Equitable Holdings, Inc. is a US-listed company in the life & health insurance industry. Its financial year ends in December.
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~$66
Valuation models combined (2)
Base case. Range ~$60–$72. Weighted average of 2 models (forward price-to-earnings vs peers, dividend discount (two-stage)).
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Equitable Holdings, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $10.6bn, down 22.1% on a year earlier, faster than -23.4% a quarter earlier. That puts it 927 of 931 for growth among all the companies we cover. The diluted share count is down 9.2% on a year earlier, which lifts each remaining share. Our dividend discount value is $86.11 a share, against a share price of $54.08.
Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Where it stands out: change in share count of -9.2% ranks 2 of 16 life & health insurance companies we cover. Where it lags: revenue growth of -22.1% ranks 18 of 18 life & health insurance companies we cover.
Current signal Net margin compressing: TTM net margin fell to -8.7%, down 12.2pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The company also guided to cash generation of $1.80bn for the 2026; run rate accretion to earnings per share and cash generation from corebridge merger of 10.00 for the year-end 2028.
We value Equitable Holdings, Inc. as an insurer, with every model that fits that kind of business. Cost of equity 9.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.99 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: book value or earnings not available |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | — | Does not apply: book value or return on equity not available |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | — | Does not apply: no positive book value in the latest twelve months |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$60 ~$55–$93 | Included |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | ~$72 ~$60–$88 | Included |
| Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$66 ~$60–$72 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Equitable Holdings, Inc. with life and health insurers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Equitable Holdings's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 0.3% of total assets over 9 years.
Net margin has been a median 7.5%; its worst year was -52.4%.
The diluted share count fell 34.9% over five years; stock-based pay has been a median 2.6% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (34 before it).
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $7.13 | +27% | $15.5bn | +33% |
| Next | $8.92 | +25% | $17.1bn | +10% |
Next year's EPS estimate has moved 0.0% in 90 days, across 13 analysts.
The consensus EPS forecast for the current fiscal year is −0.2% on 90 days ago. In the last 30 days, 2 analysts raised Equitable Holdings, Inc.'s forecast and 6 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $7.15 | $8.93 |
| 60 days ago | $7.17 | $9.01 |
| 30 days ago | $7.17 | $9.01 |
| 7 days ago | $7.14 | $8.93 |
| Now | $7.13 | $8.92 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $1.86 | $2.13 | +14.6% |
| Jun 2026 | $1.22 | −$1.68 | −237.3% |
| Mar 2026 | $1.61 | $1.62 | +0.7% |
| Sept 2025 | $1.42 | −$4.47 | −414.4% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +12.8%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $13.6bn | $10.6bn | −22.1% |
| P/S multiple | 1.1x | 1.5x | +31.5% |
| Share count | 314m | 285m | +10.1% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
Last 3 years +111.1%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $9.5bn | $10.6bn | +11.4% |
| P/S multiple | 1.0x | 1.5x | +47.1% |
| Share count | 367m | 285m | +28.8% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| EQH | +31% | −10% | +20% | +45% | +3% | +16% |
| Industry peers (median) | +16% | −3% | +19% | +26% | +11% | +11% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| EQH | 58% | 50% | 58% | 50% | 50% | 64% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| EQH | −20% | −31% | −30% | −15% | −23% | −28% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since May 10, 2018: 61% from February 20, 2020 to March 23, 2020. Getting back needed a 159% gain, reached on November 24, 2020, 246 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 4, 2026 | +6.9% | +1.6% | +7.0% | +7.3% |
| May 4, 2026 | +4.4% | +0.4% | −2.8% | −4.8% |
| February 4, 2026 | −2.9% | −1.7% | −0.3% | −11.5% |
| November 4, 2025 | −7.3% | −0.8% | −8.0% | −5.2% |
| August 5, 2025 | +0.8% | +0.3% | +8.1% | +6.6% |
| April 29, 2025 | −1.9% | +0.7% | −0.5% | +6.1% |
| February 5, 2025 | −1.9% | +0.8% | +0.8% | −5.0% |
| November 4, 2024 | −1.4% | +1.0% | +9.0% | +6.3% |
| July 30, 2024 | +1.7% | +1.1% | −10.9% | −1.8% |
| April 30, 2024 | +3.0% | −1.9% | +5.2% | +10.8% |
| February 6, 2024 | +3.2% | +1.1% | +1.4% | +3.4% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $10.2B |
| FY23 Q4 | $10.5B |
| FY24 Q1 | $10.3B |
| FY24 Q2 | $11.5B |
| FY24 Q3 | $10.9B |
| FY24 Q4 | $12.4B |
| FY25 Q1 | $14.8B |
| FY25 Q2 | $13.6B |
| FY25 Q3 | $12B |
| FY25 Q4 | $11.7B |
| FY26 Q1 | $11.3B |
| FY26 Q2 | $10.6B |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -5.2% |
| FY23 Q4 | -17.3% |
| FY24 Q1 | -12.8% |
| FY24 Q2 | 20.5% |
| FY24 Q3 | 7.4% |
| FY24 Q4 | 18.8% |
| FY25 Q1 | 42.9% |
| FY25 Q2 | 18.7% |
| FY25 Q3 | 9.9% |
| FY25 Q4 | -6.1% |
| FY26 Q1 | -23.4% |
| FY26 Q2 | -22.1% |
| Fiscal year | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||
| Revenue | 11.8 | 12.4 | 12.1 | 9.6 | 12.4 | 7.6 | 12.6 | 10.5 | 12.4 | 11.7 | 10.6 |
| Net income | 1.3 | 0.8 | 1.9 | −1.8 | −0.6 | 1.8 | 2.1 | 1.3 | 1.3 | −1.4 | −0.9 |
| Diluted EPS | $2.24 | $1.39 | $3.33 | −$3.57 | −$1.56 | $3.98 | $5.42 | $3.42 | $3.69 | −$4.83 | −$3.25 |
| Growth (year on year) | |||||||||||
| Revenue | — | +5.7% | −2.9% | −20.3% | +29.1% | −38.7% | +66.1% | −17.3% | +18.8% | −6.1% | −22.1% |
| Net income | — | −38.0% | +138.4% | −195.1% | — | — | +21.9% | −40.0% | −0.2% | −207.8% | −295.4% |
| Diluted EPS | — | −37.9% | +139.6% | −207.2% | — | — | +36.2% | −36.9% | +7.9% | −230.9% | −315.1% |
| Margins | |||||||||||
| Net margin | 10.7% | 6.3% | 15.4% | −18.3% | −5.2% | 23.0% | 16.9% | 12.3% | 10.3% | −11.8% | −8.7% |
| Cash flow | |||||||||||
| Cash from operations | −0.2 | −0.2 | 0.1 | −0.2 | −0.1 | −0.2 | −0.3 | −0.2 | 2.0 | 0.7 | 1.4 |
| Stock-based pay | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| Balance sheet | |||||||||||
| Cash | 5.7 | 4.8 | 4.5 | 4.4 | 6.2 | 5.2 | 4.3 | 8.2 | 7.0 | 12.5 | 17.2 |
| Total debt | 0.0 | 2.4 | 5.0 | 4.1 | 4.1 | 3.9 | 4.1 | 4.1 | 3.8 | 3.9 | 3.8 |
| Net debt (negative = net cash) | −5.7 | −2.4 | 0.5 | −0.3 | −2.1 | −1.3 | −0.2 | −4.2 | −3.1 | −8.6 | −13.3 |
| Diluted shares | 561m | 561m | 557m | 494m | 450m | 421m | 380m | 352m | 325m | 298m | 285m |
| Returned to shareholders | |||||||||||
| Dividends | 0.0 | 0.0 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| Buybacks | 0.0 | 0.0 | 0.6 | 1.4 | 0.4 | 1.6 | 0.8 | 0.9 | 1.0 | 1.5 | 1.5 |
| Total returned | 0.0 | 0.0 | 0.8 | 1.6 | 0.7 | 1.9 | 1.1 | 1.2 | 1.3 | 1.8 | 1.8 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 3,073 | 3,615 | 4,576 | 2,362 | 1,450 | 3,277 | 4,230 | 1,658 |
| Net income | −132 | 892 | 63 | −349 | −1,309 | 215 | 621 | −453 |
| Diluted EPS | −$0.46 | $2.67 | $0.16 | −$1.21 | −$4.47 | $0.60 | $2.14 | −$1.68 |
| Growth (year on year) | ||||||||
| Revenue | −15.4% | +71.4% | +105.2% | −32.6% | −52.8% | −9.3% | −7.6% | −29.8% |
| Net income | −112.6% | — | −31.5% | −181.5% | — | −75.9% | — | — |
| Diluted EPS | −115.5% | — | −30.4% | −198.4% | — | −77.5% | — | — |
| Margins | ||||||||
| Net margin | −4.3% | 24.7% | 1.4% | −14.8% | −90.3% | 6.6% | 14.7% | −27.3% |
| Cash flow | ||||||||
| Cash from operations | 683 | 400 | 158 | 341 | 369 | −154 | 499 | 643 |
| Stock-based pay | 29 | 214 | 50 | 23 | 16 | 173 | 43 | 41 |
| Last 12 months unless stated | EQH | PUK | UNM | VOYA | GNW | PFG | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $10.6bn | $11.5bn | $13.3bn | $8.2bn | $7.4bn | $16.6bn | $11.1bn |
| Revenue growth, last 12 months | −22.1% | 7.0% | 3.4% | 3.2% | 2.1% | 5.2% | 6.1% |
| Revenue growth, 3-year average | 3.7% | — | 3.3% | 7.3% | −0.3% | 5.6% | 4.9% |
| Revenue growth, latest quarter | −29.8% | — | 0.3% | −4.3% | 5.8% | 25.4% | 6.9% |
| Operating margin | — | 28.8% | 12.3% | 1.4% | 0.4% | — | 12.3% |
| Operating margin, 3-year average | — | 17.9% | 12.1% | 1.4% | 4.2% | — | 15.0% |
| Net margin | −8.7% | 34.6% | 5.3% | 7.4% | 2.9% | 11.9% | 6.5% |
| Cash from operations / revenue | 12.8% | — | 6.2% | 14.6% | 5.8% | 33.3% | 14.6% |
| Free-cash-flow margin | −14.4% | — | 5.2% | 26.1% | 2.8% | 32.5% | 19.4% |
| Free-cash-flow margin, 3-year average | — | — | 8.7% | 29.9% | 0.7% | 31.9% | 21.3% |
| Stock pay / revenue | 2.6% | — | — | 1.1% | 0.9% | 0.5% | 0.8% |
| Change in share count | −9.2% | −4.7% | −8.2% | −3.4% | −6.5% | −4.0% | −4.7% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -22.1% | 7.0% | 18 of 18 |
| Change in growth rate Growth | +1.3pp | +1.5pp | 11 of 18 |
| Net margin Profitability | -8.7% | 6.9% | 18 of 18 |
| Stock pay as % of revenue Cash generation | 2.6% | 0.9% | 8 of 8 |
| Change in share count Balance sheet | -9.2% | -4.7% | 2 of 16 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $1.1B | 25.9M | 9.8% | ▼ 5.2% |
| Norges Bank | $804M | 18.3M | 6.9% | — |
| Price T Rowe Associates Inc | $798M | 18.2M | 6.9% | ▲ 3.8% |
| Vanguard Portfolio Management LLC | $590M | 13.4M | 5.1% | ▼ 8.1% |
| Vanguard Capital Management LLC | $557M | 12.7M | 4.8% | ▲ 0.6% |
| Harris Associates L P | $416M | 9.5M | 3.6% | ▲ 33495.5% |
| State Street Corp | $412M | 9.4M | 3.5% | ▼ 21.6% |
| Canada Pension Plan Investment Board | $400M | 9.1M | 3.4% | ▼ 50.0% |
| Wellington Management Group LLP | $385M | 8.8M | 3.3% | ▲ 6.3% |
| Capital International Investors | $369M | 8.4M | 3.2% | ▼ 19.3% |
| Pzena Investment Management LLC | $244M | 5.6M | 2.1% | ▲ 24.6% |
| Geode Capital Management, LLC | $239M | 5.4M | 2.0% | ▼ 7.1% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Equitable Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Scott Bertram L Director | September 21, 2026 | Sell | 2,780 | $54.35 | $151,093 |
| Mackay Craig C Director | September 17, 2026 | Sell | 2,000 | $54.28 | $108,560 |
| Isaacs-Lowe Arlene Director | September 4, 2026 | Sell | 1,000 | $52.83 | $52,830 |
| Lane Nick See Remarks | September 4, 2026 | Sell | 14,923 | $53.24 | $794,501 |
| Hurd Jeffrey J Chief Operating Officer | August 17, 2026 | Sell pre-set plan | 4,659 | $51.39 | $239,426 |
| Hurd Jeffrey J Chief Operating Officer | August 17, 2026 | Sell pre-set plan | 4,200 | $52.51 | $220,542 |
| Hurd Jeffrey J Chief Operating Officer | August 17, 2026 | Sell pre-set plan | 500 | $53.05 | $26,525 |
| Hurd Jeffrey J Chief Operating Officer | August 17, 2026 | Sell pre-set plan | 2,459 | $51.39 | $126,368 |
| Hurd Jeffrey J Chief Operating Officer | August 17, 2026 | Sell pre-set plan | 300 | $53.06 | $15,918 |
| Hurd Jeffrey J Chief Operating Officer | August 17, 2026 | Sell pre-set plan | 2,241 | $52.50 | $117,652 |
| Mackay Craig C Director | August 11, 2026 | Sell | 2,200 | $51.37 | $113,014 |
| Eckert William James Iv Chief Accounting Officer | August 10, 2026 | Sell | 947 | $52.88 | $50,077 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Equitable Holdings, Inc. disclosed in the last 12 months; 2 earlier trades on record.
Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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