Equitable Holdings, Inc. (EQH) intrinsic value & 10-year financials
Equitable Holdings, Inc. (EQH) has a Graham intrinsic value of $27.13 per share. At $53.21 on Oct 17, 2026, the stock trades 96% above that value. Over the last 10 fiscal years revenue shrank 0.1% a year to $11.7B, with an average return on invested capital of -450.8%.
- Graham intrinsic value
- $27.13
- Share price (Oct 17, 2026)
- $53.21
- Price vs Graham value
- 96% above
- Market cap
- $15.9B
- Revenue (FY2025)
- $11.7B
- Revenue growth (10-yr CAGR)
- -0.1%
- ROIC (10-yr avg)
- -450.8%
- Free cash flow (FY2025)
- —
EQH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $11.7B | -$1.4B | -$4.83 | — | — | 27.0% |
| FY2024 | $12.4B | $1.3B | $3.78 | — | — | -85.4% |
| FY2023 | $10.5B | $1.3B | $3.48 | — | — | -4489.7% |
| FY2022 | $14.0B | $1.8B | $4.49 | — | — | 30.5% |
| FY2021 | $11.0B | -$439.0M | -$1.24 | — | — | -3.7% |
| FY2020 | $12.4B | -$648.0M | -$1.56 | — | — | -4.8% |
| FY2019 | $9.6B | -$1.7B | -$3.51 | — | — | -12.6% |
| FY2018 | $12.1B | $1.8B | $3.27 | — | — | 14.3% |
| FY2017 | $12.5B | $834.0M | $1.48 | — | — | 7.6% |
| FY2016 | $11.8B | $1.3B | $2.24 | — | — | 8.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Equitable Holdings, Inc. is facing top-line stagnation, with revenue contracting over the decade.
Equitable Holdings, Inc. has historically struggled to out-earn its cost of capital, averaging just -8.0% ROIC.
Over the decade, Equitable Holdings, Inc. shows that management has aggressively returned capital to shareholders by retiring 46.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Equitable Holdings, Inc. is modeled at -0.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $27.13 per share.