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Saratoga Investment Corp 8.50%(SAZ)Earnings, Financials & Key Ratios
SAZ•NYSE•Banking & Credit
11.1× P/E·Price updated Jun 19, 2026
AboutSaratoga Investment Corp. (NYSE: SAR) is a publicly traded business development company (BDC) that provides customized financing solutions for middle market companies located in the United States. Saratoga’s senior investment professionals have over 200 years of combined experience investing in more than $4 billion in middle market businesses.Show more
- Net Interest Income$70M-18.1%
- Total Revenue$131M+39.6%
- Net Income$37M+30.3%
- Return on Equity9.28%+26.0%
- Net Interest Margin0.02%-99.7%
- Efficiency Ratio9.7%-9.9%
- ROA0.02%-99.2%
- Equity / Assets0.1%-99.7%
- Book Value per Share24.99-11.4%
SAZ Key Insights
Saratoga Investment Corp 8.50% (SAZ) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong 5Y profit CAGR of 19.9%
- ✓Efficient operations: 9.7% efficiency ratio
- ✓Trading near 52-week high
- ✓Trading at only 1.0x book value
✗Weaknesses
- ✗Weak NIM of 0.0%
- ✗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.
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SAZ Price & Volume
Saratoga Investment Corp 8.50% (SAZ) stock price & volume — 10-year historical chart
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SAZ Growth Metrics
Saratoga Investment Corp 8.50% (SAZ) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years18.41%
5 Years26.92%
3 Years23.46%
TTM-
Profit CAGR
10 Years12.13%
5 Years19.89%
3 Years14.05%
TTM30.33%
EPS CAGR
10 Years1.01%
5 Years11.84%
3 Years3.89%
TTM14.01%
Return on Capital
10 Years4.19%
5 Years2.66%
3 Years1.3%
Last Year0.18%
SAZ Recent Earnings
Saratoga Investment Corp 8.50% (SAZ) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
May 13, 2026Metric
Actual
Est
EPS
$0.56+0.4%
$0.56
Rev
$62.7B+203240.3%
$31M
Q1 2026
Jan 7, 2026Metric
Actual
Est
EPS
$0.61+3.7%
$0.59
Rev
$32M+2.3%
$31M
Q4 2025
Oct 7, 2025Metric
Actual
Est
EPS
$0.58-12.3%
$0.66
Rev
$31M-5.1%
$32M
Q3 2025
Jul 8, 2025Metric
Actual
Est
EPS
$0.91+26.8%
$0.72
Rev
$35M+8.8%
$32M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 13, 2026 | $0.56vs $0.56+0.4% | $62.7Bvs $31M+203240.3% |
| Q1 2026 | Jan 7, 2026 | $0.61vs $0.59+3.7% | $32Mvs $31M+2.3% |
| Q4 2025 | Oct 7, 2025 | $0.58vs $0.66-12.3% | $31Mvs $32M-5.1% |
| Q3 2025 | Jul 8, 2025 | $0.91vs $0.72+26.8% | $35Mvs $32M+8.8% |
Based on last 12 quarters of dataView full earnings history →
SAZ Peer Comparison
Saratoga Investment Corp 8.50% (SAZ) competitors in Direct Lending and Credit Vehicles — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 SAR | 359.35M | 22.09 | 9.56 | 1334.06% | 0.06% | |||
 GBDC | 3.22B | 12.35 | 8.70 | 42.5% | 26.91% | 5.24% | 1.23 | |
 ARCC | 12.95B | 18.03 | 9.69 | 32.87% | 43.69% | 8.11% | 1.12 | |
 FSCO | 997.19M | 4.93 | 6.49 | -18.64% | 10.48% | 0.20 | ||
 PFLT | 742.15M | 7.48 | 10.39 | 2.2% | 34.83% | 5.84% | 1.65 | |
 TPVG | 202.99M | 5.00 | 4.10 | 36.55% | -19.55% | -3.39% | 1.33 | |
 SLRC | 677.57M | 12.42 | 7.31 | 24.76% | 39.78% | 7.31% | 1.15 | |
 BBDC | 868.02M | 8.29 | 8.55 | 19% | 40.84% | 7.67% | 1.23 |
Compare SAZ vs Peers
Saratoga Investment Corp 8.50% (SAZ) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
SAZ Income Statement
Saratoga Investment Corp 8.50% (SAZ) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Feb'18 | Feb'19 | Feb'20 | Feb'21 | Feb'22 | Feb'23 | Feb'24 | Feb'25 | Feb'26 |
|---|---|---|---|---|---|---|---|---|---|
Net Interest Income | 24.2M | 30.24M | 33.9M | 38.14M | 38.62M | 53.09M | 81.12M | 85.49M | 70.03M |
NII Growth % | 24.15% | 24.95% | 12.12% | 12.51% | 1.27% | 37.44% | 52.8% | 5.39% | -18.09% |
Net Interest Margin % | 6.72% | 6.42% | 6.39% | 6.44% | 4.41% | 4.92% | 6.81% | 7.17% | 0.02% |
Interest Income | 35.14M | 43.36M | 48.58M | 51.73M | 58.51M | 86.59M | 130.3M | 137.55M | 119.33M |
Interest Expense | 10.94M | 13.13M | 14.68M | 13.59M | 19.88M | 33.5M | 49.18M | 52.06M | 49.3M |
Loan Loss Provision | 346 | 282 | 389 | -201 | 307 | -489 | 101 | 0 | -17.07M |
Non-Interest Income | -1.76M | -5.45M | 29.71M | -11.82M | 18.96M | -16.73M | -60.75M | -43.39M | 12.13M |
Non-Interest Income % | -5.26% | -14.37% | 37.95% | -29.61% | 24.47% | -23.96% | -87.36% | -46.08% | 9.23% |
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% | 131.46M▲ 39.6% |
Revenue Growth % | 23.46% | 13.57% | 106.51% | -49.02% | 94.09% | -9.83% | -0.44% | 35.4% | 39.61% |
Non-Interest Expense | 4.78M | 5.54M | 7.26M | 6.38M | 9.06M | 9.6M | 8.66M | 10.14M | 12.75M |
Efficiency Ratio | 14.32% | 14.6% | 9.28% | 16% | 11.7% | 13.74% | 12.46% | 10.77% | 9.7% |
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% | 86.48M▲ 170.5% |
Operating Margin % | 52.92% | 50.77% | 71.97% | 49.96% | 62.63% | 38.31% | 16.82% | 33.95% | 65.78% |
Operating Income Growth % | 54.51% | 8.97% | 192.72% | -64.61% | 143.32% | -44.85% | -56.27% | 173.22% | 170.54% |
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% | 36.35M▲ 13.7% |
Pretax Margin % | 52.92% | 50.77% | 71.97% | 49.96% | 62.63% | 38.31% | 16.82% | 33.95% | 27.65% |
Income Tax | -14.74K | 739.72K | 607.65K | 5.16M | 2.78M | 2.08M | 2.77M | 3.88M | -251.67K |
Effective Tax Rate % | -0.08% | 3.84% | 1.08% | 25.89% | 5.73% | 7.78% | 23.64% | 12.14% | -0.69% |
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% | 36.6M▲ 30.3% |
Net Margin % | 52.96% | 48.82% | 71.19% | 37.02% | 59.04% | 35.33% | 12.85% | 29.83% | 27.84% |
Net Income Growth % | 55.25% | 4.7% | 201.14% | -73.49% | 209.5% | -46.05% | -63.8% | 214.38% | 30.33% |
Net Income (Continuing) | 17.68M | 18.51M | 55.74M | 14.78M | 45.74M | 24.68M | 8.93M | 28.09M | 36.6M |
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) | 2.93 | 2.63 | 5.98 | 1.32 | 3.99 | 2.06 | 0.71 | 2.02 | 2.31 |
Diluted Shares Outstanding | 6.02M | 7.05M | 9.32M | 11.19M | 11.46M | 11.96M | 12.67M | 13.91M | 15.85M |
SAZ Balance Sheet
Saratoga Investment Corp 8.50% (SAZ) balance sheet — assets, liabilities & shareholders' equity
| Metric | Feb'18 | Feb'19 | Feb'20 | Feb'21 | Feb'22 | Feb'23 | Feb'24 | Feb'25 | Feb'26 |
|---|---|---|---|---|---|---|---|---|---|
Cash & Short Term Investments | 3.93M | 30.8M | 24.6M | 18.83M | 47.26M | 65.75M | 8.69M | 148.22M | 22.32B |
Cash & Due from Banks | 3.93M | 30.8M | 24.6M | 18.83M | 47.26M | 65.75M | 8.69M | 148.22M | 148.22M |
Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Investments | 342.69M | 402.02M | 485.63M | 554.31M | 817.57M | 972.59M | 1.14B | 978.08M | 1.11B |
Investments Growth % | 36.79% | 17.31% | 20.8% | 14.14% | 47.49% | 18.96% | 17.09% | -14.11% | 13.4% |
Long-Term Investments | 342.69M | 402.02M | 485.63M | 554.31M | 817.57M | 972.59M | 1.14B | 978.08M | 1.11B |
Accounts Receivables | 3.28M | 5.96M | 5.08M | 6.98M | 5.55M | 8.52M | 10.64M | 7.79M | 2.12B |
Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Assets | 10.43M | 31.89M | 15.55M | 12.03M | 5.87M | 31.3M | 33.08M | 57.46M | 782K |
Total Current Assets | 7.21M | 36.76M | 29.68M | 25.81M | 52.8M | 74.27M | 19.33M | 156.01M | 24.43B |
Total Non-Current Assets | 353.13M | 433.91M | 501.18M | 566.35M | 823.43M | 1B | 1.17B | 1.04B | 1.11B |
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% | 0.02% |
Accounts Payable | 3.93M | 4.84M | 3.95M | 4.4M | 3.6M | 5.12M | 4.92M | 5.59M | 5.68M |
Total Debt | 206.49M | 277.15M | 204.88M | 274.05M | 498.88M | 711.13M | 803.67M | 781.82M | 781.82M |
Net Debt | 202.56M | 246.35M | 180.28M | 255.22M | 451.62M | 645.38M | 794.98M | 633.6M | 633.6M |
Long-Term Debt | 206.49M | 277.15M | 204.88M | 274.05M | 498.88M | 711.13M | 803.67M | 781.82M | 725.65M |
Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 293.33B |
Other Liabilities | 6.23M | 7.81M | 17.75M | 9.52M | 17.98M | 14.96M | 12.39M | 11.47M | 200.38B |
Total Current Liabilities | 3.93M | 4.84M | 3.95M | 4.4M | 3.6M | 5.12M | 4.92M | 5.59M | 293.33B |
Total Non-Current Liabilities | 212.72M | 284.96M | 222.63M | 283.57M | 516.86M | 726.08M | 816.06M | 793.29M | 200.38B |
Total Liabilities | 216.64M | 289.8M | 226.58M | 287.97M | 520.46M | 731.2M | 820.98M | 798.88M | 493.7B |
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% | 396.16M▲ 0.9% |
Equity Growth % | 12.88% | 25.88% | 68.23% | -0.03% | 16.96% | -2.48% | 6.71% | 6.06% | 0.89% |
Equity / Assets (Capital Ratio) | 39.88% | 38.43% | 57.32% | 51.37% | 40.6% | 32.18% | 31.08% | 32.95% | 0.1% |
Return on Equity (ROE) | 13.05% | 11.41% | 22.98% | 4.86% | 13.86% | 7.02% | 2.49% | 7.36% | 9.28% |
Book Value per Share | 23.85 | 25.67 | 32.65 | 27.19 | 31.05 | 29.00 | 29.22 | 28.22 | 24.99 |
Tangible BV per Share | 23.85 | 25.67 | 32.65 | 27.19 | 31.05 | 29.00 | 29.22 | 28.22 | 24.99 |
Common Stock | 6.26K | 7.66K | 11.22K | 11.16K | 12.13K | 11.89K | 13.65K | 15.18K | 16.22K |
Additional Paid-in Capital | 188.98M | 203.55M | 289.48M | 304.87M | 328.06M | 321.89M | 371.08M | 412.91M | 439.2M |
Retained Earnings | -27.86M | -22.69M | 14.8M | -700.35K | 27.71M | 25.05M | -870.75K | -20.26M | -43.06M |
Accumulated OCI | -17.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
SAZ Cash Flow Statement
Saratoga Investment Corp 8.50% (SAZ) cash flow — operating, investing & free cash flow history
| Metric | Feb'18 | Feb'19 | Feb'20 | Feb'21 | Feb'22 | Feb'23 | Feb'24 | Feb'25 | Feb'26 |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | -30.78M | -39.98M | -15.14M | -62.35M | -203.13M | -130.37M | -157.21M | 197.54M | 36.84M |
Operating CF Growth % | -556.65% | -29.9% | 62.12% | -311.67% | -225.81% | 35.82% | -20.58% | 225.66% | -81.35% |
Net Income | 17.68M | 18.51M | 55.74M | 14.78M | 45.74M | 24.68M | 8.93M | 28.09M | 36.6M |
Depreciation & Amortization | 990.03M | 1.19M | 1.34M | 1.37M | 4.42B | 3.59M | 0 | 5.03M | 0 |
Deferred Taxes | 0 | -1.03M | 0 | 0 | -673.65K | 0 | 0 | 0 | 0 |
Other Non-Cash Items | -1.04B | -57.56M | -81.42M | -67.98M | -4.68B | -151.87M | -159.99M | 162.61M | -874.34K |
Working Capital Changes | 587.24K | -1.09M | 9.2M | -10.52M | 10.46M | -6.76M | -6.15M | 1.81M | 1.11M |
Cash from Investing | -41.39B | -198.66B | -19.89B | -78.08B | -55.08B | 2.25B | 0 | 0 | -124.87M |
Purchase of Investments | -107.7B | -378.52B | -230B | -220.78B | -302.31B | -122.08B | -246.1B | -28.99B | -309.5M |
Sale/Maturity of Investments | 66.31B | 179.86B | 210.11B | 142.7B | 247.23B | 124.33B | 30.27B | 139.64B | 184.64M |
Net Investment Activity | -41.39B | -198.66B | -19.89B | -78.08B | -55.08B | 2.25B | -215.83B | 110.64B | -124.87M |
Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 215.83B | -110.64B | 0 |
Cash from Financing | 22.47M | 88.3M | -7.5M | 52.81M | 226.09M | 173.58M | 101.64M | -33.32M | -94.91M |
Dividends Paid | -9.01M | -12.01M | -17M | -11.27M | -18.16M | -22.67M | -32.05M | -40.75M | -52.36M |
Share Repurchases | 0 | 0 | 0 | -3.61M | -2.55M | -10.82M | -2.16M | 0 | -54.31K |
Stock Issued | 7.84M | 32.15M | 85.9M | 0 | 26.84M | 0 | 49.01M | 32.75M | 18.73M |
Net Stock Activity | 7.84M | 32.15M | 85.9M | -3.61M | 24.29M | -10.82M | 46.86M | 32.75M | 18.67M |
Debt Issuance (Net) | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K |
Other Financing | -1.28M | -2.88M | -1.95M | -3.75K | -10.79M | -10.68M | -5.17M | 2.35M | 569.32K |
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% | -182.94M▼ 211.4% |
Exchange Rate Effect | 41.39B | 198.66B | 19.89B | 78.08B | 55.08B | -2.25B | 0 | 0 | 0 |
Cash at Beginning | 22.09M | 13.78M | 62.09M | 39.45M | 29.92M | 52.87M | 96.08M | 40.51M | 204.72M |
Cash at End | 13.78M | 62.09M | 39.45M | 29.92M | 52.87M | 96.08M | 40.51M | 204.72M | 21.79M |
Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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% | 36.84M▼ 81.4% |
FCF Growth % | -556.65% | -29.9% | 62.12% | -311.67% | -225.81% | 35.82% | -20.58% | 225.66% | -81.35% |
SAZ Banking Ratios
Saratoga Investment Corp 8.50% (SAZ) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | 9.02% | 13.05% | 11.41% | 22.98% | 4.86% | 13.86% | 7.02% | 2.49% | 7.36% | 9.28% |
Return on Assets (ROA) | 3.71% | 5.21% | 4.45% | 11.13% | 2.63% | 6.23% | 2.53% | 0.79% | 2.36% | 0.02% |
Net Interest Margin | 6.12% | 6.72% | 6.42% | 6.39% | 6.44% | 4.41% | 4.92% | 6.81% | 7.17% | 0.02% |
Efficiency Ratio | 21.14% | 14.32% | 14.6% | 9.28% | 16% | 11.7% | 13.74% | 12.46% | 10.77% | 9.7% |
Equity / Assets | 39.95% | 39.88% | 38.43% | 57.32% | 51.37% | 40.6% | 32.18% | 31.08% | 32.95% | 0.1% |
Book Value / Share | 22.18 | 23.85 | 25.67 | 32.65 | 27.19 | 31.05 | 29 | 29.22 | 28.22 | 24.99 |
NII Growth | 5.82% | 24.15% | 24.95% | 12.12% | 12.51% | 1.27% | 37.44% | 52.8% | 5.39% | -18.09% |
Dividend Payout | 59.59% | 50.98% | 64.9% | 30.5% | 76.24% | 39.7% | 91.85% | 358.79% | 145.08% | - |
Related:SAZ Dividend History·SAZ Revenue History·SAZ Price History·SAZ P/E History·SAZ Financial Ratios·SAZ Institutional Holders
SAZ SEC Filings & Documents
Saratoga Investment Corp 8.50% (SAZ) SEC filings — annual & quarterly reports (10-K, 10-Q)
SAZ Frequently Asked Questions
Saratoga Investment Corp 8.50% (SAZ) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Saratoga Investment Corp 8.50% (SAZ) grew revenue by 39.6% over the past year. This is strong growth.
Yes, Saratoga Investment Corp 8.50% (SAZ) is profitable, generating $36.6M in net income for fiscal year 2026 (27.8% net margin).
Dividend & Returns
Yes, Saratoga Investment Corp 8.50% (SAZ) pays a dividend with a yield of 12.89%. This makes it attractive for income-focused investors.
Saratoga Investment Corp 8.50% (SAZ) has a return on equity (ROE) of 9.3%. This is below average, suggesting room for improvement.
Industry Metrics
Saratoga Investment Corp 8.50% (SAZ) has a net interest margin (NIM) of 0.0%. NIM has been under pressure due to interest rate environment.
Saratoga Investment Corp 8.50% (SAZ) has an efficiency ratio of 9.7%. This is excellent, indicating strong cost control.