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Equitable Holdings
(NYSE:EQH)
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Rating:58Neutral
Price Target:
$55.00
▲(12.45% Upside)
Action:Reiterated
Date:09/25/26
EQH scores as moderate overall: the biggest constraint is financial risk from negative equity and recent GAAP profitability deterioration, partially offset by strong TTM cash flow. Technicals are supportive with an uptrend across key moving averages and positive MACD. The latest earnings call improves the outlook due to upbeat guidance, record AUMA, and merger-related accretion/ROE targets, while valuation is mixed given a negative P/E and a modest dividend yield.
Positive Factors
Scale and net flows
Record AUMA and positive inflows across all three principal businesses indicate broad client demand and distribution reach. A larger recurring asset and advisory base can support durable fee revenue, improve operating leverage, and strengthen EQH’s competitive position over the next several quarters.
Negative Factors
Negative shareholders’ equity
Negative equity weakens the balance sheet’s loss-absorbing cushion and makes leverage and return metrics harder to interpret. It can increase sensitivity to adverse earnings or investment outcomes, constrain financial flexibility, and reduce resilience during periods of weaker operating performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale and net flows
Record AUMA and positive inflows across all three principal businesses indicate broad client demand and distribution reach. A larger recurring asset and advisory base can support durable fee revenue, improve operating leverage, and strengthen EQH’s competitive position over the next several quarters.
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
$14.90B
Dividend Yield2.09%
Average Volume (3M)3.04M
Price to Earnings (P/E)―
Beta (1Y)1.21
Revenue Growth-17.70%
EPS Growth-356.46%
CountryUS
Employees8,000
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)-3.27
Shares Outstanding273,035,160
10 Day Avg. Volume2,855,153
30 Day Avg. Volume3,042,361
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 Cap1.28
Enterprise Value/Revenue1.80
Enterprise Value/Gross Profit2.48
Enterprise Value/Ebitda36.92
Forecast
1Y Price Target
$64.17Price Target Upside31.19% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)7.14
Revenue Forecast (FY)$15.66B
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 primarily makes money through a mix of insurance/annuity economics, investment management fees, and wealth management distribution and advisory revenue. (1) Insurance & annuities (Equitable): EQH earns spread-based income by investing premiums...
Equitable Holdings Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 02, 2026
Earnings Call Sentiment Positive
The call conveyed broad momentum: merger approvals, advanced integration planning, record AUMA ($1.2T, +10% YoY), strong organic flows across Retirement, Wealth and AB, robust EPS growth (~24% YoY / ~25% H1), and active capital returns. Notable negatives include a GAAP net loss driven by hedge impacts, below-plan alternative returns (small portion of assets), a slightly larger corporate loss due to compensation accruals and elevated mortality, and an unprofitable Employee Benefits business being sold. On balance, the positives around deal progress, cash generation, segment growth, and capital returns materially outweigh the contained near-term challenges.Positive Updates
Merger Approval and Timeline
Shareholders of Equitable and Corebridge approved the merger with over 97% voting in support; transaction remains on track to close by year-end 2026 with integration planning advanced (organization defined through 3 levels/top ~500 positions).
Negative Updates
GAAP Net Loss and Hedge Impacts
Reported GAAP net loss of $453 million in the quarter driven by noneconomic impacts from the hedge portfolio amid strong equity markets.
Read all updates
Q2-2026 Updates
Positive
Negative
Merger Approval and Timeline
Shareholders of Equitable and Corebridge approved the merger with over 97% voting in support; transaction remains on track to close by year-end 2026 with integration planning advanced (organization defined through 3 levels/top ~500 positions).
Read all positive updates
Company Guidance
Management reiterated that the merger remains on track to close by year-end 2026 after >97% shareholder approval and expects the combined company to deliver at least 10% accretion to earnings and cash flow per share by the end of 2028 and a 15%+ ROE on a capital base of >$30 billion; for 2026 they are targeting non‑GAAP EPS growth of >15% (Q2 non‑GAAP operating EPS $1.70, $1.75 excl. notables, up ~24% YoY; H1 EPS excl. notables up ~25%), record AUM/A of $1.2 trillion (up 10% YoY), holding‑company cash flow of ~ $1.8 billion (rising to ~$2.0 billion in 2027), and a full‑year payout ratio of 60%–70% (70% H1; Q2 payout 92% after $449 million returned, including $366 million repurchases); other key metrics/guidance included retirement net inflows $1.7 billion and $2.6 billion spread lending issuance in Q2, Wealth advisory inflows $2 billion with AUA up 27% to $141 billion and 11% TTM organic growth, AB AUM a record $906 billion with $0.8 billion net inflows and private markets AUM $91 billion (up 18% YoY, targeting $90–$100 billion), AB performance fees now forecast at $115–$135 million for 2026, adjusted BVPS ex‑AOCI $30.92, holding‑company cash/liquids $800 million, combined NAIC RBC well above 400%, and an expectation that alternative‑asset returns (alts ≈2% of the general account) will improve in H2.Equitable Holdings Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
22
Negative
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.62B | 11.66B | 12.44B | 10.53B | 12.64B | 7.61B |
| Gross Profit | 7.71B | 9.23B | 6.60B | 5.19B | 7.58B | 7.32B |
| EBITDA | 518.00M | -97.00M | 3.21B | 1.78B | 3.83B | 3.37B |
| Net Income | -926.00M | -1.38B | 1.31B | 1.30B | 2.15B | 1.75B |
Balance Sheet | ||||||
| Total Assets | 334.66B | 317.99B | 295.72B | 276.81B | 252.70B | 292.26B |
| Cash, Cash Equivalents and Short-Term Investments | 58.60B | 52.73B | 91.58B | 80.82B | 67.64B | 83.40B |
| Total Debt | 3.84B | 6.56B | 5.95B | 5.63B | 5.85B | 5.89B |
| Total Liabilities | 333.43B | 316.20B | 292.17B | 271.66B | 249.11B | 278.70B |
| Stockholders Equity | -785.00M | -74.00M | 1.58B | 2.65B | 1.40B | 11.52B |
Cash Flow | ||||||
| Free Cash Flow | 1.40B | 679.00M | 1.49B | -325.00M | -417.00M | -313.00M |
| Operating Cash Flow | 1.43B | 713.00M | 1.64B | -208.00M | -250.00M | -193.00M |
| Investing Cash Flow | -12.30B | -10.75B | -15.36B | -4.85B | -7.49B | -12.69B |
| Financing Cash Flow | 13.18B | 15.50B | 12.10B | 9.00B | 7.04B | 11.95B |
Equitable Holdings Technical Analysis
Positive
48.91
Price Trends
52.41
Positive
49.67
Positive
45.36
Positive
Market Momentum
0.43
Negative
57.04
Neutral
71.21
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 48.91 is below the 20-day moving average (MA) of 53.39, below the 50-day MA of 52.41, and above the 200-day MA of 45.36, indicating a bullish trend. The MACD of 0.43 indicates Negative momentum. The RSI at 57.04 is Neutral, neither overbought nor oversold. The STOCH value of 71.21 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 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $43.54B | 11.73 | 61.73% | 1.34% | 8.79% | 28.59% | |
73 Outperform | $23.98B | 15.91 | 13.03% | 2.90% | 3.72% | 41.16% | |
68 Neutral | $15.87B | 20.82 | 7.42% | 4.23% | 8.39% | 181.11% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $15.76B | 20.68 | 7.53% | 2.80% | 25.42% | ― | |
60 Neutral | $12.55B | -41.20 | -0.63% | 3.01% | 15.64% | -173.65% | |
58 Neutral | $14.90B | -16.69 | 845.66% | 2.09% | -17.70% | -356.46% |
* Financial Sector Average
EQH
Equitable Holdings
54.59
7.62
16.23%
AMP
Ameriprise Financial
492.85
14.66
3.07%
BEN
Franklin Resources
31.23
9.01
40.55%
IVZ
Invesco
28.43
5.21
22.43%
PFG
Principal Financial
111.98
32.52
40.92%
CRBG
Corebridge Financial, Inc.
35.36
4.65
15.13%
Equitable Holdings Corporate Events
Executive/Board ChangesShareholder Meetings
Equitable Holdings outlines leadership transition and governance support
Positive
Sep 25, 2026
AllianceBernstein and Equitable Holdings announced that Seth Bernstein will retire as Chief Executive Officer of AllianceBernstein and Head of Asset Management at Equitable Holdings on March 31, 2027, following a transition plan disclosed on Septe...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsShareholder Meetings
Equitable Holdings Reports Q2 Results and Corebridge Merger
Positive
Aug 4, 2026
Equitable Holdings, Inc. is a diversified U.S. financial services group with core operations in retirement, wealth management and asset management, anchored by a majority stake in AllianceBernstein. The company is increasingly focused on scaling i...
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsShareholder Meetings
Equitable Holders Approve Corebridge Merger Agreement
Positive
Jul 30, 2026
On July 30, 2026, Equitable Holdings stockholders approved the company’s merger agreement with Corebridge Financial at a special meeting, with more than 88% of eligible shares represented and strong majorities backing both the merger terms a...
Regulatory Filings and ComplianceShareholder Meetings
Equitable Sets Date for 2026 Annual Stockholder Meeting
Neutral
Jul 28, 2026
On July 28, 2026, Equitable Holdings’ board set September 23, 2026, at 12:00 p.m. Eastern as the date and time for its 2026 annual meeting of stockholders, with August 7, 2026 established as the record date to determine voting eligibility. T...
Legal ProceedingsM&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
Equitable Holdings responds to merger-related shareholder lawsuits
Negative
Jul 21, 2026
Under a merger agreement announced March 26, 2026, Equitable and Corebridge plan a two-step transaction that will combine both businesses under a newly named Equitable Holdings, Inc., with special shareholder meetings scheduled for July 30, 2026. ...
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.