Saratoga Investment Corp SAR

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 13.63 USD on Nov 2, 2026, −33.4% year to date

Quant rating

Quant rating D Rank 583 of 799 in Financials

Growth A 33 of 799
Valuation D 617 of 799
Quality C 396 of 799
Revisions C 417 of 799
Momentum D 777 of 799

Wall Street consensus Hold (2.86)Average target 20.00 USD +46.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 212M
Enterprise value: 1.0B
52-week range: 13.24 – 24.05
3-year range: 13.24 – 26.08
Dividend yield: 22.03%
Beta (5 years): 0.66
Shares outstanding: 15.6M
Next earnings: Jan 5, 2027

About the company

Saratoga Investment Corp. is a specialty finance company that provides customized financing solutions to United States middle-market businesses. The Company invests primarily in senior and unitranche leveraged loans and mezzanine debt, and, to a lesser extent, equity to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives in partnership with business owners, management teams and financial sponsors. Its investment’s objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from its debt and equity investments. The Company’s portfolio is comprised primarily of investments in leveraged loans issued by middle-market companies. It also invests in mezzanine debt and makes equity investments in middle-market companies. The Company’s investment activities are externally managed and advised by Saratoga Investment Advisors, LLC.

Growth and profitability fiscal year ends February 28

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	126	149	144	99.1	70.7	–
Revenue growth	−15.5%	3.6%	45.0%	40.1%	22.7%	16.9%
EPS (basic, normalized)	2.31	2.02	0.71	2.06	3.99	–
EPS growth	14.4%	184.5%	−65.5%	−48.4%	–	–
Gross margin	37.1%	42.4%	45.6%	42.7%	36.5%	40.8%
Net margin	29.1%	18.9%	6.2%	24.9%	64.7%	28.8%
ROE	–	7.4%	2.5%	7.0%	13.9%	7.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	95.9
Current ratio	–
Long-term debt (mil)	902
Net debt (mil)	807
Total equity (mil)	353
Net debt / equity	2.29x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2026 actual	126	−15.5%	8.1x	–	–	–	2.31	+14.4%	5.9x
2027	128	+1.5%	8.0x	–	–	–	0.14	−93.8%	95.6x
2028	134	+5.3%	7.6x	–	–	–	2.03	+1,323.7%	6.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	128	+1.3%	+1.3%	−0.4%	0.14	−86.5%	−86.5%	−94.0%
2028	134	+2.6%	+2.6%	−1.2%	2.03	−0.6%	−0.6%	−1.0%
2029	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	38.7	43.0	32.4	31.3	36.2	34.4	31.6	21.5	30.8	31.2
Sales mean (mil)	36.6	37.1	35.3	33.2	32.3	32.0	31.9	31.2	31.3	31.7
Surprise	+5.6%	+15.8%	−8.1%	−5.8%	+12.0%	+7.6%	−0.9%	−30.9%	−1.5%	−1.7%
EPS reported	0.48	0.97	0.64	−0.05	0.91	0.84	0.74	−0.16	−0.42	−0.41
EPS mean	0.94	0.94	0.94	0.70	0.93	0.68	0.60	0.55	0.55	0.49
Surprise	−48.9%	+3.0%	−32.1%	−107.2%	−1.8%	+22.8%	+23.9%	−128.9%	−176.2%	−183.7%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SAR Saratoga Investment Corp	212M	–	29.1%	0.62x	95.6x	6.7x	–	–
TROW T. Rowe Price Group, Inc.	22.6B	−0.78x	27.8%	1.99x	10.3x	10.5x	6.3x	6.2x
BEN Franklin Templeton, Inc.	16.2B	8.29x	5.4%	1.38x	11.0x	10.1x	13.1x	11.8x
ARCC Ares Capital Corp	14.0B	–	42.6%	1.01x	10.3x	10.0x	–	–
BXSL Blackstone Secured Lending Fund	5.5B	–	39.7%	0.93x	8.4x	9.3x	–	–
MAIN Main Street Capital Corp	5.3B	–	87.1%	1.66x	15.0x	14.6x	–	–
Mean		3.75x	38.6%	1.26x	25.1x	10.2x	9.7x	9.0x
Median		3.75x	34.4%	1.19x	10.7x	10.0x	9.7x	9.0x

Technical analysis

1M−16.0%
3M−25.5%
1Y−28.7%
3Y−12.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Saratoga Investment Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	126	149	144	99.1	70.7	57.7
Cost of revenue	79.1	85.8	78.2	56.8	45.0	29.3
Gross profit	46.6	63.1	65.5	42.3	25.8	28.4
Selling, general & administrative expenses	9.9	9.7	8.6	7.3	5.9	5.2
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	0.4	0	–	–	–
Unusual expense (income)	0.8	0.8	0.1	1.6	2.4	0.1
Other operating expenses	0	0	0	0	0	0
Operating income	35.8	52.2	56.8	33.5	17.5	23.0
Net interest income (expense)	0.5	−23.1	−46.9	−7.8	30.4	−3.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.1	0	0.1	0	0	0
Net income before taxes	36.3	29.2	9.9	25.7	47.9	19.2
Provision for taxes	−0.3	1.1	1.0	1.0	2.2	4.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	36.6	28.1	8.9	24.7	45.7	14.8
Extraordinary items	–	–	–	–	–	–
Net income	36.6	28.1	8.9	24.7	45.7	14.8
EBIT, normalized	36.7	53.4	56.9	35.0	19.9	23.1
EBITDA, normalized	–	–	–	–	–	–
Basic EPS, normalized	2.31	2.02	0.71	2.06	3.99	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Saratoga Investment Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	21.8	205	40.5	96.1	52.9	29.9
Receivables	0.2	0.3	0.4	0.8	0.4	0
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	–	–	–	–	–	–
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	1,109	978	1,139	973	818	557
Note receivable	7.3	7.5	10.3	8.2	5.1	4.2
Other long-term assets	22.8	206	42.1	97.4	53.5	30.9
Total assets	1,139	1,192	1,191	1,078	876	592
Liabilities
Accounts payable	6.6	6.2	8.1	12.1	12.9	6.6
Payable/accrued	1.8	1.7	1.3	1.5	0.8	1.8
Accrued expenses	3.9	3.9	3.6	3.7	2.8	2.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	739	794	821	729	512	281
Minority interest	–	–	–	–	–	–
Other liabilities	3.7	4.7	0	2.0	8.7	6.8
Total liabilities	743	799	821	731	520	288
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	439	413	371	322	328	305
Retained earnings (accumulated deficit)	−43.1	−20.3	−0.9	25.1	27.7	−0.7
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	396	393	370	347	356	304
Total liabilities & shareholders' equity	1,139	1,192	1,191	1,078	876	592

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Saratoga Investment Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	36.6	28.1	8.9	24.7	45.7	14.8
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	−0.2	0	0	−0.2	0	0
Non-cash items	−0.7	23.6	55.8	14.7	−28.2	5.4
Changes in working capital	−124	146	−222	−170	−221	−82.5
Cash from operations	−88.0	198	−157	−130	−203	−62.3
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	–	–	–	–	–	–
Cash from investing	–	–	–	–	–	–
Financing activities
Financing cash flow items	0.5	2.1	4.0	−0.5	0.5	0
Cash dividends paid	−52.4	−40.7	−32.1	−22.7	−18.2	−11.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−43.1	5.3	130	197	244	64.1
Cash from financing	−94.9	−33.3	102	174	226	52.8
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−183	164	−55.6	43.2	23.0	−9.5
Free cash flow	−88.0	198	−157	−130	−203	−62.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.