Equitable Holdings (EQH)
NYSE:EQH
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Equitable Holdings
(NYSE:EQH)
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Rating:46Neutral
Price Target:
$37.00
▼(-3.12% Downside)
Action:ReiteratedDate: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.
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.
Read all positive and negative factors
Positive Factors
Negative 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.
Read all positive factors
Equitable Holdings (EQH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.71B
Dividend Yield2.15%
Average Volume (3M)3.22M
Price to Earnings (P/E)15.8
Beta (1Y)1.14
Revenue Growth7.70%
EPS Growth-155.12%
CountryUS
Employees8,000
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)1.73
Shares Outstanding280,347,840
10 Day Avg. Volume3,420,296
30 Day Avg. Volume3,218,174
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 Cap0.47
Enterprise Value/Revenue0.46
Enterprise Value/Gross Profit0.78
Enterprise Value/Ebitda-15.91
Forecast
1Y Price Target
$59.57Price Target Upside55.98% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)7.53
Revenue Forecast (FY)$16.44B
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:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call presented meaningful commercial momentum: record AUM (+10%), strong organic inflows in Wealth (+13%) and Retirement (+4%), substantial private markets growth at AB (+18%), improved capital flexibility (RGA deal freed $2B and cut mortality exposure 75%), and solid cash generation with a path to $2.0B by 2027. However, 2025 was also impacted by elevated mortality, AB net outflows, a Corporate & Other loss and modest spread compression that restrained EPS growth versus targets. Management provided constructive 2026 guidance (cash ~$1.8B, EPS growth expected to accelerate and exceed 12%–15% target range) and multiple remediation levers (expense saves, buybacks, less mortality volatility). Overall the call balances clear progress and optimistic guidance against tangible near-term headwinds and execution risks.Positive Updates
Record Assets Under Management and Administration
AUM/A ended 2025 at a record $1.1 trillion, up 10% year-over-year, providing a tailwind for fee and spread-based earnings.
Negative Updates
Elevated Mortality Experience in 2025
Higher-than-expected mortality claims held back EPS growth in 2025; Q4 recorded approximately $25 million of adverse mortality and management increased GAAP mortality assumptions and folded prudence into 2026 guidance.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Assets Under Management and Administration
AUM/A ended 2025 at a record $1.1 trillion, up 10% year-over-year, providing a tailwind for fee and spread-based earnings.
Read all positive updates
Company Guidance
Management guided 2026 to roughly $1.8 billion of total cash generation (up >10% YoY from ~$1.6B in 2025 and on track to $2.0B in 2027) and said 2026 EPS (excluding notable items) should grow by more than their 12%–15% target range; segment guidance included mid‑ to high‑single‑digit pretax growth in Retirement (spreads to stabilize in H2 after modest 2–4 bps compression in H1), Asset Management visibility to at least $80–$100 million of performance fees in 2026, Wealth Management double‑digit earnings growth (with a ~$60M quarterly run rate and FY2025 earnings already >$200M), and Corporate & Other a full‑year loss of $350–$400M (with seasonal mortality volatility in Q1/Q4); they expect a consolidated tax rate of ~20% (segment: Retirement ~16%, Wealth ~26%, Asset Mgmt ~28%), year‑end holding company cash of ~$1.1B (min target $500M), record AUM/A of $1.1T (+10% YoY), combined NAIC RBC ~475%, and reiterated that 2025 total cash generation was $2.6B (including $1.0B RGA proceeds) with organic cash ~$1.6B.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 | 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
Negative
38.19
Price Trends
42.36
Negative
44.41
Negative
47.96
Negative
Market Momentum
-1.38
Negative
41.52
Neutral
48.84
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 38.19 is below the 20-day moving average (MA) of 38.69, below the 50-day MA of 42.36, and below the 200-day MA of 47.96, indicating a bearish trend. The MACD of -1.38 indicates Negative momentum. The RSI at 41.52 is Neutral, neither overbought nor oversold. The STOCH value of 48.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
84 Outperform | $33.32B | 7.15 | 19.02% | ― | 16.68% | -28.54% | |
79 Outperform | $36.99B | 10.14 | 21.37% | 1.55% | 7.11% | 22.52% | |
73 Outperform | $19.24B | 16.80 | 10.26% | 3.44% | 12.33% | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $10.67B | 4.30 | 14.36% | 5.77% | -6.19% | ― | |
67 Neutral | $40.49B | 15.62 | 7.50% | 2.02% | -23.02% | 52.43% | |
46 Neutral | $10.71B | 15.82 | -152.32% | 2.15% | 7.70% | -155.12% |
* Financial Sector Average
EQH
Equitable Holdings
38.19
-14.62
-27.69%
AEG
Aegon
7.07
0.70
10.94%
AIG
American International Group
75.47
-6.87
-8.34%
ACGL
Arch Capital Group
93.32
-2.61
-2.72%
HIG
Hartford Insurance
134.10
13.46
11.16%
PFG
Principal Financial
88.72
6.31
7.65%
Equitable Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
Equitable Holdings Reports 2025 Results and Strategic Progress
Positive
Feb 4, 2026
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 bil...
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.