Revenue remains highly inconsistent, fluctuating between $11.4 million and $30.8 million over the last ten quarters, while gross margins have exhibited extreme volatility, collapsing to -9.5% in 2024Q3 before recovering to 74.2% by 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 and Credit Risk
As indicated by the quarterly income statements, SAT's revenue trajectory remains highly inconsistent, fluctuating between $11.4 million and $30.8 million over the last ten quarters, which suggests that the firm's reliance on transactional equity exits and CLO distributions creates significant top-line instability for investors.
The wide variance in quarterly revenue suggests that the firm's core interest income is frequently overshadowed by the timing of realized gains. This lack of predictable revenue growth warrants caution, as it complicates the assessment of the firm's ability to maintain consistent dividend coverage through varying market cycles.
Based on the provided financial data, SAT's gross margin has exhibited extreme volatility, collapsing to -9.5% in 2024Q3 before recovering to 74.2% by 2026Q4, which highlights the inherent sensitivity of the firm's lending platform to credit-related write-downs and non-accrual events within the portfolio.
The significant swings in gross margin suggest that the firm's cost of capital and portfolio performance are not perfectly matched, leading to periods of acute margin pressure. Investors should monitor whether these fluctuations are indicative of structural underwriting weaknesses or merely the expected volatility of a lower-middle market BDC.
According to the reported income statements, the disparity between operating income and net income, exemplified by the 2026Q4 net loss of $2.6 million despite positive operating income, suggests that non-operating items and unrealized valuation adjustments are significantly distorting the firm's bottom-line profitability metrics.
The frequent divergence between operating and net income indicates that the firm's earnings are heavily influenced by mark-to-market adjustments on Level 3 assets. This reliance on non-cash valuation changes suggests that reported EPS may not accurately reflect the underlying cash-generating capacity of the investment portfolio.
As evidenced by the erratic net income figures, including the negative $676.8K reported in 2025Q4, the sustainability of SAT's dividend appears vulnerable to the lumpy nature of its investment exits and the potential for credit deterioration in its service-oriented portfolio companies over the coming quarters.
Short-term observers may point to the firm's ability to navigate the SBIC program as a stabilizer, yet the income statement data suggests that the firm's reliance on non-recurring gains is a persistent risk. The lack of consistent net income growth may eventually force a re-evaluation of the firm's payout policy if credit conditions tighten.
Quick answers to the most common questions about buying SAT stock.
Saratoga Investment Corp 6.00% (SAT) 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 6.00% (SAT) 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 6.00% (SAT) 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.