Voya Financial, Inc. (VOYA) Key Metrics
VOYA valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $8.52B
- Enterprise value
- $11.09B
- P/E (TTM)
- 15.8 10-yr median 11.1
- Forward P/E
- 8.7
- PEG ratio
- 1.19
- Price / sales
- 1.0 10-yr median 1.0
- Price / book
- 1.9 10-yr median 0.9
- EV / EBITDA
- — 10-yr median 11.5
- Dividend yield
- 2.00% $1.88 a year
- Beta
- 0.89
VOYA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsVOYA valuation Price multiples at each fiscal year-end price.
VOYA returns How much profit the business earns on the capital it uses.
VOYA per-share figures Results divided by the shares outstanding at year-end.
VOYA financial health Debt, liquidity and how easily interest is covered.
VOYA efficiency & capital use Working capital cycle and where the cash goes.
VOYA valuation history
VOYA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
VOYA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
VOYA cash returned to shareholders
VOYA price vs earnings per share
VOYA key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $7.23B | $6.98B | $7.94B | $6.78B | $8.34B | $7.49B | $8.60B | $6.75B | $9.11B | $7.95B |
| Enterprise value | $8.10B | −$15.11B | −$15.34B | $6.88B | $8.23B | −$34.62B | −$28.86B | $6.56B | −$36.62B | −$36.81B |
| P/E ratio | 11.0 | 10.5 | 12.7 | 13.3 | 2.9 | 20.2 | 11.2 | 7.7 | — | — |
| Price / sales | 1.0 | 0.9 | 1.1 | 1.1 | 2.6 | 1.0 | 1.2 | 0.8 | 1.3 | 0.9 |
| Price / book | 1.5 | 1.7 | 1.9 | 1.1 | 0.8 | 0.7 | 0.9 | 0.8 | 0.9 | 0.6 |
| Price / free cash flow | 5.6 | 7.7 | 4.8 | 5.0 | 15.0 | 6.2 | 8.0 | 3.6 | 5.8 | 2.2 |
| Price / operating cash flow | 5.6 | 7.7 | 4.8 | 5.0 | 115.9 | 6.2 | 6.6 | 3.6 | 5.8 | 2.2 |
| EV / sales | 1.1 | -1.9 | -2.1 | 1.2 | 2.5 | -4.7 | -3.9 | 0.8 | -5.1 | -4.2 |
| EV / EBITDA | 31.0 | — | — | 11.3 | 11.8 | — | — | 5.5 | — | — |
| EV / free cash flow | 6.3 | — | — | 5.1 | 14.8 | — | — | 3.5 | — | — |
| Earnings yield | 9.1% | 9.6% | 7.9% | 7.5% | 34.5% | 4.9% | 8.9% | 13.0% | −32.9% | −4.1% |
| Free cash flow yield | 17.8% | 13.1% | 20.6% | 20.0% | 6.7% | 16.1% | 12.5% | 27.7% | 17.4% | 46.4% |
| Dividend yield | 3.0% | 3.0% | 2.1% | 1.8% | 1.4% | 1.5% | 0.8% | 0.1% | 0.1% | 0.1% |
| Shareholder yield (dividends + buybacks) | 5.8% | 12.2% | 6.7% | 12.8% | 14.7% | 8.4% | 14.0% | 15.3% | 10.2% | 8.7% |
| Share price at fiscal year-end | $74.49 | $68.83 | $72.96 | $61.49 | $66.31 | $58.81 | $60.98 | $40.14 | $49.47 | $39.22 |
| Per share | ||||||||||
| Revenue per share | $77.28 | $79.39 | $67.54 | $53.81 | $25.83 | $58.05 | $52.01 | $48.88 | $39.27 | $43.35 |
| Earnings per share | $6.74 | $6.58 | $5.74 | $4.63 | $22.85 | $2.90 | $5.43 | $5.20 | −$16.25 | −$1.61 |
| Operating cash flow per share | $13.28 | $8.98 | $15.06 | $12.27 | $0.57 | $9.49 | $9.29 | $11.11 | $8.59 | $18.21 |
| Free cash flow per share | $13.28 | $8.98 | $15.06 | $12.27 | $4.42 | $9.49 | $7.64 | $11.11 | $8.59 | $18.21 |
| Cash per share | $12.66 | $253.42 | $245.46 | $22.89 | $23.35 | $363.66 | $290.64 | $23.02 | $272.87 | $248.01 |
| Book value per share | $51.06 | $39.50 | $38.54 | $55.51 | $78.07 | $88.80 | $66.23 | $48.83 | $54.37 | $64.11 |
| Tangible book value per share | −$31.93 | $23.92 | $23.79 | $46.81 | $76.72 | $76.95 | $50.11 | $30.87 | $35.87 | $63.03 |
| Dividends per share | $2.26 | $2.06 | $1.50 | $1.08 | $0.92 | $0.88 | $0.51 | $0.04 | $0.04 | $0.04 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $3.85 | $0.00 | $1.65 | $0.94 | $10.56 | $0.33 |
| Debt per share | $21.69 | $35.53 | $31.53 | $23.81 | $22.47 | $33.08 | $24.94 | $21.86 | $24.48 | $27.22 |
| Shares outstanding | 97.0M | 101.4M | 108.8M | 110.2M | 125.8M | 127.4M | 141.0M | 168.2M | 184.1M | 202.7M |
| Change in shares outstanding | −4.3% | −6.8% | −1.3% | −12.4% | −1.3% | −9.6% | −16.2% | −8.6% | −9.2% | −10.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 14.6% | 16.3% | 12.1% | 6.4% | 27.2% | 3.6% | 8.7% | 9.6% | −26.0% | −2.2% |
| Return on invested capital (ROIC) | — | — | — | 5.4% | — | — | — | — | — | — |
| Return on assets (ROA) | 0.4% | 0.4% | 0.4% | 0.3% | 1.6% | 0.2% | 0.5% | 0.5% | −1.4% | −0.2% |
| Return on tangible assets | 0.4% | 0.4% | 0.4% | 0.3% | 1.7% | 0.2% | 0.5% | 0.6% | −1.4% | −0.2% |
| Free cash flow margin | 17.2% | 11.3% | 22.3% | 22.8% | 17.1% | 16.3% | 14.7% | 22.7% | 21.9% | 42.0% |
| Income quality (OCF / net income) | 1.97 | 1.37 | 2.62 | 2.65 | 0.03 | 3.27 | 1.71 | 2.13 | — | — |
| Financial health | ||||||||||
| Total debt | $2.10B | $3.60B | $3.43B | $2.62B | $2.83B | $4.21B | $3.52B | $3.68B | $4.51B | $5.52B |
| Cash & short-term investments | $1.23B | $25.70B | $26.71B | $2.52B | $2.94B | $46.33B | $40.98B | $3.87B | $50.23B | $50.27B |
| Net debt | $876.0M | −$22.09B | −$23.28B | $101.0M | −$111.0M | −$42.12B | −$37.46B | −$195.0M | −$45.73B | −$44.76B |
| Debt / equity | 0.42 | 0.90 | 0.82 | 0.43 | 0.29 | 0.37 | 0.38 | 0.45 | 0.45 | 0.42 |
| Debt / assets | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 |
| Net debt / EBITDA | 3.36 | −20.12 | −23.85 | 0.17 | −0.16 | — | — | −0.16 | −70.46 | −89.76 |
| Current ratio | 20.38 | 92.68 | — | 126.19 | — | — | — | 37.51 | 6.12 | 50.02 |
| Quick ratio | 20.38 | 92.68 | — | 149.15 | — | — | — | — | 6.12 | 50.02 |
| Interest coverage | 2.2 | 2.7 | 2.3 | 2.3 | 7.8 | -3.5 | -5.8 | 5.4 | 1.5 | 0.0 |
| Working capital | $11.36B | $36.58B | $38.69B | $17.65B | $17.56B | $51.05B | $44.71B | $1.50B | $3.86B | $2.05B |
| Invested capital | $5.83B | −$18.09B | −$19.08B | $6.22B | $9.71B | −$30.80B | −$28.12B | $8.02B | −$35.72B | −$31.76B |
| Tangible asset value | −$1.01B | $4.43B | $4.45B | $5.16B | $9.65B | $9.80B | $7.89B | $5.92B | $7.63B | $14.10B |
| Net current asset value | −$159.88B | −$120.90B | −$112.34B | −$123.74B | −$143.88B | −$117.95B | −$114.12B | −$143.91B | −$206.87B | −$198.17B |
| Graham number | $88.01 | $76.46 | $70.58 | $76.03 | $200.36 | $76.17 | $89.92 | $75.60 | — | — |
| Graham net-net per share | −$1,675.85 | −$1,220.14 | −$1,237.90 | −$1,172.21 | −$1,186.46 | −$947.43 | −$828.43 | −$673.68 | −$844.82 | −$712.30 |
| Capital allocation | ||||||||||
| Dividends paid | $219.0M | $209.0M | $163.0M | $119.0M | $116.0M | $112.0M | $72.0M | $6.0M | $8.0M | $8.0M |
| Share buybacks (net) | $200.0M | $640.0M | $369.0M | $750.0M | $1.11B | $516.0M | $1.14B | $1.02B | $923.0M | $687.0M |
| Dividend payout ratio | 33.5% | 31.3% | 26.1% | 23.3% | 4.0% | 30.3% | 9.4% | 0.7% | — | — |
| Dividends + buybacks / free cash flow | 32.5% | 93.2% | 32.5% | 64.3% | 221.0% | 51.9% | 112.2% | 55.2% | 58.8% | 18.8% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 14.9% | 0.0% | 3.2% | 1.9% | 26.9% | 0.8% |
| Capex / operating cash flow | 0.0% | 0.0% | 0.0% | 0.0% | 672.2% | 0.0% | 17.8% | 8.5% | 122.9% | 1.8% |
| Capex / depreciation | — | 0.00 | 0.00 | 0.00 | — | — | — | 0.09 | 3.50 | 0.68 |
| Stock-based compensation / revenue | 1.0% | 1.2% | 1.7% | 1.5% | 2.7% | 1.2% | 1.3% | 1.2% | 1.6% | 1.1% |
| SG&A / revenue | — | — | — | — | — | 28.8% | 26.9% | 32.7% | 28.2% | 24.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 535.5 | 527.5 | 676.8 | 919.9 | 1,086.4 | 208.6 | 256.3 | 315.3 | 381.7 | 314.3 |
| Days of inventory on hand | — | — | -2,091.7 | -411.5 | -5,364.2 | -4,786.7 | 1,994.7 | -29,173.1 | — | — |
| Days payables outstanding | — | — | — | — | 20.4 | 20.8 | 2.5 | — | 155.0 | 56.7 |
| Cash conversion cycle (days) | — | — | — | — | -4,298.2 | -4,598.9 | 2,248.5 | — | 226.6 | 257.7 |
| Receivables turnover | 0.68 | 0.69 | 0.54 | 0.40 | 0.34 | 1.75 | 1.42 | 1.16 | 0.96 | 1.16 |
| Payables turnover | — | — | — | — | 17.92 | 17.52 | 146.26 | — | 2.35 | 6.44 |
| Inventory turnover | — | — | — | — | — | — | — | −0.01 | — | — |
| Asset turnover | 0.04 | 0.05 | 0.05 | 0.04 | 0.02 | 0.04 | 0.05 | 0.04 | 0.03 | 0.04 |
| Average receivables | $11.00B | $11.63B | $13.63B | $14.95B | $9.67B | $4.23B | $5.15B | $7.10B | $7.56B | $7.57B |
| Average payables | — | — | — | — | $12.5M | $14.5M | $27.0M | — | $1.85B | $955.6M |
| Average inventory | — | — | −$20.96B | −$3.34B | −$3.29B | −$3.33B | $21.58B | $23.34B | $0 | $0 |
| Intangibles / total assets | 4.5% | 1.0% | 1.0% | 0.6% | 0.1% | 0.8% | 1.3% | 2.0% | 1.5% | 0.1% |
Computed from VOYA's annual financial statements (latest annual report filed February 20, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
VOYA valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Voya Financial traded at 11.0 times earnings, against a 10-year median of 11.1. Based on the latest twelve months, the trailing P/E is 15.8 and the forward P/E is 8.7. Voya Financial earned a return on equity of 14.6% in fiscal 2025. It ended the year with $2.1 billion of debt and $1.2 billion in cash and short-term investments, net debt of $876.0 million. It returned $419.0 million to shareholders: $219.0 million in dividends and $200.0 million in share buybacks, 33% of free cash flow. The share count fell 52.1% from 202.7M to 97.0M over 9 years.
See the VOYA income statement, the VOYA chart for price history, or the VOYA stock overview for the latest quote and news.
VOYA key metrics FAQ
What is Voya Financial's P/E ratio?
Voya Financial's trailing P/E ratio is 15.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 8.7. At the end of fiscal 2025 it was 11.0, compared with a 10-year median of 11.1.
What is Voya Financial's EV/EBITDA?
Voya Financial's enterprise value was 31.0 times EBITDA at the end of fiscal 2025 (enterprise value $8.1 billion, EBITDA $261.0 million).
What is Voya Financial's return on equity?
Voya Financial's return on equity (ROE) was 14.6% in fiscal 2025: net income of $654.0 million on average shareholders' equity of $4.5 billion.
How much debt does Voya Financial have?
Voya Financial had total debt of $2.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.42 and $876.0 million of net debt (3.36 times EBITDA).
What is Voya Financial's dividend yield?
Voya Financial's forward dividend yield is 2.00%. Voya Financial paid $219.0 million in dividends in fiscal 2025 ($2.26 per share), a payout ratio of 33.5%.
Does Voya Financial buy back its shares?
Yes. Voya Financial spent $200.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −4.3% over the year, to 97.0M..
What is Voya Financial's free cash flow yield?
Voya Financial generated $1.3 billion of free cash flow in fiscal 2025, a free cash flow yield of 17.8% on its market value at year-end ($7.2 billion).
What is Voya Financial's current ratio?
Voya Financial's current ratio was 20.38 at the end of fiscal 2025: current assets were 20.38 times current liabilities.