Latest Ratios: P/E Ratio -9.8x · EV/EBITDA N/A · ROE -51.5%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.4B | $14.2B | $15.3B | $11.7B | $10.9B | $13.7B | $11.5B | $12.2B | $9.3B | — | — |
| Enterprise Value | $7.5B | $8.3B | $15.1B | $9.8B | $12.5B | $14.4B | $10.6B | $12.8B | $10.3B | — | — |
| P/E Ratio → | -9.83 | — | 12.48 | 9.57 | 5.26 | — | — | — | 5.09 | — | — |
| P/S Ratio | 1.15 | 1.22 | 1.23 | 1.11 | 0.86 | 1.80 | 0.93 | 1.27 | 0.77 | — | — |
| P/B Ratio | 7.92 | 7.94 | 4.29 | 2.27 | 3.03 | 1.01 | 0.67 | 0.79 | 0.59 | — | — |
| P/FCF | 19.69 | 20.92 | 10.32 | — | — | — | — | — | — | — | — |
| P/OCF | 18.75 | 19.92 | 9.35 | — | — | — | — | — | 151.71 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.71 | 1.22 | 0.93 | 0.99 | 1.89 | 0.86 | 1.33 | 0.85 | — | — |
| EV / EBITDA | — | — | 5.10 | 6.32 | 3.44 | 4.60 | 16.01 | — | 3.70 | — | — |
| EV / EBIT | — | — | 6.48 | 10.14 | 3.91 | 5.04 | — | — | 3.79 | — | — |
| EV / FCF | — | 12.23 | 10.19 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.1% | 79.1% | 53.1% | 49.3% | 59.9% | 96.2% | 23.4% | 22.2% | 54.8% | 44.3% | 48.2% |
| Operating Margin | -10.2% | -10.2% | 17.0% | 7.0% | 23.7% | 34.3% | -8.8% | -21.4% | 20.6% | 10.5% | 17.2% |
| Net Profit Margin | -11.8% | -11.8% | 10.5% | 12.4% | 17.0% | 23.0% | -5.2% | -18.3% | 15.4% | 6.7% | 10.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -51.5% | -51.5% | 30.0% | 29.7% | 25.1% | 11.4% | -4.0% | -11.4% | 11.3% | 5.2% | 8.8% |
| ROA | -0.4% | -0.4% | 0.5% | 0.5% | 0.8% | 0.6% | -0.2% | -0.7% | 0.8% | 0.4% | 0.6% |
| ROIC | — | — | 47.7% | 13.2% | 23.1% | 12.8% | -5.1% | -9.5% | 10.1% | 5.2% | 8.9% |
| ROCE | -0.4% | -0.4% | 0.8% | 0.3% | 1.1% | 1.0% | -0.4% | -0.9% | 1.1% | 0.6% | 1.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.67 | 3.67 | 1.90 | 1.23 | 1.63 | 0.43 | 0.31 | 0.32 | 0.35 | 0.46 | 0.54 |
| Debt / EBITDA | — | — | 2.28 | 4.08 | 1.61 | 1.88 | 7.96 | — | 1.98 | 4.64 | 2.91 |
| Net Debt / Equity | — | -3.30 | -0.05 | -0.37 | 0.44 | 0.05 | -0.05 | 0.04 | 0.07 | 0.18 | 0.16 |
| Net Debt / EBITDA | — | — | -0.06 | -1.23 | 0.43 | 0.22 | -1.35 | — | 0.38 | 1.82 | 0.88 |
| Debt / FCF | — | -8.69 | -0.12 | — | — | — | — | — | — | — | — |
| Interest Coverage | -4.33 | -4.33 | 10.34 | 4.24 | 15.89 | 11.69 | -4.46 | -8.32 | 11.78 | 9.16 | 12.65 |
Net cash position: cash ($12.5B) exceeds total debt ($6.6B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3140.20 | 3140.20 | 1.49 | 2.25 | 3.20 | 1.72 | 1.36 | 1.64 | 3.76 | 2.59 | 2.45 |
| Quick Ratio | 3140.20 | 3140.20 | 1.49 | 2.25 | 3.20 | 1.72 | 1.36 | 1.64 | 3.76 | 2.59 | 2.45 |
| Cash Ratio | 2109.28 | 2109.28 | 0.38 | 0.67 | 10.66 | 5.00 | 0.34 | 0.32 | 0.55 | 0.41 | 0.47 |
| Asset Turnover | — | 0.04 | 0.04 | 0.04 | 0.05 | 0.03 | 0.05 | 0.04 | 0.05 | 0.05 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.2% | 2.2% | 2.0% | 2.6% | 2.7% | 2.2% | 2.6% | 2.3% | 1.7% | — | — |
| Payout Ratio | — | — | 23.1% | 23.1% | 13.7% | 16.9% | — | — | 8.5% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 8.0% | 10.5% | 19.0% | — | — | — | 19.7% | — | — |
| FCF Yield | 5.1% | 4.8% | 9.7% | — | — | — | — | — | — | — | — |
| Buyback Yield | 21.1% | 19.9% | 8.2% | 9.1% | 9.7% | 13.9% | 5.0% | 12.4% | 24.4% | — | — |
| Total Shareholder Yield | 23.3% | 22.1% | 10.2% | 11.6% | 12.4% | 16.0% | 7.6% | 14.8% | 26.1% | — | — |
| Shares Outstanding | — | $298M | $325M | $352M | $380M | $417M | $450M | $494M | $557M | $561M | $561M |
Market-driven hedging volatility
As reported in recent financial statements, EQH's P/B ratio has exhibited extreme variance, reaching a peak of 19.48 in 2024Q3 before settling at 7.34, suggesting that traditional book value metrics are currently unreliable indicators of franchise value due to significant market-driven accounting adjustments.
The extreme fluctuation in the P/B multiple appears to be a direct consequence of the volatility in GAAP equity, which has been pressured by hedging costs and LDTI accounting standards. Investors should monitor whether the current valuation reflects a genuine discount for conglomerate complexity or merely a reaction to the instability of the reported capital base.
Based on quarterly data, the combined ratio has shown erratic performance, ranging from a highly profitable 66.9% in 2024Q4 to a distressed 193.0% in 2025Q3, indicating that underwriting results are heavily influenced by non-operating market factors rather than consistent core insurance performance.
The wide swings in the loss and expense ratios suggest that the firm's underwriting profitability is frequently obscured by hedging-related charges and reserve adjustments. This volatility warrants further investigation into the underlying loss experience of the annuity blocks, as the headline combined ratio may not accurately reflect the true economic margin of the insurance business.
According to recent SEC filings, EQH's ROE has demonstrated extreme instability, swinging from a negative 53.3% in 2025Q3 to a positive 30.8% in 2026Q1, highlighting the profound impact of market-related hedging and accounting adjustments on the firm's reported bottom line.
The lack of consistency in ROE suggests that the firm's profitability is currently driven more by the mark-to-market impact of its hedging program than by the underlying yield on float or fee-based income. Analysts should prioritize operating earnings over GAAP net income to better assess the true contribution of the AllianceBernstein asset management segment to the consolidated return profile.
As indicated by the provided data, the P/B ratio is the most commonly misapplied metric for EQH, as it fails to account for the massive volatility in GAAP equity caused by hedging programs and LDTI accounting, which obscures the firm's actual economic solvency.
Investors should be cautious when using P/B as a valuation anchor, as the denominator is subject to significant non-cash fluctuations that do not necessarily reflect the underlying health of the insurance liabilities. A more appropriate approach would involve adjusting book value for these accounting distortions or focusing on the fee-based earnings power of the asset management subsidiary.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying EQH stock.
Equitable Holdings, Inc.'s current P/E ratio is -9.8x. The historical average is 8.1x.
Equitable Holdings, Inc.'s return on equity (ROE) is -51.5%. The historical average is 5.2%.
Based on historical data, Equitable Holdings, Inc. is trading at a P/E of -9.8x. Compare with industry peers and growth rates for a complete picture.
Equitable Holdings, Inc.'s current dividend yield is 2.22%.
Equitable Holdings, Inc. has 79.1% gross margin and -10.2% operating margin.