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Saratoga Investment (SAR) Financials

Saratoga Investment logo
$24.64 -0.30 (-1.20%)
Closing price 08/6/2025 03:59 PM Eastern
Extended Trading
$24.60 -0.04 (-0.16%)
As of 04:00 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for Saratoga Investment

Annual Income Statements for Saratoga Investment

This table shows Saratoga Investment's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024
Period end date 2/28/2021 2/28/2022 2/28/2023 2/29/2024
Net Income / (Loss) Attributable to Common Shareholders		 15 246 228 237
Consolidated Net Income / (Loss)		 121 246 228 237
Net Income / (Loss) Continuing Operations		 125 249 228 237
Total Pre-Tax Income 		23 249 227 237
Total Revenue		 146 280 258 275
Net Interest Income / (Expense)		 95 120 131 162
Total Interest Income		 109 140 164 211
Investment Securities Interest Income		 108 140 164 211
Total Interest Expense		 14 20 33 49
Long-Term Debt Interest Expense		 14 20 33 49
Total Non-Interest Income		 51 160 127 113
Other Service Charges		 2.51 6.00 6.21 4.74
Net Realized & Unrealized Capital Gains on Investments		 -12 79 18 -38
Investment Banking Income		 60 75 103 146
Total Non-Interest Expense		 21 31 31 38
Other Operating Expenses		 20 31 31 38
Income Tax Expense		 0.00 -0.04 -0.15 0.04
Other Adjustments to Consolidated Net Income / (Loss)		 -3.90 -2.89 0.55 0.00
Basic Earnings per Share		 $1.32 $3.99 $2.06 $0.71
Weighted Average Basic Shares Outstanding		 11.19M 11.46M 11.96M 12.67M
Weighted Average Diluted Shares Outstanding		 - - 11.86M 13.70M
Weighted Average Basic & Diluted Shares Outstanding		 - - 11.86M 13.70M

Quarterly Income Statements for Saratoga Investment

This table shows Saratoga Investment's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q2 2025 Q3 2025
Period end date 11/30/2021 5/31/2022 8/31/2022 11/30/2022 2/28/2023 5/31/2024 8/31/2023 11/30/2023 2/29/2024 8/31/2024 11/30/2024
Net Income / (Loss) Attributable to Common Shareholders		 8.34 37 18 51 122 47 69 52 24 53 82
Consolidated Net Income / (Loss)		 37 37 18 51 122 47 69 52 24 53 82
Net Income / (Loss) Continuing Operations		 39 37 18 51 121 47 69 52 24 53 82
Total Pre-Tax Income 		5.20 37 18 51 121 47 69 52 24 53 82
Total Revenue		 46 19 22 26 191 16 34 17 165 11 48
Net Interest Income / (Expense)		 21 -6.57 23 -8.01 122 -13 -12 21 193 -13 26
Total Interest Income		 25 0.30 31 0.44 133 0.00 0.00 33 206 0.00 40
Investment Securities Interest Income		 25 - 31 - - 0.00 - 33 - - 40
Total Interest Expense		 4.84 6.87 7.92 8.45 10 13 12 13 13 13 13
Long-Term Debt Interest Expense		 4.84 6.87 7.92 8.45 10 13 12 13 13 13 13
Total Non-Interest Income		 25 26 -0.79 34 69 29 46 -3.42 -28 24 21
Other Service Charges		 0.82 0.10 0.96 0.73 4.41 0.99 0.15 0.20 4.21 0.06 0.85
Net Realized & Unrealized Capital Gains on Investments		 7.02 25 -3.16 33 -36 27 46 -3.93 -177 24 20
Investment Banking Income		 17 0.85 1.41 0.55 100 0.41 0.05 0.31 144 0.04 0.74
Total Non-Interest Expense		 6.46 1.08 3.60 1.08 25 7.78 1.06 1.09 34 0.95 1.43
Other Operating Expenses		 6.10 1.08 3.60 1.08 25 7.78 0.95 1.09 34 0.95 1.43
Other Special Charges		 - - - - - - 0.11 0.00 - 0.00 0.00
Nonoperating Income / (Expense), net		 - 19 - 26 - 39 36 36 - 43 36
Income Tax Expense		 - - - - - -0.06 -0.24 0.22 - 0.12 0.04
Basic Earnings per Share		 $0.73 ($0.12) $0.08 $0.51 $1.59 $0.48 $0.65 ($0.31) $0.39 $0.97 $0.64
Weighted Average Basic Shares Outstanding		 11.45M 12.11M 11.96M 11.89M 11.96M 13.68M 12.16M 13.05M 12.67M 13.73M 13.79M
Diluted Earnings per Share		 - - - - - - $0.65 ($0.31) - $0.97 $0.64
Weighted Average Diluted Shares Outstanding		 - - 11.90M 11.89M 11.86M 13.75M 12.16M 13.05M 13.70M 13.73M 13.79M
Weighted Average Basic & Diluted Shares Outstanding		 - - 11.90M 11.89M 11.86M 13.75M 13.11M 13.65M 13.70M 13.80M 14.35M

Annual Cash Flow Statements for Saratoga Investment

This table details how cash moves in and out of Saratoga Investment's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024
Period end date 2/28/2021 2/28/2022 2/28/2023 2/29/2024
Net Change in Cash & Equivalents		 -9.54 23 43 -56
Net Cash From Operating Activities		 -62 -203 -130 -157
Net Cash From Continuing Operating Activities		 -62 -203 -130 -157
Net Income / (Loss) Continuing Operations		 15 46 25 8.93
Consolidated Net Income / (Loss)		 15 46 25 8.93
Depreciation Expense		 - -18 17 48
Amortization Expense		 -0.02 0.12 1.77 2.95
Non-Cash Adjustments to Reconcile Net Income		 -67 -242 -167 -211
Changes in Operating Assets and Liabilities, net		 -11 10 -6.76 -6.15
Net Cash From Investing Activities		 0.00 0.00 0.00 0.00
Net Cash From Continuing Investing Activities		 0.00 0.00 0.00 0.00
Net Cash From Financing Activities		 53 226 174 102
Net Cash From Continuing Financing Activities		 50 227 174 102
Issuance of Debt		 104 385 337 149
Issuance of Common Equity		 0.00 27 0.00 45
Repayment of Debt		 -33 -154 -119 -57
Repurchase of Common Equity		 -3.61 -2.55 -11 -2.16
Payment of Dividends		 -14 -18 -23 -32
Other Financing Activities, Net		 -3.44 -10 -10 -0.69
Cash Interest Paid		 12 18 29 44
Cash Income Taxes Paid		 4.14 1.36 2.77 0.75

Quarterly Cash Flow Statements for Saratoga Investment

This table details how cash moves in and out of Saratoga Investment's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q3 2025
Period end date 11/30/2021 2/28/2022 5/31/2022 8/31/2022 11/30/2022 2/28/2023 5/31/2023 8/31/2023 11/30/2023 2/29/2024 11/30/2024
Net Change in Cash & Equivalents		 71 -91 49 -89 34 49 -43 -4.72 -1.41 -6.52 88
Net Cash From Operating Activities		 15 -146 -80 -60 -22 33 -111 -7.08 -19 -21 94
Net Cash From Continuing Operating Activities		 15 -146 -80 -60 -22 33 -111 -7.08 -19 -21 94
Net Income / (Loss) Continuing Operations		 8.34 8.40 -1.49 0.95 6.01 19 -0.21 7.90 -4.06 5.31 8.83
Consolidated Net Income / (Loss)		 8.34 8.40 -1.49 0.95 6.01 19 -0.21 7.90 -4.06 5.31 8.83
Depreciation Expense		 6.04 -3.57 9.70 13 -22 16 16 5.96 -22 7.48 43
Amortization Expense		 0.04 -0.05 0.45 0.39 0.48 0.45 0.76 0.97 0.54 0.68 0.36
Non-Cash Adjustments to Reconcile Net Income		 -2.98 -151 -86 -72 -4.78 -4.14 -127 -20 7.97 -31 39
Changes in Operating Assets and Liabilities, net		 3.85 0.20 -2.88 -3.15 -2.02 1.28 -0.36 -1.59 -1.36 -2.84 3.34
Net Cash From Financing Activities		 55 55 129 -29 57 16 68 2.36 17 14 -6.00
Net Cash From Continuing Financing Activities		 55 56 129 -29 57 17 68 2.36 17 14 -6.00
Issuance of Common Equity		 15 12 0.00 - - - - - 9.01 13 2.78
Payment of Dividends		 -4.87 -5.32 -5.32 -5.28 -5.28 -6.78 -7.13 -7.60 -8.43 -8.89 -8.96
Other Financing Activities, Net		 -2.32 -2.39 -4.12 -0.98 -2.31 -2.74 -2.72 0.47 0.56 1.00 0.18
Cash Interest Paid		 3.69 5.19 3.59 9.10 5.68 11 9.64 12 9.82 12 9.91
Cash Income Taxes Paid		 0.02 0.63 0.00 2.76 0.01 - 0.00 0.00 0.65 0.09 0.53

Annual Balance Sheets for Saratoga Investment

This table presents Saratoga Investment's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 2/28/2022 2/28/2023 2/29/2024
Total Assets		 876 1,078 1,191
Cash and Due from Banks		 47 66 8.69
Loans and Leases, Net of Allowance		 0.00 0.00 0.00
Deferred Acquisition Cost		 12 17 17
Other Assets		 5.35 9.13 1,151
Total Liabilities & Shareholders' Equity		 876 1,078 1,191
Total Liabilities		 520 731 821
Short-Term Debt		 13 33 35
Long-Term Debt		 498 696 1,357
Other Long-Term Liabilities		 3.62 1.46 14
Commitments & Contingencies		 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 356 347 370
Total Preferred & Common Equity		 356 347 370
Total Common Equity		 356 347 370
Common Stock		 328 322 371
Retained Earnings		 28 25 -0.87

Quarterly Balance Sheets for Saratoga Investment

This table presents Saratoga Investment's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q2 2025 Q3 2025
Period end date 8/31/2022 11/30/2022 5/31/2024 8/31/2023 11/30/2023 8/31/2024 11/30/2024
Total Assets		 973 1,039 1,202 1,156 1,172 1,215 1,220
Cash and Due from Banks		 3.07 5.67 32 19 21 85 148
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Acquisition Cost		 15 16 16 18 17 15 14
Other Assets		 5.34 9.52 13 8.57 10 12 970
Total Liabilities & Shareholders' Equity		 973 1,039 1,202 1,156 1,172 1,215 1,220
Total Liabilities		 636 703 834 794 812 843 845
Short-Term Debt		 25 25 46 35 35 53 53
Long-Term Debt		 609 676 785 760 776 785 1,357
Other Long-Term Liabilities		 1.19 1.29 1.32 1.97 2.09 1.50 15
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 337 336 368 362 360 372 375
Total Preferred & Common Equity		 337 336 368 362 360 372 375
Total Common Equity		 337 336 368 362 360 372 375
Common Stock		 323 322 372 346 357 373 377
Retained Earnings		 14 14 -4.23 16 2.85 -1.05 -2.38

Annual Metrics And Ratios for Saratoga Investment

This table displays calculated financial ratios and metrics derived from Saratoga Investment's official financial filings.

Metric 2021 2022 2023 2024
Period end date 2/28/2021 2/28/2022 2/28/2023 2/29/2024
Growth Metrics		 - - - -
Revenue Growth		 0.00% 91.23% -7.84% 6.50%
EBITDA Growth		 0.00% 84.49% 6.38% 17.04%
EBIT Growth		 0.00% 98.49% -8.65% 4.26%
NOPAT Growth		 0.00% 977.07% -8.60% 4.17%
Net Income Growth		 0.00% 102.52% -7.31% 3.92%
EPS Growth		 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Growth		 0.00% -225.81% 35.82% -20.58%
Free Cash Flow Firm Growth		 0.00% 0.00% 103.01% 554.78%
Invested Capital Growth		 0.00% 0.00% 24.11% 10.72%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 3.06%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 19.45%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -0.55%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 67.12%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -21.16%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 57.83% -51.17%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 1.68%
Profitability Metrics		 - - - -
EBITDA Margin		 85.67% 82.65% 95.40% 104.85%
EBIT Margin		 85.68% 88.94% 88.15% 86.30%
Profit (Net Income) Margin		 83.02% 87.92% 88.42% 86.29%
Tax Burden Percent		 525.66% 98.86% 100.31% 99.98%
Interest Burden Percent		 18.43% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% -0.02% -0.07% 0.02%
Return on Invested Capital (ROIC)		 0.00% 57.46% 23.43% 20.92%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 56.33% 23.52% 20.92%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 80.85% 41.47% 45.18%
Return on Equity (ROE)		 0.00% 138.32% 64.91% 66.10%
Cash Return on Invested Capital (CROIC)		 0.00% -142.54% 1.92% 10.75%
Operating Return on Assets (OROA)		 0.00% 28.41% 23.27% 20.89%
Return on Assets (ROA)		 0.00% 28.08% 23.34% 20.89%
Return on Common Equity (ROCE)		 0.00% 138.32% 64.91% 66.10%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 69.16% 65.73% 64.02%
Net Operating Profit after Tax (NOPAT)		 23 249 228 237
NOPAT Margin		 15.79% 88.95% 88.21% 86.29%
Net Nonoperating Expense Percent (NNEP)		 0.00% 1.13% -0.09% 0.00%
SG&A Expenses to Revenue		 0.98% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 14.32% 11.06% 11.85% 13.70%
Earnings before Interest and Taxes (EBIT)		 125 249 227 237
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 125 231 246 288
Valuation Ratios		 - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.82 0.85
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.82 0.85
Price to Revenue (P/Rev)		 0.00 0.00 1.10 1.14
Price to Earnings (P/E)		 0.00 0.00 1.25 1.32
Dividend Yield		 7.14% 10.64% 11.71% 12.32%
Earnings Yield		 0.00% 0.00% 80.11% 75.57%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.85 0.92
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 3.56 3.98
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 3.73 3.80
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 4.03 4.61
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 4.03 4.61
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 49.32 8.98
Leverage & Solvency		 - - - -
Debt to Equity		 0.00 1.44 2.10 2.22
Long-Term Debt to Equity		 0.00 1.40 2.01 2.12
Financial Leverage		 0.00 1.44 1.76 2.16
Leverage Ratio		 0.00 2.46 2.78 3.16
Compound Leverage Factor		 0.00 2.46 2.78 3.16
Debt to Total Capital		 0.00% 58.94% 67.73% 68.90%
Short-Term Debt to Total Capital		 0.00% 1.44% 3.02% 2.94%
Long-Term Debt to Total Capital		 0.00% 57.49% 64.71% 65.96%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 41.06% 32.27% 31.10%
Debt to EBITDA		 0.00 2.21 2.96 2.85
Net Debt to EBITDA		 0.00 1.98 2.57 2.71
Long-Term Debt to EBITDA		 0.00 2.15 2.83 2.73
Debt to NOPAT		 0.00 2.05 3.20 3.46
Net Debt to NOPAT		 0.00 1.84 2.78 3.29
Long-Term Debt to NOPAT		 0.00 2.00 3.06 3.31
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - -
Cash Flow Metrics		 - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -617 19 122
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -31.06 0.56 2.48
Operating Cash Flow to Interest Expense		 -4.59 -10.22 -3.89 -3.20
Operating Cash Flow Less CapEx to Interest Expense		 -4.59 -10.22 -3.89 -3.20
Efficiency Ratios		 - - - -
Asset Turnover		 0.00 0.32 0.26 0.24
Fixed Asset Turnover		 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - -
Invested Capital		 0.00 866 1,075 1,191
Invested Capital Turnover		 0.00 0.65 0.27 0.24
Increase / (Decrease) in Invested Capital		 0.00 866 209 115
Enterprise Value (EV)		 0.00 0.00 917 1,093
Market Capitalization		 0.00 0.00 285 314
Book Value per Share		 $0.00 $31.05 $29.18 $27.12
Tangible Book Value per Share		 $0.00 $31.05 $29.18 $27.12
Total Capital		 0.00 866 1,075 1,191
Total Debt		 0.00 511 728 820
Total Long-Term Debt		 0.00 498 696 785
Net Debt		 0.00 458 632 780
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 -98 2.89 -0.55 0.00
Net Nonoperating Obligations (NNO)		 0.00 511 728 820
Total Depreciation and Amortization (D&A)		 -0.02 -18 19 51
Earnings Adjustments		 - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $2.06 $0.71
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 11.96M 12.67M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 11.86M 13.70M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 11.86M 13.70M
Normalized Net Operating Profit after Tax (NOPAT)		 23 174 159 237
Normalized NOPAT Margin		 15.79% 62.26% 61.71% 86.29%
Pre Tax Income Margin		 15.79% 88.94% 88.15% 86.30%
Debt Service Ratios		 - - - -
EBIT to Interest Expense		 9.23 12.52 6.79 4.82
NOPAT to Interest Expense		 1.70 12.52 6.79 4.82
EBIT Less CapEx to Interest Expense		 9.23 12.52 6.79 4.82
NOPAT Less CapEx to Interest Expense		 1.70 12.52 6.79 4.82
Payout Ratios		 - - - -
Dividend Payout Ratio		 11.31% 7.38% 9.94% 13.52%
Augmented Payout Ratio		 14.28% 8.41% 14.68% 14.43%

Quarterly Metrics And Ratios for Saratoga Investment

This table displays calculated financial ratios and metrics derived from Saratoga Investment's official financial filings.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q2 2025 Q3 2025
Period end date 11/30/2021 5/31/2022 8/31/2022 11/30/2022 2/28/2023 5/31/2024 8/31/2023 11/30/2023 2/29/2024 8/31/2024 11/30/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% -62.05% -43.47% 0.00% -16.99% 54.49% -33.52% -13.58% -67.48% 177.20%
EBITDA Growth		 0.00% 0.00% -43.91% -93.06% 0.00% -10.88% 23.52% -257.14% -23.90% -74.63% 1,903.35%
EBIT Growth		 0.00% 0.00% -67.99% -36.95% 0.00% -55.10% 78.89% -35.03% -21.31% -69.30% 187.14%
NOPAT Growth		 0.00% 0.00% -67.99% 378.04% 0.00% -55.05% 79.51% -35.30% -80.05% -69.48% 188.22%
Net Income Growth		 0.00% 0.00% -67.74% 38.28% 0.00% 27.55% 272.61% 2.27% -80.20% -22.90% 57.26%
EPS Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 49.23% 306.45%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% -246.92% 122.27% -38.28% 88.25% 17.41% -163.46% 0.00% 607.54%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 83.95% 88.35% 0.00% 72.30% -380.56%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 19.16% 12.92% 10.72% 4.53% 52.36%
Revenue Q/Q Growth		 -21.09% 0.00% 15.31% 17.53% 636.00% -91.68% 114.59% -49.42% 349.28% 0.00% 331.13%
EBITDA Q/Q Growth		 -21.11% 0.00% 14.71% -90.23% 5,675.51% -86.23% 58.98% -112.43% 155.01% 0.00% 783.11%
EBIT Q/Q Growth		 -31.65% 0.00% 2.27% 34.61% 568.34% -95.12% 307.50% -51.11% 266.89% 0.00% 357.32%
NOPAT Q/Q Growth		 -90.99% 0.00% 2.27% 34.61% 387.45% -93.30% 308.39% -51.48% -32.16% 0.00% 358.17%
Net Income Q/Q Growth		 -35.40% 0.00% -49.75% 176.89% 138.35% -61.54% 46.81% -24.00% -66.48% 0.00% 55.02%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -147.69% 0.00% 0.00% -34.02%
Operating Cash Flow Q/Q Growth		 0.00% 45.14% 24.88% 62.72% 244.93% -440.69% 93.61% -161.94% -11.35% 0.00% 0.00%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -6.21% 100.00% 0.00% 87.15% 22.89% 7.41% 0.00% -1,237.81%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 6.75% 3.70% 11.48% -3.44% 1.16% 1.68% 0.00% 47.45%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 99.17% 147.36% 146.59% 12.18% 95.59% 158.20% 117.20% -28.79% 84.18% 91.45% 187.32%
EBIT Margin		 85.91% 94.33% 83.66% 95.82% 87.01% 51.02% 96.88% 93.65% 79.23% 91.45% 97.01%
Profit (Net Income) Margin		 80.57% 191.97% 83.66% 197.10% 63.83% 294.95% 201.79% 303.23% 14.62% 478.42% 172.03%
Tax Burden Percent		 711.09% 100.00% 100.00% 100.00% 100.58% 100.13% 100.35% 99.58% 99.82% 99.77% 99.96%
Interest Burden Percent		 13.19% 203.51% 100.00% 205.70% 72.93% 577.42% 207.57% 325.15% 18.49% 524.35% 177.42%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% -0.13% -0.35% 0.42% 0.00% 0.23% 0.04%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 15.22% 23.39% 26.16% 23.46% 3.55% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 15.32% 32.71% 31.15% 28.25% 3.55% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 32.16% 73.88% 63.67% 61.45% 7.66% 0.00% 0.00%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 0.00% 47.38% 97.27% 89.83% 84.91% 11.21% 0.00% 0.00%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 1.73% 0.00% 0.00% 0.00% 10.75% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 22.97% 11.65% 26.06% 23.53% 19.18% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 16.85% 67.35% 54.29% 76.19% 3.54% 0.00% 0.00%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 0.00% 47.38% 97.27% 89.83% 84.91% 11.21% 0.00% 0.00%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 69.27% 84.27% 85.18% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 5.20 18 18 25 121 8.11 33 16 24 10 46
NOPAT Margin		 11.33% 94.33% 83.66% 95.82% 63.46% 51.08% 97.21% 93.26% 14.65% 91.24% 96.96%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% -7.49% -0.10% -9.32% -4.99% -4.79% 0.01% -5.25% -3.23%
SG&A Expenses to Revenue		 0.78% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 14.09% 5.67% 16.34% 4.18% 12.99% 48.98% 3.12% 6.35% 20.77% 8.55% 2.99%
Earnings before Interest and Taxes (EBIT)		 39 18 18 25 166 8.10 33 16 131 10 46
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 45 28 32 3.16 182 25 40 -4.96 139 10 89
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.71 0.79 0.82 0.83 0.75 0.81 0.85 0.84 0.90
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.71 0.79 0.82 0.83 0.75 0.81 0.85 0.84 0.90
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 1.10 1.12 0.95 1.05 1.14 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 1.25 1.20 0.89 0.95 1.32 0.00 0.00
Dividend Yield		 9.77% 11.30% 10.44% 9.51% 11.71% 12.82% 11.70% 12.49% 12.32% 12.70% 11.91%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 80.11% 83.10% 112.50% 105.46% 75.57% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.89 0.89 0.85 0.87 0.88 0.90 0.92 0.82 0.90
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 3.56 3.81 3.55 3.80 3.98 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 3.73 4.47 3.75 4.01 3.80 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 4.03 4.38 4.03 4.32 4.61 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 4.03 4.11 3.35 3.45 4.61 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11.77 8.13
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.98 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 1.88 2.09 2.10 2.26 2.20 2.26 2.22 2.25 3.76
Long-Term Debt to Equity		 0.00 0.00 1.81 2.01 2.01 2.14 2.10 2.16 2.12 2.11 3.62
Financial Leverage		 0.00 0.00 1.88 2.09 2.10 2.26 2.04 2.18 2.16 2.22 3.02
Leverage Ratio		 0.00 0.00 2.89 3.09 2.78 3.27 3.05 3.18 3.16 3.23 3.26
Compound Leverage Factor		 0.00 0.00 2.89 6.36 2.03 18.86 6.32 10.34 0.59 16.93 5.78
Debt to Total Capital		 0.00% 0.00% 65.28% 67.62% 67.73% 69.31% 68.72% 69.29% 68.90% 69.25% 78.99%
Short-Term Debt to Total Capital		 0.00% 0.00% 2.57% 2.41% 3.02% 3.80% 3.02% 2.99% 2.94% 4.34% 2.94%
Long-Term Debt to Total Capital		 0.00% 0.00% 62.71% 65.21% 64.71% 65.52% 65.69% 66.30% 65.96% 64.91% 76.04%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 0.00% 34.72% 32.38% 32.27% 30.69% 31.28% 30.71% 31.10% 30.75% 21.01%
Debt to EBITDA		 0.00 0.00 0.00 0.00 2.96 3.56 2.93 3.08 2.85 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 2.57 3.16 2.75 2.90 2.71 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 2.83 3.36 2.80 2.95 2.73 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 3.20 3.27 2.61 2.66 3.46 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 2.78 2.90 2.46 2.50 3.29 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 3.06 3.09 2.50 2.54 3.31 0.00 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 -953 -1,012 0.00 -1,191 -153 -118 -91 -42 -567
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -120.29 -119.77 0.00 -91.85 -12.32 -9.42 -7.26 -3.23 -43.45
Operating Cash Flow to Interest Expense		 3.16 -11.67 -7.61 -2.66 3.17 -8.56 -0.57 -1.48 -1.65 0.00 7.22
Operating Cash Flow Less CapEx to Interest Expense		 3.16 -11.67 -7.61 -2.66 3.17 -8.56 -0.57 -1.48 -1.65 0.00 7.22
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.26 0.23 0.27 0.25 0.24 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 0.00 971 1,037 1,075 1,199 1,157 1,171 1,191 1,210 1,784
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.24 0.46 0.27 0.25 0.24 0.00 0.00
Increase / (Decrease) in Invested Capital		 0.00 0.00 971 1,037 0.00 1,199 186 134 115 52 613
Enterprise Value (EV)		 0.00 0.00 862 920 917 1,044 1,018 1,055 1,093 989 1,601
Market Capitalization		 0.00 0.00 240 266 285 307 271 290 314 313 339
Book Value per Share		 $0.00 $0.00 $28.19 $28.21 $29.18 $26.88 $30.22 $27.42 $27.12 $27.11 $27.18
Tangible Book Value per Share		 $0.00 $0.00 $28.19 $28.21 $29.18 $26.88 $30.22 $27.42 $27.12 $27.11 $27.18
Total Capital		 0.00 0.00 971 1,037 1,075 1,199 1,157 1,171 1,191 1,210 1,784
Total Debt		 0.00 0.00 634 701 728 831 795 811 820 838 1,409
Total Long-Term Debt		 0.00 0.00 609 676 696 785 760 776 785 785 1,357
Net Debt		 0.00 0.00 622 654 632 738 747 764 780 676 1,262
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 -32 -19 0.00 -26 -0.70 -39 -36 -36 0.04 -43 -36
Net Nonoperating Obligations (NNO)		 0.00 0.00 634 701 728 831 795 811 820 838 1,409
Total Depreciation and Amortization (D&A)		 6.08 10 14 -22 16 17 6.93 -21 8.16 0.00 43
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.08 $0.51 $1.59 $0.48 $0.65 ($0.31) $0.39 $0.97 $0.64
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 11.96M 11.89M 11.96M 13.68M 12.16M 13.05M 12.67M 13.73M 13.79M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.97 $0.64
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 11.90M 11.89M 11.86M 13.75M 13.11M 13.65M 13.70M 13.73M 13.79M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 11.90M 11.89M 11.86M 13.75M 13.11M 13.65M 13.70M 13.80M 14.35M
Normalized Net Operating Profit after Tax (NOPAT)		 3.64 13 13 17 85 5.67 23 16 17 10 46
Normalized NOPAT Margin		 7.93% 66.03% 58.57% 67.07% 44.42% 35.71% 68.04% 93.26% 10.25% 91.24% 96.96%
Pre Tax Income Margin		 11.33% 191.97% 83.66% 197.10% 63.46% 294.57% 201.09% 304.50% 14.65% 479.52% 172.11%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 8.14 2.63 2.33 2.94 16.19 0.63 2.66 1.29 10.41 0.77 3.55
NOPAT to Interest Expense		 1.07 2.63 2.33 2.94 11.81 0.63 2.67 1.28 1.92 0.77 3.55
EBIT Less CapEx to Interest Expense		 8.14 2.63 2.33 2.94 16.19 0.63 2.66 1.29 10.41 0.00 3.55
NOPAT Less CapEx to Interest Expense		 1.07 2.63 2.33 2.94 11.81 0.63 2.67 1.28 1.92 0.00 3.55
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 9.94% 9.61% 8.78% 9.78% 13.52% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 14.68% 13.24% 10.61% 10.88% 14.43% 0.00% 0.00%

Key Financial Trends

Saratoga Investment (NYSE:SAR) has demonstrated varied financial performance over the last several years, with notable trends in its income, cash flow, and balance sheet statements through Q3 2025.

  • Strong net income in recent quarters, with Q3 2025 net income continuing operations at approximately $82.19 million, showing significant profitability.
  • Consistent generation of net cash from operating activities, with $94.16 million in Q3 2025, indicating solid operational cash flow management.
  • Substantial cash and equivalents increased to $147.6 million as of Q3 2025, improving liquidity from $21.4 million in Q3 2024.
  • Net interest income has grown over time, with Q3 2025 net interest income at $26.46 million, indicating stronger earnings from interest-related activities.
  • Continued issuance of common stock in recent quarters, supporting equity capital increases, such as $2.78 million issued in Q3 2025 financing activities.
  • Long-term debt increased markedly, from approximately $676 million in Q3 2023 to $1.36 billion in Q3 2025, highlighting significant leveraging.
  • Total liabilities also increased from $703 million in Q3 2023 to $845 million in Q3 2025, reflecting higher debt load and obligations.
  • Total equity has remained relatively stable, around $335 million in Q3 2023 to roughly $375 million in Q3 2025, indicating relatively stable shareholder value.
  • Highly volatile net realized and unrealized capital gains impacting non-interest income, with a notable loss of ($176.7 million) in Q4 2024 followed by gains in other quarters.
  • Interest expense on long-term debt is substantial and rising; $13 million paid in Q3 2025 alone, which could pressure net income if rates increase or borrowings grow further.

Overall, Saratoga Investment shows strong recent profitability and cash flow improvements, underpinned by growing interest income and operational cash generation. However, the company’s increasing leverage and volatility in capital gains present some financial risks that investors should monitor.

08/07/25 01:24 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Saratoga Investment's Financials

When does Saratoga Investment's financial year end?

According to the most recent income statement we have on file, Saratoga Investment's fiscal year ends in February. Their fiscal year 2024 ended on February 29, 2024.

How has Saratoga Investment's net income changed over the last 3 years?

Saratoga Investment's net income appears to be on an upward trend, with a most recent value of $237.02 million in 2024, rising from $121.50 million in 2021. The previous period was $228.07 million in 2023. Check out Saratoga Investment's forecast to explore projected trends and price targets.

How has Saratoga Investment's revenue changed over the last 3 years?

Over the last 3 years, Saratoga Investment's total revenue changed from $146.34 million in 2021 to $274.68 million in 2024, a change of 87.7%.

How much debt does Saratoga Investment have?

Saratoga Investment's total liabilities were at $820.98 million at the end of 2024, a 12.3% increase from 2023, and a 57.7% increase since 2022.

How much cash does Saratoga Investment have?

In the past 2 years, Saratoga Investment's cash and equivalents has ranged from $8.69 million in 2024 to $65.75 million in 2023, and is currently $8.69 million as of their latest financial filing in 2024.

How has Saratoga Investment's book value per share changed over the last 3 years?

Over the last 3 years, Saratoga Investment's book value per share changed from 0.00 in 2021 to 27.12 in 2024, a change of 2,711.6%.


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This page (NYSE:SAR) was last updated on 8/7/2025 by MarketBeat.com Staff
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