EQHEquitable Holdings, Inc.
Insurance Agents, Brokers & Service · $14.7B market cap · 8,000 employees
0.2×
Less likely than average to be taken private
Top 47% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works
Takeover signals
What an activist or buyer would see: cheap, overpaid, diluted or under pressure.
3of 15 firedHow well they predict deals →
- Payouts exceed cash flowYes247% of cash flowBuybacks + dividends over cash flow
- Shareholder dissentYes1% lowest supportAny vote under 80% support
- Net insider sellingYes−$29M netNet sales over $10M in 12 months
12 other checks
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$16M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Low revenue per employeeNo$1M · 82nd pctBottom quartile of its SIC industry
- Quiet on AINo1.8 per 10K words · 53rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$14.7B market capMarket cap $500M–$5B
- Recurring revenueNo6 of 1010-K business scored 7+ of 10 for recurring revenue
- AI-rollup shapedNo0 of 1010-K business scored 5+ of 10 as an AI-rollup target
- Active 13DNo0 filingsActive-intent 13D in 18 months
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Jun 23, 2026 | DEFM14A | Mountain Holding, Inc. (New Equitable) | — | — |
| Apr 8, 2026 | 8-K | Corebridge Financial, Inc. (via new holding company Mountain Holding, Inc.) | — | — |
| Mar 26, 2026 | 8-K | Corebridge Financial | — | — |
Key numbers
- Revenue
- $11.7B
- 6.1% YoY
- Operating margin
- —
- EBITDA
- —
- Net debt / EBITDA
- —
- −$13.3B net debt
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| 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% |
13D filers
None on file.
Insider trading
−$29Mnet selling by insiders, open market, last 12 months
Bought $5K · 1 tradeSold $29M · 61 trades
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 |