Explain this page
Arphra AIPlain-English read on Equitable Holdings, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +96.18% | +59.94% | +49.32% | +53.07% | +79.14% | +60.39% | +58.75% | +61.25% | +60.52% |
| Operating margin | +34.27% | +23.66% | +7.01% | +16.97% | -10.23% | +4.50% | +4.54% | +4.59% | +4.54% |
| EBITDA margin | +44.29% | +30.28% | +16.89% | +25.71% | -8.31% | +11.18% | +11.43% | +11.34% | +11.47% |
| EBIT margin | +37.47% | +25.25% | +9.18% | +18.79% | -8.31% | +6.41% | +6.74% | +6.52% | +6.63% |
| Pre-tax margin | +34.27% | +23.66% | +7.01% | +16.97% | -10.23% | +4.58% | +4.58% | +4.61% | +4.48% |
| Net margin | +23.05% | +17.03% | +12.37% | +10.51% | -11.83% | +3.65% | +3.72% | +3.58% | +3.70% |
| Cost structure | |||||||||
| Cost of revenue / sales | +3.82% | +40.06% | +50.68% | +46.93% | +20.86% | +40.15% | +39.07% | +39.12% | +40.63% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +31.03% | +17.41% | +22.11% | +19.63% | 0.00% | +13.60% | +13.80% | +13.50% | +13.70% |
| Effective tax rate | +16.83% | +19.99% | -122.63% | +13.64% | — | +13.66% | +13.96% | +13.17% | +13.60% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +12.94% | +59.87% | +25.24% | +36.63% | -77.18% | +11.99% | +12.16% | +11.57% | +11.54% |
| Return on assets (ROA) | +0.60% | +0.85% | +0.47% | +0.44% | -0.43% | +0.14% | +0.15% | +0.14% | +0.14% |
| Return on capital (ROC) | +13.41% | +31.68% | +6.43% | +20.40% | -14.29% | +5.25% | +5.24% | +5.29% | +5.16% |
| Return on invested capital (ROIC) | +9.02% | +22.80% | +11.34% | +12.63% | -10.72% | +4.26% | +4.29% | +4.13% | +4.20% |
| Asset turnover | +2.61% | +5.00% | +3.80% | +4.20% | +3.66% | +3.86% | +3.97% | +3.89% | +3.79% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +23.05% | +17.03% | +12.37% | +10.51% | -11.83% | +3.65% | +3.72% | +3.58% | +3.70% |
| Asset turnover (× revenue / assets) | +2.61% | +5.00% | +3.80% | +4.20% | +3.66% | +3.86% | +3.97% | +3.89% | +3.79% |
| Equity multiplier (× assets / equity) | +2154.85% | +7027.31% | +5366.69% | +8292.21% | +17802.68% | +8502.62% | +8231.90% | +8298.60% | +8213.76% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.03 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Fixed-asset turnover | 11.95 | 24.32 | 20.40 | 20.12 | — | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 0.44 | 1.09 | 0.86 | 1.04 | 0.52 | — | — | — | — |
| Payables turnover | 0.05 | 0.91 | 1.09 | 1.42 | 0.50 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 837.62 | 334.57 | 424.32 | 352.23 | 707.50 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 7856.91 | 401.46 | 334.01 | 257.32 | 727.45 | — | — | — | — |
| Cash conversion cycle | -7019.29 | -66.89 | 90.31 | 94.91 | -19.95 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | -0.11 | -0.12 | -0.16 | 1.25 | -0.52 | 1.62 | 1.58 | 1.59 | 1.52 |
| FCF / Net income | -0.18 | -0.19 | -0.25 | 1.14 | -0.49 | 1.33 | 1.33 | 1.35 | 1.35 |
| FCF margin | -4.11% | -3.30% | -3.09% | +11.94% | +5.82% | +4.88% | +4.93% | +4.82% | +5.00% |
| OCF margin | -2.53% | -1.98% | -1.98% | +13.17% | +6.11% | +5.94% | +5.88% | +5.70% | +5.61% |
| CapEx / Revenue | +1.58% | +1.32% | +1.11% | +1.23% | +0.29% | +0.86% | +0.87% | +0.86% | +0.88% |
| CapEx / D&A | 0.23 | 0.26 | 0.14 | — | 0.04 | — | — | — | — |
| Stock-based comp / Revenue | +3.60% | +2.59% | -1.37% | 0.00% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | -1.24 | 5.46 | 3.48 | 3.78 | -4.83 | 7.10 | 8.78 | 10.43 | 12.21 |
| EPS · basic | -1.24 | 5.49 | 3.49 | 3.82 | -4.83 | 7.17 | 8.91 | 10.55 | 12.22 |
| Book value / share | 32.49 | 9.47 | 14.67 | 10.99 | 6.00 | 15.96 | 17.34 | 19.15 | 19.04 |
| Tangible BV / share | 20.70 | -5.55 | -1.25 | -5.93 | -11.81 | 15.96 | 17.34 | 19.15 | 19.04 |
| Sales / share | 18.24 | 33.28 | 29.94 | 38.29 | 39.13 | 52.36 | 56.67 | 61.80 | 59.34 |
| Operating CF / share | -0.46 | -0.66 | -0.59 | 5.04 | 2.39 | 3.11 | 3.33 | 3.52 | 3.33 |
| Free cash flow / share | -0.75 | -1.10 | -0.92 | 4.57 | 2.28 | 2.55 | 2.79 | 2.98 | 2.96 |
| Dividends / share | 0.71 | 0.77 | 0.86 | 0.93 | 1.05 | 1.40 | 1.51 | 1.63 | 1.56 |
| Payout ratio | +16.87% | +13.66% | +23.12% | +23.11% | -22.75% | +73.18% | +71.65% | +73.46% | +70.84% |
| Retention ratio | +83.13% | +86.34% | +76.88% | +76.89% | +122.75% | +26.82% | +28.35% | +26.54% | +29.16% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +66.06% | -16.74% | +18.13% | -6.21% | +34.17% | +8.54% | +8.60% | -3.60% | +11.19% |
| Gross profit · YoY | — | +3.50% | -31.49% | +27.12% | +39.88% | +2.37% | +5.59% | +13.23% | -4.75% | +4.93% |
| Profit | ||||||||||
| Operating income · YoY | — | +14.68% | -75.33% | +186.04% | -156.51% | +159.10% | +9.44% | +9.71% | -4.59% | -13.63% |
| EBITDA · YoY | — | +13.55% | -53.56% | +79.81% | -130.31% | +280.60% | +10.99% | +7.72% | -2.49% | -6.09% |
| Net income · YoY | — | +22.68% | -39.53% | +0.38% | -205.59% | +141.44% | +10.45% | +4.65% | -0.36% | -11.53% |
| Operating | ||||||||||
| EBIT · YoY | — | +11.92% | -69.75% | +141.93% | -141.46% | +203.60% | +14.04% | +5.01% | -1.93% | -10.46% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +540.32% | -36.26% | +8.62% | -227.78% | +246.92% | +23.70% | +18.82% | +17.05% | — |
| EPS · basic · YoY | — | +542.74% | -36.43% | +9.46% | -226.44% | +248.49% | +24.19% | +18.40% | +15.85% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $5.89B | $5.85B | $6.33B | $6.78B | $6.56B | $8.65B | $9.53B | $10.28B | $9.96B |
| Net debt | $702M | $1.57B | -$1.91B | -$182M | -$5.9B | -$4.04B | -$4.48B | -$4.72B | -$4.14B |
| Net debt / EBITDA | 0.21 | 0.41 | -1.07 | -0.06 | 6.09 | -2.31 | -2.31 | -2.26 | -2.03 |
| Debt / equity | 0.43 | 1.63 | 1.23 | 1.90 | 3.67 | 1.81 | 1.83 | 1.80 | 1.75 |
| Debt / assets | +2.02% | +2.31% | +2.29% | +2.29% | +2.06% | +2.13% | +2.23% | +2.17% | +2.13% |
| Equity / assets | +4.64% | +1.42% | +1.86% | +1.21% | +0.56% | +1.18% | +1.21% | +1.21% | +1.22% |
| Coverage | |||||||||
| EBITDA / interest expense | 13.82 | 19.05 | 7.80 | 14.15 | -4.33 | 5.72 | 5.94 | 5.88 | 5.98 |
| Operating income / interest | 10.69 | 14.89 | 3.24 | 9.34 | -5.33 | 2.30 | 2.36 | 2.38 | 2.37 |
| Interest expense | $244M | $201M | $228M | $226M | $224M | $306.2M | $326.77M | $355.8M | $341.17M |
| Liquidity | |||||||||
| Current ratio | 1.72 | 3.20 | 2.25 | 1.49 | 25.50 | — | — | — | — |
| Quick ratio | 6.05 | 12.49 | 1.64 | 1.01 | 54.01 | — | — | — | — |
| Cash ratio | 0.31 | 0.67 | 0.66 | 0.37 | 8.93 | — | — | — | — |
| Working capital | $12.07B | $13.98B | $15.67B | $9.35B | $34.18B | — | — | — | — |
| Working capital / revenue | +158.46% | +110.53% | +148.81% | +75.15% | +292.99% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).