Detailed financial statements for Equus Total Return Inc (EQS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Equus Total Return, Inc. is a business development company (BDC) specializing in leveraged buyouts, management buyouts, corporate partnerships/joint ventures, growth and expansion capital, acquisition financing, roll-up acquisition strategies, operational turnarounds, recapitalizations of existing businesses, special situations, equity and equity-oriented securities issued by privately owned companies, debt securities including subordinate debt, debt convertible into common o...
Analysis Summary
Trailing-twelve-month margins: gross margin 97.9%, operating margin -5.7%, net margin -13.3%.
At the current price of $0.97, EQS has negative trailing earnings (P/E not meaningful) and an ROE of -91.58%. Market capitalisation stands at $14M.
Balance sheet quality for EQS: current ratio of 0.1, net debt of $2.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.6M | $3.7M | $4.1M | $5.9M | -$7.1M | $6.1M | $2.5M | $17.2M | -$14.2M | $1.4M |
| Cost of Revenue | $8000 | $11000 | $4000 | $11000 | $27000 | $3000 | $4000 | $25000 | $138000 | 0 |
| Gross Profit | $8.6M | $3.7M | $4.1M | $5.9M | -$7.1M | $6.1M | $2.5M | $17.2M | -$14.3M | $1.4M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $2.0M | $4.8M | $2.3M | $2.0M | $2.0M | $1.8M | $2.0M | $2.3M | $2.7M | $2.9M |
| Operating Expenses | $3.2M | $4.6M | $4.0M | $3.7M | $5.2M | $3.5M | $3.6M | $4.3M | $4.5M | $5.1M |
| Operating Income | $5.4M | -$829000 | $51000 | $2.2M | -$12.3M | $2.6M | -$1.1M | $12.9M | -$18.8M | -$3.7M |
| EBITDA | $5.4M | -$540000 | $51000 | $2.2M | -$12.3M | $2.6M | -$1.1M | $12.9M | -$18.8M | -$3.5M |
| Interest Expense | $8000 | $11000 | $4000 | $11000 | $27000 | $3000 | $4000 | $25000 | $138000 | $683000 |
| Pre-tax Income | $5.4M | -$829000 | $51000 | $2.2M | -$12.3M | $2.6M | -$1.1M | $12.9M | -$18.8M | -$14.2M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | $38000 | 0 | 0 | 0 | 0 |
| Net Income | $5.4M | -$829000 | $51000 | $2.2M | -$12.3M | $2.6M | -$1.1M | $12.9M | -$18.8M | -$14.2M |
| EPS | $0.43 | $-0.06 | $0.00 | $0.16 | $-0.91 | $0.19 | $-0.08 | $0.96 | $-1.38 | $-1.03 |
| EPS (Diluted) | $0.43 | $-0.06 | $0.00 | $0.16 | $-0.91 | $0.19 | $-0.08 | $0.96 | $-1.38 | $-1.03 |
| Shares Outstanding (Diluted) | $12.7M | $13.3M | $13.5M | $13.5M | $13.5M | $13.5M | $13.5M | $13.5M | $13.6M | $13.7M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $12.0M | $10.8M | $7.4M | $4.0M | $23.6M | $23.5M | $19.2M | $6.5M | $7000 | $133000 |
| Short-term Investments | $30.0M | $18.0M | $27.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.2M | $1.0M | $1.1M | $1.1M | $3.8M | $350000 | $350000 | $364000 | $2.1M | $2.1M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $43.1M | $29.8M | $35.5M | $5.0M | $27.4M | $23.8M | $19.6M | $6.9M | $214000 | $133000 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $73.1M | $61.2M | $70.9M | $75.1M | $58.8M | $39.7M | $41.7M | $93.5M | $29.9M | $21.3M |
| Accounts Payable | $412000 | $199000 | $465000 | $106000 | $56000 | $59000 | $108000 | $276000 | $425000 | $1.8M |
| Short-term Debt | $30.0M | $18.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $30.4M | $18.2M | $465000 | $106000 | $56000 | $59000 | $108000 | $276000 | $425000 | $1.8M |
| Long-term Debt | $30.0M | $18.0M | $27.0M | $29.0M | $24.0M | $2.5M | $6.0M | $45.0M | 0 | $2.1M |
| Total Liabilities | $30.4M | $18.2M | $27.4M | $29.1M | $25.0M | $3.4M | $6.4M | $45.3M | $426000 | $4.8M |
| Retained Earnings | -$21.8M | -$25.8M | -$12.3M | -$10.1M | -$22.4M | -$38.3M | -$39.5M | -$26.5M | -$45.3M | -$59.5M |
| Total Equity | $42.7M | $43.0M | $43.5M | $46.0M | $33.8M | $36.4M | $35.2M | $48.3M | $29.5M | $16.6M |
| Total Debt | $60.0M | $36.0M | $27.0M | $29.0M | $24.0M | $2.5M | $6.0M | $45.0M | 0 | $2.1M |
| Net Debt | $18.0M | $7.2M | -$7.4M | $25.0M | $361000 | -$21.0M | -$13.2M | $38.4M | -$7000 | $2.0M |
| Working Capital | $12.7M | $11.6M | $35.1M | $4.9M | $27.3M | $23.8M | $19.5M | $6.6M | -$211000 | -$1.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $5.4M | -$829000 | $51000 | $2.2M | -$12.3M | $2.6M | -$1.1M | $12.9M | -$66000 | -$7.0M |
| Depreciation & Amortization | 0 | $289000 | 0 | -$510000 | $19000 | 0 | $2000 | 0 | 0 | $212000 |
| Stock-based Compensation | 0 | $1.1M | $437000 | $321000 | $80000 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$461000 | -$376000 | -$171000 | -$634000 | -$1.7M | $3.0M | -$428000 | -$149000 | -$1.3M | $254000 |
| Operating Cash Flow | -$19.9M | $10.7M | -$12.3M | -$5.4M | $24.6M | $21.1M | -$7.7M | -$51.4M | $38.2M | -$2.3M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -$255000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$19.9M | $10.7M | -$12.3M | -$5.4M | $24.6M | $21.1M | -$7.7M | -$51.4M | $38.2M | -$2.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -56.6% | +9.1% | +44.8% | -220.2% | +185.5% | -58.9% | +589.0% | -182.3% | +109.7% | |
| Net Income Growth (YoY) | -115.3% | +106.2% | +4160.8% | -665.7% | +121.1% | -143.6% | +1248.0% | -245.0% | +24.6% | |
| EPS Growth (YoY) | -114.4% | +106.1% | +4110.5% | -668.8% | +120.9% | -143.9% | +1251.1% | -243.8% | +25.4% | |
| Shares Change (YoY) | +5.3% | +1.3% | +0.0% | +0.0% | +0.0% | +0.0% | +0.1% | +0.4% | +0.9% | |
| FCF Growth (YoY) | +153.8% | -214.5% | +55.6% | +551.7% | -14.2% | -136.5% | -566.7% | +174.4% | -106.1% | |
| Gross Margin | 99.9% | 99.7% | 99.9% | 99.8% | 100.4% | 100.0% | 99.8% | 99.9% | 101.0% | 100.0% |
| Operating Margin | 62.9% | -22.1% | 1.2% | 36.7% | 172.9% | 43.2% | -45.1% | 75.1% | 132.3% | -268.6% |
| EBITDA Margin | 62.9% | -14.4% | 1.2% | 36.7% | 172.6% | 43.2% | -45.0% | 75.1% | 132.3% | -253.2% |
| Net Margin | 62.9% | -22.1% | 1.2% | 36.7% | 172.9% | 42.6% | -45.1% | 75.1% | 132.3% | -1031.6% |
| FCF Margin | -230.8% | 286.0% | -300.1% | -92.1% | -346.2% | 347.3% | -308.0% | -298.0% | -269.5% | -169.6% |
| Effective Tax Rate | 0.0% | -0.0% | 0.0% | 0.0% | -0.0% | 1.4% | -0.0% | 0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.57 | $0.80 | $-0.91 | $-0.40 | $1.82 | $1.56 | $-0.57 | $-3.80 | $2.81 | $-0.17 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $12.7M | $13.3M | $13.5M | $13.5M | $13.5M | $13.5M | $13.5M | $13.5M | $13.6M | $13.7M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -91.58% |
| Return on Invested Capital | -36.16% |
| Return on Assets | -84.14% |
| Gross Margin | 97.91% |
| Operating Margin | -572.10% |
| Net Margin | -1331.07% |
Financial Health
| Debt / Equity | 0.14 |
| Current Ratio | 2.51 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 4.67 | -38.65 | 515.79 | 11.38 | -2.37 | 12.53 | -17.15 | 1.51 | -0.80 | -1.37 |
| P/B | 0.60 | 0.74 | 0.61 | 0.53 | 0.86 | 0.88 | 0.55 | 0.41 | 0.51 | 1.17 |
| P/S | 2.95 | 8.55 | 6.48 | 4.16 | -4.11 | 5.29 | 7.73 | 1.14 | -1.05 | 14.08 |
| Gross Margin | 99.9% | 99.7% | 99.9% | 99.8% | 100.4% | 100.0% | 99.8% | 99.9% | 101.0% | 100.0% |
| Operating Margin | 62.9% | -22.1% | 1.2% | 36.7% | 172.9% | 43.2% | -45.1% | 75.1% | 132.3% | -268.6% |
| Net Margin | 62.9% | -22.1% | 1.2% | 36.7% | 172.9% | 42.6% | -45.1% | 75.1% | 132.3% | -1031.6% |
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Explore sector: Financial Services · Asset Management
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