SAT
Saratoga Investment Corp 6.00%
Asset Management
Market Cap$349M
5Y Perf.+1.6%
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Stock Comparison
SAT vs GBDC
Revenue, margins, valuation, and 5-year total return — side by side.
GBDC
Golub Capital BDC, Inc.
Asset Management
Market Cap$3.43B
5Y Perf.-7.0%
SAT vs GBDC — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | SAT | GBDC |
|---|---|---|
| Industry | Asset Management | Asset Management |
| Market Cap | $349M | $3.43B |
| Revenue (TTM) | $94M | $871M |
| Net Income (TTM) | $39M | $205M |
| Gross Margin | 44.7% | 81.5% |
| Operating Margin | 33.9% | 78.9% |
| Forward P/E | 10.1x | 9.2x |
| Total Debt | $782M | $4.90B |
| Cash & Equiv. | $148M | $24M |
SAT vs GBDC — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
SAT
GBDC
| Stock | May 22 | May 26 | Return |
|---|---|---|---|
| Saratoga Investment… (SAT) | 100 | 101.6 | +1.6% |
| Golub Capital BDC, … (GBDC) | 100 | 93.0 | -7.0% |
Price return only. Dividends and distributions are not included.
Quick Verdict: SAT vs GBDC
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: GBDC leads in 4 of 7 categories, making it the strongest pick for growth and revenue expansion and valuation and capital efficiency. Saratoga Investment Corp 6.00% is the stronger pick specifically for capital preservation and lower volatility and dividend income and shareholder returns. As sector peers, any of these can serve as alternatives in the same allocation.
SAT
Saratoga Investment Corp 6.00%
The Banking Pick
SAT is the clearest fit if your priority is income & stability and sleep-well-at-night.
- Dividend streak 4 yrs, beta 0.56, yield 11.7%
- Lower volatility, beta 0.56, current ratio 27.93x
- Beta 0.56, yield 11.7%, current ratio 27.93x
Best for: income & stability and sleep-well-at-night
GBDC
Golub Capital BDC, Inc.
The Banking Pick
GBDC carries the broadest edge in this set and is the clearest fit for growth exposure and long-term compounding.
- Rev growth 42.5%, EPS growth 4.4%
- 61.0% 10Y total return vs SAT's 25.3%
- 42.5% NII/revenue growth vs SAT's 35.4%
Best for: growth exposure and long-term compounding
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | GBDC | 42.5% NII/revenue growth vs SAT's 35.4% |
| Value | GBDC | Lower P/E (9.2x vs 10.1x) |
| Quality / Margins | GBDC | Efficiency ratio 0.0% vs SAT's 0.1% (lower = leaner) |
| Stability / Safety | SAT | Beta 0.56 vs GBDC's 0.64 |
| Dividends | SAT | 11.7% yield, 4-year raise streak, vs GBDC's 10.5% |
| Momentum (1Y) | SAT | +7.9% vs GBDC's +3.3% |
| Efficiency (ROA) | GBDC | Efficiency ratio 0.0% vs SAT's 0.1% |
SAT vs GBDC — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLSATLAGGINGGBDC
GBDCGolub Capital BDC, In…
3leads
SATSaratoga Investment C…
3leads
6 Total Categories
CATEGORYLEADERvs GBDCMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
GBDC3/5
Valuation MetricsMultiples, price ratios, and targets
GBDC4/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
SAT5/9
Total Returns1Y, 3Y, 5Y total returns with dividends
GBDC4/6
Risk & VolatilityBeta, volatility, and downside exposure
SAT2/2
Analyst OutlookRatings, price targets, and dividends
SAT2/2
Income & Cash Flow (Last 12 Months)
GBDC leads this category, winning 3 of 5 comparable metrics.
Income & Cash Flow (Last 12 Months)
GBDC is the larger business by revenue, generating $871M annually — 9.2x SAT's $94M. GBDC is the more profitable business, keeping 43.2% of every revenue dollar as net income compared to SAT's 29.8%.
| Metric | SATSaratoga Investme… | GBDCGolub Capital BDC… |
|---|---|---|
| RevenueTrailing 12 months | $94M | $871M |
| EBITDAEarnings before interest/tax | $1.3B | $431M |
| Net IncomeAfter-tax profit | $39M | $205M |
| Free Cash FlowCash after capex | $23M | $313M |
| Gross MarginGross profit ÷ Revenue | +44.7% | +81.5% |
| Operating MarginEBIT ÷ Revenue | +33.9% | +78.9% |
| Net MarginNet income ÷ Revenue | +29.8% | +43.2% |
| FCF MarginFCF ÷ Revenue | +2.1% | -13.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +15.6% | -160.0% |
GBDC leads this category, winning 3 of 5 comparable metrics.
Valuation Metrics
GBDC leads this category, winning 4 of 5 comparable metrics.
Valuation Metrics
At 9.3x trailing earnings, GBDC trades at a 26% valuation discount to SAT's 12.4x P/E. On an enterprise value basis, GBDC's 12.1x EV/EBITDA is more attractive than SAT's 30.8x.
| Metric | SATSaratoga Investme… | GBDCGolub Capital BDC… |
|---|---|---|
| Market CapShares × price | $349M | $3.4B |
| Enterprise ValueMkt cap + debt − cash | $983M | $8.3B |
| Trailing P/EPrice ÷ TTM EPS | 12.44x | 9.26x |
| Forward P/EPrice ÷ next-FY EPS est. | 10.12x | 9.15x |
| PEG RatioP/E ÷ EPS growth rate | — | 0.30x |
| EV / EBITDAEnterprise value multiple | 30.75x | 12.08x |
| Price / SalesMarket cap ÷ Revenue | 3.71x | 3.93x |
| Price / BookPrice ÷ Book value/share | 0.89x | 0.88x |
| Price / FCFMarket cap ÷ FCF | 1.77x | — |
GBDC leads this category, winning 4 of 5 comparable metrics.
Profitability & Efficiency
SAT leads this category, winning 5 of 9 comparable metrics.
Profitability & Efficiency
SAT delivers a 9.3% return on equity — every $100 of shareholder capital generates $9 in annual profit, vs $5 for GBDC. GBDC carries lower financial leverage with a 1.23x debt-to-equity ratio, signaling a more conservative balance sheet compared to SAT's 1.99x. On the Piotroski fundamental quality scale (0–9), SAT scores 8/9 vs GBDC's 4/9, reflecting strong financial health.
| Metric | SATSaratoga Investme… | GBDCGolub Capital BDC… |
|---|---|---|
| ROE (TTM)Return on equity | +9.3% | +5.2% |
| ROA (TTM)Return on assets | +3.2% | +2.3% |
| ROICReturn on invested capital | +2.0% | +5.9% |
| ROCEReturn on capital employed | +2.7% | +7.8% |
| Piotroski ScoreFundamental quality 0–9 | 8 | 4 |
| Debt / EquityFinancial leverage | 1.99x | 1.23x |
| Net DebtTotal debt minus cash | $634M | $4.9B |
| Cash & Equiv.Liquid assets | $148M | $24M |
| Total DebtShort + long-term debt | $782M | $4.9B |
| Interest CoverageEBIT ÷ Interest expense | 0.83x | 1.62x |
SAT leads this category, winning 5 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
GBDC leads this category, winning 4 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in GBDC five years ago would be worth $13,318 today (with dividends reinvested), compared to $12,530 for SAT. Over the past 12 months, SAT leads with a +7.9% total return vs GBDC's +3.3%. The 3-year compound annual growth rate (CAGR) favors GBDC at 10.6% vs SAT's 8.7% — a key indicator of consistent wealth creation.
| Metric | SATSaratoga Investme… | GBDCGolub Capital BDC… |
|---|---|---|
| YTD ReturnYear-to-date | +2.6% | -0.7% |
| 1-Year ReturnPast 12 months | +7.9% | +3.3% |
| 3-Year ReturnCumulative with dividends | +28.5% | +35.3% |
| 5-Year ReturnCumulative with dividends | +25.3% | +33.2% |
| 10-Year ReturnCumulative with dividends | +25.3% | +61.0% |
| CAGR (3Y)Annualised 3-year return | +8.7% | +10.6% |
GBDC leads this category, winning 4 of 6 comparable metrics.
Risk & Volatility
SAT leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
SAT is the less volatile stock with a 0.56 beta — it tends to amplify market swings less than GBDC's 0.64 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. SAT currently trades 99.4% from its 52-week high vs GBDC's 84.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | SATSaratoga Investme… | GBDCGolub Capital BDC… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.56x | 0.64x |
| 52-Week HighHighest price in past year | $25.27 | $15.63 |
| 52-Week LowLowest price in past year | $6.95 | $11.77 |
| % of 52W HighCurrent price vs 52-week peak | +99.4% | +84.1% |
| RSI (14)Momentum oscillator 0–100 | 76.2 | 52.8 |
| Avg Volume (50D)Average daily shares traded | 10K | 2.4M |
SAT leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
SAT leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
For income investors, SAT offers the higher dividend yield at 11.66% vs GBDC's 10.53%.
| Metric | SATSaratoga Investme… | GBDCGolub Capital BDC… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | — | Buy |
| Price TargetConsensus 12-month target | — | $14.33 |
| # AnalystsCovering analysts | — | 11 |
| Dividend YieldAnnual dividend ÷ price | +11.7% | +10.5% |
| Dividend StreakConsecutive years of raises | 4 | 0 |
| Dividend / ShareAnnual DPS | $2.93 | $1.38 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +2.3% |
SAT leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
GBDC leads in 3 of 6 categories (Income & Cash Flow, Valuation Metrics). SAT leads in 3 (Profitability & Efficiency, Risk & Volatility).
Best OverallSaratoga Investment Corp 6.… (SAT)Leads 3 of 6 categories
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SAT vs GBDC: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is SAT or GBDC a better buy right now?
For growth investors, Golub Capital BDC, Inc.
(GBDC) is the stronger pick with 42. 5% revenue growth year-over-year, versus 35. 4% for Saratoga Investment Corp 6. 00% (SAT). Golub Capital BDC, Inc. (GBDC) offers the better valuation at 9. 3x trailing P/E (9. 2x forward), making it the more compelling value choice. Analysts rate Golub Capital BDC, Inc. (GBDC) a "Buy" — based on 11 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — SAT or GBDC?
On trailing P/E, Golub Capital BDC, Inc.
(GBDC) is the cheapest at 9. 3x versus Saratoga Investment Corp 6. 00% at 12. 4x. On forward P/E, Golub Capital BDC, Inc. is actually cheaper at 9. 2x.
03Which is the better long-term investment — SAT or GBDC?
Over the past 5 years, Golub Capital BDC, Inc.
(GBDC) delivered a total return of +33. 2%, compared to +25. 3% for Saratoga Investment Corp 6. 00% (SAT). Over 10 years, the gap is even starker: GBDC returned +61. 0% versus SAT's +25. 3%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — SAT or GBDC?
By beta (market sensitivity over 5 years), Saratoga Investment Corp 6.
00% (SAT) is the lower-risk stock at 0. 56β versus Golub Capital BDC, Inc. 's 0. 64β — meaning GBDC is approximately 13% more volatile than SAT relative to the S&P 500. On balance sheet safety, Golub Capital BDC, Inc. (GBDC) carries a lower debt/equity ratio of 123% versus 199% for Saratoga Investment Corp 6. 00% — giving it more financial flexibility in a downturn.
05Which is growing faster — SAT or GBDC?
By revenue growth (latest reported year), Golub Capital BDC, Inc.
(GBDC) is pulling ahead at 42. 5% versus 35. 4% for Saratoga Investment Corp 6. 00% (SAT). On earnings-per-share growth, the picture is similar: Saratoga Investment Corp 6. 00% grew EPS 184. 5% year-over-year, compared to 4. 4% for Golub Capital BDC, Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — SAT or GBDC?
Golub Capital BDC, Inc.
(GBDC) is the more profitable company, earning 43. 2% net margin versus 29. 8% for Saratoga Investment Corp 6. 00% — meaning it keeps 43. 2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: GBDC leads at 78. 9% versus 33. 9% for SAT. At the gross margin level — before operating expenses — GBDC leads at 81. 5%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is SAT or GBDC more undervalued right now?
On forward earnings alone, Golub Capital BDC, Inc.
(GBDC) trades at 9. 2x forward P/E versus 10. 1x for Saratoga Investment Corp 6. 00% — 1. 0x cheaper on a one-year earnings basis.
08Which pays a better dividend — SAT or GBDC?
All stocks in this comparison pay dividends.
Saratoga Investment Corp 6. 00% (SAT) offers the highest yield at 11. 7%, versus 10. 5% for Golub Capital BDC, Inc. (GBDC).
09Is SAT or GBDC better for a retirement portfolio?
For long-horizon retirement investors, Saratoga Investment Corp 6.
00% (SAT) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 56), 11. 7% yield). Both have compounded well over 10 years (SAT: +25. 3%, GBDC: +61. 0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between SAT and GBDC?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(SAT: 35.4% · GBDC: 42.5%)Net Margin>
%
(SAT: 29.8% · GBDC: 43.2%)P/E Ratio<
x
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