SAR

MKT CAP:$366M

Saratoga Investment Corp.

Market Cap

$366M

Financial Services·Asset Management·🇺🇸 United States·NYSE

Financials·Asset Management·🇺🇸·NYSE

Stock Price

$22.84-$0.33 (-1.42%)

Apr 22, 2026

Company Details

Saratoga Investment Corp. is a business development company specializing in leveraged and management buyouts, acquisition financings, growth financings, recapitalization, debt refinancing, and transitional financing transactions at the lowe...

CEO

Christian Long Oberbeck

IPO Date

Mar 27, 2007

Website

www.saratogainvestmentcorp.com

Key Metrics TTM

Revenue

$85M

-1.6% YoY

Net Income

$21M

EPS (Diluted)

$1.53

Free Cash Flow

$116M

Revenue / Share

$6.21

Gross Margin

39.9%

Operating Margin

29.0%

Net Margin

24.9%

FCF Margin

136.5%

P/S

4.3x

P/E

17.3x

Earnings Reports

Q3 2025

May 6, 2026

PENDING

FY 2025

May 7, 2025

$94M+35.4%EPS $2.02

Q2 2025

Oct 8, 2024

$29M+29.0%EPS $0.97

Q1 2025

Jul 9, 2024

$23M+66.4%EPS $0.48

FY 2024

May 6, 2024

$70M-0.4%EPS $0.71

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$16M	$12M	$11M
Q4 21	$16M	$12M	$10M
Q1 22	$28M	$23M	$21M
Q2 22	$18M	$13M	$10M
Q3 22	$15M	$10M	$8M
Q4 22	$17M	$11M	$9M
Q1 23	$8M	$738.6K	-$1M
Q2 23	$12M	$4M	$1M
Q3 23	$17M	$8M	$6M
Q4 23	$34M	$24M	$21M
Q1 24	$14M	$2M	-$266.4K
Q2 24	$22M	$10M	$8M
Q3 24	$11M	-$1M	-$3M
Q4 24	$22M	$9M	$8M
Q1 25	$23M	$10M	$7M
Q2 25	$29M	$16M	$14M

Valuation

Quarter	P/S	P/E
Q3 21	6.5x	11.3x
Q4 21	9.2x	24.8x
Q1 22	4.2x	6.3x
Q2 22	4.7x	8.2x
Q3 22	4.7x	7.9x
Q4 22	4.7x	8.0x
Q1 23	6.4x	15.8x
Q2 23	7.2x	22.6x
Q3 23	7.0x	26.4x
Q4 23	5.2x	14.8x
Q1 24	4.8x	14.1x
Q2 24	4.2x	11.1x
Q3 24	4.5x	16.0x
Q4 24	5.3x	41.0x
Q1 25	4.7x	23.2x
Q2 25	4.3x	17.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$32M	-$32M
Q4 21	$5M	$5M
Q1 22	-$102M	-$102M
Q2 22	$30M	$30M
Q3 22	$15M	$15M
Q4 22	-$146M	-$146M
Q1 23	-$80M	-$80M
Q2 23	-$60M	-$60M
Q3 23	-$22M	-$22M
Q4 23	$33M	$33M
Q1 24	-$111M	-$111M
Q2 24	-$7M	-$7M
Q3 24	-$19M	-$19M
Q4 24	$12M	$12M
Q1 25	$52M	$52M
Q2 25	$71M	$71M

Capital Expenditures

Quarter	CapEx
Q3 21	$0
Q4 21	$0
Q1 22	$0
Q2 22	$3
Q3 22	$3
Q4 22	$0
Q1 23	$4
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$5
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	-18.2%	-3.9%
Q4 21	-50.3%	-1.1%
Q1 22	+245.2%	+55.8%
Q2 22	-31.5%	+79.1%
Q3 22	-4.0%	+31.1%
Q4 22	+0.8%	+22.6%
Q1 23	-72.3%	+43.4%
Q2 23	-35.3%	+25.9%
Q3 23	+10.1%	+55.5%
Q4 23	+103.8%	+74.0%
Q1 24	+80.5%	+57.2%
Q2 24	+89.6%	+35.4%
Q3 24	-30.9%	+41.2%
Q4 24	-35.2%	+11.7%
Q1 25	+66.4%	+13.1%
Q2 25	+29.0%	+5.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	-$621M	-2257.4%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q3 21	$2M
Q4 21	$2M
Q1 22	$2M
Q2 22	$2M
Q3 22	$1M
Q4 22	$2M
Q1 23	$2M
Q2 23	$2M
Q3 23	$2M
Q4 23	$2M
Q1 24	$2M
Q2 24	$2M
Q3 24	$2M
Q4 24	$2M
Q1 25	$3M
Q2 25	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$47M	$0	$47M
Q1 23	$95M	$0	$95M
Q2 23	$3M	$0	$3M
Q3 23	$6M	$0	$6M
Q4 23	$66M	$0	$66M
Q1 24	$22M	$0	$22M
Q2 24	$19M	$0	$19M
Q3 24	$21M	$0	$21M
Q4 24	$9M	$0	$9M
Q1 25	$32M	$0	$32M
Q2 25	$85M	$0	$85M
Q3 25	$148M	$0	$148M
Q4 25	$148M	$0	$148M
Q1 26	$132M	$0	$132M
Q2 26	$106M	$0	$106M
Q3 26	$52M	$0	$52M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	11M	-0.3%	+11.3%
Q4 21	11M	-0.1%	-0.3%
Q1 22	11M	+0.1%	-0.3%
Q2 22	11M	+0.0%	-0.3%
Q3 22	11M	+2.5%	+2.5%
Q4 22	12M	+5.1%	+7.9%
Q1 23	12M	+0.6%	+8.4%
Q2 23	12M	-1.2%	+7.0%
Q3 23	12M	-0.6%	+3.9%
Q4 23	12M	-0.1%	-1.3%
Q1 24	12M	-0.2%	-2.1%
Q2 24	12M	+2.5%	+1.6%
Q3 24	13M	+7.4%	+9.8%
Q4 24	14M	+4.4%	+14.6%
Q1 25	14M	+0.5%	+15.4%
Q2 25	14M	+0.3%	+12.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$348.1K	45
Q4 21	$366.3K	45
Q1 22	$611.5K	45
Q2 22	$406.7K	45
Q3 22	$334.1K	45
Q4 22	$369.1K	45
Q1 23	$169.1K	45
Q2 23	$263.2K	45
Q3 23	$367.8K	45
Q4 23	$752.2K	45
Q1 24	$305.2K	45
Q2 24	$499.0K	45
Q3 24	$254.1K	45
Q4 24	$487.2K	45
Q1 25	$507.7K	45
Q2 25	$643.7K	45

Revenue / Employee