NYSE : SAR
Saratoga Investment Corp. — Financial statements
Financials · Asset Management · United States
Last price 13.71 USD (Oct 30, 2026, 12:26 PM EDT) · Market cap 213.32M
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Financial statements
Saratoga Investment Corp. (SAR) reported revenue of 124.71M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year March - February; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 4.85M | 4.84M | 4.70M | 5.42M | 6.85M | 7.57M |
| Other Revenue | 119.87M | 120.88M | 144.16M | 138.30M | 92.25M | 63.17M |
| Revenue | 124.71M | 125.71M | 148.86M | 143.72M | 99.10M | 70.74M |
| Gross Profit | 124.71M | 125.71M | 148.86M | 143.72M | 99.10M | 70.74M |
| Selling, General & Admin | 38.46M | 38.01M | 40.98M | 35.79M | 29.49M | 30.33M |
| Operating Expenses | 38.46M | 38.01M | 40.98M | 35.79M | 29.49M | 30.33M |
| Operating Income | 86.25M | 87.71M | 107.88M | 107.93M | 69.61M | 40.41M |
| Interest Expense | -52.19M | -49.30M | -52.06M | -49.18M | -33.50M | -19.88M |
| EBT Excluding Unusual Items | 34.06M | 38.40M | 55.82M | 58.75M | 36.12M | 20.53M |
| Gain (Loss) on Sale of Investments | -35.76M | 621.51K | -24.12M | -47.83M | -9.49M | 31.11M |
| Other Unusual Items | -824.01K | -824.01K | -800.45K | -110.06K | -1.59M | -2.43M |
| Pretax Income | -2.52M | 38.20M | 30.90M | 10.81M | 25.04M | 49.21M |
| Income Tax Expense | 1.65M | 1.60M | 2.82M | 1.87M | 366.01K | 3.48M |
| Net Income | -4.18M | 36.60M | 28.09M | 8.93M | 24.68M | 45.74M |
| Net Income to Common | -4.18M | 36.60M | 28.09M | 8.93M | 24.68M | 45.74M |
| Shares Outstanding (Basic) | 16.17M | 15.85M | 13.91M | 12.67M | 11.96M | 11.46M |
| Shares Outstanding (Diluted) | 16.17M | 15.85M | 13.91M | 12.67M | 11.96M | 11.46M |
| EPS (Basic) | -0.26 | 2.31 | 2.02 | 0.71 | 2.06 | 3.99 |
| EPS (Diluted) | -0.26 | 2.31 | 2.02 | 0.71 | 2.06 | 3.99 |
| Dividend Per Share | 3.00 | 3.00 | 2.96 | 2.86 | 2.44 | 2.02 |
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Operating Margin | 69.16% | 69.77% | 72.47% | 75.09% | 70.24% | 57.13% |
| Profit Margin | -3.35% | 29.12% | 18.87% | 6.22% | 24.90% | 64.65% |
| EBIT | 86.25M | 87.71M | 107.88M | 107.93M | 69.61M | 40.41M |
| EBIT Margin | 69.16% | 69.77% | 72.47% | 75.09% | 70.24% | 57.13% |
| Effective Tax Rate | 4.18% | 9.12% | 17.33% | 1.46% | 7.07% | |
| Revenue as Reported | 124.71M | 125.71M | 148.86M | 143.72M | 99.10M | 70.74M |
Balance sheet
Fiscal year March - February; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 80.09M | 1.68M | 148.22M | 8.69M | 65.75M | 47.26M |
| Cash & Short-Term Investments | 80.09M | 1.68M | 148.22M | 8.69M | 65.75M | 47.26M |
| Accounts Receivable | 9.35M | 7.56M | 7.79M | 10.64M | 8.52M | 5.46M |
| Other Receivables | 99.68K | 436.55K | ||||
| Receivables | 9.35M | 7.56M | 7.79M | 10.74M | 8.96M | 5.46M |
| Restricted Cash | 15.79M | 20.11M | 56.51M | 31.81M | 30.33M | 5.61M |
| Other Current Assets | 90.97K | |||||
| Total Current Assets | 105.23M | 29.35M | 212.52M | 51.25M | 105.04M | 58.42M |
| Long-Term Investments | 1.15B | 1.11B | 978.08M | 1.14B | 972.59M | 817.57M |
| Other Long-Term Assets | 847.33K | 781.77K | 950.52K | 1.16M | 531.34K | 254.98K |
| Total Assets | 1.26B | 1.14B | 1.19B | 1.19B | 1.08B | 876.24M |
| Accounts Payable | 853.69K | 1.77M | 1.68M | 1.34M | 1.46M | 799.06K |
| Accrued Expenses | 13.05M | 11.10M | 10.49M | 12.18M | 15.79M | 16.71M |
| Short-Term Debt | 70.00M | 70.00M | 72.49M | 54.88M | 32.50M | 12.50M |
| Current Income Taxes Payable | 33.11K | 2.82M | ||||
| Total Current Liabilities | 83.94M | 82.88M | 84.66M | 68.40M | 49.76M | 32.83M |
| Long-Term Debt | 816.15M | 655.65M | 709.33M | 748.79M | 678.63M | 486.38M |
| Long-Term Deferred Tax Liabilities | 3.60M | 4.58M | 4.89M | 3.79M | 2.82M | 1.25M |
| Total Liabilities | 903.69M | 743.11M | 798.88M | 820.98M | 731.20M | 520.46M |
| Common Stock | 15.92K | 16.22K | 15.18K | 13.65K | 11.89K | 12.13K |
| Additional Paid-In Capital | 433.53M | 439.20M | 412.91M | 371.08M | 321.89M | 328.06M |
| Retained Earnings | -80.97M | -43.06M | -20.26M | -870.75K | 25.05M | 27.71M |
| Shareholders' Equity | 352.58M | 396.16M | 392.67M | 370.22M | 346.96M | 355.78M |
| Total Liabilities & Equity | 1.26B | 1.14B | 1.19B | 1.19B | 1.08B | 876.24M |
| Total Debt | 886.15M | 725.65M | 781.82M | 803.67M | 711.13M | 498.88M |
| Net Cash (Debt) | -806.06M | -723.97M | -633.60M | -794.98M | -645.38M | -451.62M |
| Net Cash Per Share | -49.84 | -45.68 | -45.54 | -62.74 | -53.95 | -39.42 |
| Filing Date Shares Outstanding | 15.56M | 16.27M | 15.36M | 13.70M | 11.86M | 12.12M |
| Total Common Shares Outstanding | 15.92M | 16.22M | 15.18M | 13.65M | 11.89M | 12.13M |
| Working Capital | 21.28M | -53.53M | 127.86M | -17.15M | 55.28M | 25.59M |
| Book Value Per Share | 22.15 | 24.42 | 25.86 | 27.12 | 29.18 | 29.33 |
| Tangible Book Value | 352.58M | 396.16M | 392.67M | 370.22M | 346.96M | 355.78M |
| Tangible Book Value Per Share | 22.15 | 24.42 | 25.86 | 27.12 | 29.18 | 29.33 |
Cash flow statement
Fiscal year March - February; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | -4.18M | 36.60M | 28.09M | 8.93M | 24.68M | 45.74M |
| Other Amortization | 4.96M | 4.80M | 5.03M | 5.17M | 3.59M | 2.16M |
| Loss (Gain) From Sale of Investments | 33.32M | -3.61M | 20.25M | 44.72M | 5.95M | -32.46M |
| Other Operating Activities | -188.35M | -126.94M | 142.37M | -209.87M | -157.83M | -229.03M |
| Change in Accounts Receivable | -455.62K | 227.89K | 2.85M | -2.12M | -3.07M | -1.20M |
| Change in Accounts Payable | -1.06M | 95.58K | 338.79K | -126.80K | 665.28K | -951.21K |
| Change in Income Taxes | 33.11K | 99.68K | 336.88K | -3.26M | 2.82M | |
| Change in Other Net Operating Assets | 985.22K | 782.19K | -1.48M | -4.25M | -1.10M | 9.79M |
| Operating Cash Flow | -154.75M | -88.03M | 197.54M | -157.21M | -130.37M | -203.13M |
| Long-Term Debt Issued | 236.56M | 30.00M | 149.00M | 336.88M | 385.00M | |
| Long-Term Debt Repaid | -291.50M | -56.50M | -57.00M | -119.12M | -155.50M | |
| Net Debt Issued (Repaid) | 115.06M | -54.94M | -26.50M | 92.00M | 217.75M | 229.50M |
| Issuance of Common Stock | 1.51M | 19.32M | 35.35M | 49.01M | 26.84M | |
| Repurchase of Common Stock | -8.45M | -54.31K | -2.16M | -10.82M | -2.55M | |
| Common Dividends Paid | -46.79M | -52.36M | -40.75M | -32.05M | -22.67M | -18.16M |
| Other Financing Activities | -11.50M | -6.88M | -1.43M | -5.17M | -10.68M | -9.54M |
| Financing Cash Flow | 49.82M | -94.91M | -33.32M | 101.64M | 173.58M | 226.09M |
| Net Cash Flow | -104.93M | -182.94M | 164.22M | -55.57M | 43.21M | 22.96M |
| Levered Free Cash Flow | 104.74M | 66.14M | 16.82M | 34.88M | -5.04M | 30.24M |
| Unlevered Free Cash Flow | 132.40M | 92.15M | 44.33M | 60.45M | 12.30M | 40.50M |
| Cash Interest Paid | 44.86M | 44.51M | 46.71M | 44.08M | 28.90M | 17.56M |
| Cash Income Tax Paid | 1.96M | 2.23M | 3.20M | 2.58M | 2.77M | 1.36M |
| Change in Working Capital | -499.38K | 1.11M | 1.81M | -6.15M | -6.76M | 10.46M |
Ratios
Fiscal year March - February; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 211.92M | 374.82M | 373.01M | 322.36M | 327.58M | 332.43M |
| Enterprise Value | 1.02B | 1.09B | 1.05B | 1.09B | 1.01B | 659.35M |
| Last Close Price | 13.62 | 21.03 | 20.20 | 16.00 | 16.77 | 15.36 |
| PE Ratio | 10.24 | 13.28 | 36.08 | 13.28 | 7.27 | |
| Forward PE | 6.76 | 9.94 | 8.77 | 6.34 | 8.32 | 12.73 |
| PS Ratio | 1.70 | 2.98 | 2.51 | 2.24 | 3.31 | 4.70 |
| PB Ratio | 0.61 | 0.95 | 0.95 | 0.87 | 0.94 | 0.93 |
| P/TBV Ratio | 0.60 | 0.95 | 0.95 | 0.87 | 0.94 | 0.93 |
| P/OCF Ratio | 1.89 | |||||
| PEG Ratio | 1.49 | 1.49 | 1.51 | |||
| EV/Sales Ratio | 8.16 | 8.65 | 7.05 | 7.62 | 10.16 | 9.32 |
| EV/EBIT Ratio | 11.80 | 12.40 | 9.72 | 10.14 | 14.47 | 16.32 |
| Debt / Equity Ratio | 2.51 | 1.83 | 1.99 | 2.17 | 2.05 | 1.40 |
| Net Debt / Equity Ratio | 2.29 | 1.83 | 1.61 | 2.15 | 1.86 | 1.27 |
| Asset Turnover | 0.10 | 0.11 | 0.12 | 0.13 | 0.10 | 0.10 |
| Quick Ratio | 1.07 | 0.11 | 1.84 | 0.28 | 1.50 | 1.61 |
| Current Ratio | 1.25 | 0.35 | 2.51 | 0.75 | 2.11 | 1.78 |
| Return on Equity (ROE) | -1.09% | 9.28% | 7.36% | 2.49% | 7.02% | 13.86% |
| Return on Assets (ROA) | 4.38% | 4.70% | 5.66% | 5.95% | 4.45% | 3.44% |
| Return on Invested Capital (ROIC) | 7.52% | 7.83% | 8.95% | 8.27% | 7.62% | 5.50% |
| Return on Capital Employed (ROCE) | 7.40% | 8.30% | 9.70% | 9.60% | 6.80% | 4.80% |
| Earnings Yield | -1.90% | 9.77% | 7.53% | 2.77% | 7.53% | 13.76% |
| Dividend Yield | 22.03% | 12.98% | 12.05% | 12.11% | 8.86% | 7.37% |
| Payout Ratio | 143.03% | 145.08% | 358.79% | 91.85% | 39.70% | |
| Buyback Yield / Dilution | -8.98% | -13.93% | -9.80% | -5.91% | -4.42% | -2.40% |
| Total Shareholder Return | 13.05% | -0.95% | 2.25% | 6.20% | 4.43% | 4.98% |