Latest Ratios: P/E Ratio 15.3x · EV/EBITDA 37.6x · 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 | $8.9B | $7.2B | $7.0B | $7.9B | $6.8B | $8.3B | $7.5B | $8.6B | $6.8B | $9.1B | $7.9B |
| Enterprise Value | $9.8B | $8.1B | $9.1B | $10.3B | $9.2B | $10.2B | $9.6B | $10.9B | $8.9B | $12.2B | $11.2B |
| P/E Ratio → | 15.25 | 11.79 | 11.16 | 13.49 | 14.30 | 4.01 | 20.28 | 11.23 | 8.86 | — | — |
| P/S Ratio | 1.19 | 0.96 | 0.87 | 1.08 | 1.14 | 1.97 | 0.98 | 1.15 | 0.94 | 1.26 | 0.90 |
| P/B Ratio | 1.33 | 1.03 | 1.16 | 1.31 | 1.36 | 0.85 | 0.67 | 0.85 | 0.75 | 0.83 | 0.57 |
| P/FCF | 6.94 | 5.61 | 7.66 | 4.85 | 5.01 | 379.17 | 5.50 | 6.56 | 3.61 | 5.76 | 2.15 |
| P/OCF | 6.94 | 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 | — | 1.08 | 1.13 | 1.39 | 1.56 | 2.42 | 1.25 | 1.45 | 1.24 | 1.68 | 1.28 |
| EV / EBITDA | 37.62 | 31.04 | 8.26 | 10.50 | 15.12 | 3.45 | 17.84 | 13.82 | 11.29 | 18.77 | 103.48 |
| EV / EBIT | 37.62 | 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 | 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% |
| 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 | 0.05 | 0.04 | 0.02 | 0.04 | 0.04 | 0.05 | 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% | — | — | — | — | — | — | — | — | — | — |
| 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 | 6.6% | 8.5% | 9.0% | 7.4% | 7.0% | 24.9% | 4.9% | 8.9% | 11.3% | — | — |
| FCF Yield | 14.4% | 17.8% | 13.1% | 20.6% | 20.0% | 0.3% | 18.2% | 15.2% | 27.7% | 17.4% | 46.4% |
| Buyback Yield | 2.2% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 4.1% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $97M | $101M | $109M | $110M | $126M | $127M | $141M | $168M | $184M | $203M |
Fee-based revenue volatility
Based on current market data, Voya trades at a TTM P/E of 14.42, which appears to discount the firm's pivot toward capital-light services while simultaneously pricing in the persistent volatility of its fee-based revenue streams relative to traditional insurance peers like Principal Financial Group.
The forward P/E of 9.55 suggests that the market anticipates earnings expansion, yet the significant spread between current and forward multiples indicates skepticism regarding the sustainability of recent margin improvements. Investors should monitor whether the current valuation gap versus peers like PFG is a structural mispricing or a rational reflection of Voya's lower historical return on capital.
As reported in recent financial statements, Voya's ROIC has struggled to break above 2.3% in any of the last ten quarters, a performance that lags significantly behind the double-digit returns typically generated by more mature, capital-efficient financial services conglomerates.
The persistent low ROIC suggests that the company's transition to a fee-based model has yet to yield the expected compounding effect on invested capital. This warrants further investigation into whether the firm's heavy reinvestment in technology and platform integration is creating a long-term moat or merely masking an inability to generate superior returns on its asset base.
According to quarterly filings, Voya's DSO remains elevated, consistently exceeding 500 days, which suggests that the firm's revenue recognition and collection processes are heavily influenced by institutional contract structures rather than standard operational efficiency metrics observed in the broader financial services sector.
The lack of clear DIO and DPO data makes it difficult to calculate a meaningful cash conversion cycle, implying that the firm's working capital management is highly specialized. Analysts should be cautious in interpreting these turnover figures, as they likely reflect the unique nature of retirement plan administration rather than operational sluggishness.
Based on the provided financial data, Voya's current ratio has exhibited extreme, non-linear variance, swinging from over 38,000 in 2025Q1 to approximately 41 in 2026Q1, which indicates that headline liquidity figures are likely distorted by temporary institutional cash holdings or specific regulatory accounting mandates.
This extreme fluctuation suggests that traditional liquidity analysis is insufficient for assessing Voya's ability to meet short-term obligations. Investors should focus on the stability of the firm's core operating cash flows rather than the headline current ratio, which appears to be a poor proxy for actual corporate liquidity.
The most commonly misapplied metric for Voya is the Price-to-Book ratio, which obscures the firm's successful transition away from capital-intensive insurance liabilities toward a fee-based, service-oriented model that generates value through recurring administrative fees rather than balance sheet spread income.
Valuing Voya primarily on P/B ignores the 'sticky' nature of its Wealth Solutions platform and the high-margin potential of its Health Solutions segment. A more appropriate framework would prioritize EV/EBITDA or P/E multiples that account for the firm's growth in assets under administration, rather than its historical book value.
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 15.3x. The historical average is 12.3x. This places it at the 82th percentile of its historical range.
Voya Financial, Inc.'s current EV/EBITDA is 37.6x. 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 15.3x. This is at the 82th 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 1.90% with a payout ratio of 27.2%.
Voya Financial, Inc. has 51.8% 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.