What is Voya Financial Inc's earnings per share (EPS)?

Voya Financial Inc (VOYA) reported diluted earnings per share of $6.29 for fiscal year 2025. This represents a 1.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Voya Financial Inc Financials

VOYA

FY2025 annual

Revenue $8.2B +1.7% YoY

Net Income $654.0M -1.9% YoY

EPS (Diluted) $6.29 +1.9% YoY

Free Cash Flow Not reported for FY2025

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Voya Financial Inc (VOYA) reported $8.2B in revenue for fiscal year 2025, up 1.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VOYA FY2025 2026-05-07

Very small returns on a huge asset base still become double-digit returns on equity because liabilities do most of the funding work.

FY2023-FY2025 shows return on assets staying below 0.5% while return on equity remained in the teens. With equity covering only about 2.8% of FY2025 assets, this is a balance-sheet-heavy model where modest asset-level performance can still produce meaningful equity results, but with greater sensitivity to small asset swings.

FY2025 long-term debt fell to $1.5B, which visibly helped move the debt-to-equity ratio down to 0.3x. But that cleaner borrowing picture sits inside a much larger liability structure: total liabilities still equaled $171.8B, so ordinary debt is only one slice of how the balance sheet is financed.

Since FY2022, operating cash flow has exceeded net income every year, including $1.3B versus $654M in FY2025. At the same time, operating income rose to $1.0B while net income was nearly flat, which suggests the core engine improved even though taxes and other non-operating items absorbed part of that progress.

Financial Health Signals

Financial health score not available

Voya Financial Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

5/7

Voya Financial Inc passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.97x

For every $1 of reported earnings, Voya Financial Inc generates $1.97 in operating cash flow ($1.3B OCF vs $654.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$8.2B

YoY+1.7%

5Y CAGR+1.4%

10Y CAGR-0.6%

Voya Financial Inc generated $8.2B in revenue in fiscal year 2025. This represents an increase of 1.7% from the prior year.

Net Income

$654.0M

YoY-1.9%

10Y CAGR+4.8%

Voya Financial Inc reported $654.0M in net income in fiscal year 2025. This represents a decrease of 1.9% from the prior year.

EPS (Diluted)

$6.29

YoY+1.9%

10Y CAGR+13.3%

Voya Financial Inc earned $6.29 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1.9% from the prior year.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$1.3B

YoY-11.0%

5Y CAGR-2.1%

10Y CAGR-2.9%

Voya Financial Inc held $1.3B in cash against $1.5B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.82

YoY+7.1%

5Y CAGR+24.8%

10Y CAGR+46.5%

Voya Financial Inc paid $1.82 per share in dividends in fiscal year 2025. This represents an increase of 7.1% from the prior year.

Shares Outstanding

93M

YoY-2.9%

5Y CAGR-5.7%

10Y CAGR-7.8%

Voya Financial Inc had 93M shares outstanding in fiscal year 2025. This represents a decrease of 2.9% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Margins & Returns

Operating Margin

12.7%

YoY+1.9pp

Voya Financial Inc's operating margin was 12.7% in fiscal year 2025, reflecting core business profitability. This is up 1.9 percentage points from the prior year.

Net Margin

8.0%

YoY-0.3pp

5Y CAGR+10.7pp

10Y CAGR+3.3pp

Voya Financial Inc's net profit margin was 8.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.3 percentage points from the prior year.

Return on Equity

13.2%

YoY-3.5pp

5Y CAGR+15.2pp

10Y CAGR+10.2pp

Voya Financial Inc's ROE was 13.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.5 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks

$200.0M

YoY-68.8%

5Y CAGR-17.3%

10Y CAGR-18.2%

Voya Financial Inc spent $200.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 68.8% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

VOYA Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VOYA annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$8.2B	$8.2B+1.7%	$8.1B+9.6%	$7.3B+23.9%	$5.9B+42.1%	$4.2B-45.4%	$7.6B+2.3%	$7.5B+4.4%	$7.2B-0.9%	$7.2B-17.7%	$8.8B+0.8%	$8.7B-20.7%	$11.0B+25.5%	$8.8B-8.9%	$9.6B-1.1%	$9.7B
Operating Income	N/A	$1.0B+19.3%	$870.0M-5.0%	$916.0M	N/A	N/A	N/A	N/A	N/A	N/A	$114.5M-26.6%	$156.0M-27.1%	$213.9M-40.3%	$358.0M+67.3%	$214.0M+0.9%	$212.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$176.0M-20.4%	$221.0M+20.1%	$184.0M-36.1%	$288.0M+46.2%	$197.0M+3.8%	$189.7M+2.7%	$184.8M+20.2%	$153.7M+10.3%	$139.3M
Income Tax	$106.0M	$104.0M+82.5%	$57.0M+211.8%	-$51.0M-920.0%	-$5.0M+85.3%	-$34.0M-88.9%	-$18.0M+91.7%	-$217.0M-656.4%	$39.0M-94.3%	$687.0M+2469.0%	-$29.0M-134.5%	$84.0M+104.9%	-$1.7B-5227.7%	-$32.5M-525.0%	-$5.2M-103.0%	$175.0M
Net Income	$608.0M	$654.0M-1.9%	$667.0M+6.7%	$625.0M+22.5%	$510.0M-78.5%	$2.4B+1250.5%	-$206.0M+42.8%	-$360.0M-147.2%	$762.0M+125.5%	-$3.0B-815.0%	-$327.0M-180.1%	$408.0M-82.2%	$2.3B+283.5%	$598.5M+26.5%	$473.0M+636.9%	-$88.1M
EPS (Diluted)	—	$6.29+1.9%	$6.17+13.8%	$5.42+26.0%	$4.30-76.8%	$18.56+1108.7%	-$1.84+30.3%	-$2.64-158.3%	$4.53+127.9%	-$16.25-909.3%	-$1.61-189.4%	$1.80-80.0%	$9.00+278.2%	$2.38+15.5%	$2.06+642.1%	-$0.38

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$1.9B-6.6%	$2.0B-3.8%	$2.1B-0.8%	$2.1B+7.4%	$2.0B+0.6%	$2.0B-2.0%	$2.0B+2.8%	$2.0B
Income Tax	$16.0M-54.3%	$35.0M+75.0%	$20.0M-42.9%	$35.0M+29.6%	$27.0M+22.7%	$22.0M+2300.0%	-$1.0M-105.6%	$18.0M
Net Income	$94.0M-48.4%	$182.0M+30.0%	$140.0M-27.1%	$192.0M+15.7%	$166.0M+6.4%	$156.0M+60.8%	$97.0M-14.9%	$114.0M
EPS (Diluted)	$0.97-44.6%	$1.75	N/A	$1.80+8.4%	$1.66+16.9%	$1.42	N/A	$0.98

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

VOYA Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VOYA annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$178.9B+9.1%	$163.9B+4.3%	$157.1B+7.1%	$146.6B-14.4%	$171.3B-5.1%	$180.5B+6.8%	$169.0B+8.8%	$155.4B-30.2%	$222.5B+3.7%	$214.6B-1.7%	$218.2B-3.8%	$226.9B+2.7%	$221.0B+2.1%	$216.4B	N/A
Cash & Equivalents	$1.3B-11.0%	$1.5B+35.4%	$1.1B+11.0%	$1.0B-28.2%	$1.4B-6.7%	$1.5B+27.2%	$1.2B-4.5%	$1.2B+44.8%	$854.0M-59.3%	$2.1B+15.4%	$1.8B-28.2%	$2.5B-10.9%	$2.8B+59.0%	$1.8B+180.1%	$638.0M
Accounts Receivable	$378.0M+4.7%	$361.0M+6.5%	$339.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$804.0M+7.5%	$748.0M0.0%	$748.0M+128.7%	$327.0M+354.2%	$72.0M+50.0%	$48.0M0.0%	$48.0M0.0%	$48.0M+54.8%	$31.0M	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$171.8B+8.8%	$157.9B+4.5%	$151.0B+6.7%	$141.6B-12.3%	$161.4B-4.7%	$169.3B+6.6%	$158.8B+8.5%	$146.4B-30.8%	$211.5B+5.4%	$200.6B-0.7%	$201.9B-3.1%	$208.4B+1.4%	$205.5B+2.6%	$200.3B	N/A
Long-Term Debt	$1.5B-27.8%	$2.1B+0.3%	$2.1B+0.1%	$2.1B-19.3%	$2.6B-14.8%	$3.0B+0.1%	$3.0B-3.0%	$3.1B+0.4%	$3.1B-12.0%	$3.5B+2.6%	$3.5B-1.6%	$3.5B0.0%	$3.5B+10.8%	$3.2B	N/A
Total Equity	$5.0B+23.7%	$4.0B-4.5%	$4.2B+25.2%	$3.3B-59.4%	$8.3B-18.4%	$10.1B+8.3%	$9.3B+14.5%	$8.2B-18.5%	$10.0B-23.0%	$13.0B-3.3%	$13.4B-16.8%	$16.1B+21.7%	$13.3B-4.3%	$13.9B-0.4%	$13.9B

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$182.9B+5.5%	$173.4B-3.0%	$178.9B+0.8%	$177.4B+2.9%	$172.4B+5.2%	$163.9B0.0%	$163.9B-1.8%	$166.9B
Cash & Equivalents	$1.1B-0.5%	$1.1B-19.1%	$1.3B+5.6%	$1.3B-3.4%	$1.3B+30.8%	$1.0B-33.3%	$1.5B-2.0%	$1.5B
Accounts Receivable	$342.0M-0.6%	$344.0M-9.0%	$378.0M+10.9%	$341.0M+5.6%	$323.0M-9.5%	$357.0M-1.1%	$361.0M+6.5%	$339.0M
Goodwill	$804.0M0.0%	$804.0M0.0%	$804.0M0.0%	$804.0M0.0%	$804.0M0.0%	$804.0M+7.5%	$748.0M0.0%	$748.0M
Total Liabilities	$176.3B+5.7%	$166.7B-3.0%	$171.8B+0.9%	$170.4B+2.7%	$165.9B+5.3%	$157.6B-0.2%	$157.9B-1.5%	$160.4B
Long-Term Debt	$1.9B+1.9%	$1.9B+26.0%	$1.5B0.0%	$1.5B-8.4%	$1.7B-21.2%	$2.1B0.0%	$2.1B0.0%	$2.1B
Total Equity	$4.7B+0.6%	$4.7B-6.0%	$5.0B-0.1%	$5.0B+7.1%	$4.6B+5.6%	$4.4B+9.4%	$4.0B-15.1%	$4.7B

Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities, Retained Earnings.

VOYA Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VOYA annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$1.2B	$1.3B-4.2%	$1.3B-17.9%	$1.6B+21.2%	$1.4B+6045.5%	$22.0M-98.4%	$1.4B+4.0%	$1.3B-29.9%	$1.9B+18.1%	$1.6B-57.2%	$3.7B+13.7%	$3.2B-10.5%	$3.6B+11.2%	$3.3B-0.6%	$3.3B-24.7%	$4.4B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$66.7M+11.0%	$60.1M+83.8%	$32.7M-19.7%	$40.7M+38.9%	$29.3M-10.9%	$32.9M
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$3.6B+13.7%	$3.2B-11.3%	$3.6B+11.6%	$3.2B-0.9%	$3.3B-24.8%	$4.3B
Investing Cash Flow	-$718.0M	-$1.4B-384.6%	$481.0M-81.0%	$2.5B+230.1%	-$1.9B-495.1%	-$327.0M+86.7%	-$2.5B-96.1%	-$1.3B-345.0%	-$282.0M+88.4%	-$2.4B+34.1%	-$3.7B+13.8%	-$4.3B-29.0%	-$3.3B-75.7%	-$1.9B	N/A	N/A
Financing Cash Flow	-$710.0M	-$85.0M+94.1%	-$1.4B+64.8%	-$4.1B-14596.4%	$28.0M+110.6%	-$265.0M-115.6%	$1.7B+1506.6%	-$121.0M+93.1%	-$1.8B-405.4%	-$349.0M-189.7%	$389.0M-61.4%	$1.0B+261.4%	-$624.6M-92.9%	-$323.8M	N/A	N/A
Dividends Paid	$179.0M	$178.0M+4.1%	$171.0M+34.6%	$127.0M+53.0%	$83.0M+130.6%	$36.0M0.0%	$36.0M-18.2%	$44.0M+633.3%	$6.0M-25.0%	$8.0M0.0%	$8.0M-11.1%	$9.0M-10.9%	$10.1M+94.2%	$5.2M	$0	$0
Share Buybacks	$500.0M	$200.0M-68.8%	$640.0M+73.4%	$369.0M-50.8%	$750.0M-32.6%	$1.1B+115.7%	$516.0M-54.6%	$1.1B+10.8%	$1.0B+11.1%	$923.0M+34.4%	$687.0M-53.8%	$1.5B+88.4%	$789.4M	$0	$0	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$503.0M+1497.2%	-$36.0M-106.5%	$557.0M+231.5%	$168.0M-77.4%	$742.0M+514.5%	-$179.0M-326.6%	$79.0M-89.0%	$719.0M
Investing Cash Flow	$724.0M+305.7%	-$352.0M+5.4%	-$372.0M+48.2%	-$718.0M-37.0%	-$524.0M-313.9%	$245.0M+1165.2%	-$23.0M+95.3%	-$486.0M
Financing Cash Flow	-$1.2B-1047.7%	$130.0M+215.0%	-$113.0M-122.4%	$505.0M+443.0%	$93.0M+116.3%	-$570.0M-555.2%	-$87.0M-165.9%	$132.0M
Dividends Paid	-$40.0M-190.9%	$44.0M-2.2%	$45.0M-65.4%	$130.0M+425.0%	-$40.0M-193.0%	$43.0M0.0%	$43.0M-2.3%	$44.0M
Share Buybacks	$150.0M0.0%	$150.0M+50.0%	$100.0M0.0%	$100.0M	$0	$0-100.0%	$120.0M-30.2%	$172.0M

VOYA Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

VOYA annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Margin	12.7%+1.9pp	10.8%-1.7pp	12.5%	N/A	N/A	N/A	N/A	N/A	N/A	1.3%-0.5pp	1.8%-0.2pp	1.9%-2.1pp	4.1%+1.9pp	2.2%+0.1pp	2.2%
Net Margin	8.0%-0.3pp	8.3%-0.2pp	8.5%-0.1pp	8.6%-48.2pp	56.8%+59.5pp	-2.7%+2.1pp	-4.8%-15.4pp	10.6%+52.0pp	-41.4%-37.7pp	-3.7%-8.4pp	4.7%-16.2pp	20.9%+14.1pp	6.8%+1.9pp	4.9%+5.8pp	-0.9%
Return on Equity	13.2%-3.5pp	16.7%+1.7pp	14.9%-0.3pp	15.2%-13.5pp	28.7%+30.8pp	-2.0%+1.8pp	-3.9%-13.2pp	9.3%+39.2pp	-29.9%-27.4pp	-2.5%-5.6pp	3.0%-11.2pp	14.2%+9.7pp	4.5%+1.1pp	3.4%+4.0pp	-0.6%
Return on Assets	0.4%0.0pp	0.4%0.0pp	0.4%+0.1pp	0.4%-1.0pp	1.4%+1.5pp	-0.1%+0.1pp	-0.2%-0.7pp	0.5%+1.8pp	-1.3%-1.2pp	-0.1%-0.3pp	0.2%-0.8pp	1.0%+0.7pp	0.3%+0.1pp	0.2%	N/A
Debt-to-Equity	0.31-0.2x	0.530.0x	0.50-0.1x	0.63+0.3x	0.310.0x	0.300.0x	0.33-0.1x	0.38+0.1x	0.310.0x	0.270.0x	0.260.0x	0.220.0x	0.260.0x	0.23	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	41.3%+4.7pp	36.6%+3.9pp	32.7%-4.1pp	36.8%+3.0pp	33.8%-10.7pp	44.5%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Net Margin	5.0%-4.0pp	9.0%+2.3pp	6.6%-2.4pp	9.0%+0.6pp	8.4%+0.5pp	7.9%+3.1pp	4.8%-1.0pp	5.8%
Return on Equity	2.0%-1.9pp	3.9%+1.1pp	2.8%-1.0pp	3.9%+0.3pp	3.6%0.0pp	3.6%+1.1pp	2.4%0.0pp	2.4%
Return on Assets	0.1%-0.1pp	0.1%0.0pp	0.1%0.0pp	0.1%0.0pp	0.1%0.0pp	0.1%0.0pp	0.1%0.0pp	0.1%
Debt-to-Equity	0.420.0x	0.41+0.1x	0.310.0x	0.31-0.1x	0.36-0.1x	0.480.0x	0.53+0.1x	0.45

Not reported in any period shown, so not listed: Gross Margin, Current Ratio.

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Where Voya Financial Inc Ranks

Frequently Asked Questions

What is Voya Financial Inc's annual revenue?

Voya Financial Inc (VOYA) reported $8.2B in total revenue for fiscal year 2025. This represents a 1.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Voya Financial Inc's revenue growing?

Voya Financial Inc (VOYA) revenue grew by 1.7% year-over-year, from $8.1B to $8.2B in fiscal year 2025.

Is Voya Financial Inc profitable?

Yes, Voya Financial Inc (VOYA) reported a net income of $654.0M in fiscal year 2025, with a net profit margin of 8.0%.

How much debt does Voya Financial Inc have?

As of fiscal year 2025, Voya Financial Inc (VOYA) had $1.3B in cash and equivalents against $1.5B in long-term debt.

What is Voya Financial Inc's operating margin?

Voya Financial Inc (VOYA) had an operating margin of 12.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Voya Financial Inc's net profit margin?

Voya Financial Inc (VOYA) had a net profit margin of 8.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Voya Financial Inc pay dividends?

Yes, Voya Financial Inc (VOYA) paid $1.82 per share in dividends during fiscal year 2025.

What is Voya Financial Inc's return on equity (ROE)?

Voya Financial Inc (VOYA) has a return on equity of 13.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Voya Financial Inc's operating cash flow?

Voya Financial Inc (VOYA) generated $1.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Voya Financial Inc's total assets?

Voya Financial Inc (VOYA) had $178.9B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Voya Financial Inc buy back shares?

Yes, Voya Financial Inc (VOYA) spent $200.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Voya Financial Inc have outstanding?

Voya Financial Inc (VOYA) had 93M shares outstanding as of fiscal year 2025.

What is Voya Financial Inc's debt-to-equity ratio?

Voya Financial Inc (VOYA) had a debt-to-equity ratio of 0.31 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Voya Financial Inc's return on assets (ROA)?

Voya Financial Inc (VOYA) had a return on assets of 0.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Voya Financial Inc's Piotroski F-Score?

Voya Financial Inc (VOYA) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Voya Financial Inc's earnings high quality?

Voya Financial Inc (VOYA) has an earnings quality ratio of 1.97x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.