Latest Ratios: P/E Ratio 10.9x · EV/EBITDA 12.1x · 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 | $406M | $110M | $343M | $305M | $285M | — | — | — | — | — | — |
| Enterprise Value | $1.0B | $744M | $977M | $1.1B | $930M | — | — | — | — | — | — |
| P/E Ratio → | 10.87 | 3.01 | 12.22 | 33.87 | 11.55 | — | — | — | — | — | — |
| P/S Ratio | 3.09 | 0.84 | 3.65 | 4.38 | 4.08 | — | — | — | — | — | — |
| P/B Ratio | 1.00 | 0.28 | 0.87 | 0.82 | 0.82 | — | — | — | — | — | — |
| P/FCF | 11.03 | 2.99 | 1.74 | — | — | — | — | — | — | — | — |
| P/OCF | 11.03 | 2.99 | 1.74 | — | — | — | — | — | — | — | — |
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 | — | 5.66 | 10.38 | 15.81 | 13.32 | — | — | — | — | — | — |
| EV / EBITDA | 12.14 | 8.68 | 30.56 | 93.99 | 34.76 | — | — | — | — | — | — |
| EV / EBIT | 12.02 | 8.68 | 30.56 | 93.99 | 34.76 | — | — | — | — | — | — |
| EV / FCF | — | 20.19 | 4.95 | — | — | — | — | — | — | — | — |
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 | 13.2% | — | — | — | — | — | — | — | — | — | — |
| 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 | 9.2% | 33.2% | 8.2% | 3.0% | 8.7% | — | — | — | — | — | — |
| FCF Yield | 9.1% | 33.4% | 57.5% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 13.2% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $16M | $14M | $13M | $12M | $11M | $11M | $9M | $7M | $6M | $6M |
Portfolio Valuation and Liquidity
According to current market data, SAT trades at a P/E of 10.87 and a P/B of 1.00, suggesting that investors are pricing the firm at parity with its net asset value despite significant volatility in its underlying portfolio performance and historical earnings consistency.
The valuation appears to reflect a market that is cautious regarding the durability of the firm's dividend yield, which currently stands at 13.2%. Investors should monitor whether the forward P/E of 10.12 implies an expectation of earnings recovery or if the market is discounting the potential for further NAV erosion.
Based on reported financial statements, SAT's net margin has fluctuated wildly, reaching a negative 8.5% in 2026Q4, which indicates that the firm's true earning power is frequently masked by non-recurring valuation adjustments and the lumpy nature of its realized investment gains.
While the operating margin of 65.78% suggests a degree of efficiency in the core lending platform, the significant gap between operating and net margins warrants further investigation into the impact of credit-related write-downs. This disparity suggests that the firm's profitability is highly sensitive to the credit quality of its lower-middle market portfolio.
As reported in recent filings, SAT's ROIC has struggled to maintain positive momentum, hovering near 0.7% in 2026Q4, which suggests that the firm is currently failing to generate meaningful returns on its invested capital compared to its historical performance and broader industry peers.
The inability to consistently compound returns on capital appears to be driven by the volatility in net income and the periodic need for portfolio write-downs. This trend suggests that management's capital allocation strategy may be facing structural headwinds in the current interest rate and credit environment.
Based on the provided quarterly data, SAT's asset turnover remains extremely low at 0.00 in 2026Q4, reflecting the firm's nature as a BDC where capital is deployed into long-term debt and equity instruments rather than high-velocity operational assets.
The significant increase in DSO to 3100 days in 2026Q4 is likely an artifact of the BDC business model rather than a reflection of poor collection practices, yet it highlights the illiquid nature of the underlying loan portfolio. Investors should focus on the cash conversion cycle as a proxy for the firm's ability to recycle capital from interest and principal repayments.
According to recent SEC filings, SAT reported a debt-to-equity ratio of 1.93 in 2026Q4, a figure that appears deceptively stable given the massive contraction in the firm's total asset base during the same period, suggesting a potential mismatch between liabilities and portfolio size.
The interest coverage ratio of 0.80 in 2026Q4 indicates that the firm's ability to service its debt obligations from operating income is currently strained. This warrants close monitoring, as any further deterioration in portfolio income could place significant pressure on the firm's liquidity and its ability to maintain dividend distributions.
The Price-to-Book ratio is frequently misapplied to BDCs like SAT because it assumes that the reported net asset value is a static, market-determined figure, whereas in reality, it is heavily reliant on management's subjective fair value estimates for Level 3 assets.
Investors should instead focus on the quality of the underlying portfolio and the consistency of cash interest income, as the P/B ratio can obscure the risk of future write-downs that are not yet reflected in the balance sheet. Relying solely on P/B may lead to an overestimation of the firm's tangible asset backing during periods of market stress.
Includes 30+ ratios · 20 years · Updated daily
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Quick answers to the most common questions about buying SAT stock.
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Saratoga Investment Corp 6.00%'s current dividend yield is 13.16%.
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