Voya Financial (VOYA) has wrapped up FY 2025 with fourth quarter revenue of US$2.1b and basic EPS of US$1.43, while net income excluding extra items came in at US$136m. The company has seen quarterly revenue move from US$2.0b and EPS of US$0.97 in Q4 2024 to US$2.1b and EPS of US$1.43 in Q4 2025. The trailing twelve months show revenue of US$8.2b, net income of US$613m and basic EPS of US$6.40, setting the backdrop for how investors judge the resilience of margins in this latest print.

See our full analysis for Voya Financial.

With the headline numbers on the table, the next step is to weigh these results against the most common market narratives around Voya Financial's growth, profitability and risk profile to see which stories hold up and which need a reset.

EPS Holds Above US$1.40 As Margins Drift

• Across FY 2025, quarterly basic EPS stayed between US$1.43 and US$1.84 while the trailing net profit margin for the year sits at 7.5%, slightly below 7.8% the prior year.
• Consensus narrative talks up margin expansion over time, yet the step down from 7.8% to 7.5% and trailing twelve month net income of US$613 million show a business that still needs to prove that higher profitability is durable, not just a short stretch of stronger quarters.
  • In contrast, the move from basic EPS of US$0.97 in Q4 2024 to US$1.43 in Q4 2025 and trailing EPS of US$6.40 gives some support to the idea that earnings quality is currently high.
  • At the same time, the five year earnings trend showing about a 19.9% annual decline is a clear check on the more bullish claims that margin gains will automatically stick.

Revenue Growth Stays Modest At 1.2%

• Revenue for FY 2025 quarters sat between US$1.97 billion and US$2.13 billion and is forecast to grow about 1.2% per year, which is well below the 11.2% forecast for the wider US market.
• Bears highlight fee compression and competition in retirement and asset management, and that concern lines up with the modest top line trajectory where trailing twelve month revenue of US$8.2 billion is only slightly above the US$8.1 billion level a year earlier.
  • The consensus view that Voya can rely on digital transformation and bundled benefits to support revenue stands in contrast to this, as the forecast 1.2% growth rate suggests any gains may be gradual rather than rapid.
  • Critics also point to medical cost volatility and acquisition execution risk, and the relatively flat revenue range across recent quarters gives them concrete numbers to point to when questioning how much pricing power Voya really has.

On the revenue side, if you want to see how other companies with steadier top line profiles look, it can help to compare against a wider peer group using a screener focused on balance sheet strength and fundamentals such as the solid balance sheet and fundamentals stocks screener (46 results).

P/E Of 12.5x And 2.26% Yield Versus Weak 5 Year Trend

• At a share price of US$83.11, Voya trades on a P/E of 12.5x, below peer and industry averages of 15.2x and 17.7x, while offering a 2.26% dividend yield and sitting about 42.9% below the DCF fair value of US$145.67.
• What stands out for the bullish camp is the mix of value and growth claims and the tension versus history, because earnings are forecast to grow 13.6% per year from a trailing base of US$613 million even though they have declined around 19.9% per year over the last five years.
  • Supporters of the bullish view can point to high assessed earnings quality, the 2.26% dividend and lower P/E ratios as reasons the current US$83.11 price could be undemanding if forecasts are met.
  • In contrast, the high debt load and the weaker five year earnings path give bears clear, data backed reasons to question whether the discount to DCF fair value and to the US$86.00 analyst target fully compensates for balance sheet and execution risks.

Skeptical or optimistic, if you are weighing those valuation signals against the long term story, it can help to see how detailed bull arguments line up with the same figures used here, which are broken out in more depth in the 🐂 Voya Financial Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Voya Financial on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With mixed signals on growth, margins and valuation, the key question is how you weigh the trade off between the concerns and the upside. To stress test your own thesis against both sides of the story, start by reviewing the 4 key rewards and 1 important warning sign.

See What Else Is Out There

Voya's modest 1.2% revenue growth outlook, softer net margins and weaker five year earnings trend leave questions around consistency and downside protection for shareholders.

If that mix of slow growth and earnings pressure makes you cautious, compare it with companies screened as having steadier fundamentals and lower risk using the 74 resilient stocks with low risk scores.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.