| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 78 | 17.4x | 17.8x | Top tier | |
Growth | 25 | 3.2% | 7.1% | Bottom tier | |
Quality | 72 | — | — | Top tier | |
Safety | 8 | — | — | Bottom tier | |
Capital Return | 78 | 1.80% | 2.12% | Top tier | |
Momentum | 97 | 32.8% | 2.9% | Top tier | |
Sentiment | 44 | 8 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Voya Financial operates through three interconnected pillars: Retirement, Investment Management, and Employee Benefits, while expanding its relationships with participants through Wealth Management and the Benefitfocus benefits administration platform. In Retirement, the platform surpassed 10 million participant accounts, fee-based revenue now represents more than 60% of segment revenue, and Wealth Management assets reached approximately $33 billion. In Investment Management, the company benefits from advisory fees and institutional and retail flows, while Employee Benefits includes Stop Loss, group life insurance, voluntary products, and benefits administration.
In fiscal Q2 2026, Voya reported revenue of $1.9 billion, net income of $94 million, and GAAP earnings per share of $0.97, compared with revenue of $2.0 billion, net income of $182 million, and earnings per share of $1.75 in fiscal Q1 2026. Adjusted operating earnings were $140 million, or $1.51 per diluted share, after an adverse impact of approximately $0.90 per share from underperformance in alternative investments and severance costs. By segment, Retirement generated adjusted operating earnings of $190 million and a margin of 38%, Investment Management generated $57 million, up 12% year over year, while Employee Benefits generated $22 million.
The company generated approximately $150 million of excess capital in fiscal Q2 2026 and approximately $350 million during the first half, with cash conversion exceeding 100% in the quarter versus a target above 90%. It returned approximately $200 million to shareholders during the quarter through share repurchases and dividends, including $150 million in repurchases, and ended the period with approximately $200 million of excess capital. It also stated that fiscal 2026 cash generation is on track to exceed the fiscal 2025 level, supported by momentum in Retirement and Investment Management, expense-reduction initiatives, and improvement in Employee Benefits.
Analysts have a consensus “Buy” rating and an average target of $104.22, which is close to the 52-week range high of $103.85, while targets range from $79 to $125 compared with an annual trading range of $64.50 to $103.85. No displayed price-to-earnings ratio is available in the data, so the stock's valuation here is based on trailing-12-month earnings per share of approximately $6.46 and on Voya's ability to reduce volatility in alternative investments and restore Stop Loss margins; the wide target range reflects clear disagreement over the speed and value of that recovery.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Voya generated revenue of $1.9 billion, net income of $94 million, and GAAP earnings per share of $0.97 in fiscal Q2 2026. Adjusted operating earnings were $140 million, or $1.51 per diluted share. Weakness in alternative investments and severance costs reduced the result by approximately $0.90 per share, despite strong flows in Retirement and Investment Management.
Net defined contribution plan flows reached $8.1 billion in fiscal Q2 2026, supported by strong client retention and the implementation of large plans in the government and corporate markets. The platform serves more than 10 million accounts after adding more than $30 billion of assets and approximately 1 million participants in the government market over 18 months. Fee-based revenue also increased 10% year over year and now represents more than 60% of Retirement revenue, with a 38% margin.
Fiscal 2026 business had shown, through the August 5, 2026 call, lower claim frequency and fewer high-cost claims than fiscal 2024 and 2025 business. Voya increased pricing by 24% for business entering fiscal 2026 after a 21% increase in fiscal 2025, while the aggregate Employee Benefits loss ratio improved by five points to 74%. However, claims experience was only 15% to 20% complete at the end of fiscal Q2 2026, so the company maintained reserves at the upper end of its estimate range and targeted a return to margins in fiscal 2027.
Automated analysis for informational purposes only — not investment advice.
Investment Management generated net flows of $1.2 billion in fiscal Q2 2026 and $6.3 billion over the last 12 months, while adjusted operating earnings increased 12% year over year to $57 million. In Wealth Management, assets reached approximately $33 billion, up 60% year over year, revenue grew 12%, and the number of advisors increased 20% to more than 650 advisors. Voya connects these capabilities to a base of more than 10 million retirement accounts to deepen relationships with workplace participants.
Toms Capital Investment Management launched a direct campaign on August 6, 2026, urging Voya shareholders to explore a full sale of the company. The pressure could open the door to discussions of strategic alternatives, but it does not establish that an offer or transaction exists, and the data includes no financial terms for any potential acquisition. On the August 5, 2026 call, management said it does not comment on rumors or headlines and that the board and management would focus on shareholders' long-term interests and executing the organic growth plan.
Analyst consensus is “Buy,” with an average target of $104.22 and targets ranging from $79 to $125. The average target is near the 52-week range high of $103.85, while the low end of that range was $64.50. No displayed price-to-earnings ratio is available in the data, while trailing-12-month earnings per share were approximately $6.46, making the sustainability of flows, the Stop Loss recovery, and volatility in alternative investments critical factors in assessing the valuation.
