Equitable Holdings (EQH) AI Stock Analysis

• Market Cap: $15.75B
• Dividend Yield: 1.89%
• Average Volume (3M): 3.05M
• Price to Earnings (P/E): 43.6
• Beta (1Y): 1.09
• Revenue Growth: 5.05%
• EPS Growth: -47.26%
• Country: US
• Employees: 8,000
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Diversified
• EPS (TTM): 1.10
• Shares Outstanding: 299,536,470
• 10 Day Avg. Volume: 3,353,155
• 30 Day Avg. Volume: 3,051,097
• PEG Ratio: 1.23
• Price to Book (P/B): 9.56
• Price to Sales (P/S): 1.22
• P/FCF Ratio: 10.20
• Enterprise Value/Market Cap: 1.55
• Enterprise Value/Revenue: 1.79
• Enterprise Value/Gross Profit: 1.77
• Enterprise Value/Ebitda: 13.10
• 1Y Price Target: $64.78
• Price Target Upside: 24.72% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9

• Rating: 57 Neutral
• Price Target: $54.00 ▲(3.97% Upside)

Equitable Holdings' overall score reflects mixed financial performance and valuation concerns. While there are positive aspects such as strategic initiatives and record assets under management, high debt levels and inconsistent cash flow generation pose risks. The technical indicators suggest neutral momentum, and the valuation appears stretched with a high P/E ratio.

Positive Factors

Record Assets Under Management

The increase in assets under management indicates strong market position and customer trust, enhancing long-term revenue potential through management fees.

Strong Retirement Business Performance

Robust net inflows in the retirement segment suggest effective product offerings and customer acquisition strategies, supporting sustainable revenue growth.

Significant Capital Management Initiatives

The reinsurance transaction enhances financial flexibility and capital efficiency, enabling strategic investments and debt reduction, improving long-term stability.

Negative Factors

Decline in Non-GAAP Operating EPS

The decline in EPS indicates challenges in profitability, potentially impacting investor confidence and limiting resources for reinvestment and growth.

Higher-than-Expected Mortality Claims

Unexpectedly high mortality claims increase earnings volatility and can strain financial resources, affecting long-term profitability and risk management.

Negative Asset Management Outflows

Significant outflows in asset management suggest competitive pressures and client retention challenges, potentially weakening future revenue streams.

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

Equitable Holdings generates revenue primarily through the sale of insurance products, annuities, and investment management services. Key revenue streams include premiums collected from life insurance policies, fees from annuity contracts, and asset management fees from investment products. The company also earns income through its investment portfolio, which consists of bonds, stocks, and other financial instruments. Strategic partnerships with financial advisors and distributors further enhance its market reach and customer acquisition. Additionally, Equitable Holdings benefits from a growing customer base seeking retirement and protection solutions, contributing to its overall earnings.

Equitable Holdings Financial Statement Overview

Summary

Equitable Holdings shows mixed financial performance with strong profitability margins but challenges in revenue growth and high financial leverage. The high debt levels and inconsistent cash flow generation pose risks to financial stability.

Income Statement

Equitable Holdings shows a mixed performance in its income statement. The TTM data reveals a decline in revenue growth rate, indicating challenges in maintaining top-line growth. However, the company maintains a positive net profit margin and EBIT margin, suggesting operational efficiency. Historical data shows fluctuations in profitability, with periods of strong growth followed by declines, reflecting industry volatility.

Balance Sheet

The balance sheet indicates a high debt-to-equity ratio, which poses a risk of financial leverage. The return on equity has been volatile, with a significant drop in the TTM period. The equity ratio is relatively low, suggesting a heavy reliance on debt financing. These factors highlight potential financial stability concerns.

Cash Flow

Cash flow analysis shows a decline in free cash flow growth in the TTM period, indicating potential liquidity challenges. The operating cash flow to net income ratio is low, suggesting inefficiencies in converting income into cash. Historical data shows inconsistent free cash flow performance, reflecting operational volatility.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	13.63B	12.44B	10.53B	13.92B	9.93B	12.41B
Gross Profit	13.74B	10.00B	2.86B	5.87B	7.28B	807.00M
EBITDA	1.86B	3.20B	1.78B	3.83B	5.63B	864.00M
Net Income	479.00M	1.31B	1.30B	2.15B	1.75B	-648.00M
Balance Sheet
Total Assets	303.09B	295.87B	276.81B	252.70B	292.26B	275.40B
Cash, Cash Equivalents and Short-Term Investments	136.75B	83.61B	75.27B	67.64B	5.82B	11.73B
Total Debt	4.33B	6.78B	5.63B	5.23B	5.12B	5.28B
Total Liabilities	300.13B	292.30B	271.66B	249.11B	278.70B	258.08B
Stockholders Equity	1.15B	1.58B	2.65B	1.40B	11.52B	15.58B
Cash Flow
Free Cash Flow	1.22B	1.49B	-325.00M	-417.00M	-313.00M	-168.00M
Operating Cash Flow	1.29B	1.64B	-208.00M	-250.00M	-193.00M	-61.00M
Investing Cash Flow	-11.56B	-15.36B	-4.85B	-7.49B	-12.69B	-7.82B
Financing Cash Flow	15.22B	12.10B	9.00B	7.04B	11.95B	9.67B

Equitable Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 51.94
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• 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 51.94 is below the 20-day moving average (MA) of 53.35, below the 50-day MA of 52.75, and above the 200-day MA of 51.36, indicating a neutral trend. The MACD of 0.05 indicates Positive momentum. The RSI at 41.66 is Neutral, neither overbought nor oversold. The STOCH value of 22.78 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
HIG	80 Outperform	37.07B	11.95	18.52%	1.58%	7.67%	15.99%
ACGL	78 Outperform	33.87B	9.25	16.21%	―	23.79%	-32.09%
PFG	73 Outperform	18.23B	16.48	14.17%	3.71%	-3.34%	-3.32%
AIG	70 Outperform	43.16B	14.44	7.71%	2.20%	-33.87%	-5.72%
AEG	69 Neutral	12.53B	8.88	7.49%	5.59%	-6.19%	―
EQH	57 Neutral	$15.75B	43.59	34.30%	1.89%	5.05%	-47.26%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

Equitable Holdings Corporate Events

Equitable Holdings Announces Early Results of Tender Offer

On September 9, 2025, Equitable Holdings announced the early results of its cash tender offer to purchase certain debt securities, revealing that $1,068,736,000 in aggregate principal amount of notes were validly tendered. The company increased the Series Cap for Acceptance Priority Level 1 to $500 million, meaning notes in levels 2 and 3 will not be accepted. The tendered notes will be purchased, retired, and canceled on the expected early settlement date of September 11, 2025, with holders receiving a premium and accrued interest.

Equitable Holdings Amends Reimbursement Agreements with Banks

On August 25, 2025, Equitable Holdings, Inc. amended its Reimbursement Agreements with Commerzbank AG and MUFG Bank to align with its Revolving Credit Agreement, introducing changes to financial covenants and extending the Commitment Termination Date by two years. Earlier, on August 21 and August 26, 2025, the company terminated several bilateral letter of credit facilities with multiple banks, including Barclays Bank PLC and Citibank Europe PLC, marking a strategic shift in its financial operations.

Equitable Holdings Reports Q2 2025 Financial Results

Equitable Holdings reported its second-quarter 2025 financial results, highlighting a net loss of $349 million and Non-GAAP operating earnings of $352 million. Despite a decrease in earnings compared to the previous year, the company achieved significant milestones, including a reinsurance transaction with RGA that generated over $2 billion in value and reduced mortality exposure by 75%. The company also reported positive net flows in its Retirement and Wealth Management segments, while Asset Management experienced net outflows. Equitable Holdings returned $318 million to shareholders and maintained a strong financial condition with a combined NAIC RBC ratio over 500%. Looking forward, the company expects earnings growth to accelerate in the second half of 2025, supported by its integrated business model and strategic initiatives.

Equitable Holdings Completes Major Reinsurance Transaction

On July 31, 2025, Equitable Holdings completed a significant reinsurance transaction with RGA Reinsurance Company, involving its subsidiaries Equitable Financial Life Insurance Company, Equitable Financial Life Insurance Company of America, and Equitable Financial Life and Annuity Company. The transaction, which was initially announced on February 23, 2025, allows Equitable to reinsure 75% of its in-force individual life insurance block, generating over $2 billion in value and reducing exposure to future mortality volatility. This strategic move enables Equitable Holdings to enhance its focus on core businesses such as retirement, asset management, and wealth management.

Equitable Holdings Enters New Revolving Credit Agreement

On July 29, 2025, Equitable Holdings, Inc. entered into a new Revolving Credit Agreement with a syndicate of banks, including JPMorgan Chase Bank, N.A. as the Administrative Agent. This agreement establishes a $1 billion five-year senior unsecured revolving credit facility, allowing for extensions of credit up to $1 billion at any one time, including letters of credit for subsidiary accounts. Concurrently, Equitable Holdings terminated its previous $1.5 billion revolving credit facility established in 2018, indicating a strategic shift in its financial arrangements.