124,569 · 1 holder · USD 71.15
- 2024 Q3: USD 291,627,357 · 1 holder · USD 79.22
- 2024 Q4: USD 245,523,699 · 1 holder · USD 68.83
- 2025 Q1: USD 243,879,353 · 1 holder · USD 67.76
- 2025 Q2: USD 259,949,247 · 1 holder · USD 71.00
- 2025 Q3: USD 272,697,986 · 1 holder · USD 74.80
- 2025 Q4: USD 270,116,532 · 1 holder · USD 74.49
- 2026 Q1: USD 250,947,422 · 1 holder · USD 68.32
- 2026 Q2: USD 439,408,000 · 2 holders · USD 90.53