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Saratoga Investment Corp

SAR Financial Asset Management

Saratoga Investment Corp’s revenue for fiscal 2026 (year ended February 2026) was $125.7 million, down 15.5% from fiscal 2025.

Revenue
+1.77%
EPS
−148.8%
Free cash flow
−43.9%
Total debt
0.00%

Quarter to August 2026, against a year earlier

12.85 0.05 −0.39%
Market cap
$200.7M
P/E
0.0×
Fwd P/E
108×
Dividend yield
23.2%
F-score
2/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 17.12%

Capital & Financial Ratios $m

Size
Market Cap 200.72
Revenue ttm 124.71
Net income ttm (4.18)
Free cash flow ttm (154.75)
Net debt Q (25.87)
Valuation
P/E 0.00
Forward P/E 108.00 (above 35: high)
Price / sales 1.67
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.59
Financial health
Current ratio Q 0.13
Debt / equity Q 0.20
Interest coverage Q 1.52
Growth
Revenue growth Q +1.77% (above 0%: growing)
Operating income growth Q −19.55% (below 0%: shrinking)
EPS, this year −19.89% (below 0%: weak)
EPS, next year A −6.95% (below 0%: weak)
Revenue, next year A +0.94%
EPS, past 5 yrs +11.84%
EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/S against its own 10 years 0.22%
10-year low 10-year high
P/B against its own 10 years 2.05%
10-year low 10-year high

Dividends raised 6 years running

Yield
23.2%
Annual rate
3.00
Payout ratio
350.0%
Growth, 2018–26
+4.81%/yr
  1. 2.06 ’18
  2. 1.65 ’19 −20
  3. 1.37 ’20 −17
  4. 1.81 ’21 +32
  5. 2.81 ’22 +55
  6. 2.82 ’23 +0
  7. 2.95 ’24 +5
  8. 2.99 ’25 +1
  9. 3.00 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 41 205 22 96
Receivables 10 7 7 9
Inventory — — — —
Other — — — —
51 212 29 105
2024 2025 2026 Q'26
Payables 228 182 173 227
ST’ Debt — — — —
Other 4 8 (13) (16)
782 741 669 830

Compound Annual Growth %

10y 5y 3y
Sales 15.39% 16.87% 8.25%
Cash Flow 0.00% 0.00% 0.00%
Earnings 12.13% 19.89% 14.05%
Book Value 12.21% 5.43% 4.52%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.47 Actual 0.46

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY26 0.59 0.61 Beat by 0.02
Q4 FY26 0.53 0.53 Met by 0.00
Q1 FY26 0.54 0.47 Miss by 0.07
Q2 FY26 0.47 0.46 Miss by 0.01
Q3 FY26 0.50 — Reports 6 January 2027

EPS $

May Aug Nov Feb Year
’26 (0.42) (0.41) — — —
’26 0.91 0.84 0.74 (0.16) 2.31
’25 0.48 0.97 0.64 (0.05) 2.02
’24 (0.02) 0.65 (0.31) 0.39 0.71
’23 (0.12) 0.08 0.51 1.62 2.06
’22 1.88 0.71 0.73 0.70 3.99
’21 (2.02) 1.95 0.57 0.83 1.32
Fiscal quarters ending in the months shown.

Revenue $m

May Aug Nov Feb Year
’26 31 31 — — —
’26 32 31 32 31 126
’25 39 43 36 31 149
’24 35 36 36 37 144
’23 19 22 26 32 99
’22 17 18 17 19 71
’21 13 14 14 16 58
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

May Aug Nov Feb Year
’26 (26) (28) — — —
’26 32 (19) (9) (92) (88)
’25 52 71 94 (20) 198
’24 (111) (7) (19) (21) (157)
’23 (80) (60) (22) 33 (130)
’22 (102) 30 15 (146) (203)
’21 (33) (1) (32) 5 (62)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

May Aug Nov Feb Year
’26 (26) (28) — — —
’26 32 (19) (9) (92) (88)
’25 52 71 94 (20) 198
’24 (111) (7) (19) (21) (157)
’23 — — — — 32
’23 (80) (60) (22) 33 (130)
’22 — — — — 28
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to February

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Aug ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 33 39 48 58 58 71 99 144 149 126 125 +16.0% 127 134 — +3.4%
Gross margin, % 0.00 0.00 0.00 100.00 0.00 0.00 0.00 100.00 100.00 100.00 100.00 +100.0 pt
EBT 10 13 18 15 23 20 35 57 53 37 32 +16.0%
EBT margin, % 25.01 54.00 36.61 25.43 39.32 56.91 24.11 39.57 35.61 29.28 26.05 +4.3 pt
Net income 11 18 19 56 15 46 25 9 28 37 (4) +13.9%
Per share, $
Per share, $ Revenue 7.93 5.43 7.46 6.27 4.37 7.34 8.91 11.34 10.70 7.93 7.72 0.0%
Earnings 1.98 2.93 2.63 5.98 1.32 3.99 2.06 0.71 2.02 2.31 (0.25) +1.7%
Cash flow 2.18 1.76 1.70 (1.63) 0.86 2.44 2.72 (12.41) 14.20 (5.55) (9.58) n/m
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 n/m
Free cash flow 2.18 1.76 1.70 (1.63) 0.86 2.44 2.72 (12.41) 14.20 (5.55) (9.58) n/m
Book value 22.17 23.85 25.69 32.65 27.17 31.07 29.00 29.22 28.22 24.99 21.82 +1.3%
Shares, m 6 6 7 9 11 11 12 13 14 16 16 +11.9%
Valuation, ×
Valuation, × P/E 11.68 7.34 8.93 4.32 17.45 6.82 13.15 33.25 12.75 10.12 0.00 12.6
P/S 4.00 3.34 3.42 3.90 4.50 4.44 3.32 2.08 2.43 2.97 1.67 3.4
P/B 1.04 0.90 0.90 0.75 0.85 0.88 0.95 0.81 0.92 0.94 0.59 0.9
EV/Sales 3.40 3.01 2.36 6.73 8.74 3.87 2.68 2.04 1.41 3.36 — 3.8
EV/FCF 16.71 (3.78) (2.82) (25.97) (8.08) (1.35) (2.03) (1.87) 1.06 (4.79) — (3.3)
Cash, $m
Cash, $m Operating cash flow 7 (31) (40) (15) (62) (203) (130) (157) 198 (88) (155) n/m
Capex — — — — — — — — — — — —
Free cash flow 13 11 12 (15) 10 28 32 (157) 198 (88) (155) n/m
Balance, $m
Balance, $m Working capital (166) (200) (223) (181) (252) (449) (591) (731) (529) (639) (725) +16.2%
Net debt 181 206 277 166 274 446 615 (6) (152) 48 (26) (13.7%)
Shareholders’ equity 127 144 181 304 304 356 347 370 393 396 353 +13.4%
Returns, %
Returns, % ROA 0.00 0.00 0.00 11.13 0.00 0.00 0.00 0.79 2.36 3.14 (0.34) +3.1 pt
ROIC 0.00 0.00 0.00 1.98 0.00 0.00 0.00 9.75 13.78 5.18 6.21 +5.2 pt
ROE 0.00 0.00 0.00 22.98 0.00 0.00 0.00 2.49 7.36 9.28 (1.09) +9.3 pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Feb 2026 · latest quarter Aug 2026 · fundamentals updated 2 Nov 2026

Saratoga Investment Corp vs peers in Asset Management (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HRZN Horizon Technology Finance Corporation $265.5M — (loss-making) — (loss-making) +2.14% (above 0%: growing) n/m −97.72% (below 0%: shrinking) 100.00% 93.70% Compare
RWAY Runway Growth Finance Corp. $256.5M 41.1× 16.6× +10.39% (above 0%: growing) +18.18% (above 0%: growing) +62.58% (above 0%: growing) 100.00% 71.90% Compare
PNNT PennantPark Investment Corporation $212.9M 20.9× 9.6× −16.21% (below 0%: shrinking) −41.67% (below 0%: shrinking) −2.70% (below 0%: shrinking) 78.27% 72.21% Compare
LIEN Chicago Atlantic BDC, Inc. $207.4M 6.5× 6.5× +6.81% (above 0%: growing) −28.95% (below 0%: shrinking) +1,591.22% (above 0%: growing) 100.00% 61.95% Compare
SCM Stellus Capital Investment Corporation $205.6M 7.1× 6.1× −13.21% (below 0%: shrinking) +55.56% (above 0%: growing) +41.00% (above 0%: growing) 100.00% 72.26% Compare
SAR Saratoga Investment Corp $200.7M — (loss-making) 108× +1.77% (above 0%: growing) n/m −43.85% (below 0%: shrinking) 100.00% 68.55%
TPVG TriplePoint Venture Growth BDC Corp. $181.6M 4.7× 5.2× −10.96% (below 0%: shrinking) −25.00% (below 0%: shrinking) +184.88% (above 0%: growing) 100.00% 0.00% Compare
WHF WhiteHorse Finance, Inc. $177.0M 10.4× 8.3× −23.72% (below 0%: shrinking) +380.00% (above 0%: growing) −159.82% (below 0%: shrinking) 100.00% 66.34% Compare
WHG Westwood Holdings Group Inc $175.5M 22.0× — (loss-making) +9.40% (above 0%: growing) −18.18% (below 0%: shrinking) −29.81% (below 0%: shrinking) 100.00% 5.20% Compare
Median of peers $206.5M 10.4× 7.4× −4.41% −18.18% +19.15% 100.00% 69.12%

All 121 Asset Management stocks →

Pay and ownership Proxy statement filed 5 August 2026

Ownership

Directors and executive officers, together 10.60%
Christian L. Oberbeck 9.60%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Saratoga Investment Corp (SAR) Latest News

7 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · Moby transcript

6 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks earnings

23 Sep

Impact 3 ·
Impact 3 · · GlobeNewswire

22 Sep

Impact 3 · · GlobeNewswire

18 Aug

Impact 3 ·

9 Jul

Impact 3 · · MarketBeat transcript

8 Jul

Impact 3 · · Moby transcript

7 Jul

Impact 3 ·
Impact 3 ·

7 May

Impact 4 · · The Motley Fool transcript

6 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby

5 May

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

10 Feb

Impact 3 · · Barrons.com

30 Jan

Impact 3 · · GlobeNewswire

29 Jan

Impact 4 ·

8 Jan

Impact 4 · · GuruFocus.com transcript
Impact 3 · · MarketBeat transcript

7 Jan

Impact 3 · · Associated Press Finance
Impact 3 · · GlobeNewswire

11 Dec

Impact 3 · · GlobeNewswire

12 Nov

Impact 3 · · GlobeNewswire

6 Nov

Impact 4 · · GlobeNewswireGuruFocus.comZacksMT NewswiresAssociated Press FinanceMT NewswiresMotley FoolGuruFocus.com

27 Oct

Impact 3 · · nrn.com
Impact 3 · · nrn.com
stockrow.com/SAR · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com