Equitable Holdings (EQH) AI Stock Analysis

• Market Cap: $10.47B
• Dividend Yield: 2.15%
• Average Volume (3M): 3.17M
• Price to Earnings (P/E): 15.8
• Beta (1Y): 1.15
• Revenue Growth: 7.70%
• EPS Growth: -155.12%
• Country: US
• Employees: 8,000
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Diversified
• EPS (TTM): 1.73
• Shares Outstanding: 280,347,840
• 10 Day Avg. Volume: 3,119,648
• 30 Day Avg. Volume: 3,167,174
• PEG Ratio: 0.05
• Price to Book (P/B): -191.95
• Price to Sales (P/S): 1.22
• P/FCF Ratio: 20.92
• Enterprise Value/Market Cap: 0.46
• Enterprise Value/Revenue: 0.44
• Enterprise Value/Gross Profit: 0.74
• Enterprise Value/Ebitda: -15.15
• 1Y Price Target: $59.57
• Price Target Upside: 59.49% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 7.53
• Revenue Forecast (FY): $16.44B

• Rating: 46 Neutral
• Price Target: $37.00 ▼(-0.94% Downside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

EQH scores below average primarily due to balance-sheet/capital weakness (equity deterioration to slightly negative in 2025) and volatile GAAP profitability, reinforced by bearish technicals (below key moving averages with negative momentum). Offsetting factors include improved recent cash generation and a constructive earnings call with higher 2026 cash generation/EPS growth guidance, plus a moderate dividend yield.

Positive Factors

Record AUM Scale

Record AUM of $1.1T (+10% YoY) meaningfully expands the firm's recurring fee base and diversifies revenue across retirement, wealth and asset management. Larger AUM supports stable management fees, better cross-sell economics and resilience to product-specific shocks over the medium term.

Improving Cash Generation & Returns

Organic cash generation of $1.6B in 2025, plus guidance to $1.8B in 2026 and a path to $2.0B, reflects structurally improved free cash flow. Sustained cash enables buybacks, dividend support and reinvestment, increasing capital flexibility despite earnings volatility.

Capital Derisking via RGA Reinsurance

The RGA transaction freed ~$2B of capital and cut mortality exposure ~75%, materially lowering underwriting volatility and strengthening solvency metrics. This structural derisking creates durable capital headroom for strategic investment, buybacks or buffer against future mortality shocks.

Negative Factors

Balance-Sheet Deterioration

Equity compression to slightly negative in 2025 signals material capital erosion. Negative equity raises regulatory and solvency concerns for an insurer, constrains underwriting and investment flexibility, and increases the likelihood of external capital needs or restrictive capital actions over the medium term.

Volatile GAAP Profitability

A substantial 2025 net loss despite revenue growth highlights volatile GAAP profitability. Earnings instability undermines predictable retained earnings and capital planning, making it harder to sustain dividends, repurchases or reinvestment without consistent multi-year earnings recovery.

Asset-Management Outflows

AB's $11.3B net outflows in 2025 create a durable headwind to fee revenue, since management fees and performance fees are AUM-linked. Sustained outflows would pressure margins, require higher distribution spend or product shifts, and make fee revenue growth more volatile long term.

Equitable Holdings Business Overview & Revenue Model

Company Description

Equitable Holdings, Inc., together with its consolidated subsidiaries, operates as a diversified financial services company worldwide. The company operates through four segments: Individual Retirement, Group Retirement, Investment Management and Research, and Protection Solutions. The Individual Retirement segment offers a suite of variable annuity products primarily to affluent and high net worth individuals. The Group Retirement segment provides tax-deferred investment and retirement services or products to plans sponsored by educational entities, municipalities, and not-for-profit entities, as well as small and medium-sized businesses. The Investment Management and Research segment offers diversified investment management, research, and related solutions to various clients through institutional, retail, and private wealth management channels; and distributes its institutional research products and solutions. The Protection Solutions segment provides various variable universal life, indexed universal life, and term life products to help affluent and high net worth individuals, as well as small and medium-sized business owners; and a suite of life, short- and long-term disability, dental, and vision insurance products to small and medium-size businesses. The company was formerly known as AXA Equitable Holdings, Inc. and changed its name to Equitable Holdings, Inc. in January 2020. Equitable Holdings, Inc. was founded in 1859 and is based in New York, New York.

How the Company Makes Money

EQH generates earnings through multiple financial-services revenue streams tied to insurance/retirement products, asset management, and wealth management. (1) Retirement & insurance: The company earns premium and policy-related revenues from life insurance and other protection products, and fee income from annuity and retirement products (including administrative, contract, and asset-based charges). It also earns investment income on the assets it holds to support insurance and annuity liabilities (the “general account”), where returns depend on portfolio yields, credit performance, and interest-rate levels; profitability is affected by claims/benefit payments, policyholder behavior (lapses, withdrawals, annuitization), hedging and reinsurance costs/benefits, and changes in reserves. (2) Asset management (AllianceBernstein): EQH earns management fees based largely on assets under management (AUM) across equity, fixed income, multi-asset, and alternatives strategies, and may also earn performance-based fees in certain products when contractual benchmarks are exceeded; revenues fluctuate with market levels, net inflows/outflows, fee rates, and product mix. (3) Wealth management: Through its wealth platform, EQH earns advisory and account-based fees (often tied to client assets), commissions and distribution-related revenue on certain transactions/products, and other service fees; results depend on client asset levels, activity, and retention. Across the company, key drivers of earnings include equity and bond market performance (affecting AUM and fee revenue), interest rates and credit spreads (affecting investment income and reserve economics), mortality/morbidity experience and policyholder behavior (affecting insurance profitability), and distribution relationships (financial professionals, third-party platforms, and institutional channels) that influence product sales and asset flows.

Equitable Holdings Financial Statement Overview

Summary

Overall fundamentals are constrained by weak capital trends and volatile profitability. The income statement shows meaningful earnings volatility, including a sizable 2025 net loss despite revenue growth. The balance sheet is the biggest risk signal, with equity compressing sharply and turning slightly negative in 2025, reducing financial flexibility. Cash flow improved notably in 2024–2025 with stronger operating and free cash flow, but prior years were persistently negative, so consistency is not yet proven.

Income Statement

Results are volatile: profitability swung from strong earnings in 2021–2024 to a sizable net loss in 2025 despite revenue still growing (~2.9% in 2025). Margins were healthy in 2022 and 2024 (double‑digit net margin), but 2020 and 2025 show losses and negative operating profitability, indicating meaningful sensitivity to market/one-time impacts and weaker consistency.

Balance Sheet

Leverage and capital stability weakened notably: debt was moderate in absolute terms, but equity fell sharply from very high levels (2020–2021) to low levels (2022–2024) and turned slightly negative in 2025, which makes leverage appear extreme and reduces financial flexibility. Large asset base is a positive for an insurer, but the deterioration in equity is a key balance-sheet risk signal.

Cash Flow

Cash generation improved recently: operating cash flow turned strongly positive in 2024–2025 and free cash flow expanded materially in 2025. However, 2020–2023 featured persistently negative operating and free cash flow, highlighting historical instability and potential dependence on working capital/market conditions; overall quality looks better lately but not yet consistently proven across the cycle.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	11.66B	12.44B	10.53B	12.64B	7.61B
Gross Profit	9.23B	6.60B	5.19B	7.58B	7.32B
EBITDA	-969.00M	3.20B	1.78B	3.83B	3.37B
Net Income	-1.38B	1.31B	1.30B	2.15B	1.75B
Balance Sheet
Total Assets	318.31B	295.87B	276.81B	252.70B	292.26B
Cash, Cash Equivalents and Short-Term Investments	52.73B	8.20B	9.41B	67.64B	83.40B
Total Debt	6.56B	6.78B	6.33B	5.85B	5.89B
Total Liabilities	316.52B	292.30B	271.66B	249.11B	278.70B
Stockholders Equity	-74.00M	1.58B	2.65B	1.40B	11.52B
Cash Flow
Free Cash Flow	679.00M	1.49B	-325.00M	-417.00M	-313.00M
Operating Cash Flow	713.00M	1.64B	-208.00M	-250.00M	-193.00M
Investing Cash Flow	-10.75B	-15.36B	-4.85B	-7.49B	-12.69B
Financing Cash Flow	15.50B	12.10B	9.00B	7.04B	11.95B

Equitable Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 37.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EQH, the sentiment is Negative. The current price of 37.35 is below the 20-day moving average (MA) of 39.08, below the 50-day MA of 42.95, and below the 200-day MA of 48.18, indicating a bearish trend. The MACD of -1.64 indicates Negative momentum. The RSI at 34.59 is Neutral, neither overbought nor oversold. The STOCH value of 23.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EQH.

Equitable Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ACGL	84 Outperform	$32.84B	7.15	19.02%	―	16.68%	-28.54%
HIG	79 Outperform	$36.59B	10.14	21.37%	1.55%	7.11%	22.52%
PFG	73 Outperform	$18.45B	16.80	10.26%	3.44%	12.33%	―
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
AEG	67 Neutral	$10.32B	4.30	14.36%	5.77%	-6.19%	―
AIG	67 Neutral	$39.91B	15.62	7.50%	2.02%	-23.02%	52.43%
EQH	46 Neutral	$10.47B	15.82	-152.32%	2.15%	7.70%	-155.12%

Equitable Holdings Corporate Events

Equitable Holdings Reports 2025 Results and Strategic Progress

On February 4, 2026, Equitable Holdings reported its full-year and fourth-quarter 2025 results, highlighting $1.6 billion in organic cash generation for 2025, a figure the company expects to rise in 2026, alongside a full-year net loss of $1.4 billion despite Non-GAAP operating earnings of $1.7 billion, or $1.9 billion after adjusting for notable items. For 2025, the company posted strong net inflows of $5.9 billion in Retirement and $8.4 billion in Wealth Management against $11.3 billion of outflows in Asset Management, ended the year with a 10% increase in assets under management and administration to $1.1 trillion, and returned $1.8 billion to shareholders, while executing major strategic actions including reinsuring 75% of its in-force individual life block to RGA, completing a Bermuda reinsurance transaction, deploying most of its $20 billion capital commitment to support AB’s expanding private markets franchise, and progressing on cost savings and capital strength metrics such as a combined NAIC RBC ratio of about 475%.

The most recent analyst rating on (EQH) stock is a Buy with a $57.00 price target. To see the full list of analyst forecasts on Equitable Holdings stock, see the EQH Stock Forecast page.