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Equitable Holdings

EQH on NYSE. Equitable sells retirement, investment, and advice services to people and institutions. Market value $14.7bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Financial services stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
33.3%five-year median

Yearly profit per dollar of owners' money: 33 cents. Above 10 is good.

Price to book
quarterly report to June 2026
Not reported

We don't have this figure for this company.

Earnings yield
past 12 months to June 2026
-6.3%

Profit per $100 you pay: $-6.28.

Quality score: 76 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$54.00 a share, 53% above its 1-year low

Over the past year the price has ranged from $35.19 to $55.06.

Dividend: 2.1% a year

Paid every year for at least 5 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$7.6bn$12.6bn$10.5bn$12.4bn$11.7bn
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.37bn0.34bn0.31bn0.29bn0.27bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsShrinking, 1.2% a year
  • Buying back its own sharesYes, 26% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $1.7 billion last quarter, down 30% on a year ago.
  • A loss of $453 million, compared with a loss of $349 million a year ago.
  • 8% fewer shares than a year ago. Each share owns a bit more of the company.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$3.1bn
December 2024Not reported
March 2025$4.6bn
June 2025$2.4bn
September 2025$1.4bn
December 2025$3.3bn
March 2026$4.2bn
June 2026$1.7bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$132m
December 2024Not reported
March 2025$63m
June 2025-$349m
September 2025-$1.3bn
December 2025$215m
March 2026$621m
June 2026-$453m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
25 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

8 long-term investors we follow own it, up from 6 last quarter. 485 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $4,863 of shares on the open market. 8 sold $31m, $28m of it under preset trading plans.

  • SCOTT BERTRAM L
    Director
    Sold
    Date
    21 September 2026
    Shares
    2,780
    Price
    $54.35
    Value
    $151,093
  • MacKay Craig C
    Director
    Sold
    Date
    17 September 2026
    Shares
    2,000
    Price
    $54.27
    Value
    $108,550
  • Lane Nick
    See Remarks
    Sold
    Date
    4 September 2026
    Shares
    14,923
    Price
    $53.24
    Value
    $794,518
  • Isaacs-Lowe Arlene
    Director
    Sold
    Date
    4 September 2026
    Shares
    1,000
    Price
    $52.83
    Value
    $52,825
  • HURD JEFFREY J
    Chief Operating Officer
    Sold
    under a preset trading plan
    Date
    17 August 2026
    Shares
    14,359
    Price
    $51.98
    Value
    $746,419
  • MacKay Craig C
    Director
    Sold
    Date
    11 August 2026
    Shares
    2,200
    Price
    $51.37
    Value
    $113,003
  • Eckert William James IV
    Chief Accounting Officer
    Sold
    Date
    10 August 2026
    Shares
    947
    Price
    $52.88
    Value
    $50,073
  • Stonehill Charles G.T.
    Director
    Sold
    Date
    6 August 2026
    Shares
    7,500
    Price
    $51.54
    Value
    $386,555
  • SCOTT BERTRAM L
    Director
    Sold
    Date
    6 August 2026
    Shares
    1,466
    Price
    $51.15
    Value
    $74,987
  • Pearson Mark
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    20 July 2026
    Shares
    39,700
    Price
    $48.54
    Value
    $2m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 9 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have shrunk: 1.2% a year.
  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.