Voya Financial (VOYA) is back in focus after first quarter 2026 results topped analyst expectations, with revenue of US$2,031 million and net income of US$182 million, while an activist shareholder pushes for possible business changes.

At a share price of US$79.69, Voya Financial has seen a strong 30 day share price return of 17.54%, while its 1 year total shareholder return of 22.29% points to momentum that has been building rather than fading, helped by the earnings beat, dividend affirmations and fresh attention from an activist investor.

If this mix of earnings surprises and shareholder pressure has your attention, it could be a useful moment to see how other financial stocks are setting up and broaden your search with 18 top founder-led companies

With the stock up sharply over the past month and Voya trading at roughly a 9% discount to analyst price targets despite an earnings beat and activist pressure, the key question is whether there is still value here or if the market is already pricing in future growth.

Most Popular Narrative: 7.3% Undervalued

With Voya Financial last closing at $79.69 against a narrative fair value of $86, the current setup frames the recent earnings beat and activist interest against a model that still sees upside.

The rapidly growing and aging U.S. population is increasing demand for workplace retirement plans, asset management, and annuity products. Voya has surpassed $1 trillion in assets and nearly 10 million participant accounts in retirement, with strong organic net flows and new client wins, suggesting continued topline (revenue) growth and expanding assets under management.

Want to understand why this fair value sits above today’s price? The narrative leans on steadier revenue, rising margins, and a different earnings multiple than many investors might expect.

Analysts feeding into this widely followed narrative apply an 8.4% discount rate and assume relatively flat revenue over the next few years, but with profitability improving and share count trending lower through buybacks. Those ingredients flow into an earnings forecast and a future P/E that together support an $86 fair value, compared with the current $79.69 share price.

Result: Fair Value of $86 (UNDERVALUED)

However, there are clear pressure points to watch, including fee compression in retirement and asset management, and medical cost volatility that could squeeze benefits margins and unsettle earnings expectations.

Next Steps

With mixed signals on value, earnings quality and activist pressure in play, it makes sense to look at the underlying data yourself and move promptly. To weigh both the potential upsides and the concerns being flagged, start by reviewing the 5 key rewards and 1 important warning sign

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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.