The term "Equal Percent" means, by MortenA's example, for each reduction in stroke, an "equal percent" reduction of capacity will be achieved. For the small control valves we manufacture, it is 50%. It could be other values, including, though inappropriately, 10%.
The formula for capacity at travel x (CsubVx),is (from Lyons): CsubVx = CsubV * R ^((x/T)-1), where CsubV is valve capacity at full travel, R is "rangeability", T is full travel.