Latest Ratios: P/E Ratio 13.6x · EV/EBITDA 11.4x · ROE 10.0%. (2010–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.0B | $7.2B | $7.0B | $7.9B | $6.8B | $8.3B | $7.5B | $8.6B | $6.8B | $9.1B | $7.9B |
| Enterprise Value | $9.9B | $8.1B | $9.1B | $10.3B | $9.2B | $10.2B | $9.6B | $10.9B | $8.9B | $12.2B | $11.2B |
| P/E Ratio → | 13.62 | 11.79 | 11.16 | 13.49 | 14.30 | 4.01 | — | — | 8.86 | — | — |
| P/S Ratio | 1.59 | 0.98 | 0.90 | 1.13 | 1.18 | 2.08 | 1.00 | 1.18 | 0.98 | 1.31 | 0.95 |
| P/B Ratio | 1.36 | 1.03 | 1.16 | 1.31 | 1.36 | 0.85 | 0.67 | 0.85 | 0.75 | 0.83 | 0.57 |
| P/FCF | 5.38 | 5.61 | 7.66 | 4.85 | 5.01 | 379.17 | 5.50 | 6.56 | 3.61 | 5.76 | 2.15 |
| P/OCF | 6.97 | 5.61 | 7.66 | 4.85 | 5.01 | 379.17 | 5.50 | 6.56 | 3.61 | 5.76 | 2.15 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.10 | 1.17 | 1.45 | 1.61 | 2.56 | 1.29 | 1.50 | 1.28 | 1.75 | 1.34 |
| EV / EBITDA | 11.39 | 31.04 | 8.26 | 10.50 | 15.12 | 3.45 | 17.84 | 13.82 | 11.29 | 18.77 | 103.48 |
| EV / EBIT | 37.75 | 31.04 | 8.26 | 10.50 | 15.12 | 3.45 | 17.84 | 13.82 | 11.29 | 18.77 | 28.09 |
| EV / FCF | — | 6.29 | 9.95 | 6.26 | 6.83 | 465.67 | 7.05 | 8.29 | 4.74 | 7.70 | 3.04 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.7% | 52.7% | 50.0% | 52.3% | 51.7% | 183.7% | 40.3% | 43.0% | 44.1% | 41.1% | 31.3% |
| Operating Margin | 3.5% | 3.5% | 10.3% | 9.6% | 7.4% | 69.3% | 4.7% | 7.9% | 7.6% | 5.5% | 0.1% |
| Net Profit Margin | 8.9% | 8.9% | 8.6% | 8.9% | 8.9% | 52.8% | -2.8% | -5.0% | 11.0% | -43.0% | -3.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.0% | 10.0% | 11.1% | 11.3% | 6.9% | 20.1% | -1.9% | -3.8% | 7.6% | -23.9% | -2.2% |
| ROA | 0.4% | 0.4% | 0.4% | 0.4% | 0.3% | 1.2% | -0.1% | -0.2% | 0.4% | -1.4% | -0.2% |
| ROIC | 2.1% | 2.1% | 6.3% | 5.7% | 2.9% | 14.7% | 1.8% | 3.3% | 2.8% | 1.6% | 0.0% |
| ROCE | 0.2% | 0.2% | 0.5% | 0.4% | 0.3% | 1.6% | 0.2% | 0.4% | 0.3% | 0.2% | 0.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.30 | 0.30 | 0.60 | 0.57 | 0.69 | 0.35 | 0.34 | 0.35 | 0.41 | 0.41 | 0.39 |
| Debt / EBITDA | 8.06 | 8.06 | 3.28 | 3.51 | 5.68 | 1.17 | 7.12 | 4.47 | 4.68 | 6.94 | 50.80 |
| Net Debt / Equity | — | 0.12 | 0.35 | 0.38 | 0.49 | 0.19 | 0.19 | 0.22 | 0.23 | 0.28 | 0.24 |
| Net Debt / EBITDA | 3.36 | 3.36 | 1.90 | 2.37 | 4.03 | 0.64 | 3.91 | 2.89 | 2.69 | 4.73 | 30.28 |
| Debt / FCF | — | 0.68 | 2.29 | 1.41 | 1.82 | 86.50 | 1.55 | 1.73 | 1.13 | 1.94 | 0.89 |
| Interest Coverage | 2.23 | 2.23 | 3.67 | 3.28 | 3.34 | 13.26 | 2.89 | 3.71 | 2.97 | 2.46 | 1.03 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 20.38 | 20.38 | 92.68 | 38688.00 | 289.60 | 49004.00 | 48960.00 | 44712.00 | 37.51 | 6.12 | 50.02 |
| Quick Ratio | 20.38 | 20.38 | 92.68 | 38688.00 | 289.60 | 49004.00 | 48960.00 | 44712.00 | 37.51 | 6.12 | 50.02 |
| Cash Ratio | 2.10 | 2.10 | 3.79 | 1118.00 | 7.14 | 1573.00 | 1723.00 | 1249.00 | 38.24 | 1.90 | 53.20 |
| Asset Turnover | — | 0.04 | 0.05 | 0.04 | 0.04 | 0.02 | 0.04 | 0.04 | 0.04 | 0.03 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.9% | 2.5% | 2.4% | 1.6% | 1.2% | 1.0% | 1.0% | 0.5% | 0.1% | 0.1% | 0.1% |
| Payout Ratio | 27.2% | 27.2% | 25.2% | 20.3% | 16.3% | 3.8% | — | — | 0.8% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.3% | 8.5% | 9.0% | 7.4% | 7.0% | 24.9% | — | — | 11.3% | — | — |
| FCF Yield | 18.6% | 17.8% | 13.1% | 20.6% | 20.0% | 0.3% | 18.2% | 15.2% | 27.7% | 17.4% | 46.4% |
| Buyback Yield | 2.2% | 2.8% | 9.2% | 4.6% | 11.1% | 13.3% | 6.9% | 13.2% | 15.2% | 10.1% | 8.6% |
| Total Shareholder Yield | 4.1% | 5.2% | 11.6% | 6.2% | 12.3% | 14.3% | 7.9% | 13.7% | 15.3% | 10.2% | 8.7% |
| Shares Outstanding | — | $97M | $101M | $109M | $110M | $126M | $127M | $141M | $168M | $184M | $203M |
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying VOYA stock.
Voya Financial, Inc.'s current P/E ratio is 13.6x. The historical average is 11.5x. This places it at the 67th percentile of its historical range.
Voya Financial, Inc.'s current EV/EBITDA is 11.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
Voya Financial, Inc.'s return on equity (ROE) is 10.0%. The historical average is 3.5%.
Based on historical data, Voya Financial, Inc. is trading at a P/E of 13.6x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Voya Financial, Inc.'s current dividend yield is 1.85% with a payout ratio of 27.2%.
Voya Financial, Inc. has 52.7% gross margin and 3.5% operating margin.
Voya Financial, Inc.'s Debt/EBITDA ratio is 8.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Fee revenue compression and earnings quality
Metrics are mathematically derived from official filings.
Discount to Book Reflects Earnings Doubt
Based on Voya's reported figures, the stock trades at 1.36 times book and 13.6 times trailing earnings, a level that suggests the market is pricing in persistent return pressure rather than a premium fee franchise. The 10.9 forward P/E points to expected earnings improvement that has yet to be visible in the reported quarters.
The P/B of 1.36 sits well below Principal Financial's 2.02, indicating the market assigns Voya a lower multiple for its book value than its closest retirement-services peer despite similar operating scope. Tangible book value per share has been volatile, including a negative reading in 2025Q4, which means the tangible-based multiples carry less reliability than the headline P/B. Investors should monitor whether the forward P/E compression reflects genuine margin recovery or merely a lower consensus base.
Thin Margins Limit ROE Quality
Voya's ROE has ranged from 1.4% to 4.0% over recent quarters, well below the 15.8% reported by Principal Financial, with the 2026Q3 reading flattered by a single period. Based on Voya's reported figures, ROA sits near 0.1%, indicating a leverage-driven return profile rather than asset productivity.
Because equity is only about 2% to 4% of total assets, the ROE figure is mechanically amplified by leverage, so the modest ROA is the more honest measure of earning power. The fee share above 100% of revenue reflects a fee-based model in which net interest contribution is negligible, which limits the DuPont NIM channel to near zero. The gap between operating margin of 3.5% and net margin of 8.9% suggests that below-the-line items contribute materially to reported profit, warranting reconciliation before treating current ROE as sustainable.
Efficiency Ratio Swings Signal Cost Volatility
As reported in financial statements, Voya's efficiency ratio moved from roughly 39% in 2024 to near 100% in 2026Q2, while the NIM remains effectively zero, reflecting a non-spread business model. This volatility suggests that cost absorption depends heavily on the timing of revenue and expense recognition.
An efficiency ratio near 100% in 2026Q2 implies nearly all revenue was consumed by operating costs, whereas the 39% to 41% readings in 2024 indicate substantially stronger cost control. Because NIM is not a meaningful lever for Voya, the efficiency ratio and fee-to-cost spread are the relevant operating-leverage indicators. Investors should treat single-quarter efficiency readings with caution given the irregularity in reported provisions and charges.
Thin Equity Base Constrains Capital Flexibility
Based on Voya's reported figures, equity of roughly $3.8B against $173.5B in total liabilities implies an equity-to-assets ratio near 2% in 2026Q3, leaving a narrow buffer. Regulatory capital ratios such as CET1 are not supplied in the dataset, so adequacy cannot be confirmed against minimums.
The equity-to-assets ratio of roughly 0.03 to 0.04 across the ten quarters indicates limited absorptive capacity for asset impairments or credit losses. Buybacks resumed at $100M to $150M per quarter in 2026, which may draw on a thin capital cushion and warrants monitoring against statutory requirements. Without disclosed CET1 or Tier 1 figures, any conclusion about capacity for further capital return remains inferential.
Lagging Returns Versus Retirement Peers
Voya's ROE of roughly 4% trails Principal Financial's 15.8% and Lincoln's 31.6%, while its P/B of 1.36 sits between Lincoln's 0.68 and Principal's 2.02. Based on peer data, Voya's valuation appears to reflect its lower return profile rather than a mispricing.
The return gap versus Principal is structural to the extent Voya carries heavier provision volatility and a broader insurance balance sheet, though the cyclical component of 2025 provision releases is difficult to separate from the structural component. Voya's net margin of 8.9% sits above Principal's 7.6%, suggesting its earnings per dollar of revenue are comparable or better, with ROE weakness driven more by the thin equity base than by margin. The peer comparison therefore points to capital structure as a key differentiator.
P/B Misleads for Thinly Capitalized Insurers
The most commonly misapplied metric here is P/B, since with equity near 2% of assets, small changes in book value produce large swings in the multiple. Tangible book value per share, which was negative in 2025Q4, is a more informative anchor for valuation in this context.
P/B obscures the fact that a 1.36 multiple on a book base this thin can shift sharply with modest asset impairments or unrealized investment losses that do not appear in earnings. Price-to-tangible-book or price-to-normalized-earnings, adjusted for provision volatility and AOCI effects, would better capture economic value. Investors should treat the apparent discount to book as contingent on the durability of the equity base rather than as evidence of undervaluation.