SAY
Saratoga Investment Corp 8.125%
Investment - Banking & Investment Services
Market Cap$416M
5Y Perf.+2.4%
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Stock Comparison
SAY 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.-0.1%
SAY vs GBDC — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | SAY | GBDC |
|---|---|---|
| Industry | Investment - Banking & Investment Services | Asset Management |
| Market Cap | $416M | $3.43B |
| Revenue (TTM) | $125.71B | $871M |
| Net Income (TTM) | $39M | $205M |
| Gross Margin | — | 81.5% |
| Operating Margin | -0.1% | 78.9% |
| Forward P/E | 10.3x | 9.2x |
| Total Debt | $293.33B | $4.90B |
| Cash & Equiv. | $22.32B | $24M |
SAY vs GBDC — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
SAY
GBDC
| Stock | Dec 22 | May 26 | Return |
|---|---|---|---|
| Saratoga Investment… (SAY) | 100 | 102.4 | +2.4% |
| Golub Capital BDC, … (GBDC) | 100 | 99.9 | -0.1% |
Price return only. Dividends and distributions are not included.
Quick Verdict: SAY vs GBDC
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: SAY leads in 4 of 7 categories, making it the strongest pick for growth and revenue expansion and capital preservation and lower volatility. Golub Capital BDC, Inc. is the stronger pick specifically for valuation and capital efficiency and profitability and margin quality. As sector peers, any of these can serve as alternatives in the same allocation.
SAY
Saratoga Investment Corp 8.125%
The Banking Pick
SAY carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 5 yrs, beta 0.54, yield 100.0%
- Rev growth 1.3K%, EPS growth 14.4%
- Lower volatility, beta 0.54, current ratio 0.08x
Best for: income & stability and growth exposure
GBDC
Golub Capital BDC, Inc.
The Banking Pick
GBDC is the clearest fit if your priority is long-term compounding and valuation efficiency.
- 61.0% 10Y total return vs SAY's 29.6%
- PEG 0.30 vs SAY's 0.87
- Lower P/E (9.2x vs 10.3x), PEG 0.30 vs 0.87
Best for: long-term compounding and valuation efficiency
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | SAY | 1.3K% NII/revenue growth vs GBDC's 42.5% |
| Value | GBDC | Lower P/E (9.2x vs 10.3x), PEG 0.30 vs 0.87 |
| Quality / Margins | GBDC | Efficiency ratio 0.0% vs SAY's 0.7% (lower = leaner) |
| Stability / Safety | SAY | Beta 0.54 vs GBDC's 0.64 |
| Dividends | SAY | 100.0% yield, 5-year raise streak, vs GBDC's 10.5% |
| Momentum (1Y) | SAY | +8.3% vs GBDC's +3.3% |
| Efficiency (ROA) | GBDC | Efficiency ratio 0.0% vs SAY's 0.7% |
SAY vs GBDC — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLGBDCLAGGINGSAY
SAYSaratoga Investment C…
2leads
GBDCGolub Capital BDC, In…
4leads
6 Total Categories
CATEGORYLEADERvs SAYMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
GBDC2/3
Valuation MetricsMultiples, price ratios, and targets
GBDC3/4
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
GBDC7/7
Total Returns1Y, 3Y, 5Y total returns with dividends
GBDC4/6
Risk & VolatilityBeta, volatility, and downside exposure
SAY2/2
Analyst OutlookRatings, price targets, and dividends
SAY2/2
Income & Cash Flow (Last 12 Months)
GBDC leads this category, winning 2 of 3 comparable metrics.
Income & Cash Flow (Last 12 Months)
SAY is the larger business by revenue, generating $125.7B annually — 144.4x GBDC's $871M.
| Metric | SAYSaratoga Investme… | GBDCGolub Capital BDC… |
|---|---|---|
| RevenueTrailing 12 months | $125.7B | $871M |
| EBITDAEarnings before interest/tax | $1.1B | $431M |
| Net IncomeAfter-tax profit | $39M | $205M |
| Free Cash FlowCash after capex | -$124.6B | $313M |
| Gross MarginGross profit ÷ Revenue | — | +81.5% |
| Operating MarginEBIT ÷ Revenue | -0.1% | +78.9% |
| Net MarginNet income ÷ Revenue | — | +43.2% |
| FCF MarginFCF ÷ Revenue | -70.0% | -13.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +13.1% | -160.0% |
GBDC leads this category, winning 2 of 3 comparable metrics.
Valuation Metrics
GBDC leads this category, winning 3 of 4 comparable metrics.
Valuation Metrics
At 9.3x trailing earnings, GBDC trades at a 16% valuation discount to SAY's 11.1x P/E. Adjusting for growth (PEG ratio), GBDC offers better value at 0.30x vs SAY's 0.93x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | SAYSaratoga Investme… | GBDCGolub Capital BDC… |
|---|---|---|
| Market CapShares × price | $416M | $3.4B |
| Enterprise ValueMkt cap + debt − cash | $271.4B | $8.3B |
| Trailing P/EPrice ÷ TTM EPS | 11.06x | 9.26x |
| Forward P/EPrice ÷ next-FY EPS est. | 10.30x | 9.15x |
| PEG RatioP/E ÷ EPS growth rate | 0.93x | 0.30x |
| EV / EBITDAEnterprise value multiple | — | 12.08x |
| Price / SalesMarket cap ÷ Revenue | 0.00x | 3.93x |
| Price / BookPrice ÷ Book value/share | — | 0.88x |
| Price / FCFMarket cap ÷ FCF | — | — |
GBDC leads this category, winning 3 of 4 comparable metrics.
Profitability & Efficiency
GBDC leads this category, winning 7 of 7 comparable metrics.
Profitability & Efficiency
On the Piotroski fundamental quality scale (0–9), GBDC scores 4/9 vs SAY's 1/9, reflecting mixed financial health.
| Metric | SAYSaratoga Investme… | GBDCGolub Capital BDC… |
|---|---|---|
| ROE (TTM)Return on equity | — | +5.2% |
| ROA (TTM)Return on assets | +0.0% | +2.3% |
| ROICReturn on invested capital | -0.1% | +5.9% |
| ROCEReturn on capital employed | -0.3% | +7.8% |
| Piotroski ScoreFundamental quality 0–9 | 1 | 4 |
| Debt / EquityFinancial leverage | — | 1.23x |
| Net DebtTotal debt minus cash | $271.0B | $4.9B |
| Cash & Equiv.Liquid assets | $22.3B | $24M |
| Total DebtShort + long-term debt | $293.3B | $4.9B |
| Interest CoverageEBIT ÷ Interest expense | -0.01x | 1.62x |
GBDC leads this category, winning 7 of 7 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 $12,963 for SAY. Over the past 12 months, SAY leads with a +8.3% total return vs GBDC's +3.3%. The 3-year compound annual growth rate (CAGR) favors GBDC at 10.6% vs SAY's 8.2% — a key indicator of consistent wealth creation.
| Metric | SAYSaratoga Investme… | GBDCGolub Capital BDC… |
|---|---|---|
| YTD ReturnYear-to-date | +2.8% | -0.7% |
| 1-Year ReturnPast 12 months | +8.3% | +3.3% |
| 3-Year ReturnCumulative with dividends | +26.7% | +35.3% |
| 5-Year ReturnCumulative with dividends | +29.6% | +33.2% |
| 10-Year ReturnCumulative with dividends | +29.6% | +61.0% |
| CAGR (3Y)Annualised 3-year return | +8.2% | +10.6% |
GBDC leads this category, winning 4 of 6 comparable metrics.
Risk & Volatility
SAY leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
SAY is the less volatile stock with a 0.54 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. SAY currently trades 98.3% from its 52-week high vs GBDC's 84.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | SAYSaratoga Investme… | GBDCGolub Capital BDC… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.54x | 0.64x |
| 52-Week HighHighest price in past year | $25.98 | $15.63 |
| 52-Week LowLowest price in past year | $7.79 | $11.77 |
| % of 52W HighCurrent price vs 52-week peak | +98.3% | +84.1% |
| RSI (14)Momentum oscillator 0–100 | 69.7 | 52.8 |
| Avg Volume (50D)Average daily shares traded | 5K | 2.4M |
SAY leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
SAY leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
For income investors, SAY offers the higher dividend yield at 100.00% vs GBDC's 10.53%.
| Metric | SAYSaratoga Investme… | GBDCGolub Capital BDC… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | — | Buy |
| Price TargetConsensus 12-month target | — | $14.33 |
| # AnalystsCovering analysts | — | 11 |
| Dividend YieldAnnual dividend ÷ price | +100.0% | +10.5% |
| Dividend StreakConsecutive years of raises | 5 | 0 |
| Dividend / ShareAnnual DPS | $3303.17 | $1.38 |
| Buyback YieldShare repurchases ÷ mkt cap | +13.1% | +2.3% |
SAY leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
GBDC leads in 4 of 6 categories (Income & Cash Flow, Valuation Metrics). SAY leads in 2 (Risk & Volatility, Analyst Outlook).
Best OverallGolub Capital BDC, Inc. (GBDC)Leads 4 of 6 categories
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SAY vs GBDC: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is SAY or GBDC a better buy right now?
For growth investors, Saratoga Investment Corp 8.
125% (SAY) is the stronger pick with 1334% revenue growth year-over-year, versus 42. 5% for Golub Capital BDC, Inc. (GBDC). 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 — SAY or GBDC?
On trailing P/E, Golub Capital BDC, Inc.
(GBDC) is the cheapest at 9. 3x versus Saratoga Investment Corp 8. 125% at 11. 1x. On forward P/E, Golub Capital BDC, Inc. is actually cheaper at 9. 2x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Golub Capital BDC, Inc. wins at 0. 30x versus Saratoga Investment Corp 8. 125%'s 0. 87x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — SAY or GBDC?
Over the past 5 years, Golub Capital BDC, Inc.
(GBDC) delivered a total return of +33. 2%, compared to +29. 6% for Saratoga Investment Corp 8. 125% (SAY). Over 10 years, the gap is even starker: GBDC returned +61. 0% versus SAY's +29. 6%. 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 — SAY or GBDC?
By beta (market sensitivity over 5 years), Saratoga Investment Corp 8.
125% (SAY) is the lower-risk stock at 0. 54β versus Golub Capital BDC, Inc. 's 0. 64β — meaning GBDC is approximately 18% more volatile than SAY relative to the S&P 500.
05Which is growing faster — SAY or GBDC?
By revenue growth (latest reported year), Saratoga Investment Corp 8.
125% (SAY) is pulling ahead at 1334% versus 42. 5% for Golub Capital BDC, Inc. (GBDC). On earnings-per-share growth, the picture is similar: Saratoga Investment Corp 8. 125% grew EPS 14. 4% 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 — SAY or GBDC?
Golub Capital BDC, Inc.
(GBDC) is the more profitable company, earning 43. 2% net margin versus 0. 0% for Saratoga Investment Corp 8. 125% — 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 -0. 1% for SAY. 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 SAY or GBDC more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.
By this metric, Golub Capital BDC, Inc. (GBDC) is the more undervalued stock at a PEG of 0. 30x versus Saratoga Investment Corp 8. 125%'s 0. 87x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Golub Capital BDC, Inc. (GBDC) trades at 9. 2x forward P/E versus 10. 3x for Saratoga Investment Corp 8. 125% — 1. 1x cheaper on a one-year earnings basis.
08Which pays a better dividend — SAY or GBDC?
All stocks in this comparison pay dividends.
Saratoga Investment Corp 8. 125% (SAY) offers the highest yield at 100. 0%, versus 10. 5% for Golub Capital BDC, Inc. (GBDC).
09Is SAY or GBDC better for a retirement portfolio?
For long-horizon retirement investors, Saratoga Investment Corp 8.
125% (SAY) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 54), 100. 0% yield). Both have compounded well over 10 years (SAY: +29. 6%, 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 SAY 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.
Find Stocks Like These
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- Sector: Financial Services
- Market Cap > $100B
- Revenue Growth > 66702%
- Dividend Yield > 40.0%
Revenue Growth>
%
(SAY: 133405.6% · GBDC: 42.5%)P/E Ratio<
x
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