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SARSaratoga Investment Corp.
$21.42$348M
Overview & Verdict
Overview
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SAR logoSaratoga Investment Corp.(SAR)Earnings, Financials & Key Ratios

SAR•NYSE•Banking & Credit
$21.42
9.3× P/E·Price updated Jul 6, 2026
SectorFinancial ServicesIndustryAsset ManagementSub-IndustryPrivate credit and BDC lenders
AboutSaratoga 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. It 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 firm 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. It seeks to invest in the United States. The firm primarily invests $5 million to $50 million in companies having EBITDA of $2 million or greater and revenues of $8 million to $250 million. The firm prefer to take a majority stake. It invests through direct lending as well as participation in loan syndicates. The firm was formerly known as GSC Investment Corp. Saratoga Investment Corp. is based in New York, New York with an additional office in Florham Park, New Jersey.Show more
  • Net Interest Income$65M-23.4%
  • Total Revenue$99M+5.4%
  • Net Income$37M+30.3%
  • Return on Equity9.28%+26.0%
  • Net Interest Margin5.75%-19.9%
  • Efficiency Ratio11.92%+10.7%
  • ROA3.14%+33.2%
  • Equity / Assets34.77%+5.5%
  • Book Value per Share24.99-11.4%

SAR Price & Volume

Saratoga Investment Corp. (SAR) stock price & volume — 10-year historical chart

Loading chart...

Structural Margin Volatility Masks Severe Equity Erosion

Investment Thesis • Updated 2026Q4

VerdictNegative
Growth:Mixed
Profitability:Moderate
Financial:Strained
Cash Flow:Mixed
Primary Risk:Level 3 Asset Valuation

Key Thesis Takeaways

  • Saratoga Investment Corp.
  • faces significant fundamental headwinds as evidenced by the rapid deterioration of total equity to a negative $104.1 million in 2026Q4.
  • While the firm maintains a forward P/E of 8.98, the extreme instability in free cash flow margins, which swung to a negative 198.8% in the most recent quarter, suggests that dividend sustainability is highly questionable.
  • Investors should exercise extreme caution given the reliance on Level 3 asset valuations and the precarious current ratio of 0.08, which indicates heightened liquidity risk.

Verdict Logic

the rapid erosion of the equity base to negative $104.1 million and a current ratio of 0.08 suggest that the firm's solvency and ability to meet short-term obligations are under severe pressure.

SAR Growth Metrics

Saratoga Investment Corp. (SAR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years15.13%
5 Years19.98%
3 Years12.41%
TTM-

Profit CAGR

10 Years12.13%
5 Years19.89%
3 Years14.05%
TTM30.33%

EPS CAGR

10 Years1.01%
5 Years11.84%
3 Years3.89%
TTM14.01%

Return on Capital

10 Years4.52%
5 Years3.3%
3 Years2.37%
Last Year3.39%

SAR Recent Earnings

Saratoga Investment Corp. (SAR) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
May 5, 2026
Metric
Actual
Est
EPS
$0.53+0.0%
$0.53
Rev
$31M+0.9%
$31M
Q1 2026
Jan 7, 2026
Metric
Actual
Est
EPS
$0.61+3.4%
$0.59
Rev
$32M+2.3%
$31M
Q4 2025
Oct 7, 2025
Metric
Actual
Est
EPS
$0.58-13.4%
$0.67
Rev
$33M+0.4%
$33M
Q3 2025
Jul 8, 2025
Metric
Actual
Est
EPS
$0.66-4.3%
$0.69
Rev
$29M-10.7%
$33M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 5, 2026
$0.53vs $0.53+0.0%
$31Mvs $31M+0.9%
Q1 2026Jan 7, 2026
$0.61vs $0.59+3.4%
$32Mvs $31M+2.3%
Q4 2025Oct 7, 2025
$0.58vs $0.67-13.4%
$33Mvs $33M+0.4%
Q3 2025Jul 8, 2025
$0.66vs $0.69-4.3%
$29Mvs $33M-10.7%
Based on last 12 quarters of dataView full earnings history →

Latest SAR News

Recent stock market news and headlines for Saratoga Investment Corp. (SAR)

Benzinga·Jun 26, 2026
Saratoga Investment Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Saratoga Investment Corp. (NYSE:SAR) will release its first quarter earnings report after the closing bell on Tuesday, July 7.

GlobeNewsWire·Jun 22, 2026
Saratoga Investment Corp. to Report Fiscal First Quarter 2027 Financial Results and Hold Conference Call

NEW YORK, June 22, 2026 (GLOBE NEWSWIRE) -- Saratoga Investment Corp. (NYSE:SAR), a business development company, will report its financial results for the fiscal quarter ended May 31, 2026, on Tuesday July 7, 2026, after market close. A conference call to discuss the financial results will be held on Wednesday July 8, 2026. Details for the conference call are provided below.

TheNewswire·Jun 15, 2026
Wedgemount Resources Announces Adoption of Semi-Annual Reporting

Vancouver, BC – June 15, 2026 - TheNewswire – Wedgemount Resources Corp. (CSE: WDGY) (FSE: 8H5) ("Wedgemount" or the "Company") is pleased to announces that it has elected to rely on Coordinated Blanket Order 51-933 – Exemptions to Permit Semi-Annual Reporting for Certain Venture Issuers (“ CBO 51-933 ”) to adopt semi-annual financial reporting (“ SAR ”). CBO 51-933 allows eligible venture issuers to voluntarily move from a quarterly to a semi-annual financial reporting framework. By opting into the SAR pilot program, the Company aims to reduce the administrative and financial burden associated with quarterly reporting. Wedgemount's fiscal year ends on July 31. Under the SAR pilot program, the Company will be exempt from the requirements to file interim financial reports and related management's discussion and analysis (“ MD&A ”) for its first and third quarters.

Peers Comparison

Key metrics vs top competitors for Saratoga Investment Corp. (SAR)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
SAR logoSARSaratoga Investment Corp.Current
$21.42$348.46M9.275.37%36.89%9.28%15.42%
GAIN logoGAINGladstone Investment Corporation
$15.60$621.22M3.27-20.47%173.56%34.04%—
SLRC logoSLRCSLR Investment Corp.
$12.85$701.03M7.5624.76%39.78%7.31%—
PFLT logoPFLTPennantPark Floating Rate Capital Ltd.
$7.30$724.29M10.142.2%34.83%5.84%—
TPVG logoTPVGTriplePoint Venture Growth BDC Corp.
$4.79$194.47M3.9336.55%-19.55%-3.39%—
CSWC logoCSWCCapital Southwest Corporation
$23.78$1.48B12.5250.13%50.89%11.68%—

Compare SAR vs Peers

Saratoga Investment Corp. (SAR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GAIN

Most directly comparable listed peer for SAR.

Scale Benchmark

vs ARCC

Larger-name benchmark to compare SAR against a more recognizable public peer.

Peer Set

Compare Top 5

vs GAIN, SLRC, PFLT, TPVG

SAR SEC Filings & Documents

Saratoga Investment Corp. (SAR) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 5, 2026·SEC

Material company update

Apr 14, 2026·SEC

Material company update

Mar 13, 2026·SEC

10-K Annual Reports

4
FY 2026

May 5, 2026·SEC

FY 2025

May 7, 2025·SEC

FY 2024

May 6, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Jan 7, 2026·SEC

FY 2025

Oct 7, 2025·SEC

FY 2025

Jul 8, 2025·SEC

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SAR Frequently Asked Questions

Saratoga Investment Corp. (SAR) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is Saratoga Investment Corp. growing?

Saratoga Investment Corp. (SAR) grew revenue by 5.4% over the past year. This is steady growth.

Is SAR profitable?

Yes, Saratoga Investment Corp. (SAR) is profitable, generating $36.6M in net income for fiscal year 2026 (36.9% net margin).

Dividend & Returns
Does SAR pay dividends?

Yes, Saratoga Investment Corp. (SAR) pays a dividend with a yield of 15.42%. This makes it attractive for income-focused investors.

What is SAR's return on equity?

Saratoga Investment Corp. (SAR) has a return on equity (ROE) of 9.3%. This is below average, suggesting room for improvement.

Industry Metrics
What is Saratoga Investment Corp.'s net interest margin?

Saratoga Investment Corp. (SAR) has a net interest margin (NIM) of 5.7%. This indicates healthy earnings from lending activities.

What is Saratoga Investment Corp.'s efficiency ratio?

Saratoga Investment Corp. (SAR) has an efficiency ratio of 11.9%. This is excellent, indicating strong cost control.

What if you invested $1,000 in SAR back in 2007?

Total return calculator · dividends reinvested · 19+ years of data

See returns →