RBC Capital Liked What It Saw in Voya Financial's (VOYA) Q4

Voya Financial Inc. (NYSE:VOYA) is one of the 13 Deep Value Stocks to Buy Right Now.

RBC Capital analyst Mark Dwelle, on February 9, slightly increased his target price on Voya Financial by 2.4% to $87 (from $85) and retained his Outperform call on the stock. He liked what he saw in Voya’s Q4 2025 results, which were released on February 4 and headlined by a 54% YoY increase in adjusted operating earnings and 39% YoY increase in adjusted operating EPS, prompting the change in target price. More specifically, Mark identified solid organic growth in investment management, momentum in the retirement segment, and excess capital generation as key takeaways from the earnings briefing.

Voya organically grew its investment assets under management by 5% YoY in 2025, as the company scaled its private asset strategies across distribution channels, maintained strong momentum in the insurance asset management channel, and expanded its US intermediary product offering. Defined contribution (retirement) assets under management, meanwhile, grew at an even faster pace of 32.6%, primarily due to the company’s acquisition of OneAmerica last January 2025. Combined, Voya’s total assets under management now exceed $1 trillion.

This volume-driven earnings growth has enabled Voya to generate significant excess cash, which ensures that the company has a healthy balance sheet to fund future growth.

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Voya Financial Inc. (NYSE:VOYA) provides retirement, investment, and insurance services through its Wealth Solutions, Health Solutions, and Investment Management segments. The company is based in New York, New York, and was founded in April 1999.

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