Corebridge Financial, Inc. (CRBG) vs Equitable Holdings, Inc. (EQH)

Corebridge Financial, Inc. and Equitable Holdings, Inc. are both Asset Management companies. Corebridge Financial, Inc. and Equitable Holdings, Inc. are of similar size ($15.2B and $14.4B). Equitable Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; Corebridge Financial, Inc. trades at 20.4×. Corebridge Financial, Inc. grew revenue faster over the last twelve months: 29.8% against −22.1%. Corebridge Financial, Inc. has the higher net margin (4.43% vs −9.25%) and the higher return on invested capital (4.59% vs 0.00%). Across the 19 metrics below, Corebridge Financial, Inc. leads on 14 and Equitable Holdings, Inc. on 5.

Valuation

Metric CRBG EQH Asset Management median
P/E 20.39 n/m 14.62
P/S 0.79 1.41 2.97
P/B 1.46 n/m 0.94
Price to free cash flow 8.55 11.34 8.93
EV/EBITDA 11.37 9.25 10.32
EV/Sales 1.31 0.45 5.72
Earnings yield 4.90% (6.09%) 4.53%
Free cash flow yield 11.69% 8.82% 4.65%

Profitability

Metric CRBG EQH Asset Management median
Gross margin 30.45% 44.18% 100.00%
Operating margin 8.01% (3.62%) 33.03%
Net margin 4.43% (9.25%) 13.53%
Free cash flow margin 9.23% 12.44% 12.44%
Return on equity 7.39% (168.29%) 4.83%
Return on assets 0.22% (0.31%) 1.57%
Return on invested capital 4.59% 0.00% 3.04%

Growth

Metric CRBG EQH Asset Management median
Revenue growth (TTM) 29.77% (22.10%) 6.97%
EPS growth (last fiscal year) (118.28%) (227.78%) —
Revenue growth, 5-year CAGR 4.18% (1.24%) 12.13%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CRBG EQH Asset Management median
Debt to equity 0.96 8.12 0.42
Current ratio 0.09 0.12 1.28
Net debt to EBITDA 18.45 60.82 1.06

Dividend

Metric CRBG EQH Asset Management median
Dividend yield 11.53% — 6.92%
Payout ratio — — 0.77

Size

Metric CRBG EQH Asset Management median
Market cap 15.20b 14.36b 721.34m

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