MeritValue

Equitable Holdings, Inc.

EQHdata completeness 88%10 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Equitable Holdings, Inc. earns about 75% on equity, and has bought back 29% of its shares over 5 years. The applicable estimate puts fair value near $44.6 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$7.61B1$12.6B2$10.5B3$12.4B3$11.7B3
Net income$1.76B4$2.15B5$1.28B6$1.28B6−$1.38B6
Operating cash flow−$193M7−$250M8−$208M9$2.01B9$714M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$3.93B10$4.08B11$4.07B12$3.83B13$3.86B13
Cash & equivalents$5.19B14$4.28B15$8.24B16$6.96B17$12.5B17
Diluted shares421.2M379.9M351.6M324.8M298.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$2.48
your share of equity
Profit it earned you last year
−$46.29
Free cash flow it threw off
—
Debt you’d be carrying
$129.49

10 shares is a claim on −$2.48 of net worth that earned you −$46.29 last year, against $129.49 of debt.

iii. Is this a good business?
Moat signal · return on equity
75% avg · 5y
FY21 15%FY22 154%FY23 49%FY24 82%FY25 —

It earned an average 75% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−29% shares · 5y

Share count is down 29% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$44.6
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.28B
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001333986-24-000009 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001333986-25-000011 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001333986-26-000012 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001333986-24-000009 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001333986-25-000011 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001333986-26-000012 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001333986-24-000009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001333986-25-000011 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001333986-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001333986-23-000004 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-12-31 · accession 0001333986-24-000009 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2023-12-31 · accession 0001333986-25-000011 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2024-12-31 · accession 0001333986-26-000012 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2021-12-31 · accession 0001333986-23-000004 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001333986-24-000009 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001333986-25-000011 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001333986-26-000012 (CashAndCashEquivalentsAtCarryingValue)