What is Saratoga Invtmt's earnings per share (EPS)?

Saratoga Invtmt (SAJ) reported diluted earnings per share of $2.02 for fiscal year 2025. This represents a 184.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Saratoga Invtmt Financials

SAJ

Source SEC Filings (10-K/10-Q) Updated Nov 30, 2025 Currency USD FYE February

This page shows Saratoga Invtmt (SAJ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SAJ FY2025 2026-04-22

SAJ’s dominant mechanic is balance-sheet leverage: tiny reported revenue sits beside a large asset base, so cash generation matters more than sales growth.

Across FY2022-FY2024, positive net income coexisted with negative operating cash flow, forcing reliance on financing; in FY2025 that gap reversed as operating cash flow reached $197.5M and exceeded net income. Cash then rose from $8.7M to $148.2M, which points to a liquidity improvement coming from operations rather than another financing bridge.

With total assets near $1.19B and debt at roughly 2.0x equity, SAJ behaves more like an asset-and-financing structure than a sales-driven operating company. That is why return on assets of 2.4% in FY2025 says more about economic efficiency than income-statement margin percentages here.

The balance sheet is less cash-starved than FY2024 but not lightly levered: cash of $148.2M covers only a fraction of long-term debt of $793.9M. The FY2025 cash rebound improved flexibility, but the company still depends on the earnings power of a large financed asset base.

Financial Health Signals

Financial Profile 14/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Saratoga Invtmt's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Saratoga Invtmt's revenue declined 26.4% year-over-year, from $2.1M to $1.6M. This contraction results in a growth score of 0/100.

Leverage

Saratoga Invtmt has a moderate D/E ratio of 2.02. This balance of debt and equity financing earns a leverage score of 61/100.

Returns

Saratoga Invtmt generates a 7.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 24/100. This is up from 2.4% the prior year.

Piotroski F-Score Neutral

4/9

Saratoga Invtmt passes 4 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

7.03x

For every $1 of reported earnings, Saratoga Invtmt generates $7.03 in operating cash flow ($197.5M OCF vs $28.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.6M

YoY-26.4%

Saratoga Invtmt generated $1.6M in revenue in fiscal year 2025. This represents a decrease of 26.4% from the prior year.

EBITDA

N/A

Net Income

$28.1M

YoY+214.4%

Saratoga Invtmt reported $28.1M in net income in fiscal year 2025. This represents an increase of 214.4% from the prior year.

EPS (Diluted)

$2.02

YoY+184.5%

Saratoga Invtmt earned $2.02 per diluted share (EPS) in fiscal year 2025. This represents an increase of 184.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$148.2M

YoY+1605.1%

Saratoga Invtmt held $148.2M in cash against $793.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

15M

YoY+12.2%

Saratoga Invtmt had 15M shares outstanding in fiscal year 2025. This represents an increase of 12.2% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

1774.4%

YoY+1358.9pp

Saratoga Invtmt's net profit margin was 1774.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1358.9 percentage points from the prior year.

Return on Equity

7.1%

YoY+4.7pp

Saratoga Invtmt's ROE was 7.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

SAJ Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$1.6M-26.4%	$2.1M-40.0%	$3.6M-16.8%	$4.3M+99.7%	$2.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.9M-15.2%	$2.2M-3.7%	$2.3M+40.1%	$1.7M+16.4%	$1.4M
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	$52.1M+5.9%	$49.2M+46.8%	$33.5M+68.5%	$19.9M+46.3%	$13.6M
Income Tax	$412K+859.9%	$43K+128.1%	-$153K-285.8%	-$40K-6044.4%	$667
Net Income	$28.1M+214.4%	$8.9M-63.8%	$24.7M-46.0%	$45.7M+209.5%	$14.8M
EPS (Diluted)	$2.02+184.5%	$0.71-65.5%	$2.06-48.4%	$3.99+202.3%	$1.32

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$662K+198.9%	$222K-16.2%	$264K-33.3%	$396K-46.5%	$741K+2016.3%	$35K-91.5%	$411K+13.1%	$363K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$889K+115.3%	$413K-36.0%	$645K+323.3%	-$289K-138.0%	$760K-7.5%	$822K+34.9%	$609K+114.7%	$284K
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$11.9M+1223.5%	$900K+12.5%	$800K-97.9%	$38.2M+193.0%	$13.0M+2508.8%	$500K+66.7%	$300K-99.4%	$48.2M
Income Tax	-$205K-1708.9%	-$11K-120.8%	$54K-82.6%	$314K+756.7%	$37K-70.0%	$122K+302.2%	-$60K-211.4%	$54K
Net Income	$12.0M-9.7%	$13.3M-4.6%	$13.9M+2158.7%	-$677K-107.7%	$8.8M-33.7%	$13.3M+101.5%	$6.6M+24.6%	$5.3M
EPS (Diluted)	$0.74-11.9%	$0.84-7.7%	$0.91	N/A	$0.64-34.0%	$0.97+102.1%	$0.48	N/A

SAJ Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$1.2B0.0%	$1.2B+10.5%	$1.1B+23.0%	$876.2M	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$148.2M+1605.1%	$8.7M-86.8%	$65.7M+39.1%	$47.3M+58.0%	$29.9M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$798.9M-2.7%	$821.0M+12.3%	$731.2M+40.5%	$520.5M	N/A
Current Liabilities	$798.9M	N/A	N/A	N/A	N/A
Long-Term Debt	$793.9M+96669.8%	$820K-99.9%	$728.4M	N/A	N/A
Total Equity	$392.7M+6.1%	$370.2M+6.7%	$347.0M-2.5%	$355.8M+17.0%	$304.2M
Retained Earnings	-$20.3M-2227.1%	-$871K-103.5%	$25.1M-9.6%	$27.7M	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$1.2B-0.8%	$1.2B+0.3%	$1.2B+0.9%	$1.2B-2.3%	$1.2B+0.4%	$1.2B+1.1%	$1.2B+0.9%	$1.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$52.3M-50.5%	$105.7M-19.7%	$131.6M-11.2%	$148.2M+0.4%	$147.6M+74.5%	$84.6M+162.4%	$32.2M+270.7%	$8.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$783.8M-1.5%	$795.7M-1.3%	$805.9M+0.9%	$798.9M-5.5%	$845.1M+0.3%	$842.6M+1.0%	$833.9M+1.6%	$821.0M
Current Liabilities	N/A	N/A	$805.9M+0.9%	$798.9M	N/A	N/A	N/A	N/A
Long-Term Debt	$774.4M-1.5%	$786.4M-0.6%	$791.4M-0.3%	$793.9M-5.3%	$837.9M+99900.0%	$838K+0.8%	$831K+1.3%	$820K
Total Equity	$413.2M+0.7%	$410.5M+3.6%	$396.4M+0.9%	$392.7M+4.7%	$374.9M+0.8%	$372.1M+1.1%	$367.9M-0.6%	$370.2M
Retained Earnings	-$23.9M-0.3%	-$23.8M+5.9%	-$25.3M-24.9%	-$20.3M-750.0%	-$2.4M-127.7%	-$1.0M+75.2%	-$4.2M-385.5%	-$871K

SAJ Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$197.5M+225.7%	-$157.2M-20.6%	-$130.4M+35.8%	-$203.1M-225.8%	-$62.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$33.3M-132.8%	$101.6M-41.4%	$173.6M-23.2%	$226.1M+328.1%	$52.8M
Dividends Paid	$40.7M+27.1%	$32.1M+41.4%	$22.7M+24.8%	$18.2M+61.2%	$11.3M
Share Buybacks	N/A	$2.2M-80.1%	$10.8M+325.3%	$2.5M-29.5%	$3.6M

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	-$8.6M+55.4%	-$19.3M-159.8%	$32.3M+262.1%	-$19.9M-121.2%	$94.2M+32.3%	$71.1M+36.4%	$52.1M+352.4%	-$20.7M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$22.6M-441.7%	-$4.2M+67.2%	-$12.7M+50.1%	-$25.5M-325.3%	-$6.0M-145.8%	-$2.4M-478.7%	$645K-95.4%	$14.1M
Dividends Paid	$10.8M+2.8%	$10.5M-37.0%	$16.7M+21.7%	$13.7M+52.8%	$9.0M-1.8%	$9.1M+1.6%	$9.0M+1.0%	$8.9M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0

SAJ Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	1774.4%+1358.9pp	415.6%-272.7pp	688.3%-373.4pp	1061.7%+376.8pp	684.9%
Return on Equity	7.1%+4.7pp	2.4%-4.7pp	7.1%-5.7pp	12.8%+8.0pp	4.9%
Return on Assets	2.4%+1.6pp	0.8%-1.5pp	2.3%-2.9pp	5.2%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.02+2.0	0.00-2.1	2.10+0.6	1.46	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	1811.4%-4183.7pp	5995.1%+725.2pp	5269.9%+5440.7pp	-170.8%-1363.5pp	1192.8%-36857.6pp	38050.4%+36441.4pp	1609.0%+148.7pp	1460.3%
Return on Equity	2.9%-0.3pp	3.2%-0.3pp	3.5%+3.7pp	-0.2%-2.5pp	2.4%-1.2pp	3.6%+1.8pp	1.8%+0.4pp	1.4%
Return on Assets	1.0%-0.1pp	1.1%-0.1pp	1.2%+1.2pp	-0.1%-0.8pp	0.7%-0.4pp	1.1%+0.5pp	0.5%+0.1pp	0.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.87-0.0	1.92-0.1	2.00-0.0	2.02-0.2	2.24+2.2	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Saratoga Invtmt's annual revenue?

Saratoga Invtmt (SAJ) reported $1.6M in total revenue for fiscal year 2025. This represents a -26.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Saratoga Invtmt's revenue growing?

Saratoga Invtmt (SAJ) revenue declined by 26.4% year-over-year, from $2.1M to $1.6M in fiscal year 2025.

Is Saratoga Invtmt profitable?

Yes, Saratoga Invtmt (SAJ) reported a net income of $28.1M in fiscal year 2025, with a net profit margin of 1774.4%.

How much debt does Saratoga Invtmt have?

As of fiscal year 2025, Saratoga Invtmt (SAJ) had $148.2M in cash and equivalents against $793.9M in long-term debt.

What is Saratoga Invtmt's net profit margin?

Saratoga Invtmt (SAJ) had a net profit margin of 1774.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Saratoga Invtmt's return on equity (ROE)?

Saratoga Invtmt (SAJ) has a return on equity of 7.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Saratoga Invtmt's operating cash flow?

Saratoga Invtmt (SAJ) generated $197.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Saratoga Invtmt's total assets?

Saratoga Invtmt (SAJ) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Saratoga Invtmt have outstanding?

Saratoga Invtmt (SAJ) had 15M shares outstanding as of fiscal year 2025.

What is Saratoga Invtmt's debt-to-equity ratio?

Saratoga Invtmt (SAJ) had a debt-to-equity ratio of 2.02 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Saratoga Invtmt's return on assets (ROA)?

Saratoga Invtmt (SAJ) had a return on assets of 2.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Saratoga Invtmt's Piotroski F-Score?

Saratoga Invtmt (SAJ) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Saratoga Invtmt's earnings high quality?

Saratoga Invtmt (SAJ) has an earnings quality ratio of 7.03x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Saratoga Invtmt?

Saratoga Invtmt (SAJ) scores 14 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.