Saratoga Investment Corp. logo

Saratoga Investment Corp.

SAR

NYSEFinancial ServicesAsset Management

Previous close

$18.43

−$0.29 · -1.55%

Aug 21, 4:00 PM ET

Pre-market

$18.4003

−$0.0297 · -0.16%

Aug 24, 8:41 AM ET

SAR company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

73

Undervalued

Momentum

34

Weakening

Sentiment

57

Mixed

Risk resilience

51

Elevated Risk

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Company profile

Company website

Saratoga Investment Corp. is a business development company specializing in leveraged and management buyouts, acquisition financings, growth financings, recapitalization, debt refinancing, and transitional financing transactions at the lower end of middle market companies. The fund structures its investments as debt and equity by investing through first and second lien loans, mezzanine debt, co-investments, select high yield bonds, senior secured bonds, unsecured bonds, and preferred and common equity. The fund prefers to invest in aerospace, automotive aftermarket and services, business products and services, consumer products and services, education, environmental services, industrial services, financial services, food and beverage, healthcare products and services, logistics, distribution, manufacturing, restaurants services, food services, software services, technology services, specialty chemical, media and telecommunications. The fund seeks to invest in the United States. The fund primarily invests between $60 million and $75 million in companies having EBITDA of $2 million or greater and revenues between $10 million and $150 million. It targets annual revenues between $8 and $250 million. The fund prefers to take a majority stake. The fund invests through direct lending as well as participation in loan syndicates.

Industry
Asset Management
Sector
Financial Services
Headquarters
US
CEO
Chris Long Oberbeck
Listed since
Mar 27, 2007
Employees
0

Market position

Day range

Current $18.43

52-week range

Current $18.43

Open
$18.76
Previous close
$18.72
Volume
109.77K
0.83× average
Average volume
131.59K
Average daily volume
Market cap
300.6M USD
Beta
0.59
Market reference 1
50-day average
$20.1248
-8.42% below average
200-day average
$22.1003
-16.61% below average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
1.08B USD
P/E (TTM)
18.43×
P/B (TTM)
0.79×
P/S (TTM)
2.99×
EV / EBITDA
28.23×
Earnings yield
9.97%
Free cash flow yield
-23.98%
Dividend yield
17.63%

Profitability & efficiency

Gross margin
56.59%
Operating margin
46.30%
Net margin
16.64%
Return on equity
9.24%
Return on assets
3.21%
Return on invested capital
3.24%

Financial health

Debt / equity
1.56×
Current ratio
0.36×

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends80%56%31%7%Gross margin, FY2022: 74.33%Gross margin, FY2023: 52.04%Gross margin, FY2024: 29.28%Gross margin, FY2025: 44.71%Gross margin, FY2026: 50.31%Operating margin, FY2022: 62.63%Operating margin, FY2023: 38.31%Operating margin, FY2024: 16.82%Operating margin, FY2025: 33.95%Operating margin, FY2026: 38.39%Net margin, FY2022: 59.04%Net margin, FY2023: 35.33%Net margin, FY2024: 12.85%Net margin, FY2025: 29.83%Net margin, FY2026: 36.89%FY2022FY2023FY2024FY2025FY2026
Gross margin FY2022 74.33%. Gross margin FY2023 52.04%. Gross margin FY2024 29.28%. Gross margin FY2025 44.71%. Gross margin FY2026 50.31%. Operating margin FY2022 62.63%. Operating margin FY2023 38.31%. Operating margin FY2024 16.82%. Operating margin FY2025 33.95%. Operating margin FY2026 38.39%. Net margin FY2022 59.04%. Net margin FY2023 35.33%. Net margin FY2024 12.85%. Net margin FY2025 29.83%. Net margin FY2026 36.89%.

Income trends

Revenue

99.22M USD+5.37%

Operating income

38.09M USD+19.15%

Net income

36.6M USD+30.33%
Income trends across reported periods108.25M USD72.13M USD36.02M USD−94.85K USDRevenue, FY2022: 77.46M USDRevenue, FY2023: 69.85M USDRevenue, FY2024: 69.55M USDRevenue, FY2025: 94.16M USDRevenue, FY2026: 99.22M USDOperating income, FY2022: 48.52M USDOperating income, FY2023: 26.76M USDOperating income, FY2024: 11.7M USDOperating income, FY2025: 31.97M USDOperating income, FY2026: 38.09M USDNet income, FY2022: 45.74M USDNet income, FY2023: 24.68M USDNet income, FY2024: 8.93M USDNet income, FY2025: 28.09M USDNet income, FY2026: 36.6M USDFY2022FY2023FY2024FY2025FY2026
Revenue FY2022 77.46M USD. Revenue FY2023 69.85M USD. Revenue FY2024 69.55M USD. Revenue FY2025 94.16M USD. Revenue FY2026 99.22M USD. Operating income FY2022 48.52M USD. Operating income FY2023 26.76M USD. Operating income FY2024 11.7M USD. Operating income FY2025 31.97M USD. Operating income FY2026 38.09M USD. Net income FY2022 45.74M USD. Net income FY2023 24.68M USD. Net income FY2024 8.93M USD. Net income FY2025 28.09M USD. Net income FY2026 36.6M USD.
Metric (USD)FY2026FY2025FY2024FY2023FY2022
Revenue99.22M USD94.16M USD69.55M USD69.85M USD77.46M USD
Cost of goods sold49.3M USD52.06M USD49.18M USD33.5M USD19.88M USD
Gross profit49.92M USD42.1M USD20.37M USD36.35M USD57.58M USD
Selling, general, and administrative11.01M USD9.34M USD8.56M USD8.01M USD6.63M USD
Operating expenses11.83M USD10.14M USD8.67M USD9.6M USD9.07M USD
Interest income114.78M USD137.55M USD130.3M USD86.59M USD58.51M USD
Interest expense49.3M USD52.06M USD49.18M USD33.5M USD19.88M USD
Operating income38.09M USD31.97M USD11.7M USD26.76M USD48.52M USD
Net income36.6M USD28.09M USD8.93M USD24.68M USD45.74M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
36%
4 beats, 6 misses, 1 met estimate
Average EPS surprise
-3.66%
11 comparable reports
Latest EPS result
0.47
Estimate 0.54 · Miss by 12.96%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.940.770.60.43Q1 '25BeatQ2 '25MissQ3 '25MissQ4 '25MissQ1 '26BeatQ2 '26MetQ3 '26MissQ4 '26Estimate
Q1 2025, reported Jan 8, 2025: actual 0.9, estimate 0.82, surprise +9.76%, Beat. Q2 2025, reported May 7, 2025: actual 0.56, estimate 0.77, surprise -27.27%, Miss. Q3 2025, reported Jul 8, 2025: actual 0.66, estimate 0.69, surprise -4.35%, Miss. Q4 2025, reported Oct 7, 2025: actual 0.58, estimate 0.67, surprise -13.43%, Miss. Q1 2026, reported Jan 7, 2026: actual 0.61, estimate 0.59, surprise +3.39%, Beat. Q2 2026, reported May 5, 2026: actual 0.53, estimate 0.53, surprise 0.00%, Met estimate. Q3 2026, reported Jul 7, 2026: actual 0.47, estimate 0.54, surprise -12.96%, Miss. Q4 2026, reported Oct 6, 2026: actual —, estimate 0.47, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates37.35M30.23M23.11M15.99MQ1 '25BeatQ2 '25MissQ3 '25MissQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26MissQ4 '26Estimate
Q1 2025, reported Jan 8, 2025: actual 35.88M USD, estimate 35.26M USD, surprise +1.76%, Beat. Q2 2025, reported May 7, 2025: actual 17.47M USD, estimate 33.22M USD, surprise -47.41%, Miss. Q3 2025, reported Jul 8, 2025: actual 29.29M USD, estimate 32.79M USD, surprise -10.67%, Miss. Q4 2025, reported Oct 7, 2025: actual 32.63M USD, estimate 32.51M USD, surprise +0.36%, Beat. Q1 2026, reported Jan 7, 2026: actual 31.65M USD, estimate 30.94M USD, surprise +2.28%, Beat. Q2 2026, reported May 5, 2026: actual 31.12M USD, estimate 30.85M USD, surprise +0.87%, Beat. Q3 2026, reported Jul 7, 2026: actual 30.78M USD, estimate 31.38M USD, surprise -1.92%, Miss. Q4 2026, reported Oct 6, 2026: actual —, estimate 31.47M USD, surprise —, Comparison unavailable.

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