Revenue performance remains highly erratic, with quarterly figures swinging from $5.3 million to -$9.7 million, reflecting a structural disconnect between administrative overhead and income-generating capacity.
| 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 |
|---|
| Net Interest Income | -763K | -682K | 1.14M | 224K | -4K | -3K | 267K | 286K | 407K | 264K | 185K | 302K | 741K | -167K | 357K | 240K | 876K | 3.72M | 3.13M | 4.77M | 5.31M | 1.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| NII Growth % | -631.21% | -160.04% | 407.14% | 5700% | -33.33% | -101.12% | -6.64% | -29.73% | 54.17% | 42.7% | -38.74% | -59.24% | 543.71% | -146.78% | 48.75% | -72.6% | -76.45% | 18.77% | -34.39% | -10.13% | 202.94% | - | - | - | - | - | - | - | - | - | - |
| Net Interest Margin % | -5.41% | -3.2% | 3.79% | 0.24% | -0.01% | -0.01% | 0.45% | 0.38% | 0.57% | 0.43% | 0.25% | 0.57% | 1.42% | -0.35% | 1.07% | 0.54% | 1.64% | 4.59% | 2.52% | 3.54% | 4.22% | 1.22% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Interest Income | 0 | 1K | 1.27M | 249K | 0 | 0 | 294K | 297K | 411K | 275K | 193K | 304K | 741K | 0 | 359K | 244K | 912K | 3.77M | 3.18M | 4.86M | 5.47M | 1.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 763K | 683K | 138K | 25K | 4K | 3K | 27K | 11K | 4K | 11K | 8K | 2K | 0 | 2K | 2K | 4K | 36K | 51K | 49K | 83K | 157K | 141.1K | -2.47M | -7.67M | -120K | -10.87M | -5.88M | -5.06M | -25.15M | 31.79M | 37.73M |
| Loan Loss Provision | -683K | -683K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.1M | 10.22M | 2.26M | 12.93M | 9.3M | 9.4M | 29.83M | -28.56M | -35.3M |
| Non-Interest Income | 1.28M | 1.37M | -15.46M | 16.98M | 2.5M | 6.08M | -7.4M | 5.62M | 3.67M | 3.47M | 8.44M | 3.6M | 1.27M | 3.48M | -2.46M | -734K | -10.09M | -27.73M | 0 | 0 | 547K | 635.4K | 6.2M | 7.17M | 2.99M | 2.72M | 5.12M | 5.16M | 3.77M | 4.01M | 2.59M |
| Non-Interest Income % | 100% | 99.93% | 108.98% | 98.56% | 100% | 100% | 104.14% | 94.98% | 89.94% | 92.66% | 97.76% | 92.21% | 63.24% | 100% | 117.06% | 149.8% | 109.94% | 115.74% | 0% | 0% | 9.09% | 25.11% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Total Revenue | 1.28M | 1.37M | -14.19M | 17.23M | 2.5M | 6.08M | -7.11M | 5.92M | 4.09M | 3.75M | 8.63M | 3.9M | 2.02M | 3.48M | -2.1M | -490K | -9.18M | -23.96M | 3.18M | 4.86M | 6.02M | 2.53M | 6.2M | 7.17M | 2.99M | 2.72M | 5.12M | 5.16M | 3.77M | 4.01M | 2.59M |
| Revenue Growth % | 56.73% | 109.68% | -182.33% | 589.04% | -58.86% | 185.51% | -220.19% | 44.76% | 9.11% | -56.61% | 121.08% | 93.65% | -42.04% | 265.3% | -329.39% | 94.66% | 61.7% | -853.1% | -34.51% | -19.27% | 137.79% | -59.19% | -13.53% | 139.8% | 9.93% | -46.88% | -0.78% | 36.87% | -5.99% | 54.83% | -15.91% |
| Non-Interest Expense | 4.72M | 5.06M | 4.45M | 4.26M | 3.63M | 3.45M | 5.16M | 3.73M | 4.03M | 4.56M | 3.19M | 2.79M | 3.38M | 3.13M | 3.17M | 4.04M | 3.64M | 3.52M | 22.79M | -7.49M | -8.3M | -14.33M | 860K | 1.22M | 700K | -500K | 1.15M | 2.99M | 1.27M | 1.71M | 8.43M |
| Efficiency Ratio | 369.09% | 368.61% | -31.37% | 24.71% | 144.94% | 56.75% | -72.53% | 63.08% | 98.65% | 121.84% | 36.97% | 71.59% | 167.81% | 90.11% | -150.52% | -823.47% | -39.65% | -14.71% | 716.57% | -154.27% | -137.97% | -566.44% | 13.87% | 17.02% | 23.41% | -18.38% | 22.46% | 57.95% | 33.69% | 42.64% | 325.48% |
| Operating Income | -3.52M | -3.69M | -18.78M | 12.95M | -1.13M | 2.63M | -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 | 3.71M | 3.4M | 150K | 1.16M | 550K | -2.18M | -2.18M | -920K | -8.27M |
| Operating Margin % | -275.35% | -268.61% | 132.34% | 75.14% | -45.1% | 43.2% | 172.91% | 36.74% | 1.25% | -22.14% | 62.94% | 28.36% | -67.81% | 9.83% | 250.62% | 924.29% | 140.04% | 114.93% | -618.11% | 252.56% | 235.36% | 660.86% | 59.84% | 47.42% | 5.02% | 42.65% | 10.74% | -42.25% | -57.82% | -22.94% | -319.31% |
| Operating Income Growth % | - | 80.36% | -245.01% | 1247.96% | -142.96% | 121.36% | -665.67% | 4160.78% | 106.15% | -115.26% | 390.7% | 180.98% | -499.71% | 106.49% | -16.43% | 64.75% | 53.33% | -40.03% | -260.28% | -13.36% | -15.32% | 350.67% | 9.12% | 2166.67% | -87.07% | 110.91% | 125.23% | 0% | -136.96% | 88.88% | -1134.33% |
| Pretax Income | -13.99M | -14.16M | -18.78M | 12.95M | -1.13M | 2.63M | -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 |
| Pretax Margin % | -1095.07% | -1031.61% | 132.34% | 75.14% | -45.1% | 43.2% | 172.91% | 36.74% | 1.25% | -22.14% | 62.94% | 28.36% | -67.81% | 9.83% | 250.62% | 924.29% | 140.04% | 114.93% | -618.11% | 252.56% | 235.36% | 660.86% | 20% | -59.55% | 0.67% | -357.35% | -104.1% | -140.31% | -724.93% | 769.83% | 1137.84% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 38K | 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 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 1.45% | 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 Income | -13.99M | -14.16M | -18.78M | 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 |
| Net Margin % | -1095.07% | -1031.61% | 132.34% | 75.14% | -45.1% | 42.57% | 172.91% | 36.74% | 1.25% | -22.14% | 62.94% | 28.36% | -67.81% | 9.83% | 250.62% | 924.29% | 140.04% | 114.93% | -618.11% | 252.56% | 235.36% | 660.86% | 20% | -59.55% | 0.67% | -357.35% | -104.1% | -140.31% | -724.93% | 769.83% | 1137.84% |
| Net Income Growth % | -12.51% | 24.57% | -245.01% | 1247.96% | -143.59% | 121.05% | -665.67% | 4160.78% | 106.15% | -115.26% | 390.7% | 180.98% | -499.71% | 106.49% | -16.43% | 64.75% | 53.33% | -40.03% | -260.28% | -13.36% | -15.32% | 1248.37% | 129.04% | -21450% | 100.21% | -82.36% | 26.38% | 73.51% | -188.53% | 4.75% | 415.21% |
| Net Income (Continuing) | -13.99M | -14.16M | -18.78M | 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 |
| EPS (Diluted) | -0.81 | -1.03 | -1.38 | 0.96 | -0.08 | 0.19 | -0.91 | 0.16 | 0.00 | -0.06 | 0.43 | 0.08 | -0.11 | 0.03 | -0.50 | -0.45 | -1.45 | -3.13 | -2.33 | 1.49 | 1.78 | 2.41 | 0.18 | -0.65 | 0.00 | -1.48 | -0.86 | -1.38 | -5.36 | 6.17 | 7.31 |
| EPS Growth % | -9.08% | 25.36% | -243.75% | 1251.08% | -143.89% | 120.88% | -668.75% | - | 106.12% | -114.44% | 437.5% | 172.73% | -466.67% | 106% | -11.11% | 68.97% | 53.67% | -34.33% | -256.38% | -16.29% | -26.14% | 1238.89% | 127.69% | - | 100.2% | -72.09% | 37.68% | 74.25% | -186.87% | -15.6% | 299.45% |
| EPS (Basic) | - | -1.03 | -1.38 | 0.96 | -0.08 | 0.19 | -0.91 | 0.16 | 0.00 | -0.06 | 0.43 | 0.08 | -0.11 | 0.03 | -0.50 | -0.45 | -1.45 | -3.13 | -2.33 | 1.49 | 1.78 | 2.41 | 0.18 | -0.65 | 0.00 | -1.48 | -0.86 | -1.38 | -5.36 | 6.17 | 7.31 |
| Diluted Shares Outstanding | 17.3M | 13.71M | 13.59M | 13.53M | 13.52M | 13.52M | 13.52M | 13.52M | 13.52M | 13.35M | 12.67M | 12.67M | 11.9M | 10.56M | 10.56M | 10.05M | 8.86M | 8.79M | 8.43M | 8.25M | 7.95M | 6.95M | 6.84M | 6.59M | 6.58M | 6.58M | 6.2M | 5.23M | 5.1M | 5M | 4.03M |
Extreme Liquidity and Solvency Risk
As evidenced by the historical income statement data, Equus Total Return's revenue trajectory exhibits extreme volatility, with quarterly figures swinging from positive $5.3 million to negative $9.7 million, suggesting that the firm's top-line performance is dictated by sporadic portfolio valuation adjustments rather than consistent, recurring investment income.
The lack of a stable revenue base indicates that the company's business model is highly sensitive to the timing of exits and mark-to-market fluctuations in its illiquid portfolio. Investors should monitor whether these wide swings represent genuine underlying asset performance or merely accounting artifacts inherent in the valuation of Level 3 assets.
Based on reported financial statements, Equus Total Return maintains a structurally high gross margin characteristic of the asset management industry, yet it suffers from a net margin that has reached as low as -1031.61%, highlighting a severe disconnect between administrative overhead and the firm's income-generating capacity.
The persistent inability to convert gross profit into positive net income suggests that the company's fixed cost structure is disproportionately large relative to its current assets under management. This margin profile implies that the firm may be operating in a state of permanent administrative drag, where overhead costs consistently erode shareholder value.
According to recent SEC filings, the company's SG&A expenses remain a significant burden, frequently consuming a substantial portion of gross profit and occasionally exceeding it entirely, which indicates that management has struggled to achieve the necessary scale to cover the costs of maintaining a public BDC listing.
The high fixed-cost nature of the business, primarily driven by professional fees and compliance, appears to be a structural impediment to profitability. Without a meaningful expansion in the asset base, these costs will likely continue to exert downward pressure on the firm's bottom line, regardless of portfolio performance.
While the company maintains its BDC status, the financial data suggests a potential risk of insolvency, as the firm's cash reserves of $133,000 appear insufficient to support ongoing operations or provide a buffer against the volatility observed in its quarterly net income and portfolio valuation metrics.
Short-sellers would likely focus on the company's inability to generate consistent cash flow, which raises questions about the long-term viability of its current investment strategy. The reliance on non-cash valuation adjustments to drive revenue suggests that the firm's reported financial health may be significantly more fragile than the headline figures imply.
Quick answers to the most common questions about buying EQS stock.
Equus Total Return, Inc. (EQS) reported a net loss of $14.2M for the fiscal year ending 2025.
Equus Total Return, Inc. (EQS) reported an operating income of $-3.7M, resulting in an operating profit margin of -268.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Equus Total Return, Inc. (EQS) generated $1.4M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.