Is Voya Financial (VOYA) Cheap Following TOMS Capital’s Board Challenge?

Activist challenge puts Voya Financial in the spotlight

TOMS Capital’s move to seek a shareholder vote of no confidence in Voya Financial (VOYA) directors and executives at the 2026 annual meeting places corporate governance at the center of the investment story.

Recent trading shows some hesitation, with the share price down 0.26% over one day and 0.91% across the week. Even so, Voya Financial still carries a 36.43% year to date share price return and a 37.02% one year total shareholder return that suggests momentum has been building ahead of this activist challenge.

Compare how Voya Financial’s activist scrutiny stacks up against other companies facing governance pressure by scanning our curated list of 11 resilient stocks with low risk scores.

Voya Financial now trades near its recent highs after a strong run and a fresh activist push. Is it better to commit at this level, or to wait for a cheaper entry before the thesis plays out?

Most Popular Narrative: 3% Undervalued

Voya Financial closed at $103.14, while the most followed narrative pegs fair value around $105.83. This places the activist noise against a backdrop of modest implied upside built on earnings, margin and capital return assumptions.

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.

See why 3 investors see Voya Financial as 3% undervalued.

Result: Fair Value of $105.83 (UNDERVALUED)

Still, the Voya Financial narrative can be knocked off course if fee compression bites into its retirement and asset management economics, or if acquisition integration setbacks weigh on earnings consistency.

Find out about the key risks to this Voya Financial narrative.

Another View on Voya Financial’s valuation

The first narrative frames Voya Financial as modestly undervalued around $105.83, yet the SWS DCF model points to a future cash flow value closer to $101.59. From that perspective, the recent $103.14 price looks slightly rich instead of cheap. Which story do you trust more when real cash flows do the talking?

Look into how the SWS DCF model arrives at its fair value.

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Voya Financial for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 35 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.

Next Steps

Mixed signals around Voya Financial can feel noisy, so act quickly, review the full data set and weigh both sides, then size up the 4 key rewards and 1 important warning sign.

Looking for more investment ideas beyond Voya Financial?

If Voya Financial has your attention but you want a wider watchlist, use this moment to line up fresh ideas that match your goals before the market moves.

• Target potential value opportunities by scanning a focused set of 35 high quality undervalued stocks that couple stronger fundamentals with more modest expectations.
• Prioritize strength and resilience by filtering for companies with sturdier finances using our curated list of solid balance sheet and fundamentals (23 results).
• Hunt for lesser known prospects by reviewing a refined group of 15 high quality undiscovered gems that larger investors may not be watching yet.

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.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com