The firm's liquidity buffer has come under severe pressure, with the current ratio plummeting from 9.12 in 2026Q3 to 0.08 in 2026Q4, even as the debt-to-equity ratio remains elevated at 1.93.
| Metric | Feb'26 | Feb'25 | Feb'24 | Feb'23 | Feb'22 | Feb'21 | Feb'20 | Feb'19 | Feb'18 | Feb'17 | Feb'16 | Feb'15 | Feb'14 | Feb'13 | Feb'12 | Feb'11 | Feb'10 | Feb'09 | Feb'08 | Feb'07 |
|---|
| Total Current Assets | 24.43B | 156.01M | 19.33M | 74.27M | 52.8M | 25.81M | 29.68M | 36.76M | 7.21M | 13.03M | 6.11M | 4.53M | 6.02M | 5.07M | 3.3M | 12.63M | 7.15M | 10.86M | 19.17M | 1.03K |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 1.11B | 1.04B | 1.17B | 1B | 823.43M | 566.35M | 501.18M | 433.91M | 353.13M | 305.63M | 288.94M | 259.03M | 209.15M | 169.34M | 122.19M | 86.13M | 89.78M | 119.8M | 173.68M | 0 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.11B | 978.08M | 1.14B | 972.59M | 817.57M | 554.31M | 485.63M | 402.02M | 342.69M | 250.53M | 271.17M | 223.51M | 186.28M | 0 | 95.36M | 80.04M | 89.37M | 118.91M | 188.49M | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 389.58B | 1.19B | 1.19B | 1.08B | 876.24M | 592.15M | 530.87M | 470.67M | 360.34M | 318.65M | 295.05M | 263.56M | 215.17M | 174.41M | 125.49M | 98.77M | 96.94M | 130.66M | 192.84M | 800K |
| Asset Turnover | 0.00x | 0.08x | 0.06x | 0.06x | 0.09x | 0.07x | 0.15x | 0.08x | 0.09x | 0.08x | 0.08x | 0.08x | 0.08x | 0.11x | 0.15x | 0.23x | -0.03x | 0.18x | 0.11x | - |
| Asset Growth % | 32595.56% | 0.03% | 10.49% | 23.04% | 47.98% | 11.54% | 12.79% | 30.62% | 13.08% | 8% | 11.95% | 22.49% | 23.37% | 38.98% | 27.06% | 1.89% | -25.81% | -32.24% | 24005.21% | - |
| Total Current Liabilities | 293.33B | 5.59M | 4.92M | 5.12M | 3.6M | 4.4M | 3.95M | 4.84M | 3.93M | 3.62M | 3.28M | 2.64M | 1.7M | 692.83K | 25.54M | 11.04M | 38.37M | 3.65M | 12.05M | 900K |
| Accounts Payable | 5.68M | 5.59M | 4.92M | 5.12M | 3.6M | 4.4M | 3.95M | 4.84M | 3.93M | 3.62M | 3.28M | 2.64M | 1.7M | 692.83K | 4.83M | 5.75M | 267.17K | 2.95M | 11.34M | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 293.33B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20M | 4.5M | 36.99M | 0 | 0 | 0 |
| Deferred Revenue (Current) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | -12.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 900K |
| Current Ratio | 0.08x | 27.93x | 3.93x | 14.51x | 14.67x | 5.87x | 7.52x | 7.60x | 1.83x | 3.60x | 1.86x | 1.71x | 3.54x | 7.32x | 0.13x | 1.14x | 0.19x | 2.97x | 1.59x | 0.00x |
| Quick Ratio | 0.08x | 27.93x | 3.93x | 14.51x | 14.67x | 5.87x | 7.52x | 7.60x | 1.83x | 3.60x | 1.86x | 1.71x | 3.54x | 7.32x | 0.13x | 1.14x | 0.19x | 2.97x | 1.59x | 0.00x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 200.38B | 793.29M | 816.06M | 726.08M | 516.86M | 283.57M | 222.63M | 284.96M | 212.72M | 187.74M | 166.61M | 138.32M | 100.04M | 65.03M | 2.57M | 1.66M | 3.09M | 58.99M | 82.92M | 0 |
| Long-Term Debt | 725.65M | 781.82M | 803.67M | 711.13M | 498.88M | 274.05M | 204.88M | 277.15M | 206.49M | 181.48M | 160.75M | 132.12M | 94.29M | 60.3M | 20M | 4.5M | 36.99M | 58.99M | 78.45M | 0 |
| Capital Lease Obligations | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 493.7B | 798.88M | 820.98M | 731.2M | 520.46M | 287.97M | 226.58M | 289.8M | 216.64M | 191.36M | 169.9M | 140.96M | 101.74M | 65.72M | 28.11M | 12.7M | 41.46M | 62.65M | 94.97M | 900K |
| Total Debt | 781.82M | 781.82M | 803.67M | 711.13M | 498.88M | 274.05M | 204.88M | 277.15M | 206.49M | 181.48M | 160.75M | 132.12M | 94.29M | 60.3M | 40M | 9M | 73.98M | 58.99M | 78.45M | 0 |
| Net Debt | 633.6M | 633.6M | 794.98M | 645.38M | 451.62M | 255.22M | 180.28M | 246.35M | 202.56M | 172.17M | 158.31M | 130.23M | 91M | 60.15M | 38.67M | -1.74M | 70.63M | 51.46M | 62.8M | -1.03K |
| Debt / Equity | 1.97x | 1.99x | 2.17x | 2.05x | 1.40x | 0.90x | 0.67x | 1.53x | 1.44x | 1.43x | 1.28x | 1.08x | 0.83x | 0.55x | 0.41x | 0.10x | 1.33x | 0.87x | 0.80x | - |
| Debt / EBITDA | 9.13x | 24.46x | 68.69x | 26.58x | 10.28x | 13.74x | 3.64x | 14.40x | 11.69x | 15.87x | 13.67x | 11.69x | 11.10x | 4.29x | 3.01x | 0.53x | - | 1.40x | - | - |
| Net Debt / EBITDA | 7.40x | 19.82x | 67.95x | 24.12x | 9.31x | 12.80x | 3.20x | 12.80x | 11.47x | 15.06x | 13.46x | 11.52x | 10.71x | 4.28x | 2.91x | -0.10x | - | 1.22x | - | - |
| Interest Coverage | 1.74x | 0.61x | 0.24x | 0.80x | 2.44x | 1.47x | 3.84x | 1.47x | 1.61x | 1.16x | 1.39x | 1.53x | 1.40x | 5.53x | 10.23x | 6.49x | -2.55x | 5.36x | -1.07x | - |
| Total Equity | 396.16M | 392.67M | 370.22M | 346.96M | 355.78M | 304.19M | 304.29M | 180.88M | 143.69M | 127.29M | 125.15M | 122.6M | 113.43M | 108.69M | 97.38M | 86.07M | 55.48M | 68.01M | 97.87M | -100K |
| Equity Growth % | 0.89% | 6.06% | 6.71% | -2.48% | 16.96% | -0.03% | 68.23% | 25.88% | 12.88% | 1.71% | 2.08% | 8.09% | 4.36% | 11.61% | 13.14% | 55.14% | -18.43% | -30.51% | 97969.04% | - |
| Book Value per Share | 24.99 | 28.22 | 29.22 | 29.00 | 31.05 | 27.19 | 32.65 | 25.67 | 23.85 | 22.18 | 22.42 | 22.77 | 23.05 | 26.44 | 28.35 | 35.31 | 52.27 | 82.03 | 126.09 | -0.16 |
| Total Shareholders' Equity | 396.16M | 392.67M | 370.22M | 346.96M | 355.78M | 304.19M | 304.29M | 180.88M | 143.69M | 127.29M | 125.15M | 122.6M | 113.43M | 108.69M | 97.38M | 86.07M | 55.48M | 68.01M | 97.87M | -100K |
| Common Stock | 16.22K | 15.18K | 13.65K | 11.89K | 12.13K | 11.16K | 11.22K | 7.66K | 6.26K | 5.79K | 5.67K | 5.4K | 5.38K | 4.73K | 3.88K | 3.28K | 1.69K | 829 | 829 | 0 |
| Retained Earnings | -43.06M | -20.26M | -870.75K | 25.05M | 27.71M | -700.35K | 14.8M | -22.69M | -27.86M | -27.74M | -26.22M | -23.91M | -31.12M | -24.52M | -13.92M | -8.92M | -2.85M | 12.12M | 0 | -100K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17.43M | 0 | 0 | 0 | 0 | 0 | -48.87M | -37.55M | -12.39M | -55.05M | -18.35M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Leverage and Liquidity Mismatch
According to recent financial filings, SAT's total assets experienced a dramatic contraction from $1.2 billion in 2026Q3 to $389.6 million in 2026Q4, signaling a significant shift in the firm's capital base that warrants close scrutiny regarding the sustainability of its investment platform.
The sudden reduction in the asset base suggests either a major portfolio divestment or a significant accounting adjustment that fundamentally alters the firm's scale. Investors should monitor whether this trajectory reflects a strategic pivot or a forced deleveraging event that could impair future earnings capacity.
As reported in quarterly statements, SAT's debt-to-equity ratio remained elevated at 1.93 in 2026Q4, despite the massive reduction in total assets, which indicates that the firm's leverage profile has not adjusted proportionally to the decline in its underlying investment portfolio.
Maintaining high leverage while the asset base shrinks suggests a potential mismatch between debt obligations and the income-generating capacity of the remaining portfolio. This leverage profile appears to increase the firm's sensitivity to credit defaults, as there is less asset coverage to absorb potential valuation write-downs.
Based on the latest balance sheet data, SAT's current ratio plummeted to 0.08 in 2026Q4 from 9.12 in the prior quarter, indicating a severe deterioration in the firm's ability to cover short-term liabilities with its current liquid asset holdings.
This collapse in the current ratio suggests that the firm may face significant challenges in meeting near-term obligations without relying on external financing or asset liquidations. Such a liquidity profile appears highly precarious and may limit management's flexibility to navigate market volatility or pursue new investment opportunities.
As evidenced by the company's reported figures, retained earnings have remained consistently negative, reaching -$43.1 million in 2026Q4, which highlights a persistent inability to accumulate capital through profitable operations over the observed ten-quarter period.
The continued reliance on external capital to support the equity base, rather than organic growth through retained earnings, suggests that the business model may be struggling to generate sustainable net income. This trend warrants further investigation into the quality of the firm's earnings and its long-term capital preservation strategy.
Quick answers to the most common questions about buying SAT stock.
As of 2026, Saratoga Investment Corp 6.00% (SAT) had total assets of $389.58B including $24.43B in current assets.
Saratoga Investment Corp 6.00% (SAT) carries total debt of $781.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Saratoga Investment Corp 6.00% (SAT) has total shareholders' equity (book value) of $396.2M ($24.99 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Saratoga Investment Corp 6.00% (SAT) reported a current ratio of 0.08x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.