Voya (VOYA) reported earnings 30 days ago. What's next for the stock?
Voya Financial (VOYA) demonstrates strong operational performance, disciplined capital returns, and a robust balance sheet, supporting a long-term growth outlook. Q3 2025 results highlight 26% YOY earnings growth, solid excess capital generation, and record-high assets under management, despite manageable risks in Employee Benefits. Management projects continued capital returns through dividends and buybacks, strategic investments in WealthPath, and sustainable earnings growth into 2026 and beyond.
Voya Financial has transformed into a capital-light, high-ROIC workplace wealth and asset manager, yet remains valued like an insurer. VOYA's core businesses—Retirement, Investment Management, and Employee Benefits—are delivering double-digit earnings growth, strong cash flow, and an 18% ROE. Despite superior fundamentals and growth drivers, VOYA trades at a discount to peers, presenting 15-20% upside potential over the next 12-18 months.
| Industrial Conglomerates Industry | Industrials Sector | Heather Hamilton Lavallee CEO | NYSE Exchange | 929089100 CUSIP |
| US Country | 10,000 Employees | 26 Nov 2025 Last Dividend | - Last Split | 2 May 2013 IPO Date |
Voya Financial, Inc. is a prominent provider of workplace benefits and savings products in the United States and across the globe. Operating through three main segments: Wealth Solutions, Health Solutions, and Investment Management, the company focuses on delivering a comprehensive range of services aimed at promoting financial well-being and retirement security. Initially known as ING U.S., Inc., it rebranded to Voya Financial, Inc. in April 2014. Founded in 1975 and headquartered in New York, New York, Voya Financial has established itself as a key player in financial services, catering to corporate, institutional, and individual clients with a diverse portfolio of products and solutions.
Within this segment, Voya Financial provides full-service retirement products, recordkeeping services, stable value, and fixed general account investment products. Non-qualified plan administration services, alongside tools, guidance, and wealth management services including individual retirement, managed, and brokerage accounts, are also offered. This segment primarily serves various institutions including corporate, public and private school systems, higher education institutions, hospitals, healthcare facilities, non-profit organizations, and state and local governments, as well as institutional and individual clients. Financial guidance and advisory services are key components, designed to enhance the financial well-being and retirement security of employees.
This segment caters to both mid-size and large corporate employers and professional associations, offering insurance products such as stop loss, group life, group disability, whole life, critical illness, accident, and hospital indemnity insurance. It also delivers worksite employee benefits, health account solutions, leave management, benefits administration, health plan enrollment, financial wellness, and decision support products and services, focusing on providing comprehensive health benefits and services to improve employees' health and financial security.
Voya Financial’s Investment Management segment is dedicated to providing fixed income, equity, multi-asset, and alternative products and solutions to a broad client base. This includes individual investors and institutional clients such as banks, broker-dealers, and independent financial advisers. Through a direct sales force, consultant channel, and other distribution methods, this segment aims to meet the diverse investment needs of its clients, offering a varied portfolio that includes direct investment and advisory services.