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

Saratoga Investment Corp (SAT) 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 Financials

SAT

Source SEC Filings (10-K/10-Q) Updated Feb 28, 2026 Currency USD FYE February

This page shows Saratoga Investment Corp (SAT) financial statements, including the 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 SAT FY2025 2026-04-22

Balance-sheet cash flows, not sales, appear to drive SAT’s economics as a $1.19B asset base sits beside tiny reported revenue.

From FY2022 through FY2024, SAT showed accounting profit and cash generation diverging sharply: cumulative net income was $79.3M while cumulative operating cash flow was -$490.7M. FY2025 reversed that pattern, with operating cash flow of $197.5M against net income of $28.1M, implying the business’s cash economics are driven more by balance-sheet cash movements than by the small reported revenue line.

With total assets of $1.19B against liabilities of $798.9M in FY2025, SAT operates as a leveraged asset base, not a volume business. A debt-to-equity ratio of 2.0x alongside return on assets of 2.4% means even small changes in asset performance can matter more than changes in reported revenue.

Cash jumped from $8.7M in FY2024 to $148.2M in FY2025, marking a real liquidity reset after several cash-consuming years. Even with financing cash flow at -$33.3M and dividends paid of $40.7M, cash still rebuilt, pointing to inflows from operations or asset cash releases rather than fresh capital raising.

Financial Health Signals

Financial Profile 21/100

Based on FY2026 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 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.

Growth

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 37/100.

Leverage

Saratoga Investment Corp has a moderate D/E ratio of 1.87. This balance of debt and equity financing earns a leverage score of 64/100.

Returns

Saratoga Investment Corp generates a 9.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 27/100. This is up from 7.1% the prior year.

Piotroski F-Score Neutral

4/9

Saratoga Investment Corp passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

-2.40x

For every $1 of reported earnings, Saratoga Investment Corp generates $-2.40 in operating cash flow (-$88.0M OCF vs $36.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.2M

YoY+42.1%

5Y CAGR+0.8%

Saratoga Investment Corp generated $2.2M in revenue in fiscal year 2026. This represents an increase of 42.1% from the prior year.

EBITDA

N/A

Net Income

$36.6M

YoY+30.3%

5Y CAGR+19.9%

Saratoga Investment Corp reported $36.6M in net income in fiscal year 2026. This represents an increase of 30.3% from the prior year.

EPS (Diluted)

$2.31

YoY+14.4%

5Y CAGR+11.8%

Saratoga Investment Corp earned $2.31 per diluted share (EPS) in fiscal year 2026. This represents an increase of 14.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$1.7M

YoY-98.9%

5Y CAGR-43.8%

Saratoga Investment Corp held $1.7M in cash against $739.4M in long-term debt as of fiscal year 2026.

Dividends Per Share

N/A

Shares Outstanding

16M

YoY+5.9%

5Y CAGR+7.8%

Saratoga Investment Corp had 16M shares outstanding in fiscal year 2026. This represents an increase of 5.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

1627.8%

YoY-146.6pp

5Y CAGR+942.9pp

Saratoga Investment Corp's net profit margin was 1627.8% in fiscal year 2026, showing the share of revenue converted to profit. This is down 146.6 percentage points from the prior year.

Return on Equity

9.2%

YoY+2.1pp

5Y CAGR+4.4pp

Saratoga Investment Corp's ROE was 9.2% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 2.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$54K

5Y CAGR-56.8%

Saratoga Investment Corp spent $54K on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

SAT Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$2.2M+42.1%	$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	N/A
Gross Profit	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
SG&A Expenses	$2.2M+17.1%	$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	N/A
Interest Expense	$49.3M-5.3%	$52.1M+5.9%	$49.2M+46.8%	$33.5M+68.5%	$19.9M+46.3%	$13.6M
Income Tax	-$138K-133.5%	$412K+859.9%	$43K+128.1%	-$153K-285.8%	-$40K-6044.4%	$667
Net Income	$36.6M+30.3%	$28.1M+214.4%	$8.9M-63.8%	$24.7M-46.0%	$45.7M+209.5%	$14.8M
EPS (Diluted)	$2.31+14.4%	$2.02+184.5%	$0.71-65.5%	$2.06-48.4%	$3.99+202.3%	$1.32

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	$1.1M+66.1%	$662K+198.9%	$222K-16.2%	$264K-33.3%	$396K-46.5%	$741K+2016.3%	$35K-91.5%	$411K
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	$279K-68.6%	$889K+115.3%	$413K-36.0%	$645K+323.3%	-$289K-138.0%	$760K-7.5%	$822K+34.9%	$609K
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$35.7M+199.6%	$11.9M+1223.5%	$900K+12.5%	$800K-97.9%	$38.2M+193.0%	$13.0M+2508.8%	$500K+66.7%	$300K
Income Tax	$23K+111.4%	-$205K-1708.9%	-$11K-120.8%	$54K-82.6%	$314K+756.7%	$37K-70.0%	$122K+302.2%	-$60K
Net Income	-$2.6M-121.8%	$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
EPS (Diluted)	N/A	$0.74-11.9%	$0.84-7.7%	$0.91	N/A	$0.64-34.0%	$0.97+102.1%	$0.48

SAT Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$1.1B-4.4%	$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	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
Inventory	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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
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
Long-Term Debt	$739.4M-6.9%	$793.9M+96669.8%	$820K-99.9%	$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	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$1.1B-4.8%	$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
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.7M-96.8%	$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
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	$743.1M-5.2%	$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
Current Liabilities	N/A	N/A	N/A	$805.9M+0.9%	$798.9M	N/A	N/A	N/A
Long-Term Debt	$739.4M-4.5%	$774.4M-1.5%	$786.4M-0.6%	$791.4M-0.3%	$793.9M-5.3%	$837.9M+99900.0%	$838K+0.8%	$831K
Total Equity	$396.2M-4.1%	$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
Retained Earnings	-$43.1M-80.2%	-$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

SAT Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$88.0M-144.6%	$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	N/A
Free Cash Flow	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
Financing Cash Flow	-$94.9M-184.8%	-$33.3M-132.8%	$101.6M-41.4%	$173.6M-23.2%	$226.1M+328.1%	$52.8M
Dividends Paid	$52.4M+28.5%	$40.7M+27.1%	$32.1M+41.4%	$22.7M+24.8%	$18.2M+61.2%	$11.3M
Share Buybacks	$54K	N/A	$2.2M-80.1%	$10.8M+325.3%	$2.5M-29.5%	$3.6M

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	-$92.4M-974.3%	-$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
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	-$55.4M-144.5%	-$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
Dividends Paid	$14.4M+33.2%	$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
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SAT Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	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
Net Margin	1627.8%-146.6pp	1774.4%+1358.9pp	415.6%-272.7pp	688.3%-373.4pp	1061.7%+376.8pp	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
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.87-0.2	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	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
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	-237.5%-2048.9pp	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%
Return on Equity	-0.7%-3.6pp	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%
Return on Assets	-0.2%-1.2pp	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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.870.0	1.87-0.0	1.92-0.1	2.00-0.0	2.02-0.2	2.24+2.2	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 Investment Corp's annual revenue?

Saratoga Investment Corp (SAT) 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 (SAT) 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 (SAT) reported a net income of $36.6M in fiscal year 2026, with a net profit margin of 1627.8%.

How much debt does Saratoga Investment Corp have?

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

What is Saratoga Investment Corp's net profit margin?

Saratoga Investment Corp (SAT) had a net profit margin of 1627.8% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

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

Saratoga Investment Corp (SAT) 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 (SAT) generated -$88.0M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Saratoga Investment Corp's total assets?

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

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

Saratoga Investment Corp (SAT) 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 (SAT) 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 cash runway?

Based on fiscal year 2026 data, Saratoga Investment Corp (SAT) had $1.7M in cash against an annual operating cash burn of $88.0M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

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

Saratoga Investment Corp (SAT) 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 Investment Corp's earnings high quality?

Saratoga Investment Corp (SAT) has an earnings quality ratio of -2.40x, considered low quality (accrual-driven). 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 (SAT) scores 21 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.