Cash flow generation is fundamentally broken, evidenced by an OCF/NI ratio that has oscillated between extreme values and a free cash flow trajectory that swung from a $53.6 million inflow to a $33.9 million outflow.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -527K | -2.33M | 38.23M | -51.36M | -7.7M | 21.11M | 24.61M | -5.45M | -12.26M | 10.71M | -19.92M | 1.33M | -3.37M | -19.62M | 12.87M | 18.6M | 16.6M | 12.36M | -32.14M | -18.27M | 59.93M | -24.03M | 57.27M | 11.43M | -2.01M | -1.51M | -2.19M | -3.3M | -4.3M | -1.04M | -2.49M |
| Operating CF Growth % | 186.8% | -106.09% | 174.44% | -566.65% | -136.49% | -14.23% | 551.72% | 55.57% | -214.5% | 153.77% | -1592.06% | 139.65% | 82.84% | -252.42% | -30.77% | 12.03% | 34.29% | 138.46% | -75.95% | -130.48% | 349.44% | -141.95% | 401.05% | 668.66% | -33.11% | 31.05% | 33.64% | 23.26% | -313.46% | 58.23% | -522.5% |
| Net Income | -13.99M | -7.03M | -66K | 12.95M | -1.13M | 2.59M | -12.29M | 2.17M | 51K | -829K | 5.43M | 1.11M | -1.37M | 342K | -5.27M | -4.53M | -12.85M | -27.53M | -19.66M | 12.27M | 14.16M | 16.72M | 1.24M | -4.27M | 20K | -9.72M | -5.33M | -7.24M | -27.33M | 30.87M | 29.47M |
| Depreciation & Amortization | 0 | 212K | 0 | 0 | 2K | 0 | 19K | -510K | 0 | 289K | 0 | 0 | -2.12M | -13.27M | -177K | -9.9M | 12.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -80K | 189K | 0 | 9.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 12.81M | 4.23M | 39.6M | -64.16M | -6.15M | 15.5M | 38.56M | -6.99M | -12.58M | 1.1M | -24.89M | 1.39M | 604K | -6.16M | 16.49M | 11.36M | -92K | 27.73M | 19.11M | -5.26M | -19.01M | -19.85M | 55.13M | 18M | -2.13M | 8.11M | 2.74M | 4.24M | 22.23M | -42.81M | -24.16M |
| Working Capital Changes | 657K | 254K | -1.3M | -149K | -428K | 3.02M | -1.67M | -634K | -171K | -376K | -461K | -1.16M | -488K | -542K | 1.84M | 21.67M | 17.37M | 12.17M | -31.59M | -25.27M | 64.78M | -20.89M | 900K | -2.3M | 100K | 100K | 400K | -300K | 800K | 10.9M | -7.8M |
| Cash from Investing | 0 | 200K | 0 | 0 | -58K | -14K | -30K | -1.96M | 0 | -9K | 0 | 0 | -730K | -15.96M | 8.07M | 19.18M | 13.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.92M | -310K | 16.64M | 35.57M | -25.41M | -8.29M | -1.28M |
| Purchase of Investments | 0 | -1.59M | -2.25M | 0 | 0 | 0 | 0 | -1.96M | 0 | 0 | 0 | 0 | -793K | -810K | -6.94M | -642K | 13.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 0 | 1.79M | 0 | 0 | 0 | 0 | 26.79M | 0 | 0 | 0 | 0 | 0 | 63K | -15.15M | 15.01M | 19.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | 0 | 200K | -2.25M | 0 | 0 | 0 | 26.79M | -1.96M | 0 | 0 | 0 | 0 | -730K | -15.96M | 8.07M | 19.18M | 13.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 0 | 42K | 2.25M | 0 | -58K | -14K | -26.82M | 0 | 0 | -9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.92M | -310K | 16.64M | 35.57M | -25.41M | -8.29M | -1.28M |
| Cash from Financing | 0 | 2M | -44.95M | 39.06M | 3.5M | -21.5M | -4.99M | 2.01M | 8.98M | -12M | 14.99M | 1K | -1K | 15M | -6M | -9.16M | -15.26M | -14.97M | 9.85M | -2.29M | -34.08M | 31.1M | -39.08M | -11.56M | -2.43M | -13.19M | 6.77M | -36.7M | 14.78M | 15.39M | 12.66M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -255K | 0 | 0 | 0 | 0 | -171K | 0 | -301K | 0 | -2K | -2K | -2.11M | -2.29M | -13.53M | -1.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.01M | 0 | 0 | 0 | -2.91M | 730K | 0 | -2.18M | -4.64M | -1.1M | 0 | 0 | 13.34M |
| Stock Issued | 0 | 0 | 0 | 101K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | 0 | 0 | 0 | 101K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.01M | 0 | 0 | 0 | -2.91M | 730K | 0 | -2.18M | -4.64M | -1.1M | 0 | 0 | 13.34M |
| Debt Issuance (Net) | -1000K | 0 | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1K | -1K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 17K | -1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 2M | 2M | 0 | 0 | 0 | 0 | 0 | 255K | 0 | 0 | 0 | 0 | 171K | 0 | 301K | -165K | -261K | 0 | 0 | -24K | -584K | 6.72M | -39.08M | -11.56B | -2.43M | -13.19M | 6.77M | -36.7M | 14.78M | 15.39M | 12.66M |
| Net Change in Cash | -528K | -129K | -6.72M | -12.3M | -4.21M | -389K | 19.62M | -3.44M | -3.28M | -1.29M | -4.92M | 1.34M | -3.37M | -4.62M | 6.87M | 9.43M | 1.34M | -2.61M | -22.28M | -20.56M | 25.85M | 7.07M | 18.19M | -130K | 480K | -15.01M | 21.22M | -4.43M | -14.93M | 6.05M | 8.89M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 58K | 14K | 30K | 1.96M | 0 | 9K | 0 | 0 | 730K | 15.96M | -8.07M | -19.18M | -13.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10K | 0 |
| Cash at Beginning | 133K | 262K | 6.98M | 19.28M | 23.49M | 23.88M | 4.26M | 7.7M | 10.97M | 12.26M | 17.19M | 15.85M | 19.07M | 23.69M | 16.81M | 7.38M | 6.04M | 8.66M | 30.94M | 51.5M | 25.64M | 18.58M | 0 | 0 | 0 | 0 | 5.5M | 0 | 0 | 0 | 0 |
| Cash at End | 140K | 133K | 262K | 6.98M | 19.28M | 23.49M | 23.88M | 4.26M | 7.7M | 10.97M | 12.26M | 17.19M | 15.7M | 19.07M | 23.69M | 16.81M | 7.38M | 6.04M | 8.66M | 30.94M | 51.5M | 25.65M | 18.19M | -130K | 480K | -15.01M | 26.72M | -4.43M | -14.93M | 6.05M | 8.89M |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3K | 12K | 7K | 2K | 0 | 0 | 1K | 6K | 56K | 56K | 32K | 106K | 126K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21K | 28K | 19K | 32K | 17K | 11K | 12K | 14K | 38K | 8K | 13K | 85K | 115K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -527K | -2.33M | 38.23M | -51.36M | -7.7M | 21.11M | 24.61M | -5.45M | -12.26M | 10.71M | -19.92M | 1.33M | -3.37M | -19.62M | 12.87M | 18.6M | 16.6M | 12.36M | -32.14M | -18.27M | 59.93M | -24.03M | 57.27M | 11.43M | -2.01M | -1.51M | -2.19M | -3.3M | -4.3M | -1.04M | -2.49M |
| FCF Growth % | -101.1% | -106.09% | 174.44% | -566.65% | -136.49% | -14.23% | 551.72% | 55.57% | -214.5% | 153.77% | -1592.06% | 139.65% | 82.84% | -252.42% | -30.77% | 12.03% | 34.29% | 138.46% | -75.95% | -130.48% | 349.44% | -141.95% | 401.05% | 668.66% | -33.11% | 31.05% | 33.64% | 23.26% | -313.46% | 58.23% | -522.5% |
Severe Liquidity and Solvency
As reported in financial statements, the relationship between net income and operating cash flow for EQS is highly erratic, with OCF/NI ratios frequently oscillating between extreme positive and negative values, suggesting that reported earnings bear little correlation to the actual cash generated by the underlying portfolio.
The lack of a consistent conversion ratio indicates that net income is heavily influenced by non-cash valuation adjustments rather than recurring cash yields. Investors should monitor this divergence, as it implies that the company's accounting profits are not providing the liquidity necessary to sustain its operational overhead.
Based on recent SEC filings, the free cash flow trajectory for EQS is characterized by extreme volatility, with quarterly figures swinging from a $53.6 million inflow to a $33.9 million outflow, reflecting a business model that lacks the stability required for predictable cash generation.
This erratic performance suggests that cash flow is driven by sporadic, transactional events rather than a steady stream of investment income. The inability to maintain positive free cash flow over consecutive periods warrants further investigation into the sustainability of the company's current investment strategy.
According to the provided cash flow data, working capital changes for EQS have been highly inconsistent, frequently acting as a drain on cash and highlighting the operational challenges inherent in managing a portfolio of illiquid, complex international assets with limited internal administrative scale.
The frequent negative working capital adjustments suggest that the company may be struggling with the timing of cash collections or the management of accrued expenses. This volatility appears to exacerbate the firm's liquidity constraints, leaving little room for error in its operational execution.
Based on reported figures, the cash flow statement for EQS obscures the underlying fragility of the business by failing to generate consistent cash from operations, leaving the firm reliant on sporadic liquidity events that do not appear to support a sustainable, long-term operating model.
The absence of meaningful cash flow from operations suggests that the company may be forced to rely on asset liquidations to fund its ongoing administrative costs. This dynamic implies that the firm's cash position is highly vulnerable to market conditions, potentially limiting its ability to pursue new investment opportunities.
Quick answers to the most common questions about buying EQS stock.
Equus Total Return, Inc. (EQS) generated $-2.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Equus Total Return, Inc. (EQS) reported negative free cash flow of $2.3M in 2025, indicating capital requirements exceeded cash from operations.
Equus Total Return, Inc. (EQS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.