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

Saratoga Invtmt (SAY) 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 Invtmt Financials

SAY

Source SEC Filings (10-K/10-Q) Data as of May 31, 2026 Currency USD FYE February

This page shows Saratoga Invtmt (SAY) 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 SAY FY2025 2026-04-22

FY2025 shows a balance-sheet-driven business where cash generation and leverage matter far more than the tiny revenue line.

Across FY2022-FY2025, net income stayed positive even though revenue never exceeded $4.3M and interest expense climbed to $52.1M, so the economic engine is not ordinary sales activity. The sharper clue is cash conversion volatility: FY2025 operating cash flow reached $197.5M while net income was only $28.1M, a pattern more consistent with a balance-sheet cash release than normal sales-driven expansion.

With $1.19B of assets supporting just $1.6M of FY2025 revenue, this behaves less like a traditional operating company and more like a financed asset base. That is why leverage and cash-flow behavior tell you more here than revenue-based margins do.

Cash ended FY2025 at $148.2M despite $40.7M of dividends, which means liquidity improved without leaning on new financing that year. That breaks from FY2022-FY2024, when financing inflows were doing the support work during a stretch of negative operating cash flow.

Financial Health Signals

Financial health score pending refresh

We are recalculating Saratoga Invtmt's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

4/7

Saratoga Invtmt 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 Low Quality

-2.40x

For every $1 of reported earnings, Saratoga Invtmt 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 Invtmt 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 Invtmt 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 Invtmt 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 Invtmt 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 Invtmt 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 Invtmt'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 Invtmt'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 Invtmt spent $54K on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

SAY 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	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Revenue	$656K-40.3%	$1.1M+66.1%	$662K+198.9%	$222K-16.2%	$264K-33.3%	$396K-46.5%	$741K+2016.3%	$35K
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	$600K+114.9%	$279K-68.6%	$889K+115.3%	$413K-36.0%	$645K+323.3%	-$289K-138.0%	$760K-7.5%	$822K
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$13.7M-61.8%	$35.7M+199.6%	$11.9M+1223.5%	$900K+12.5%	$800K-97.9%	$38.2M+193.0%	$13.0M+2508.8%	$500K
Income Tax	-$17K-170.9%	$23K+111.4%	-$205K-1708.9%	-$11K-120.8%	$54K-82.6%	$314K+756.7%	$37K-70.0%	$122K
Net Income	-$6.9M-164.2%	-$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
EPS (Diluted)	$-0.42	N/A	$0.74-11.9%	$0.84-7.7%	$0.91	N/A	$0.64-34.0%	$0.97

SAY 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	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Total Assets	$1.2B+5.1%	$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
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$46.1M+2646.4%	$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
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	$819.0M+10.2%	$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
Current Liabilities	N/A	N/A	N/A	N/A	$805.9M+0.9%	$798.9M	N/A	N/A
Long-Term Debt	$817.4M+10.5%	$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
Total Equity	$378.5M-4.5%	$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
Retained Earnings	-$62.2M-44.3%	-$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

SAY 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	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
Operating Cash Flow	-$26.0M+71.9%	-$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
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	$65.0M+217.4%	-$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
Dividends Paid	$10.8M-24.9%	$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
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SAY 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	Q1'27	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25
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	-1051.7%-814.2pp	-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%
Return on Equity	-1.8%-1.2pp	-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%
Return on Assets	-0.6%-0.3pp	-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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.16+0.3	1.870.0	1.87-0.0	1.92-0.1	2.00-0.0	2.02-0.2	2.24+2.2	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 Invtmt's annual revenue?

Saratoga Invtmt (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 Invtmt's revenue growing?

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

Is Saratoga Invtmt profitable?

Yes, Saratoga Invtmt (SAY) reported a net income of $36.6M in fiscal year 2026, with a net profit margin of 1627.8%.

How much debt does Saratoga Invtmt have?

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

What is Saratoga Invtmt's net profit margin?

Saratoga Invtmt (SAY) 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 Invtmt's return on equity (ROE)?

Saratoga Invtmt (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 Invtmt's operating cash flow?

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

What are Saratoga Invtmt's total assets?

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

Does Saratoga Invtmt buy back shares?

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

How many shares does Saratoga Invtmt have outstanding?

Saratoga Invtmt (SAY) had 16M shares outstanding as of fiscal year 2026.

What is Saratoga Invtmt's debt-to-equity ratio?

Saratoga Invtmt (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 Invtmt's return on assets (ROA)?

Saratoga Invtmt (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 Invtmt's cash runway?

Based on fiscal year 2026 data, Saratoga Invtmt (SAY) 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 Invtmt's Piotroski F-Score?

Saratoga Invtmt (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 Invtmt's earnings high quality?

Saratoga Invtmt (SAY) 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.