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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. 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.

15.32 0.10 +0.66%
Market cap
$236.8M
P/E
0.0×
Fwd P/E
10.0×
Dividend yield
22.9%
F-score
2/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 16.74%

Capital & Financial Ratios $m

Market Cap 236.82
Revenue 124.71
Net Income (4.18)
Free Cash Flow (154.75)
Net Debt (25.87)
Current Ratio 0.13
Debt/Equity 0.20
P/E ratio 0.00
Fwd P/E 9.99
P/S ratio 1.98
P/B ratio 0.70
Past 5Y EPS Growth 11.84%
This Y EPS Growth (19.89%) (below 0%: weak)
Next Y EPS Growth (6.95%) (below 0%: weak)
Next Y revenue growth 0.94%
Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 0.81%
10-year low 10-year high
P/B against its own 10 years 7.85%
10-year low 10-year high

Dividends

Payout Ratio 3.50
Annual Dividend Rate 3.50
Annual Dividend Yield 22.85%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 3.00
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
2025 2.99
0.74
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
2024 2.95
0.73
0.74
0.74
0.74
2023 2.82
0.69
0.70
0.71
0.72
2022 2.81
0.53
0.53
0.53
0.54
0.68
2021 1.81
0.42
0.43
0.44
0.52
2020 1.37
0.56
0.40
0.41
2019 1.65
0.54
0.55
0.56
2018 2.06
0.50
0.51
0.52
0.53
2017 2.35
0.45
0.46
0.47
0.48
0.49
2016 1.27
0.40
0.41
0.43
0.20
0.44
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to February

Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 2027e 2028e 2029e
Price, $
Price, $ Low 19.90 18.60 19.90 5.94 20.20 20.16 22.63 21.56 21.10 13.78

Analyst estimates 2027–2029

Powerpack
High 23.78 28.30 26.39 28.70 30.25 29.48 28.87 26.49 26.17 24.07
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
Income, $m
Income, $m Revenue 33 39 48 58 58 71 99 144 149 126
Gross margin, % 0.00 0.00 0.00 100.00 0.00 0.00 0.00 100.00 100.00 100.00
EBT 10 13 18 15 23 20 35 57 53 37
EBT margin, % 25.01 54.00 36.61 25.43 39.32 56.91 24.11 39.57 35.61 29.28
Net income 11 18 19 56 15 46 25 9 28 37
Depreciation 2 1 1 1 1 2 19 52 (14) 10
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
Earnings 1.98 2.93 2.63 5.98 1.32 3.99 2.06 0.71 2.02 2.31
Cash flow 2.18 1.76 1.70 (1.63) 0.86 2.44 2.72 (12.41) 14.20 (5.55)
Capex 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Free cash flow 2.18 1.76 1.70 (1.63) 0.86 2.44 2.72 (12.41) 14.20 (5.55)
Book value 22.17 23.85 25.69 32.65 27.17 31.07 29.00 29.22 28.22 24.99
Shares, m 6 6 7 9 11 11 12 13 14 16
Valuation, ×
Valuation, × P/E 11.68 7.34 8.93 4.32 17.45 6.82 13.15 33.25 12.75 10.12
P/S 4.00 3.34 3.42 3.90 4.50 4.44 3.32 2.08 2.43 2.97
P/B 1.04 0.90 0.90 0.75 0.85 0.88 0.95 0.81 0.92 0.94
EV/Sales 3.40 3.01 2.36 6.73 8.74 3.87 2.68 2.04 1.41 3.36
EV/FCF 16.71 (3.78) (2.82) (25.97) (8.08) (1.35) (2.03) (1.87) 1.06 (4.79)
Cash, $m
Cash, $m Operating cash flow 7 (31) (40) (15) (62) (203) (130) (157) 198 (88)
Capex — — — — — — — — — —
Free cash flow 13 11 12 (15) 10 28 32 (157) 198 (88)
Balance, $m
Balance, $m Working capital (166) (200) (223) (181) (252) (449) (591) (731) (529) (639)
Total debt 181 206 277 205 274 499 711 35 53 70
Net debt 181 206 277 166 274 446 615 (6) (152) 48
Shareholders’ equity 127 144 181 304 304 356 347 370 393 396
Returns, %
Returns, % ROA 0.00 0.00 0.00 11.13 0.00 0.00 0.00 0.79 2.36 3.14
ROIC 0.00 0.00 0.00 1.98 0.00 0.00 0.00 9.75 13.78 5.18
ROE 0.00 0.00 0.00 22.98 0.00 0.00 0.00 2.49 7.36 9.28
Negative figures in brackets.

All 10 years →

Fiscal years to Feb 2026 · latest quarter Aug 2026 · fundamentals updated 12 Oct 2026

Charts ten years each

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 $307.7M 10.7× 8.5× +2.14% (above 0%: growing) n/m +149.05% (above 0%: growing) 100.00% 93.70% Compare
PSBD Palmer Square Capital BDC Inc. $299.2M — (loss-making) — (loss-making) −13.83% (below 0%: shrinking) +22.73% (above 0%: growing) −48.13% (below 0%: shrinking) 100.00% 83.11% Compare
RWAY Runway Growth Finance Corp. $273.3M 57.5× — (loss-making) +5.35% (above 0%: growing) +44.44% (above 0%: growing) −65,337.04% (below 0%: shrinking) 100.00% 84.24% Compare
SAR Saratoga Investment Corp $236.8M — (loss-making) 10.0× +1.77% (above 0%: growing) n/m −43.85% (below 0%: shrinking) 100.00% 68.55%
LIEN Chicago Atlantic BDC, Inc. $208.8M 6.6× 6.2× +6.81% (above 0%: growing) −28.95% (below 0%: shrinking) +1,591.22% (above 0%: growing) 100.00% 61.95% Compare
PNNT PennantPark Investment Corporation $206.3M 19.6× 10.4× −16.21% (below 0%: shrinking) −41.67% (below 0%: shrinking) −2.70% (below 0%: shrinking) 78.27% 72.21% Compare
SCM Stellus Capital Investment Corporation $205.6M 6.9× 9.7× −13.21% (below 0%: shrinking) +55.56% (above 0%: growing) +41.00% (above 0%: growing) 100.00% 72.26% Compare
TPVG TriplePoint Venture Growth BDC Corp. $183.2M 4.5× 6.2× −4.86% (below 0%: shrinking) −21.21% (below 0%: shrinking) +232.34% (above 0%: growing) 100.00% 75.98% Compare
WHG Westwood Holdings Group Inc $181.4M 20.0× — (loss-making) +9.62% (above 0%: growing) +50.00% (above 0%: growing) −58.51% (below 0%: shrinking) 100.00% 8.14% Compare
Median of peers $207.6M 10.7× 8.5× −1.36% +22.73% +19.15% 100.00% 74.12%

All 120 Asset Management stocks →

Saratoga Investment Corp (SAR) key facts

  • Concern: Saratoga Investment Corp’s revenue for fiscal 2026 (year ended February 2026) was $125.7 million, down 15.5% from fiscal 2025.
  • Strength: Net income was $36.6 million, or $2.31 per share (basic), a net margin of 29.1%.
  • Saratoga Investment Corp (SAR) is an Asset Management company in the Financial sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, SAR traded at $15.32, a market capitalization of $236.8 million.
  • Saratoga Investment Corp pays an annual dividend of $3.50 per share, a yield of 22.9%.
  • Return on equity was 9.28% and debt-to-equity 0.20.
  • Its Piotroski F-score is 2 out of 9 for fiscal 2026.

Source: company filings (standardised) and stockrow calculations · fundamentals updated Oct 12, 2026.

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stockrow.com/SAR · Data as of Oct 12, 2026 · For information only; not investment advice. · © 2026 stockrow.com