EQS

MKT CAP:$18M

Equus Total Return, Inc.

Market Cap

$18M

Financial Services·Asset Management·🇺🇸 United States·NYSE

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$1.24-$0.12 (-8.82%)

Apr 24, 2026

Company Details

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 strategi...

CEO

John A. Hardy

IPO Date

Sep 11, 1992

Website

www.equuscap.com

Key Metrics TTM

Revenue

-$12M

-182.9% YoY

Net Income

-$16M

EPS (Diluted)

-$1.25

Free Cash Flow

$50M

Revenue / Share

-$0.88

Gross Margin

101.3%

Operating Margin

136.8%

Net Margin

136.8%

FCF Margin

-413.1%

P/S

—

P/E

—

Earnings Reports

Q2 2025

Aug 15, 2025

$881.0K-82.8%EPS -$0.01

Q1 2025

May 19, 2025

$5M+627.5%EPS $0.25

Q4 2024

Apr 10, 2025

-$10M-549.4%EPS -$0.78

Q3 2024

Nov 14, 2024

-$9M-204.5%EPS -$0.71

Q2 2024

Aug 19, 2024

$5M-25.1%EPS $0.29

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$2M	$2M	$2M
Q4 21	$1M	$1M	$160.0K
Q1 22	$2M	$2M	$1M
Q2 22	$500.0K	$500.0K	-$280.0K
Q3 22	$0	-$2.0K	-$925.0K
Q4 22	$1.0K	$1.0K	-$993.0K
Q1 23	$8.0K	$7.0K	-$1M
Q2 23	$7M	$7M	$6M
Q3 23	$8M	$8M	$7M
Q4 23	$2M	$2M	$1M
Q1 24	-$1M	-$1M	-$2M
Q2 24	$5M	$5M	$4M
Q3 24	-$9M	-$9M	-$10M
Q4 24	-$10M	-$10M	-$11M
Q1 25	$5M	$5M	$4M
Q2 25	$881.0K	$830.0K	-$86.0K

Valuation

Quarter	P/S	P/E
Q3 21	8.2x	—
Q4 21	5.3x	12.4x
Q1 22	5.4x	10.8x
Q2 22	5.9x	14.2x
Q3 22	6.0x	—
Q4 22	8.2x	—
Q1 23	42.0x	—
Q2 23	3.0x	7.0x
Q3 23	1.4x	1.9x
Q4 23	1.2x	1.6x
Q1 24	1.3x	1.7x
Q2 24	1.3x	1.9x
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$1M	-$1M
Q4 21	-$2M	-$2M
Q1 22	-$2M	-$2M
Q2 22	-$2M	-$2M
Q3 22	-$1M	-$1M
Q4 22	-$3M	-$3M
Q1 23	-$5M	-$5M
Q2 23	-$4M	-$4M
Q3 23	-$8M	-$8M
Q4 23	-$34M	-$34M
Q1 24	-$1M	-$4M
Q2 24	-$2M	-$2M
Q3 24	-$2M	-$2M
Q4 24	$54M	$54M
Q1 25	-$2M	-$2M
Q2 25	-$598.0K	-$598.0K

Capital Expenditures

Quarter	CapEx
Q3 21	$0
Q4 21	$0
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$3M
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$2.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+170.9%	-8.5%
Q4 21	+198.6%	-64.0%
Q1 22	+51.2%	-9.3%
Q2 22	-64.3%	+3.9%
Q3 22	-100.0%	+22.2%
Q4 22	-99.9%	+8.0%
Q1 23	-99.6%	+22.5%
Q2 23	+1264.2%	+12.3%
Q3 23	—	+25.8%
Q4 23	+215000.0%	+10.0%
Q1 24	-12875.0%	+20.5%
Q2 24	-25.1%	+38.2%
Q3 24	-204.5%	-12.6%
Q4 24	-549.4%	-9.6%
Q1 25	+627.5%	+5.5%
Q2 25	-82.8%	-20.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	—
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	—
Q2 24	$0	0.0%
Q3 24	$0	—
Q4 24	$0	—
Q1 25	$0	0.0%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q3 21	$421.0K	—
Q4 21	$452.0K	—
Q1 22	$584.0K	—
Q2 22	$435.0K	—
Q3 22	$464.0K	—
Q4 22	$570.0K	—
Q1 23	$721.0K	—
Q2 23	$475.0K	—
Q3 23	$469.0K	$692.0K
Q4 23	$644.0K	—
Q1 24	$899.0K	—
Q2 24	$689.0K	—
Q3 24	$520.0K	—
Q4 24	$546.0K	—
Q1 25	$846.0K	—
Q2 25	$473.0K	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$22M	$0	$22M
Q2 22	$22M	$0	$22M
Q3 22	$20M	$0	$20M
Q4 22	$19M	$0	$19M
Q1 23	$18M	$0	$18M
Q2 23	$16M	$0	$16M
Q3 23	$14M	$0	$14M
Q4 23	$7M	$0	$7M
Q1 24	$3M	$0	$3M
Q2 24	$2M	$0	$2M
Q3 24	$1M	$0	$1M
Q4 24	$262.0K	$0	$262.0K
Q1 25	$667.0K	$0	$667.0K
Q2 25	$69.0K	$0	$69.0K
Q3 25	$329.0K	$0	$329.0K
Q4 25	$18.0K	$0	$18.0K

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	14M	0.0%	0.0%
Q4 21	14M	0.0%	0.0%
Q1 22	14M	0.0%	0.0%
Q2 22	14M	0.0%	0.0%
Q3 22	14M	0.0%	0.0%
Q4 22	14M	0.0%	0.0%
Q1 23	14M	0.0%	0.0%
Q2 23	14M	0.0%	0.0%
Q3 23	14M	0.0%	0.0%
Q4 23	14M	+0.5%	+0.5%
Q1 24	14M	-0.0%	+0.5%
Q2 24	14M	0.0%	+0.5%
Q3 24	14M	0.0%	+0.5%
Q4 24	14M	0.0%	-0.0%
Q1 25	16M	+14.4%	+14.4%
Q2 25	14M	-12.6%	0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$1.6K	1K
Q4 21	$771	1K
Q1 22	$1.4K	1K
Q2 22	$357	1K
Q3 22	$0	1K
Q4 22	$1	1K
Q1 23	$6	1K
Q2 23	$4.9K	1K
Q3 23	$5.9K	1K
Q4 23	$1.5K	1K
Q1 24	-$730	1K
Q2 24	$3.7K	1K
Q3 24	-$6.2K	1K
Q4 24	-$6.9K	1K
Q1 25	$3.9K	1K
Q2 25	$629	1K

Revenue / Employee