What is Equus Total Return Inc's earnings per share (EPS)?

Equus Total Return Inc (EQS) reported diluted earnings per share of $-1.03 for fiscal year 2025. This represents a 25.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Equus Total Return Inc Financials

EQS

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Equus Total Return Inc (EQS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI EQS FY2025 2026-05-20

With reported revenue barely visible, asset revaluations and financing flows appear to drive the economics far more than sales.

FY2023 paired $12.9M of net income with -$51.4M of operating cash flow. FY2024 then reversed that, showing a -$18.8M loss with $38.2M of operating cash flow; earnings and cash are not moving together, which implies results are being set mainly by balance-sheet changes rather than a repeatable revenue engine.

Balance-sheet shrinkage has been dramatic, with assets falling from $93.5M in FY2023 to $21.3M in FY2025. Liabilities dropped from $45.3M to $4.8M, so leverage was removed but much of the asset base that could produce future income was removed too.

FY2025's loss was not just an overhead story: interest expense reached $683K while SG&A was only $191K. With just $133K of cash on hand, near-term flexibility depends more on monetizing assets or external funding than on trimming administrative costs.

Financial Health Signals

Financial Profile 16/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Equus Total Return Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

Equus Total Return Inc carries a low D/E ratio of 0.29, meaning only $0.29 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Returns

Equus Total Return Inc generates a -85.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -63.6% the prior year.

Piotroski F-Score Weak

1/9

Equus Total Return Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.15x

For every $1 of reported earnings, Equus Total Return Inc generates $0.15 in operating cash flow (-$2.1M OCF vs -$14.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$14.2M

YoY+24.6%

Equus Total Return Inc reported -$14.2M in net income in fiscal year 2025. This represents an increase of 24.6% from the prior year.

EPS (Diluted)

$-1.03

YoY+25.4%

Equus Total Return Inc earned $-1.03 per diluted share (EPS) in fiscal year 2025. This represents an increase of 25.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$133K

YoY-49.2%

5Y CAGR-64.5%

Equus Total Return Inc held $133K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

14M

YoY+2.8%

Equus Total Return Inc had 14M shares outstanding in fiscal year 2025. This represents an increase of 2.8% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-85.5%

YoY-21.9pp

5Y CAGR-49.1pp

Equus Total Return Inc's ROE was -85.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 21.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

EQS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	$225K	$0	$0-100.0%	$291K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$191K+1.1%	$189K+42.1%	$133K+2.3%	$130K-7.1%	$140K-16.7%	$168K
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$683K+394.9%	$138K+452.0%	$25K+525.0%	$4K+33.3%	$3K-88.9%	$27K
Income Tax	$24K-33.3%	$36K+176.9%	$13K-13.3%	$15K-40.0%	$25K+13.6%	$22K
Net Income	-$14.2M+24.6%	-$18.8M-245.0%	$12.9M+1248.0%	-$1.1M-143.6%	$2.6M+121.1%	-$12.3M
EPS (Diluted)	$-1.03+25.4%	$-1.38-243.8%	$0.96+1300.0%	$-0.08-142.1%	$0.19+120.9%	$-0.91

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$42K-28.8%	$59K+22.9%	$48K	N/A	$40K-36.5%	$63K+90.9%	$33K
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	$412K+707.8%	$51K+75.9%	$29K	N/A	$63K+85.3%	$34K+6.3%	$32K
Income Tax	N/A	$6K-40.0%	$10K+233.3%	$3K	N/A	$5K-54.5%	$11K-21.4%	$14K
Net Income	N/A	-$8.1M-9319.8%	-$86K-102.2%	$3.9M	N/A	-$9.6M-346.8%	$3.9M+262.8%	-$2.4M
EPS (Diluted)	N/A	$-0.59-5800.0%	$-0.01-104.0%	$0.25	N/A	$-0.70-341.4%	$0.29+270.6%	$-0.17

EQS Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$21.3M-28.7%	$29.9M-68.0%	$93.5M+124.5%	$41.7M+4.9%	$39.7M	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$133K-49.2%	$262K-96.0%	$6.5M-66.0%	$19.2M-18.1%	$23.5M-0.7%	$23.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.1M+68.9%	$678K+387.8%	$139K-60.3%	$350K0.0%	$350K	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.8M+1019.2%	$426K-99.1%	$45.3M+604.2%	$6.4M+91.8%	$3.4M	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$16.6M-43.8%	$29.5M-38.9%	$48.3M+37.0%	$35.2M-3.1%	$36.4M+7.7%	$33.8M
Retained Earnings	$59.5M+31.3%	$45.3M+270.8%	-$26.5M+32.8%	-$39.5M-2.9%	-$38.3M	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$21.3M-32.0%	$31.4M-15.3%	$37.1M+1.6%	$36.5M+21.9%	$29.9M-68.7%	$95.5M-8.0%	$103.8M+4.7%	$99.1M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$133K-59.6%	$329K+376.8%	$69K-89.7%	$667K+154.6%	$262K-77.2%	$1.1M-38.8%	$1.9M-38.4%	$3.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.1M+97.4%	$580K-56.0%	$1.3M+28.8%	$1.0M+51.0%	$678K+374.1%	$143K+2.9%	$139K0.0%	$139K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.8M-2.6%	$4.9M+65.7%	$3.0M+29.2%	$2.3M+436.9%	$426K-99.2%	$55.3M+2.4%	$54.1M+1.5%	$53.2M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$16.6M-37.5%	$26.5M-22.3%	$34.1M-0.3%	$34.2M+15.9%	$29.5M-26.5%	$40.2M-19.3%	$49.8M+8.5%	$45.9M
Retained Earnings	$59.5M+220.0%	-$49.5M-19.6%	-$41.4M-0.2%	-$41.3M-191.3%	$45.3M+230.8%	-$34.6M-38.5%	-$25.0M+13.5%	-$28.9M

EQS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$2.1M-105.6%	$38.2M+174.4%	-$51.4M-566.7%	-$7.7M-136.5%	$21.1M-14.2%	$24.6M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$2.0M+104.4%	-$45.0M-215.1%	$39.1M+1016.6%	$3.5M+116.3%	-$21.5M-330.8%	-$5.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$196K-175.4%	$260K+143.5%	-$598K+62.5%	-$1.6M-103.0%	$53.6M+3130.9%	-$1.8M+17.3%	-$2.1M+81.3%	-$11.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$0	$0	$0-100.0%	$2.0M+103.6%	-$55.0M-5342.4%	$1.0M+7.7%	$974K-87.8%	$8.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EQS Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	5755.1%	N/A	N/A	-4224.0%
Return on Equity	-85.5%-21.9pp	-63.6%-90.5pp	26.8%+30.0pp	-3.2%-10.3pp	7.1%+43.5pp	-36.4%
Return on Assets	-66.4%-3.7pp	-62.7%-76.6pp	13.8%+16.5pp	-2.7%-9.2pp	6.5%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.29+0.3	0.01-0.9	0.94+0.8	0.18+0.1	0.09	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	-30.6%-30.3pp	-0.3%-11.8pp	11.5%	N/A	-24.0%-31.8pp	7.8%+13.1pp	-5.2%
Return on Assets	N/A	-25.8%-25.6pp	-0.2%-11.0pp	10.8%	N/A	-10.1%-13.8pp	3.8%+6.2pp	-2.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.29+0.1	0.18+0.1	0.09+0.0	0.07+0.1	0.01-1.4	1.38+0.3	1.09-0.1	1.16
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

Investcorp Cr Mgmt Bdc Inc ICMB

$19.9M

Herzfeld Caribbean Basin CUBA

$39.7M

US Global Invstr GROW

$32.6M

Binah Capital BCG

$28.6M

Rand Capital RAND

$35.1M

Frequently Asked Questions

Is Equus Total Return Inc profitable?

No, Equus Total Return Inc (EQS) reported a net income of -$14.2M in fiscal year 2025.

What is Equus Total Return Inc's return on equity (ROE)?

Equus Total Return Inc (EQS) has a return on equity of -85.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Equus Total Return Inc's operating cash flow?

Equus Total Return Inc (EQS) generated -$2.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Equus Total Return Inc's total assets?

Equus Total Return Inc (EQS) had $21.3M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Equus Total Return Inc have outstanding?

Equus Total Return Inc (EQS) had 14M shares outstanding as of fiscal year 2025.

What is Equus Total Return Inc's debt-to-equity ratio?

Equus Total Return Inc (EQS) had a debt-to-equity ratio of 0.29 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Equus Total Return Inc's return on assets (ROA)?

Equus Total Return Inc (EQS) had a return on assets of -66.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Equus Total Return Inc's cash runway?

Based on fiscal year 2025 data, Equus Total Return Inc (EQS) had $133K in cash against an annual operating cash burn of $2.1M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Equus Total Return Inc's Piotroski F-Score?

Equus Total Return Inc (EQS) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Equus Total Return Inc's earnings high quality?

Equus Total Return Inc (EQS) has an earnings quality ratio of 0.15x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Equus Total Return Inc?

Equus Total Return Inc (EQS) scores 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.