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US retirement, investment management and employee benefits company, formerly ING U.S.
US retirement, investment management and employee benefits company, formerly ING U.S.
Earns fees on assets in retirement plans it administers, premiums on workplace insurance such as stop-loss (cover for self-insured employers against very large medical claims), and management fees on its investment arm. It sold its legacy annuity and individual life blocks in 2018, leaving a lighter, fee-driven business.
Moat: narrow (switching costs, scale, distribution). Employer retirement plan administration relationships are sticky once record-keeping systems are embedded.
Headquarters: New York, New York, US · Founded: 2013 · Employees: 11,000
Size Voya Financial (VOYA) is a United States Financials company (Life/Health Insurance) with a market value of $8.91B, the 834th largest of 3,117 United States companies the cockpit tracks. Shares closed at $99.01 on 6 Nov 2026.
Performance Over six months the shares gained 21.4%, against +9.5% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue fell 2.9% over the last twelve months (peer median +17.7%); the operating margin is 9.3% (peer median 9.5%).
Valuation It trades at 2.34× book value against a peer median of 2.41× (10th cheapest of 20).
Price implies The share price implies a return on equity of about 17.2%; Voya Financial delivers 14.3%, so the price asks more than the business earns today.
Credit Voya Financial has 6 bonds outstanding ($2.17B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 105 bp.
Short interest Short interest is 4.0% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.86B | $8.19B | $8.05B | $7.35B | $5.93B |
| Revenue growth | — | +2% | +10% | +24% | — |
| Net income | $625M | $654M | $667M | $625M | $510M |
| Free cash flow | n/a | $1.29B | $1.34B | $1.64B | $1.35B |
| Capital expenditure | n/a | $0 | $0 | $0 | $0 |
| Total debt | $2.09B | $4.27B | $3.60B | $4.63B | $4.61B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Voya Financial VOYA | $8.91B | +21% | -3% | 14% | 2.34× | 17.2% |
| Principal Financial PFG | $23.6B | +10% | +5% | 17% | 2.00× | 15.5% |
| Prudential Financial PRU | $41.1B | +20% | +4% | 13% | 1.39× | 11.4% |
| Lincoln National LNC | $7.67B | +12% | +12% | 23% | 0.74× | 8.6% |
| Corebridge Financial CRBG | $14.9B | +25% | +10% | 22% | 2.41× | 19.3% |
| Unum UNM | $12.2B | -5% | -5% | 3% | 1.52× | 8.1% |
| MetLife MET | $62.4B | +27% | +9% | 13% | 2.28× | 16.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VOYA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.5% | +2.1% | 10th highest of 21 |
| 6-month return | +21.4% | +9.5% | 8th highest of 21 |
| Return on equity | 14.3% | 11.7% | 7th highest of 21 |
| Price / book | 2.34× | 2.41× | 10th cheapest of 20 |
| Trailing P/E | 15.9× | 11.7× | 9th most expensive of 20 |
| ROE the price implies | 17.2% | 17.6% | 10th least demanding of 19 |
| ROE delivered | 14.3% | 11.7% | 7th highest of 20 |
| Bond spread | 105 bp | 102 bp | 4th tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Voya Financial VOYA | United States | $8.91B | +21% | -3% | 14% | 2.34× | 17.2% | 14.3% |
| Primerica PRI | United States | $8.94B | +6% | +8% | 33% | 3.56× | 24.9% | 32.9% |
| Jackson Financial Incorporation JXN | United States | $8.70B | +17% | +34% | 9% | 1.10× | 12.5% | 9.5% |
| Medibank Private MPL.AX | Australia | $9.94B | +14% | +9% | 27% | 5.90× | 23.8% | 26.8% |
| St. James's Place STJ.L | United Kingdom | $7.48B | -3% | +164% | 38% | 3.64× | 43.3% | 38.4% |
| JAPAN POST INSURANCE 7181.T | Japan | $11.2B | +8% | -6% | 4% | 0.38× | 2.9% | 4.2% |
| ICICI Life Insurance ICICILIFE.NS | India | $6.77B | -22% | -8% | 13% | 4.67× | 65.0% | 12.6% |
| Standard Life SDLF.L | United Kingdom | $12.5B | +25% | +135% | -179% | 38.09× | n/a | -179.3% |
| HDFC Life Insurance HDFCLIFE.NS | India | $13.0B | -10% | +19% | 11% | 6.31× | 72.0% | 11.2% |
| T&d 8795.T | Japan | $14.0B | +21% | +6% | 9% | 1.32× | 5.6% | 9.3% |
| Equitable EQH | United States | $14.1B | +24% | +6% | -183% | n/a | n/a | n/a |
| Challenger CGF.AX | Australia | $5.59B | +36% | -25% | 13% | 2.01× | 15.8% | 13.3% |
| Corebridge Financial CRBG | United States | $14.9B | +25% | +10% | 22% | 2.41× | 19.3% | 21.7% |
| E-L Financial ELF.TO | Canada | $4.74B | +10% | +32% | 20% | 0.68× | 6.4% | 20.2% |
| Max Financial Services MFSL.NS | India | $4.68B | -25% | +18% | 3% | 7.71× | 78.7% | 3.3% |
| Reinsurance Group of America RGA | United States | $17.1B | +24% | +20% | 12% | 1.25× | 8.0% | 11.7% |
| Kgi Financial 2883.TW | Taiwan | $17.3B | +60% | +32% | 14% | 1.33× | 7.1% | 14.4% |
| SBI Life Insurance SBILIFE.NS | India | $18.9B | -5% | +18% | 14% | 8.72× | 105.4% | 13.7% |
| NN Group N.V. NN.AS | Netherlands | $22.4B | +4% | +39% | 9% | 1.08× | 6.9% | 9.2% |
| Star Health & Allied Insurance STARHEALTH.NS | India | $3.52B | +9% | +21% | 12% | 3.19× | 47.7% | 11.7% |
| COFCO Capital 002423.SZ | China | $3.15B | -11% | -31% | 6% | 0.85× | 6.2% | 5.6% |
Voya Financial has 6 bonds outstanding with $2.17B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.99%, a spread of 105 bp over government bonds.