Equitable Holdings screens attractively on valuation — with a forward price-to-earnings of 5.1 times and a near-zero price-to-growth ratio — and shows improving price momentum, but the business is generating deeply negative free cash flow equivalent to 82% of revenue, revenue is declining at 8% year-over-year, and three of the last four earnings reports have missed estimates, making the cheap multiple more likely a value trap than an opportunity.
Thesis pillars
- Attractive Valuation Surface→Stable
- Deep Negative Free Cash Flow→Stable
- Persistent Earnings Miss Pattern↑Improving
- +1 more pillar — see the Why tab for full reasoning
Equitable Holdings, Inc. (EQH) Stock Analysis
Financial Services · Asset Management
Sell if holding. Engine safety override at $48.77: Quality below floor (2.7 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.3/10. Specifically: Elevated put/call ratio: 5.40; Below-average business quality.
Equitable Holdings provides retirement, asset management, and wealth management through three franchises: Equitable (insurer), AllianceBernstein (global active asset manager), and Equitable Advisors (wealth management), with $1.1 trillion in assets under management and... Read more
Sell if holding. Engine safety override at $48.77: Quality below floor (2.7 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.3/10. Specifically: Elevated put/call ratio: 5.40; Below-average business quality. Chart setup: No clear chart pattern; technical signals are mixed. Score 4.3/10, moderate confidence.
Passes 6/9 gates (positive momentum, clean insider activity, no SEC red flags, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: moderate.
About Equitable Holdings, Inc.
About Equitable Holdings, Inc.
Equitable Holdings closed 2025 with $1.1 trillion in total assets under management and administration, including $866.9 billion managed by AllianceBernstein across institutional ($354.2 billion), retail ($356.4 billion), and private wealth ($156.3 billion) channels. Total Retirement first-year premiums and deposits reached $22.4 billion, with RILA products contributing $15.4 billion, up from $11.3 billion in 2023. EQH owns an approximate 68% economic interest in AB, a publicly traded master limited partnership on the NYSE.
Equitable Holdings earns revenue across three segments. The Retirement segment anchors the business with $174.9 billion in total account value as of December 31, 2025, composed of RILA products ($81.6 billion), traditional variable annuities ($47.8 billion), and tax-exempt products ($33.3 billion). Distribution of individual annuity products runs through Equitable Advisors (38% of first-year premiums in 2025) and third-party channels (62%), with no single third-party firm exceeding 10% of sales in 2025. The Asset Management segment — AB — generated $4.59 billion in total revenues in 2025 on $826.0 billion in average AUM, with advisory fees of $3.35 billion (base) plus $185 million in performance-based fees. AB experienced net long-term outflows of $(11.3) billion in 2025, compared with $(2.2) billion in 2024, driven by active equity net outflows of $(22.5) billion partially offset by alternatives and multi-asset inflows of $10.6 billion.
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EQH's variable annuity and guaranteed minimum benefit products create asymmetric exposure to equity market and interest rate conditions simultaneously. While GMxB features accounted for approximately 1.3% of total account value as of December 31, 2025 — limiting immediate obligation risk — the broader RILA and variable annuity base of $174.9 billion may be affected by sustained equity market weakness. The 10-K notes that equity market declines increase GMxB obligation amounts and may raise hedging costs, while rapid rate increases could accelerate surrenders and withdrawals. EQH mitigates this through derivatives programs, but counterparty failures on those instruments could leave net exposure if collateral agreements do not fully offset losses.
See also: Financial Services · Asset Management
From Equitable Holdings, Inc.'s most recent 10-K filing, extracted June 10, 2026.
Recent developments
updated 2026-07-27Recent Developments — Equitable Holdings, Inc.
Latest news
- NEWS Evercore ISI Group Maintains Outperform on Equitable Holdings, Raises Price Target to $65 — benzinga Jul 13, 2026 positive
- NEWS Keefe, Bruyette & Woods Maintains Outperform on Equitable Holdings, Raises Price Target to $62 — benzinga Jul 13, 2026 positive
- NEWS Jefferies Maintains Buy on Equitable Holdings, Raises Price Target to $66 — benzinga Jul 10, 2026 positive
- NEWS Wells Fargo Maintains Overweight on Equitable Holdings, Raises Price Target to $60 — benzinga Jul 9, 2026 positive
- NEWS Mizuho Maintains Outperform on Equitable Holdings, Raises Price Target to $62 — benzinga Jul 9, 2026 positive
Generated 2026-07-27T14:53:01Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
4 floor-breakers
Revenue shrinking — -7.6% YoY. Growth thesis broken unless recovery story develops.static
Unprofitable operations — net margin -7.3%. Quality floor flags this regardless of sector context.static
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.static
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $48.77: Quality below floor (2.7 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.3/10. Specifically: Elevated put/call ratio: 5.40; Below-average business quality. Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $46.20. Score 4.3/10, moderate confidence.
Take-profit target: $52.91 (+8.3% upside). Prior stop was $46.20. Stop-loss: $46.20.
Quality below floor (2.7 < 4.0).
Equitable Holdings, Inc. trades at a P/E of N/A (forward 5.4). TrendMatrix value score: 7.1/10. Verdict: Sell.
18 analysts cover EQH with a consensus score of 4.2/5. Average price target: $61.
What does Equitable Holdings, Inc. do?Equitable Holdings provides retirement, asset management, and wealth management through three franchises: Equitable...
Equitable Holdings provides retirement, asset management, and wealth management through three franchises: Equitable (insurer), AllianceBernstein (global active asset manager), and Equitable Advisors (wealth management), with $1.1 trillion in assets under management and administration as of December 31, 2025. Revenue comes from fee income, investment income, and insurance premiums; AB managed $866.9 billion in AUM across institutional, retail, and private wealth channels.