Saratoga Investment Corp. (SAR) Key Metrics
SAR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $238.4M
- Enterprise value
- $1.04B
- P/E (TTM)
- — 10-yr median 10.7
- Forward P/E
- 11.7
- PEG ratio
- —
- Price / sales
- 1.9 10-yr median 4.1
- Price / book
- 0.7 10-yr median 0.9
- EV / EBITDA
- — 10-yr median 28.1
- Dividend yield
- 19.58% $3.00 a year
- Beta
- 0.62
SAR key metrics, FY2017–FY2026
Fiscal year ended February 28, 2026 · U.S. dollarsSAR valuation Price multiples at each fiscal year-end price.
SAR returns How much profit the business earns on the capital it uses.
SAR per-share figures Results divided by the shares outstanding at year-end.
SAR financial health Debt, liquidity and how easily interest is covered.
SAR efficiency & capital use Working capital cycle and where the cash goes.
SAR valuation history
SAR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SAR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SAR cash returned to shareholders
SAR price vs earnings per share
SAR key metrics
FY2017–FY2026| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $367.1M | $361.7M | $299.2M | $329.6M | $314.7M | $258.2M | $213.5M | $162.4M | $131.7M | $130.5M |
| Enterprise value | $1.07B | $938.8M | $1.06B | $418.17B | $307.61B | $119.85B | $382.39B | $130.53B | $72.46B | $72.05B |
| P/E ratio | 10.0 | 12.9 | 33.5 | 13.4 | 6.9 | 17.5 | 3.8 | 8.8 | 7.4 | 11.5 |
| Price / sales | 3.7 | 3.8 | 2.1 | 3.3 | 4.4 | 4.5 | 3.4 | 6.6 | 5.9 | 7.6 |
| Price / book | 0.9 | 0.9 | 0.8 | 0.9 | 0.9 | 0.8 | 0.7 | 0.9 | 0.9 | 1.0 |
| Price / free cash flow | — | 1.8 | — | — | — | — | — | — | — | 19.4 |
| Price / operating cash flow | — | 1.8 | — | — | — | — | — | — | — | 19.4 |
| EV / sales | 10.8 | 10.0 | 7.4 | — | — | — | — | — | — | — |
| EV / EBITDA | 28.1 | 29.4 | 18.0 | — | — | — | — | — | — | — |
| EV / free cash flow | — | 4.8 | — | — | — | — | — | — | — | — |
| Earnings yield | 10.0% | 7.8% | 3.0% | 7.5% | 14.5% | 5.7% | 26.1% | 11.4% | 13.4% | 8.7% |
| Free cash flow yield | −24.0% | 54.6% | −52.5% | −39.6% | −64.5% | −24.1% | −7.1% | −24.6% | −23.4% | 5.2% |
| Dividend yield | 14.3% | 11.3% | 10.7% | 6.9% | 5.8% | 4.4% | 8.0% | 7.4% | 6.8% | 5.2% |
| Shareholder yield (dividends + buybacks) | 14.3% | 11.3% | 11.4% | 10.2% | 6.6% | 5.8% | 8.0% | 7.4% | 6.8% | 7.8% |
| Share price at fiscal year-end | $23.16 | $26.00 | $23.61 | $27.55 | $27.47 | $23.08 | $22.91 | $23.04 | $21.86 | $22.74 |
| Per share | ||||||||||
| Revenue per share | $6.26 | $6.77 | $11.35 | $8.28 | $6.17 | $5.15 | $6.83 | $3.52 | $3.73 | $2.99 |
| Earnings per share | $2.31 | $2.02 | $0.71 | $2.06 | $3.99 | $1.32 | $5.98 | $2.63 | $2.93 | $1.98 |
| Operating cash flow per share | −$5.55 | $14.20 | −$12.41 | −$10.90 | −$17.73 | −$5.57 | −$1.63 | −$5.67 | −$5.11 | $1.17 |
| Free cash flow per share | −$5.55 | $14.20 | −$12.41 | −$10.90 | −$17.73 | −$5.57 | −$1.63 | −$5.67 | −$5.11 | $1.17 |
| Cash per share | $1.37 | $14.72 | $3.20 | $5,495.58 | $4.61 | $1.68 | $2.64 | $8.81 | $2.29 | $3.85 |
| Book value per share | $24.99 | $28.22 | $29.22 | $29.00 | $31.05 | $27.19 | $32.65 | $25.67 | $23.85 | $22.18 |
| Tangible book value per share | $24.99 | $28.22 | $29.22 | $29.00 | $31.05 | $27.19 | $32.65 | $25.67 | $23.85 | $22.18 |
| Dividends per share | $3.30 | $2.93 | $2.53 | $1.89 | $1.58 | $1.01 | $1.82 | $1.70 | $1.50 | $1.18 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Debt per share | $45.78 | $56.20 | $63.43 | $40,421.91 | $26,827.37 | $10,690.65 | $41,012.66 | $18,509.48 | $12,008.65 | $12,532.55 |
| Shares outstanding | 15.9M | 13.9M | 12.7M | 12.0M | 11.5M | 11.2M | 9.3M | 7.0M | 6.0M | 5.7M |
| Change in shares outstanding | +13.9% | +9.8% | +5.9% | +4.4% | +2.4% | +20.1% | +32.2% | +17.0% | +4.9% | +2.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.3% | 7.4% | 2.5% | 7.0% | 13.9% | 4.9% | 23.0% | 11.4% | 13.0% | 9.0% |
| Return on invested capital (ROIC) | 3.5% | 2.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Return on assets (ROA) | 3.1% | 2.4% | 0.8% | 2.5% | 6.2% | 2.6% | 11.1% | 4.5% | 5.2% | 3.7% |
| Return on tangible assets | 3.2% | 2.4% | 0.7% | 2.3% | 5.2% | 2.5% | 10.5% | 3.9% | 4.9% | 3.6% |
| Free cash flow margin | −88.7% | 209.8% | −109.3% | −131.6% | −287.2% | −108.1% | −23.8% | −161.3% | −137.1% | 39.3% |
| Income quality (OCF / net income) | −2.40 | 7.03 | −17.60 | −5.28 | −4.44 | −4.22 | −0.27 | −2.16 | −1.74 | 0.59 |
| Financial health | ||||||||||
| Total debt | $725.7M | $781.8M | $803.7M | $483.59B | $307.35B | $119.61B | $382.20B | $130.43B | $72.34B | $71.94B |
| Cash & short-term investments | $21.8M | $204.7M | $40.5M | $65.75B | $52.9M | $18.8M | $24.6M | $62.1M | $13.8M | $22.1M |
| Net debt | $703.9M | $577.1M | $763.2M | $417.84B | $307.30B | $119.59B | $382.18B | $130.37B | $72.33B | $71.92B |
| Debt / equity | 1.83 | 1.99 | 2.17 | — | 863.88 | 393.23 | — | 721.11 | 503.44 | 565.16 |
| Debt / assets | 0.64 | 0.66 | 0.67 | 448.53 | 350.76 | 202.00 | 719.96 | 277.12 | 200.76 | 225.77 |
| Net debt / EBITDA | 18.48 | 18.05 | 12.90 | — | — | — | — | — | — | — |
| Current ratio | 2.34 | 38.05 | 0.03 | 0.15 | 16.22 | 5.87 | 7.52 | 14.06 | 96.69 | 175.60 |
| Quick ratio | 2.34 | 38.05 | 0.03 | −17.85 | 16.22 | 5.87 | −3.76 | 14.06 | 5.23 | 4.80 |
| Interest coverage | 0.8 | 0.6 | 1.2 | 1.6 | 3.4 | 1.5 | 3.8 | 2.5 | 2.6 | 2.2 |
| Working capital | $17.3M | $206.9M | −$542.2M | −$408.6M | $54.8M | $21.4M | $25.7M | $63.2M | $6.90B | $12.53B |
| Invested capital | $1.10B | $969.8M | $1.13B | $418.19B | $307.65B | $119.90B | $382.48B | $130.55B | $72.47B | $72.05B |
| Tangible asset value | $396.2M | $392.7M | $370.2M | $347.0M | $355.8M | $304.2M | $304.3M | $180.9M | $143.7M | $127.3M |
| Net current asset value | −$713.0M | −$586.4M | −$801.9M | −$656.9M | −$462.0M | −$262.2M | −$196.9M | −$221.7M | $6.76B | $12.41B |
| Graham number | $36.04 | $35.81 | $21.53 | $36.69 | $52.81 | $28.42 | $66.29 | $38.95 | $39.69 | $31.46 |
| Graham net-net per share | −$45.15 | −$42.29 | −$60.96 | $5,798.30 | −$40.45 | −$23.59 | −$18.88 | −$31.68 | $514.31 | $1,038.56 |
| Capital allocation | ||||||||||
| Dividends paid | $52.4M | $40.7M | $32.1M | $22.7M | $18.2M | $11.3M | $17.0M | $12.0M | $9.0M | $6.8M |
| Share buybacks (net) | $54,314 | $0 | $2.2M | $10.8M | $2.5M | $3.6M | $0 | $0 | $0 | $3.3M |
| Dividend payout ratio | 143.0% | 145.1% | 358.8% | 91.9% | 39.7% | 76.2% | 30.5% | 64.9% | 51.0% | 59.6% |
| Dividends + buybacks / free cash flow | — | 20.6% | — | — | — | — | — | — | — | 150.1% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capex / operating cash flow | — | 0.0% | — | — | — | — | — | — | — | 0.0% |
| Capex / depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Stock-based compensation / revenue | — | — | — | −1.6% | 1.0% | −1.0% | −1.0% | 4.1% | — | — |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 11.1% | 9.9% | 6.2% | 8.1% | 9.4% | 10.9% | 8.9% | 22.3% | 21.3% | 24.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 28.2 | 35.9 | 24.4 | 25.9 | 32.3 | 38.2 | 31.7 | 68.1 | 56.9 | 78.6 |
| Days of inventory on hand | — | — | — | 47,359.6 | 0.0 | 277.4 | 210.4 | 45,017.3 | 151,512.6 | 235,730.8 |
| Days payables outstanding | 27.2 | 36.8 | 58.9 | 47.5 | 32.5 | 52.0 | 41.5 | 59.8 | 60.6 | 66.9 |
| Cash conversion cycle (days) | 1.0 | -0.9 | -34.4 | 47,338.0 | -0.2 | 263.6 | 200.6 | 45,025.5 | 151,508.9 | 235,742.5 |
| Receivables turnover | 12.92 | 10.16 | 14.94 | 14.09 | 11.30 | 9.56 | 11.52 | 5.36 | 6.41 | 4.64 |
| Payables turnover | 13.40 | 9.91 | 6.20 | 7.68 | 11.24 | 7.02 | 8.79 | 6.10 | 6.02 | 5.46 |
| Inventory turnover | — | — | — | 0.01 | 44,954,760.00 | 1.32 | 1.73 | 0.01 | 0.00 | 0.00 |
| Asset turnover | 0.09 | 0.08 | 0.13 | 0.10 | 0.10 | 0.10 | 0.13 | 0.06 | 0.07 | 0.06 |
| Average receivables | $7.7M | $9.3M | $9.6M | $7.0M | $6.3M | $6.0M | $5.5M | $4.6M | $3.5M | $3.7M |
| Average payables | $3.7M | $5.3M | $5.0M | $4.4M | $4.0M | $4.2M | $4.4M | $4.4M | $3.8M | $3.5M |
| Average inventory | — | — | — | $4.35B | $1 | $22.3M | $22.3M | $3.30B | $9.43B | $12.26B |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from SAR's annual financial statements (latest annual report filed May 5, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
SAR valuation and financial ratios
At the end of fiscal 2026 (February 28, 2026), Saratoga Investment traded at 10.0 times earnings, against a 10-year median of 10.7. Saratoga Investment earned a return on equity of 9.3% and a return on invested capital of 3.5% in fiscal 2026. It ended the year with $725.7 million of debt and $21.8 million in cash and short-term investments, net debt of $703.9 million. It returned $52.4 million to shareholders: $52.4 million in dividends and $0.1 million in share buybacks. The share count rose 176.1% from 5.7M to 15.9M over 9 years.
See the SAR income statement, the SAR chart for price history, or the SAR stock overview for the latest quote and news.
SAR key metrics FAQ
What is Saratoga Investment's P/E ratio?
Saratoga Investment traded at 10.0 times earnings at the end of fiscal 2026.
What is Saratoga Investment's EV/EBITDA?
Saratoga Investment's enterprise value was 28.1 times EBITDA at the end of fiscal 2026 (enterprise value $1.1 billion, EBITDA $38.1 million).
What is Saratoga Investment's return on equity?
Saratoga Investment's return on equity (ROE) was 9.3% in fiscal 2026: net income of $36.6 million on average shareholders' equity of $394.4 million.
What is Saratoga Investment's ROIC?
Saratoga Investment's return on invested capital was 3.5% in fiscal 2026, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Saratoga Investment have?
Saratoga Investment had total debt of $725.7 million at the end of fiscal 2026, a debt-to-equity ratio of 1.83 and $703.9 million of net debt (18.48 times EBITDA).
What is Saratoga Investment's dividend yield?
Saratoga Investment's forward dividend yield is 19.58%. Saratoga Investment paid $52.4 million in dividends in fiscal 2026 ($3.30 per share), a payout ratio of 143.0%.
Does Saratoga Investment buy back its shares?
Yes. Saratoga Investment spent $0.1 million on net share repurchases in fiscal 2026 Shares outstanding changed +13.9% over the year, to 15.9M..
What is Saratoga Investment's free cash flow yield?
Saratoga Investment generated -$88.0 million of free cash flow in fiscal 2026, a free cash flow yield of −24.0% on its market value at year-end ($367.1 million).
What is Saratoga Investment's current ratio?
Saratoga Investment's current ratio was 2.34 at the end of fiscal 2026: current assets were 2.34 times current liabilities.