EQUUS TOTAL RETURN, INC.

EQSdata completeness 63%6 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

EQUUS TOTAL RETURN, INC. earns about -24% on equity, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$0¹	$0¹	$225,000¹	—	—
Net income	$2.59M²	−$1.13M²	$12.9M³	−$18.8M³	−$14.2M³
Operating cash flow	$21.1M⁴	−$7.7M⁴	−$51.4M⁵	$38.2M⁵	−$2.13M⁵
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$23.5M⁶	$19.2M⁶	$6.53M⁷	$262,000⁷	$133,000⁷
Diluted shares	13.5M	13.5M	13.5M	13.6M	13.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$12.09

your share of equity

Profit it earned you last year

−$10.33

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $12.09 of net worth that earned you −$10.33 last year.

iii. Is this a good business?

Moat signal · return on equity

-24% avg · 5y

FY21 7%FY22 -3%FY23 27%FY24 -64%FY25 -85%

It earned an average -24% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K/A · period ending 2021-12-31 · accession 0001096906-25-002127 (InterestAndDividendIncomeOperating)
10-K/A · period ending 2021-12-31 · accession 0001096906-25-002127 (NetIncomeLoss)
10-K/A · period ending 2023-12-31 · accession 0001096906-26-000571 (NetIncomeLoss)
10-K/A · period ending 2021-12-31 · accession 0001096906-25-002127 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2023-12-31 · accession 0001096906-26-000571 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2021-12-31 · accession 0001096906-25-002127 (CashAndCashEquivalentsAtCarryingValue)
10-K/A · period ending 2023-12-31 · accession 0001096906-26-000571 (CashAndCashEquivalentsAtCarryingValue)