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Equitable Holdings
(NYSE:EQH)
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Rating:65Neutral
Price Target:
$51.00
▲(22.21% Upside)
Action:Reiterated
Date:05/10/26
The score is anchored by weaker financial performance (recent losses and pressured equity/leverage), partially offset by favorable valuation (low P/E and dividend) and a constructive earnings-call outlook with strong EPS growth and merger synergy targets. Technical indicators add moderate support but are not uniformly strong versus the longer-term trend.
Positive Factors
Diversified fee and insurance franchise
Equitable combines retirement/insurance economics with a global asset-management fee business, creating diversified, recurring revenue streams. This mix cushions earnings across market cycles: insurance yields and contract fees plus AUM-based fees support durable cash generation and distribution reach over multiple years.
Negative Factors
Weak profitability and earnings volatility
A swing to net losses and volatile revenue undermines earnings quality and the company’s ability to build surplus capital organically. Persistent earnings volatility reduces predictability of dividends and buybacks, and raises execution risk on growth initiatives that depend on internal cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified fee and insurance franchise
Equitable combines retirement/insurance economics with a global asset-management fee business, creating diversified, recurring revenue streams. This mix cushions earnings across market cycles: insurance yields and contract fees plus AUM-based fees support durable cash generation and distribution reach over multiple years.
Read all positive factors
Equitable Holdings Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Shows profit generated by each business unit (e.g., retirement, protection, asset management), highlighting which segments drive earnings, margin trends, and operational efficiency. Helpful for spotting durable cash generators versus units that rely on investment returns or are sensitive to interest rates and claims volatility.
Shows profit generated by each business unit (e.g., retirement, protection, asset management), highlighting which segments drive earnings, margin trends, and operational efficiency. Helpful for spotting durable cash generators versus units that rely on investment returns or are sensitive to interest rates and claims volatility.
Data provided by:
The Fly
The FlyEquitable Holdings (EQH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.48B
Dividend Yield2.15%
Average Volume (3M)4.55M
Price to Earnings (P/E)―
Beta (1Y)1.24
Revenue Growth-19.35%
EPS Growth-175.55%
CountryUS
Employees8,000
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)-2.81
Shares Outstanding272,958,130
10 Day Avg. Volume3,460,304
30 Day Avg. Volume4,550,579
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)-191.95
Price to Sales (P/S)1.22
P/FCF Ratio20.92
Enterprise Value/Market Cap0.79
Enterprise Value/Revenue0.87
Enterprise Value/Gross Profit1.37
Enterprise Value/Ebitda15.51
Forecast
1Y Price Target
$59.80Price Target Upside43.30% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)7.09
Revenue Forecast (FY)$15.58B
Equitable Holdings Business Overview & Revenue Model
Company Description
Equitable Holdings, Inc. operates as a global, diversified financial services enterprise, delivering its offerings through four primary divisions. The Individual Retirement segment focuses on providing variable annuity products predominantly to hi...
How the Company Makes Money
EQH earns money primarily through a combination of (1) insurance and annuity economics and (2) asset management fees. In its Retirement/Wealth and Protection businesses (often marketed under the Equitable brand), the company generates revenue from...
Equitable Holdings Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 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
38
Negative
Balance Sheet
27
Negative
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.32B | 11.66B | 12.44B | 10.53B | 12.64B | 7.61B |
| Gross Profit | 7.19B | 9.23B | 6.60B | 5.19B | 7.58B | 7.32B |
| EBITDA | 634.00M | -97.00M | 3.20B | 1.78B | 3.83B | 3.37B |
| Net Income | -822.00M | -1.38B | 1.31B | 1.30B | 2.15B | 1.75B |
Balance Sheet | ||||||
| Total Assets | 310.38B | 317.99B | 295.87B | 276.81B | 252.70B | 292.26B |
| Cash, Cash Equivalents and Short-Term Investments | 50.38B | 52.73B | 8.20B | 9.41B | 67.64B | 83.40B |
| Total Debt | 6.93B | 6.56B | 6.78B | 6.33B | 5.85B | 5.89B |
| Total Liabilities | 308.13B | 316.20B | 292.30B | 271.66B | 249.11B | 278.70B |
| Stockholders Equity | 273.00M | -74.00M | 1.58B | 2.65B | 1.40B | 11.52B |
Cash Flow | ||||||
| Free Cash Flow | 807.00M | 679.00M | 1.49B | -325.00M | -417.00M | -313.00M |
| Operating Cash Flow | 840.00M | 713.00M | 1.64B | -208.00M | -250.00M | -193.00M |
| Investing Cash Flow | -12.58B | -10.75B | -15.36B | -4.85B | -7.49B | -12.69B |
| Financing Cash Flow | 13.24B | 15.50B | 12.10B | 9.00B | 7.04B | 11.95B |
Equitable Holdings Technical Analysis
Positive
41.73
Price Trends
42.87
Positive
41.11
Positive
43.90
Positive
Market Momentum
1.08
Negative
62.95
Neutral
63.01
Neutral
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 below the 20-day moving average (MA) of 44.82, below the 50-day MA of 42.87, and below the 200-day MA of 43.90, indicating a bullish trend. The MACD of 1.08 indicates Negative momentum. The RSI at 62.95 is Neutral, neither overbought nor oversold. The STOCH value of 63.01 is Neutral, 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 5 risk factors in its most recent earnings report. Equitable Holdings reported the most risks in the "Finance & Corporate" 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $38.03B | 9.59 | 22.01% | 1.55% | 6.90% | 41.67% | |
76 Outperform | $35.64B | 7.70 | 20.48% | ― | 8.66% | 32.96% | |
73 Outperform | $23.92B | 15.93 | 13.25% | 3.44% | -1.98% | 48.93% | |
70 Outperform | $42.22B | 13.83 | 7.70% | 2.02% | -2.31% | 26.43% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $12.48B | -16.62 | -219.79% | 2.15% | -19.35% | -175.55% | |
61 Neutral | $13.09B | 11.93 | 11.63% | 5.77% | 33.06% | 50.47% |
* Financial Sector Average
EQH
Equitable Holdings
46.69
-5.72
-10.91%
AEG
Aegon
8.78
2.02
29.88%
AIG
American International Group
79.11
-1.43
-1.77%
ACGL
Arch Capital Group
101.70
13.14
14.84%
HIG
Hartford Insurance
138.52
18.67
15.57%
PFG
Principal Financial
111.67
32.96
41.88%
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 ...
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.