Voya Financial
VOYA on NYSE. Voya sells retirement plans, investment management, and insurance to employers and individuals. Market value $8.9bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 16 cents. Above 10 is good.
What you pay for each dollar of net assets: $1.89.
Profit per $100 you pay: $6.86.
Quality score: 66 of 100. Price score: 70 of 100. Our list needs 70 on quality and 60 on price.
$97.82 a share, 52% above its 1-year low
Over the past year the price has ranged from $64.50 to $105.64.
Dividend: 2.0% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $4.2bn | $5.9bn | $7.3bn | $8.1bn | $8.2bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.10bn | 0.10bn | 0.10bn | 0.09bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsSlow, 1.4% a year
- Buying back its own sharesYes, 7% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.9 billion last quarter, down 4% on a year ago.
- Profit: $94 million, down 43% on a year ago.
- 6% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $2.0bn |
| December 2024 | $2.0bn |
| March 2025 | $2.0bn |
| June 2025 | $2.0bn |
| September 2025 | $2.1bn |
| December 2025 | $2.1bn |
| March 2026 | $2.0bn |
| June 2026 | $1.9bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $114m |
| December 2024 | $97m |
| March 2025 | $156m |
| June 2025 | $166m |
| September 2025 | $192m |
| December 2025 | $140m |
| March 2026 | $182m |
| June 2026 | $94m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 20 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
6 long-term investors we follow own it, up from 5 last quarter. 513 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $95m
- Share of fund
- 0.2%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Pzena Investment ManagementRichard Pzena | $320m | 0.9% | Cut |
| Boston PartnersBoston Partners team | $150m | 0.1% | Cut |
| LSV Asset ManagementJosef Lakonishok | $95m | 0.2% | |
| Hotchkis & WileyHotchkis & Wiley team | $11m | <0.1% | Cut |
| First Eagle Investment ManagementMatthew McLennan | $3m | <0.1% | New |
| GAMCO InvestorsMario Gabelli | $747,868 | <0.1% | Added |
Largest holders overall
- BlackRock$850m
- Price T Rowe Associates$617mAdded
- Bank of New York Mellon$520mAdded
- Vanguard Portfolio Management$444mCut
- Vanguard Capital Management$371m
- Wellington Management Group LLP$352mCut
- Pzena Investment Management$320mCut
- State Street$290m
- Dimensional Fund Advisors LP$255mAdded
- Massachusetts Financial Services$219mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- BlackRock, Inc.Passive investor9.2%Since 31 March 2025
- T. Rowe Price Associates, Inc.Passive investor7.0%+1.1 ptsSince 30 September 2025
- Bank of New York Mellon CorpPassive investorat least 6.3%+0.3 pts(filed with 2 related holders)Since 30 June 2026
- Vanguard Portfolio ManagementPassive investor6.2%Since 31 March 2026
- Wellington Management Company LLPPassive investor6.1%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- Wellington Management Group LLPPassive investorat least 4.3%−2.3 pts(filed with 2 related holders)Since 30 June 2026
- Franklin Mutual Advisers, LLCPassive investorSold down below 5%Since 30 June 2025
- FMR LLCPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 9.2% | 31 March 2025 | |
T. Rowe Price Associates, Inc. Passive investor | 7.0%+1.1 pts | 30 September 2025 | |
Bank of New York Mellon Corp Passive investor | at least 6.3%+0.3 pts (filed with 2 related holders) | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 6.2% | 31 March 2026 | |
Wellington Management Company LLP Passive investor | 6.1% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
Wellington Management Group LLP Passive investor | at least 4.3%−2.3 pts (filed with 2 related holders) | 30 June 2026 | |
Franklin Mutual Advisers, LLC Passive investor | Sold down below 5% | 30 June 2025 | |
FMR LLC Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $3m, $3m of it under preset trading plans.
- Ogle TrevorSee RemarksSoldunder a preset trading plan
- Date
- 8 June 2026
- Shares
- 3,994
- Price
- $90.00
- Value
- $359,460
- Ogle TrevorSee RemarksSoldunder a preset trading plan
- Date
- 2 March 2026
- Shares
- 1,689
- Price
- $65.00
- Value
- $109,785
- Oh Tony DSee RemarksSold
- Date
- 20 February 2026
- Shares
- 3,515
- Price
- $73.78
- Value
- $259,337
- Ogle TrevorSee RemarksSoldunder a preset trading plan
- Date
- 20 February 2026
- Shares
- 8,536
- Price
- $73.81
- Value
- $630,042
- Katz Michael RobertSee RemarksSoldunder a preset trading plan
- Date
- 12 December 2025
- Shares
- 20,600
- Price
- $75.00
- Value
- $2m
- Oh Tony DSee RemarksSold
- Date
- 6 November 2025
- Shares
- 717
- Price
- $71.92
- Value
- $51,567
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 8 June 2026 | Ogle Trevor See Remarks | Sold under a preset trading plan | 3,994 | $90.00 | $359,460 |
| 2 March 2026 | Ogle Trevor See Remarks | Sold under a preset trading plan | 1,689 | $65.00 | $109,785 |
| 20 February 2026 | Oh Tony D See Remarks | Sold | 3,515 | $73.78 | $259,337 |
| 20 February 2026 | Ogle Trevor See Remarks | Sold under a preset trading plan | 8,536 | $73.81 | $630,042 |
| 12 December 2025 | Katz Michael Robert See Remarks | Sold under a preset trading plan | 20,600 | $75.00 | $2m |
| 6 November 2025 | Oh Tony D See Remarks | Sold | 717 | $71.92 | $51,567 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Sales have barely grown: 1.4% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.