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. In the quarter to August 2026, revenue grew 1.77%, EPS fell 149.1%, free cash flow fell 43.9% and total debt was flat, each against the same quarter a year earlier.
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Saratoga Investment Corp (SAR) Piotroski F-score
Saratoga Investment Corp's Piotroski F-score for fiscal 2026 is 2 out of 9: 2 of nine tests of profitability, leverage and efficiency passed, down from 5 in fiscal 2025.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 2 | (3.00) |
| FY2025 | 5 | 2.00 |
| FY2024 | 3 | 0.00 |
| FY2023 | 3 | 1.00 |
| FY2022 | 2 | 0.00 |
| FY2021 | 2 | (1.00) |
| FY2020 | 3 | (1.00) |
| FY2019 | 4 | 0.00 |
| FY2018 | 4 | (1.00) |
| FY2017 | 5 | — |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 3.14% | 2.36% | Pass | 1 |
| Positive operating cash flow | (88.03m) | 197.54m | Fail | 0 |
| Rising return on assets | 3.14% | 2.36% | Pass | 1 |
| Cash flow above net income | (124.63m) | 169.45m | Fail | 0 |
| Falling long-term leverage | 0.06 | 0.04 | Fail | 0 |
| Rising current ratio | 0.04 | 0.29 | Fail | 0 |
| No new shares issued | 15,850,000 | 13,912,000 | Fail | 0 |
| Rising gross margin | 100.00% | 100.00% | Fail | 0 |
| Rising asset turnover | 0.11 | 0.12 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 2 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| RWAY Runway Growth Finance Corp. compare | 7 |
| WHG Westwood Holdings Group Inc compare | 6 |
| HRZN Horizon Technology Finance Corporation compare | 5 |
| PSBD Palmer Square Capital BDC Inc. compare | 5 |
| PNNT PennantPark Investment Corporation compare | 4 |
| LIEN Chicago Atlantic BDC, Inc. compare | 4 |
| TPVG TriplePoint Venture Growth BDC Corp. compare | 3 |
| SAR Saratoga Investment Corp | 2 |
| SCM Stellus Capital Investment Corporation compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover