Equitable Holdings, Inc.
- Open
- 43.97
- Day high
- 44.30
- Day low
- 43.80
- Prev close
- 43.88
- Volume
- 589K
- Mkt cap
- $12.4B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 45.5
- P/S
- 1.1
- Yield
- 2.52%
- Per share
- $1.11
- ▼Insiders net selling -$10.8M over the last 3 months (12 open-market buys, 20 sales)
- 🏛Institutions reducing (13F)
Equitable Holdings, Inc. (EQH) is a Financial Services company listed on NYSE. The stock is down 21% over the past year. Over the trailing 3 months, insiders filed 12 open-market buys and 20 sales (SEC Form 4).
Equitable Holdings, Inc. (EQH) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EQH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $1.60 | $1.62 | +1.3% | $4.2B | +7.1% |
| Feb 4, 2026 | $1.75 | $1.76 | +0.6% | $3.3B | -17.8% |
| Apr 29, 2025 | $1.47 | $1.35 | -8.2% | $4.6B | +19.4% |
| Feb 5, 2025 | $1.65 | $1.57 | -4.8% | $3.6B | -9.1% |
| Apr 30, 2024 | $1.33 | $1.43 | +7.5% | $2.2B | -38.0% |
| Feb 6, 2024 | $1.17 | $1.33 | +13.7% | $2.2B | -38.6% |
| Aug 2, 2023 | $1.17 | $1.17 | +0.0% | $2.4B | -99.9% |
| May 3, 2023 | $1.24 | $0.96 | -22.6% | $2.4B | -28.9% |
| Feb 8, 2023 | $1.29 | $1.11 | -14.0% | $1.9B | -42.4% |
| Nov 2, 2022 | $1.13 | $1.28 | +13.3% | $3.0B | -3.8% |
| Aug 3, 2022 | $1.31 | $1.31 | +0.0% | $5.2B | +55.6% |
| Feb 10, 2022 | $1.46 | $1.54 | +5.5% | $3.3B | -7.5% |
EQH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 23, 2026 | Pearson Markdirector, officer: President and CEO | Sell | 39,700 | $45.28 |
| Jun 23, 2026 | Pearson Markdirector, officer: President and CEO | Option | 27,200 | $23.18 |
| Jun 18, 2026 | HURD JEFFREY Jofficer: Chief Operating Officer | Sell | 9,358 | $45.11 |
| Jun 18, 2026 | HURD JEFFREY Jofficer: Chief Operating Officer | Option | 9,358 | $21.34 |
| Jun 18, 2026 | HURD JEFFREY Jofficer: Chief Operating Officer | Sell | 5,000 | $45.11 |
| Jun 10, 2026 | Pearson Markdirector, officer: President and CEO | Grant | 1,719 | — |
| Jun 10, 2026 | HURD JEFFREY Jofficer: Chief Operating Officer | Grant | 344 | — |
| Jun 10, 2026 | BERNSTEIN SETH Pofficer: See Remarks | Grant | 131 | — |
| Jun 10, 2026 | Lane Nickofficer: See Remarks | Grant | 398 | — |
| Jun 10, 2026 | Eckert William James IVofficer: Chief Accounting Officer | Grant | 61 | — |
| Jun 10, 2026 | Eckert William James IVofficer: Chief Accounting Officer | Sell | 6,200 | $41.83 |
| Jun 10, 2026 | Raju Robin Mofficer: Chief Financial Officer | Grant | 406 | — |
| Jun 10, 2026 | Meyers Kurtofficer: Chief Legal Officer, Secretary | Grant | 250 | — |
| Jun 5, 2026 | SCOTT BERTRAM Ldirector | Sell | 2,470 | $41.08 |
| May 21, 2026 | Hondal Francisdirector | Buy | 112 | $34.04 |
Source: EQH SEC Form 4 filings, latest Jun 23, 2026. For informational purposes only — not investment advice.
See the full EQH insider & 13F page →Equitable Holdings, Inc. company profile
Overview
Equitable Holdings, Inc. (NYSE:EQH) is a diversified financial services company that traces its roots back to 1859, making it one of America's oldest financial institutions. Originally known as AXA Equitable Holdings, the company underwent a significant transformation when it went public in May 2018 through one of the largest IPOs in the insurance sector. The company rebranded to Equitable Holdings in January 2020, marking its independence from French parent company AXA. Today, Equitable operates as a leading provider of retirement, investment management, and protection solutions, serving millions of Americans through its integrated platform of financial services.
Business
Equitable Holdings operates in the financial services sector, specifically focusing on retirement planning, investment management, and life insurance products. The company serves the massive U.S. retirement market, which faces significant demographic pressures as approximately 4 million Americans turn 65 annually and over $600 billion moves out of 401(k) plans each year. The company operates through four primary business segments: Individual Retirement (approximately 40% of earnings): This segment offers variable annuity products, particularly Registered Index-Linked Annuities (RILAs), which are sophisticated investment products that provide exposure to market upside while offering downside protection. These products are primarily marketed to affluent and high-net-worth individuals who are approaching or in retirement and seek to convert their 401(k) savings into guaranteed income streams. Group Retirement (approximately 25% of earnings): This division provides retirement plan services to educational institutions, municipalities, non-profit organizations, and small-to-medium businesses. The segment offers tax-deferred investment options and retirement planning services, competing in the large employer-sponsored retirement plan market. Investment Management and Research (approximately 20% of earnings): Operating primarily through AllianceBernstein, this segment provides diversified investment management services across institutional, retail, and private wealth channels. AllianceBernstein manages over $725 billion in assets and offers everything from traditional mutual funds to alternative investments and private markets solutions. Protection Solutions (approximately 15% of earnings): This segment offers life insurance products including variable universal life, indexed universal life, and term life insurance. It also provides employee benefits such as disability, dental, and vision insurance to small and medium-sized businesses.
Revenue model
Equitable Holdings generates revenue through multiple complementary business models that leverage its integrated financial services platform. The company's diversified revenue streams provide stability and cross-selling opportunities across its client base. Asset-based fees represent the largest revenue source, generated from managing client assets in retirement accounts, investment funds, and insurance products. As assets under management grow through market appreciation and net inflows, fee revenue increases proportionally. The company manages over $1 trillion in assets across its platforms. Insurance premiums and spread income come from the Protection Solutions segment, where the company collects premiums on life and employee benefit insurance products and invests the float to generate spread income between investment returns and policy obligations. Product sales and commissions are earned when clients purchase annuity products, particularly the growing RILA product line, which has seen 23% year-over-year growth in sales. Advisory and wealth management fees are generated through the company's growing wealth management platform, which has achieved $4 billion in net flows and manages over $100 billion in assets under administration. Several factors influence the company's profitability margins. Favorable factors include the aging U.S. population driving structural demand for retirement products, rising market values increasing asset-based fees, and the company's shift toward higher-margin, capital-light businesses like wealth management and asset management. Challenging factors include interest rate volatility affecting product attractiveness, increased competition in the RILA market, mortality volatility in the Protection Solutions segment, and regulatory changes that could impact product design or capital requirements. Market volatility can also create near-term pressure on flows and earnings, though the company's diversified platform provides some stability across different market conditions.
Competitive moat
Equitable Holdings possesses a moderate but meaningful competitive moat built on several interconnected advantages, though it faces increasing competitive pressures in its core markets. The company's primary moat stems from its integrated distribution platform and established relationships with financial advisors, broker-dealers, and institutional clients built over more than 160 years of operation. This extensive distribution network provides privileged access to clients and creates switching costs, as advisors are reluctant to change established relationships and product platforms. Product innovation and expertise in complex financial products like RILAs provides another competitive advantage. Equitable has been a leader in developing sophisticated annuity products that balance market exposure with downside protection, requiring significant actuarial expertise and regulatory knowledge that creates barriers to entry for new competitors. The company's scale advantages in asset management through AllianceBernstein, with over $725 billion in assets under management, provide cost efficiencies and investment capabilities that smaller competitors cannot match. This scale also enables the company to invest in technology, research, and product development. However, the moat faces several challenges. The RILA market, while growing rapidly, is attracting increased competition from other major insurers and asset managers. The company acknowledges that market share pressure is expected as competitors enter this attractive segment. Additionally, the shift toward fee-based advisory models and robo-advisors could potentially disintermediate traditional distribution channels over time. The regulatory environment also poses ongoing challenges, as insurance and investment product regulations can change product economics and competitive dynamics. The company's dependence on market performance for asset-based fees creates cyclical vulnerability, though this is partially offset by the diversified business model across multiple segments and revenue streams.
Risks & safety
Equitable Holdings demonstrates a strong margin of safety with robust capitalization and improving financial metrics, though typical insurance industry leverage creates some complexity in traditional safety analysis. Liquidity and Solvency: - $1.1 billion in holding company liquidity provides substantial financial flexibility - 425% combined NAIC Risk-Based Capital ratio, well above regulatory minimums - Debt-to-equity ratio of 2.42x reflects typical insurance industry capital structure with substantial policyholder liabilities - Strong cash generation capability with $1.5 billion generated in 2024 and targeting $2 billion annually by 2027 Valuation Metrics: - Price-to-earnings ratio of 11.6x appears reasonable for a diversified financial services company - Price-to-book ratio of 9.6x reflects the asset-light nature of much of the business - EV/EBITDA of 3.8x suggests potential undervaluation relative to growth prospects - Return on equity of 82% indicates highly efficient capital deployment Other Considerations: - Diversified revenue streams across four business segments reduce concentration risk - Strong demographic tailwinds support long-term demand for retirement products - Ongoing balance sheet optimization through reinsurance transactions (RGA deal) will free up over $2 billion in capital - Management's disciplined capital allocation with 60-70% payout ratio to shareholders
Recent development
Over the past few years, Equitable Holdings has executed a strategic transformation focused on optimizing its business mix toward higher-growth, capital-light segments while strengthening its market position in the expanding U.S. retirement market. Business Portfolio Optimization: The company has successfully shifted its earnings mix, with over 50% now coming from Group Retirement, Asset Management, and Wealth Management businesses, compared to a historically higher concentration in Individual Retirement. This shift has improved the company's growth profile and reduced capital intensity. Strategic Partnerships and Market Expansion: Equitable launched its first in-plan annuity products through a partnership with BlackRock, generating $500 million in initial inflows and positioning the company to capitalize on the emerging in-plan annuity market. The company has also strengthened its AllianceBernstein platform through the CarVal Investors acquisition, enhancing its private markets capabilities. Capital Structure Optimization: The company is executing a significant balance sheet optimization through a life reinsurance transaction with Reinsurance Group of America (RGA), expected to close mid-2025, which will free up over $2 billion in capital. Additionally, Equitable increased its ownership in AllianceBernstein to 69% and established a Bermuda reinsurance subsidiary to improve capital efficiency. Technology and Product Innovation: The company has achieved $100 million in run-rate expense savings through operational efficiency initiatives while continuing to invest in technology and distribution capabilities. Product innovation has focused on the rapidly growing RILA market, where Equitable has maintained market leadership with 23% year-over-year sales growth. Geographic and Market Expansion: The company has expanded its presence in China's asset management market and continues to explore opportunities in adjacent markets while maintaining its core focus on U.S. retirement solutions.
EQH company profile · for informational purposes only — not investment advice.
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