VOYAVoya Financial, Inc.
Life Insurance
- Revenue
- $2.3B
- 4.9% YoY
- Operating margin
- 46.0%
- 14% YoY
- EBITDA
- $1.0B
- 19% YoY
- Market cap
- $8.9B
- Employees
- 11,000
- $205K revenue each
- Net debt / EBITDA
- 1.1×
- $1.1B net debt
- AI in 10-K
- 1.0
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$13M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo197% of net incomeCash flow under 80% of net income
- Dilutive SBCNo3% of revenueOver 10% of revenue
- Payouts exceed cash flowNo29% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$205K · 14th pctBottom quartile of its SIC industry
- Quiet on AINo1.0 per 10K words · 33rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$8.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$7M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $2.0B | $1.7B | $1.9B | $2.1B | $2.3B | 4.9% |
| Operating income | — | — | $916M | $870M | $1.0B | 19% |
| Net income | $2.4B | $510M | $625M | $667M | $654M | 1.9% |
| Operating cash flow | $22M | $1.4B | $1.6B | $1.3B | $1.3B | 4.2% |
| Stock-based comp | $88M | $90M | $126M | $96M | $72M | 25% |
| Buybacks | $1.1B | $750M | $369M | $640M | $200M | 69% |
| Dividends | $36M | $83M | $127M | $171M | $178M | 4.1% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $7M · 9
- Net
- −$7M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $13M | $13M | 138 | 203 |
| FY2024 | — | — | 125 | 177 |
| FY2023 | — | — | 129 | 135 |
| FY2022 | — | — | 107 | 121 |
| FY2021 | — | — | 114 | 135 |