Equitable Holdings (EQH)
NYSE:EQH
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Equitable Holdings
(NYSE:EQH)
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Rating:56Neutral
Price Target:
$43.00
▲(3.04% Upside)
Action:ReiteratedDate:05/05/26
The score is held back primarily by weak underlying financial stability—especially the balance-sheet capital deterioration (equity turning negative in 2025) and volatile profitability—despite a strong, optimistic earnings-call backdrop with reaffirmed/raised growth expectations and merger synergies. Technicals are modestly constructive but not yet supported by the longer-term trend, while valuation support is limited to the dividend due to an unusable P/E input.
Positive Factors
Scale from Corebridge merger
A large all‑stock merger meaningfully increases scale and distribution breadth, creating a more balanced revenue mix across retirement, wealth and asset management. Structural expense synergies and combined client bases improve long‑run cost efficiency and cross‑sell economics, supporting durable earnings power and competitive positioning over coming years.
Negative Factors
Capital erosion and negative equity
A compressed or negative equity base materially reduces financial flexibility, magnifies leverage ratios and can constrain capacity to absorb shocks or pursue opportunistic investments. Over a multi‑month horizon this raises regulatory, rating and capital management risk and makes executing large integrations or buybacks more complex.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale from Corebridge merger
A large all‑stock merger meaningfully increases scale and distribution breadth, creating a more balanced revenue mix across retirement, wealth and asset management. Structural expense synergies and combined client bases improve long‑run cost efficiency and cross‑sell economics, supporting durable earnings power and competitive positioning over coming years.
Read all positive factors
Equitable Holdings (EQH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.31B
Dividend Yield2.15%
Average Volume (3M)4.32M
Price to Earnings (P/E)4.2
Beta (1Y)1.24
Revenue Growth-17.18%
EPS Growth-175.55%
CountryUS
Employees8,000
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)-4.81
Shares Outstanding281,536,380
10 Day Avg. Volume4,495,723
30 Day Avg. Volume4,320,799
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)-191.95
Price to Sales (P/S)1.22
P/FCF Ratio20.92
Enterprise Value/Market Cap-9.38
Enterprise Value/Revenue-10.50
Enterprise Value/Gross Profit-17.75
Enterprise Value/Ebitda364.16
Forecast
1Y Price Target
$58.09Price Target Upside39.21% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)7.13
Revenue Forecast (FY)$16.18B
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 R...
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 ...
Equitable Holdings Key Performance Indicators (KPIs)
Equitable Holdings Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive outlook: strong sequential and year-over-year earnings growth (25% EPS growth), rising AUM (9% YoY to $1.1T), solid net inflows and Wealth advisory momentum, a robust balance sheet (RBC ~475%, $1.2B holding liquidity), and a compelling strategic rationale for the CoreBridge merger with projected expense synergies (~$500M) and 10%+ EPS accretion by 2028. Key headwinds include meaningful AB net outflows ($7.1B in Q1), alternatives returns materially below prior guidance (forcing a downward revision on full-year alt returns), fee-rate pressure from mix shifts, and typical execution and accounting uncertainties tied to the merger (PGAAP impacts). On balance, the positives (organic growth, profitability, capital return plans, balance-sheet strength, and merger upside) outweigh the negatives (flows and alternatives performance), supporting a confident but execution-dependent outlook.Positive Updates
Strong Earnings Growth
Non-GAAP operating EPS of $1.62 ($1.68 after notable items), up 25% year over year; consolidated non-GAAP operating earnings of $472 million and net income of $621 million ($2.14/share). Management expects 2026 EPS growth to exceed the high end of the 12%–15% target range.
Negative Updates
AB Net Outflows in Q1
AllianceBernstein experienced net outflows of $7.1 billion in the quarter, driven primarily by active equities and taxable fixed income — a material near-term headwind to fee revenue and AUM trends.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Earnings Growth
Non-GAAP operating EPS of $1.62 ($1.68 after notable items), up 25% year over year; consolidated non-GAAP operating earnings of $472 million and net income of $621 million ($2.14/share). Management expects 2026 EPS growth to exceed the high end of the 12%–15% target range.
Read all positive updates
Company Guidance
Management reaffirmed strong 2026 targets and provided merger-era guidance: Q1 non‑GAAP operating earnings were $472M ($1.62/share; $1.68/share after notable items), up 25% YoY, and they expect 2026 EPS growth to exceed the high end of their 12–15% target; consolidated AUM was $1.1T (▲9% YoY) and pro forma AUMA with CoreBridge would be ~$1.5T across ~12M customers. They forecast the merger to be immediately accretive with at least $500M of expense synergies and 10%+ EPS accretion on a run‑rate basis by 2028 (plus potential revenue synergies), target 15%+ ROE, and project >$5B annual earnings power and >$4B annual holding‑company cash flow; pro forma GAAP book value is >$30B, statutory capital >$25B, pro forma leverage ~26% and combined NAIC RBC ≈475%. Operational cadence guidance included $1.8B target cash generation for 2026, $1.2B holding‑company liquidity today, $223M returned to shareholders in Q1 (including $147M buybacks) with a 60–70% payout target, $1.3B net inflows in the quarter (Wealth advisory inflows $2B), total sales +10% YoY, private markets AUM $85B (▲13% YoY), AB Q1 earnings $140M (▲11%) with AUM +7% but $7.1B net outflows, AB pipeline ~$28B and at least $100B of CoreBridge assets expected to move to AB over time; alternatives returns were revised down (Q1 annualized 3.5%, Q2 projected 2–3%, full‑year now expected below prior 8–9% guidance).Equitable Holdings Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
33
Negative
Cash Flow
52
Neutral
| 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 | 317.99B | 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 | 316.20B | 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
Positive
41.73
Price Trends
40.01
Positive
43.37
Negative
46.79
Negative
Market Momentum
0.38
Negative
61.62
Neutral
84.32
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EQH, the sentiment is Positive. The current price of 41.73 is above the 20-day moving average (MA) of 38.37, above the 50-day MA of 40.01, and below the 200-day MA of 46.79, indicating a neutral trend. The MACD of 0.38 indicates Negative momentum. The RSI at 61.62 is Neutral, neither overbought nor oversold. The STOCH value of 84.32 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EQH.
Equitable Holdings Risk Analysis
Equitable Holdings disclosed 1 risk factors in its most recent earnings report. Equitable Holdings reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Equitable Holdings Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $36.59B | 10.99 | 22.01% | 1.55% | 6.90% | 41.67% | |
73 Outperform | $33.09B | 8.24 | 20.48% | ― | 8.66% | 32.96% | |
73 Outperform | $21.94B | 12.02 | 13.25% | 3.44% | -1.98% | 48.93% | |
71 Outperform | $41.19B | 13.27 | 7.50% | 2.02% | -2.31% | 26.43% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $12.59B | 6.38 | 11.63% | 5.77% | 33.06% | 50.47% | |
56 Neutral | $12.31B | 4.20 | -219.79% | 2.15% | -17.18% | -175.55% |
* Financial Sector Average
EQH
Equitable Holdings
43.72
-6.02
-12.10%
AEG
Aegon
8.39
2.03
31.84%
AIG
American International Group
77.69
-2.20
-2.76%
ACGL
Arch Capital Group
94.70
2.01
2.17%
HIG
Hartford Insurance
133.49
7.82
6.22%
PFG
Principal Financial
101.55
26.89
36.01%
Equitable Holdings Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
Equitable Holdings Reports Strong First-Quarter 2026 Results
Positive
May 4, 2026
Equitable Holdings reported sharply higher first-quarter 2026 results on May 4, posting net income of $621 million versus $63 million a year earlier and Non-GAAP operating earnings of $472 million, or $1.62 per share, rising to $1.68 per share exc...
Business Operations and StrategyStock BuybackM&A TransactionsRegulatory Filings and Compliance
Equitable Weighs Buybacks Ahead of Corebridge Merger
Neutral
Apr 16, 2026
Equitable Holdings, Inc. said it is considering repurchasing shares of its common stock ahead of its pending merger with Corebridge Financial, Inc., which was announced on March 26, 2026. Any buybacks would occur before the deal closes, including ...
Business Operations and StrategyM&A Transactions
Equitable and Corebridge Announce $22 Billion All-Stock Merger
Positive
Mar 26, 2026
On March 26, 2026, Corebridge Financial and Equitable Holdings agreed to an all-stock merger that values the combined company at about $22 billion based on March 25, 2026 closing prices. The deal will create a leading retirement, life, wealth and ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.