EQHEquitable Holdings, Inc.

Insurance Agents, Brokers & Service

Revenue: $11.7B; 6.1% YoY
Operating margin: —
EBITDA: —
Market cap: $14.7B
Employees: 8,000; $1M revenue each
Net debt / EBITDA: —; −$13.3B net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$16M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
247% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentYes
1% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 82nd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 53rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$14.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$29M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$7.6B	$12.6B	$10.5B	$12.4B	$11.7B	6.1%
Net income	$2K	$2K	$1K	$1K	−$1K	206%
Operating cash flow	−$193M	−$250M	−$208M	$2.0B	$714M	64%
Stock-based comp	$274M	$328M	$294M	$313M	$262M	16%
Buybacks	$1.6B	$849M	$919M	$1.0B	$1.4B	43%
Dividends	$296M	$294M	$301M	$302M	$314M	4.0%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jun 23, 2026	DEFM14A	Mountain Holding, Inc.	—	—

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $5K · 1
Open-market sells, 12 mo: $29M · 61
Net: −$29M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$18M	$19M	223	184
FY2024	$17M	$40M	213	183
FY2023	$16M	$19M	149	136
FY2022	$15M	$7M	125	126
FY2021	$14M	$28M	140	131