SARATOGA INVESTMENT CORP. SAR

NYSE

customized financing solutions to U.S middle-market businesses. Our investment objective is to create attractive risk-adjusted returns

by generating current income and long-term capital appreciation from our investments. We primarily invest in senior and unitranche leveraged

loans and mezzanine debt and, to a lesser extent, equity issued by private U.S. middle-market companies, which we define as companies

having annual earnings before interest, taxes, depreciation and amortization ("EBITDA") of between $2 million and $50 million,

Last close 13.57 2026-10-23
Market cap $221.3M 2026-05-31 share count
52-week range 13.39 - 24.07

Valuation FY2025 figures against the last close

P/S—
P/E5.9x
P/FCF—
EV/EBITDA—
Dividend yield23.7%
Diluted EPS2.31

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
SG&A $2.2M$1.9M$2.2M$2.3M$1.7M$1.4M—
Total operating expenses $88.9M$95.9M$86.8M$63.9M$50.8M$34.5M—
Pre-tax income $36.7M$28.5M$9.0M$24.8M$45.8M$14.8M—
Income tax $138.2K$412.0K$42.9K$153.0K$39.6K$667—
Net income $36.6M$28.1M$8.9M$24.7M$45.7M$14.8M—
EPS, basic 2.312.020.712.063.991.32—
EPS, diluted 2.312.020.712.063.991.32—
Shares, diluted (wtd. avg.) 15.9M13.9M12.7M12.0M11.5M11.2M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Cash and equivalents $1.7M$148.2M$8.7M$96.1M$52.9M$29.9M$39.5M
Total assets $1.14B$1.19B$1.19B$1.08B$876.2M——
Long-term debt $739.4M$793.9M—$728.4M———
Total liabilities $743.1M$798.9M$821.0M$731.2M$520.5M——
Retained earnings -$43.1M-$20.3M-$870.7K$25.1M$27.7M——
Total equity $396.2M$392.7M$370.2M$347.0M$355.8M$304.2M$304.3M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Operating cash flow -$88.0M$197.5M-$157.2M-$130.4M-$203.1M-$62.3M—
Financing cash flow -$94.9M-$33.3M$101.6M$173.6M$226.1M$52.8M—
Dividends paid $52.4M$40.7M$32.1M$22.7M$18.2M$11.3M—
Buybacks $54.3K—$2.2M$10.8M———

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-052176.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 20M 40M 60M Net income, FY2020: 14.8M Net income, FY2021: 45.7M Net income, FY2022: 24.7M Net income, FY2023: 8.9M Net income, FY2024: 28.1M Net income, FY2025: 36.6M FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — — — — —
Gross profit — — — — — — —
Net income — $14.8M $45.7M $24.7M $8.9M $28.1M $36.6M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Material agreement signed Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.