Latest Ratios: P/E Ratio -1.2x · EV/EBITDA N/A · ROE -61.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $17M | $19M | $15M | $20M | $19M | $32M | $29M | $25M | $26M | $32M | $25M |
| Enterprise Value | $19M | $21M | $15M | $58M | $6M | $11M | $30M | $50M | $46M | $57M | $74M |
| P/E Ratio → | -1.20 | — | — | 1.51 | — | 12.52 | — | 11.41 | 515.79 | — | 4.67 |
| P/S Ratio | 12.61 | 14.08 | — | 1.14 | 7.73 | 5.29 | — | 4.17 | 6.48 | 8.55 | 2.95 |
| P/B Ratio | 1.03 | 1.17 | 0.51 | 0.41 | 0.55 | 0.88 | 0.86 | 0.54 | 0.61 | 0.74 | 0.60 |
| P/FCF | — | — | 0.39 | — | — | 1.52 | 1.19 | — | — | 2.99 | — |
| P/OCF | — | — | 0.39 | — | — | 1.52 | 1.19 | — | — | 2.99 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 15.52 | — | 3.37 | 2.44 | 1.84 | — | 8.40 | 11.27 | 15.28 | 8.52 |
| EV / EBITDA | — | — | — | 4.48 | — | 4.26 | — | 22.87 | 902.97 | — | 13.53 |
| EV / EBIT | — | — | — | 4.48 | — | 4.26 | — | 22.87 | 902.97 | — | 13.53 |
| EV / FCF | — | — | 0.39 | — | — | 0.53 | 1.20 | — | — | 5.34 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 101.0% | 99.9% | 99.8% | 100.0% | 100.4% | 99.8% | 99.9% | 99.7% | 99.9% |
| Operating Margin | -268.6% | -268.6% | 132.3% | 75.1% | -45.1% | 43.2% | 172.9% | 36.7% | 1.2% | -22.1% | 62.9% |
| Net Profit Margin | -1031.6% | -1031.6% | 132.3% | 75.1% | -45.1% | 42.6% | 172.9% | 36.7% | 1.2% | -22.1% | 62.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -61.5% | -61.5% | -48.3% | 31.0% | -3.2% | 7.4% | -30.8% | 4.9% | 0.1% | -1.9% | 13.6% |
| ROA | -55.2% | -55.2% | -30.4% | 19.2% | -2.8% | 5.3% | -18.4% | 3.0% | 0.1% | -1.2% | 8.6% |
| ROIC | -11.5% | -11.5% | -22.9% | 14.4% | -2.1% | 4.1% | -13.9% | 2.2% | 0.1% | -0.7% | 4.8% |
| ROCE | -15.0% | -15.0% | -30.6% | 19.2% | -2.8% | 5.3% | -18.4% | 3.0% | 0.1% | -1.9% | 13.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | — | 0.93 | 0.17 | 0.07 | 0.71 | 0.63 | 0.62 | 0.84 | 1.40 |
| Debt / EBITDA | — | — | — | 3.47 | — | 0.95 | — | 13.34 | 529.04 | — | 11.04 |
| Net Debt / Equity | — | 0.12 | -0.00 | 0.80 | -0.38 | -0.58 | 0.01 | 0.54 | 0.45 | 0.59 | 1.12 |
| Net Debt / EBITDA | — | — | — | 2.97 | — | -7.98 | — | 11.52 | 383.45 | — | 8.84 |
| Debt / FCF | — | — | -0.00 | — | — | -0.99 | 0.01 | — | — | 2.35 | — |
| Interest Coverage | -5.40 | -5.40 | -136.07 | 517.96 | -282.00 | 875.33 | -455.26 | 197.55 | 12.75 | -75.36 | 679.00 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.07 | 0.07 | 0.50 | 24.99 | 181.24 | 403.64 | 489.32 | 47.32 | 76.42 | 1.64 | 1.42 |
| Quick Ratio | 0.07 | 0.07 | 0.50 | 24.99 | 181.24 | 403.64 | 489.32 | 47.32 | 76.42 | 1.64 | 1.42 |
| Cash Ratio | 0.07 | 0.07 | 0.02 | 23.67 | 178.00 | 397.71 | 422.13 | 37.42 | 15.97 | 0.59 | 0.39 |
| Asset Turnover | — | 0.06 | -0.47 | 0.18 | 0.06 | 0.15 | -0.12 | 0.08 | 0.06 | 0.06 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 11.7% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 66.2% | — | 8.0% | — | 8.8% | 0.2% | — | 21.4% |
| FCF Yield | — | — | 255.8% | — | — | 65.6% | 84.3% | — | — | 33.4% | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $14M | $13M | $13M |
Severe Liquidity and Solvency
According to current market data, EQS trades at a price-to-book ratio of 1.03, which, when viewed alongside the absence of a meaningful P/E multiple, suggests that investors are pricing the firm as a liquidating entity rather than a viable, earnings-generating asset management platform.
The lack of a forward P/E multiple indicates that the market assigns little to no value to the company's future earnings potential. This valuation suggests that the current share price is tethered strictly to the perceived liquidation value of the underlying portfolio, rather than any expectation of growth or operational turnaround.
Based on reported financial statements, the ROIC has oscillated wildly from -18.9% in 2025Q3 to 13.3% in 2026Q1, illustrating a fundamental inability to consistently compound capital within the current high-risk, special-situations investment mandate that defines the firm's portfolio strategy.
The extreme volatility in ROIC suggests that returns are driven by sporadic, non-recurring valuation adjustments rather than the steady compounding of invested capital. This inconsistency warrants further investigation into whether the firm's capital allocation process is capable of generating sustainable value over the long term.
As reported in recent filings, the asset turnover ratio has remained consistently low, frequently dipping into negative territory, which indicates that the firm is struggling to generate meaningful revenue from its asset base compared to more efficient peers in the BDC sector.
The negative asset turnover figures suggest that the company's administrative and operational costs are disproportionate to the income-producing assets held on the balance sheet. This inefficiency implies that the firm is currently unable to leverage its portfolio to cover the fixed costs of its public listing.
Based on the 2026Q1 current ratio of 0.96, the firm's liquidity position appears increasingly precarious, as it lacks the necessary cash cushion to absorb potential portfolio shocks or meet short-term obligations without resorting to dilutive financing or asset sales.
The rapid compression of the current ratio from historical highs suggests that the firm's liquidity is being consumed by ongoing operating expenses. Investors should monitor the company's ability to maintain its BDC status, as the current cash position provides minimal margin for error in a volatile market.
As evidenced by the firm's financial profile, the price-to-NAV ratio is the most commonly misapplied metric for EQS, as it obscures the high burn rate that systematically erodes the underlying asset value before it can be realized by shareholders.
Relying on NAV as a floor for valuation is misleading because it fails to account for the significant administrative and legal costs that consume capital every quarter. A more appropriate metric would be the cash-adjusted NAV, which accounts for the firm's ongoing operational cash drain.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying EQS stock.
Equus Total Return, Inc.'s current P/E ratio is -1.2x. The historical average is 15.0x.
Equus Total Return, Inc.'s return on equity (ROE) is -61.5%. The historical average is -4.9%.
Based on historical data, Equus Total Return, Inc. is trading at a P/E of -1.2x. Compare with industry peers and growth rates for a complete picture.
Equus Total Return, Inc. has 100.0% gross margin and -268.6% operating margin.