Equitable Holdings, Inc. (EQH) Stock Analysis

Equitable Holdings’ primary competitive advantage is its integrated business model, which combines product manufacturing, asset management, and proprietary distribution.¹ The company’s 4,400-strong Equitable Advisors network provides direct access to clients, particularly in the K-12 educator and non-profit retirement markets, where EQH serves over 900,000 teachers across 9,000 school districts.² This captive distribution channel is difficult for competitors to replicate and supports cross-selling of retirement, protection, and wealth management products.³

EQH’s scale in variable annuities and Registered Index-Linked Annuities (RILAs) is notable; it is a top-three player in RILAs, a segment with high growth and attractive margins⁴. Its majority stake in AllianceBernstein (AB), with nearly $800 billion in assets under management, gives EQH a differentiated asset management capability and recurring fee income⁵, unlike rivals such as Lincoln Financial or Corebridge, which lack comparable in-house asset management.

The company’s risk management is another strength. EQH hedges first-dollar interest rate and equity exposures, resulting in a “market-neutral” balance sheet that reduces earnings volatility—a contrast to peers more exposed to market swings.⁶⁷⁸

While EQH’s price-to-book ratio (7.2x) is higher than most insurance peers, this reflects its high return on equity (57%) and capital-light, fee-based earnings mix. However, net income volatility and exposure to market risk remain weaknesses relative to more diversified competitors like Prudential or MetLife.⁹