Equitable Holdings, Inc.
$56.10
+0.47 (+0.84%) · delayed · Nov 13, 2026
Five-year price
52w $35.20 to $56.83
- Market cap
- $15.0B
- Enterprise value
- $6.4B
- P/E
- —
- 73.8× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 4.8%
- ROIC
- —
- Debt / equity
- —
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ●ROE > 15% (5y avg)5y avg ROE 74.8%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ○Earnings convert to cashFCF / net income 29% (5y avg)
- ○Growing revenueRevenue CAGR 5y -1.2%
- ●Shrinking share countDiluted shares -33.8% over 5y
Value
n/a
- –P/E below 15P/E n/a
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield 4.8%
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
n/a
- –Debt / equity below 0.5D/E n/a
- ○Debt payable in < 4 yrs of earningsNet debt $-8.6B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
20
- ●Adequate size (revenue > $2B)Revenue $11.7B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -68%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 73.8
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $56.10, the market is pricing in about −5.2% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$8.6B · 267M shares · 5y revenue CAGR −1.2%
Intrinsic value
$64.77
Price
$56.10
Margin of safety
13%
What the price implies
The market is paying for −5.2% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
50% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 11,763 | 12,460 | 12,069 | 9,619 | 12,415 | 7,614 | 12,644 | 10,460 | 12,425 | 11,665 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 2,027 | 1,306 | 2,490 | (2,060) | (1,093) | 2,609 | 2,992 | 714 | 2,076 | (1,193) |
| Income tax | 378 | 49 | 301 | (593) | (744) | 439 | 598 | (910) | 280 | (156) |
| Net income | 1,254 | 834 | 1,855 | (1,764) | (648) | 1,755 | 2,153 | 1,283 | 1,280 | (1,380) |
| EPS (diluted) | 2.24 | 1.49 | 3.33 | -3.57 | -1.56 | 3.98 | 5.46 | 3.42 | 3.69 | -4.83 |
| Diluted shares | 561 | 561 | 557 | 494 | 450 | 421 | 380 | 352 | 325 | 298 |
Who owns it