Saratoga Investment (SAR) Financials
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 Oct 28, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2027, filed Oct 6, 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 $3.0M in revenue over the twelve months to Aug 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).
The reported figures describe an asset-heavy investment vehicle, with FY2026 income improving as its balance sheet contracted.
From FY2025 to FY2026, net income rose30.3% while total assets fell4.4% . Liabilities also fell7.0% , so the earnings improvement occurred alongside a smaller balance sheet rather than through asset expansion.
FY2026 reported net income was
Interest expense was
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 4 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Saratoga Investment Corp.'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.
Saratoga Investment Corp.'s revenue surged 42.1% year-over-year to $2.2M, reflecting rapid business expansion. This strong growth earns a score of 39/100.
Saratoga Investment Corp. has a moderate D/E ratio of 1.87. This balance of debt and equity financing earns a leverage score of 33/100.
Not available for Saratoga Investment Corp., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Not available for Saratoga Investment Corp., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Saratoga Investment Corp. earns a strong 9.2% return on equity (ROE), meaning it generates $9 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 88/100. This is up from 7.1% the prior year.
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, the one computable operating efficiency signal (asset turnover improving) passes.
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
Earnings & Revenue
Saratoga Investment Corp. generated $564K in revenue in Q2 2027. This represents an increase of 154.3% from the same quarter a year earlier. Against the prior quarter it is down 14.1%.
Saratoga Investment Corp. reported a net loss of $6.7M in Q2 2027. This represents a decrease of 150.1% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Saratoga Investment Corp. earned -$0.41 per diluted share (EPS) in Q2 2027. This represents a decrease of 148.8% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q2 2027.
Cash & Balance Sheet
Saratoga Investment Corp. held $80.1M in cash against $902.4M in long-term debt as of Q2 2027.
Not reported for Q2 2027.
Not reported for Q2 2027.
Margins & Returns
Saratoga Investment Corp.'s quarterly ROE was -1.9% in Q2 2027: one quarter's net income over shareholder equity, not annualized. This is down 5.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.
Not reported for Q2 2027.
Not reported for Q2 2027.
Not shown for Q2 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 Q2 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.
| Metric | Q2'2710-Q | Q1'2710-Q | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $564K+154.3% | $656K+148.3% | $1.1M+177.6% | $662K-10.6% | $222K+533.1% | $264K-35.7% | $396K+9.0% | $741K+137.3% |
| SG&A Expenses | $681K+65.0% | $600K-7.0% | $279Kn/m | $889K+17.0% | $413K-49.8% | $645K+6.0% | -$289K-201.9% | $760K+15.1% |
| Interest Expense | $14.1M+13.7% | $13.7M+9.6% | $12.6M-2.8% | $11.9M-8.7% | $12.4M-5.8% | $12.5M-3.9% | $12.9M+3.0% | $13.0M+4.2% |
| Income Tax | $46Kn/m | -$17K-130.4% | $23K-92.6% | -$205K-658.8% | -$11K-109.3% | $54Kn/m | $314K+479.8% | $37K-83.3% |
| Net Income | -$6.7M-150.1% | -$6.9M-149.5% | -$2.6Mn/m | $12.0M+35.8% | $13.3M-0.2% | $13.9M+110.8% | -$677K-112.8% | $8.8Mn/m |
| EPS (Basic) | -$0.41-148.8% | -$0.42-146.2% | -$0.18 | $0.74+15.6% | $0.84-13.4% | $0.91+89.6% | -$0.07-116.7% | $0.64n/m |
| EPS (Diluted) | -$0.41-148.8% | -$0.42-146.2% | -$0.18 | $0.74+15.6% | $0.84-13.4% | $0.91+89.6% | -$0.07-116.7% | $0.64n/m |
| Diluted Shares (Avg) | 16M+2.4% | 16M+5.9% | N/A | 16M+16.8% | 16M+14.9% | 15M+12.1% | N/A | 14M+5.6% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.
SAR Balance Sheet
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.
| Metric | Q2'2710-Q | Q1'2710-Q | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.3B+4.1% | $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% |
| Cash & Equivalents | $80.1M-24.2% | $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% |
| Total Liabilities | $903.7M+13.6% | $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% |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | $805.9M | $798.9M | N/A |
| Non-Current Liabilities | N/A | N/A | N/A | N/A | N/A | $0 | $0 | N/A |
| Long-Term Debt | $902.4M+14.8% | $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% |
| Total Equity | $352.6M-14.1% | $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% |
| Retained Earnings | -$81.0Mn/m | -$62.2Mn/m | -$43.1Mn/m | -$23.9Mn/m | -$23.8Mn/m | -$25.3Mn/m | -$20.3Mn/m | -$2.4M-183.7% |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Goodwill.
SAR Cash Flow 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.
| Metric | Q2'2710-Q | Q1'2710-Q | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$27.8Mn/m | -$26.0M-180.4% | -$92.4Mn/m | -$8.6M-109.1% | -$19.3M-127.1% | $32.3M-38.1% | -$19.9Mn/m | $94.2Mn/m |
| Financing Cash Flow | $62.8Mn/m | $65.0Mn/m | -$55.4Mn/m | -$22.6Mn/m | -$4.2Mn/m | -$12.7M-2074.2% | -$25.5M-280.5% | -$6.0M-135.0% |
| Dividends Paid | $10.8M+2.9% | $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% |
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.
| Metric | Q2'2710-Q | Q1'2710-Q | Q4'2610-K | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q |
|---|---|---|---|---|---|---|---|---|
| Net Margin | -1181.9% | -1051.7% | -237.5% | 1811.4% | 5995.1% | 5269.9% | -170.8% | 1192.8% |
| Return on Equity | -1.9%-5.1pp | -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 |
| Return on Assets | -0.5%-1.6pp | -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 |
| Debt-to-Equity | 2.56+0.6x | 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 |
| Liabilities-to-Equity | 2.56+0.6x | 2.16+0.1x | 1.88-0.2x | 1.90-0.4x | 1.94-0.3x | 2.03-0.2x | 2.03-0.2x | 2.250.0x |
| 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 | $211.3M | 62/100 |
| STELLUS CAPITAL INVESTMENT CORPORATION SCM | FY2025 | $97.8M | $27.0M | 27.7% | $193.7M | 61/100 |
| Palmer Square Capital BDC Inc. PSBD | FY2025 | N/A | -$3.2M | N/A | $304.1M | — |
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?
No, Saratoga Investment Corp. (SAR) reported a net loss of $4.2M over the trailing 12 months to August 31, 2026. In fiscal year 2026 it reported a net income of $36.6M.
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.
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. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Saratoga Investment Corp.'s liabilities-to-equity ratio?
Saratoga Investment Corp. (SAR) had a liabilities-to-equity ratio of 1.88 as of fiscal year 2026, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-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) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to August 31, 2026). The market capitalization is $211.3M as of Oct 28, 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 70.8x sales, its market capitalization divided by $3.0M revenue, trailing 12 months to August 31, 2026. The market capitalization is $211.3M as of Oct 28, 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.
How financially healthy is Saratoga Investment Corp.?
Saratoga Investment Corp. (SAR) scores 62 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For Saratoga Investment Corp. it averages the 4 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.