1.Sales and profit
See section β- Saratoga Investment Corp. made $36.6M of net profit in fiscal 2026. From fiscal 2021 to 2026, diluted EPS grew 11.8% a year.
Last close Β· Oct 23, 2026
$13.57
2.1%KIRAβs summary AI analyst
Hi! I read Saratoga Investment Corp.βs latest annual report (fiscal 2026). Here is what stands out:
1 strength
2.Cash and shareholders
See section β- Saratoga Investment Corp. returned $52.4M to shareholders in fiscal 2026. The diluted share count rose 13.9%.
- In the last 12 months, insiders bought $0.4M of shares on the open market and sold none.
3.Financial health
See section β- Saratoga Investment Corp. owes $738M more than it holds in cash.
Saratoga Investment Corp. in 30 seconds
Good So-so Weak
Good
Does it make a profit?
$36.6M
Yes. It made $36.6M of profit last year.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2026
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.
β
On β$0.27 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Revenue and margins
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY21
Revenue β
FY22
Revenue β
FY23
Revenue β
FY24
Revenue β
FY25
Revenue β
FY26
Revenue β
Margins, % of revenue
FY21
Gross β
Operating β
Net β
FCF β
FY22
Gross β
Operating β
Net β
FCF β
FY23
Gross β
Operating β
Net β
FCF β
FY24
Gross β
Operating β
Net β
FCF β
FY25
Gross β
Operating β
Net β
FCF β
FY26
Gross β
Operating β
Net β
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Saratoga Investment Corp. made $36.6M of net profit in fiscal 2026. From fiscal 2021 to 2026, diluted EPS grew 11.8% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
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
Net income
Q3 '24
Net income β$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 β$0.7M
Q1 '26
Net income $13.9M
Q2 '26
Net income $13.3M
Q3 '26
Net income $12.0M
Q4 '26
Net income β$2.6M
Q1 '27
Net income β$6.9M
Q2 '27
Net income β$6.7M
Diluted EPS
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
Diluted EPS
Q3 '24
Diluted EPS β$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 β$0.07
Q1 '26
Diluted EPS $0.91
Q2 '26
Diluted EPS $0.84
Q3 '26
Diluted EPS $0.74
Q4 '26
Diluted EPS β$0.18
Q1 '27
Diluted EPS β$0.42
Q2 '27
Diluted EPS β$0.41
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY21
Free cash flow β
FY22
Free cash flow β
FY23
Free cash flow β
FY24
Free cash flow β
FY25
Free cash flow β
FY26
Free cash flow β
Cash from operations vs capital spending
FY21
Cash from operations β$62.3M
Capital spending β
FY22
Cash from operations β$203M
Capital spending β
FY23
Cash from operations β$130M
Capital spending β
FY24
Cash from operations β$157M
Capital spending β
FY25
Cash from operations $198M
Capital spending β
FY26
Cash from operations β$88.0M
Capital spending β
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '24
Cash from operations β$18.6M
Capital spending β
Q4 '24
Cash from operations β$20.7M
Capital spending β
Q1 '25
Cash from operations $52.1M
Capital spending β
Q2 '25
Cash from operations $71.1M
Capital spending β
Q3 '25
Cash from operations $94.2M
Capital spending β
Q4 '25
Cash from operations β$19.9M
Capital spending β
Q1 '26
Cash from operations $32.3M
Capital spending β
Q2 '26
Cash from operations β$19.3M
Capital spending β
Q3 '26
Cash from operations β$8.6M
Capital spending β
Q4 '26
Cash from operations β$92.4M
Capital spending β
Q1 '27
Cash from operations β$26.0M
Capital spending β
Q2 '27
Cash from operations β$27.8M
Capital spending β
Cash from operations
Capital spending
Dividends, buybacks and share count
KIRA Β· Saratoga Investment Corp. returned $52.4M to shareholders in fiscal 2026. The diluted share count rose 13.9%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY21
Dividends $11.3M
Buybacks β
FY22
Dividends $18.2M
Buybacks β
FY23
Dividends $22.7M
Buybacks $10.8M
FY24
Dividends $32.1M
Buybacks $2.2M
FY25
Dividends $40.7M
Buybacks β
FY26
Dividends $52.4M
Buybacks $0.1M
Dividends
Buybacks
Dividends and buybacks
Q3 '24
Dividends $8.4M
Buybacks $0.0M
Q4 '24
Dividends $8.9M
Buybacks $0.0M
Q1 '25
Dividends $9.0M
Buybacks β
Q2 '25
Dividends $9.1M
Buybacks β
Q3 '25
Dividends $9.0M
Buybacks β
Q4 '25
Dividends $13.7M
Buybacks β
Q1 '26
Dividends $16.7M
Buybacks β
Q2 '26
Dividends $10.5M
Buybacks β
Q3 '26
Dividends $10.8M
Buybacks β
Q4 '26
Dividends $14.4M
Buybacks β
Q1 '27
Dividends $10.8M
Buybacks β
Q2 '27
Dividends $10.8M
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY21
Diluted shares β
FY22
Diluted shares β
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
FY26
Diluted shares 0.02B
Insider trades
KIRA Β· In the last 12 months, insiders bought $0.4M of shares on the open market and sold none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.4M
1 insider
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
KIRA Β· Saratoga Investment Corp. owes $738M more than it holds in cash.
Cash, debt and the ratios that show how comfortably Saratoga Investment Corp. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY21
Cash $29.9M
Debt β
FY22
Cash $47.3M
Debt β
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 | β | $728M | $0.8M | $794M | $739M |
| Debt / equity | β | 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 (β = net cash) | β | $663M | β$7.9M | $646M | $738M |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY21
Return on capital β
Return on equity 4.9%
Return on assets β
FY22
Return on capital β
Return on equity 13.9%
Return on assets 5.2%
FY23
Return on capital β
Return on equity 7.0%
Return on assets 2.5%
FY24
Return on capital β
Return on equity 2.5%
Return on assets 0.8%
FY25
Return on capital β
Return on equity 7.4%
Return on assets 2.4%
FY26
Return on capital β
Return on equity 9.3%
Return on assets 3.1%
Return on capital
Return on equity
Return on assets
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | β / 3 | β / 4 | β / 6 | β / 6 | β / 6 |
| Accruals ratio | β | 28.4% | 15.9% | 14.6% | β14.2% | 10.7% |
| Altman Z'' | β | β | β | β | β | β |
All figures
Every number, year by year.
6 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Income tax | $0.0M | β$0.0M | β$0.2M | $0.0M | $0.4M | β$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 | β | β | 0.01B | 0.01B | 0.01B | 0.02B |
| Cash flow | ||||||
| Cash from operations | β$62.3M | β$203M | β$130M | β$157M | $198M | β$88.0M |
| Share buybacks | β | β | $10.8M | $2.2M | β | $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 | β | β | $728M | $0.8M | $794M | $739M |
| Current liabilities | β | β | β | β | $799M | β |
| Total assets | β | $876M | $1.1B | $1.2B | $1.2B | $1.1B |
| Total liabilities | β | $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 | β | 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 | β | 209.5% | β46.0% | β63.8% | 214.4% | 30.3% |
| EPS growth | β | 202.3% | β48.4% | β65.5% | 184.5% | 14.4% |
| Share count change | β | β | β | 5.9% | 9.8% | 13.9% |
| Financial health | ||||||
| Debt / equity | β | β | 2.1x | 0.0x | 2.0x | 1.9x |
| Quality scores | ||||||
| Accruals ratio | β | 28.4% | 15.9% | 14.6% | β14.2% | 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 β not investment advice. Check the original filings before relying on any figure.