Saratoga Investment Corp. (SAR) 10-Year Financial Performance & Capital Metrics

SAR • • Banking & Credit

Financial ServicesAsset ManagementBusiness Development Companies (BDCs)Middle Market Lenders

AboutSaratoga Investment Corp. is a business development company specializing in leveraged and management buyouts, acquisition financings, growth financings, recapitalization, debt refinancing, and transitional financing transactions at the lower end of middle market companies. It structures its investments as debt and equity by investing through first and second lien loans, mezzanine debt, co-investments, select high yield bonds, senior secured bonds, unsecured bonds, and preferred and common equity. The firm prefers to invest in aerospace, automotive aftermarket and services, business products and services, consumer products and services, education, environmental services, industrial services, financial services, food and beverage, healthcare products and services, logistics, distribution, manufacturing, restaurants services, food services, software services, technology services, specialty chemical, media and telecommunications. It seeks to invest in the United States. The firm primarily invests $5 million to $50 million in companies having EBITDA of $2 million or greater and revenues of $8 million to $250 million. The firm prefer to take a majority stake. It invests through direct lending as well as participation in loan syndicates. The firm was formerly known as GSC Investment Corp. Saratoga Investment Corp. is based in New York, New York with an additional office in Florham Park, New Jersey.Show more

Net Interest Income $85M +5.4%
Total Revenue $94M +35.4%
Net Income $28M +214.4%
Return on Equity 7.36% +195.5%
Net Interest Margin 7.17% +5.4%
Efficiency Ratio 10.77% -13.6%
ROA 2.36% +199.4%
Equity / Assets 32.95% +6.0%
Book Value per Share 28.22 -3.4%
Tangible BV/Share 28.22 -3.4%
Debt/Equity 1.99 -8.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓Strong NIM of 7.2%
✓Efficient operations: 10.8% efficiency ratio
✓Well capitalized: 33.0% equity/assets
✓Trading at only 0.8x book value

✗Weaknesses

✗Profits declining 12.8% over 5 years
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y15.65%

5Y3.76%

3Y6.72%

TTM-

Profit (Net Income) CAGR

10Y9.82%

5Y-12.81%

3Y-15%

TTM13.12%

EPS CAGR

10Y-0.1%

5Y-19.51%

3Y-20.3%

TTM-1.46%

ROCE

10Y Avg4.6%

5Y Avg3.34%

3Y Avg2.16%

Latest2.7%

Peer Comparison

Middle Market Lenders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GSBDGoldman Sachs BDC, Inc.	1.08B	9.43	17.15	-57.7%	32.67%	9.15%	18.68%	1.23
CSWCCapital Southwest Corporation	1.36B	23.72	16.14	7.67%	43.07%	9.13%		1.08
HCXYHercules Capital, Inc.	2.36B	25.18	15.64	-9.71%	62.54%	14.13%		0.90
TRINITrinity Capital Inc. 7.875% Notes Due 2029	1.91B	25.41	12.10	29.68%	50.98%	15.22%	4.92%	1.08
HTGCHercules Capital, Inc.	3.45B	18.97	11.78	-12.79%	61.03%	14.17%		0.90
TSLXSixth Street Specialty Lending, Inc.	2.12B	22.40	11.03	-2.72%	51.86%	11.83%	8.85%	1.18
MAINMain Street Capital Corporation	5.75B	64.20	10.97	18.32%	70.11%	18.28%		0.76
GBDCGolub Capital BDC, Inc.	3.68B	13.95	9.82	80.52%	46.2%	9.4%

Profit & Loss

	Feb 2016	Feb 2017	Feb 2018	Feb 2019	Feb 2020	Feb 2021	Feb 2022	Feb 2023	Feb 2024	Feb 2025
Net Interest Income+	18.42M	19.49M	24.2M	30.24M	33.9M	38.14M	38.62M	53.09M	81.12M	85.49M
NII Growth %	0.06%	0.06%	0.24%	0.25%	0.12%	0.13%	0.01%	0.37%	0.53%	0.05%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	26.88M	29.38M	35.14M	43.36M	48.58M	51.73M	58.51M	86.59M	130.3M	137.55M
Interest Expense	8.46M	9.89M	10.94M	13.13M	14.68M	13.59M	19.88M	33.5M	49.18M	52.06M
Loan Loss Provision	-467	-127	346	282	389	-201	307	-489	101	0
Non-Interest Income+	-2.62M	-2.34M	-1.76M	-5.45M	29.71M	-11.82M	18.96M	-16.73M	-60.75M	-43.39M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	24.26M	27.04M	33.38M	37.91M	78.29M	39.91M	77.46M	69.85M	69.55M	94.16M
Revenue Growth %	0.1%	0.11%	0.23%	0.14%	1.07%	-0.49%	0.94%	-0.1%	-0%	0.35%
Non-Interest Expense	4.04M	5.72M	4.78M	5.54M	7.26M	6.38M	9.06M	9.6M	8.66M	10.14M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	11.76M	11.43M	17.66M	19.25M	56.35M	19.94M	48.52M	26.76M	11.7M	31.97M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.04%	-0.03%	0.55%	0.09%	1.93%	-0.65%	1.43%	-0.45%	-0.56%	1.73%
Pretax Income+	11.76M	11.43M	17.66M	19.25M	56.35M	19.94M	48.52M	26.76M	11.7M	31.97M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	113.81K	44.77K	-14.74K	739.72K	607.65K	5.16M	2.78M	2.08M	2.77M	3.88M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	11.65M	11.39M	17.68M	18.51M	55.74M	14.78M	45.74M	24.68M	8.93M	28.09M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.06%	-0.02%	0.55%	0.05%	2.01%	-0.73%	2.1%	-0.46%	-0.64%	2.14%
Net Income (Continuing)	11.65M	11.39M	17.68M	18.51M	55.74M	14.78M	45.74M	24.68M	8.93M	28.09M
EPS (Diluted)+	2.09	1.98	2.93	2.63	5.98	1.32	3.99	2.06	0.71	2.02
EPS Growth %	0.02%	-0.05%	0.48%	-0.1%	1.27%	-0.78%	2.02%	-0.48%	-0.66%	1.85%
EPS (Basic)	2.09	1.98	2.93	2.63	5.98	1.32	3.99	2.06	0.71	2.02
Diluted Shares Outstanding	5.58M	5.74M	6.02M	7.05M	9.32M	11.19M	11.46M	11.96M	12.67M	13.91M

Balance Sheet

	Feb 2016	Feb 2017	Feb 2018	Feb 2019	Feb 2020	Feb 2021	Feb 2022	Feb 2023	Feb 2024	Feb 2025
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	2.44M	9.31M	3.93M	30.8M	24.6M	18.83M	47.26M	65.75M	8.69M	148.22M
Short Term Investments	0	0	0	0	0	0	0	0	0	0
Total Investments+	271.17M	250.53M	342.69M	402.02M	485.63M	554.31M	817.57M	972.59M	1.14B	978.08M
Investments Growth %	0.21%	-0.08%	0.37%	0.17%	0.21%	0.14%	0.47%	0.19%	0.17%	-0.14%
Long-Term Investments	271.17M	250.53M	342.69M	402.02M	485.63M	554.31M	817.57M	972.59M	1.14B	978.08M
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
PP&E (Net)	0	0	0	0	0	0	0	0	0	0
Other Assets	17.77M	55.09M	10.43M	31.89M	15.55M	12.03M	5.87M	31.3M	33.08M	57.46M
Total Current Assets	6.11M	13.03M	7.21M	36.76M	29.68M	25.81M	52.8M	74.27M	19.33M	156.01M
Total Non-Current Assets	288.94M	305.63M	353.13M	433.91M	501.18M	566.35M	823.43M	1B	1.17B	1.04B
Total Assets+	295.05M	318.65M	360.34M	470.67M	530.87M	592.15M	876.24M	1.08B	1.19B	1.19B
Asset Growth %	0.12%	0.08%	0.13%	0.31%	0.13%	0.12%	0.48%	0.23%	0.1%	0%
Return on Assets (ROA)	0.04%	0.04%	0.05%	0.04%	0.11%	0.03%	0.06%	0.03%	0.01%	0.02%
Accounts Payable	3.28M	3.62M	3.93M	4.84M	3.95M	4.4M	3.6M	5.12M	4.92M	5.59M
Total Debt+	160.75M	181.48M	206.49M	277.15M	204.88M	274.05M	498.88M	711.13M	803.67M	781.82M
Net Debt	158.31M	172.17M	202.56M	246.35M	180.28M	255.22M	451.62M	645.38M	794.98M	633.6M
Long-Term Debt	160.75M	181.48M	206.49M	277.15M	204.88M	274.05M	498.88M	711.13M	803.67M	781.82M
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	5.86M	6.26M	6.23M	7.81M	17.75M	9.52M	17.98M	14.96M	12.39M	11.47M
Total Current Liabilities	3.28M	3.62M	3.93M	4.84M	3.95M	4.4M	3.6M	5.12M	4.92M	5.59M
Total Non-Current Liabilities	166.61M	187.74M	212.72M	284.96M	222.63M	283.57M	516.86M	726.08M	816.06M	793.29M
Total Liabilities	169.9M	191.36M	216.64M	289.8M	226.58M	287.97M	520.46M	731.2M	820.98M	798.88M
Total Equity+	125.15M	127.29M	143.69M	180.88M	304.29M	304.19M	355.78M	346.96M	370.22M	392.67M
Equity Growth %	0.02%	0.02%	0.13%	0.26%	0.68%	-0%	0.17%	-0.02%	0.07%	0.06%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.09%	0.09%	0.13%	0.11%	0.23%	0.05%	0.14%	0.07%	0.02%	0.07%
Book Value per Share	22.42	22.18	23.85	25.67	32.65	27.19	31.05	29.00	29.22	28.22
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	5.67K	5.79K	6.26K	7.66K	11.22K	11.16K	12.13K	11.89K	13.65K	15.18K
Additional Paid-in Capital	188.71M	190.48M	188.98M	203.55M	289.48M	304.87M	328.06M	321.89M	371.08M	412.91M
Retained Earnings	-26.22M	-27.74M	-27.86M	-22.69M	14.8M	-700.35K	27.71M	25.05M	-870.75K	-20.26M
Accumulated OCI	0	0	-17.43M	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Feb 2016	Feb 2017	Feb 2018	Feb 2019	Feb 2020	Feb 2021	Feb 2022	Feb 2023	Feb 2024	Feb 2025
Cash from Operations+	-18.64M	6.74M	-30.78M	-39.98M	-15.14M	-62.35M	-203.13M	-130.37M	-157.21M	197.54M
Operating CF Growth %	0.49%	1.36%	-5.57%	-0.3%	0.62%	-3.12%	-2.26%	0.36%	-0.21%	2.26%
Net Income	11.65M	11.39M	17.68M	18.51M	55.74M	14.78M	45.74M	24.68M	8.93M	28.09M
Depreciation & Amortization	913.77M	829.48M	990.03M	1.19M	1.34M	1.37M	4.42B	3.59M	0	5.03M
Deferred Taxes	0	0	0	-1.03M	0	0	-673.65K	0	0	0
Other Non-Cash Items	-956.32M	-835.65M	-1.04B	-57.56M	-81.42M	-67.98M	-4.68B	-151.87M	-159.99M	162.61M
Working Capital Changes	12.26M	1.53M	587.24K	-1.09M	9.2M	-10.52M	10.46M	-6.76M	-6.15M	1.81M
Cash from Investing+	-41.02B	7.03B	-41.39B	-198.66B	-19.89B	-78.08B	-55.08B	2.25B	0	0
Purchase of Investments	-109.19B	-154.52B	-107.7B	-378.52B	-230B	-220.78B	-302.31B	-122.08B	-246.1B	-28.99B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	0	0
Other Investing	0	0	0	0	0	0	0	0	215.83B	-110.64B
Cash from Financing+	19.19M	8.31M	22.47M	88.3M	-7.5M	52.81M	226.09M	173.58M	101.64M	-33.32M
Dividends Paid	-7.91M	-6.79M	-9.01M	-12.01M	-17M	-11.27M	-18.16M	-22.67M	-32.05M	-40.75M
Share Repurchases	-356.79K	-3.33M	0	0	0	-3.61M	-2.55M	-10.82M	-2.16M	0
Stock Issued	0	0	7.84M	32.15M	85.9M	0	26.84M	0	49.01M	32.75M
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	-1000K
Other Financing	-1.1M	-3.23M	-1.28M	-2.88M	-1.95M	-3.75K	-10.79M	-10.68M	-5.17M	2.35M
Net Change in Cash+	552.12K	15.05M	-8.31M	48.32M	-22.64M	-9.54M	22.96M	43.21M	-55.57M	164.22M
Exchange Rate Effect	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	-1000K	0	0
Cash at Beginning	1.89M	7.03M	22.09M	13.78M	62.09M	39.45M	29.92M	52.87M	96.08M	40.51M
Cash at End	2.44M	22.09M	13.78M	62.09M	39.45M	29.92M	52.87M	96.08M	40.51M	204.72M
Interest Paid	0	0	0	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow+	-18.64M	6.74M	-30.78M	-39.98M	-15.14M	-62.35M	-203.13M	-130.37M	-157.21M	197.54M
FCF Growth %	0.49%	1.36%	-5.57%	-0.3%	0.62%	-3.12%	-2.26%	0.36%	-0.21%	2.26%

Banking Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	9.4%	9.02%	13.05%	11.41%	22.98%	4.86%	13.86%	7.02%	2.49%	7.36%
Return on Assets (ROA)	4.17%	3.71%	5.21%	4.45%	11.13%	2.63%	6.23%	2.53%	0.79%	2.36%
Net Interest Margin	6.24%	6.12%	6.72%	6.42%	6.39%	6.44%	4.41%	4.92%	6.81%	7.17%
Efficiency Ratio	16.66%	21.14%	14.32%	14.6%	9.28%	16%	11.7%	13.74%	12.46%	10.77%
Equity / Assets	42.42%	39.95%	39.88%	38.43%	57.32%	51.37%	40.6%	32.18%	31.08%	32.95%
Book Value / Share	22.42	22.18	23.85	25.67	32.65	27.19	31.05	29	29.22	28.22
NII Growth	6.39%	5.82%	24.15%	24.95%	12.12%	12.51%	1.27%	37.44%	52.8%	5.39%
Dividend Payout	67.89%	59.59%	50.98%	64.9%	30.5%	76.24%	39.7%	91.85%	358.79%	145.08%

Frequently Asked Questions

Valuation & Price

Saratoga Investment Corp. (SAR) has a price-to-earnings (P/E) ratio of 11.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Saratoga Investment Corp. (SAR) grew revenue by 35.4% over the past year. This is strong growth.

Yes, Saratoga Investment Corp. (SAR) is profitable, generating $38.5M in net income for fiscal year 2025 (29.8% net margin).

Dividend & Returns

Yes, Saratoga Investment Corp. (SAR) pays a dividend with a yield of 12.31%. This makes it attractive for income-focused investors.

Saratoga Investment Corp. (SAR) has a return on equity (ROE) of 7.4%. This is below average, suggesting room for improvement.

Industry Metrics

Saratoga Investment Corp. (SAR) has a net interest margin (NIM) of 7.2%. This indicates healthy earnings from lending activities.

Saratoga Investment Corp. (SAR) has an efficiency ratio of 10.8%. This is excellent, indicating strong cost control.

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