Equitable Holdings, Inc. (EQH)

Price$54.04Cached quoteAs of 2026-09-18 05:42 UTC

AI: Undervalued

Price checkThe shares look inexpensive if recent underlying earnings remain close to their current pace.

The observed after-hours price is about 7.3 times first-half 2026 adjusted operating earnings annualized: $3.43 per share for six months, or roughly $6.86 for a year. Adjusted operating earnings are management’s measure after removing certain market-driven and unusual accounting effects. At a ten-times multiple, that earnings pace implies roughly 38% upside. The cushion disappears if sustainable earnings fall toward $5 per share, where the observed price would already equal about ten times earnings. That downside threshold makes the current valuation attractive, but not risk-free.

Big pictureReported profits swing widely, but operating cash flow and business inflows have recently improved.

Reported net income moved from a $1.28 billion profit in 2024 to a $1.38 billion loss in 2025, then totaled only $168 million in the first half of 2026. Yet operating cash flow improved to $1.14 billion in that half, versus about $499 million a year earlier. Insurance accounting can create large hedge and market-value swings, so neither reported profit nor cash flow alone is a clean earnings measure. Retirement, wealth, and asset-management inflows were positive in the second quarter, but market declines would still reduce asset-based fee income.

Business strengthCapital buffers look adequate, while buybacks have materially reduced the share count despite weak book equity.

At June 2026, Equitable reported $0.8 billion of holding-company cash and liquid assets, above its $500 million minimum, and its combined regulatory capital ratio remained well above a 400% target. Consolidated cash exceeded debt, but insurer assets are largely held to support policy obligations, so that is not freely spendable surplus. Accounting stockholders’ equity was negative $785 million. Meanwhile, shares outstanding fell from 440.8 million in 2020 to 273.1 million, and the company spent $1.45 billion on buybacks in 2025 plus $513 million in 2026’s first half, more than offsetting dilution.

What could change the storyThe Corebridge merger offers meaningful upside, but regulatory clearance and integration now carry much of the risk.

Equitable shareholders are due 1.55516 shares of the new parent for each current share and would own about 49% of the combined company. Management projects more than $5 billion of operating earnings, over $4 billion of annual cash generation, more than $500 million of run-rate cost savings, and over 10% earnings improvement from the merger by the end of 2028. The bull case strengthens if the deal closes and those savings appear. It weakens if regulatory approvals stall, integration erodes savings, or sustainable Equitable earnings fall toward $5 per share.

AI: News

Merger vote approvedShareholders strongly approved the Corebridge merger, removing one major obstacle while leaving regulatory approvals outstanding.

On July 30, 2026, 97.24% of Equitable votes cast supported the merger, representing about 85.84% of outstanding shares. The companies continued to target a year-end 2026 closing, subject mainly to regulatory approvals and customary conditions. Equitable shares rose about 1.1% that day. The timing is consistent with reduced deal uncertainty, but it does not prove the vote caused the move. Investors still face closing risk and, after completion, the challenge of combining two large insurance and retirement businesses.

Second-quarter resultsSecond-quarter underlying earnings strengthened and customer money flowed in, while reported accounting profit remained volatile.

On August 4, 2026, Equitable reported a $453 million net loss but $501 million of adjusted operating earnings after notable items, equal to $1.75 per share. Retirement drew $1.7 billion of net inflows, Wealth Management $2.0 billion, and Asset Management $0.8 billion, while $449 million was returned to shareholders. The stock gained about 6.3% in the next session. That reaction is consistent with stronger operating results and inflows, although market timing alone cannot establish what caused the price move.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$11.66B	$12.43B	$10.46B	$12.64B	$7.61B	$12.41B	$9.62B	$12.07B	$12.46B	$11.76B
Net income	−$1.38B	$1.28B	$1.28B	$2.15B	$1.75B	−$648.0M	−$1.76B	$1.85B	$834.0M	$1.25B
Net profit margin	−11.83%	10.30%	12.27%	17.03%	23.05%	−5.22%	−18.34%	15.37%	6.69%	10.66%
Basic EPSper basic share	-$4.83	$3.74	$3.44	$5.49	$4.02	-$1.56	-$3.57	$3.33	$1.49	$2.24
Diluted EPSper diluted share	-$4.83	$3.69	$3.42	$5.46	$3.98	-$1.56	-$3.57	$3.33	$1.49	$2.24

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

9.48%of listed shares

BlackRock, Inc.25.9M shares · Jun 30, 2026

View holders

Top 20 reported holders of EQH
Holder	% owned
BlackRock, Inc.	9.48%25.9M shares
NORGES BANK	6.71%18.33M shares
PRICE T ROWE ASSOCIATES INC /MD/	6.66%18.19M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.92%13.44M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.65%12.7M shares
HARRIS ASSOCIATES L P	3.47%9.49M shares
STATE STREET CORP	3.44%9.39M shares
CANADA PENSION PLAN INVESTMENT BOARD	3.33%9.11M shares
WELLINGTON MANAGEMENT GROUP LLP	3.22%8.78M shares
Capital International Investors	3.08%8.42M shares
PZENA INVESTMENT MANAGEMENT LLC	2.04%5.56M shares
GEODE CAPITAL MANAGEMENT, LLC	1.99%5.44M shares
VIKING GLOBAL INVESTORS LP	1.98%5.4M shares
THORNBURG INVESTMENT MANAGEMENT INC	1.88%5.14M shares
BANK OF MONTREAL /CAN/	1.77%4.84M shares
Diamond Hill Capital Management, LLC (Investment Advisor)	1.74%4.74M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	1.55%4.23M shares
Conifer Management, L.L.C.	1.54%4.2M shares
DIMENSIONAL FUND ADVISORS LP	1.42%3.87M shares
Castle Hook Partners LP	1.32%3.6M shares

Percentages use 273.08M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys12$45.9K disclosed value

Sells (SEC code S)123$61.97M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 18, 2026Form 4 · 10b5-1	Pearson MarkPresident and CEO	SellCommon Stock	39.7K	$45.29	$1.80M	765.9K
Jun 15, 2026Form 4 · 10b5-1	HURD JEFFREY JChief Operating Officer	SellCommon Stock	5.0K	$45.11	$225.6K	74.7K
Jun 15, 2026Form 4 · 10b5-1	HURD JEFFREY JChief Operating Officer	SellCommon Stock	9.4K	$45.11	$422.1K	79.7K
Jun 10, 2026Form 4	Eckert William James IVChief Accounting Officer	SellCommon Stock	6.2K	$41.83	$259.3K	9.4K
Jun 4, 2026Form 4	SCOTT BERTRAM LDirector	SellCommon Stock	2.5K	$41.08	$101.5K	27.9K

Review ownership filings at SEC.gov ↗

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Equitable Holdings, Inc. (EQH)

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