Voya Financial, Inc. VOYA
For the purposes of this discussion, the terms "Voya," "the Company," "we," "our," and "us" refer to Voya Financial, Inc. and its subsidiaries.
We are a leading provider of workplace benefits and savings solutions and technologies to U.S. employers, enabling better financial outcomes for their employees and for those who depend on their employees through our retirement solutions, retail wealth services, and a comprehensive portfolio of benefits products. We are also a leading international asset manager, built on a foundation of institutional-quality fixed income and private asset strategies, with a well-established presence in U.S. markets and a large and growing business managing retail and institutional equity, fixed income and blended strategies for clients in Europe and Asia.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.25B | $2.15B | $1.94B | $1.69B | $1.98B | $1.75B | $1.42B | $1.98B | $1.89B | $2.47B |
| Total operating expenses | $3.45B | $3.08B | $3.10B | $2.54B | $2.59B | $2.65B | $2.75B | $2.60B | $2.56B | $2.65B |
| Operating income | $1.04B | $870.0M | $916.0M | — | — | — | — | — | — | $114.5M |
| Interest expense | — | — | — | — | — | — | $176.0M | $221.0M | $184.0M | $288.0M |
| Pre-tax income | $837.0M | $799.0M | $678.0M | $428.0M | $3.08B | $352.0M | $574.0M | $521.0M | $385.0M | $10.0M |
| Income tax | $104.0M | $57.0M | $51.0M | $5.0M | $34.0M | $18.0M | $217.0M | $39.0M | $687.0M | $29.0M |
| Net income | $733.0M | $742.0M | $729.0M | $433.0M | $3.13B | -$206.0M | -$360.0M | $762.0M | -$2.99B | -$327.0M |
| EPS, basic | 6.40 | 6.31 | 5.74 | 4.70 | 20.02 | -1.90 | -2.75 | 4.67 | -16.25 | -1.63 |
| EPS, diluted | 6.29 | 6.17 | 5.42 | 4.30 | 18.56 | -1.84 | -2.64 | 4.53 | -16.25 | -1.61 |
| Shares, diluted (wtd. avg.) | $97.4M | $101.4M | $108.8M | $110.2M | $125.8M | $131.9M | $147.0M | $168.2M | $184.1M | $202.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.35B | $1.51B | $1.12B | $1.01B | $1.57B | $1.72B | $1.18B | $1.24B | $854.0M | $2.10B |
| Goodwill | $804.0M | $748.0M | $748.0M | $327.0M | $72.0M | $48.0M | $48.0M | $48.0M | $31.0M | — |
| Other intangibles | $874.0M | $832.0M | $857.0M | $631.0M | $97.0M | $76.0M | $87.0M | $121.0M | $155.0M | $188.0M |
| Total assets | $178.86B | $163.89B | $157.09B | $146.61B | $171.26B | $180.52B | $165.87B | $155.38B | $222.53B | $214.59B |
| Short-term debt | $586.0M | $399.0M | $1.0M | $141.0M | $1.0M | $1.0M | $1.0M | $1.0M | $337.0M | $0 |
| Long-term debt | $1.52B | $2.10B | $2.10B | $2.09B | $2.60B | $3.04B | $3.04B | $3.14B | $3.12B | $3.55B |
| Total liabilities | $171.82B | $157.88B | $151.03B | $141.61B | $161.44B | $169.34B | $155.13B | $146.44B | $211.49B | $200.62B |
| Total equity | $4.95B | $4.00B | $5.88B | $4.83B | $9.67B | $11.18B | $10.16B | $8.15B | $11.27B | $12.99B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.29B | $1.34B | $1.64B | $1.35B | $22.0M | $1.36B | $1.31B | $1.87B | $1.58B | $3.69B |
| Depreciation and amortisation | — | — | — | — | — | — | — | — | $19.0M | $25.0M |
| Stock-based compensation | $72.0M | $96.0M | $126.0M | $90.0M | $88.0M | $88.0M | $98.0M | $96.0M | $117.0M | $99.0M |
| Capital expenditure | — | — | — | — | — | — | — | — | — | $66.7M |
| Investing cash flow | -$1.37B | $481.0M | $2.53B | -$1.95B | -$327.0M | -$2.46B | -$1.25B | -$282.0M | -$2.43B | -$3.68B |
| Financing cash flow | -$85.0M | -$1.43B | -$4.06B | $28.0M | -$265.0M | $1.70B | -$121.0M | -$1.76B | -$349.0M | $389.0M |
| Dividends paid | $178.0M | $171.0M | $127.0M | $83.0M | $36.0M | $36.0M | $44.0M | $6.0M | $8.0M | $8.0M |
| Buybacks | $200.0M | $640.0M | $369.0M | $100.0M | $275.0M | $250.0M | $1.14B | $250.0M | $923.0M | $150.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001535929-26-000061.
Others in SIC 6311
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MET | METLIFE INC | $62.04B | 20.7x | 8.5% |
| PRU | PRUDENTIAL FINANCIAL INC | $42.10B | 12.2x | -13.7% |
| RGA | REINSURANCE GROUP OF AMERICA INC | $16.54B | 14.3x | 7.2% |
| CRBG | Corebridge Financial, Inc. | $15.37B | — | -1.2% |
| GL | GLOBE LIFE INC. | $13.39B | 12.4x | 3.7% |
| JXN | Jackson Financial Inc. | $9.52B | — | 104.3% |
| PRI | Primerica, Inc. | $9.10B | 12.9x | 6.6% |
| LNC | LINCOLN NATIONAL CORP | $8.71B | 7.8x | -1.2% |