Saratoga Investment 8.125% Notes due 2027 (SAY) Financials
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 SAY SEC filings page.
Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) 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).
FY2026 shows an asset-heavy, debt-funded business whose reported earnings rose, but cash generation swung sharply and remained uneven.
FY2026 net income was$36.6M while operating cash flow was-$88.0M . In FY2025, operating cash flow was$197.5M against net income of$28.1M ; that reversal means accounting earnings and cash realization are not consistently aligned, so reported profit alone does not describe the year's cash economics.
The company operates with an asset-heavy, liability-led structure: FY2026 total assets were
Interest expense was
Financial Health Signals
We do not publish a peer-relative financial health score for Saratoga Investment Corp. 8.125% Notes due 2027, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Saratoga Investment Corp. 8.125% Notes due 2027 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. 8.125% Notes due 2027 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. 8.125% Notes due 2027 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. 8.125% Notes due 2027 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. 8.125% Notes due 2027 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. 8.125% Notes due 2027 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. 8.125% Notes due 2027'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.
SAY 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% | $279K | $889K+17.0% | $413K-49.8% | $645K+6.0% | N/A | $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.
SAY 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.
SAY 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.
SAY 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.
Where Saratoga Investment Corp. 8.125% Notes due 2027 Ranks
Frequently Asked Questions
Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) 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.
Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) revenue grew by 42.1% year-over-year, from $1.6M to $2.2M in fiscal year 2026.
No, Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) 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.
As of fiscal year 2026, Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) had $1.7M in cash and equivalents against $739.4M in long-term debt.
Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) has a return on equity of 9.2% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) recorded an outflow of $88.0M in operating cash flow during fiscal year 2026, representing cash used by core business activities.
Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) had $1.1B in total assets as of fiscal year 2026, including both current and long-term assets.
Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) 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.
Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) 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.
Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) had a return on assets of 3.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) 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.
For every $1 of reported earnings, Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) 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.