Saratoga Investment Corp.
SAR NYSE Financials FY2021–FY2026
Last close · Oct 23, 2026
$13.57
2.1%
Revenue
Total sales reported in the income statement.
—
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$36.6M
30.3%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$219M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.27 EPS (TTM)
What Saratoga Investment Corp. does
No business description yet.
- Legal name
- SARATOGA INVESTMENT CORP.
- Fiscal year ends
- February 28, 2026
- Latest annual report
- 10-K · May 5, 2026
- Accession · CIK
- 0001213900-26-052176
0001377936
Revenue and margins
Saratoga Investment Corp. had — of revenue in fiscal 2026.
FY21
Revenue —
FY22
Revenue —
FY23
Revenue —
FY24
Revenue —
FY25
Revenue —
FY26
Revenue —
FY21
Gross —
Operating —
Net —
FCF —
FY22
Gross —
Operating —
Net —
FCF —
FY23
Gross —
Operating —
Net —
FCF —
FY24
Gross —
Operating —
Net —
FCF —
FY25
Gross —
Operating —
Net —
FCF —
FY26
Gross —
Operating —
Net —
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2021 to 2026, diluted EPS grew 11.8% a year. Loss periods are shown in red.
FY21
Net income $14.8M
FY22
Net income $45.7M
FY23
Net income $24.7M
FY24
Net income $8.9M
FY25
Net income $28.1M
FY26
Net income $36.6M
Q3 '24
Net income −$4.1M
Q4 '24
Net income $5.3M
Q1 '25
Net income $6.6M
Q2 '25
Net income $13.3M
Q3 '25
Net income $8.8M
Q4 '25
Net income −$0.7M
Q1 '26
Net income $13.9M
Q2 '26
Net income $13.3M
Q3 '26
Net income $12.0M
Q4 '26
Net income −$2.6M
Q1 '27
Net income −$6.9M
Q2 '27
Net income −$6.7M
FY21
Diluted EPS $1.32
FY22
Diluted EPS $3.99
FY23
Diluted EPS $2.06
FY24
Diluted EPS $0.71
FY25
Diluted EPS $2.02
FY26
Diluted EPS $2.31
Q3 '24
Diluted EPS −$0.31
Q4 '24
Diluted EPS $0.39
Q1 '25
Diluted EPS $0.48
Q2 '25
Diluted EPS $0.97
Q3 '25
Diluted EPS $0.64
Q4 '25
Diluted EPS −$0.07
Q1 '26
Diluted EPS $0.91
Q2 '26
Diluted EPS $0.84
Q3 '26
Diluted EPS $0.74
Q4 '26
Diluted EPS −$0.18
Q1 '27
Diluted EPS −$0.42
Q2 '27
Diluted EPS −$0.41
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity 4.9%
Return on assets —
FY22
Return on capital —
Return on equity 13.9%
Return on assets 5.2%
FY23
Return on capital —
Return on equity 7.0%
Return on assets 2.5%
FY24
Return on capital —
Return on equity 2.5%
Return on assets 0.8%
FY25
Return on capital —
Return on equity 7.4%
Return on assets 2.4%
FY26
Return on capital —
Return on equity 9.3%
Return on assets 3.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2026, — of revenue. Cash from operations minus capital spending.
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY26
Free cash flow —
FY21
Cash from operations −$62.3M
Capital spending —
FY22
Cash from operations −$203M
Capital spending —
FY23
Cash from operations −$130M
Capital spending —
FY24
Cash from operations −$157M
Capital spending —
FY25
Cash from operations $198M
Capital spending —
FY26
Cash from operations −$88.0M
Capital spending —
Cash from operations
Capital spending
Q3 '24
Cash from operations −$18.6M
Capital spending —
Q4 '24
Cash from operations −$20.7M
Capital spending —
Q1 '25
Cash from operations $52.1M
Capital spending —
Q2 '25
Cash from operations $71.1M
Capital spending —
Q3 '25
Cash from operations $94.2M
Capital spending —
Q4 '25
Cash from operations −$19.9M
Capital spending —
Q1 '26
Cash from operations $32.3M
Capital spending —
Q2 '26
Cash from operations −$19.3M
Capital spending —
Q3 '26
Cash from operations −$8.6M
Capital spending —
Q4 '26
Cash from operations −$92.4M
Capital spending —
Q1 '27
Cash from operations −$26.0M
Capital spending —
Q2 '27
Cash from operations −$27.8M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Saratoga Investment Corp. returned $52.4M to shareholders in fiscal 2026. The diluted share count rose 13.9%.
FY21
Dividends $11.3M
Buybacks —
FY22
Dividends $18.2M
Buybacks —
FY23
Dividends $22.7M
Buybacks $10.8M
FY24
Dividends $32.1M
Buybacks $2.2M
FY25
Dividends $40.7M
Buybacks —
FY26
Dividends $52.4M
Buybacks $0.1M
Dividends
Buybacks
Q3 '24
Dividends $8.4M
Buybacks $0.0M
Q4 '24
Dividends $8.9M
Buybacks $0.0M
Q1 '25
Dividends $9.0M
Buybacks —
Q2 '25
Dividends $9.1M
Buybacks —
Q3 '25
Dividends $9.0M
Buybacks —
Q4 '25
Dividends $13.7M
Buybacks —
Q1 '26
Dividends $16.7M
Buybacks —
Q2 '26
Dividends $10.5M
Buybacks —
Q3 '26
Dividends $10.8M
Buybacks —
Q4 '26
Dividends $14.4M
Buybacks —
Q1 '27
Dividends $10.8M
Buybacks —
Q2 '27
Dividends $10.8M
Buybacks —
Dividends
Buybacks
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
FY26
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably Saratoga Investment Corp. can carry it.
FY21
Cash $29.9M
Debt —
FY22
Cash $47.3M
Debt —
FY23
Cash $65.7M
Debt $728M
FY24
Cash $8.7M
Debt $0.8M
FY25
Cash $148M
Debt $794M
FY26
Cash $1.7M
Debt $739M
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $47.3M | $65.7M | $8.7M | $148M | $1.7M |
| Debt incl. finance leases | — | $728M | $0.8M | $794M | $739M |
| Debt / equity | — | 2.1x | 0.0x | 2.0x | 1.9x |
| Total assets | $876M | $1.1B | $1.2B | $1.2B | $1.1B |
| Total liabilities | $520M | $731M | $821M | $799M | $743M |
| Shareholders' equity | $356M | $347M | $370M | $393M | $396M |
| Net debt (− = net cash) | — | $663M | −$7.9M | $646M | $738M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Return on assets rose | — | — | ✕ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Debt fell relative to assets | — | — | — | ✓ | ✕ | ✓ |
| Current ratio rose | — | — | — | — | — | — |
| Share count didn't rise | — | — | — | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | — | — | — | — |
| F-score | — / 3 | — / 3 | — / 4 | — / 6 | — / 6 | — / 6 |
| Accruals ratio | — | 28.4% | 15.9% | 14.6% | −14.2% | 10.7% |
| Altman Z'' | — | — | — | — | — | — |
6 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Income tax | $0.0M | −$0.0M | −$0.2M | $0.0M | $0.4M | −$0.1M |
| Net income | $14.8M | $45.7M | $24.7M | $8.9M | $28.1M | $36.6M |
| Diluted EPS | $1.32 | $3.99 | $2.06 | $0.71 | $2.02 | $2.31 |
| Diluted shares | — | — | 0.01B | 0.01B | 0.01B | 0.02B |
| Cash flow | ||||||
| Cash from operations | −$62.3M | −$203M | −$130M | −$157M | $198M | −$88.0M |
| Share buybacks | — | — | $10.8M | $2.2M | — | $0.1M |
| Dividends paid | $11.3M | $18.2M | $22.7M | $32.1M | $40.7M | $52.4M |
| Dividends and buybacks | $11.3M | $18.2M | $33.5M | $34.2M | $40.7M | $52.4M |
| Balance sheet | ||||||
| Cash and short-term investments | $29.9M | $47.3M | $65.7M | $8.7M | $148M | $1.7M |
| Total debt | — | — | $728M | $0.8M | $794M | $739M |
| Current liabilities | — | — | — | — | $799M | — |
| Total assets | — | $876M | $1.1B | $1.2B | $1.2B | $1.1B |
| Total liabilities | — | $520M | $731M | $821M | $799M | $743M |
| Shareholders' equity | $304M | $356M | $347M | $370M | $393M | $396M |
| Returns | ||||||
| Return on equity | 4.9% | 13.9% | 7.0% | 2.5% | 7.4% | 9.3% |
| Return on assets | — | 5.2% | 2.5% | 0.8% | 2.4% | 3.1% |
| Return on tangible equity | 4.9% | 12.9% | 7.1% | 2.4% | 7.2% | 9.2% |
| Growth | ||||||
| Net income growth | — | 209.5% | −46.0% | −63.8% | 214.4% | 30.3% |
| EPS growth | — | 202.3% | −48.4% | −65.5% | 184.5% | 14.4% |
| Share count change | — | — | — | 5.9% | 9.8% | 13.9% |
| Financial health | ||||||
| Debt / equity | — | — | 2.1x | 0.0x | 2.0x | 1.9x |
| Quality scores | ||||||
| Accruals ratio | — | 28.4% | 15.9% | 14.6% | −14.2% | 10.7% |
Source: SEC EDGAR XBRL filings (CIK 0001377936). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.