Saratoga Investment Corp. (SAR) Cash Flow Statement
Where SAR’s cash came from and went, FY2026
February 28, 2026 · U.S. dollars- Cash from operations
- −$88.0M −144.6% vs FY2025
- Capital expenditures
- $2 0.0% of revenue
- Free cash flow
- −$88.0M −88.7% margin
- Returned to shareholders
- $52.4M
- Change in cash
- −$182.9M cash at year-end $21.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SAR operating cash flow, capex and free cash flow
SAR cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $6.7MFY2017 | −$88.0MFY2026 | — | |
| Capital expenditures | $0FY2017 | $2FY2026 | — | |
| Free cash flow | $6.7MFY2017 | −$88.0MFY2026 | — | |
| Free cash flow margin | 39.3%FY2017 | −88.7%FY2026 | −128.0 pts | |
| Operating cash flow / net income | 0.59FY2017 | −2.40FY2026 | −3.00 | |
| Stock-based compensation | $1.0MFY2019 | −$1.6MFY2023 | — | |
| Dividends paid | $6.8MFY2017 | $52.4MFY2026 | +25.5%/yr | |
| Share buybacks (net) | $3.3MFY2017 | $54,314FY2026 | −36.7%/yr | |
| Capex / revenue | 0.0%FY2017 | 0.0%FY2026 | 0.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SAR cash flow by activity
SAR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SAR cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $36.6M | $28.1M | $8.9M | $24.7M | $45.7M | $14.8M | $55.7M | $18.5M | $17.7M | $11.4M |
| Depreciation & amortization | $4.80B | $5.0M | $5.17B | $4.42B | $4.42B | $3.21B | $2.75B | $1.2M | $990.0M | $829.5M |
| Stock-based compensation | — | — | — | −$1.6M | $673,648 | −$575,301 | −$607,646 | $1.0M | — | — |
| Change in working capital | $1.1M | $1.8M | −$6.2M | −$6.8M | $10.5M | −$10.5M | $9.2M | −$1.1M | $587,244 | $1.5M |
| Other non-cash items | −$4.93B | $162.6M | −$5.33B | −$4.57B | −$4.68B | −$3.28B | −$2.83B | −$59.6M | −$1.04B | −$835.7M |
| Cash from operating activities | −$88.0M | $197.5M | −$157.2M | −$130.4M | −$203.1M | −$62.3M | −$15.1M | −$40.0M | −$30.8M | $6.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$2 | $0 | $0 | −$5 | $0 | −$3 | −$4 | $0 | $0 | $0 |
| Acquisitions & other investing | −$124.9M | $144.0M | — | $2.25B | −$55.08B | −$78.08B | −$19.89B | −$198.66B | −$41.39B | $7.03B |
| Cash from investing activities | −$124.9M | $144.0M | — | $2.25B | −$55.08B | −$78.08B | −$19.89B | −$198.66B | −$41.39B | $7.03B |
| Financing activities | ||||||||||
| Dividends paid | −$52.4M | −$40.7M | −$32.1M | −$22.7M | −$18.2M | −$11.3M | −$17.0M | −$12.0M | −$9.0M | −$6.8M |
| Share repurchases & issuance (net) | −$54,314 | $33.0M | −$2.2M | −$10.8M | −$2.5M | −$3.6M | $85.9M | $32.2M | $7.8M | −$3.3M |
| Net borrowing (repayment) | −$54.9M | −$26.5M | $92.0M | $217.8M | $229.5M | $71.1M | −$74.5M | $72.3M | $25.0M | $21.7M |
| Shares issued | $19.3M | $35.4M | $49.0M | $0 | $26.8M | $0 | $85.9M | $32.2M | $0 | $0 |
| Other financing | −$6.9M | −$34.4M | −$5.2M | −$10.7M | −$9.5M | −$3.4M | −$87.8M | −$36.3M | −$1.4M | −$3.2M |
| Cash from financing activities | −$94.9M | −$33.3M | $101.6M | $173.6M | $226.1M | $52.8M | −$7.5M | $88.3M | $22.5M | $8.3M |
| Summary | ||||||||||
| Net change in cash | −$182.9M | $164.2M | −$55.6M | $43.2M | $23.0M | −$9.5M | −$22.6M | $48.3M | −$8.3M | $15.1M |
| Cash at end of period | $21.8M | $204.7M | $40.5M | $96.1M | $52.9M | $29.9M | $39.5M | $62.1M | $13.8M | $22.1M |
| Free cash flow | −$88.0M | $197.5M | −$157.2M | −$130.4M | −$203.1M | −$62.3M | −$15.1M | −$40.0M | −$30.8M | $6.7M |
| Free cash flow margin | −88.7% | 209.8% | −109.3% | −131.6% | −287.2% | −108.1% | −23.8% | −161.3% | −137.1% | 39.3% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | −2.40 | 7.03 | −17.60 | −5.28 | −4.44 | −4.22 | −0.27 | −2.16 | −1.74 | 0.59 |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$6.7M | −$6.9M | −$2.6M | $12.0M | $13.3M | $13.9M | −$676,762 | $8.8M | $13.3M | $6.6M | $5.3M | −$4.1M |
| Depreciation & amortization | $1.4M | $1.3M | $1.19B | $1.11B | $1.25B | $1.25B | $3.40B | $1.26B | $1.28B | $1.2M | $1.3M | — |
| Change in working capital | $1.8M | −$2.6M | $1.4M | −$1.1M | −$6.4M | $7.2M | −$3.6M | $3.3M | $1.4M | $660,911 | −$2.8M | −$1.4M |
| Other non-cash items | −$24.3M | −$17.8M | −$1.28B | −$1.13B | −$1.27B | −$1.24B | −$3.42B | −$1.18B | −$1.23B | $43.6M | −$24.4M | −$13.1M |
| Cash from operating activities | −$27.8M | −$26.0M | −$92.4M | −$8.6M | −$19.3M | $32.3M | −$19.9M | $94.2M | $71.1M | $52.1M | −$20.7M | −$18.6M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | −$3 | −$3 | $0 | −$4 | −$3 | $0 | $0 | $0 | $0 |
| Acquisitions & other investing | −$37.06B | −$30.7M | −$101.4M | −$16.1M | −$22.3M | $15.0M | — | — | — | $36.40B | −$32.2M | −$33.5M |
| Cash from investing activities | −$37.06B | −$30.7M | −$101.4M | −$16.1M | −$22.3M | $15.0M | — | — | — | $36.40B | −$32.2M | −$33.5M |
| Financing activities | ||||||||||||
| Dividends paid | −$10.8M | −$10.8M | −$14.4M | −$10.8M | −$10.5M | −$16.7M | −$13.7M | −$9.0M | −$9.1M | −$9.0M | −$8.9M | −$8.4M |
| Share repurchases & issuance (net) | −$8.4M | — | −$54,314 | $18.8M | $17.2M | $6.1M | $33.0M | $2.8M | $0 | $0 | −$2.14B | −$15.6M |
| Net borrowing (repayment) | — | $77.5M | −$35.4M | −$12.0M | −$5.0M | −$2.5M | −$44.0M | $0 | $7.0M | — | — | — |
| Shares issued | $0 | $0 | $0 | $1.5M | $11.4M | $6.4M | $32.4M | $3.0M | $0 | $0 | $14.4M | $10.1M |
| Other financing | $82.0M | −$1.7M | −$5.5M | −$20.1M | −$17.3M | −$6.1M | −$33.2M | −$2.8M | −$323,040 | $9.6M | $2.15B | $31.1M |
| Cash from financing activities | $62.8M | $65.0M | −$55.4M | −$22.6M | −$4.2M | −$12.7M | −$25.5M | −$6.0M | −$2.4M | $644,745 | $14.1M | $17.1M |
| Summary | ||||||||||||
| Net change in cash | $35.1M | $39.0M | −$147.8M | −$31.2M | −$23.5M | $19.6M | −$45.4M | $88.2M | $68.7M | $52.8M | −$6.5M | −$1.4M |
| Cash at end of period | $95.9M | $60.8M | $21.8M | $169.6M | $200.8M | $224.3M | $204.7M | $250.2M | $162.0M | $93.3M | $40.5M | $47.0M |
| Free cash flow | −$27.8M | −$26.0M | −$92.4M | −$8.6M | −$19.3M | $32.3M | −$19.9M | $94.2M | $71.1M | $52.1M | −$20.7M | −$18.6M |
| Free cash flow margin | −89.1% | −84.4% | −619.6% | −31.6% | −69.5% | 110.2% | −114.0% | 378.4% | 245.6% | 228.2% | −94.2% | −162.3% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | — | — | — | −0.72 | −1.45 | 2.32 | — | 10.66 | 5.34 | 7.89 | −3.89 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SAR cash generation
In fiscal 2026 (ended February 28, 2026), Saratoga Investment generated -$88.0 million of cash from operations (down 144.6%) and spent $0.0 million on capital expenditures, leaving free cash flow of -$88.0 million, −88.7% of revenue. It returned $52.4 million to shareholders through dividends ($52.4 million) and net share buybacks ($0.1 million). Cash and equivalents fell by $182.9 million over the year.
Related: SAR income statement, SAR balance sheet, SAR dividend history. See the SAR stock overview for the latest quote and news.
SAR cash flow FAQ
What is Saratoga Investment's free cash flow?
Saratoga Investment's free cash flow was -$88.0 million in fiscal 2026: -$88.0 million of operating cash flow minus $0.0 million of capital expenditures It was $197.5 million a year earlier..
How much cash does Saratoga Investment generate from operations?
Saratoga Investment generated -$88.0 million of cash from operating activities in fiscal 2026, −2.40 times its net income of $36.6 million.
How much does Saratoga Investment spend on capital expenditures?
Saratoga Investment spent $0.0 million on capital expenditures in fiscal 2026, 0.0% of revenue.
How much stock does Saratoga Investment buy back?
Saratoga Investment spent $0.1 million on net share repurchases in fiscal 2026.
How much does Saratoga Investment pay in dividends?
Saratoga Investment paid $52.4 million in dividends in fiscal 2026.