Latest Ratios: P/E Ratio -10.9x · EV/EBITDA N/A · 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 → | -10.89 | — | 12.48 | 9.57 | 5.26 | — | — | — | 5.09 | — | — |
| P/S Ratio | 1.23 | 1.22 | 1.23 | 1.11 | 0.86 | 1.80 | 0.93 | 1.27 | 0.77 | — | — |
| P/B Ratio | 8.77 | 7.94 | 4.29 | 2.27 | 3.03 | 1.01 | 0.67 | 0.79 | 0.59 | — | — |
| P/FCF | 21.15 | 20.92 | 10.32 | — | — | — | — | — | — | — | — |
| P/OCF | 20.14 | 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 | — | — | 4.82 | 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 | — | — | 8.0% | 10.5% | 19.0% | — | — | — | 19.7% | — | — |
| FCF Yield | 4.7% | 4.8% | 9.7% | — | — | — | — | — | — | — | — |
| Buyback Yield | 19.7% | 19.9% | 8.2% | 9.1% | 9.7% | 13.9% | 5.0% | 12.4% | 24.4% | — | — |
| Total Shareholder Yield | 21.7% | 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
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Quick answers to the most common questions about buying EQH stock.
Equitable Holdings, Inc.'s current P/E ratio is -10.9x. The historical average is 8.1x.
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 -10.9x. 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
Merger-driven GAAP volatility and leverage
Metrics are mathematically derived from official filings.
P/B Premium Reflects Asset Management Value
EQH's P/B of 8.59 is a significant premium to peers like Lincoln National (0.75) and Prudential (1.18), suggesting the market is pricing in the high-margin, capital-light earnings from AllianceBernstein rather than the volatile insurance operations.
The valuation premium appears to be a conglomerate discount in reverse, where the market is assigning a higher multiple to the integrated asset management and retirement platform than to a pure-play life insurer. This implies investors are valuing the recurring fee stream and the strategic 403(b) niche over the underwriting results, which have been erratic. The forward P/E of 7.18, however, suggests that if the Corebridge merger integration stabilizes, the earnings power could be substantial relative to the current price.
Combined Ratio Volatility Undermines Profitability
The combined ratio has been above 100% in six of the last ten quarters, including a severe 193.0% in Q3 2025, indicating that underwriting losses are a persistent feature, not an anomaly, forcing reliance on investment income and non-operating items.
The extreme volatility, from a low of 66.9% to a high of 193.0%, suggests the underwriting results are heavily distorted by non-cash items like DAC unlocking and hedging gains/losses, rather than reflecting core claims experience. The loss ratio component is the primary driver of this instability, swinging from 9.3% to 117.0% in adjacent quarters. This pattern indicates that the traditional insurance underwriting cycle is not the key determinant of profitability; instead, accounting and market-related adjustments dominate the reported results.
ROE Swings Mask Underlying Earnings Power
ROE has swung from -53.3% in Q3 2025 to 30.8% in Q1 2026, a pattern that, based on reported figures, suggests non-GAAP operating earnings are the only reliable measure of the company's true return generation capacity.
The negative ROE in quarters like Q3 2025 and Q2 2026 is driven by massive GAAP net losses, which appear to stem from merger-related charges and reserve adjustments rather than operational cash losses. The positive ROE quarters, like Q1 2026, likely reflect the underlying earnings from AB's asset management fees and the Group Retirement segment's stable flows. This decomposition implies that the investment return on float is currently a more stable contributor to economic value than underwriting profit, which is highly erratic.
Elevated Leverage Amplifies Integration Risk
The debt-to-equity ratio of 3.67, as reported in recent financial statements, is exceptionally high for a life insurer and appears to be a direct consequence of the Corebridge merger, creating a capital structure that is highly sensitive to interest rate movements.
This leverage level is far above peers like Lincoln National (0.59) and Voya (0.30), indicating a balance sheet under significant strain during the integration period. The high D/E ratio, combined with negative GAAP equity in some quarters, suggests that the company's financial flexibility is constrained, potentially limiting its capacity for further share repurchases or acquisitions. Investors should monitor credit rating actions closely, as a downgrade could increase funding costs and pressure the dividend sustainability.
The Misleading Power of GAAP ROE
The single most misapplied ratio is the GAAP Return on Equity, which is currently negative (-26.1% in Q2 2026) and obscures the positive underlying operating earnings generated by the asset management and retirement businesses.
Analysts and screeners often focus on GAAP ROE, but for EQH, this metric is rendered meaningless by large, non-cash charges from the Corebridge merger, hedging program volatility, and DAC adjustments. The negative ROE does not reflect the company's ability to generate cash or pay dividends, as evidenced by the sustained capital return program. Instead, investors should focus on Non-GAAP Operating Earnings and the premium-to-surplus ratio to assess true economic performance and capital adequacy.