Ctrl K
Equity turned sharply negative to -$1.2B in 2026Q2 from $4.7B in 2026Q1, with the equity-to-assets ratio dropping to -0.76, while cash and investment securities fell to $149M and $104M, respectively, suggesting a thin liquidity cushion and potential capital deficiency.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Cash & Short Term Investments | 30.55B | 1.23B | 25.7B | 26.71B | 28.41B | 35.37B | 45.4B | 40.98B | 3.87B | 50.23B | 50.27B | 72.54B | 75.13B | 73.23B | 79.47B | 73.18B | 67.81B |
| Cash & Due from Banks | 149M | 1.23B | 1.51B | 1.12B | 1.01B | 1.57B | 1.72B | 1.25B | 1.57B | 1.44B | 2.23B | 2.98B | 3.24B | 3.55B | 2.23B | 775M | 810M |
| Short Term Investments | 0 | 0 | 24.18B | 25.59B | 27.4B | 33.8B | 43.68B | 39.73B | 37.02B | 48.8B | 48.04B | 69.56B | 71.89B | 69.68B | 77.24B | 71.33B | 65.78B |
| Total Investments | 104M | 0 | 55.36B | 11.74B | 12.09B | 11.49B | 11.68B | 11.4B | 52.41B | 68.51B | 66.85B | 99.9B | 101B | 94.32B | 101.04B | 96.66B | 137.26B |
| Investments Growth % | -45.77% | -100% | 371.54% | -2.87% | 5.17% | -1.58% | 2.4% | -78.24% | -23.5% | 2.48% | -33.08% | -1.09% | 7.08% | -6.65% | 4.52% | -29.58% | - |
| Long-Term Investments | 180.54B | 0 | 31.18B | -13.85B | -15.31B | -22.3B | -32B | -28.33B | 15.39B | 54.78B | 18.81B | 7.11B | 29.1B | 24.64B | 23.8B | 6.34B | 71.48B |
| Accounts Receivables | 0 | 10.71B | 11.28B | 11.98B | 12.43B | 13.63B | 3.56B | 3.73B | 3.84B | 7.63B | 7.29B | 7.65B | 7.12B | 6.7B | 7.38B | 7.72B | 7.76B |
| Goodwill & Intangibles | 94M | 7.25B | 1.58B | 1.6B | 957M | 169M | 0 | 0 | 2.97B | 3.37B | 0 | 250.8M | 284.4M | 323.7M | 348.5M | 382.5M | 7.76B |
| Goodwill | 94M | 0 | 748M | 748M | 327M | 72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 7.25B | 832M | 857M | 630M | 97M | 0 | 0 | 2.97B | 3.37B | 0 | 250.8M | 284.4M | 323.7M | 348.5M | 382.5M | 7.76B |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 366.6M | -29.83B | 138.5M | 0 | 0 | 0 |
| Other Assets | 0 | 159.67B | 92.01B | 128.48B | 117.91B | 143.41B | 162.37B | 151.16B | 88.49B | 96.41B | 98.77B | 113.89B | 98.49B | 193.08B | 177.85B | -6.72B | 1.22B |
| Total Current Assets | 149M | 11.94B | 36.98B | 38.69B | 40.83B | 49B | 48.96B | 44.71B | 1.54B | 4.62B | 2.1B | 2.51B | 2.53B | 2.84B | 87.51B | 80.93B | 75.57B |
| Total Non-Current Assets | 94M | 166.92B | 126.91B | 118.4B | 105.77B | 122.26B | 131.56B | 124.28B | 106.85B | 154.56B | 117.79B | 126.35B | 132.69B | 218.18B | 201.99B | 189.02B | 73.13B |
| Total Assets | 1.59B | 178.86B | 163.89B | 157.09B | 146.61B | 171.26B | 180.52B | 168.99B | 154.39B | 222.53B | 214.59B | 218.22B | 226.93B | 221.02B | 216.39B | 203.57B | 204.38B |
| Asset Growth % | -77.86% | 9.13% | 4.33% | 7.15% | -14.4% | -5.13% | 6.82% | 9.46% | -30.62% | 3.7% | -1.67% | -3.84% | 2.67% | 2.14% | 6.3% | -0.39% | - |
| Return on Assets (ROA) | 0.46% | 0.38% | 0.42% | 0.41% | 0.32% | 1.2% | -0.12% | -0.22% | 0.4% | -1.37% | -0.15% | 0.18% | 1.02% | 0.27% | 0.23% | -0.04% | -0.06% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 2.1B | 2.1B | 3.6B | 3.43B | 3.47B | 3.48B | 3.83B | 3.52B | 3.68B | 4.51B | 5.52B | 10.42B | 10.35B | 8.68B | 8.07B | 4.45B | 9.88B |
| Net Debt | 1.95B | 876M | 2.09B | 2.31B | 2.46B | 1.9B | 2.1B | 2.27B | 2.11B | 3.07B | 3.29B | 7.44B | 7.11B | 5.12B | 5.84B | 3.68B | 9.07B |
| Long-Term Debt | 1.95B | 1.52B | 3.2B | 3.43B | 3.33B | 3.48B | 3.83B | 3.52B | 3.68B | 4.17B | 5.52B | 10.42B | 10.35B | 8.68B | 7B | 3.4B | 4.41B |
| Short-Term Debt | 152M | 586M | 399M | 1M | 141M | 1M | 1M | 1M | 1M | 337M | 0 | 0 | 0 | 0 | 1.06B | 1.05B | 5.46B |
| Other Liabilities | 693M | 169.72B | 154.28B | 147.6B | 138.14B | 157.97B | 165.51B | 155.31B | 141.76B | 206.55B | 195.1B | 191.53B | 198.02B | 196.83B | -3.83B | -3.91B | -4.44B |
| Total Current Liabilities | 152M | 586M | 399M | 1M | 141M | 1M | 1M | 1M | 41M | 755M | 41.9M | 201.33B | 207.27B | 204.24B | 199.35B | 0 | 0 |
| Total Non-Current Liabilities | 2.64B | 171.23B | 157.48B | 151.03B | 141.47B | 161.44B | 169.34B | 158.83B | 145.44B | 210.72B | 200.62B | 201.95B | 208.37B | 205.51B | 3.17B | 186.54B | 4.44B |
| Total Liabilities | 2.79B | 171.82B | 157.88B | 151.03B | 141.61B | 161.44B | 169.34B | 158.83B | 145.45B | 211.49B | 200.27B | 201.95B | 208.37B | 205.51B | 200.33B | 189.65B | 196.31B |
| Total Equity | -1.2B | 7.04B | 6.01B | 6.05B | 5B | 9.82B | 11.18B | 10.16B | 9.01B | 11.04B | 13.97B | 16.28B | 18.56B | 15.51B | 16.06B | 13.93B | 8.07B |
| Equity Growth % | -88.16% | 17.18% | -0.76% | 21.13% | -49.12% | -12.14% | 10.01% | 12.84% | -18.43% | -20.97% | -14.18% | -12.31% | 19.64% | -3.41% | 15.33% | 72.61% | - |
| Equity / Assets (Capital Ratio) | -75.68% | 3.94% | 3.67% | 3.85% | 3.41% | 5.73% | 6.19% | 6.01% | 5.83% | 4.96% | 6.51% | 7.46% | 8.18% | 7.02% | 7.42% | 6.84% | 3.95% |
| Return on Equity (ROE) | 12.39% | 10.03% | 11.06% | 11.31% | 6.88% | 20.13% | -1.93% | -3.76% | 7.6% | -23.93% | -2.16% | 2.34% | 13.47% | 3.79% | 3.15% | -0.8% | -1.52% |
| Book Value per Share | - | 72.57 | 59.24 | 55.63 | 45.34 | 78.07 | 87.74 | 72.06 | 53.54 | 59.96 | 68.91 | 71.57 | 72.76 | 61.61 | 62.58 | 53.40 | 31.43 |
| Tangible BV per Share | - | -2.13 | 43.66 | 40.88 | 36.66 | 76.72 | 87.74 | 72.06 | 35.86 | 41.63 | 68.91 | 70.47 | 71.65 | 60.33 | 61.22 | 51.94 | 1.21 |
| Common Stock | 0 | 1M | 1M | 1M | 1M | 1M | 2M | 2M | 3M | 3M | 3M | 2.7M | 2.6M | 2.6M | 2.3M | 0 | 0 |
| Additional Paid-in Capital | 0 | 6.36B | 6.27B | 6.14B | 6.64B | 7.54B | 11.18B | 11.18B | 24.32B | 23.82B | 23.61B | 23.72B | 23.65B | 23.56B | 22.92B | 22.87B | 18.83B |
| Retained Earnings | 0 | 1.39B | 954M | 505M | -201M | -1.31B | -4.96B | -4.72B | -11.73B | -12.72B | -9.74B | -9.41B | -9.8B | -12.14B | -12.76B | -13.11B | -12.97B |
| Accumulated OCI | 0 | -1.79B | -2.46B | -2.4B | -3.06B | 2.1B | 4.9B | 3.33B | 607M | 2.73B | 1.92B | 1.42B | 3.1B | 1.85B | 3.71B | 2.6B | 973.3M |
| Treasury Stock | 0 | -1.01B | -754M | -56M | -39M | -80M | -1.02B | -460M | -4.98B | -3.83B | -2.8B | -2.3B | -807M | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Negative NII and provision volatility
Total assets grew 8.4% year-over-year to $1.6B in 2026Q2, but equity turned negative at -$1.2B, per reported figures, signaling a deteriorating balance sheet.
The reported asset growth from $161.6B in 2024Q1 to $173.4B in 2026Q1 appears driven by securities portfolio expansion, yet the sharp decline in equity to -$1.2B in 2026Q2 suggests a significant erosion of capital. This negative equity position, if sustained, may indicate that liabilities exceed assets, potentially straining the company's ability to absorb losses. Investors should monitor whether this reflects a one-time adjustment or a structural shift in the balance sheet.
Equity fell from $4.7B in 2026Q1 to -$1.2B in 2026Q2, with equity-to-assets ratio dropping to -0.76, based on financial statements, indicating a severe capital deficiency.
The reported equity-to-assets ratio of -0.76 in 2026Q2 is a dramatic deterioration from the stable 0.04 seen in prior quarters. This implies that the company's liabilities exceed its assets by a wide margin, which may breach regulatory capital requirements. The negative equity could stem from large unrealized losses or write-downs, but the data does not specify the cause. This warrants immediate investigation into the composition of liabilities and the adequacy of capital buffers.
Cash and bank balances dropped to $149M in 2026Q2 from $969M in 2026Q1, while investment securities totaled $104M, per reported data, suggesting a thin liquidity cushion.
The reported cash position of $149M is a sharp decline from the prior quarter's $969M, and investment securities of $104M are minimal relative to total assets. This suggests that the company may have limited liquid assets to meet short-term obligations, potentially increasing reliance on wholesale funding. However, the data does not disclose deposit flows or wholesale funding levels, so the full liquidity profile remains unclear. Investors should monitor the availability of contingent funding sources.
Net interest margin worsened to -2.1% in 2026Q2 from -0.0% in 2026Q1, as per reported figures, indicating that rising funding costs may be outpacing asset yields.
The reported NIM of -2.1% in 2026Q2 is a significant deterioration from the near-zero levels in prior quarters, suggesting that the cost of funding is exceeding the yield on interest-earning assets. This may reflect a duration mismatch or a shift in the asset mix, but the data does not provide details on deposit betas or asset duration. If this trend persists, it could further compress net interest income, which was already negative at -$33M in 2026Q2. Investors should assess the company's interest rate sensitivity and the potential for NIM to recover.
The reported negative equity of -$1.2B in 2026Q2, despite positive equity in all prior quarters, may indicate a significant unrecognized loss or accounting adjustment.
The sudden swing from $4.7B equity in 2026Q1 to -$1.2B in 2026Q2 is a red flag that warrants further investigation. While the data does not specify the cause, it could be related to unrealized losses in the securities portfolio, which totaled $146.6B in 2026Q1, or a change in accounting treatment. This negative equity position may impair the company's ability to raise capital or meet regulatory requirements. Investors should scrutinize the footnotes for any off-balance-sheet obligations or contingent liabilities that could explain this shift.
Quick answers to the most common questions about buying VOYA stock.
As of 2025, Voya Financial, Inc. (VOYA) had total assets of $178.86B including $11.94B in current assets.
Voya Financial, Inc. (VOYA) carries total debt of $2.10B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Voya Financial, Inc. (VOYA) has total shareholders' equity (book value) of $4.95B ($72.57 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Voya Financial, Inc. (VOYA) reported a current ratio of 20.38x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.