Latest Ratios: P/E Ratio 9.6x · EV/EBITDA N/A · ROE N/A. (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 | $363M | $367M | $362M | $299M | $330M | $315M | $258M | $214M | $162M | $132M | $131M |
| Enterprise Value | $271.4B | $271.4B | $995M | $1.1B | $975M | $766M | $513M | $394M | $409M | $334M | $303M |
| P/E Ratio → | 9.65 | 10.03 | 12.87 | 33.24 | 13.37 | 6.88 | 17.48 | 3.83 | 8.76 | 7.46 | 11.48 |
| P/S Ratio | 0.00 | 0.00 | 3.84 | 4.30 | 4.72 | 4.06 | 6.47 | 2.73 | 4.28 | 3.94 | 4.83 |
| P/B Ratio | — | — | 0.92 | 0.81 | 0.95 | 0.88 | 0.85 | 0.70 | 0.90 | 0.92 | 1.03 |
| P/FCF | — | — | 1.83 | — | — | — | — | — | — | — | 19.37 |
| P/OCF | — | — | 1.83 | — | — | — | — | — | — | — | 19.37 |
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 | — | 2.16 | 10.57 | 15.73 | 13.96 | 9.89 | 12.87 | 5.03 | 10.78 | 10.01 | 11.20 |
| EV / EBITDA | — | — | 31.14 | 93.51 | 36.44 | 15.80 | 25.75 | 6.99 | 21.23 | 18.92 | 26.48 |
| EV / EBIT | — | — | 31.14 | 93.51 | 36.44 | 15.80 | 25.75 | 6.99 | 21.23 | 18.92 | 26.48 |
| EV / FCF | — | — | 5.04 | — | — | — | — | — | — | — | 44.92 |
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 | — | — | 44.7% | 29.3% | 52.0% | 74.3% | 66.0% | 81.2% | 65.4% | 67.2% | 63.4% |
| Operating Margin | -0.1% | -0.1% | 33.9% | 16.8% | 38.3% | 62.6% | 50.0% | 72.0% | 50.8% | 52.9% | 42.3% |
| Net Profit Margin | — | — | 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 | — | — | 7.4% | 2.5% | 7.0% | 13.9% | 4.9% | 23.0% | 11.4% | 13.0% | 9.0% |
| ROA | — | — | 2.4% | 0.8% | 2.5% | 6.2% | 2.6% | 11.1% | 4.5% | 5.2% | 3.7% |
| ROIC | -0.1% | -0.1% | 2.0% | 0.8% | 2.1% | 5.1% | 2.8% | 8.7% | 3.6% | 4.0% | 2.9% |
| ROCE | -0.3% | -0.3% | 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 | — | — | 1.99 | 2.17 | 2.05 | 1.40 | 0.90 | 0.67 | 1.53 | 1.44 | 1.43 |
| Debt / EBITDA | — | — | 24.46 | 68.69 | 26.58 | 10.28 | 13.74 | 3.64 | 14.40 | 11.69 | 15.87 |
| Net Debt / Equity | — | — | 1.61 | 2.15 | 1.86 | 1.27 | 0.84 | 0.59 | 1.36 | 1.41 | 1.35 |
| Net Debt / EBITDA | — | — | 19.82 | 67.95 | 24.12 | 9.31 | 12.80 | 3.20 | 12.80 | 11.47 | 15.06 |
| Debt / FCF | — | — | 3.21 | — | — | — | — | — | — | — | 25.55 |
| Interest Coverage | -0.00 | -0.00 | 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 | 0.08 | 0.08 | 26.53 | 1.77 | 12.85 | 13.12 | 4.28 | 6.23 | 6.36 | 1.00 | 2.57 |
| Asset Turnover | — | 0.32 | 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 | 100.0% | — | — | — | — | — | — | — | — | — | — |
| 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 | 10.4% | 10.0% | 7.8% | 3.0% | 7.5% | 14.5% | 5.7% | 26.1% | 11.4% | 13.4% | 8.7% |
| FCF Yield | — | — | 54.6% | — | — | — | — | — | — | — | 5.2% |
| Buyback Yield | 15.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 100.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $16M | $14M | $13M | $12M | $11M | $11M | $9M | $7M | $6M | $6M |
Level 3 Asset Valuation
According to recent market data, Saratoga trades at a P/E of 9.65, which appears to discount the firm relative to peers like Capital Southwest, suggesting that investors are pricing in significant skepticism regarding the realizable value of the underlying loan portfolio and potential future credit losses.
The current valuation multiple warrants caution, as it may be artificially compressed by the market's lack of confidence in the firm's Level 3 asset valuations. Investors should monitor whether this discount to peers is a temporary reaction to sector-wide volatility or a structural reflection of the firm's specific exposure to higher-risk CLO equity tranches.
As reported in financial statements, Saratoga's net margin has exhibited extreme swings, ranging from negative 35.5% to over 47%, indicating that core earning power is frequently obscured by non-recurring valuation adjustments and the lumpy nature of equity co-investment exits within the lower-middle market.
The inconsistency in net margins suggests that relying on quarterly earnings as a proxy for long-term profitability is inherently flawed. Analysts should focus on Net Investment Income (NII) trends, adjusting for PIK income, to better gauge the sustainability of the dividend policy and the underlying health of the loan book.
Based on reported figures, Saratoga's ROIC has struggled to maintain positive momentum, frequently dipping toward zero or negative territory, which suggests that the firm's ability to compound capital is currently constrained by the high cost of its debt structure relative to the yield on its LMM assets.
The inability to consistently generate positive ROIC indicates that the firm may be facing diminishing returns on its investment strategy. This trend warrants further investigation into whether the current portfolio mix is effectively balancing risk and reward or if the firm is over-leveraging to compensate for lower-quality asset yields.
As evidenced by the quarterly data, Saratoga's debt-to-equity ratio has consistently hovered near 2.0x, reflecting a structural reliance on SBIC debentures that, while providing a cost-of-capital advantage, leaves the firm highly vulnerable to interest rate cycles and potential covenant breaches in a stressed credit environment.
The firm's leverage profile is a double-edged sword; while it enables the pursuit of LMM opportunities, it amplifies the impact of any non-accruals on the equity base. Investors should closely monitor the interest coverage ratio, which has shown signs of deterioration, indicating that debt service is becoming less comfortable as market conditions tighten.
The P/E ratio is frequently misapplied to Saratoga, as it fails to account for the non-cash nature of much of the firm's income and the inherent volatility of fair-value accounting, which can lead to a distorted view of the company's actual cash-generating capacity and dividend sustainability.
Instead of P/E, analysts should prioritize the Price-to-NAV ratio and the dividend yield relative to NII, as these metrics better capture the reality of a BDC's business model. Relying on P/E obscures the impact of unrealized gains or losses that are common in Level 3 asset portfolios, potentially leading to an inaccurate assessment of the firm's true economic value.
Includes 30+ ratios · 20 years · Updated daily
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Quick answers to the most common questions about buying SAR stock.
Saratoga Investment Corp.'s current P/E ratio is 9.6x. The historical average is 10.1x. This places it at the 63th percentile of its historical range.
Based on historical data, Saratoga Investment Corp. is trading at a P/E of 9.6x. This is at the 63th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Saratoga Investment Corp.'s current dividend yield is 100.00%.
Saratoga Investment Corp. has -0.1% operating margin.