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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

52.60 0.31 −0.59%
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

Revenue by segment Fiscal 2022

  • Asset Management
  • Protection Solutions
  • Individual Retirement
  • Wealth Management
  • Group Retirement
  • Legacy

Every year since 2017 →

Insider Decisions last twelve months

Sold, $m 26.53
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 4 3 2 — 7 4 4 2 5 4 — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 14,210.00
Revenue ttm 13,046.00
Net income ttm (526.00)
Free cash flow ttm 2,620.00
Net debt Q (10,201.00)
Valuation
P/E 9.52
Forward P/E 15.90
Price / sales 1.10
Forward P/S Powerpack
Price / FCF 5.56
Price / book 0.00
Financial health
Current ratio Q 0.12
Debt / equity Q (40.48)
Interest coverage Q 26.24
Growth
Revenue growth Q +167.66% (above 0%: growing)
Operating income growth Q +212.12% (above 0%: growing)
EPS, this year +28.14% (at or above 15%: strong)
EPS, next year A +23.47% (at or above 15%: strong)
Revenue, next year A +33.30% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +23.10% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 39.99%
10-year low 10-year high
P/S against its own 10 years 53.35%
10-year low 10-year high

Dividends raised every year since 2018

Yield
2.15%
Annual rate
1.14
Payout ratio
20.7%
Growth, 2018–25
+22.1%/yr
  1. 0.26 ’18
  2. 0.58 ’19 +123
  3. 0.66 ’20 +14
  4. 0.71 ’21 +8
  5. 0.78 ’22 +10
  6. 0.86 ’23 +10
  7. 0.94 ’24 +9
  8. 1.05 ’25 +12
  9. 1.16 ’26e +10
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8,239 6,964 12,462 17,527
Receivables 1,837 1,961 2,162 2,371
Inventory — — — —
Other — — — —
10,076 8,925 14,624 19,898
2023 2024 2025 Q'26
Payables 114,486 129,963 152,635 168,631
ST’ Debt 254 — 25 —
Other — — — —
114,740 129,963 152,660 168,631

Compound Annual Growth %

10y 5y 3y
Sales — (1.24%) (2.65%)
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — (38.87%) (22.43%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.87 Actual 2.13

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.75 1.76 Beat by 0.01
Q1 FY26 1.60 1.62 Beat by 0.02
Q2 FY26 1.66 1.70 Beat by 0.04
Q3 FY26 1.87 2.13 Beat by 0.26
Q4 FY26 1.96 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.14 (1.68) 4.34 — —
’25 0.16 (1.21) (4.47) 0.70 (4.83)
’24 0.23 1.23 (0.47) 2.76 3.78
’23 0.45 2.06 3.02 (2.15) 3.48
’22 1.43 2.66 1.72 (2.21) 5.46
’21 (3.22) 0.23 1.59 6.01 3.98
’20 11.65 (8.96) (1.77) (2.84) (1.56)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,230 1,658 3,881 — —
’25 4,576 2,362 1,450 3,277 11,665
’24 2,230 3,507 3,073 3,615 12,425
’23 2,357 2,377 3,624 2,102 10,460
’22 3,146 4,690 2,992 1,816 12,644
’21 1,153 2,950 3,615 (104) 7,614
’20 12,609 (2,550) 1,840 516 12,415
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 499 643 — — —
’25 158 341 369 (154) 714
’24 31 892 683 400 2,006
’23 (587) 361 410 (392) (208)
’22 (608) 68 229 61 (250)
’21 (14) (581) 241 161 (193)
’20 (570) 22 553 (66) (61)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 490 633 1,632 — —
’25 148 334 336 (138) 680
’24 (32) 856 655 374 1,853
’23 (605) 322 385 (427) (325)
’22 (607) 48 146 (4) (417)
’21 (37) (610) 200 134 (313)
’20 (584) 8 537 (129) (168)
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 36.7% a year for ten years.

Implied
36.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 11,763 12,460 12,069 9,619 12,415 7,614 12,644 10,460 12,425 11,665 13,046 (0.1%) 15,550 17,156 18,664 +17.0%
Gross margin, % 54.87 48.30 57.84 28.37 36.38 103.43 64.58 55.49 58.64 38.92 58.26 (15.9) pt
EBT 2,027 1,306 2,490 (2,060) (1,093) 2,609 2,992 714 2,076 (1,193) 2,126 n/m
EBT margin, % 17.23 10.48 20.63 (21.42) (8.80) 34.27 23.66 6.83 16.71 (10.23) 16.30 (27.5) pt
Net income 1,649 1,257 2,189 (1,467) (349) 2,170 2,394 1,624 1,796 (1,037) (526) n/m
Per share, $
Per share, $ Revenue 20.97 22.21 21.69 19.49 27.56 18.24 33.49 29.88 38.68 39.13 48.07 +7.2%
Earnings 2.24 1.49 3.27 (3.51) (1.56) 4.02 5.49 3.49 3.82 (4.83) 5.56 n/m
Cash flow (0.42) (0.43) 0.11 (0.44) (0.14) (0.46) (0.66) (0.59) 6.25 2.40 9.65 n/m
Capex (0.17) (0.18) (0.22) (0.19) (0.24) (0.29) (0.44) (0.33) (0.48) (0.11) 0.00 (4.5%)
Free cash flow (0.59) (0.61) (0.11) (0.63) (0.37) (0.75) (1.10) (0.93) 5.77 2.28 9.65 n/m
Book value 0.00 29.44 27.74 30.48 38.14 31.37 8.32 12.53 10.66 4.92 (0.67) n/m
Shares, m 561 561 556 494 450 417 378 350 321 298 282 (6.8%)
Valuation, ×
Valuation, × P/E 7.03 7.03 5.10 0.00 0.00 7.08 7.88 9.77 12.38 0.00 9.52 5.6
P/S 0.91 0.91 0.77 1.27 0.93 1.80 0.85 1.11 1.22 1.22 1.10 1.1
P/B 0.69 0.69 0.60 0.86 0.72 1.19 6.84 4.10 7.91 35.69 0.00 5.9
EV/Sales 0.62 0.62 0.81 1.24 0.79 1.79 0.93 0.86 1.16 0.71 — 1.0
EV/FCF (11.50) (11.50) (157.08) (38.63) (58.18) (43.52) (28.18) (27.66) 7.77 12.21 — (35.6)
Cash, $m
Cash, $m Operating cash flow (236) (243) 61 (216) (61) (193) (250) (208) 2,006 714 2,620 n/m
Capex (97) (102) (123) (93) (107) (120) (167) (117) (153) (34) (36) (11.0%)
Free cash flow (333) (345) (62) (309) (168) (313) (417) (325) 1,853 680 2,620 n/m
Balance, $m
Balance, $m Working capital — (72,479) (78,904) (90,498) (101,307) (107,912) (96,142) (104,664) (121,038) (138,036) (148,733) +8.4%
Net debt — (2,406) 486 (294) (1,751) (66) 950 (2,606) (1,015) (5,900) (10,201) +11.9%
Shareholders’ equity — 16,518 15,432 15,047 17,177 13,095 3,141 4,388 3,423 1,466 (181) (26.1%)
Returns, %
Returns, % ROA 0.00 0.71 0.81 (0.75) (0.27) 0.59 0.76 0.45 0.42 (0.47) 0.45 (0.5) pt
ROIC 0.00 6.49 10.68 (7.79) (3.62) 13.69 48.78 33.04 59.75 0.00 0.00 0.0 pt
ROE 0.00 0.00 11.61 (11.88) (4.65) 12.22 31.62 54.62 50.61 (124.55) (406.73) (124.6) pt
People
People Employees — — 7,800 7,900 7,900 7,800 8,200 8,500 8,000 8,000 — +0.4%
Revenue/emp, $m 0.00 0.00 1.55 1.22 1.57 0.98 1.54 1.23 1.55 1.46 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Equitable Holdings is a financial services company that helps individuals and institutions save, invest and plan for retirement. Founded in 1859 and headquartered in New York City, it is led by President and Chief Executive Officer Mark Pearson. The company operates through subsidiaries in retirement, asset management and wealth management.

Its Equitable insurance business sells annuities, workplace retirement products and institutional savings products. An annuity is a contract that can help a customer accumulate retirement savings or provide income in retirement. Some products link returns to market indexes while limiting both potential gains and some losses; others offer optional lifetime income guarantees for an additional fee. Equitable also offers life insurance.

Where the money comes from and where it goes Fiscal 2022

Fiscal 2022: revenue by segment, and margins
Asset Management 4,105 32.47%
Protection Solutions 3,120 24.68%
Individual Retirement 2,028 16.04%
Wealth Management 1,446 11.44%
Group Retirement 1,158 9.16%
Legacy 819 6.48%
Gross margin 64.58%
Operating margin 25.25%
Pre-tax margin 23.66%

Revenue by segment since 2017

Equitable Holdings, Inc. vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TPG TPG Inc. $18.0B 19.7× 23.7× −0.20% (below 0%: shrinking) +367.06% (above 0%: growing) −57.60% (below 0%: shrinking) 100.00% 18.08% Compare
BEN Franklin Resources Inc $16.4B 22.0× 16.0× +14.26% (above 0%: growing) +106.67% (above 0%: growing) −55.71% (below 0%: shrinking) 100.00% 9.15% Compare
OWL Blue Owl Capital Inc. $15.5B 71.1× 35.0× +10.79% (above 0%: growing) +200.00% (above 0%: growing) +42.36% (above 0%: growing) 100.00% 18.32% Compare
CRBG Corebridge Financial, Inc. $15.0B 7.3× 16.6× +13.81% (above 0%: growing) +1,100.22% (above 0%: growing) +2,420.83% (above 0%: growing) 53.67% 39.88% Compare
CG Carlyle Group Inc. $14.2B 39.7× 14.5× −28.57% (below 0%: shrinking) −57.30% (below 0%: shrinking) +82.56% (above 0%: growing) 100.00% 39.97% Compare
EQH Equitable Holdings, Inc. $14.2B 9.5× 15.9× +167.66% (above 0%: growing) n/m +385.71% (above 0%: growing) 73.90% 37.18%
ARCC Ares Capital Corporation $14.0B 15.8× 14.9× −2.43% (below 0%: shrinking) −22.26% (below 0%: shrinking) +236.09% (above 0%: growing) 100.00% 72.74% Compare
SEIC SEI Investments Company $12.5B 17.9× 17.1× +14.44% (above 0%: growing) +6.77% (above 0%: growing) −9.48% (below 0%: shrinking) 100.00% 29.91% Compare
IVZ Invesco Ltd. $11.9B — (loss-making) 10.1× +14.19% (above 0%: growing) −1.49% (below 0%: shrinking) −24.49% (below 0%: shrinking) 65.64% 23.30% Compare
Median of peers $14.6B 19.7× 16.3× +12.30% +56.72% +16.44% 100.00% 26.61%

All 121 Asset Management stocks →

From the latest earnings call

Updated

  • CEO Mark Pearson said shareholders approved the Corebridge merger and Equitable expected to close it by the end of 2026.
  • CFO Robin Raju said Retirement core spreads had improved and raised Equitable’s full-year forecast for Asset Management performance fees.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 97.15%
Held by the ten largest 52.01%
Holder Shares Stake Change
Vanguard 28.94m 10.60% −1.02m
BlackRock 25.90m 9.48% −1.43m
Norges Bank 18.33m 6.71% +18.33m
T. Rowe Price 18.19m 6.66% +505.90k
State Street 9.39m 3.44% −2.59m
HARRIS ASSOCIATES L P 9.30m 3.40% +9.27m
CPP Investments 9.11m 3.33% −9.11m
Wellington Management 8.78m 3.22% +523.64k
Capital Group 8.55m 3.13% −2.04m
PZENA INVESTMENT MANAGEMENT LLC 5.56m 2.04% +1.10m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 10 August 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 18.00m 19.35m 223.00
2024 17.43m 40.16m 213.00
2023 15.83m 19.20m 149.00
2022 15.32m 7.21m 125.00
2021 14.19m 28.46m 140.00

Ownership

Directors and executive officers, together 1.00%
Blackrock Inc. 11.90%
Canada Pension Plan Investment Board 7.00%
Norges Bank 6.70%
T. Rowe Price Associates, Inc. 6.10%
Vanguard Capital Management 5.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Equitable Holdings, Inc. (EQH) Latest News

4 Nov

Impact 3 · · GuruFocus.com

3 Nov

Impact 4 · · Moby
Impact 3 · · MarketBeat transcript

2 Nov

Impact 3 · · Business Wire

27 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

26 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Zacks

30 Sep

Impact 4 · · Zacks

27 Sep

Impact 3 · · Simply Wall St.

26 Sep

Impact 4 · · MarketBeat

25 Sep

Impact 4 · · Insider Monkey
Impact 4 · · PR Newswire

22 Sep

Impact 3 ·

21 Sep

Impact 4 · · Zacks

18 Sep

Impact 4 ·

16 Sep

Impact 4 · · MarketBeat

4 Sep

Impact 3 ·

12 Aug

Impact 3 ·

11 Aug

Impact 3 · · The Motley Fool transcript

8 Aug

Impact 3 · · MarketBeat transcript

5 Aug

Impact 4 · transcript
Impact 3 · · Moby transcript

4 Aug

Impact 3 ·

3 Aug

Impact 3 ·

30 Jul

Impact 4 ·

28 Jul

Impact 3 ·

21 May

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

EQH metrics, ten years each

stockrow.com/EQH · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com