Voya Financial, Inc (VOYA) Fair Value & Analysis

Financial Services · US · Market cap $8.9B

A solid business, but screening 25% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case ($95.60). The favourable scenario is already priced in.
• Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
• For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range $52.15 – $101.50 · fair‑value band $57.36 – $95.60 · the $101.40 price screens above the $76.48 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Voya Financial, Inc (VOYA) currently trades at $101.40, while our model-based Fair Value estimate is $76.48, implying the stock looks roughly 24.6% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Voya Financial, Inc generated revenue of $8.3B at a net margin of 8.2%. Revenue grew 3.1% year over year. It earns a return on equity of 11.9%. Net debt stands at $876M. Fundamentals as of Jul 16, 2026

Our scenario range runs from $57.36 (bear case) to $95.60 (bull case); at $101.40, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 58% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -15% fair-value upside, at -25%, VOYA screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Multiples ($46.43) versus Asset-Based ($36.60). Highest evidence: P/B Multiple (55).

Key figures & financial health

Quality Score breakdown

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Voya Financial, Inc reported revenue of $7.5B in FY2025 versus $3.2B in FY2021, a compound +23.2%/yr. Reported net income was $654M in FY2025, compounding −30.9%/yr from FY2021.

VOYA screens 25% overvalued. Compare with ORIX Corporation →

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

• Voya Financial Issues Advisory to Shareholders Regarding Misleading Statements and Conduct by TOMS Capital Investment Management Yahoo Finance · Aug 7, 2026
• TCIM Launches "No Confidence" Campaign at Voya and Calls on the Company to Finally Begin Acting in the Best Interests of Its Shareholders Yahoo Finance · Aug 6, 2026
• Voya Financial Inc (VOYA) (Q2 2026) Earnings Call Highlights: Strong Commercial Momentum ... Yahoo Finance · Aug 5, 2026

Peer Group

Financial Conglomerates · 56 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Financial Conglomerates median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.