(SAR) Saratoga Investment - Overview
Stock: Debt, Equity, Loans, Mezzanine, Securities
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 14.83% |
| Yield on Cost 5y | 26.68% |
| Yield CAGR 5y | 13.37% |
| Payout Consistency | 81.6% |
| Payout Ratio | 37.5% |
| Risk 5d forecast | |
|---|---|
| Volatility | 17.7% |
| Relative Tail Risk | -6.73% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.23 |
| Alpha | -1.94 |
| Character TTM | |
|---|---|
| Beta | 0.567 |
| Beta Downside | 0.685 |
| Drawdowns 3y | |
|---|---|
| Max DD | 15.55% |
| CAGR/Max DD | 0.51 |
Description: SAR Saratoga Investment December 28, 2025
Saratoga Investment Corp. (NYSE:SAR) operates as a Business Development Company (BDC) that provides leveraged and management-buyout financing to lower-middle-market firms, using a mix of debt (first/second lien, mezzanine, senior secured) and equity (preferred, common) instruments.
The fund targets U.S. companies with EBITDA ≥ $2 million and revenue between $5 million and $250 million, typically deploying $5 million–$75 million per transaction and preferring majority-control positions. It invests across a broad sector set-including aerospace, automotive aftermarket, healthcare services, and software-through direct lending and participation in syndicated loans.
As of the most recent filing (Q3 2024), SAR reported a net asset value (NAV) of approximately $13.5 billion, a distribution yield near 8.3 %, and total assets under management (AUM) of $14.2 billion, reflecting a modest increase in both capital deployed and cash-flow generation year-over-year.
Key macro drivers for SAR’s portfolio include the current low-interest-rate environment, which supports cheaper debt financing for middle-market buyouts, and continued M&A activity in sectors like technology services and specialty chemicals where private equity is actively seeking growth platforms.
For a deeper, data-driven look at SAR’s valuation dynamics, you might explore the analytics on ValueRay to see how its price-to-NAV and yield compare to peer BDCs.
Piotroski VR‑10 (Strict, 0-10) 4.0
| Net Income: 38.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -16.86 > 1.0 |
| NWC/Revenue: 53.78% < 20% (prev 149.1%; Δ -95.31% < -1%) |
| CFO/TA 0.02 > 3% & CFO 22.9m > Net Income 38.5m |
| Net Debt (712.4m) to EBITDA (1.29b): 0.55 < 3 |
| Current Ratio: 9.12 > 1.5 & < 3 |
| Outstanding Shares: last quarter (16.1m) vs 12m ago 16.82% < -2% |
| Gross Margin: 51.21% > 18% (prev 0.48%; Δ 5073 % > 0.5%) |
| Asset Turnover: 8.42% > 50% (prev 8.08%; Δ 0.34% > 0%) |
| Interest Coverage Ratio: 1056 > 6 (EBITDA TTM 1.29b / Interest Expense TTM 49.7m) |
Altman Z'' 10.00
| A: 0.05 (Total Current Assets 61.5m - Total Current Liabilities 6.74m) / Total Assets 1.20b |
| B: -0.02 (Retained Earnings -23.9m / Total Assets 1.20b) |
| C: 43.38 (EBIT TTM 52.42b / Avg Total Assets 1.21b) |
| D: -0.03 (Book Value of Equity -23.9m / Total Liabilities 783.8m) |
| Altman-Z'' Score: 291.7 = AAA |
What is the price of SAR shares?
Over the past week, the price has changed by +0.33%, over one month by +2.28%, over three months by +10.91% and over the past year by +6.87%.
Is SAR a buy, sell or hold?
- StrongBuy: 3
- Buy: 1
- Hold: 4
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the SAR price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 23.4 | -0.3% |
| Analysts Target Price | 23.4 | -0.3% |
| ValueRay Target Price | 29.1 | 24.1% |
SAR Fundamental Data Overview February 02, 2026
P/E Forward = 10.7991
P/S = 3.0392
P/B = 0.9283
Revenue TTM = 101.8m USD
EBIT TTM = 52.42b USD
EBITDA TTM = 1.29b USD
Long Term Debt = 774.5m USD (from longTermDebt, last quarter)
Short Term Debt = 322.96b USD (from shortTermDebt, last quarter)
Debt = 764.7m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 712.4m USD (from netDebt column, last quarter)
Enterprise Value = 977.7m USD (382.6m + Debt 764.7m - CCE 169.6m)
Interest Coverage Ratio = 1056 (Ebit TTM 52.42b / Interest Expense TTM 49.7m)
EV/FCF = 42.66x (Enterprise Value 977.7m / FCF TTM 22.9m)
FCF Yield = 2.34% (FCF TTM 22.9m / Enterprise Value 977.7m)
FCF Margin = 22.52% (FCF TTM 22.9m / Revenue TTM 101.8m)
Net Margin = 37.87% (Net Income TTM 38.5m / Revenue TTM 101.8m)
Gross Margin = 51.21% ((Revenue TTM 101.8m - Cost of Revenue TTM 49.7m) / Revenue TTM)
Gross Margin QoQ = 56.29% (prev 55.43%)
Tobins Q-Ratio = 0.82 (Enterprise Value 977.7m / Total Assets 1.20b)
Interest Expense / Debt = 1.56% (Interest Expense 11.9m / Debt 764.7m)
Taxrate = 12.14% (3.88m / 32.0m)
NOPAT = 46.06b (EBIT 52.42b * (1 - 12.14%))
Current Ratio = 9.12 (Total Current Assets 61.5m / Total Current Liabilities 6.74m)
Debt / Equity = 1.85 (Debt 764.7m / totalStockholderEquity, last quarter 413.2m)
Debt / EBITDA = 0.55 (Net Debt 712.4m / EBITDA 1.29b)
Debt / FCF = 31.08 (Net Debt 712.4m / FCF TTM 22.9m)
Total Stockholder Equity = 403.2m (last 4 quarters mean from totalStockholderEquity)
RoA = 3.19% (Net Income 38.5m / Total Assets 1.20b)
RoE = 9.56% (Net Income TTM 38.5m / Total Stockholder Equity 403.2m)
RoCE = 4451 % (out of range, set to none) (EBIT 52.42b / Capital Employed (Equity 403.2m + L.T.Debt 774.5m))
RoIC = 3906 % (out of range, set to none) (NOPAT 46.06b / Invested Capital 1.18b)
WACC = 3.58% (E(382.6m)/V(1.15b) * Re(8.01%) + D(764.7m)/V(1.15b) * Rd(1.56%) * (1-Tc(0.12)))
Discount Rate = 8.01% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 11.09%
[DCF Debug] Terminal Value 80.82% ; FCFF base≈105.3m ; Y1≈69.2m ; Y5≈31.6m
Fair Price DCF = 18.10 (EV 1.01b - Net Debt 712.4m = Equity 293.0m / Shares 16.2m; r=5.90% [WACC]; 5y FCF grow -40.0% → 2.90% )
[DCF Warning] FCF declining rapidly (-40.0%), DCF may be unreliable
EPS Correlation: 32.86 | EPS CAGR: -3.60% | SUE: 0.04 | # QB: 0
Revenue Correlation: 62.18 | Revenue CAGR: 14.11% | SUE: -0.22 | # QB: 0
EPS next Quarter (2026-05-31): EPS=0.59 | Chg30d=-0.008 | Revisions Net=-1 | Analysts=7
EPS next Year (2027-02-28): EPS=2.34 | Chg30d=-0.013 | Revisions Net=-1 | Growth EPS=-2.1% | Growth Revenue=-1.8%