The company's capital position appears strained, with equity base erosion culminating in a negative $74 million balance in 2025Q4 against a massive $318.3 billion asset base.
| Total Assets | 310.38B | 317.99B | 295.87B | 276.81B | 252.7B | 292.26B | 275.4B | 249.82B | 220.8B | 235.62B | 216.65B | 205.57B |
| Asset Growth % | 26.11% | 7.48% | 6.88% | 9.54% | -13.54% | 6.12% | 10.24% | 13.14% | -6.29% | 8.76% | 5.39% | - |
| Total Investment Assets | 4M | 120.6B | 108.46B | 96.62B | 91.32B | 102.88B | 102.54B | 85.92B | 65.22B | 67.07B | 59.98B | 54.28B |
| Long-Term Investments | 332.16B | 80.33B | 108.33B | 96.51B | 91.32B | 102.88B | 102.54B | 85.92B | 65.22B | 67.07B | 59.98B | 54.28B |
| Short-Term Investments | 40.47B | 40.27B | 137M | 116M | 63.36B | 78.22B | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 76.19B | 78.5B | 28.28B | 28.2B | 20.32B | 28.75B | 24.77B | 22.6B | 30.59B | 30.75B | 29.76B | 28.13B |
| Cash & Equivalents | 9.9B | 12.46B | 6.96B | 8.24B | 4.28B | 5.19B | 6.18B | 4.41B | 4.47B | 4.81B | 5.65B | 6.56B |
| Receivables | 83.32B | 24.87B | 12B | 12.24B | 11.59B | 17.47B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 650M | 907M | -75.31B | -64.86B | -58.91B | -72.13B | 13.03B | 11.16B | 10.11B | 11.76B | 14.39B | 12.63B |
| Goodwill & Intangibles | 36.27B | 5.31B | 5.49B | 5.6B | 5.71B | 4.92B | 4.93B | 4.94B | 4.96B | 4.99B | 5.43B | 5.42B |
| Goodwill | 0 | 5.11B | 5.14B | 5.14B | 5.13B | 4.61B | 4.6B | 4.58B | 4.57B | 4.57B | 4.94B | 4.92B |
| Intangible Assets | 12.93B | 200M | 352M | 452M | 571M | 316M | 331M | 360M | 388M | 416M | 487M | 507M |
| PP&E (Net) | 0 | 0 | 618M | 516M | 520M | 637M | 691M | 687M | 0 | 0 | 0 | 0 |
| Other Assets | 140.35B | 153.85B | 153.15B | 145.99B | 134.83B | 155.07B | 142.47B | 135.67B | 120.03B | 132.81B | 121.48B | 117.74B |
| Total Liabilities | 308.13B | 316.2B | 292.3B | 271.66B | 249.11B | 278.7B | 258.08B | 234.41B | 205.18B | 218.47B | 201.69B | 191.99B |
| Total Debt | 6.93B | 6.56B | 6.78B | 6.33B | 5.85B | 5.89B | 5.28B | 4.99B | 5.53B | 7.92B | 8.1B | 9.82B |
| Net Debt | -2.98B | -5.9B | -182M | -1.91B | 1.57B | 702M | -896M | 589M | 1.06B | 3.1B | 2.45B | 3.26B |
| Long-Term Debt | 6.93B | 6.54B | 5.95B | 5.38B | 4.47B | 5.03B | 4.43B | 4.11B | 4.41B | 3.08B | 3.25B | 5.01B |
| Short-Term Debt | 0 | 25M | 137M | 370M | 759M | 92M | 0 | 0 | 1.12B | 4.84B | 4.85B | 4.8B |
| Total Current Liabilities | 136.94B | 25M | 18.93B | 12.54B | 6.34B | 16.69B | 18.17B | 13.79B | 8.14B | 11.86B | 12.14B | 11.03B |
| Accounts Payable | 3.96B | 4.85B | 4.12B | 4.88B | 5.57B | 6.26B | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 132.68B | -6.63B | 13.81B | 6.05B | -701M | 9.05B | 16.72B | 13.07B | 6.59B | 6.24B | 6.75B | 5.82B |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 164.27B | 308.59B | 266.82B | 253.16B | 237.67B | 256.21B | 234.63B | 215.62B | 192.63B | 203.53B | 186.3B | 175.94B |
| Total Equity | 2.25B | 1.79B | 3.57B | 5.16B | 3.6B | 13.56B | 17.32B | 15.41B | 15.62B | 17.14B | 15B | 13.58B |
| Equity Growth % | -202.15% | -49.89% | -30.83% | 43.44% | -73.49% | -21.69% | 12.38% | -1.33% | -8.9% | 14.29% | 10.44% | - |
| Shareholders Equity | 273M | -74M | 1.58B | 2.65B | 1.4B | 11.52B | 15.58B | 13.46B | 13.87B | 13.42B | 11.46B | 10.44B |
| Minority Interest | 1.98B | 1.86B | 1.98B | 2.51B | 2.19B | 2.04B | 1.74B | 1.96B | 1.75B | 3.72B | 3.54B | 3.14B |
| Retained Earnings | 8.78B | 8.37B | 10.65B | 10.24B | 9.82B | 8.88B | 10.7B | 11.74B | 13.99B | 12.22B | 11.44B | 10.16B |
| Common Stock | 5M | 5M | 5M | 5M | 4M | 4M | 5M | 5M | 5M | 5M | 6M | 0 |
| Accumulated OCI | -6.3B | -6.28B | -8.71B | -7.78B | -8.99B | 2B | 3.86B | 844M | -1.4B | -108M | -921M | -677M |
| Return on Equity (ROE) | -36.74% | -51.53% | 29.96% | 29.75% | 25.09% | 11.37% | -3.96% | -11.37% | 11.32% | 5.19% | 8.77% | 2.45% |
| Return on Assets (ROA) | -0.26% | -0.45% | 0.46% | 0.49% | 0.79% | 0.62% | -0.25% | -0.75% | 0.81% | 0.37% | 0.59% | 0.16% |
| Equity / Assets | 0.72% | 0.56% | 1.21% | 1.86% | 1.42% | 4.64% | 6.29% | 6.17% | 7.07% | 7.28% | 6.92% | 6.61% |
| Debt / Equity | 3.08x | 3.67x | 1.90x | 1.23x | 1.63x | 0.43x | 0.31x | 0.32x | 0.35x | 0.46x | 0.54x | 0.72x |
| Book Value per Share | 7.93 | 6.00 | 10.99 | 14.67 | 9.47 | 32.49 | 38.45 | 31.22 | 28.07 | 30.56 | 26.74 | 24.21 |
| Tangible BV per Share | -37.65 | -11.81 | -5.93 | -1.25 | -5.55 | 20.70 | 27.51 | 21.22 | 19.15 | 21.67 | 17.07 | 14.54 |
Equity market hedging volatility
As reported in recent financial statements, Equitable Holdings' equity base has experienced extreme contraction, falling from $3.2 billion in 2024Q3 to a negative $74 million by 2025Q4, which suggests significant pressure on the company's capital position due to market-related accounting adjustments and hedging costs.
The rapid depletion of equity indicates that the firm's balance sheet is highly sensitive to the valuation of its long-duration liabilities under current accounting standards. Investors should monitor whether this trend reflects a structural impairment or merely temporary volatility stemming from the adoption of LDTI accounting.
Based on the provided quarterly data, the company's equity-to-asset ratio has plummeted to near-zero levels, with equity reaching a negative $74 million in 2025Q4, which warrants further investigation into the firm's statutory capital buffers and its ability to absorb further market-driven shocks to its reserve valuations.
The erosion of the equity cushion suggests that the company's capacity for future capital returns, such as buybacks or dividends, may be constrained by regulatory capital requirements. The firm appears to be operating with a very thin margin of safety, making it vulnerable to any sustained downturn in equity markets.
According to historical data, claims and loss reserves have fluctuated significantly, peaking at $1.8 billion in 2024Q2 and 2025Q3, which suggests that the company's liability management is heavily influenced by periodic spikes in claims activity that do not align with the stability of its premium-based revenue streams.
The inconsistency in reserve levels implies that the firm's underwriting profitability is subject to significant noise, potentially masking the underlying performance of its core retirement and protection products. This volatility complicates the assessment of long-term reserve adequacy and may necessitate higher capital charges to support the liability block.
As indicated by the provided figures, the disconnect between GAAP equity and the firm's massive $318.3 billion asset base in 2025Q4 suggests that the balance sheet is heavily reliant on complex hedging and accounting treatments that may not fully reflect the firm's underlying economic solvency.
The reliance on non-GAAP operating earnings to explain performance highlights a potential risk where the balance sheet may appear more stable than it actually is during periods of market stress. Investors should be cautious of the potential for future reserve strengthening or further accounting adjustments that could impact the firm's reported capital position.
Quick answers to the most common questions about buying EQH stock.
As of 2025, Equitable Holdings, Inc. (EQH) had total assets of $317.99B including $78.50B in current assets.
Equitable Holdings, Inc. (EQH) carries total debt of $6.56B, offset by $52.73B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Equitable Holdings, Inc. (EQH) has total shareholders' equity (book value) of $-74.0M ($6.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Equitable Holdings, Inc. (EQH) reported a current ratio of 3140.20x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.