Upside case
Bull case
—
The bull case requires both strong earnings delivery and the market pricing EQH more generously than it does today.
Analysis OverviewBuyUpdated May 1, 2026
Equitable Holdings, Inc. (EQH) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
21
analysts
20 bullish · 0 bearish · 21 covering EQH
Strong Buy
1
Buy
19
Hold
1
Sell
0
Strong Sell
0
Consensus Target
$59
+35.3% vs today
Scenario Range
— – —
Model bear to bull value window
Coverage
21
Published analyst ratings
Valuation Context
6.1x
Forward P/E · Market cap $12.3B
EQH price targets
Three scenarios for where EQH stock could go
Current
~$44
Confidence
29 / 100
Updated
May 1, 2026
Market caseClosest to today
Base case
—
The base case reflects analyst consensus expectations — steady delivery without requiring a major catalyst or re-rating.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Equitable Holdings, Inc.
EQH · NYSEFinancial ServicesInsurance - DiversifiedDecember year-end
Equitable Holdings is a diversified financial services company offering retirement, investment, and insurance products. It generates revenue primarily through fees from its retirement accounts (~60% of earnings) and insurance premiums (~25%), with investment management contributing the remainder. The company's competitive advantage lies in its established brand recognition in the retirement planning space and its distribution network of financial professionals.
Market Cap
$12.3B
Revenue TTM
$11.0B
Net Income TTM
-$1.4B
Net Margin
-12.6%
EQH Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
42%Exceptional
12 quarters tracked
Revenue Beat Rate
25%Exceptional
vs consensus estimates
Avg EPS Surprise
-15.0%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 2 of 4Q3 2025
EPS
$-1.21/$1.71
Revenue
$2.4B/$4.0B
Q4 2025
EPS
$1.48/$1.61
Revenue
$1.4B/$3.5B
Q1 2026
EPS
$1.76/$1.75
Revenue
$3.3B/$4.0B
Q2 2026
EPS
$1.62/$1.60
Revenue
$4.2B/$3.9B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $-1.21/$1.71 | -170.8% | $2.4B/$4.0B | -40.8% |
| Q4 2025 | $1.48/$1.61 | -8.1% | $1.4B/$3.5B | -58.5% |
| Q1 2026 | $1.76/$1.75 | +0.6% | $3.3B/$4.0B | -17.0% |
| Q2 2026 | $1.62/$1.60 | +1.3% | $4.2B/$3.9B | +7.1% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$12.0B
+9.5% YoY
FY2
$11.7B
-3.2% YoY
EPS Outlook
FY1
$-0.79
+83.5% YoY
FY2
$-0.31
+61.1% YoY
Trailing FCF (TTM)$737M
FCF Margin: 6.7%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
EQH beat EPS estimates in 2 of 4 tracked quarters. Mixed delivery makes the upcoming report a key data point for re-rating.
EQH Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $177M
Product Mix
Latest annual revenue by segment or product family
Investment Advice
100.0%
+6.6% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Investment Advice is the largest disclosed segment at 100.0% of FY 2025 revenue, up 6.6% YoY.
EQH Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly Overvalued
Fair value est. $38 — implies -9.4% from today's price.
Premium to Fair Value
9.4%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
EQH
-9.1x
vs
S&P 500
25.2x
136% discount
vs Financial Services Trailing P/E
EQH
-9.1x
vs
Financial Services
13.4x
168% discount
vs EQH 5Y Avg P/E
Today
-9.1x
vs
5Y Average
9.1x
199% discount
Forward PE
6.1x
S&P 500
19.1x
-68%
Financial Services
10.5x
-42%
5Y Avg
—
—
Trailing PE
-9.1x
S&P 500
25.2x
-136%
Financial Services
13.4x
-168%
5Y Avg
9.1x
-199%
PEG Ratio
—
S&P 500
1.75x
—
Financial Services
1.03x
—
5Y Avg
—
—
EV/EBITDA
—
S&P 500
15.3x
—
Financial Services
11.4x
—
5Y Avg
4.9x
—
Price/FCF
18.1x
S&P 500
21.3x
-15%
Financial Services
10.6x
+70%
5Y Avg
15.6x
+16%
Price/Sales
1.1x
S&P 500
3.1x
-66%
Financial Services
2.3x
-53%
5Y Avg
1.2x
-15%
Dividend Yield
2.41%
S&P 500
1.88%
+28%
Financial Services
2.68%
-10%
5Y Avg
2.32%
+4%
| Metric | EQH | S&P 500 | Financial Services | 5Y Avg EQH |
|---|---|---|---|---|
| Forward PE | 6.1x | 19.1x-68% | 10.5x-42% | — |
| Trailing PE | -9.1x | 25.2x-136% | 13.4x-168% | 9.1x-199% |
| PEG Ratio | — | 1.75x | 1.03x | — |
| EV/EBITDA | — | 15.3x | 11.4x | 4.9x |
| Price/FCF | 18.1x | 21.3x-15% | 10.6x+70% | 15.6x+16% |
| Price/Sales | 1.1x | 3.1x-66% | 2.3x-53% | 1.2x-15% |
| Dividend Yield | 2.41% | 1.88% | 2.68% | 2.32% |
EQH trades above S&P 500 benchmarks on 0 of 4 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolEQH Financial Health
Verdict
Stressed
EQH posts -12.6% net margin with -49.3% ROE — the core signals of underwriting discipline and capital efficiency.
Underwriting & Earnings
Premium revenue, margins, and returns
Revenue (TTM)
Trailing-twelve-month sales base
$11.0B
Revenue Growth
TTM vs prior year
-10.9%
Operating Margin
Operating income divided by revenue
-10.9%
Net Margin
Net income divided by revenue
-12.6%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$-4.77
ROE
Return on equity — measures underwriting and investment efficiency
-49.3%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
—
ROA
Return on assets, trailing twelve months
-0.5%
Cash & Equivalents
Liquid assets on the balance sheet
$12.5B
Net Cash
Cash exceeds total debt — no net leverage
$5.9B
FCF Analysis
Traditional FCF and debt/FCF ratios are not meaningful for financial companies. Focus on ROE and ROA above.
ROE
Return on equity, trailing twelve months
-49.3%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
25.3%
Dividend
2.4%
Buyback
22.9%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$2.8B
Dividend / Share
Annualized trailing dividend per share
$1.05
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
282M
All figures from the trailing twelve months. For financial companies, ROE and ROA are the primary health signals — FCF-based metrics are not applicable.
Open full ratios pageEQH Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Economic Downturns
Recessions or economic slowdowns can significantly reduce demand for financial products, negatively impacting EQH's financial performance. This could lead to a substantial decline in revenue and profitability.
High Risk
Significant Net Losses
EQH has experienced substantial net losses due to derivative and investment losses, raising concerns about its risk management strategies. These losses could undermine investor confidence and affect future capital raising efforts.
High Risk
Interest Rate Risk
Fluctuations in interest rates can adversely affect the profitability of EQH's investment products, which may influence earnings and stock price. A significant rise in rates could lead to decreased demand for certain financial products.
Medium
Regulatory Risks
Changes in financial regulations may increase compliance costs or limit EQH's product offerings, potentially impacting revenue streams. Regulatory scrutiny could also lead to fines or sanctions that affect financial stability.
Medium
Market Competition
The financial services sector is highly competitive, requiring EQH to constantly innovate and adapt to maintain market share. Failure to effectively compete could result in lost revenue and diminished market presence.
Medium
Market Volatility
EQH's financial products, particularly variable annuities, are sensitive to equity market and interest rate fluctuations. This volatility can impact liabilities and profitability, leading to unpredictable financial performance.
Lower
Operational Challenges
High operational costs, including compensation and distribution-related payments, coupled with net losses, suggest potential inefficiencies within EQH. These challenges could hinder the company's ability to achieve sustainable profitability.
Lower
Cybersecurity Risks
Cybersecurity remains a significant threat to EQH's operations, with potential breaches leading to financial losses and reputational damage. The increasing sophistication of cyber threats necessitates ongoing investment in security measures.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why EQH Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Strong Wealth Management Growth
Equitable's Wealth Management segment is a key driver, with earnings surging approximately 40%. This segment has seen a 25% increase in Advisory Assets Under Management (AUM), reaching $83 billion, contributing to a total AUM of $122 billion.
Transformative Merger with Corebridge
The pending all-stock merger with Corebridge Financial, valued at around $22 billion, is expected to accelerate earnings growth and enhance capital returns. This merger aims to create a robust retirement and wealth management platform with significant AUM and customer reach.
Compelling Valuation Metrics
EQH is considered undervalued, with a Discounted Cash Flow (DCF) analysis indicating a 58.5% discount to its intrinsic value. The company is also targeting substantial capital returns for 2026, estimated at around $4.20 per share, representing a yield of over 10%.
Positive Analyst Sentiment
A significant number of Wall Street analysts have issued 'Buy' or 'Strong Buy' ratings for EQH, with average 12-month price targets suggesting a potential upside of 35-38%. Some analysts have set even higher targets, indicating strong confidence in the stock's future performance.
Expansion of Retirement Services
Equitable has launched a new 403(b) pooled employer plan for nonprofits, which expands its retirement services footprint. This initiative is expected to enhance fee-based revenue through asset gathering, further supporting the company's growth strategy.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
EQH Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$43.72
52W Range Position
40%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$35.20
+24.2% from the low
52-Week High
$56.61
-22.8% from the high
1 Month
+13.71%
3 Month
-3.95%
YTD
-8.9%
1 Year
-12.8%
3Y CAGR
+22.9%
5Y CAGR
+4.5%
10Y CAGR
+8.0%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
EQH vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
6.1x
vs 8.2x median
-26% below peer median
Revenue Growth
+9.5%
vs -0.3% median
+2976% above peer median
Net Margin
-12.6%
vs 6.6% median
-290% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
EQH EQH Equitable Holdings, Inc. | $12.3B | 6.1x | +9.5% | -12.6% | Buy | +35.3% |
LNC LNC Lincoln National Corporation | $6.4B | 4.9x | +21.9% | 11.4% | Hold | +15.6% |
PRU PRU Prudential Financial, Inc. | $34.9B | 7.4x | -5.9% | 5.6% | Hold | +4.0% |
MET MET MetLife, Inc. | $52.3B | 8.2x | +6.3% | 4.4% | Buy | +20.4% |
PFG PFG Principal Financial Group, Inc. | $22.0B | 10.9x | -0.3% | 7.6% | Hold | -6.9% |
VOY VOYA Voya Financial, Inc. | $7.5B | 8.4x | -3.2% | — | Buy | +12.3% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
EQH Dividend and Capital Return
EQH returns capital mainly through $2.8B/year in buybacks (22.9% buyback yield), with a modest 2.41% dividend — combining for 25.3% total shareholder yield. The dividend has grown for 8 consecutive years.
Dividend UnknownFCF Well Covered
Total Shareholder Yield
25.3%
Dividend + buyback return per year
Buyback Yield
22.9%
Dividend Yield
2.41%
Payout Ratio
—
How EQH Splits Its Return
Buyback 22.9%
Dividend 2.41%Buybacks 22.9%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$1.05
Growth Streak
Consecutive years of dividend increases
8Y
3Y Div CAGR
10.4%
5Y Div CAGR
9.7%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$2.8B
Estimated Shares Retired
65M
Approx. Share Reduction
22.9%
Shares Outstanding
Current diluted share count from the screening snapshot
282M
At 22.9%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.27 | — | — | — |
| 2025 | $1.05 | +11.7% | 19.9% | 22.1% |
| 2024 | $0.94 | +9.3% | 8.2% | 10.2% |
| 2023 | $0.86 | +10.3% | 9.1% | 11.6% |
| 2022 | $0.78 | +9.9% | 9.7% | 12.4% |
FAQ
7 questionsEQH Investor Questions
Common questions answered from live analyst data and company financials.
01Is Equitable Holdings, Inc. (EQH) stock a buy or sell in 2026?
Equitable Holdings, Inc. (EQH) is rated Buy by Wall Street analysts as of 2026. Of 21 analysts covering the stock, 20 rate it Buy or Strong Buy, 1 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $59, implying +35.3% from the current price of $44.
02What is the EQH stock price target for 2026?
The Wall Street consensus price target for EQH is $59 based on 21 analyst estimates. The high-end target is $63 (+44.1% from today), and the low-end target is $57 (+30.4%).
03Is Equitable Holdings, Inc. (EQH) stock overvalued in 2026?
EQH trades at 6.1x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals slightly overvalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Equitable Holdings, Inc. (EQH) stock in 2026?
The primary risks for EQH in 2026 are: (1) Economic Downturns — Recessions or economic slowdowns can significantly reduce demand for financial products, negatively impacting EQH's financial performance. (2) Significant Net Losses — EQH has experienced substantial net losses due to derivative and investment losses, raising concerns about its risk management strategies. (3) Interest Rate Risk — Fluctuations in interest rates can adversely affect the profitability of EQH's investment products, which may influence earnings and stock price. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Equitable Holdings, Inc.'s revenue and earnings forecast?
Analyst consensus estimates EQH will report consensus revenue of $12.0B (+9.5% year-over-year) and EPS of $-0.79 (+83.5% year-over-year) for the upcoming fiscal year. The following year, analysts project $11.7B in revenue.
06When does Equitable Holdings, Inc. (EQH) report its next earnings?
A confirmed upcoming earnings date for EQH is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Equitable Holdings, Inc. generate?
Equitable Holdings, Inc. (EQH) generated $737M in free cash flow over the trailing twelve months — a free cash flow margin of 6.7%. EQH returns capital to shareholders through dividends (2.4% yield) and share repurchases ($2.8B TTM).