Voya Financial, Inc. (VOYA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+144.6%

$242.46

vs $99.12 price

Levered DCF

$271.78

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.09

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.66×	10.91×	12.71×	13.06×	4.01×	-47.43×	-22.17×	7.53×
P/B	1.44×	1.7×	1.79×	1.85×	1.01×	0.74×	0.92×	0.7×
P/S	0.95×	0.85×	1.02×	1.05×	1.97×	0.98×	1.15×	0.8×
EV / EBITDA	30.75×	8.12×	10.07×	14.19×	3.45×	17.84×	13.82×	10×
Gross margin	51.8%	48.2%	50.2%	50.1%	174.0%	39.3%	41.8%	42.5%
Operating margin	3.5%	9.9%	9.2%	7.2%	65.7%	4.6%	7.7%	7.3%
Net margin	8.7%	8.3%	8.5%	8.6%	50.0%	-2.7%	-4.8%	10.6%
Current ratio	20.38×	92.68×	38,688×	289.6×	49,004×	48,960×	44,712×	37.51×
Debt / equity	0.42×	0.9×	0.82×	1.04×	0.42×	0.38×	0.38×	0.45×
Interest coverage	2.23×	2.67×	2.28×	2.34×	12.4×	1.89×	2.71×	1.97×
Dividend yield	3.1%	3.1%	2.2%	1.9%	1.4%	1.5%	0.8%	0.1%
Payout ratio	33.5%	31.3%	26.1%	23.3%	5.5%	-54.4%	-20.0%	0.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.2%	16.7%	14.9%	15.2%	25.6%	-2.0%	-3.9%	9.3%
Return on invested capital	0.1%	0.5%	0.4%	0.3%	1.6%	0.2%	0.3%	0.4%
Return on assets	0.4%	0.4%	0.4%	0.3%	1.2%	-0.1%	-0.2%	0.5%
Free cash flow yield	18.0%	13.3%	21.8%	21.8%	0.3%	18.2%	15.2%	32.5%
Earnings yield	9.1%	9.8%	8.3%	8.2%	25.3%	-2.7%	-4.2%	13.3%
Enterprise value	$8B	$8.9B	$9.8B	$8.7B	$10.2B	$9.6B	$10.9B	$7.9B
Net debt / EBITDA	3.36×	1.9×	2.37×	4.03×	0.64×	3.91×	2.89×	2.69×
Cash conversion cycle (days)	522	512	595	765	1,177	170	182	0