A Business at a Glance
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Equitable Holdings, Inc.
EQH
$14.3B
Mkt Cap
$48.00
+1.18%
Equitable Holdings, Inc. (EQH) has a 5-year average return on invested capital (ROIC) of 8.4%. This is below average and may indicate limited pricing power.
Equitable Holdings, Inc. (EQH) has a market capitalization of $13.5B. It is classified as a large-cap stock.
Yes, Equitable Holdings, Inc. (EQH) pays a dividend with a trailing twelve-month yield of 2.34%. The company also returns capital through share buybacks, with a buyback yield of 9.88%.
Equitable Holdings, Inc. (EQH) operates in the Insurance Agents, Brokers & Service industry, within the Financials sector.
Equitable Holdings, Inc. (EQH) reported annual revenue of $11.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Equitable Holdings, Inc. (EQH) has a net profit margin of -12.4%. The company is currently unprofitable.
Equitable Holdings, Inc. (EQH) generated $714 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Equitable Holdings is a leading integrated financial services company operating across three core franchises: Equitable (an insurer providing retirement, income, and protection strategies to individuals, families, institutions, and small businesses), AllianceBernstein (a global active asset manager serving institutional investors, individuals, and private wealth clients), and Equitable Advisors (a wealth management platform offering holistic financial advice and investment, protection, and risk management services). The company earns revenues predominantly from fee income, investment income, and insurance premiums, with profitability dependent on proper pricing and risk management of annuity and insurance products, effective portfolio management, and cost discipline. Equitable's Retirement segment is a leading provider of individual annuities (including Registered Indexed Linked Annuities and variable annuities), workplace retirement savings plans, and institutional savings products, distributed through both Equitable Advisors and third-party channels including banks, broker-dealers, and insurance partners. The integrated business model creates flywheel benefits as each franchise works in tandem—with AllianceBernstein generating higher investment returns that are converted into higher sales and net flows of Equitable retirement products through Equitable Advisors' distribution. As of December 31, 2025, the company had $1.1 trillion of assets under management and administration, with operations spanning the United States and global markets.
【Accelerating earnings momentum ahead】 Management expects earnings per share growth to exceed the high end of its 12%-15% target range in 2026, driven by healthy organic growth momentum in retirement and wealth management, significantly reduced mortality exposure following the life reinsurance transaction, and continued growth in assets under management and advice. The company anticipates continued double-digit earnings growth in wealth management assuming normal market conditions, with the Stifel Independent Advisors acquisition expected to close in the first half of 2026 and contribute approximately $10 million to earnings in 2027. AllianceBernstein's private markets business is on track to meet or exceed its $90 billion-$100 billion AUM target by the end of 2027, supported by a record institutional pipeline of nearly $28 billion and expected funding of several large insurance mandates over the coming quarters. The company remains focused on achieving its 2027 financial targets, including $2 billion of annual cash generation and maintaining a 60%-70% payout ratio, while also pursuing strategic opportunities such as the announced Corebridge merger, which is expected to be immediately accretive to earnings per share with 10%+ accretion on a run-rate basis by the end of 2028.
| Metric | Target | Period |
|---|---|---|
| Earnings per share growth | exceed the high end of 12%-15% target range | FY2026 |
| Private markets AUM | $90 billion-$100 billion | end of 2027 |
| Corebridge merger accretion | 10% + accretion on a run rate basis | by the end of 2028 |
| Cash generation | approximately $1.8 billion | FY2026 |
| Cash generation | $2 billion | FY2027 |
| Performance fees | $95 million-$115 million | FY2026 |
| Corebridge incremental assets | at least $100 billion | over the next few years |
| Annual earnings power | over $5 billion | post-Corebridge merger |
| Annual cash flows to holding company | over $4 billion | post-Corebridge merger |
Earnings per share growth (FY2026): “We continue to expect earnings per share growth to exceed the high end of our 12%-15% target range in 2026.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 11.3B | 11.7B | 12.4B | 10.5B | 12.6B | 7.6B |
| Net Income | -883M | -1.4B | 1.2B | 1.2B | 2.1B | 1.7B |
| EPS | $-2.93 | $-4.83 | $3.69 | $3.42 | $5.46 | $3.98 |
| Free Cash Flow | 0 | 714M | 2.0B | -208M | -250M | -193M |
| ROIC | 0.0% | -31.5% | 20.2% | 21.5% | 20.6% | 10.8% |
| Gross Margin | - | -10.2% | 16.7% | 6.8% | 23.7% | 34.3% |
| Debt/Equity | 14.05 | -52.16 | 2.45 | 1.55 | 2.91 | 0.34 |
| Dividends/Share | $1.12 | $1.05 | $0.94 | $0.86 | $0.78 | $0.71 |
| Operating Income | 0 | -1.2B | 2.1B | 714M | 3.0B | 2.6B |
| Operating Margin | 0.0% | -10.2% | 16.7% | 6.8% | 23.7% | 34.3% |
| ROE | -323.4% | -193.3% | 57.1% | 59.6% | 32.1% | 12.4% |
| Shares Outstanding | 281M | 298M | 325M | 352M | 380M | 421M |
| Metric | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 11.8B | 12.5B | 12.1B | 9.6B | 12.4B | 7.6B | 12.6B | 10.5B | 12.4B | 11.7B | 11.3B |
| Gross Margin | 17.2% | 10.5% | 20.6% | -21.4% | -8.8% | 34.3% | 23.7% | 6.8% | 16.7% | -10.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 2.0B | 2.0B | 2.1B | 2.1B | 2.1B | 2.4B | 2.2B | 2.3B | 2.5B | 2.4B | 2.5B |
| EBIT | 1.9B | 1.2B | 2.3B | -2.1B | -1.1B | 2.6B | 3.0B | 714M | 2.1B | -1.2B | 0 |
| Op. Margin | 16.2% | 9.6% | 19.1% | -21.4% | -8.8% | 34.3% | 23.7% | 6.8% | 16.7% | -10.2% | 0.0% |
| Net Income | 1.3B | 834M | 1.9B | -1.8B | -701M | 1.7B | 2.1B | 1.2B | 1.2B | -1.4B | -883M |
| Net Margin | 10.7% | 6.7% | 15.4% | -18.3% | -5.6% | 22.0% | 16.4% | 11.5% | 9.7% | -12.4% | -7.8% |
| Non-Recurring | 0 | 369M | 0 | -133M | -69M | 3.0M | -7.0M | 1.0M | 135M | 0 | 0 |
| Returns on Capital | |||||||||||
| ROIC | 18.4% | 6.0% | 11.8% | -11.2% | -4.8% | 10.8% | 20.6% | 21.5% | 20.2% | -31.5% | 0.0% |
| ROE | N/A | 6.0% | 13.6% | -12.9% | -4.8% | 12.4% | 32.1% | 59.6% | 57.1% | -193.3% | -323.4% |
| ROA | 15.1% | 0.7% | 0.8% | -0.7% | -0.3% | 0.6% | 0.8% | 0.5% | 0.4% | -0.5% | -0.3% |
| Cash Flow | |||||||||||
| Op. Cash Flow | -236M | -243M | 61M | -216M | -61M | -193M | -250M | -208M | 2.0B | 714M | 1.1B |
| Free Cash Flow | -237M | -243M | 61M | -216M | -61M | -193M | -250M | -208M | 2.0B | 714M | 0 |
| Owner Earnings | -449M | -490M | -463M | -1.1B | -174M | -479M | -574M | -459M | 1.7B | 413M | 761M |
| CapEx | 1.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 0 | 0 | 296M | 675M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 0 | 0 | 296M | 675M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||
| Dividends Paid | 1.1B | 0 | 157M | 285M | 297M | 296M | 294M | 301M | 302M | 314M | 316M |
| Dividend Yield | N/A | N/A | 1.6% | 3.2% | 3.7% | 2.5% | 2.8% | 3.2% | 2.4% | 2.1% | 2.3% |
| Share Buybacks | 0 | 0 | 648M | 1.4B | 430M | 1.6B | 849M | 919M | 1.0B | 1.4B | 1.3B |
| Buyback Yield | 0.0% | N/A | 8.7% | 13.0% | 4.3% | 13.1% | 8.6% | 8.1% | 6.7% | 10.0% | 9.9% |
| Stock-Based Comp | 213M | 247M | 228M | 238M | 113M | 286M | 324M | 251M | 308M | 301M | 294M |
| Debt Repayment | 176M | 0 | 0 | 300M | 0 | 280M | 147M | 504M | 254M | 25M | 25M |
| Balance Sheet | |||||||||||
| Net Debt | -9.9B | -49.3B | -45.8B | -66.6B | -83.7B | -1.3B | -1.7B | -6.9B | -3.6B | -8.8B | -6.1B |
| Cash & Equiv. | 5.7B | 4.8B | 4.5B | 4.4B | 6.2B | 5.2B | 4.3B | 8.2B | 7.0B | 12.5B | 9.9B |
| Long-Term Debt | 0 | 0 | 4.1B | 0 | 0 | 3.8B | 3.3B | 3.8B | 3.8B | 3.8B | 3.8B |
| Debt/Equity | N/A | 0.18 | 0.36 | 0.31 | 0.26 | 0.34 | 2.91 | 1.55 | 2.45 | -52.16 | 14.05 |
| Interest Coverage | 11.0 | 7.5 | 10.0 | -9.3 | -5.5 | 10.7 | 14.9 | 3.1 | 9.2 | -5.3 | -5.3 |
| Equity | N/A | 13.4B | 13.9B | 13.5B | 15.6B | 11.5B | 1.4B | 2.6B | 1.6B | -74M | 273M |
| Total Assets | 8.3B | 235.6B | 220.8B | 249.8B | 275.4B | 292.3B | 252.7B | 276.7B | 295.7B | 318.0B | 310.4B |
| Total Liabilities | N/A | 218.5B | 205.2B | 234.4B | 258.1B | 279.2B | 249.6B | 272.3B | 292.3B | 316.5B | 308.1B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | 12.2B | 14.0B | 11.7B | 10.7B | 8.9B | 9.8B | 10.3B | 10.6B | 8.4B | 8.8B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||
| EPS | 2.24 | 1.49 | 3.33 | -3.57 | -1.56 | 3.98 | 5.46 | 3.42 | 3.69 | -4.83 | -2.93 |
| Owner EPS | -0.80 | -0.88 | -0.83 | -2.28 | -0.39 | -1.14 | -1.51 | -1.30 | 5.22 | 1.38 | 2.70 |
| Book Value | N/A | 23.98 | 24.89 | 27.23 | 34.66 | 27.35 | 3.69 | 7.49 | 4.81 | -0.25 | 0.97 |
| Cash Flow/Share | -0.42 | -0.43 | 0.11 | -0.44 | -0.14 | -0.46 | -0.66 | -0.59 | 6.17 | 2.39 | -3.14 |
| Dividends/Share | 1.88 | 0.00 | 0.26 | 0.58 | 0.66 | 0.71 | 0.78 | 0.86 | 0.94 | 1.05 | 1.12 |
| Shares Out. | 559.8M | 559.7M | 557.1M | 494.1M | 449.4M | 421.1M | 379.7M | 351.8M | 325.2M | 298.3M | 281.5M |
| Valuation | |||||||||||
| P/E Ratio | N/A | N/A | 4.1 | N/A | N/A | N/A | 4.7 | 9.4 | 12.6 | N/A | -16.4 |
| P/FCF | N/A | N/A | 121.6 | N/A | N/A | N/A | N/A | N/A | 7.5 | 20.3 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 13.8 | N/A | N/A | N/A |
| Price/Book | N/A | N/A | 0.5 | 0.8 | 0.6 | 1.1 | 7.0 | 4.3 | 9.7 | N/A | 49.5 |
| Price/Sales | N/A | N/A | 0.8 | 0.9 | 0.7 | 1.0 | 0.8 | 0.9 | 1.0 | 1.3 | 1.2 |
| FCF Yield | N/A | N/A | 0.8% | -2.1% | -0.6% | -1.5% | -2.5% | -1.8% | 13.3% | 4.9% | N/A |
| Market Cap | 0 | N/A | 7.4B | 10.4B | 10.0B | 12.5B | 9.8B | 11.3B | 15.1B | 14.5B | 13.5B |
| Avg. Price | 0.00 | N/A | 17.26 | 17.97 | 18.09 | 27.74 | 27.47 | 26.42 | 38.82 | 50.43 | 48.00 |
| Year-End Price | 0.00 | N/A | 13.32 | 21.08 | 22.16 | 29.90 | 25.90 | 32.22 | 46.51 | 48.58 | 48.00 |
Equitable Holdings, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 20.1x vs a median of 13.9x. The company's 5-year average ROIC is 8.4% with a gross margin of 14.2%. Total shareholder yield (dividends + buybacks) is 12.2%. At current prices, the estimated annualized return to fair value is +36.9%.
Equitable Holdings, Inc. (EQH) reported earnings per share (EPS) of $-4.83 in its most recent fiscal year.
Equitable Holdings, Inc. (EQH) has a return on equity (ROE) of -193.3%. A negative ROE may indicate losses or negative equity.
Equitable Holdings, Inc. (EQH) has a 5-year average gross margin of 14.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 10 years of financial data for Equitable Holdings, Inc. (EQH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Equitable Holdings, Inc. (EQH) has a book value per share of $-0.25, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects earnings per share growth to exceed the high end of its 12%-15% target range in 2026, driven by healthy organic growth momentum in retirement and wealth management, significantly reduced mortality exposure following the life reinsurance transaction, and continued growth in assets under management and advice. The company anticipates continued double-digit earnings growth in wealth management assuming normal market conditions, with the Stifel Independent Advisors acquisition expected to close in the first half of 2026 and contribute approximately $10 million to earnings in 2027. AllianceBernstein's private markets business is on track to meet or exceed its $90 billion-$100 billion AUM target by the end of 2027, supported by a record institutional pipeline of nearly $28 billion and expected funding of several large insurance mandates over the coming quarters. The company remains focused on achieving its 2027 financial targets, including $2 billion of annual cash generation and maintaining a 60%-70% payout ratio, while also pursuing strategic opportunities such as the announced Corebridge merger, which is expected to be immediately accretive to earnings per share with 10%+ accretion on a run-rate basis by the end of 2028.
Based on recent SEC filings and earnings calls, Equitable Holdings, Inc. (EQH) has provided the following forward guidance: Earnings per share growth: exceed the high end of 12%-15% target range (FY2026); Private markets AUM: $90 billion-$100 billion (end of 2027); Corebridge merger accretion: 10% + accretion on a run rate basis (by the end of 2028); Cash generation: approximately $1.8 billion (FY2026); Cash generation: $2 billion (FY2027), plus 4 additional metrics.
Private markets AUM (end of 2027): “AB remains on track to meet or exceed its target of $90 billion-$100 billion in AUM by the end of 2027.”
Corebridge merger accretion (by the end of 2028): “we expect to deliver 10% + accretion on a run rate basis by the end of 2028”
Cash generation (FY2026): “In 2026, we expect this to increase to approximately $1.8 billion”
Cash generation (FY2027): “we remain on track to reach $2 billion in 2027”
Performance fees (FY2026): “we raised our full year forecast from $80 million-$100 million to $95 million-$115 million”
Corebridge incremental assets (over the next few years): “we expect it to receive at least $100 billion of incremental assets over the next few years”
Annual earnings power (post-Corebridge merger): “we forecast over $5 billion of annual earnings power”