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Friday 6 November 2026 Export EQH’s income statement to Excel — free account

Equitable Holdings, Inc.

EQH Financial Asset Management

Equitable Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.7 billion, down 6.12% from fiscal 2024.

Revenue
+167.7%
EPS
+197.8%
Free cash flow
+385.7%
Total debt
+15.1%

Quarter to September 2026, against a year earlier

52.61 0.30 −0.57%
Market cap
$14.2B
P/E
9.5×
Fwd P/E
15.9×
Dividend yield
2.15%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Equitable Holdings, Inc. (EQH) valuation and DCF model

What the price implies · reverse DCF

At $52.61 the price implies 36.6% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 9.8% a year over the last five years. The price asks for about four times its five-year rate.

Price implies
36.6%
Last 5 years, reported
9.8%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
36.6% a year for ten years
$52.61
today’s price
Its base case
9.8% a year for five years, then 5.9%
$6.53
87.6% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Equitable Holdings, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 36.6% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Equitable Holdings, Inc.’s own cost of capital: risk-free 4.3% + beta 1.05 × equity premium 4.5% = 9.0% cost of equity; weighted, 9.0%.

Use 9.0%
Base case value per share $6.53 ten years discounted, and what follows
Current price $52.61 market price per share
Below today’s price 87.6% downside at the base case’s assumptions

How we got there$2.68 10 years of dividends+$3.85 terminal value=$6.53 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Asset Management).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 9.52× 9.33× 8.23× 16% above 13.38× 29% below
P/FCF 5.56× 11.54× 11.54× 52% below 7.79× 29% below
P/B — 11.15× 5.93× — 0.91× —
EV/EBITDA — 5.61× 4.64× — 3.38× —
EV/Sales — 1.09× 0.95× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
3.09×5.60×8.11×10.62×10Y avg 4.64×20162017201820202021202220232024

EV/EBITDA has no reading today; its 10-year average is 4.64×.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.