The equity multiple is defined as the total cash distributions received from an investment, divided by the total equity invested. For example, if the total equity invested into a project was $1,000,000 and all cash distributions received from the project totaled $2,000,000, then the equity multiple would be $2,000,000 / $1,000,000, or 2.00x.
An equity multiple less than 1.0x means an investor is getting back less money than invested. An equity multiple greater than 1.0x means an investor is getting back more money than invested. In the example above, an equity multiple of 2.00x means that for every $1 invested into the project, an investor is expected to get back $2.00 (including the initial $1 investment).