Revenue volatility remains pronounced, with quarterly figures fluctuating between $11.4 million and $30.8 million, while net income frequently swings into negative territory, including a $2.6 million loss in 2026Q4.
| Metric | TTM | Feb'26 | Feb'25 | Feb'24 | Feb'23 | Feb'22 | Feb'21 | Feb'20 | Feb'19 | Feb'18 | Feb'17 | Feb'16 | Feb'15 | Feb'14 | Feb'13 | Feb'12 | Feb'11 | Feb'10 | Feb'09 | Feb'08 | Feb'07 |
|---|
| Net Interest Income | 47.9M | 65.48M | 85.49M | 81.12M | 53.09M | 38.62M | 38.14M | 33.9M | 30.24M | 24.2M | 19.49M | 18.42M | 17.31M | 14.1M | 11.91M | 9.96M | 9.44M | 9.23M | 18.54M | 15.71M | 0 |
| NII Growth % | -163.92% | -23.41% | 5.39% | 52.8% | 37.44% | 1.27% | 12.51% | 12.12% | 24.95% | 24.15% | 5.82% | 6.39% | 22.76% | 18.42% | 19.53% | 5.57% | 2.28% | -50.22% | 17.97% | - | - |
| Net Interest Margin % | 0% | 5.75% | 7.17% | 6.81% | 4.92% | 4.41% | 6.44% | 6.39% | 6.42% | 6.72% | 6.12% | 6.24% | 6.57% | 6.55% | 6.83% | 7.94% | 9.56% | 9.52% | 14.19% | 8.15% | 0% |
| Interest Income | 84.75M | 114.78M | 137.55M | 130.3M | 86.59M | 58.51M | 51.73M | 48.58M | 43.36M | 35.14M | 29.38M | 26.88M | 24.69M | 20.19M | 14.45M | 11.26M | 12.05M | 13.32M | 21.14M | 20.74M | 0 |
| Interest Expense | 13.69B | 49.3M | 52.06M | 49.18M | 33.5M | 19.88M | 13.59M | 14.68M | 13.13M | 10.94M | 9.89M | 8.46M | 7.38M | 6.08M | 2.54M | 1.3M | 2.61M | 4.1M | 2.61M | 5.03M | 0 |
| Loan Loss Provision | -13.65B | 0 | 0 | 101 | -489 | 307 | -201 | 389 | 282 | 346 | -127 | -467 | -22 | 109 | -413 | 15 | 161 | -41 | -367 | -233 | 0 |
| Non-Interest Income | 30.76B | -15.56M | -43.39M | -60.75M | -16.73M | 18.96M | -11.82M | 29.71M | -5.45M | -1.76M | -2.34M | -2.62M | -2.68M | -1.94M | 5.42M | 6.95M | 10.32M | -16.16M | 2.24M | 641.95K | 0 |
| Non-Interest Income % | 99.73% | -15.68% | -46.08% | -87.36% | -23.96% | 24.47% | -29.61% | 37.95% | -14.37% | -5.26% | -8.66% | -10.8% | -12.2% | -10.61% | 27.28% | 38.16% | 46.13% | 569.47% | 9.6% | 3% | - |
| Total Revenue | 30.85B | 99.22M | 94.16M | 69.55M | 69.85M | 77.46M | 39.91M | 78.29M | 37.91M | 33.38M | 27.04M | 24.26M | 22M | 18.25M | 19.87M | 18.21M | 22.37M | -2.84M | 23.39M | 21.39M | 0 |
| Revenue Growth % | 104952.64% | 5.37% | 35.4% | -0.44% | -9.83% | 94.09% | -49.02% | 106.51% | 13.57% | 23.46% | 11.46% | 10.24% | 20.56% | -8.15% | 9.12% | -18.58% | 888.16% | -112.13% | 9.36% | - | - |
| Non-Interest Expense | 23.19B | 11.83M | 10.14M | 8.66M | 9.6M | 9.06M | 6.38M | 7.26M | 5.54M | 4.78M | 5.72M | 4.04M | 3.33M | 3.67M | 3.29M | 3.64M | 2.8M | 3.5M | 6.82M | 21.72M | 90K |
| Efficiency Ratio | 75.19% | 11.92% | 10.77% | 12.46% | 13.74% | 11.7% | 16% | 9.28% | 14.6% | 14.32% | 21.14% | 16.66% | 15.12% | 20.11% | 16.54% | 19.98% | 12.51% | -123.4% | 29.14% | 101.55% | - |
| Operating Income | 24.04M | 38.09M | 31.97M | 11.7M | 26.76M | 48.52M | 19.94M | 56.35M | 19.25M | 17.66M | 11.43M | 11.76M | 11.3M | 8.5M | 14.04M | 13.28M | 16.96M | -10.44M | 13.97M | -5.36M | -130K |
| Operating Margin % | 0.08% | 38.39% | 33.95% | 16.82% | 38.31% | 62.63% | 49.96% | 71.97% | 50.77% | 52.92% | 42.28% | 48.48% | 51.36% | 46.56% | 70.68% | 72.9% | 75.81% | 367.69% | 59.72% | -25.07% | - |
| Operating Income Growth % | - | 19.15% | 173.22% | -56.27% | -44.85% | 143.32% | -64.61% | 192.72% | 8.97% | 54.51% | -2.78% | 4.06% | 33% | -39.5% | 5.79% | -21.72% | 262.51% | -174.72% | 360.46% | -4024.78% | - |
| Pretax Income | 7.49M | 38.09M | 31.97M | 11.7M | 26.76M | 48.52M | 19.94M | 56.35M | 19.25M | 17.66M | 11.43M | 11.76M | 11.3M | 8.5M | 14.04M | 13.28M | 16.96M | -10.44M | -21.17M | -5.36M | -130K |
| Pretax Margin % | 0.02% | 38.39% | 33.95% | 16.82% | 38.31% | 62.63% | 49.96% | 71.97% | 50.77% | 52.92% | 42.28% | 48.48% | 51.36% | 46.56% | 70.68% | 72.9% | 75.81% | 367.69% | -90.54% | -25.07% | - |
| Income Tax | -15.19M | 1.48M | 3.88M | 2.77M | 2.08M | 2.78M | 5.16M | 607.65K | 739.72K | -14.74K | 44.77K | 113.81K | 293.65K | 0 | 0 | 0 | 0 | 27.45K | 140.32K | 88.95K | 0 |
| Effective Tax Rate % | -202.87% | 3.89% | 12.14% | 23.64% | 7.78% | 5.73% | 25.89% | 1.08% | 3.84% | -0.08% | 0.39% | 0.97% | 2.6% | 0% | 0% | 0% | 0% | -0.26% | -0.66% | -1.66% | 0% |
| Net Income | 22.67M | 36.6M | 28.09M | 8.93M | 24.68M | 45.74M | 14.78M | 55.74M | 18.51M | 17.68M | 11.39M | 11.65M | 11.01M | 8.5M | 14.04M | 13.28M | 16.96M | -10.46M | -21.32M | -5.45M | -130K |
| Net Margin % | 0.07% | 36.89% | 29.83% | 12.85% | 35.33% | 59.04% | 37.02% | 71.19% | 48.82% | 52.96% | 42.12% | 48.01% | 50.02% | 46.56% | 70.68% | 72.9% | 75.81% | 368.66% | -91.14% | -25.49% | - |
| Net Income Growth % | -35.97% | 30.33% | 214.38% | -63.8% | -46.05% | 209.5% | -73.49% | 201.14% | 4.7% | 55.25% | -2.22% | 5.8% | 29.54% | -39.5% | 5.79% | -21.72% | 262.08% | 50.91% | -291.02% | -4093.2% | - |
| Net Income (Continuing) | 22.67M | 36.6M | 28.09M | 8.93M | 24.68M | 45.74M | 14.78M | 55.74M | 18.51M | 17.68M | 11.39M | 11.65M | 11.01M | 8.5M | 14.04M | 13.28M | 16.96M | -10.46M | -21.32M | -5.45M | -130K |
| EPS (Diluted) | 1.40 | 2.31 | 2.02 | 0.71 | 2.06 | 3.99 | 1.32 | 5.98 | 2.63 | 2.93 | 1.98 | 2.09 | 2.04 | 1.73 | 3.42 | 3.87 | 6.96 | -9.86 | -25.71 | -7.02 | -0.21 |
| EPS Growth % | -59.57% | 14.36% | 184.51% | -65.53% | -48.37% | 202.27% | -77.93% | 127.38% | -10.24% | 47.98% | -5.26% | 2.45% | 17.92% | -49.42% | -11.63% | -44.4% | 170.59% | 61.65% | -266.24% | -3242.86% | - |
| EPS (Basic) | - | 2.31 | 2.02 | 0.71 | 2.06 | 3.99 | 1.32 | 5.98 | 2.63 | 2.93 | 1.98 | 2.09 | 2.04 | 1.73 | 3.42 | 3.87 | 6.96 | -9.86 | -25.71 | -7.02 | -0.21 |
| Diluted Shares Outstanding | 16.25M | 15.85M | 13.91M | 12.67M | 11.96M | 11.46M | 11.19M | 9.32M | 7.05M | 6.02M | 5.74M | 5.58M | 5.39M | 4.92M | 4.11M | 3.43M | 2.44M | 1.06M | 829.14K | 776.2K | 621.88K |
Portfolio Valuation Volatility
As reported in recent quarterly filings, SAJ's revenue trajectory exhibits significant quarter-over-quarter fluctuations, with figures ranging from $11.4 million to $30.8 million, suggesting that the company's top-line growth is heavily dependent on the timing of investment exits and the realization of equity-based income streams.
The inconsistency in revenue generation implies that SAJ's business model is susceptible to the cyclical nature of middle-market deal flow. Investors should monitor whether these swings represent sustainable portfolio expansion or merely the lumpy realization of non-recurring gains.
Based on the provided financial data, SAJ's gross margin has demonstrated extreme volatility, collapsing from 57.5% in 2026Q1 to 74.2% in 2026Q4, which indicates that the company's ability to maintain a consistent spread between investment yields and funding costs is currently under significant pressure.
The wide variance in gross margins suggests that the company may be struggling with the fair value adjustments of its underlying assets. This instability warrants further investigation into whether the current margin profile is reflective of credit deterioration within the portfolio.
According to the income statement history, SAJ's net income has frequently swung into negative territory, including a $2.6 million loss in 2026Q4, which highlights the impact of non-operating items and unrealized valuation changes on the company's bottom-line profitability and dividend coverage capacity.
The disconnect between operating income and net income suggests that fair value accounting for Level 3 assets is a primary driver of earnings volatility. Analysts should be cautious of relying on headline EPS figures, as they may not accurately reflect the cash-generating capability of the underlying loan book.
As indicated by the reported 1.97% debt-to-equity ratio, there appears to be a fundamental anomaly in the company's financial disclosures that contradicts standard BDC leverage profiles, raising significant concerns regarding the accuracy of the reported balance sheet and the true extent of the company's financial risk.
This unusual leverage figure suggests that either the company has undergone a massive, unexplained deleveraging event or there is a potential misclassification of debt obligations. Investors should treat these figures with extreme skepticism until management provides clarity on the composition of the capital structure.
Quick answers to the most common questions about buying SAJ stock.
Saratoga Investment Corp 8.00% (SAJ) is profitable, generating $36.6M in net income for the fiscal year ending 2026 with a net profit margin of 36.9%.
Saratoga Investment Corp 8.00% (SAJ) reported an operating income of $38.1M, resulting in an operating profit margin of 38.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Saratoga Investment Corp 8.00% (SAJ) generated $49.9M in gross profit for the year, representing a gross profit margin of 50.3%. This demonstrates the company's core pricing power and production efficiency.