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Data as of Q3 2026
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What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $37.0M dividends + $0 buybacks = $37.0M returned on -$1.52B FCF.
2 consecutive years of dividend increases · 165%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 3 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 1%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 3 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | $4.38B 100.0% | $3.76B 100.0% | $2.56B 100.0% |
| Cost of Revenue | $3.14B 71.7% | $2.82B 74.9% | $1.80B 70.3% |
| Gross Profit | $1.24B 28.3% | $946.0M 25.1% | $759.0M 29.7% |
| Selling, General & Admin | $942.0M 21.5% | $728.0M 19.3% | $509.0M 19.9% |
| Operating Income | $297.0M 6.8% | $218.0M 5.8% | $250.0M 9.8% |
| Interest Expense | $285.0M 6.5% | $261.0M 6.9% | $213.0M 8.3% |
| Interest & Investment Income | $5.0M 0.1% | $5.0M 0.1% | $4.0M 0.2% |
| Other Income (Expense), net | -$243.0M -5.5% | -$212.0M -5.6% | -$229.0M -9.0% |
| Pretax Income | $54.0M 1.2% | $6.0M 0.2% | $21.0M 0.8% |
| Income Tax Expense | $14.0M 0.3% | $3.0M 0.1% | $4.0M 0.2% |
| Net Income | $40.0M 0.9% | $3.0M 0.1% | $17.0M 0.7% |
| Per Share | |||
| EPS (Basic) | $0.01 | -$0.48 | -$0.20 |
| EPS (Diluted) | $0.01 | -$0.48 | -$0.20 |
| Weighted Avg Shares (Basic) | 78.0M | 77.0M | 75.0M |
| Weighted Avg Shares (Diluted) | 226.0M | 77.0M | 75.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $306.0M covers the $4.0M due within a year 76.5× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~8.7% on $3.27B of debt.
Cash of $306.0M fully covers short-term debt of $4.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow on any basis, so a reverse DCF can't be run.
EOD close · as of 2026-10-30
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 8% against ROIC 1% — 7% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.2× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Cost of Revenue | 70.3 | 74.9 | 71.7 |
| Gross Profit | 29.7 | 25.1 | 28.3 |
| SG&A | 19.9 | 19.3 | 21.5 |
| Operating Income | 9.8 | 5.8 | 6.8 |
| Income Tax | 0.2 | 0.1 | 0.3 |
| Net Income | 0.7 | 0.1 | 0.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EQPT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Ranked against 39 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ACIW | $5.7B | 26.1× | 14.8× | 3.2× | 10.4% | 49.0% | 12.9% | 14.9% | 9.7% | 1.5× | 81 |
| VRNS | $5.6B | — | — | 9.0× | 13.2% | 78.8% | -20.7% | -21.6% | -21.6% | — | 54 |
| PEGA | $5.6B | 15.9× | 19.3× | 3.2× | 16.6% | 75.9% | 22.5% | 50.0% | 50.0% | -0.8× | 81 |
| APLD | $5.4B | — | — | 8.8× | 167% | 35.1% | -30.2% | -10.7% | -10.7% | — | 114 |
| WAY | $5.4B | 45.9× | 17.4× | 4.9× | 16.5% | — | 10.2% | 2.9% | 2.1% | 3.6× | 69 |
| PSN | $5.3B | 23.0× | 13.3× | 0.8× | -5.7% | 22.5% | 3.8% | 9.1% | 6.2% | 1.7× | 57 |
| AMTM | $5.3B | 81.0× | 17.0× | 0.4× | 71.6% | 10.5% | 0.5% | 1.5% | 0.8% | 6.7× | 101 |
| TENB | $5.3B | — | 156.6× | 5.3× | 11.0% | 78.1% | -3.6% | -11.1% | -11.1% | -5.7× | 70 |
| BILI | $5.2B | 32.5× | 21.2× | 1.2× | 18.1% | 36.6% | 3.9% | 7.7% | 4.7% | -1.6× | 27 |
| BRZE | $5.2B | — | — | 7.0× | 24.4% | 67.1% | -17.8% | -21.0% | -21.0% | — | 41 |
| RELY | $5.1B | 77.9× | 46.1× | 3.1× | 29.4% | — | 4.2% | 7.8% | 6.6% | -3.8× | 71 |
| MBLY | $5.1B | — | — | 2.7× | 14.5% | 47.7% | -20.7% | -3.3% | -3.3% | — | 59 |
| BB | $4.9B | 93.6× | 73.6× | 9.0× | 2.7% | 76.2% | 9.7% | 7.1% | 5.6% | -1.2× | 52 |
| SEZL | $4.6B | 36.3× | 25.2× | 10.1× | 66.1% | — | 29.6% | 78.4% | 78.4% | -0.4× | 53 |
| CCC | $4.5B | — | — | 4.3× | 11.9% | 73.5% | 0.2% | 0.1% | 0.1% | — | 71 |
| RHI | $4.5B | 32.9× | 31.7× | 0.8× | -7.2% | 37.2% | 2.5% | 10.4% | 10.4% | -3.7× | 109 |
| EQPT | $4.4B | — | 11.1× | 1.0× | 16.3% | 28.3% | 0.9% | 7.6% | 1.1% | 4.5× | 15 |
| KFY | $4.3B | 14.7× | 7.6× | 1.5× | 6.4% | — | 9.4% | 14.1% | 11.7% | -1.5× | 77 |
| BILL | $4.1B | — | — | 2.5× | 13.0% | 80.9% | -0.7% | -0.3% | -0.2% | — | 71 |
| QTWO | $4.1B | 83.8× | 40.5× | 5.2× | 14.1% | 54.1% | 6.5% | 7.9% | 7.9% | -3.9× | 74 |
| PAY | $4.1B | 63.1× | 32.7× | 3.5× | 37.3% | 24.8% | 5.6% | 11.9% | 11.9% | -2.8× | 29 |
| MNDY | $4.0B | 42.7× | — | 3.3× | 26.7% | 89.2% | 9.6% | 9.5% | 9.5% | — | 37 |
| JOYY | $3.9B | 40.8× | 42.0× | 1.9× | -5.1% | 35.9% | 98.8% | 32.1% | 32.0% | -4.3× | 23 |
| FRSH | $3.8B | 23.4× | 83.7× | 4.6× | 16.4% | 85.0% | 21.9% | 17.8% | 17.8% | -14.6× | 53 |
| FA | $3.7B | — | 22.7× | 2.4× | 83.0% | — | -2.2% | -2.7% | -1.0% | 7.5× | 35 |
Peers = companies sharing EQPT's sector (Services-Equipment Rental & Leasing, NEC) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Earns -2.45pts against its cost of capital — capital is being consumed, not created.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2023 | 29.7% | 9.8% | 0.7% |
| FY2024 | 25.1% | 5.8% | 0.1% |
| FY2025 | 28.3% | 6.8% | 0.9% |
The spread has been narrowing over the last three years.
Leverage and buybacks account for 7 points of the 8% return on equity in FY2025. The business earns 1% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2023 | 29.8% | 9.7% (today's — no rate published for this year) | 20.0pts |
| FY2024 | 4.4% | 9.7% | -5.3pts |
| FY2025 | 4.6% | 9.1% | -4.5pts |
| Now | 1.1% | 9.7% | -8.7pts |
Free cash flow has fallen short of reported profit in 3 of the last three years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $40M | $40M |
| Share-based comp | $4M | $44M |
| Other non-cash & working capital | $220M | $264M |
| Operating cash flow | $264M | $264M |
| Capex | −$1.78B | −$1.52B |
| Free cash flow | −$1.52B | −$1.52B |
| FCF after SBC | −$1.52B | −$1.52B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2024 | 47.2% | not reported | not reported |
| FY2025 | 16.3% | 32.9% | 16.5 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2023 | not reported | not reported | not reported | not reported |
| FY2024 | 54.6 days | 42.9 days | 11.8 days | 85.7 days |
| FY2025 | 62.3 days | 46.6 days | 11 days | 97.9 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2023 | not reported |
| FY2024 | -5.8 percent |
| FY2025 | -3.7 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
Reported free cash flow is -$1.52B; after share-based compensation it is -$1.52B. The difference is a real cost that the cash flow statement adds back.
Stressed coverage falls to 0.7x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 1.04x |
| 5% | 0.99x |
| 10% | 0.94x |
| 15% | 0.89x |
| 20% | 0.83x |
| 25% | 0.78x |
| 30% | 0.73x |
| 35% | 0.68x |
| 40% | 0.63x |
| 45% | 0.57x |
| 50% | 0.52x |
| 55% | 0.47x |
| 60% | 0.42x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Free cash flow is negative, so debt service depends on the cash balance rather than on the business.
No positive free cash flow to discount, so the price cannot be expressed as a growth requirement.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: free_cash_flow.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-26 | 6 co-filers Group filing | Otherindirect | 1,617,752 | $0.00 | $0 |
| 2026-10-26 | 14 co-filers Group filing | Otherindirect | 13,390 | $0.00 | $0 |
| 2026-09-25 | Bhatia Naveen Director | Grant | 14,409 | $0.00 | $0 |
| 2026-09-25 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
| Grant |
| 6,657 |
| $0.00 |
| $0 |
| 2026-09-25 | Giangiacomo Damian Director | Grant | 14,409 | $0.00 | $0 |
| 2026-09-25 | Miller Harley Director | Grant | 14,409 | $0.00 | $0 |
| 2026-09-15 | 2 co-filers Founder & CEO | Open-market buy | 22,900 | $17.76 | $407k |
| 2026-09-14 | 2 co-filers Founder & CEO | Open-market buy | 2,100 | $18.00 | $38k |
| 2026-09-02 | Schlacks William J. Founder & President | Open-market buy | 10,000 | $17.79 | $178k |
| 2026-09-02 | 2 co-filers Founder & CEO | Open-market buy | 10,000 | $17.69 | $177k |
| 2026-09-01 | 2 co-filers Founder & CEO | Open-market buy | 15,000 | $17.03 | $255k |
| 2026-08-31 | 2 co-filers Founder & CEO | Open-market buy | 15,500 | $17.46 | $271k |
| 2026-08-28 | 2 co-filers Founder & CEO | Open-market buy | 9,500 | $17.87 | $170k |
| 2026-08-21 | Schlacks William J. Founder & President | Open-market buy | 2,000 | $18.64 | $37k |
| 2026-08-18 | 12 co-filers Group filing | Open-market saleindirect | 896,945 | $20.62 | $18.5m |
| 2026-08-18 | 14 co-filers Group filing | Open-market saleindirect | 1,285,402 | $20.62 | $26.5m |
| 2026-08-18 | 4 co-filers Founder & President | Open-market buy | 4,000 | $19.56 | $78k |
| 2026-08-17 | 4 co-filers Founder & President | Open-market buy | 1,002 | $21.29 | $21k |
| 2026-08-17 | 4 co-filers Founder & President | Open-market buy | 2,098 | $21.36 | $45k |
| 2026-08-14 | 12 co-filers Group filing | Open-market saleindirect | 7,679 | $21.06 | $162k |
| 2026-08-14 | 14 co-filers Group filing | Open-market saleindirect | 11,006 | $21.06 | $232k |
| 2026-08-14 | 4 co-filers Founder & President | Open-market buy | 1,850 | $20.81 | $38k |
| 2026-07-22 | 14 co-filers Group filing | Otherindirect93d late | 59,923 | $0.00 | $0 |
| 2026-06-15 | 2 co-filers Co-Founder & CEO | Open-market buy | 28,300 | $20.83 | $589k |
| 2026-06-15 | Schlacks William J. Co-Founder & President | Open-market buy | 50,000 | $21.47 | $1.1m |
| 2026-06-15 | 2 co-filers Co-Founder & CEO | Open-market buy | 21,700 | $21.50 | $467k |
| 2026-05-19 | Hill W Bryan Director | Open-market buy | 21,803 | $22.89 | $499k |
| 2026-05-15 | Bhatia Naveen Director | Open-market buy | 10,000 | $24.22 | $242k |
| 2026-04-01 | 2 co-filers EVP, Fin. & Chief Data Officer | Grant | 50,000 | $0.00 | $0 |
| 2026-04-01 | 2 co-filers CFO & Chief Accounting Officer | Grant | 50,000 | $0.00 | $0 |
| 2026-04-01 | 2 co-filers CFO & Chief Accounting Officer | Grant | 15,000 | $0.00 | $0 |
| 2026-04-01 | 2 co-filers EVP, Fin. & Chief Data Officer | Grant | 15,000 | $0.00 | $0 |
| 2026-01-26 | 20 co-filers Co-Founder & President | Other | 18,756,080 | — | — |
| 2026-01-26 | 6 co-filers Group filing | Other | 80,000 | — | — |
| 2026-01-26 | 2 co-filers Group filing | Other | 302,000 | — | — |
| 2026-01-26 | 2 co-filers Group filing | Other | 13,991 | — | — |
| 2026-01-26 | 20 co-filers Co-Founder & CEO | Other | 18,756,080 | — | — |
| 2026-01-26 | 5 co-filers CFO & Chief Accounting Officer | Other | 60,000 | — | — |
| 2026-01-26 | 14 co-filers EVP, Finance & Chief Data Off. | Other | 15,100 | — | — |
| 2026-01-26 | 2 co-filers Group filing | Other | 13,991 | — | — |