What is Saratoga Investment Corp.'s earnings per share (EPS)?

Saratoga Investment Corp. (SAR) reported diluted earnings per share of $2.31 for fiscal year 2026. This represents a 14.4% 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 Investment Corp. (SAR) Financials

SAR

Trailing 12 months to May 31, 2026

Revenue $2.6M +83.8% YoY

Net Income $15.8M -55.5% YoY

EPS (Diluted) $0.98 -60.0% YoY

Operating Cash Flow -$146.3M -182.3% YoY

Market Cap $276.9M as of Sep 12, 2026

Price / Sales 105x on $2.6M revenue, trailing 12 months to May 31, 2026

Price / Earnings 17.6x on $15.8M net income, trailing 12 months to May 31, 2026

Price / Book 0.7x on $378.5M equity, Q1 FY2027

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2027, ended May 31, 2026 Reported Jul 7, 2026 Currency USD FYE February

Newest figures come from the 10-Q for Q1 FY2027, filed Jul 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SAR SEC filings page.

Saratoga Investment Corp. (SAR) reported $2.6M in revenue over the twelve months to May 31, 2026, up 83.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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 SAR FY2026 2026-08-30

Debt-funded investment structure remains dominant as modest asset returns coexist with volatile operating cash flow and substantial shareholder distributions.

The FY2026 earnings-to-cash disconnect is visible in net income of $36.6M alongside ROA of 3.2%: profits are positive, but they represent a modest return on the capital deployed. Operating cash flow swung from $197.5M in FY2025 to -$88.0M in FY2026, showing that reported earnings and cash realization can diverge sharply across years.

The 16.3% net margin versus 3.2% ROA highlights an asset-heavy earning structure: a high income-to-revenue ratio does not translate into a similarly high return on the balance sheet. That makes leverage and asset productivity more informative than conventional sales-margin comparisons.

Debt-to-equity fell from 2.2x in FY2024 to 1.9x in FY2026 as liabilities declined while equity increased, indicating less debt relative to the capital base even though borrowing remains central. FY2026 dividends of $52.4M exceeded net income of $36.6M; with operating cash flow negative, shareholder distributions were not matched by current-period operating cash generation.

Financial Health Signals

Financial health score not available

Saratoga Investment Corp. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

4/7

Saratoga Investment Corp. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality No Cash Backing

$2.40used

For every $1 of reported earnings, Saratoga Investment Corp. used $2.40 of operating cash (-$88.0M OCF vs $36.6M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$656K

YoY+148.3%

QoQ-40.3%

Saratoga Investment Corp. generated $656K in revenue in Q1 2027. This represents an increase of 148.3% from the same quarter a year earlier. Against the prior quarter it is down 40.3%.

Net Income

-$6.9M

YoY-149.5%

QoQ-164.2%

Saratoga Investment Corp. reported -$6.9M in net income in Q1 2027. This represents a decrease of 149.5% from the same quarter a year earlier. Against the prior quarter it is down 164.2%.

EPS (Diluted)

-$0.42

YoY-146.2%

QoQ-133.3%

Saratoga Investment Corp. earned -$0.42 per diluted share (EPS) in Q1 2027. This represents a decrease of 146.2% from the same quarter a year earlier. Against the prior quarter it is down 133.3%.

EBITDA

Not reported for Q1 2027.

Cash & Balance Sheet

Cash & Debt

$46.1M

YoY-64.9%

QoQ+2646.4%

Saratoga Investment Corp. held $46.1M in cash against $817.4M in long-term debt as of Q1 2027.

Dividends Per Share

$0.75

Saratoga Investment Corp. paid $0.75 per share in dividends in Q1 2027.

Shares Outstanding

16M

YoY+4.1%

QoQ+0.3%

Saratoga Investment Corp. had 16M shares outstanding in Q1 2027. This represents an increase of 4.1% from the same quarter a year earlier. Against the prior quarter it is up 0.3%.

Free Cash Flow

Not reported for Q1 2027.

Margins & Returns

Return on Equity

-1.8%

YoY-5.3pp

QoQ-1.2pp

Saratoga Investment Corp.'s ROE was -1.8% in Q1 2027, measuring profit generated per dollar of shareholder equity. This is down 5.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.2 percentage points.

Gross Margin

Not reported for Q1 2027.

Operating Margin

Not reported for Q1 2027.

Net Margin

Not shown for Q1 2027: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

None of these metrics is reported for Q1 2027.

SAR Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SAR quarterly income statement

Metric	TTM	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Revenue	$2.6M	$2.2M+42.1%	$1.6M-26.4%	$2.1M-40.0%	$3.6M-16.8%	$4.3M+99.7%	$2.2M
SG&A Expenses	$2.2M	$2.2M+17.1%	$1.9M-15.2%	$2.2M-3.7%	$2.3M+40.1%	$1.7M+16.4%	$1.4M
Interest Expense	$62.2M	$49.3M-5.3%	$52.1M+5.9%	$49.2M+46.8%	$33.5M+68.5%	$19.9M+46.3%	$13.6M
Income Tax	-$209K	-$138K-133.5%	$412K+859.9%	$43K+128.1%	-$153K-285.8%	-$40K-6044.4%	$667
Net Income	$15.8M	$36.6M+30.3%	$28.1M+214.4%	$8.9M-63.8%	$24.7M-46.0%	$45.7M+209.5%	$14.8M
EPS (Basic)	N/A	$2.31+14.4%	$2.02+184.5%	$0.71-65.5%	$2.06-48.4%	$3.99+202.3%	$1.32
EPS (Diluted)	$0.98	$2.31+14.4%	$2.02+184.5%	$0.71-65.5%	$2.06-48.4%	$3.99+202.3%	$1.32
Diluted Shares (Avg)	N/A	16M+13.9%	14M+9.8%	13M+5.9%	12M	N/A	N/A

Metric	Q1'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q
Revenue	$656K+148.3%	$1.1M+177.6%	$662K-10.6%	$222K+533.1%	$264K-35.7%	$396K+9.0%	$741K+137.3%	$35K-22.2%
SG&A Expenses	$600K-7.0%	$279K+196.6%	$889K+17.0%	$413K-49.8%	$645K+6.0%	-$289K-201.9%	$760K+15.1%	$822K+75.9%
Interest Expense	$13.7M+1606.3%	$35.7M-6.6%	$11.9M-8.7%	$900K+80.0%	$800K+166.7%	$38.2M-20.7%	$13.0M+1349.3%	$500K
Income Tax	-$17K-130.4%	$23K-92.6%	-$205K-658.8%	-$11K-109.3%	$54K+190.3%	$314K+479.8%	$37K-83.3%	$122K+151.4%
Net Income	-$6.9M-149.5%	-$2.6M-286.1%	$12.0M+35.8%	$13.3M-0.2%	$13.9M+110.8%	-$677K-112.8%	$8.8M+317.8%	$13.3M+68.7%
EPS (Basic)	-$0.42-146.2%	-$0.18-157.1%	$0.74+15.6%	$0.84-13.4%	$0.91+89.6%	-$0.07-116.7%	$0.64+306.5%	$0.97+49.2%
EPS (Diluted)	-$0.42-146.2%	-$0.18	$0.74+15.6%	$0.84-13.4%	$0.91+89.6%	-$0.07-116.7%	$0.64+306.5%	$0.97+49.2%
Diluted Shares (Avg)	16M+5.9%	N/A	16M+16.8%	16M+14.9%	15M+12.1%	N/A	14M+5.6%	14M+12.9%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.

SAR Balance Sheet

SAR quarterly balance sheet

Metric	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Total Assets	$1.1B-4.4%	$1.2B0.0%	$1.2B+10.5%	$1.1B+23.0%	$876.2M	N/A
Cash & Equivalents	$1.7M-98.9%	$148.2M+1605.1%	$8.7M-86.8%	$65.7M+39.1%	$47.3M+58.0%	$29.9M
Short-Term Investments	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0
Total Liabilities	$743.1M-7.0%	$798.9M-2.7%	$821.0M+12.3%	$731.2M+40.5%	$520.5M	N/A
Current Liabilities	N/A	$798.9M	N/A	N/A	N/A	N/A
Non-Current Liabilities	N/A	$0	N/A	N/A	N/A	N/A
Long-Term Debt	$739.4M-6.9%	$793.9M	N/A	$728.4M	N/A	N/A
Total Equity	$396.2M+0.9%	$392.7M+6.1%	$370.2M+6.7%	$347.0M-2.5%	$355.8M+17.0%	$304.2M
Retained Earnings	-$43.1M-112.5%	-$20.3M-2227.1%	-$871K-103.5%	$25.1M-9.6%	$27.7M	N/A

Metric	Q1'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q
Total Assets	$1.2B-0.4%	$1.1B-4.4%	$1.2B-1.9%	$1.2B-0.7%	$1.2B0.0%	$1.2B0.0%	$1.2B+4.1%	$1.2B+5.0%
Cash & Equivalents	$46.1M-64.9%	$1.7M-98.9%	$52.3M-64.6%	$105.7M+24.9%	$131.6M+308.2%	$148.2M+1605.1%	$147.6M+590.2%	$84.6M+338.1%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$819.0M+1.6%	$743.1M-7.0%	$783.8M-7.3%	$795.7M-5.6%	$805.9M-3.4%	$798.9M-2.7%	$845.1M+4.1%	$842.6M+6.1%
Current Liabilities	N/A	N/A	N/A	N/A	$805.9M	$798.9M	N/A	N/A
Non-Current Liabilities	N/A	N/A	N/A	N/A	$0	$0	N/A	N/A
Long-Term Debt	$817.4M+3.3%	$739.4M-6.9%	$774.4M-7.6%	$786.4M+93753.5%	$791.4M+95146.0%	$793.9M+96669.8%	$837.9M+103166.1%	$838K-99.9%
Total Equity	$378.5M-4.5%	$396.2M+0.9%	$413.2M+10.2%	$410.5M+10.3%	$396.4M+7.8%	$392.7M+6.1%	$374.9M+4.3%	$372.1M+2.8%
Retained Earnings	-$62.2M-145.5%	-$43.1M-112.5%	-$23.9M-902.7%	-$23.8M-2175.5%	-$25.3M-498.7%	-$20.3M-2227.1%	-$2.4M-183.7%	-$1.0M-106.5%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill.

SAR Cash Flow Statement

SAR quarterly cash flow statement

Metric	TTM	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Operating Cash Flow	-$146.3M	-$88.0M-144.6%	$197.5M+225.7%	-$157.2M-20.6%	-$130.4M+35.8%	-$203.1M-225.8%	-$62.3M
Financing Cash Flow	-$17.2M	-$94.9M-184.8%	-$33.3M-132.8%	$101.6M-41.4%	$173.6M-23.2%	$226.1M+328.1%	$52.8M
Dividends Paid	$46.5M	$52.4M+28.5%	$40.7M+27.1%	$32.1M+41.4%	$22.7M+24.8%	$18.2M+61.2%	$11.3M
Share Buybacks	N/A	$54K	N/A	$2.2M-80.1%	$10.8M+325.3%	$2.5M-29.5%	$3.6M

Metric	Q1'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q
Operating Cash Flow	-$26.0M-180.4%	-$92.4M-364.0%	-$8.6M-109.1%	-$19.3M-127.1%	$32.3M-38.1%	-$19.9M+3.6%	$94.2M+607.5%	$71.1M+1104.5%
Financing Cash Flow	$65.0M+610.6%	-$55.4M-116.9%	-$22.6M-277.3%	-$4.2M-71.2%	-$12.7M-2074.2%	-$25.5M-280.5%	-$6.0M-135.0%	-$2.4M-203.4%
Dividends Paid	$10.8M-35.2%	$14.4M+5.1%	$10.8M+20.5%	$10.5M+15.2%	$16.7M+85.6%	$13.7M+54.0%	$9.0M+6.3%	$9.1M+19.9%

Not reported in any period shown, so not listed: Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Share Buybacks.

SAR Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SAR quarterly financial ratios

Metric	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K
Net Margin	1627.8%	1774.4%	415.6%	688.3%	1061.7%	684.9%
Return on Equity	9.2%+2.1pp	7.1%+4.7pp	2.4%-4.7pp	7.1%-5.7pp	12.8%+8.0pp	4.9%
Return on Assets	3.2%+0.8pp	2.4%+1.6pp	0.8%-1.5pp	2.3%-2.9pp	5.2%	N/A
Debt-to-Equity	1.87-0.2x	2.02-0.2x	2.22+0.1x	2.10+0.6x	1.46	N/A
Asset Turnover	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.00	N/A

Metric	Q1'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q
Net Margin	-1051.7%	-237.5%	1811.4%	5995.1%	5269.9%	-170.8%	1192.8%	38050.4%
Return on Equity	-1.8%-5.3pp	-0.7%-0.5pp	2.9%+0.5pp	3.2%-0.3pp	3.5%+1.7pp	-0.2%-1.6pp	2.4%+3.5pp	3.6%+1.4pp
Return on Assets	-0.6%-1.7pp	-0.2%-0.2pp	1.0%+0.3pp	1.1%0.0pp	1.2%+0.6pp	-0.1%-0.5pp	0.7%+1.1pp	1.1%+0.4pp
Debt-to-Equity	2.16+0.2x	1.87-0.2x	1.87-0.4x	1.92+1.9x	2.00+2.0x	2.02+2.0x	2.24+2.2x	0.00-2.2x
Asset Turnover	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Saratoga Investment Corp. SAR	FY2026	$2.2M	$36.6M	N/A	$276.9M	—
STELLUS CAPITAL INVESTMENT CORPORATION SCM	FY2025	$97.8M	$27.0M	27.7%	$233.0M	10/100
Palmer Square Capital BDC Inc. PSBD	FY2025	N/A	-$3.2M	N/A	$311.4M	—

Where Saratoga Investment Corp. Ranks

Frequently Asked Questions

What is Saratoga Investment Corp.'s annual revenue?

Saratoga Investment Corp. (SAR) reported $2.2M in total revenue for fiscal year 2026. This represents a 42.1% 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 Investment Corp.'s revenue growing?

Saratoga Investment Corp. (SAR) revenue grew by 42.1% year-over-year, from $1.6M to $2.2M in fiscal year 2026.

Is Saratoga Investment Corp. profitable?

Yes, Saratoga Investment Corp. (SAR) reported a net income of $36.6M in fiscal year 2026.

How much debt does Saratoga Investment Corp. have?

As of fiscal year 2026, Saratoga Investment Corp. (SAR) had $1.7M in cash and equivalents against $739.4M in long-term debt.

What is Saratoga Investment Corp.'s return on equity (ROE)?

Saratoga Investment Corp. (SAR) has a return on equity of 9.2% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Saratoga Investment Corp.'s operating cash flow?

Saratoga Investment Corp. (SAR) recorded an outflow of $88.0M in operating cash flow during fiscal year 2026, representing cash used by core business activities.

What are Saratoga Investment Corp.'s total assets?

Saratoga Investment Corp. (SAR) had $1.1B in total assets as of fiscal year 2026, including both current and long-term assets.

Does Saratoga Investment Corp. buy back shares?

Yes, Saratoga Investment Corp. (SAR) spent $54K on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

How many shares does Saratoga Investment Corp. have outstanding?

Saratoga Investment Corp. (SAR) had 16M shares outstanding as of fiscal year 2026.

What is Saratoga Investment Corp.'s debt-to-equity ratio?

Saratoga Investment Corp. (SAR) had a debt-to-equity ratio of 1.87 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Saratoga Investment Corp.'s return on assets (ROA)?

Saratoga Investment Corp. (SAR) had a return on assets of 3.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is Saratoga Investment Corp.'s P/E ratio?

Saratoga Investment Corp. (SAR) trades at 17.6x earnings, its market capitalization divided by net income of $15.8M net income, trailing 12 months to May 31, 2026. The market capitalization is $276.9M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Saratoga Investment Corp.'s price-to-sales ratio?

Saratoga Investment Corp. (SAR) trades at 105x sales, its market capitalization divided by revenue of $2.6M revenue, trailing 12 months to May 31, 2026. The market capitalization is $276.9M as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Saratoga Investment Corp.'s Piotroski F-Score?

Saratoga Investment Corp. (SAR) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Investment Corp.'s earnings high quality?

For every $1 of reported earnings, Saratoga Investment Corp. (SAR) used $2.40 of operating cash (-$88.0M OCF vs $36.6M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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.