Latest Ratios: P/E Ratio 11.1x · EV/EBITDA 12.2x · ROE 9.3%. (2007–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $415M | $118M | $351M | $317M | $302M | — | — | — | — | — | — |
| Enterprise Value | $1.0B | $751M | $985M | $1.1B | $947M | — | — | — | — | — | — |
| P/E Ratio → | 11.09 | 3.22 | 12.50 | 35.21 | 12.24 | — | — | — | — | — | — |
| P/S Ratio | 3.15 | 0.90 | 3.73 | 4.55 | 4.32 | — | — | — | — | — | — |
| P/B Ratio | 1.03 | 0.30 | 0.89 | 0.86 | 0.87 | — | — | — | — | — | — |
| P/FCF | 11.26 | 3.20 | 1.78 | — | — | — | — | — | — | — | — |
| P/OCF | 11.26 | 3.20 | 1.78 | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.72 | 10.46 | 15.99 | 13.56 | — | — | — | — | — | — |
| EV / EBITDA | 12.24 | 8.77 | 30.82 | 95.02 | 35.40 | — | — | — | — | — | — |
| EV / EBIT | 12.12 | 8.77 | 30.82 | 95.02 | 35.40 | — | — | — | — | — | — |
| EV / FCF | — | 20.40 | 4.99 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.5% | 75.5% | 44.7% | 29.3% | 52.0% | 74.3% | 66.0% | 81.2% | 65.4% | 67.2% | 63.4% |
| Operating Margin | 65.8% | 65.8% | 33.9% | 16.8% | 38.3% | 62.6% | 50.0% | 72.0% | 50.8% | 52.9% | 42.3% |
| Net Profit Margin | 27.8% | 27.8% | 29.8% | 12.8% | 35.3% | 59.0% | 37.0% | 71.2% | 48.8% | 53.0% | 42.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.3% | 9.3% | 7.4% | 2.5% | 7.0% | 13.9% | 4.9% | 23.0% | 11.4% | 13.0% | 9.0% |
| ROA | 0.0% | 0.0% | 2.4% | 0.8% | 2.5% | 6.2% | 2.6% | 11.1% | 4.5% | 5.2% | 3.7% |
| ROIC | 5.5% | 5.5% | 2.0% | 0.8% | 2.1% | 5.1% | 2.8% | 8.7% | 3.6% | 4.0% | 2.9% |
| ROCE | 0.2% | 0.2% | 2.7% | 1.0% | 2.8% | 6.6% | 3.6% | 11.4% | 4.7% | 5.3% | 3.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.97 | 1.97 | 1.99 | 2.17 | 2.05 | 1.40 | 0.90 | 0.67 | 1.53 | 1.44 | 1.43 |
| Debt / EBITDA | 9.13 | 9.13 | 24.46 | 68.69 | 26.58 | 10.28 | 13.74 | 3.64 | 14.40 | 11.69 | 15.87 |
| Net Debt / Equity | — | 1.60 | 1.61 | 2.15 | 1.86 | 1.27 | 0.84 | 0.59 | 1.36 | 1.41 | 1.35 |
| Net Debt / EBITDA | 7.40 | 7.40 | 19.82 | 67.95 | 24.12 | 9.31 | 12.80 | 3.20 | 12.80 | 11.47 | 15.06 |
| Debt / FCF | — | 17.20 | 3.21 | — | — | — | — | — | — | — | 25.55 |
| Interest Coverage | 1.74 | 1.74 | 0.61 | 0.24 | 0.80 | 2.44 | 1.47 | 3.84 | 1.47 | 1.61 | 1.16 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.08 | 0.08 | 27.93 | 3.93 | 14.51 | 14.67 | 5.87 | 7.52 | 7.60 | 1.83 | 3.60 |
| Quick Ratio | 0.08 | 0.08 | 27.93 | 3.93 | 14.51 | 14.67 | 5.87 | 7.52 | 7.60 | 1.83 | 3.60 |
| Cash Ratio | 0.00 | 0.00 | 26.53 | 1.77 | 12.85 | 13.12 | 4.28 | 6.23 | 6.36 | 1.00 | 2.57 |
| Asset Turnover | — | 0.00 | 0.08 | 0.06 | 0.06 | 0.09 | 0.07 | 0.15 | 0.08 | 0.09 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 12.9% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | 145.1% | 358.8% | 91.9% | 39.7% | 76.2% | 30.5% | 64.9% | 51.0% | 59.6% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.0% | 31.1% | 8.0% | 2.8% | 8.2% | — | — | — | — | — | — |
| FCF Yield | 8.9% | 31.3% | 56.2% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 12.9% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $16M | $14M | $13M | $12M | $11M | $11M | $9M | $7M | $6M | $6M |
Portfolio Valuation and Liquidity
According to recent market data, SAJ trades at a P/E of 11.09 and a P/B of 1.03, suggesting that investors are pricing the company near its reported net asset value despite significant volatility in underlying portfolio valuations and recurring income streams.
The current valuation multiples appear to reflect a market that is skeptical of the durability of SAJ's earnings, particularly given the historical swings in net income. Investors should monitor whether the premium to book value is justified by the company's ability to deploy capital effectively through its SBIC licenses or if it represents an overvaluation of illiquid Level 3 assets.
As reported in financial statements, SAJ's net margin has experienced extreme fluctuations, dropping to -8.5% in 2026Q4, which indicates that the company's core profitability is highly sensitive to non-recurring valuation adjustments and the high fixed-cost burden of its external management structure.
While gross margins have shown periods of strength, the significant gap between gross and net margins suggests that incentive fees and administrative costs consume a large portion of investment income. This trend warrants further investigation into whether the company can maintain consistent dividend coverage without relying on realized gains from equity co-investments.
Based on the latest quarterly filings, the current ratio plummeted from 16.19 in 2026Q2 to 0.08 in 2026Q4, signaling a potential liquidity crunch that may limit the company's ability to meet short-term obligations without relying on external financing or asset liquidations.
This rapid deterioration in liquidity metrics suggests that the company's cash management strategy may be under stress, potentially due to timing mismatches between interest collections and debt service requirements. Investors should monitor the company's access to revolving credit facilities, as the current ratio indicates a lack of immediate cash coverage for near-term liabilities.
The debt-to-equity ratio is frequently misapplied to SAJ, as it obscures the regulatory exclusion of SBIC debentures, which are a core component of the company's capital structure and provide a structural advantage that traditional leverage metrics fail to capture accurately.
Analysts should instead focus on the net interest margin and the quality of the underlying loan portfolio, as the D/E ratio can be misleading when comparing BDCs with varying levels of SBIC usage. Relying solely on standard leverage ratios may lead to an incorrect assessment of the company's financial risk profile and its ability to navigate credit market tightening.
Includes 30+ ratios · 20 years · Updated daily
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Quick answers to the most common questions about buying SAJ stock.
Saratoga Investment Corp 8.00%'s current P/E ratio is 11.1x. The historical average is 15.8x. This places it at the 25th percentile of its historical range.
Saratoga Investment Corp 8.00%'s current EV/EBITDA is 12.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 42.5x.
Saratoga Investment Corp 8.00%'s return on equity (ROE) is 9.3%. The historical average is 6.6%.
Based on historical data, Saratoga Investment Corp 8.00% is trading at a P/E of 11.1x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Saratoga Investment Corp 8.00%'s current dividend yield is 12.89%.
Saratoga Investment Corp 8.00% has 75.5% gross margin and 65.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Saratoga Investment Corp 8.00%'s Debt/EBITDA ratio is 9.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.