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Saratoga Investment Corp 8.50%(SAZ)Earnings, Financials & Key Ratios
SAZ•NYSE
$25.61
11.1× P/E·Price updated Jul 6, 2026
AboutSaratoga Investment Corp. (NYSE: SAR) is a publicly traded business development company (BDC) that provides customized financing solutions for middle market companies located in the United States. Saratoga’s senior investment professionals have over 200 years of combined experience investing in more than $4 billion in middle market businesses.Show more
- EBITDA$86M+168.0%
- Net Income$37M+30.3%
- EPS (Diluted)2.31+14.4%
- Gross Margin75.48%+68.8%
- EBITDA Margin65.16%+91.9%
- Operating Margin65.78%+93.8%
- Net Margin27.84%-6.6%
- ROE9.28%+26.0%
SAZ Price & Volume
Saratoga Investment Corp 8.50% (SAZ) stock price & volume — 10-year historical chart
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Portfolio Valuation Volatility Masks Underlying Earnings Instability
Investment Thesis • Updated 2026Q4
VerdictNeutral
Growth:Mixed
Profitability:Strained
Financial:Vulnerable
Cash Flow:Mixed
Primary Risk:Portfolio Valuation Volatility
Key Thesis Takeaways
- Saratoga Investment Corp faces significant fundamental headwinds as its reliance on fair-value accounting leads to erratic net income swings, evidenced by the decline from a $13.9M profit in 2026Q1 to a $2.6M loss in 2026Q4.
- The firm's aggressive dividend policy, which frequently exceeds operating cash flow, creates a structural dependency on external financing to maintain payouts.
- Investors should remain cautious regarding the firm's long-term capital preservation, given the persistent negative retained earnings of -$43.1M and the recent, dramatic contraction in total assets to $389.6B.
Verdict Logic
Negative: The firm's dividend yield of 13.0% appears unsustainable given the frequent decoupling of net income from actual cash generation and the erosion of the current ratio to 0.08.
SAZ Growth Metrics
Saratoga Investment Corp 8.50% (SAZ) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years18.41%
5 Years26.92%
3 Years23.46%
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 Years4.19%
5 Years2.66%
3 Years1.3%
Last Year0.18%
SAZ Recent Earnings
Saratoga Investment Corp 8.50% (SAZ) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
May 13, 2026Metric
Actual
Est
EPS
$0.56+0.4%
$0.56
Rev
$62.7B+203240.3%
$31M
Q1 2026
Jan 7, 2026Metric
Actual
Est
EPS
$0.61+3.7%
$0.59
Rev
$32M+2.3%
$31M
Q4 2025
Oct 7, 2025Metric
Actual
Est
EPS
$0.58-12.3%
$0.66
Rev
$31M-5.1%
$32M
Q3 2025
Jul 8, 2025Metric
Actual
Est
EPS
$0.91+26.8%
$0.72
Rev
$35M+8.8%
$32M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 13, 2026 | $0.56vs $0.56+0.4% | $62.7Bvs $31M+203240.3% |
| Q1 2026 | Jan 7, 2026 | $0.61vs $0.59+3.7% | $32Mvs $31M+2.3% |
| Q4 2025 | Oct 7, 2025 | $0.58vs $0.66-12.3% | $31Mvs $32M-5.1% |
| Q3 2025 | Jul 8, 2025 | $0.91vs $0.72+26.8% | $35Mvs $32M+8.8% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Saratoga Investment Corp 8.50% (SAZ)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $25.61 | $414.48M | 11.09 | 39.61% | 27.84% | 9.28% | 12.9% | |
| $21.42 | $348.46M | 9.27 | 5.37% | 36.89% | 9.06% | — | |
| $12.87 | $3.35B | 9.06 | 42.5% | 26.91% | 5.24% | — | |
| $18.56 | $13.33B | 9.98 | 32.87% | 43.69% | 8.11% | — | |
| $4.94 | $999.21M | 6.50 | -18.64% | — | — | — | |
| $7.30 | $724.29M | 10.14 | 2.2% | 34.83% | 5.84% | — |
Compare SAZ vs Peers
Saratoga Investment Corp 8.50% (SAZ) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
SAZ SEC Filings & Documents
Saratoga Investment Corp 8.50% (SAZ) SEC filings — annual & quarterly reports (10-K, 10-Q)
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SAZ Frequently Asked Questions
Saratoga Investment Corp 8.50% (SAZ) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Saratoga Investment Corp 8.50%'s revenue?
Saratoga Investment Corp 8.50% (SAZ) reported $115.1M in revenue for fiscal year 2026.
How fast is Saratoga Investment Corp 8.50% growing?
Saratoga Investment Corp 8.50% (SAZ) grew revenue by 39.6% over the past year. This is strong growth.
Is SAZ profitable?
Yes, Saratoga Investment Corp 8.50% (SAZ) is profitable, generating $36.6M in net income for fiscal year 2026 (27.8% net margin).
Dividend & Returns
Does SAZ pay dividends?
Yes, Saratoga Investment Corp 8.50% (SAZ) pays a dividend with a yield of 12.90%. This makes it attractive for income-focused investors.
What is SAZ's return on equity?
Saratoga Investment Corp 8.50% (SAZ) has a return on equity (ROE) of 9.3%. This is below average, suggesting room for improvement.
What is Saratoga Investment Corp 8.50%'s free cash flow?
Saratoga Investment Corp 8.50% (SAZ) generated $51.8M in free cash flow for fiscal year 2026. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.