Financial Services · Asset Management
Price
$17.98
Market Cap
$292.5M
Employees
0
Beta
0.59
Avg Volume
100,600
CEO
Chris Long Oberbeck
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 lower end of middle market companies. The fund structures its investments as debt and equity by investing through first and second lien loans, mezzanine debt, co-investments, select high yield bonds, senior secured bonds, unsecured bonds, and preferred and common equity. The fund prefers to invest in aerospace, automotive aftermarket and services, business products and services, consumer products and services, education, environmental services, industrial services, financial services, food and beverage, healthcare products and services, logistics, distribution, manufacturing, restaurants services, food services, software services, technology services, specialty chemical, media and telecommunications. The fund seeks to invest in the United States. The fund primarily invests between $60 million and $75 million in companies having EBITDA of $2 million or greater and revenues between $10 million and $150 million. It targets annual revenues between $8 and $250 million. The fund prefers to take a majority stake. The fund invests through direct lending as well as participation in loan syndicates.
Runs with full report
Price Overview
Last updated: Jul 8, 2026 11:30pm (just now)
Current data · timestamped when a report runs
$17.98
Change · Jul 8
-2.95 (-14.09%)
Day Range
$17.77 – $19.64
52-Week Range
$17.77 – $25.64
50-Day MA
$22.26
200-Day MA
$22.73
Volume
1,016,134.00
Share Structure
Outstanding
16,267,700.00
Float
14,042,994.00
Free Float
86.3%
High free float
— 86.3% of shares trade freely, ~13.7% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
17.44
Stock Price: $17.98
EPS (Diluted): 2.31
EPS (Diluted): 2.31
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
0.93
Stock Price: $17.98
Total Equity: $396.16M
Shares: 15,850,270
Total Equity: $396.16M
Shares: 15,850,270
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
17.62
Market Cap: $292.49M
Total Debt: $729.86M
Cash: $21.79M
EBITDA: $38.09M
Total Debt: $729.86M
Cash: $21.79M
EBITDA: $38.09M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$1.1B
Market Cap: $292.49M
Total Debt: $729.86M
Cash: $21.79M
Total Debt: $729.86M
Cash: $21.79M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
50.3%
Gross Profit: $49.92M
Revenue: $99.22M
Revenue: $99.22M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
38.4%
Operating Income: $38.09M
Revenue: $99.22M
Revenue: $99.22M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
36.9%
Net Income: $36.60M
Revenue: $99.22M
Revenue: $99.22M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
4.2%
Net Income: $36.60M
Total Equity: $396.16M
Total Equity: $396.16M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
1.4%
Operating Income: $38.09M
Tax Rate: 3.9%
Equity: $396.16M
Total Debt: $729.86M
Cash: $21.79M
Tax Rate: 3.9%
Equity: $396.16M
Total Debt: $729.86M
Cash: $21.79M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.36
Current Assets: $29.35M
Current Liabilities: $80.51M
Current Liabilities: $80.51M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
1.84
Short-Term Debt: $70.00M
Long-Term Debt: $659.86M
Total Debt: $729.86M
Total Equity: $396.16M
Long-Term Debt: $659.86M
Total Debt: $729.86M
Total Equity: $396.16M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$6.26
Revenue: $99.22M
Shares: 15,850,270
Shares: 15,850,270
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$24.99
Total Equity: $396.16M
Shares: 15,850,270
Shares: 15,850,270
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-5.55
Operating CF: -$88.03M
CapEx: $0.00
Shares: 15,850,270
CapEx: $0.00
Shares: 15,850,270
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
14.3%
Last Dividend: N/A
Stock Price: $17.98
Stock Price: $17.98
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $36.60M
Net Income: $36.60M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares SAR against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $77.5M | $69.9M | $69.5M | $94.2M | $99.2M |
| Cost of Revenue | $19.9M | $33.5M | $49.2M | $52.1M | $49.3M |
| Gross Profit | $57.6M | $36.4M | $20.4M | $42.1M | $49.9M |
| Operating Expenses | $9.1M | $9.6M | $8.7M | $10.1M | $11.8M |
| Operating Income | $48.5M | $26.8M | $11.7M | $32.0M | $38.1M |
| Net Income | $45.7M | $24.7M | $8.9M | $28.1M | $36.6M |
| EBITDA | $48.5M | $26.8M | $11.7M | $32.0M | $38.1M |
| EPS | $3.99 | $2.06 | $0.71 | $2.02 | $2.31 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash & Equivalents | $47.3M | $65.7M | $8.7M | $148.2M | $21.8M |
| Total Current Assets | $52.8M | $74.3M | $19.3M | $156.0M | $29.3M |
| Total Assets | $876.2M | $1.1B | $1.2B | $1.2B | $1.1B |
| Current Liabilities | $3.6M | $5.1M | $4.9M | $5.6M | $80.5M |
| Long-Term Debt | $498.9M | $711.1M | $803.7M | $781.8M | $659.9M |
| Total Liabilities | $520.5M | $731.2M | $821.0M | $798.9M | $744.9M |
| Total Equity | $355.8M | $347.0M | $370.2M | $392.7M | $396.2M |
| Retained Earnings | $27.7M | $25.1M | $-870,745 | -$20.3M | -$43.1M |
Cash Flow (Annual)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$203.1M | -$130.4M | -$157.2M | $197.5M | -$88.0M |
| Capital Expenditure | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | -$203.1M | -$130.4M | -$157.2M | $197.5M | -$88.0M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$2.5M | -$10.8M | -$2.2M | $0 | $-54,314 |
| Net Change in Cash | $23.0M | $43.2M | -$55.6M | $164.2M | -$182.9M |
Analyst Estimates (Annual)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$150.4M $148.1M – $151.8M
|
$125.4M $125.2M – $125.8M
|
$125.7M $122.9M – $130.8M
|
$128.5M $124.1M – $136.6M
|
| EBITDA |
$57.2M $56.3M – $57.7M
|
$47.7M $47.6M – $47.8M
|
$47.8M $46.7M – $49.7M
|
$48.9M $47.2M – $51.9M
|
| Net Income |
$62.3M $59.6M – $65.0M
|
$39.3M $38.5M – $40.2M
|
$34.3M $33.2M – $38.2M
|
$36.7M $34.6M – $38.8M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue Growth | -9.8% | -0.4% | +35.4% | +5.4% |
| Gross Profit Growth | -36.9% | -44.0% | +106.7% | +18.6% |
| Operating Income Growth | -44.9% | -56.3% | +173.2% | +19.1% |
| Net Income Growth | -46.0% | -63.8% | +214.4% | +30.3% |
| EBITDA Growth | -44.9% | -56.3% | +173.2% | +19.1% |
Dividend History (Last 20)
Last updated: Jul 8, 2026 10:23pm (1h ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-09-03 | $0.25 | 2026-06-11 | 2026-09-03 | 2026-09-23 |
| 2026-08-05 | $0.25 | 2026-06-11 | 2026-08-05 | 2026-08-25 |
| 2026-07-06 | $0.25 | 2026-06-11 | 2026-07-06 | 2026-07-23 |
| 2026-06-04 | $0.25 | 2026-03-17 | 2026-06-04 | 2026-06-23 |
| 2026-05-05 | $0.25 | 2026-03-17 | 2026-05-05 | 2026-05-21 |
| 2026-04-07 | $0.25 | 2026-03-17 | 2026-04-07 | 2026-04-23 |
| 2026-03-03 | $0.25 | 2025-12-11 | 2026-03-03 | 2026-03-19 |
| 2026-02-04 | $0.25 | 2025-12-11 | 2026-02-04 | 2026-02-23 |
| 2025-12-02 | $0.50 | 2025-09-11 | 2025-12-02 | 2025-12-18 |
| 2025-11-04 | $0.25 | 2025-09-11 | 2025-11-04 | 2025-11-20 |
| 2025-10-07 | $0.25 | 2025-09-11 | 2025-10-07 | 2025-10-23 |
| 2025-09-04 | $0.25 | 2025-06-12 | 2025-09-04 | 2025-09-24 |
| 2025-08-06 | $0.25 | 2025-06-12 | 2025-08-06 | 2025-08-21 |
| 2025-07-08 | $0.25 | 2025-06-12 | 2025-07-08 | 2025-07-24 |
| 2025-06-05 | $0.25 | 2025-02-18 | 2025-06-05 | 2025-06-24 |
| 2025-05-06 | $0.25 | 2025-02-18 | 2025-05-06 | 2025-05-22 |
| 2025-04-08 | $0.25 | 2025-02-18 | 2025-04-08 | 2025-04-24 |
| 2025-03-06 | $0.74 | 2025-02-18 | 2025-03-06 | 2025-03-25 |
| 2024-12-04 | $1.09 | 2024-11-07 | 2024-12-04 | 2024-12-19 |
| 2024-09-11 | $0.74 | 2024-08-22 | 2024-09-11 | 2024-09-26 |
Insider Trading (Recent)
Last updated: Jul 8, 2026 10:23pm (1h ago)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-01-29 | Oberbeck Christian L | G-Gift | 1,000.00 | $0.00 | $0 |
| 2025-12-19 | Oberbeck Christian L | G-Gift | 1,000.00 | $0.00 | $0 |
| 2025-12-11 | Oberbeck Christian L | G-Gift | 5,200.00 | $0.00 | $0 |
| 2025-12-11 | Oberbeck Christian L | G-Gift | 7,800.00 | $0.00 | $0 |
| 2025-12-11 | Oberbeck Christian L | G-Gift | 7,800.00 | $0.00 | $0 |
| 2025-09-23 | Oberbeck Christian L | J-Other | 606.00 | $0.00 | $0 |
| 2025-07-31 | Oberbeck Christian L | J-Other | 2,252.00 | $0.00 | $0 |
| 2025-07-29 | Oberbeck Christian L | J-Other | 28,261.00 | $0.00 | $0 |
| 2025-07-30 | Oberbeck Christian L | J-Other | 48.00 | $0.00 | $0 |
| 2025-07-29 | Steenkamp Henri J | J-Other | 4,373.00 | $0.00 | $0 |
| 2024-12-02 | Oberbeck Christian L | G-Gift | 5,120.00 | $0.00 | $0 |
| 2024-12-02 | Oberbeck Christian L | G-Gift | 7,680.00 | $0.00 | $0 |
| 2024-12-02 | Oberbeck Christian L | G-Gift | 7,680.00 | $0.00 | $0 |
| 2024-11-05 | Oberbeck Christian L | J-Other | 430.00 | $0.00 | $0 |
| 2024-10-07 | Oberbeck Christian L | J-Other | 248.00 | $0.00 | $0 |
| 2024-08-12 | Steenkamp Henri J | J-Other | 5,514.00 | $0.00 | $0 |
| 2024-08-12 | Oberbeck Christian L | J-Other | 27,256.00 | $0.00 | $0 |
| 2024-08-13 | Oberbeck Christian L | J-Other | 635.00 | $0.00 | $0 |
| 2023-12-13 | Oberbeck Christian L | G-Gift | 4,472.00 | $0.00 | $0 |
| 2023-12-13 | Oberbeck Christian L | G-Gift | 6,708.00 | $0.00 | $0 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for SAR — it's generated by the pipeline (
market-narrative step).
No community reviews yet for SAR.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.393 · 6a8d9cc1 · 2026-07-08 21:32:56