olivLaw · US equity research
Equus Total Return, Inc. EQS
Equus Total Return is a closed-end fund listed on the NYSE that has elected to be treated as a business development company and invests in debt and equity of privately held small and middle market companies with a total enterprise value between 5.0 and 75.0 million USD. The current situation is marked by management's stated intent to transform the company into an operating company or permanent capital vehicle, a change that could substantially alter its investment profile.
At the close of 03 Nov 2026, Equus Total Return, Inc. (EQS) stock was 0.63 USD (+1.13% on the day), with market capitalisation 8.8 m USD, beta 0.00, 52-week range 0.62–1.99 USD. Latest reported quarter (Q4 2025): net income of -9.9 m USD, diluted EPS -0.71 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 30.4
- weak (30–45)
- Bollinger (20, 2)
- 0.55 – 1.03
- in the lower half of the band · %B 0.16 · band width 59.9%
- SMA 50 / 200
- 0.90 / 1.24
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −28.7% | −2.0% | −26.8 pp | — |
| 3 months | −45.9% | −2.2% | −43.8 pp | — |
| 6 months | −45.0% | +4.3% | −49.3 pp | — |
| Year to date | −55.5% | +10.6% | −66.1 pp | — |
| 1 year | −66.1% | +10.5% | −76.6 pp | — |
| 3 years | −56.2% | +73.7% | −129.8 pp | — |
| 5 years | −73.5% | +61.7% | −135.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2025 · 31 Dec 2025
Quarterly statements · USD
| Fiscal year | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 33.0 k | 63.0 k | 40.0 k | 53.0 k | 48.0 k | 59.0 k | 42.0 k | 42.0 k |
| Interest expense | 32.0 k | 34.0 k | 63.0 k | 9.0 k | 29.0 k | 51.0 k | 412.0 k | 191.0 k |
| Income tax | 14.0 k | 11.0 k | 5.0 k | 6.0 k | 3.0 k | 10.0 k | 6.0 k | 5.0 k |
| Net income | -2.4 m | 3.9 m | -9.6 m | -10.7 m | 3.9 m | -86.0 k | -8.1 m | -9.9 m |
| Diluted EPS | -0.17 | 0.29 | -0.70 | -0.78 ≈ | 0.25 | -0.01 | -0.59 | -0.71 ≈ |
| Operating cash flow | -11.4 m | -2.1 m ≈ | -1.8 m ≈ | 53.6 m | -1.6 m | -598.0 k ≈ | 260.0 k ≈ | -196.0 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | -12.3 m | 2.6 m | -1.1 m | 12.9 m | -18.8 m | -14.2 m |
| Net income YoY | unavailable | unavailable | −143.6% | unavailable | −245.0% | unavailable |
| Diluted EPS | -0.91 | 0.19 | -0.08 | 0.96 | -1.38 | -1.03 |
| Diluted EPS YoY | unavailable | unavailable | −142.1% | unavailable | −243.8% | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 133.0 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 16.6 m USD
- Total assets
- 21.3 m USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -61.5%
- ROA
- -55.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| SG&A | 168.0 k | 140.0 k | 130.0 k | 133.0 k | 189.0 k | 191.0 k | SEC (XBRL)· 20 Apr 2026verified |
| Interest expense | 27.0 k | 3.0 k | 4.0 k | 25.0 k | 138.0 k | 683.0 k | SEC (XBRL)· 20 Apr 2026verified |
| Income tax | 22.0 k | 25.0 k | 15.0 k | 13.0 k | 36.0 k | 24.0 k | SEC (XBRL)· 20 Apr 2026verified |
| Net income | -12.3 m | 2.6 m | -1.1 m | 12.9 m | -18.8 m | -14.2 m | SEC (XBRL)· 20 Apr 2026verified |
| Diluted EPS | -0.91 | 0.19 | -0.08 | 0.96 | -1.38 | -1.03 | SEC (XBRL)· 20 Apr 2026verified |
| Weighted average diluted shares | 13.5 m | 13.5 m | 13.5 m | 13.5 m | 13.6 m | 13.7 m | SEC (XBRL)· 20 Apr 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 23.6 m | 23.5 m | 19.2 m | 6.5 m | 262.0 k | 133.0 k | SEC (XBRL)· 20 Apr 2026verified |
| Total assets | — | 39.7 m | 41.7 m | 93.5 m | 29.9 m | 21.3 m | SEC (XBRL)· 20 Apr 2026verified |
| Accounts payable | — | 46.0 k | 107.0 k | 172.0 k | 332.0 k | 414.0 k | SEC (XBRL)· 20 Apr 2026verified |
| Total liabilities | — | 3.4 m | 6.4 m | 45.3 m | 426.0 k | 4.8 m | SEC (XBRL)· 20 Apr 2026verified |
| Equity | 33.8 m † | 36.4 m † | 35.2 m † | 48.3 m † | 29.5 m † | 16.6 m † | SEC (XBRL)· 20 Apr 2026verified |
| Shares outstanding at year end | — | — | — | — | 13.6 m | — | SEC (XBRL)· 17 Dec 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 24.6 m | 21.1 m | -7.7 m | -51.4 m | 38.2 m | -2.1 m | SEC (XBRL)· 20 Apr 2026verified |
| Financing cash flow | -5.0 m | -21.5 m | 3.5 m | 39.1 m | -45.0 m | 2.0 m | SEC (XBRL)· 20 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 0 of at least 6
- score weight coverage: 0.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 8.8 m USD
Key indicators
Coverage and freshness
Score by group
0% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EQUUS TOTAL RETURN, INC. (EQS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -61.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Not enough comparable companies with data for an average.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Equus Total Return is a closed-end fund listed on the NYSE that has elected to be treated as a business development company and invests in debt and equity of privately held small and middle market companies with a total enterprise value between 5.0 and 75.0 million USD. The current situation is marked by management's stated intent to transform the company into an operating company or permanent capital vehicle, a change that could substantially alter its investment profile.
SWOT
Strengths
- The company has a stated total return strategy combining current income and capital appreciation, and most of its assets are reported as qualifying investments under the 1940 Act 1.
- The Morgan E&P stake gives direct exposure to a sector where consolidation has been active in the Williston Basin 12.
- Management has shown a clear intent to transform the company and has reoriented strategy in response to market conditions 12.
Weaknesses
- The portfolio is concentrated, and a large share of net assets could depend on a single energy holding 12.
- The company no longer qualifies as a RIC, so its income is taxed at company level 1.
- Valuation of privately held investments is subjective, and reported value could differ meaningfully from realizable value 1.
Opportunities
- Transformation into an operating company or permanent capital vehicle could open access to new sources of capital and larger investments 12.
- If energy prices remain favorable, an exit from the energy stake could generate useful value for shareholders 12.
- Requalifying as a RIC, if achieved, could reduce the tax burden at company level 1.
Risks
- Concentrated exposure to a single holdinghigh
The portfolio is dominated by the Morgan E&P stake, and changes in that company's operations could materially affect net asset value 12.
- Dependence on commodity priceshigh
Morgan's operations and earnings depend on oil and gas prices, and the lack of hedging could amplify the effects of a decline 1.
- Valuation uncertaintymedium
The fair value of investments without an active market rests on models and judgment, and the gap to eventual sale value could be significant 1.
- Limited liquidity of investmentsmedium
Private investments are hard to sell quickly, and minority or junior positions could limit the company's ability to recover capital 1.
- Transformation uncertaintymedium
Management cannot guarantee that the transformation into an operating company will succeed within any particular period or at all, and transaction terms might not be acceptable 12.
Investment thesis
What would need to be true (bull case)
- If the transformation transaction is completed successfully, the company could become a permanent capital vehicle with access to more funding sources and a more flexible strategy 12.
- If energy prices remain supportive, the Morgan stake could contribute materially to fund value and investor returns 12.
- Giving up RIC status and a possible future requalification could in future offer tax flexibility and a more efficient structure for distributing income 1.
What would break the thesis
- The concentration of the portfolio in a few investments could make fund results highly sensitive to adverse events at a single company 1.
- If oil and gas prices fall, the value of the energy stake could reduce net asset value significantly, without hedging protection 1.
- If the transformation is delayed or never completed, the company could remain in a structure that does not deliver the advantages management is pursuing 12.
What to watch
- Progress of the transformation transaction and any new authorization to withdraw the BDC electionnext 10-K
- Value of the Morgan E&P stake and movement in oil and natural gas pricesQ3 2026
- Changes in fair value of investments and in net asset value per sharenext 10-Q
- Any decision to requalify as a RIC and the related tax implications2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Equus Total Return, Inc. is a Delaware corporation operating as a closed-end investment fund that has elected to be treated as a business development company under the Investment Company Act of 1940. Its stated objective is the highest total return, combining capital appreciation and current income, through investments in debt and equity of companies with a total enterprise value between 5.0 and 75.0 million USD 1. According to the annual report for fiscal 2025, the company elected in the fourth quarter of 2024 not to qualify as a regulated investment company, so any operating income or net investment income would be taxed at regular corporate rates 1.
Management has said it intends to transform Equus into an operating company or a permanent capital vehicle. Shareholders previously approved withdrawal of the BDC election, but that authorization has expired, and the company will not submit a withdrawal until it has entered into a definitive agreement for a transformative transaction 12. The company's remaining significant holding is its stake in Morgan E&P, Inc., so its performance depends largely on the oil and gas sector 2.
The company is a non-diversified fund, meaning it has no legal limit on the share of assets invested in a single issuer. As a matter of policy it generally does not initially invest more than 25% of net assets in one portfolio company, though new investments could exceed this in the near term 1. As of December 31, 2025 the company had invested 104.3% of its net assets in qualifying investments under the 1940 Act 1.
Segments
Debt and private equity investments
Income-producing investments consist principally of debt securities, including bonds, subordinated debt and convertible debt, as well as debt combined with warrants. The aim is to generate regular interest and dividend income, and long-term appreciation through exercise and sale of warrants received with financing 1.
Energy holdings
The company has extended its strategy toward energy and may purchase or develop working interests, mineral interests and revenue leasehold interests in oil and gas properties 1. Its main holding is Morgan E&P, Inc., active in the Williston Basin in North Dakota, where consolidation has been driven by stable oil prices 12. Morgan does not use hedging for its oil and gas holdings, exposing the company to price swings 1.
Equity and warrant investments
The company also invests in equity securities of privately owned or smaller public companies in directly negotiated transactions, usually seeking a substantial position that gives it influence over strategic direction 1.
Market context
Equus operates in private financing for small and middle market companies, competing with private equity funds, mezzanine funds and traditional financial institutions. According to the annual report, many of these rivals have far greater financial and technical resources and a lower cost of funds 1. In the energy segment, oil prices have been relatively stable over the long term, but spot prices were volatile in the first quarter of 2026, which affected asset valuations 1.
Natural gas prices rose steadily from 2024 and fell over the first three quarters of 2025 before recovering toward year-end, finishing at 4.00 USD per MMBTU 1. Such moves can directly affect the fair value of the Morgan stake and the company's ability to exit investments at favorable prices.
Trends
- Energy price volatilitymixed
Geopolitical conflicts have produced pronounced swings in oil and gas prices, and consolidation in the Williston Basin has increased, according to the annual report 1. If prices stay firm or stable, the value of the energy stake could support the fund's valuation.
- Transition toward an operating companymixed
Management is pursuing transformation into an operating company or permanent capital vehicle and is evaluating options for a transformative transaction. If such a transaction is completed, the company's structure and risk profile could change significantly 12.
- BDC and RIC regulatory statusheadwind
Giving up RIC status means income is taxed at company level. The company could seek to requalify as a RIC in future, but would need to meet source-of-income and asset diversification requirements 12.
- Valuation of investments without an active marketheadwind
Most investments have no market quotations, and their fair value is set by the board using methods that can differ materially from eventual sale proceeds. This uncertainty could affect the reported net asset value 1.
Competitive position
Equus competes with a large number of private equity and mezzanine funds, as well as finance companies and commercial banks. Its competitors are generally much larger, have access to funding sources Equus does not, and are typically not subject to the restrictions the 1940 Act imposes on BDCs 1.
These pressures could limit access to attractive investment opportunities or reduce returns. The company acknowledges it cannot assure that competitive pressures will not have a material adverse effect on its business 1.
- Private equity and mezzanine funds (unnamed)
Numerous competitors with greater financial and technical resources that can consider a wider range of investments 1.
- Finance companies
Traditional financial institutions competing for the same debt financings, sometimes at a lower cost of funds 1.
- Commercial and regional banks
Compete with the company for financing small and middle market companies without being subject to BDC-specific restrictions 1.
- Other business development companies
Compete for the same debt and private equity investments, though they are not individually identified in the sources reviewed 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report13 Oct 2026Delisting notice · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report02 Jul 2026Shareholder vote
- Current report22 May 2026Other events · Financial statements and exhibits
- Quarterly report20 May 2026
- Current report12 May 2026Item 4.01
- Current report04 May 2026Item 4.01 · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Current report22 Apr 2026Other events · Financial statements and exhibits
- Annual report17 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Equus Total Return, Inc. · 17 Apr 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Equus Total Return, Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Equus Total Return, Inc. · 17 May 2010
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.