Equitable Holdings, Inc. (EQH) Stock

Equitable Holdings, Inc. (EQH) is a Financials stock trading at $51.56 (as of 2026-09-02), with a market capitalization of $14.52B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Equitable Holdings, Inc., together with its consolidated subsidiaries, operates as a diversified financial services company worldwide. The company operates through four segments: Individual Retirement, Group Retirement, Investment Management and Research, and Protection Solutions. The Individual Retirement segment offers a suite of variable annuity products primarily to affluent and high net worth individuals. The Group Retirement segment 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. The Investment Management and Research segment offers diversified investment management, research, and related solutions to various clients through institutional, retail, and private wealth management channels; and distributes its institutional research products and solutions. The Protection Solutions segment provides various variable universal life, indexed universal life, and term life products to help affluent and high net worth individuals, as well as small and medium-sized business owners; and a suite of life, short- and long-term disability, dental, and vision insurance products to small and medium-size businesses. 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.

Understand Equitable Holdings, Inc.: how it makes money

Equitable Holdings manages roughly $1.1 trillion in assets for affluent retirees, public pension plans, and institutional clients (via AllianceBernstein), earning advisory fees, fund-management fees, and variable-annuity underwriting margins. The recurring fee base is anchored to the asset level, so revenue and earnings swing with equity-market valuations and net flows.

Fees on approximately $1.1 trillion of managed assets (variable annuities, institutionals, retail advisory) are the profit engine, so the P&L is heavily beta to equity valuations and net flows rather than a stable, contracted premium stream.

Business quality (Weak): Operating margin sits at 21%, but revenue is down roughly 8% year over year and the most recent ROE prints at negative 44% (likely merger-related), giving the business a 'Weak' quality grade on current data. The durable fee base is large, but the near-term trajectory is soft.

Bull case

  • Merger targets double-digit accretion: Management has guided to at least 10% merger accretion and a 15%-plus ROE by 2028, which if delivered would structurally lift the earnings base well above the current run-rate.
  • Wealth management growing organically: Wealth management posted 10% organic growth with advisor productivity up 13%, showing the retirement-advisory franchise is doing more per advisor rather than simply buying scale.
  • Private-market pipeline is meaningful: AllianceBernstein's private-markets AUM reached $91 billion and the firm added another $14 billion of unfunded pipeline, giving a visible runway of higher-fee, alternative-asset revenue.

Bear case

  • EPS tracking below plan: Management disclosed that cumulative EPS growth is running below the stated target range, raising the question of when, or whether, the guided accretion will materialise on schedule.
  • Alt-returns still lagging: Alternative returns were pressured by lagged private-equity weakness and challenged real-estate equity, which suppresses the fee base on the $91 billion private-markets book and drags overall investment income.
  • Top line shrinking in aggregate: Quarterly revenue of $4.2 billion is down 8% year over year, and with AUM/a still processing market-stress effects, the fee base has not yet inflected higher.
Valuation — source: SEC EDGAR (first-party)
Price$51.56
Market Cap$14.52B
Price / Book7.80
Price / Sales1.28
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$11.66B
Net Margin-11.8%
Revenue Growth (YoY)-7.6%
EPS Growth (YoY)1250.0%
Valuation vs Sector & Industry
Sector P/E (Financials)14.9
Industry P/E (Insurance)12.1
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($1.46B)
Institutional Holders Tracked10
Congressional Trades (recent)2
Company
SectorFinancials
IndustryInsurance
CEOMark Pearson
Employees8,000
CountryUS
IPO Date2018-05-10

Equitable Holdings, Inc. earnings call transcripts

  • EQH Q2 FY26 earnings call transcript (reported 2026-08-04) · analysis
  • EQH Q4 FY25 earnings call transcript (reported 2026-02-04) · analysis
  • EQH Q2 FY25 earnings call transcript (reported 2025-08-05) · analysis

All EQH earnings calls

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EQH earnings history · EQH institutional & insider holders · EQH KPIs & operating metrics · EQH financials · EQH investor presentations & press releases · EQH SEC filings · EQH peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.