Voya Financial, Inc. (VOYA) intrinsic value & 10-year financials
Voya Financial, Inc. (VOYA) has a Graham intrinsic value of $76.08 per share. At $94.01 on Oct 17, 2026, the stock trades 24% above that value. Over the last 10 fiscal years revenue shrank 1.0% a year to $2.3B, with an average return on invested capital of 5.7%.
- Graham intrinsic value
- $76.08
- Share price (Oct 17, 2026)
- $94.01
- Price vs Graham value
- 24% above
- Market cap
- $9.2B
- Revenue (FY2025)
- $2.3B
- Revenue growth (10-yr CAGR)
- -1.0%
- ROIC (10-yr avg)
- 5.7%
- Free cash flow (FY2025)
- —
VOYA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.3B | $654.0M | $6.29 | — | 46.0% | 16.7% |
| FY2024 | $2.1B | $667.0M | $6.17 | — | 40.5% | 15.8% |
| FY2023 | $1.9B | $625.0M | $5.42 | — | 47.2% | 16.9% |
| FY2022 | $1.7B | $510.0M | $4.30 | — | — | 6.7% |
| FY2021 | $1.6B | $2.1B | $16.61 | — | — | 20.2% |
| FY2020 | $1.4B | -$206.0M | -$1.84 | — | — | -1.8% |
| FY2019 | $1.4B | -$351.0M | -$2.58 | — | — | -3.3% |
| FY2018 | $1.4B | $875.0M | $5.20 | — | — | 7.9% |
| FY2017 | $2.6B | -$3.0B | -$16.25 | — | — | -23.1% |
| FY2016 | $2.5B | -$428.0M | -$1.61 | $3.5B | 4.6% | 0.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Voya Financial, Inc. is facing top-line stagnation, with revenue contracting over the decade.
Voya Financial, Inc. has historically struggled to out-earn its cost of capital, averaging just 5.6% ROIC.
Over the decade, Voya Financial, Inc. shows that management has aggressively returned capital to shareholders by retiring 51.5% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Voya Financial, Inc. is modeled at 2.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $76.08 per share.