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SAR logoSaratoga Investment Corp.(SAR)Earnings, Financials & Key Ratios

SAR•NYSE•Banking & Credit
$22.50
$365M mkt cap·9.7× P/E·Price updated May 6, 2026
SectorFinancial ServicesIndustryAsset ManagementSub-IndustryPrivate credit and BDC 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$0-100.0%
  • Total Revenue$125.71B+133405.6%
  • Net Income$0-100.0%
  • Net Interest Margin0%-100.0%
  • Efficiency Ratio70.72%+556.8%
  • Equity / Assets-26.73%-181.1%
  • Book Value per Share-6569.13-23374.5%
  • Tangible BV/Share-6569.13-23374.5%
Technical→

SAR Key Insights

Saratoga Investment Corp. (SAR) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Diversified revenue: 100.0% from non-interest income

✗Weaknesses

  • ✗Weak 3Y average ROE of 4.9%
  • ✗Weak Piotroski F-Score: 1/9
  • ✗Thin capital base
  • ✗Shares diluted 13.9% in last year

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

SAR Price & Volume

Saratoga Investment Corp. (SAR) stock price & volume — 10-year historical chart

Loading chart...

SAR Growth Metrics

Saratoga Investment Corp. (SAR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years135.21%
5 Years400.79%
3 Years1116.37%
TTM-

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM39.63%

EPS CAGR

10 Years1.01%
5 Years11.84%
3 Years3.89%
TTM49.24%

Return on Capital

10 Years4.15%
5 Years2.57%
3 Years1.15%
Last Year-0.28%

SAR Recent Earnings

Saratoga Investment Corp. (SAR) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
May 5, 2026
EPS
$0.53
Est $0.53
+0.0%
Revenue
$31M
Est $31M
+0.9%
Q1 2026
Jan 7, 2026
EPS
$0.61
Est $0.59
+3.4%
Revenue
$32M
Est $31M
+2.3%
Q4 2025
Oct 7, 2025
EPS
$0.58
Est $0.67
-13.4%
Revenue
$33M
Est $33M
+0.4%
Q3 2025
Jul 8, 2025
EPS
$0.66
Est $0.69
-4.3%
Revenue
$29M
Est $33M
-10.7%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 5, 2026
$0.53vs $0.53+0.0%
$31Mvs $31M+0.9%
Q1 2026Jan 7, 2026
$0.61vs $0.59+3.4%
$32Mvs $31M+2.3%
Q4 2025Oct 7, 2025
$0.58vs $0.67-13.4%
$33Mvs $33M+0.4%
Q3 2025Jul 8, 2025
$0.66vs $0.69-4.3%
$29Mvs $33M-10.7%
Based on last 12 quarters of dataView full earnings history →

SAR Peer Comparison

Saratoga Investment Corp. (SAR) competitors in Private credit and BDC lenders — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
GAIN logoGAINGladstone Investment CorporationDirect Competitor665.43M16.719.39-12.88%21.89%0.91
SLRC logoSLRCSLR Investment Corp.Direct Competitor761.04M13.958.2124.76%7.31%1.15
PFLT logoPFLTPennantPark Floating Rate Capital Ltd.Direct Competitor913.8M9.2112.792.2%3.23%1.65
TPVG logoTPVGTriplePoint Venture Growth BDC Corp.Direct Competitor225.54M5.574.5736.55%13.09%1.33
CSWC logoCSWCCapital Southwest CorporationDirect Competitor1.44B24.1916.467.67%10.32%1.08
MRCC logoMRCCMonroe Capital CorporationDirect Competitor110.06M5.089.58-39.74%-2.9%1.15
HRZN logoHRZNHorizon Technology Finance CorporationDirect Competitor218.97M4.584.3617.91%8.95%1.49
ARCC logoARCCAres Capital CorporationProduct Competitor13.76B19.1610.3032.87%8.11%1.12

Compare SAR vs Peers

Saratoga Investment Corp. (SAR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GAIN

Most directly comparable listed peer for SAR.

Scale Benchmark

vs ARCC

Larger-name benchmark to compare SAR against a more recognizable public peer.

Peer Set

Compare Top 5

vs GAIN, SLRC, PFLT, TPVG

SAR Income Statement

Saratoga Investment Corp. (SAR) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemFeb'18Feb'19Feb'20Feb'21Feb'22Feb'23Feb'24Feb'25Feb'26
Net Interest Income24.2M30.24M33.9M38.14M38.62M53.09M81.12M85.49M0
NII Growth %24.15%24.95%12.12%12.51%1.27%37.44%52.8%5.39%-100%
Net Interest Margin %6.72%6.42%6.39%6.44%4.41%4.92%6.81%7.17%0%
Interest Income35.14M43.36M48.58M51.73M58.51M86.59M130.3M137.55M0
Interest Expense10.94M13.13M14.68M13.59M19.88M33.5M49.18M52.06M49.3B
Loan Loss Provision346282389-201307-4891010-49.3B
Non-Interest Income-1.76M-5.45M29.71M-11.82M18.96M-16.73M-60.75M-43.39M125.71B
Non-Interest Income %-5.26%-14.37%37.95%-29.61%24.47%-23.96%-87.36%-46.08%100%
Total Revenue
33.38M▲ 0%
37.91M▲ 13.6%
78.29M▲ 106.5%
39.91M▼ 49.0%
77.46M▲ 94.1%
69.85M▼ 9.8%
69.55M▼ 0.4%
94.16M▲ 35.4%
125.71B▲ 133405.6%
Revenue Growth %23.46%13.57%106.51%-49.02%94.09%-9.83%-0.44%35.4%133405.64%
Non-Interest Expense4.78M5.54M7.26M6.38M9.06M9.6M8.66M10.14M88.91B
Efficiency Ratio14.32%14.6%9.28%16%11.7%13.74%12.46%10.77%70.72%
Operating Income
17.66M▲ 0%
19.25M▲ 9.0%
56.35M▲ 192.7%
19.94M▼ 64.6%
48.52M▲ 143.3%
26.76M▼ 44.9%
11.7M▼ 56.3%
31.97M▲ 173.2%
-138.17M▼ 532.2%
Operating Margin %52.92%50.77%71.97%49.96%62.63%38.31%16.82%33.95%-0.11%
Operating Income Growth %54.51%8.97%192.72%-64.61%143.32%-44.85%-56.27%173.22%-532.24%
Pretax Income
17.66M▲ 0%
19.25M▲ 9.0%
56.35M▲ 192.7%
19.94M▼ 64.6%
48.52M▲ 143.3%
26.76M▼ 44.9%
11.7M▼ 56.3%
31.97M▲ 173.2%
-138.17M▼ 532.2%
Pretax Margin %52.92%50.77%71.97%49.96%62.63%38.31%16.82%33.95%-0.11%
Income Tax-14.74K739.72K607.65K5.16M2.78M2.08M2.77M3.88M-138.17M
Effective Tax Rate %-0.08%3.84%1.08%25.89%5.73%7.78%23.64%12.14%100%
Net Income
17.68M▲ 0%
18.51M▲ 4.7%
55.74M▲ 201.1%
14.78M▼ 73.5%
45.74M▲ 209.5%
24.68M▼ 46.0%
8.93M▼ 63.8%
28.09M▲ 214.4%
0▼ 100.0%
Net Margin %52.96%48.82%71.19%37.02%59.04%35.33%12.85%29.83%0%
Net Income Growth %55.25%4.7%201.14%-73.49%209.5%-46.05%-63.8%214.38%-100%
Net Income (Continuing)17.68M18.51M55.74M14.78M45.74M24.68M8.93M28.09M0
EPS (Diluted)
2.93▲ 0%
2.63▼ 10.2%
5.98▲ 127.4%
1.32▼ 77.9%
3.99▲ 202.3%
2.06▼ 48.4%
0.71▼ 65.5%
2.02▲ 184.5%
2.31▲ 14.4%
EPS Growth %47.98%-10.24%127.38%-77.93%202.27%-48.37%-65.53%184.51%14.36%
EPS (Basic)2.932.635.981.323.992.060.712.022.31
Diluted Shares Outstanding6.02M7.05M9.32M11.19M11.46M11.96M12.67M13.91M15.85M

SAR Balance Sheet

Saratoga Investment Corp. (SAR) balance sheet — assets, liabilities & shareholders' equity

Line itemFeb'18Feb'19Feb'20Feb'21Feb'22Feb'23Feb'24Feb'25Feb'26
Cash & Short Term Investments3.93M30.8M24.6M18.83M47.26M65.75M8.69M148.22M22.32B
Cash & Due from Banks3.93M30.8M24.6M18.83M47.26M65.75M8.69M148.22M22.32B
Short Term Investments000000000
Total Investments342.69M402.02M485.63M554.31M817.57M972.59M1.14B978.08M354.12B
Investments Growth %36.79%17.31%20.8%14.14%47.49%18.96%17.09%-14.11%36105.36%
Long-Term Investments342.69M402.02M485.63M554.31M817.57M972.59M1.14B978.08M0
Accounts Receivables3.28M5.96M5.08M6.98M5.55M8.52M10.64M7.79M2.12B
Goodwill & Intangibles000000000
Goodwill000000000
Intangible Assets000000000
PP&E (Net)000000000
Other Assets10.43M31.89M15.55M12.03M5.87M31.3M33.08M57.46M0
Total Current Assets7.21M36.76M29.68M25.81M52.8M74.27M19.33M156.01M24.43B
Total Non-Current Assets353.13M433.91M501.18M566.35M823.43M1B1.17B1.04B0
Total Assets
360.34M▲ 0%
470.67M▲ 30.6%
530.87M▲ 12.8%
592.15M▲ 11.5%
876.24M▲ 48.0%
1.08B▲ 23.0%
1.19B▲ 10.5%
1.19B▲ 0.0%
389.58B▲ 32595.6%
Asset Growth %13.08%30.62%12.79%11.54%47.98%23.04%10.49%0.03%32595.56%
Return on Assets (ROA)5.21%4.45%11.13%2.63%6.23%2.53%0.79%2.36%-
Accounts Payable3.93M4.84M3.95M4.4M3.6M5.12M4.92M5.59M0
Total Debt206.49M277.15M204.88M274.05M498.88M711.13M803.67M781.82M293.33B
Net Debt202.56M246.35M180.28M255.22M451.62M645.38M794.98M633.6M271.01B
Long-Term Debt206.49M277.15M204.88M274.05M498.88M711.13M803.67M781.82M0
Short-Term Debt00000000293.33B
Other Liabilities6.23M7.81M17.75M9.52M17.98M14.96M12.39M11.47M200.38B
Total Current Liabilities3.93M4.84M3.95M4.4M3.6M5.12M4.92M5.59M293.33B
Total Non-Current Liabilities212.72M284.96M222.63M283.57M516.86M726.08M816.06M793.29M200.38B
Total Liabilities216.64M289.8M226.58M287.97M520.46M731.2M820.98M798.88M493.7B
Total Equity
143.69M▲ 0%
180.88M▲ 25.9%
304.29M▲ 68.2%
304.19M▼ 0.0%
355.78M▲ 17.0%
346.96M▼ 2.5%
370.22M▲ 6.7%
392.67M▲ 6.1%
-104.12B▼ 26616.9%
Equity Growth %12.88%25.88%68.23%-0.03%16.96%-2.48%6.71%6.06%-26616.86%
Equity / Assets (Capital Ratio)39.88%38.43%57.32%51.37%40.6%32.18%31.08%32.95%-26.73%
Return on Equity (ROE)13.05%11.41%22.98%4.86%13.86%7.02%2.49%7.36%-
Book Value per Share23.8525.6732.6527.1931.0529.0029.2228.22-6569.13
Tangible BV per Share23.8525.6732.6527.1931.0529.0029.2228.22-6569.13
Common Stock6.26K7.66K11.22K11.16K12.13K11.89K13.65K15.18K250K
Additional Paid-in Capital188.98M203.55M289.48M304.87M328.06M321.89M371.08M412.91M0
Retained Earnings-27.86M-22.69M14.8M-700.35K27.71M25.05M-870.75K-20.26M0
Accumulated OCI-17.43M00000000
Treasury Stock000000000
Preferred Stock000000000

SAR Cash Flow Statement

Saratoga Investment Corp. (SAR) cash flow — operating, investing & free cash flow history

Line itemFeb'18Feb'19Feb'20Feb'21Feb'22Feb'23Feb'24Feb'25Feb'26
Cash from Operations-30.78M-39.98M-15.14M-62.35M-203.13M-130.37M-157.21M197.54M-88.03B
Operating CF Growth %-556.65%-29.9%62.12%-311.67%-225.81%35.82%-20.58%225.66%-44663.33%
Net Income17.68M18.51M55.74M14.78M45.74M24.68M8.93M28.09M0
Depreciation & Amortization990.03M1.19M1.34M1.37M4.42B3.59M05.03M4.8B
Deferred Taxes0-1.03M00-673.65K000-196.31M
Other Non-Cash Items-1.04B-57.56M-81.42M-67.98M-4.68B-151.87M-159.99M162.61M-92.64B
Working Capital Changes587.24K-1.09M9.2M-10.52M10.46M-6.76M-6.15M1.81M0
Cash from Investing-41.39B-198.66B-19.89B-78.08B-55.08B2.25B00-124.87B
Purchase of Investments-107.7B-378.52B-230B-220.78B-302.31B-122.08B-246.1B-28.99B-309.5B
Sale/Maturity of Investments66.31B179.86B210.11B142.7B247.23B124.33B30.27B139.64B184.64B
Net Investment Activity-41.39B-198.66B-19.89B-78.08B-55.08B2.25B-215.83B110.64B-124.87B
Acquisitions000000000
Other Investing000000215.83B-110.64B0
Cash from Financing22.47M88.3M-7.5M52.81M226.09M173.58M101.64M-33.32M-94.91B
Dividends Paid-9.01M-12.01M-17M-11.27M-18.16M-22.67M-32.05M-40.75M-52.36B
Share Repurchases000-3.61M-2.55M-10.82M-2.16M0-54.31M
Stock Issued7.84M32.15M85.9M026.84M049.01M32.75M18.75B
Net Stock Activity7.84M32.15M85.9M-3.61M24.29M-10.82M46.86M32.75M18.7B
Debt Issuance (Net)1000K1000K-1000K1000K1000K1000K1000K-1000K0
Other Financing-1.28M-2.88M-1.95M-3.75K-10.79M-10.68M-5.17M2.35M-42.55B
Net Change in Cash
-8.31M▲ 0%
48.32M▲ 681.4%
-22.64M▼ 146.9%
-9.54M▲ 57.9%
22.96M▲ 340.7%
43.21M▲ 88.2%
-55.57M▼ 228.6%
164.22M▲ 395.5%
-182.94B▼ 111500.4%
Exchange Rate Effect41.39B198.66B19.89B78.08B55.08B-2.25B000
Cash at Beginning22.09M13.78M62.09M39.45M29.92M52.87M96.08M40.51M204.72B
Cash at End13.78M62.09M39.45M29.92M52.87M96.08M40.51M204.72M21.79B
Interest Paid000000000
Income Taxes Paid000000000
Free Cash Flow
-30.78M▲ 0%
-39.98M▼ 29.9%
-15.14M▲ 62.1%
-62.35M▼ 311.7%
-203.13M▼ 225.8%
-130.37M▲ 35.8%
-157.21M▼ 20.6%
197.54M▲ 225.7%
-88.03B▼ 44663.3%
FCF Growth %-556.65%-29.9%62.12%-311.67%-225.81%35.82%-20.58%225.66%-44663.33%

SAR Banking Ratios

Saratoga Investment Corp. (SAR) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2017201820192020202120222023202420252026
Return on Equity (ROE)9.02%13.05%11.41%22.98%4.86%13.86%7.02%2.49%7.36%-
Return on Assets (ROA)3.71%5.21%4.45%11.13%2.63%6.23%2.53%0.79%2.36%-
Net Interest Margin6.12%6.72%6.42%6.39%6.44%4.41%4.92%6.81%7.17%0%
Efficiency Ratio21.14%14.32%14.6%9.28%16%11.7%13.74%12.46%10.77%70.72%
Equity / Assets39.95%39.88%38.43%57.32%51.37%40.6%32.18%31.08%32.95%-26.73%
Book Value / Share22.1823.8525.6732.6527.1931.052929.2228.22-6.57K
NII Growth5.82%24.15%24.95%12.12%12.51%1.27%37.44%52.8%5.39%-100%
Dividend Payout59.59%50.98%64.9%30.5%76.24%39.7%91.85%358.79%145.08%-

SAR SEC Filings & Documents

Saratoga Investment Corp. (SAR) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 5, 2026·SEC

Material company update

Apr 14, 2026·SEC

Material company update

Mar 13, 2026·SEC

10-K Annual Reports

4
FY 2026

May 5, 2026·SEC

FY 2025

May 7, 2025·SEC

FY 2024

May 6, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Jan 7, 2026·SEC

FY 2025

Oct 7, 2025·SEC

FY 2025

Jul 8, 2025·SEC

SAR Frequently Asked Questions

Saratoga Investment Corp. (SAR) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Saratoga Investment Corp. (SAR) grew revenue by 133405.6% over the past year. This is strong growth.

Yes, Saratoga Investment Corp. (SAR) is profitable, generating $39.2M in net income for fiscal year 2026.

Dividend & Returns

Yes, Saratoga Investment Corp. (SAR) pays a dividend with a yield of 100.00%. This makes it attractive for income-focused investors.

Industry Metrics

Saratoga Investment Corp. (SAR) has a net interest margin (NIM) of N/A. NIM has been under pressure due to interest rate environment.

Saratoga Investment Corp. (SAR) has an efficiency ratio of 70.7%. This is higher than peers, suggesting room for cost optimization.

Explore More SAR

Saratoga Investment Corp. (SAR) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

→

DCA Calculator

Dollar cost averaging vs lump sum

→

Dividend History

Yield, growth, payout safety & DRIP

→

Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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