Equitable Holdings (EQH) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Equitable Holdings

NYSE•Financial Services•Asset Management

$53.75+0.08(<0.01%)Market open

Market Cap

$15.04B

P/S

1.4x

Equitable Holdings, Inc., together with its consolidated subsidiaries, operates as a diversified financial services company worldwide. The company operates through six segments: Individual Retirement, Group Retirement, Asset Management, Protection Solutions, Wealth Management, and Legacy. The Individual Retirement variable annuity products, including structured capital strategies, retirement cornerstone, and investment edge primarily to affluent and high net worth individuals. The Group Retirement 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. It offers guaranteed and structured investment option, and personal income benefit variable annuity products and open architecture mutual fund platform. The Asset Management segment offers investment management and related services to various clients through institutions, retail, and private wealth management. The Protection Solutions segment provides life insurance products, such as VUL and COLI insurance, IUL insurance, and term life; and employee benefits business which includes group life, supplemental life, dental, vision, short-term disability, long-term disability, critical illness, accident and hospital indemnity insurance products to small and medium-sized businesses. The Wealth Management segment offers discretionary and non-discretionary investment advisory accounts, financial planning and advice, life insurance, and annuity products. The Legacy segment consists of the capital intensive fixed-rate GMxB business that includes ROP death benefits. 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 this company scores

WeakMetricSide Score: 32/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Balance Sheet & Red Flags (11/25); weakest: Growth (4/25).

Profitability8/25

Growth4/25

Balance Sheet & Red Flags11/25

Cash & Earnings Quality9/25

Strengths

Long cash runwayNet cash positionNo share dilution

Grade capped at D

Negative equity — the balance sheet is insolvent.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 35.5x5y range 3.1x – 35.5x

Currently above its 13-quarter median.

P/S · 1.4x5y range 0.6x – 1.5x

Currently above its 20-quarter median.

P/B · 36.7x5y range 1.1x – 104.7x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 514.5% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -0.6x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $15.04B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $10.62B
Q. Revenue: $1.66B
TTM EBITDA: $731.00M
TTM Op. Income: $-610.00M
Q. Op. Income: $-493.00M
TTM Net Income: $-926.00M
Q. Net Income: $-453.00M
EPS: $-1.68
Shares Out.: $278.30M

$10.62B in TTM revenue declined 22.1% YoY, reaching $1.66B last quarter. TTM EBITDA of $731.00M and TTM operating income of $-610.00M show growth is flowing through to the bottom line. However, net income is negative at $926.00M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 5 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -15.3%
Op. Margin: -29.7%
Net Margin: -27.3%

Op. margin of -29.7% is down 14.4% YoY — costs are rising relative to revenue. Net margin at -27.3% Over the past year, operating margin is down 93% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 1.4x
P/B Ratio: N/A

P/S of 1.4x and P/B of 0.0x. P/S is low relative to typical market levels. Across the last 3 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $334.66B
Cash: $17.18B
Long-Term Debt: $3.84B
Book Value: $-785.00M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $643.00M
TTM Free Cash Flow: $1.32B
FCF Margin: 12.4%
FCF / Net Income: -1.4

TTM FCF of $1.32B on $643.00M in operating cash flow. The FCF / Net Income ratio of -1.4x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.