Voya Financial, Inc. (VOYA) Financial Ratios
16 years of historical data (2010–2025) · Financial Services · Financial - Conglomerates
EV/EBITDA
↑
35.41
↑+159% vs avg
5yr avg: 13.67
30Y Low3.4·High31.0
P/FCF
↓
6.50
↓-92% vs avg
5yr avg: 80.46
30Y Low2.2·High7.7
P/B Ratio
↑
1.24
+9% vs avg
5yr avg: 1.14
30Y Low0.5·High1.4
ROE
↓
10.0%
-16% vs avg
5yr avg: 11.9%
30Y Low-24%·High20%
Debt/EBITDA
↑
8.06
↑+86% vs avg
5yr avg: 4.34
30Y Low1.2·High18.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
VOYA Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Voya Financial, Inc. trades at 14.3x earnings, 30% above its 5-year average of 10.9x, sitting at the 64th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a premium of 5%. On a free-cash-flow basis, the stock trades at 6.5x P/FCF, 92% below the 5-year average of 80.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.4B | $7.2B | $7.0B | $7.9B | $6.8B | $8.3B | $7.5B | $8.6B | $6.8B | $9.1B | $7.9B |
| Enterprise Value | $9.2B | $8.1B | $9.1B | $10.3B | $9.2B | $10.2B | $9.6B | $10.9B | $8.9B | $12.2B | $11.2B |
| P/E Ratio → | 14.27 | 11.79 | 11.16 | 13.49 | 14.30 | 4.01 | 20.28 | 11.23 | 8.86 | — | — |
| P/S Ratio | 1.12 | 0.96 | 0.87 | 1.08 | 1.14 | 1.97 | 0.98 | 1.15 | 0.94 | 1.26 | 0.90 |
| P/B Ratio | 1.24 | 1.03 | 1.16 | 1.31 | 1.36 | 0.85 | 0.67 | 0.85 | 0.75 | 0.83 | 0.57 |
| P/FCF | 6.50 | 5.61 | 7.66 | 4.85 | 5.01 | 379.17 | 5.50 | 6.56 | 3.61 | 5.76 | 2.15 |
| P/OCF | 6.50 | 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
VOYA EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Voya Financial, Inc.'s enterprise value stands at 35.4x EBITDA, 159% above its 5-year average of 13.7x. The Financial Services sector median is 11.4x, placing the stock at a 211% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.08 | 1.13 | 1.39 | 1.56 | 2.42 | 1.25 | 1.45 | 1.24 | 1.68 | 1.28 |
| EV / EBITDA | 35.41 | 31.04 | 8.26 | 10.50 | 15.12 | 3.45 | 17.84 | 13.82 | 11.29 | 18.77 | 103.48 |
| EV / EBIT | 35.41 | 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 |
VOYA Profitability
Margins and return-on-capital ratios measuring operating efficiency
Voya Financial, Inc. earns an operating margin of 3.5%, below the Financial Services sector average of 20.3%. Operating margins have compressed from 9.2% to 3.5% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 10.0% is modest. ROIC of 2.1% represents below-average returns on invested capital versus a sector median of 5.5%.
Margins
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 | 51.8% | 51.8% | 48.2% | 50.2% | 50.1% | 174.0% | 39.3% | 41.8% | 42.5% | 39.6% | 29.9% |
| Operating Margin | 3.5% | 3.5% | 9.9% | 9.2% | 7.2% | 65.7% | 4.6% | 7.7% | 7.3% | 5.3% | 0.1% |
| Net Profit Margin | 8.7% | 8.7% | 8.3% | 8.5% | 8.6% | 50.0% | -2.7% | -4.8% | 10.6% | -41.4% | -3.7% |
Return on Capital
| 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% |
VOYA Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Voya Financial, Inc. carries a Debt/EBITDA ratio of 8.1x, which is highly leveraged (89% above the sector average of 4.3x). Net debt stands at $876M ($2.1B total debt minus $1.2B cash). Interest coverage of just 2.2x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 |
VOYA Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Voya Financial, Inc.'s current ratio of 20.38x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 38688.00x to 20.38x over the past 3 years.
| 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 | 0.05 | 0.04 | 0.02 | 0.04 | 0.04 | 0.05 | 0.03 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
VOYA Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Voya Financial, Inc. returns 4.4% to shareholders annually — split between a 2.0% dividend yield and 2.4% buyback yield. The payout ratio of 27.2% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 7.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 2.0% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 27.2% | 27.2% | 25.2% | 20.3% | 16.3% | 3.8% | — | — | 0.8% | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.0% | 8.5% | 9.0% | 7.4% | 7.0% | 24.9% | 4.9% | 8.9% | 11.3% | — | — |
| FCF Yield | 15.4% | 17.8% | 13.1% | 20.6% | 20.0% | 0.3% | 18.2% | 15.2% | 27.7% | 17.4% | 46.4% |
| Buyback Yield | 2.4% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 4.4% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $97M | $101M | $109M | $110M | $126M | $127M | $141M | $168M | $184M | $203M |
Peer Comparison
Compare VOYA with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 VOYAYou | $8B | 14.3 | 35.4 | 6.5 | 51.8% | 3.5% | 10.0% | 2.1% | 8.1 |
 PFG | $24B | 20.9 | 14.1 | 5.3 | 45.2% | 9.1% | 9.9% | 9.0% | 2.5 |
 LNC | $7B | 6.4 | 2.6 | — | 57.3% | 7.3% | 12.3% | 12.0% | 4.1 |
 RGA | $14B | 11.9 | 9.7 | 3.4 | 25.4% | 6.8% | 9.7% | 8.3% | 3.6 |
 BHF | $4B | 10.9 | 2.2 | — | 70.9% | 7.6% | 7.3% | 9.2% | 5.0 |
 EQH | $13B | -9.4 | — | 18.8 | 79.1% | -10.2% | -51.5% | — | — |
 PRU | $37B | 10.4 | 8.2 | 5.9 | 42.0% | 7.9% | 10.9% | 10.0% | 4.7 |
 MET | $56B | 17.8 | 9.4 | 3.1 | 36.4% | 6.0% | 11.9% | 13.1% | 3.5 |
 AFL | $59B | 16.9 | 11.2 | 23.3 | 38.9% | 26.6% | 13.1% | 11.8% | 1.5 |
 CNO | $5B | 21.6 | 15.0 | 7.1 | 44.8% | 6.5% | 8.9% | 4.0% | 7.7 |
 FG | $4B | 14.6 | 4.5 | 0.8 | 30.8% | 5.6% | 5.9% | 5.0% | 2.3 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 16 years · Updated daily
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VOYA — Frequently Asked Questions
Quick answers to the most common questions about buying VOYA stock.
What is Voya Financial, Inc.'s P/E ratio?
Voya Financial, Inc.'s current P/E ratio is 14.3x. The historical average is 12.3x. This places it at the 64th percentile of its historical range.
What is Voya Financial, Inc.'s EV/EBITDA?
Voya Financial, Inc.'s current EV/EBITDA is 35.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
What is Voya Financial, Inc.'s ROE?
Voya Financial, Inc.'s return on equity (ROE) is 10.0%. The historical average is 3.5%.
Is VOYA stock overvalued?
Based on historical data, Voya Financial, Inc. is trading at a P/E of 14.3x. This is at the 64th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Voya Financial, Inc.'s dividend yield?
Voya Financial, Inc.'s current dividend yield is 2.03% with a payout ratio of 27.2%.
What are Voya Financial, Inc.'s profit margins?
Voya Financial, Inc. has 51.8% gross margin and 3.5% operating margin.
How much debt does Voya Financial, Inc. have?
Voya Financial, Inc.'s Debt/EBITDA ratio is 8.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.