The company maintains a conservative capital structure with a debt-to-equity ratio of 0.37 as of 2026Q1, though total assets remain sensitive to market-driven valuations.
| 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 | 58.05B | 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 | 969M | 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 | 146.59B | 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 % | 469.08% | -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 | 213.8B | 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 | 10.61B | 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 | 15.17B | 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 | 11.58B | 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 | 161.85B | 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 | 173.43B | 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 % | 28.13% | 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) | 0.39% | 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 | 2.5B | 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 | 1.53B | 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 | 1.91B | 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 | 587M | 586M | 399M | 1M | 141M | 1M | 1M | 1M | 1M | 337M | 0 | 0 | 0 | 0 | 1.06B | 1.05B | 5.46B |
| Other Liabilities | 164.81B | 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 | 281M | 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 | 166.73B | 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 | 166.73B | 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 | 6.71B | 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 % | 41.87% | 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) | 3.87% | 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) | 10.12% | 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 | 69.13 | 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 | 68.16 | -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 | 1M | 1M | 1M | 1M | 1M | 1M | 2M | 2M | 3M | 3M | 3M | 2.7M | 2.6M | 2.6M | 2.3M | 0 | 0 |
| Additional Paid-in Capital | 6.39B | 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 | 1.51B | 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 | -2.06B | -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 | -1.19B | -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 |
Liquidity and cash volatility
As reported in recent financial filings, Voya's total assets fluctuated from $163.9 billion in 2025Q1 to $173.4 billion in 2026Q1, reflecting a balance sheet trajectory that appears sensitive to market-driven asset valuations rather than consistent organic growth in the firm's core retirement and benefits administration segments.
The oscillation in total assets suggests that Voya's balance sheet remains heavily influenced by external market factors rather than internal capital accumulation. Investors should monitor whether this volatility reflects underlying instability in the investment portfolio or merely the accounting treatment of assets under management.
Based on quarterly data, Voya's current ratio experienced a dramatic contraction from 38,281.00 in 2025Q1 to 41.20 in 2026Q1, indicating that the firm's short-term liquidity position is subject to significant, non-linear shifts that complicate traditional assessments of its ability to meet immediate obligations.
The extreme swings in the current ratio suggest that the company's working capital management is highly irregular, potentially due to the timing of large-scale institutional cash movements. This lack of consistency warrants further investigation into whether these liquidity fluctuations represent operational risks or standard industry accounting practices.
According to the latest balance sheet disclosures, Voya maintained a debt-to-equity ratio of 0.37 in 2026Q1, which, as noted in historical filings, reflects a conservative leverage profile that appears consistent with the firm's ongoing transition toward a capital-light, fee-based business model.
The relatively low debt-to-equity ratio suggests that management is prioritizing balance sheet flexibility over aggressive financial engineering. This conservative stance may provide a buffer against market volatility, though it also raises questions about whether the firm is effectively utilizing its capital base to drive long-term growth.
As indicated by recent financial statements, Voya's retained earnings have steadily increased from $505 million in 2023Q4 to $1.5 billion in 2026Q1, suggesting that the firm is successfully reinvesting profits into the business despite the broader volatility observed in its total asset and liquidity positions.
The consistent accumulation of retained earnings appears to be a positive indicator of internal capital generation and long-term value creation. However, investors should evaluate whether this growth is sufficient to offset the potential dilution from ongoing share repurchase programs and stock-based compensation.
Based on reported figures, Voya's cash position plummeted from $27.1 billion in 2025Q1 to $969 million in 2026Q1, a massive reduction that suggests the headline liquidity numbers may be significantly distorted by temporary cash holdings or specific institutional client mandates that do not reflect true corporate liquidity.
The sharp decline in cash reserves highlights a potential risk where headline figures may mislead analysts regarding the firm's actual available capital. This discrepancy necessitates a deeper look into the nature of these cash holdings to determine if they are truly accessible for corporate purposes or restricted by client agreements.
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.