# Axa Equitable Holdings (EQH.US)

Canonical: https://gigainvestors.com/s/EQH

Analysis as of: 2026-10-16T07:28:19.386Z. Financial observations: FY2014–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $53.49 per share; close as of 2026-10-15.

Estimated value: low $79.42 per share, central $90.37 per share, high $104.95 per share. Buy at or below the central value $90.37 per share. Valuation as of 2026-10-16T07:28:19.386Z; scenarios are not confidence intervals.

Expected annual return: 15.1% at the stated quote. About 15.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 3

- Operating margin variation: 1.63×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.10×

- FY2018: 0.21×

- FY2019: -0.21×

- FY2020: -0.09×

- FY2021: 0.34×

- FY2022: 0.24×

- FY2023: 0.21×

- FY2024: 0.17×

- FY2025: -0.10×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.1%

- ROIC, second-lowest year: -10.9%

- Typical minus recent gross margin: -6.3 pp

- Typical gross margin (annual median): 53.9%

- Recent gross margin (lower of latest and 3-year median): 60.2%

- Years with nonpositive capital: 8

- Capital spending / revenue: 1.0%

- ROIC including acquisitions, ten-year median: 2.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.8%

- FY2017: 4.8%

- FY2018: 17.8%

- FY2019: -10.9%

- FY2020: -4.4%

- FY2021: 12.5%

- FY2022: 33.0%

- FY2023: 17.3%

- FY2024: 24.3%

- FY2025: -14.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.56×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $8.0B

- Net income, five-year total: $5.1B

- Return on incremental invested capital: -16.5%

- Working capital / revenue, annual change: -2.0 pp

- Working capital / revenue, change between three-year averages: -217.1 pp

- Working capital / revenue, final three-year average: -177.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.23×

- FY2022: 1.22×

- FY2023: 1.50×

- FY2024: 1.39×

- FY2025: 0.39×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.8% vs 17.3%

- Per-share earnings: 1.49 to 3.70 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -6.1%

- Ordinary dilution, 5-year annual growth: -7.9%

- Market cap gain: $4.7B

- Cumulative retained earnings: -$5.6B

- Diluted shares, 10-year annual growth: -6.1%

- Diluted shares, 5-year annual growth: -7.9%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.1%

- Per-share value change: $2.22

- Per-share value, starting three-year median: $1.49

- Per-share value, ending three-year median: $3.70

- Buybacks concentrated in cheaper years (correlation): 0.14

- Average buyback yield: 12.6%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $17B

- Cumulative net income, 10 years: $6.7B

- ROIC, first three-year median: 7.8%

- ROIC, last three-year median: 17.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.24

- FY2017: $1.49

- FY2018: $3.33

- FY2019: -$3.57

- FY2020: -$1.44

- FY2021: $4.17

- FY2022: $5.67

- FY2023: $3.70

- FY2024: $4.02

- FY2025: -$4.63

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -0.7%

- Receivables to sales index (DSRI): 2.23×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 38.8%

- Earnings backed by cash: Yes

- Accounting red flags: 2

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.7%

- FY2017: 0.5%

- FY2018: 0.8%

- FY2019: -0.6%

- FY2020: -0.2%

- FY2021: 0.9%

- FY2022: 1.2%

- FY2023: 0.5%

- FY2024: -0.1%

- FY2025: -0.7%

## Holders

- [Greg Alexander](https://gigainvestors.com/CM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Ruane](https://gigainvestors.com/RC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to shrink 5.7% a year for ten years · sales -6.1%

Story as of 2026-10-16T09:58:42.375Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.7% a year for ten years

- 2025-11-12: Why Equitable Holdings (EQH) Is Down 8.1% After Life Reinsurance Loss and Major Buyback ([finance.yahoo.com](https://finance.yahoo.com/news/why-equitable-holdings-eqh-down-131226839.html))

### Sales · FY2024–2025

sales -6.1%; source https://www.sec.gov/Archives/edgar/data/1333986/000133398626000012/eqh-20251231.htm; observed 2026-02-25.

- FY2016: $12B 

- FY2017: $12B 

- FY2018: $12B 

- FY2019: $9.6B 

- FY2020: $12B 

- FY2021: $7.6B 

- FY2022: $13B 

- FY2023: $10B 

- FY2024: $12B 

- FY2025: $12B 

### Gross margin · FY2025

gross margin 79.1%; source https://www.sec.gov/Archives/edgar/data/1333986/000133398626000012/eqh-20251231.htm; observed 2026-02-25.

- FY2016: 48.2% 

- FY2017: 44.3% 

- FY2018: 54.8% 

- FY2019: 22.2% 

- FY2020: 23.4% 

- FY2021: 96.2% 

- FY2022: 59.9% 

- FY2023: 60.2% 

- FY2024: 53.1% 

- FY2025: 79.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in asset management; annual sales are USD 11.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1333986/000133398626000012/eqh-20251231.htm#000133398626000012 (filed 2026-02-25); FY2025: revenue 11665000000; grossProfit 9232000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EQH.US: Equitable Holdings, Inc., together with its consolidated subsidiaries, operates as a diversified financial services company worldwide. The company operates through six segments: Individual Retirement, Group Retirement, Asset Management, Protection Solutions, Wealth Management, and Legacy. The Individual Retirement variable annuity products, including structured capital strategies, retirement cornerstone, and investment edge primarily to affluent and high net worth individuals. The Group Retirement provides tax-deferred investment and retirement services or products to plans sponsored by educational entities, municipalities, and not-for-profit entities, as well as small and medium-sized businesses. It offers guaranteed and structured investment option, and personal income benefit variable annuity products and open architecture mutual fund platform. The Asset Management segment offers investment management and related services to various clients through institutions, retail, and private wealth management. The Protection Solutions segment provides life insurance products, such as VUL and COLI insurance, IUL insurance, and term life; and employee benefits business which includes group life, supplemental life, dental, vision, short-term disability, long-term disability, critical illness, accident and hospital indemnity insurance products to small and medium-sized businesses. The Wealth Management segment offers discretionary and non-discretionary investment advisory accounts, financial planning and advice, life insurance, and annuity products. The Legacy segment consists of the capital intensive fixed-rate GMxB business that includes ROP death benefits. The company was formerly known as AXA Equitable Holdings, Inc. and changed its name to Equitable Holdings, Inc. in January 2020. Equitable Holdings, Inc. was founded in 1859 and is based in New York, New York.

### Why customers stay

Margins ranged from 53.1% to 79.1% during 2023–25; it earns 10.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 60.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 53.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1333986/000133398626000012/eqh-20251231.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 79.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,0.07795953101361573],[2017,0.04826818216726826],[2018,0.1782283015795473],[2019,-0.10860193526860193],[2020,-0.04385099791783048],[2021,0.12464817048652996],[2022,0.33020689655172414],[2023,0.1734853065666949],[2024,0.24261378759648655],[2025,-0.14526356350184957]]; median 0.10130385075007284. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 2.8 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 0; upkeep 97000000; owner earnings 1915000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 0; upkeep 102000000; owner earnings 1131000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 0; upkeep 123000000; owner earnings 2028000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2020: growth capex 0; upkeep 107000000; owner earnings 1002000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2021: growth capex 0; upkeep 120000000; owner earnings 2154000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2022: growth capex 0; upkeep 167000000; owner earnings 2622000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: growth capex 0; upkeep 117000000; owner earnings 1952999808. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 0; upkeep 153000000; owner earnings 1819619308.8315964. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,157000000],[2017,157000000],[2018,157000000],[2019,285000000],[2020,350000000],[2021,375000000],[2022,374000000],[2023,381000000],[2024,382000000],[2025,375000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1333986/000133398626000012/eqh-20251231.htm (filed 2026-02-25); FY2025: cash repurchases 2822000000 USD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EQH.US SharesStats.PercentInsiders = 0.605 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Ten-year compound average after fade. Initial solved rate -0.09284695920132324. Price 53.49; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.46167557932263814 → FY2025 -1.8181818181818181. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2018-05: $21.36 per share

- 2018-06: $20.61 per share

- 2018-07: $21.99 per share

- 2018-08: $22.95 per share

- 2018-09: $21.45 per share

- 2018-10: $20.29 per share

- 2018-11: $19.68 per share

- 2018-12: $16.63 per share

- 2019-01: $18.54 per share

- 2019-02: $19.12 per share

- 2019-03: $20.14 per share

- 2019-04: $22.69 per share

- 2019-05: $20.55 per share

- 2019-06: $20.90 per share

- 2019-07: $22.48 per share

- 2019-08: $20.77 per share

- 2019-09: $22.16 per share

- 2019-10: $21.60 per share

- 2019-11: $24.74 per share

- 2019-12: $24.78 per share

- 2020-01: $24.02 per share

- 2020-02: $21.40 per share

- 2020-03: $14.45 per share

- 2020-04: $18.32 per share

- 2020-05: $19.11 per share

- 2020-06: $19.29 per share

- 2020-07: $20.46 per share

- 2020-08: $21.19 per share

- 2020-09: $18.24 per share

- 2020-10: $21.49 per share

- 2020-11: $25.38 per share

- 2020-12: $25.59 per share

- 2021-01: $24.78 per share

- 2021-02: $29.57 per share

- 2021-03: $32.62 per share

- 2021-04: $34.23 per share

- 2021-05: $31.75 per share

- 2021-06: $30.45 per share

- 2021-07: $30.87 per share

- 2021-08: $31.01 per share

- 2021-09: $29.64 per share

- 2021-10: $33.50 per share

- 2021-11: $31.46 per share

- 2021-12: $32.79 per share

- 2022-01: $33.64 per share

- 2022-02: $32.66 per share

- 2022-03: $30.91 per share

- 2022-04: $28.83 per share

- 2022-05: $30.41 per share

- 2022-06: $26.07 per share

- 2022-07: $28.43 per share

- 2022-08: $29.75 per share

- 2022-09: $26.35 per share

- 2022-10: $30.62 per share

- 2022-11: $31.74 per share

- 2022-12: $28.70 per share

- 2023-01: $32.07 per share

- 2023-02: $31.42 per share

- 2023-03: $25.39 per share

- 2023-04: $25.99 per share

- 2023-05: $24.54 per share

- 2023-06: $27.16 per share

- 2023-07: $28.69 per share

- 2023-08: $28.80 per share

- 2023-09: $28.39 per share

- 2023-10: $26.57 per share

- 2023-11: $30.69 per share

- 2023-12: $33.30 per share

- 2024-01: $32.69 per share

- 2024-02: $34.24 per share

- 2024-03: $38.01 per share

- 2024-04: $36.91 per share

- 2024-05: $41.49 per share

- 2024-06: $40.86 per share

- 2024-07: $43.61 per share

- 2024-08: $42.52 per share

- 2024-09: $42.03 per share

- 2024-10: $45.34 per share

- 2024-11: $48.23 per share

- 2024-12: $47.17 per share

- 2025-01: $54.42 per share

- 2025-02: $55.02 per share

- 2025-03: $52.09 per share

- 2025-04: $49.45 per share

- 2025-05: $52.87 per share

- 2025-06: $56.10 per share

- 2025-07: $51.35 per share

- 2025-08: $53.26 per share

- 2025-09: $50.78 per share

- 2025-10: $49.40 per share

- 2025-11: $46.69 per share

- 2025-12: $47.65 per share

- 2026-01: $46.40 per share

- 2026-02: $40.22 per share

- 2026-03: $37.11 per share

- 2026-04: $42.20 per share

- 2026-05: $41.35 per share

- 2026-06: $43.88 per share

- 2026-07: $47.65 per share

- 2026-08: $50.13 per share

- 2026-09: $51.27 per share

- 2026-10: $53.49 per share

## Annual estimated value (USD per share)

- FY2018: low $41.14 per share, central $45.87 per share, high $52.17 per share

- FY2019: low $26.97 per share, central $29.63 per share, high $33.18 per share

- FY2020: low $222.64 per share, central $226.41 per share, high $231.43 per share

- FY2021: low $17.93 per share, central $20.41 per share, high $23.70 per share

- FY2022: low $61.13 per share, central $69.56 per share, high $80.78 per share

- FY2023: low $178.18 per share, central $186.55 per share, high $197.69 per share

- FY2024: low $291.32 per share, central $319.69 per share, high $339.78 per share

- FY2025: low $255.97 per share, central $266.98 per share, high $281.64 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1333986/000133398626000012/eqh-20251231.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.