Equitable Holdings, Inc.EQH
NYSE•Financial Services•Asset Management
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.
Equitable Holdings, Inc. (EQH) reported trailing twelve months revenue of $11.32B as of March 2026, a 23.4% decline year-over-year. Quarterly revenue reached $4.23B, reflecting a contraction in sales.
Equitable Holdings, Inc. reported a TTM net loss of $822.00M, with quarterly EBITDA of $1.11B. The operating margin expanded from 3.8% to 21.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (21.0%) and net margin (14.7%) indicates moderate non-operating costs. Net margin has improved from 1.4% a year ago, signaling stronger bottom-line efficiency.
EQH trades at a P/S of 0.9x. The price-to-book ratio of 36.7x indicates a significant premium over book value.
The company generated $490.00M in free cash flow over the trailing twelve months, a 231.1% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $310.38B in total assets with $3.84B in long-term debt against $273.00M in stockholders equity for a debt-to-equity ratio of 14.1, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -3.2%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 249.4% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF consistently trails net income (avg -0.1x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 14.1 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue has softened, declining in 5 quarters. Monitor for further erosion.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 13.2% — net buybacks are reducing shares outstanding and boosting per-share value.