Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) Financials
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 SAY SEC filings page.
Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) 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).
Balance-sheet financing, not reported revenue, dominates the economics, leverage, and cash-flow behavior visible in this business.
The sharp reversal from operating cash flow of$197.5M in FY2025 to-$88.0M in FY2026, despite net income rising from$28.1M to$36.6M , means reported earnings are a poor standalone proxy for cash generation. Because FY2024 also recorded negative operating cash flow, this is a recurring cash-conversion issue rather than a one-year anomaly.
The asset base contracted from
Interest expense remained
Financial Health Signals
Saratoga Investment Corp. 8.125% Notes due 2027 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.
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, both operating efficiency signals pass.
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 $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%.
Saratoga Investment Corp. 8.125% Notes due 2027 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%.
Saratoga Investment Corp. 8.125% Notes due 2027 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%.
Not reported for Q1 2027.
Cash & Balance Sheet
Saratoga Investment Corp. 8.125% Notes due 2027 held $46.1M in cash against $817.4M in long-term debt as of Q1 2027.
Saratoga Investment Corp. 8.125% Notes due 2027 paid $0.75 per share in dividends in Q1 2027.
Not reported for Q1 2027.
Margins & Returns
Saratoga Investment Corp. 8.125% Notes due 2027'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.
Not reported for Q1 2027.
Not reported for Q1 2027.
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.
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 | 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.
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 | 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.
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 | 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.
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 | 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.
Where Saratoga Investment Corp. 8.125% Notes due 2027 Ranks
Frequently Asked Questions
What is Saratoga Investment Corp. 8.125% Notes due 2027's annual revenue?
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.
How fast is Saratoga Investment Corp. 8.125% Notes due 2027's revenue growing?
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.
Is Saratoga Investment Corp. 8.125% Notes due 2027 profitable?
Yes, Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) reported a net income of $36.6M in fiscal year 2026.
How much debt does Saratoga Investment Corp. 8.125% Notes due 2027 have?
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.
What is Saratoga Investment Corp. 8.125% Notes due 2027's return on equity (ROE)?
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.
What is Saratoga Investment Corp. 8.125% Notes due 2027's operating cash flow?
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.
What are Saratoga Investment Corp. 8.125% Notes due 2027's total assets?
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.
What is Saratoga Investment Corp. 8.125% Notes due 2027's debt-to-equity ratio?
Saratoga Investment Corp. 8.125% Notes due 2027 (SAY) 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. 8.125% Notes due 2027's return on assets (ROA)?
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.
What is Saratoga Investment Corp. 8.125% Notes due 2027's Piotroski F-Score?
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.
Are Saratoga Investment Corp. 8.125% Notes due 2027's earnings high quality?
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.