Saratoga Investment Corp. (SAR) Balance Sheet
SAR balance sheet, FY2026
February 28, 2026 · U.S. dollars$1.14B assets = $743.1M liabilities + $396.2M equity
Both columns are drawn to the same scale: what SAR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SAR financial health
Descriptive bands, not a rating. Fiscal FY2026.
SAR balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $318.7MFY2017 | $1.14BFY2026 | +15.2%/yr | |
| Total liabilities | $191.4MFY2017 | $743.1MFY2026 | +16.3%/yr | |
| Shareholders’ equity | $127.3MFY2017 | $396.2MFY2026 | +13.4%/yr | |
| Cash & short-term investments | $22.1MFY2017 | $21.8MFY2026 | −0.2%/yr | |
| Total debt | $71.94BFY2017 | $725.7MFY2026 | −40.0%/yr | |
| Net cash (debt) | −$71.92BFY2017 | −$703.9MFY2026 | +$71.2B | |
| Working capital | $12.53BFY2017 | $17.3MFY2026 | −$12.5B | |
| Book value per share | $22.18FY2017 | $24.99FY2026 | +1.3%/yr | |
| Current ratio | 175.60FY2017 | 2.34FY2026 | −173.26 | |
| Debt / equity | 565.16FY2017 | 1.83FY2026 | −563.33 | |
| Shares outstanding | 5.7MFY2017 | 15.9MFY2026 | +11.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SAR assets
SAR liabilities and equity
SAR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SAR balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $21.8M | $204.7M | $40.5M | $65.75B | $52.9M | $18.8M | $24.6M | $62.1M | $13.8M | $22.1M |
| Cash & equivalents | $21.8M | $204.7M | $40.5M | $96.1M | $52.9M | $18.8M | $24.6M | $30.8M | $13.8M | $22.1M |
| Short-term investments | — | — | $8.68B | $971.62B | — | — | — | $31.3M | $342.35B | $292.37B |
| Receivables | $7.6M | $7.8M | $10.7M | $8.5M | $5.5M | $7.0M | $5.1M | $6.0M | $3.3M | $3.7M |
| Inventory | $0 | $0 | $0 | $8.69B | $1 | $1 | $44.5M | $1 | $6.60B | $12.26B |
| Other current assets | $781,766 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $360.3M | $318.7M |
| Total current assets | $30.1M | $212.5M | $19.1M | $74.3M | $58.4M | $25.8M | $29.7M | $68.1M | $6.97B | $12.60B |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.11B | $978.1M | $1.14B | $972.6M | $817.6M | $554.3M | $485.6M | $402.0M | $342.7M | $292.7M |
| Other non-current assets | $0 | $950,522 | $33.3M | $31.2M | $254,980 | $12.0M | $15.6M | $595,543 | $0 | $0 |
| Total assets | $1.14B | $1.19B | $1.19B | $1.08B | $876.2M | $592.2M | $530.9M | $470.7M | $360.3M | $318.7M |
| Liabilities | ||||||||||
| Accounts payable | $1.8M | $5.6M | $4.9M | $5.1M | $3.6M | $4.4M | $3.9M | $4.8M | $3.9M | $3.6M |
| Short-term debt | $70.0M | $36.9M | $561.34B | $482.89B | $306.91B | $119.33B | $382.00B | $130.15B | $72.13B | $71.76B |
| Deferred revenue | — | — | — | — | −$306.91B | −$119.33B | −$382.00B | −$130.15B | — | — |
| Total current liabilities | $12.9M | $5.6M | $561.3M | $482.9M | $3.6M | $4.4M | $3.9M | $4.8M | $72.1M | $71.8M |
| Long-term debt | $0 | $794.2M | $820.9M | $695.9M | $436.7M | $281.1M | $204.9M | $277.2M | $206.5M | $181.5M |
| Other long-term liabilities | $730.2M | $0 | $258.83B | $247.61B | $0 | $0 | $2 | $0 | $144.30B | $119.41B |
| Total liabilities | $743.1M | $798.9M | $821.0M | $731.2M | $520.5M | $288.0M | $226.6M | $289.8M | $216.6M | $191.4M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $16,224 | $15,183 | $13,654 | $11,891 | $12,131 | $11,161 | $11,218 | $7,657 | $6,257 | $5,795 |
| Retained earnings (deficit) | −$43.1M | −$20.3M | −$870,745 | $25.1M | $27.7M | −$700,348 | $14.8M | −$22.7M | −$27.9M | −$27.7M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | $0 | −$23.0M | −$45.0M | −$63.0M |
| Total shareholders' equity | $396.2M | $392.7M | $370.2M | $347.0M | $355.8M | $304.2M | $304.3M | $180.9M | $143.7M | $127.3M |
| Key figures | ||||||||||
| Total debt | $725.7M | $781.8M | $803.7M | $483.59B | $307.35B | $119.61B | $382.20B | $130.43B | $72.34B | $71.94B |
| Net cash (debt) | −$703.9M | −$577.1M | −$763.2M | −$417.84B | −$307.30B | −$119.59B | −$382.18B | −$130.37B | −$72.33B | −$71.92B |
| Working capital | $17.3M | $206.9M | −$542.2M | −$408.6M | $54.8M | $21.4M | $25.7M | $63.2M | $6.90B | $12.53B |
| Tangible book value | $396.2M | $392.7M | $370.2M | $347.0M | $355.8M | $304.2M | $304.3M | $180.9M | $143.7M | $127.3M |
| Book value per share | $24.99 | $28.22 | $29.22 | $29.00 | $31.05 | $27.19 | $32.65 | $25.67 | $23.85 | $22.18 |
| Shares outstanding | 15.9M | 13.9M | 12.7M | 12.0M | 11.5M | 11.2M | 9.3M | 7.0M | 6.0M | 5.7M |
| Current ratio | 2.34 | 38.05 | 0.03 | 0.15 | 16.22 | 5.87 | 7.52 | 14.06 | 96.69 | 175.60 |
| Quick ratio | 2.28 | 38.05 | 0.09 | 136.17 | 16.22 | 5.87 | 7.52 | 14.06 | 0.24 | 0.36 |
| Debt / equity | 1.83 | 1.99 | 2.17 | 1,393.80 | 863.88 | 393.23 | 1,256.07 | 721.11 | 503.44 | 565.16 |
| Equity / assets | 34.8% | 33.0% | 31.1% | 32.2% | 40.6% | 51.4% | 57.3% | 38.4% | 39.9% | 39.9% |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $95.9M | $60.8M | $21.8M | $169.6M | $200.8M | $224.3M | $204.7M | $250.2M | $162.0M | $93.3M | $40.5M | $47.0M |
| Cash & equivalents | $95.9M | $60.8M | $21.8M | $169.6M | $200.8M | $224.3M | $204.7M | $250.2M | $162.0M | $93.3M | $40.5M | $47.0M |
| Short-term investments | — | — | — | — | — | — | — | — | — | $1.09T | — | $1.11T |
| Receivables | $9.4M | $9.3M | $7.6M | $9.2M | $8.9M | $8.3M | $7.8M | $7.8M | $10.4M | $11.2M | $10.6M | $9.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $87.9M | $0 | $0 | $9.38B |
| Other current assets | $847,327 | $999,726 | $781,766 | $2.3M | $1.2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $106.1M | $71.1M | $30.1M | $181.0M | $210.9M | $232.6M | $212.5M | $258.0M | $172.4M | $104.5M | $51.1M | $56.6M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $1.13B | $1.11B | $1.02B | $995.3M | $968.3M | $978.1M | $960.1M | $1.04B | $1.10B | $1.14B | $1.11B |
| Other non-current assets | $1.15B | $0 | $0 | $0 | $0 | $1.4M | $950,522 | $1.9M | $1.6M | $1.7M | $1.3M | $1.0M |
| Total assets | $1.26B | $1.20B | $1.14B | $1.20B | $1.21B | $1.20B | $1.19B | $1.22B | $1.21B | $1.20B | $1.19B | $1.17B |
| Liabilities | ||||||||||||
| Accounts payable | $853,687 | $1.3M | $1.8M | $6.7M | $7.1M | $12.9M | $5.6M | $8.4M | $5.5M | $6.3M | $4.9M | $6.7M |
| Short-term debt | $609.17B | — | $70.0M | $322.96B | $12.0M | $17.0M | $36.9M | $72.5M | $72.4M | $65.4M | $54.9M | $19.7M |
| Deferred revenue | — | — | — | — | — | — | — | — | $25.9M | — | −$50.0M | — |
| Total current liabilities | $13.9M | $12.2M | $12.9M | $6.7M | $7.1M | $12.9M | $5.6M | $8.4M | $5.5M | $6.3M | $4.9M | $6.7M |
| Long-term debt | $0 | $0 | $0 | $774.5M | $786.5M | $791.6M | $794.2M | $838.2M | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $889.7M | $806.8M | $730.2M | $2.6M | $2.1M | $1.4M | $0 | $0 | $837.2M | $827.7M | $816.1M | $805.4M |
| Total liabilities | $903.7M | $819.0M | $743.1M | $783.8M | $795.7M | $805.9M | $798.9M | $845.1M | $842.6M | $833.9M | $821.0M | $812.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $15,916 | $16,289 | $16,224 | $16,145 | $16,027 | $15,529 | $15,183 | $13,909 | $13,746 | $13,699 | $13,654 | $13,115 |
| Retained earnings (deficit) | −$81.0M | −$62.2M | −$43.1M | −$23.9M | −$23.8M | −$25.3M | −$20.3M | −$2.4M | −$1.0M | −$4.2M | −$870,745 | $2.8M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | — | $0 | $0 |
| Total shareholders' equity | $352.6M | $378.5M | $396.2M | $413.2M | $410.5M | $396.4M | $392.7M | $374.9M | $372.1M | $367.9M | $370.2M | $359.6M |
| Key figures | ||||||||||||
| Total debt | $886.1M | $802.7M | $725.7M | $764.7M | $776.8M | $780.6M | $781.8M | $823.8M | $822.6M | $814.6M | $803.7M | $793.6M |
| Net cash (debt) | −$790.3M | −$741.9M | −$703.9M | −$595.1M | −$576.0M | −$556.3M | −$577.1M | −$573.6M | −$660.5M | −$721.3M | −$763.2M | −$746.6M |
| Working capital | $92.1M | $58.9M | $17.3M | $174.3M | $203.8M | $219.7M | $206.9M | $249.6M | $166.9M | $98.3M | $46.2M | $49.9M |
| Tangible book value | $352.6M | $378.5M | $396.2M | $413.2M | $410.5M | $396.4M | $392.7M | $374.9M | $372.1M | $367.9M | $370.2M | $359.6M |
| Book value per share | $21.82 | $23.29 | $24.99 | $25.65 | $26.02 | $25.83 | $26.84 | $27.18 | $27.11 | $26.88 | $27.18 | $27.55 |
| Shares outstanding | 16.2M | 16.3M | 15.9M | 16.1M | 15.8M | 15.3M | 14.6M | 13.8M | 13.7M | 13.7M | 13.6M | 13.1M |
| Current ratio | 7.61 | 5.83 | 2.34 | 26.86 | 29.81 | 18.02 | 38.05 | 30.80 | 31.36 | 16.70 | 10.40 | 8.46 |
| Quick ratio | 7.55 | 5.74 | 2.28 | 26.52 | 29.64 | 18.02 | 38.05 | 30.80 | 31.36 | 16.70 | 10.40 | 8.46 |
| Debt / equity | 2.51 | 2.12 | 1.83 | 1.85 | 1.89 | 1.97 | 1.99 | 2.20 | 2.21 | 2.21 | 2.17 | 2.21 |
| Equity / assets | 28.1% | 31.6% | 34.8% | 34.5% | 34.0% | 33.0% | 33.0% | 30.7% | 30.6% | 30.6% | 31.1% | 30.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed May 5, 2026); data from EODHD.
SAR financial position
At the end of fiscal 2026 (February 28, 2026), Saratoga Investment had total assets of $1.1 billion (down 4.4% from a year earlier), total liabilities of $743.1 million and shareholders' equity of $396.2 million. It held $21.8 million in cash and short-term investments against $725.7 million of debt, net debt of $703.9 million. Its current ratio was 2.34. In the latest quarter (ended August 31, 2026) total assets were $1.3 billion and equity $352.6 million.
Related: SAR income statement, SAR cash flow statement, SAR key metrics. See the SAR stock overview for the latest quote and news.
SAR balance sheet FAQ
What are Saratoga Investment's total assets?
Saratoga Investment reported total assets of $1.1 billion at the end of fiscal 2026 (February 28, 2026), compared with $1.2 billion a year earlier.
How much debt does Saratoga Investment have?
Saratoga Investment had $725.7 million of total debt at the end of fiscal 2026, including short-term borrowings. Its debt-to-equity ratio was 1.83.
How much cash does Saratoga Investment have?
Saratoga Investment held $21.8 million in cash and short-term investments at the end of fiscal 2026; with $725.7 million of debt that is net debt of $703.9 million.
What is Saratoga Investment's book value?
Saratoga Investment's shareholders' equity (book value) was $396.2 million at the end of fiscal 2026, or $24.99 per share.
What is Saratoga Investment's current ratio?
Saratoga Investment had current assets of $30.1 million and current liabilities of $12.9 million, a current ratio of 2.34 (it can cover its short-term obligations).