Operating margins have compressed to -0.1% in 2026Q4, indicating that interest and management expenses are currently outpacing the firm's investment income generation.
| 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 |
|---|
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 42.1M | 20.36M | 36.35M | 57.58M | 26.32M | 63.61M | 24.79M | 22.44M | 17.15M | 15.8M | 14.63M | 12.17M | 17.33M | 16.91M | 19.76M | -6.93M | 20.78M | 16.36M | 0 |
| Gross Margin % | - | 44.71% | 29.28% | 52.04% | 74.33% | 65.96% | 81.25% | 65.38% | 67.23% | 63.43% | 65.14% | 66.48% | 66.66% | 87.22% | 92.87% | 88.32% | 244.33% | 88.86% | 76.48% | - |
| Gross Profit Growth % | -100% | 106.75% | -43.98% | -36.87% | 118.74% | -58.62% | 156.63% | 10.44% | 30.87% | 8.53% | 8.01% | 20.24% | -29.8% | 2.47% | -14.39% | 384.91% | -133.37% | 27.07% | - | - |
| Operating Expenses | 88.91B | 10.14M | 8.66M | 9.6M | 9.06M | 6.38M | 7.26M | 5.54M | 4.78M | 5.72M | 4.04M | 3.33M | 3.67M | 3.29M | 3.64M | 2.8M | 3.5M | 6.82M | 21.72M | 90K |
| OpEx % of Revenue | 70.72% | 10.77% | 12.46% | 13.74% | 11.7% | 16% | 9.28% | 14.6% | 14.32% | 21.14% | 16.66% | 15.12% | 20.11% | 16.54% | 19.98% | 12.51% | -123.4% | 29.14% | 101.55% | - |
| Selling, General & Admin | 5.04B | 9.34M | 8.55M | 8.01M | 6.63M | 6.26M | 5.68M | 5.54M | 4.78M | 4.26M | 4.04M | 3.33M | 3.67M | 3.29M | 3.64M | 5.69M | 4.17M | 6.66M | 5.44M | 100K |
| SG&A % of Revenue | 4.01% | 9.92% | 12.3% | 11.47% | 8.56% | 15.67% | 7.25% | 14.6% | 14.32% | 15.77% | 16.66% | 15.13% | 20.11% | 16.54% | 19.98% | 25.45% | -147% | 28.48% | 25.44% | - |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -138.17M | 31.97M | 11.7M | 26.76M | 48.52M | 19.94M | 56.35M | 19.25M | 17.66M | 11.43M | 11.76M | 11.3M | 8.5M | 14.04M | 13.28M | 16.96M | -10.44M | 13.97M | -5.36M | -130K |
| Operating Margin % | -0.11% | 33.95% | 16.82% | 38.31% | 62.63% | 49.96% | 71.97% | 50.77% | 52.92% | 42.28% | 48.48% | 51.36% | 46.56% | 70.68% | 72.9% | 75.81% | 367.69% | 59.72% | -25.07% | - |
| Operating Income Growth % | -532.24% | 173.22% | -56.27% | -44.85% | 143.32% | -64.61% | 192.72% | 8.97% | 54.51% | -2.78% | 4.06% | 33% | -39.5% | 5.79% | -21.72% | 262.51% | -174.72% | 360.46% | -4024.78% | - |
| EBITDA | -138.17M | 31.97M | 11.7M | 26.76M | 48.52M | 19.94M | 56.35M | 19.25M | 17.66M | 11.43M | 11.76M | 11.3M | 8.5M | 14.04M | 13.28M | 16.96M | -276.71K | 42.12M | -4.86M | -130K |
| EBITDA Margin % | -0.11% | 33.95% | 16.82% | 38.31% | 62.63% | 49.96% | 71.97% | 50.77% | 52.92% | 42.28% | 48.48% | 51.36% | 46.56% | 70.68% | 72.9% | 75.81% | 9.75% | 180.1% | -22.72% | - |
| EBITDA Growth % | -532.24% | 173.22% | -56.27% | -44.85% | 143.32% | -64.61% | 192.72% | 8.97% | 54.51% | -2.78% | 4.06% | 33% | -39.5% | 5.79% | -21.72% | 6228.48% | -100.66% | 966.73% | -3638.26% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.16M | 28.15M | 502.47K | 0 |
| EBIT | -138.17M | 31.97M | 11.7M | 26.76M | 48.52M | 19.94M | 56.35M | 19.25M | 17.66M | 11.43M | 11.76M | 11.3M | 8.5M | 14.04M | 13.28M | 16.96M | -10.44M | 13.97M | -5.36M | 0 |
| Net Interest Income | 0 | 85.49M | 81.12M | 53.09M | 38.62M | 38.14M | 33.9M | 30.24M | 24.2M | 19.49M | 18.42M | 17.31M | 14.1M | 11.91M | 9.96M | 9.44M | 9.23M | 18.54M | 15.71M | 0 |
| Interest Income | 0 | 137.55M | 130.3M | 86.59M | 58.51M | 51.73M | 48.58M | 43.36M | 35.14M | 29.38M | 26.88M | 24.69M | 20.19M | 14.45M | 11.26M | 12.05M | 13.32M | 21.14M | 20.74M | 0 |
| Interest Expense | 49.3B | 52.06M | 49.18M | 33.5M | 19.88M | 13.59M | 14.68M | 13.13M | 10.94M | 9.89M | 8.46M | 7.38M | 6.08M | 2.54M | 1.3M | 2.61M | 4.1M | 2.61M | 5.03M | 0 |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -138.17M | 31.97M | 11.7M | 26.76M | 48.52M | 19.94M | 56.35M | 19.25M | 17.66M | 11.43M | 11.76M | 11.3M | 8.5M | 14.04M | 13.28M | 16.96M | -10.44M | -21.17M | -5.36M | -130K |
| Pretax Margin % | -0.11% | 33.95% | 16.82% | 38.31% | 62.63% | 49.96% | 71.97% | 50.77% | 52.92% | 42.28% | 48.48% | 51.36% | 46.56% | 70.68% | 72.9% | 75.81% | 367.69% | -90.54% | -25.07% | - |
| Income Tax | -138.17M | 3.88M | 2.77M | 2.08M | 2.78M | 5.16M | 607.65K | 739.72K | -14.74K | 44.77K | 113.81K | 293.65K | 0 | 0 | 0 | 0 | 27.45K | 140.32K | 88.95K | 0 |
| Effective Tax Rate % | 100% | 12.14% | 23.64% | 7.78% | 5.73% | 25.89% | 1.08% | 3.84% | -0.08% | 0.39% | 0.97% | 2.6% | 0% | 0% | 0% | 0% | -0.26% | -0.66% | -1.66% | 0% |
| Net Income | 0 | 28.09M | 8.93M | 24.68M | 45.74M | 14.78M | 55.74M | 18.51M | 17.68M | 11.39M | 11.65M | 11.01M | 8.5M | 14.04M | 13.28M | 16.96M | -10.46M | -21.32M | -5.45M | -130K |
| Net Margin % | - | 29.83% | 12.85% | 35.33% | 59.04% | 37.03% | 71.19% | 48.82% | 52.96% | 42.12% | 48.01% | 50.02% | 46.56% | 70.68% | 72.9% | 75.81% | 368.66% | -91.14% | -25.49% | - |
| Net Income Growth % | -100% | 214.38% | -63.8% | -46.05% | 209.5% | -73.49% | 201.14% | 4.7% | 55.25% | -2.22% | 5.8% | 29.54% | -39.5% | 5.79% | -21.72% | 262.08% | 50.91% | -291.02% | -4093.2% | - |
| Net Income (Continuing) | 0 | 28.09M | 8.93M | 24.68M | 45.74M | 14.78M | 55.74M | 18.51M | 17.68M | 11.39M | 11.65M | 11.01M | 8.5M | 14.04M | 13.28M | 16.96M | -10.46M | -21.32M | -5.45M | -130K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.31 | 2.02 | 0.71 | 2.06 | 3.99 | 1.32 | 5.98 | 2.63 | 2.93 | 1.98 | 2.09 | 2.04 | 1.73 | 3.42 | 3.87 | 6.96 | -9.86 | -25.71 | -7.02 | -0.21 |
| EPS Growth % | 14.36% | 184.51% | -65.53% | -48.37% | 202.27% | -77.93% | 127.38% | -10.24% | 47.98% | -5.26% | 2.45% | 17.92% | -49.42% | -11.63% | -44.4% | 170.59% | 61.65% | -266.24% | -3242.86% | - |
| EPS (Basic) | 2.31 | 2.02 | 0.71 | 2.06 | 3.99 | 1.32 | 5.98 | 2.63 | 2.93 | 1.98 | 2.09 | 2.04 | 1.73 | 3.42 | 3.87 | 6.96 | -9.86 | -25.71 | -7.02 | -0.21 |
| Diluted Shares Outstanding | 15.85M | 13.91M | 12.67M | 11.96M | 11.46M | 11.19M | 9.32M | 7.05M | 6.02M | 5.74M | 5.58M | 5.39M | 4.92M | 4.11M | 3.43M | 2.44M | 1.06M | 829.14K | 776.2K | 621.88K |
| Basic Shares Outstanding | 15.85M | 13.91M | 12.67M | 11.96M | 11.46M | 11.19M | 9.32M | 7.05M | 6.02M | 5.74M | 5.58M | 5.39M | 4.92M | 4.11M | 3.43M | 2.44M | 1.06M | 829.14K | 776.2K | 621.88K |
| Dividend Payout Ratio | - | 145.08% | 358.79% | 91.85% | 39.7% | 76.24% | 30.5% | 64.9% | 50.98% | 59.59% | 67.89% | 13.03% | 29.51% | 23.46% | 14.81% | 6.96% | - | - | - | - |
Extreme Data Integrity Discrepancies
As reported in recent financial filings, Saratoga Investment Corp's revenue trajectory exhibits extreme, non-organic fluctuations, including a reported $62.7B figure in 2026Q4 that deviates significantly from historical norms, suggesting that current growth metrics may be distorted by accounting anomalies rather than genuine operational expansion.
The massive variance in quarterly revenue figures makes it impossible to discern a sustainable organic growth trend. Investors should monitor whether these figures represent a fundamental shift in the business model or a recurring data reporting error that obscures the firm's actual investment income generation.
Based on the provided income statement data, the firm's operating margin has deteriorated to -0.1% in the most recent period, indicating that interest expenses and management fees are currently outpacing the investment income generated by the underlying portfolio assets.
This margin profile suggests that the firm's cost of capital and external management fee structure are currently unsustainable relative to its revenue generation. A sustained negative operating margin warrants further investigation into the firm's ability to maintain its dividend payout without eroding net asset value.
According to the latest quarterly disclosures, the firm's inability to scale operating income alongside gross profit suggests a lack of operating leverage, as SG&A expenses appear to consume a disproportionate share of the firm's investment income during periods of revenue volatility.
The disconnect between gross profit and operating income implies that the firm's fixed cost base, particularly management fees, remains rigid even when investment income fluctuates. This lack of efficiency suggests that the firm may struggle to improve profitability without a significant increase in the scale of its investment portfolio.
As highlighted by the extreme discrepancies in reported revenue and cash balances, the fundamental narrative is currently undermined by data that appears inconsistent with the firm's historical operations as a business development company, necessitating extreme caution for any institutional investor relying on these figures.
The reported $125B revenue and $22B cash position are fundamentally incompatible with the firm's market capitalization and industry profile. Analysts should treat these figures as highly suspect and prioritize verification through audited regulatory filings before drawing any conclusions regarding the firm's financial health or competitive positioning.
Quick answers to the most common questions about buying SAY stock.
Saratoga Investment Corp 8.125% (SAY) reported a net loss of $0.0M for the fiscal year ending 2026.
Saratoga Investment Corp 8.125% (SAY) reported an operating income of $-138.2M, resulting in an operating profit margin of -0.1%. This margin reflects the operational efficiency of the business before interest and taxes.