Equitable Holdings, Inc.

Where It Passes

Where It Falls Short

• Valuation0% pass✓ 1✗ 25▾

  No clean pass — all 12 investors flag at least one valuation criterion

  Net income / market capitalization+10.05%; #648/6340 (top 10.2%)

  ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Price / 3-yr avg EPS69.3x

  ✗Graham<= 15x

  Price-to-Book Ratio

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)22.3x

  ✗Dreman< 8x

  Price / Book Value per ShareN/A (negative BVPS)

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation Reasonableness

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF Yield

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical Average

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value-361.7% (IV=$12.15 vs Price=$56.10)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share

  ✗Ackman<= 25

  Price vs. Trailing Low151% of trailing low ($37.11)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Positive book equity / market capitalization-0.1205; #5744/6449 (top 89.1%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per ShareN/A (non-positive TBVPS)

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change-100.7%

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.8720; #1930/5247 (top 36.8%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+35.67%; #889/6202 (top 14.3%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Efficiency0% pass✗ 5▾

  All 4 investors flag EQH's efficiency

  Revenue / Total Assets Change YoY0.04x -> 0.04x

  ✗PiotroskiImproved YoY

  Return on Invested Capital

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)

  ✗SleepROIC > 12% in a majority of years
• Valuation models0% pass✗ 3▾

  EQH overvalued: all 3 models price fair value below $56.10 (median $20.48)

  Dreman fair value$11.40

  ✗Dreman-392.1% margin vs $56.10

  Marks fair value$20.48

  ✗Marks-174.0% margin vs $56.10

  Templeton fair value$35.16

  ✗Templeton-59.6% margin vs $56.10
• Profitability7% pass✓ 7✗ 25▾

  14 of 15 flag EQH's profitability — Graham, Buffett, Lynch +11 more

  Net income / market capitalization+10.05%; #648/6340 (top 10.2%)

  ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive EPS (10 years)6/10 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)-65.2%

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)7/10 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)59.0%

  ✓Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)4.13

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROEN/A (negative equity)

  ✗Lynch> 15%

  Net Income / Total Assets-0.43%

  ✗PiotroskiROA > 0

  ROA Change YoY0.43% -> -0.43% (delta: -0.87%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=0.22%, ROA=-0.43%

  ✓PiotroskiCFO/Assets > ROA

  Pre-Tax Income / Revenue16.3%

  ✓Dreman>= 8%

  Net Income / Shareholders' Equity

  ✗Dreman> 12%

  Margin of Safety

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity94.7% (3-yr avg)

  ✓AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value-361.7% (IV=$12.15 vs Price=$56.10)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency7/10 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue

  ✗Ackman>= 15%

  Net Income / Shareholders Equity

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trend

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Gross profit / total assets

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0043; #441/5884 (top 7.5%)

  ✓AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR1.3% over 5 years

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years6/10 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Verdicts7% pass✓ 1✗ 13▾

  Split decision: 13 FAIL · 2 NEUTRAL · 1 PASS

  Overall verdict

  ✗GrahamFAIL (1/7)✗BuffettFAIL (1/7)✗LynchFAIL (1/6)✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/10)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)✗TempletonFAIL (2/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
• Debt & Leverage9% pass✓ 2✗ 11▾

  10 of 11 flag EQH's debt & leverage — Buffett, Lynch, Dreman +7 more

  Debt/Equity & Interest CoverageD/E: N/A (negative equity), IC: -3.1x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / EquityN/A (negative equity)

  ✗Lynch< 0.33

  Cash - Long-term Debt$13.7B

  ✓LynchPositive preferred

  LT Debt / Total Assets Change1.30% -> 1.21%

  ✓PiotroskiDecreased YoY

  Total Debt / Shareholders' Equity

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt LevelsN/A (non-positive equity)

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=-3.1x, D/EBITDA=N/A (D&A unavailable)

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)

  ✗AsnessTop 30% of eligible cross-section

  Current Assets / Current Liabilities

  ✗SchlossCurrent ratio >= 1.50x (app cutoff)
• Cash Flow10% pass✓ 2✗ 10▾

  9 of 10 flag EQH's cash flow — Buffett, Lynch, Dreman +6 more

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  FCF Positive and Growing

  ✗LynchPositive and growing

  Operating Cash Flow$714.0M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=0.22%, ROA=-0.43%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)22.3x

  ✗Dreman< 8x

  P/E or FCF Yield

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap

  ✗Ackman>= 4%

  Price / FCF per Share

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency3/10 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth13% pass✓ 3✗ 9▾

  7 of 8 flag EQH's growth — Graham, Lynch, Dreman +4 more

  EPS Growth (3-yr avg, 10-yr window)-65.2%

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  EPS Growth Direction$2.24 (2016) -> $-4.83 (2025)

  ✗DremanPositive over recent years

  EPS CAGR6.8% CAGR over 8 years

  ✓Dreman> 5% annualized

  Positive Net Income Frequency7/10 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth-6.1%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency3/5 years with positive EPS growth

  ✓AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trend

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR-1.2%

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR1.3% over 5 years

  ✗Neff7%-20% annualized