Latest Ratios: P/E Ratio 9.6x · EV/EBITDA 3.0x · ROE -51.5%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.4B | $14.2B | $15.3B | $11.7B | $10.9B | $13.7B | $11.5B | $12.2B | $9.3B | — | — |
| Enterprise Value | $8.5B | $8.3B | $14.3B | $9.1B | $12.5B | $14.4B | $10.6B | $12.8B | $10.3B | — | — |
| P/E Ratio → | 9.57 | — | 12.48 | 9.57 | 5.26 | 8.16 | — | — | 5.09 | — | — |
| P/S Ratio | 1.10 | 1.22 | 1.23 | 1.11 | 0.86 | 1.80 | 0.93 | 1.27 | 0.77 | — | — |
| P/B Ratio | 8.78 | 7.94 | 4.29 | 2.27 | 3.03 | 1.01 | 0.67 | 0.79 | 0.59 | — | — |
| P/FCF | 5.37 | 20.92 | 10.32 | — | — | — | — | — | — | — | — |
| P/OCF | 20.16 | 19.92 | 9.35 | — | — | — | — | — | 151.71 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.71 | 1.15 | 0.86 | 0.99 | 1.89 | 0.86 | 1.33 | 0.85 | — | — |
| EV / EBITDA | 2.96 | — | 4.80 | 5.87 | 3.44 | 4.60 | 16.01 | — | 3.70 | — | — |
| EV / EBIT | — | — | 6.12 | 9.42 | 3.91 | 5.04 | — | — | 3.79 | — | — |
| EV / FCF | — | 12.23 | 9.63 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.1% | 79.1% | 53.1% | 49.3% | 59.9% | 96.2% | 23.4% | 22.2% | 54.8% | 44.3% | 48.2% |
| Operating Margin | -10.2% | -10.2% | 17.0% | 7.0% | 23.7% | 34.3% | -8.8% | -21.4% | 20.6% | 10.5% | 17.2% |
| Net Profit Margin | -11.8% | -11.8% | 10.5% | 12.4% | 17.0% | 23.0% | -5.2% | -18.3% | 15.4% | 6.7% | 10.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -51.5% | -51.5% | 30.0% | 29.7% | 25.1% | 11.4% | -4.0% | -11.4% | 11.3% | 5.2% | 8.8% |
| ROA | -0.4% | -0.4% | 0.5% | 0.5% | 0.8% | 0.6% | -0.2% | -0.7% | 0.8% | 0.4% | 0.6% |
| ROIC | — | — | 62.0% | 14.3% | 23.1% | 12.8% | -5.1% | -9.5% | 10.1% | 5.2% | 8.9% |
| ROCE | -0.7% | -0.7% | 1.2% | 0.3% | 1.1% | 1.0% | -0.4% | -0.9% | 1.1% | 0.6% | 1.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.67 | 3.67 | 1.67 | 1.09 | 1.63 | 0.43 | 0.31 | 0.32 | 0.35 | 0.46 | 0.54 |
| Debt / EBITDA | — | — | 2.00 | 3.63 | 1.61 | 1.88 | 7.96 | — | 1.98 | 4.64 | 2.91 |
| Net Debt / Equity | — | -3.30 | -0.28 | -0.51 | 0.44 | 0.05 | -0.05 | 0.04 | 0.07 | 0.18 | 0.16 |
| Net Debt / EBITDA | — | — | -0.34 | -1.68 | 0.43 | 0.22 | -1.35 | — | 0.38 | 1.82 | 0.88 |
| Debt / FCF | — | -8.69 | -0.68 | — | — | — | — | — | — | — | — |
| Interest Coverage | -4.33 | -4.33 | 10.34 | 4.24 | 15.89 | 11.69 | -4.46 | -8.32 | 11.78 | 9.16 | 12.65 |
Net cash position: cash ($12.5B) exceeds total debt ($6.6B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.57 | 0.57 | 0.90 | 0.93 | 3.20 | 1.72 | 1.36 | 1.64 | 3.76 | 2.59 | 2.45 |
| Quick Ratio | 0.57 | 0.57 | 0.90 | 0.93 | 3.20 | 1.72 | 1.36 | 1.64 | 3.76 | 2.59 | 2.45 |
| Cash Ratio | 0.38 | 0.38 | 0.79 | 0.80 | 10.66 | 5.00 | 0.34 | 0.32 | 0.55 | 0.41 | 0.47 |
| Asset Turnover | — | 0.04 | 0.04 | 0.04 | 0.05 | 0.03 | 0.05 | 0.04 | 0.05 | 0.05 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.0% | 2.2% | 2.0% | 2.6% | 2.7% | 2.2% | 2.6% | 2.3% | 1.7% | — | — |
| Payout Ratio | — | — | 23.1% | 23.1% | 13.7% | 16.9% | — | — | 8.5% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.4% | — | 8.0% | 10.5% | 19.0% | 12.3% | — | — | 19.7% | — | — |
| FCF Yield | 18.6% | 4.8% | 9.7% | — | — | — | — | — | — | — | — |
| Buyback Yield | 19.6% | 19.9% | 8.2% | 9.1% | 9.7% | 13.9% | 5.0% | 12.4% | 24.4% | — | — |
| Total Shareholder Yield | 21.6% | 22.1% | 10.2% | 11.6% | 12.4% | 16.0% | 7.6% | 14.8% | 26.1% | — | — |
| Shares Outstanding | — | $298M | $325M | $352M | $380M | $417M | $450M | $494M | $557M | $561M | $561M |
Includes 30+ ratios · 11 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying EQH stock.
Equitable Holdings, Inc.'s current P/E ratio is 9.6x. The historical average is 8.1x. This places it at the 80th percentile of its historical range.
Equitable Holdings, Inc.'s current EV/EBITDA is 3.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.4x.
Equitable Holdings, Inc.'s return on equity (ROE) is -51.5%. The historical average is 5.2%.
Based on historical data, Equitable Holdings, Inc. is trading at a P/E of 9.6x. This is at the 80th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Equitable Holdings, Inc.'s current dividend yield is 2.00%.
Equitable Holdings, Inc. has 79.1% gross margin and -10.2% operating margin.
Key Metrics
Top Statement Risk
Leverage plus volatile underwriting results
Metrics are mathematically derived from official filings.
Discount Multiple Masks Negative Book Equity
Based on EQH's reported figures, the stock trades at 9.57x trailing earnings and 8.78x book value, a multiple that appears inflated relative to its negative GAAP returns and the sub-1.0x P/B levels of LNC and FG.
The 8.78x P/B is hard to reconcile with book equity that turned negative at -$1.8B in 2026Q3, which suggests the P/B metric itself may be distorted and warrants caution. The 9.57x P/E rests on a single quarter's EPS beat of $4.05, and the market may be pricing in a recovery that the trailing ROE of -51.5% does not yet support. Investors should monitor whether the premium narrows once book equity is restored, since P/B is the primary anchor for an insurer and its current reading offers limited guidance.
Combined Ratio Swings Above 100% Repeatedly
As reported in the ratio data, EQH's combined ratio ranged from 64.2% in 2026Q3 to 193.0% in 2025Q3, with readings above 100% in four of the last ten quarters, indicating persistent underwriting volatility.
The spike to 193.0% in 2025Q3, driven by a 117.0% loss ratio, suggests reserve or catastrophe-type charges rather than a steady run-rate of claims. The expense ratio, which ranged between 30.4% and 104.4%, appears to be a larger source of volatility than the loss ratio in several quarters, pointing to cost or DAC-related effects. Without clearer disclosure on reserve development, the combined ratio alone may not reliably indicate underlying underwriting quality.
ROE Driven by Irregular Quarterly Swings
Based on EQH's reported ROE, returns swung from 152.8% in 2026Q3 to -53.3% in 2025Q3, with the trailing ROE of -51.5% indicating that headline profitability has not stabilized despite recent improvement.
The 152.8% quarterly ROE is a product of a sharply reduced equity base rather than an operating improvement, which suggests the figure should not be extrapolated. Underwriting margin was positive in only some quarters, meaning investment income on float has been doing much of the work in offsetting losses. Investors should monitor whether ROE normalizes once the equity base stabilizes.
Debt-to-Equity Reflects Thin Capital Cushion
According to reported figures, EQH's debt-to-equity ratio climbed from 0.86 in 2024Q2 to 15.74 in 2026Q3, with interest coverage swinging between negative and 26.24x, signaling a capital base that has narrowed sharply.
The rise in leverage appears driven by erosion of equity rather than new borrowing, which suggests limited room to absorb further underwriting shocks. Interest coverage turning negative in 2025Q3 and 2026Q2 indicates that operating earnings did not cover interest in those periods. This profile may constrain flexibility for buybacks and dividends, and warrants further investigation into statutory capital levels.
Debt-to-Equity Misleads on Balance Sheet Risk
The debt-to-equity ratio is most often misapplied to EQH because its equity base is distorted by negative book value, making the 15.74x reading an unreliable gauge of leverage.
Applying D/E to a company with negative equity can overstate or obscure risk, since the ratio loses meaning as the denominator approaches zero. Statutory capital ratios and risk-based capital measures would better reflect the insurer's solvency position. Alternative metrics such as statutory surplus, premium-to-surplus, and AB's fee-based earnings contribution should be used instead to assess underlying capital adequacy.