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Saratoga Investment Corp. (SAR)
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility
Financials

Saratoga Investment Corp. (SAR)

Equity · Currency in USD · Last updated Apr 15, 2025

Company Info

ISIN

US80349A2087

CUSIP

80349A208

Sector

Financial Services

Industry

Asset Management

IPO Date

Mar 23, 2007

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Highlights

Market Cap

$322.94M

EPS (TTM)

$2.51

PE Ratio

8.97

Total Revenue (TTM)

$35.94B

Gross Profit (TTM)

$35.89B

EBITDA (TTM)

$18.22B

Year Range

$19.46 - $25.29

Target Price

$26.04

Short %

1.11%

Short Ratio

1.17

Share Price Chart

21.022.023.024.025.026.0NovemberDecember2025FebruaryMarchApril
22.9

Compare to other instruments

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Saratoga Investment Corp.

Popular comparisons:
SAR vs. CGBD SAR vs. GTY SAR vs. BCSF SAR vs. GIC SAR vs. ^GSPC SAR vs. ABR SAR vs. VOO SAR vs. BXMT SAR vs. GLAD SAR vs. BRK-B
Popular comparisons:
SAR vs. CGBD SAR vs. GTY SAR vs. BCSF SAR vs. GIC SAR vs. ^GSPC SAR vs. ABR SAR vs. VOO SAR vs. BXMT SAR vs. GLAD SAR vs. BRK-B

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Saratoga Investment Corp., comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

-15.00%-10.00%-5.00%0.00%5.00%10.00%NovemberDecember2025FebruaryMarchApril
2.09%
-7.04%
SAR (Saratoga Investment Corp.)
Benchmark (^GSPC)

S&P 500

Returns By Period

Saratoga Investment Corp. had a return of -0.10% year-to-date (YTD) and 13.50% in the last 12 months. Over the past 10 years, Saratoga Investment Corp. had an annualized return of 14.32%, outperforming the S&P 500 benchmark which had an annualized return of 10.05%.

SAR

YTD

-0.10%

1M

-2.36%

6M

2.18%

1Y

13.50%

5Y*

21.97%

10Y*

14.32%

^GSPC (Benchmark)

YTD

-8.09%

1M

-4.13%

6M

-7.75%

1Y

5.52%

5Y*

14.25%

10Y*

10.05%

*Annualized

Monthly Returns

The table below presents the monthly returns of SAR, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.

JanFebMarAprMayJunJulAugSepOctNovDecTotal
20254.43%4.08%0.39%-8.45%-0.10%
2024-10.52%2.03%1.33%1.72%0.59%-1.39%3.00%0.81%1.54%1.08%9.60%-4.09%4.57%
20235.73%2.23%-5.69%-3.32%14.98%-1.49%-0.41%-3.83%2.15%-8.68%11.67%1.40%12.91%
2022-5.13%0.37%1.15%-6.16%3.87%-7.97%-1.67%3.01%-12.72%9.29%16.17%-0.82%-3.82%
20211.50%11.02%9.70%1.69%0.87%6.95%0.71%6.06%1.97%0.38%0.17%1.66%51.00%
20208.61%-13.74%-49.76%45.87%-9.59%4.08%11.84%-0.75%-2.04%8.25%24.33%-5.78%-10.92%
201915.03%0.66%-1.00%12.52%-1.68%2.43%1.94%-0.04%0.45%1.13%0.40%-0.60%34.20%
2018-7.47%5.60%-2.65%-1.20%10.85%24.10%-12.68%2.77%-5.11%-9.40%5.50%-7.63%-2.78%
20172.13%10.39%-2.77%0.65%1.42%-3.59%3.88%1.15%0.26%4.41%-0.76%2.55%20.77%
2016-5.92%0.94%10.25%8.51%-1.26%3.11%4.00%5.66%-0.45%4.72%10.55%2.13%49.60%
20154.24%3.28%0.57%7.85%9.70%-1.44%0.19%-3.26%-1.04%1.15%-2.13%-1.34%18.27%
20143.96%-2.58%-3.22%3.72%-4.78%3.83%1.72%0.37%-0.23%-4.00%-0.16%-2.15%-3.97%

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

With an overall rank of 79, SAR is among the top 21% of stocks on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.

The Risk-Adjusted Performance Rank of SAR is 7979
Overall Rank
The Sharpe Ratio Rank of SAR is 8080
Sharpe Ratio Rank
The Sortino Ratio Rank of SAR is 7171
Sortino Ratio Rank
The Omega Ratio Rank of SAR is 7272
Omega Ratio Rank
The Calmar Ratio Rank of SAR is 8686
Calmar Ratio Rank
The Martin Ratio Rank of SAR is 8484
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

Risk-Adjusted Performance Indicators

The charts below present risk-adjusted performance metrics for Saratoga Investment Corp. (SAR) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.

The chart of Sharpe ratio for SAR, currently valued at 0.63, compared to the broader market-2.00-1.000.001.002.00
SAR: 0.63
^GSPC: 0.21
The chart of Sortino ratio for SAR, currently valued at 0.97, compared to the broader market-6.00-4.00-2.000.002.004.00
SAR: 0.97
^GSPC: 0.43
The chart of Omega ratio for SAR, currently valued at 1.14, compared to the broader market0.501.001.502.00
SAR: 1.14
^GSPC: 1.06
The chart of Calmar ratio for SAR, currently valued at 0.88, compared to the broader market0.001.002.003.004.00
SAR: 0.88
^GSPC: 0.21
The chart of Martin ratio for SAR, currently valued at 3.56, compared to the broader market-5.000.005.0010.0015.0020.00
SAR: 3.56
^GSPC: 1.00

The current Saratoga Investment Corp. Sharpe ratio is 0.63. This value is calculated based on the past 1 year of trading data and takes into account price changes and dividends.

Use the chart below to compare the Sharpe ratio of Saratoga Investment Corp. with the selected benchmark, providing insights into the investment's historical performance in terms of risk-adjusted returns. Go to the Sharpe ratio tool for more fine-grained control over the calculation options.

Rolling 12-month Sharpe Ratio0.001.002.003.00NovemberDecember2025FebruaryMarchApril
0.63
0.21
SAR (Saratoga Investment Corp.)
Benchmark (^GSPC)

Dividends

Dividend History

Saratoga Investment Corp. provided a 14.00% dividend yield over the last twelve months, with an annual payout of $3.21 per share. The company has been increasing its dividends for 4 consecutive years.

2.00%4.00%6.00%8.00%10.00%12.00%14.00%$0.00$0.50$1.00$1.50$2.00$2.50$3.0020142015201620172018201920202021202220232024
Dividends
Dividend Yield
PeriodTTM20242023202220212020201920182017201620152014
Dividend$3.21$2.95$2.82$2.81$1.81$1.37$1.65$2.06$2.35$1.88$2.18$0.18

Dividend yield

14.00%12.33%10.90%11.02%6.16%6.57%6.61%10.35%10.51%9.12%14.14%1.21%

Monthly Dividends

The table displays the monthly dividend distributions for Saratoga Investment Corp.. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

JanFebMarAprMayJunJulAugSepOctNovDecTotal
2025$0.00$0.00$0.74$0.25$0.99
2024$0.00$0.00$0.73$0.00$0.00$0.74$0.00$0.00$0.74$0.00$0.00$0.74$2.95
2023$0.00$0.00$0.69$0.00$0.00$0.70$0.00$0.00$0.71$0.00$0.00$0.72$2.82
2022$0.53$0.00$0.53$0.00$0.00$0.53$0.00$0.00$0.54$0.00$0.00$0.68$2.81
2021$0.42$0.00$0.00$0.43$0.00$0.44$0.00$0.00$0.52$0.00$0.00$0.00$1.81
2020$0.56$0.00$0.00$0.00$0.00$0.00$0.40$0.00$0.00$0.41$0.00$0.00$1.37
2019$0.00$0.00$0.54$0.00$0.00$0.55$0.00$0.00$0.56$0.00$0.00$0.00$1.65
2018$0.00$0.00$0.50$0.00$0.00$0.51$0.00$0.00$0.52$0.00$0.00$0.53$2.06
2017$0.45$0.00$0.46$0.00$0.00$0.47$0.00$0.00$0.48$0.00$0.00$0.49$2.35
2016$0.40$0.00$0.00$0.41$0.00$0.00$0.43$0.20$0.00$0.44$0.00$0.00$1.88
2015$0.22$0.00$0.00$0.27$1.00$0.00$0.33$0.00$0.00$0.36$0.00$0.00$2.18
2014$0.18$0.00$0.00$0.18

Dividend Yield & Payout

Dividend Yield
5.0%10.0%15.0%20.0%25.0%
SAR: 14.0%
Saratoga Investment Corp. has a dividend yield of 14.00%, which means its dividend payment is significantly above the market average.
Payout Ratio
200.0%400.0%600.0%800.0%1,000.0%
SAR: 70.2%
Saratoga Investment Corp. has a payout ratio of 70.21%, which is quite average when compared to the overall market. This suggests that Saratoga Investment Corp. strikes a balance between reinvesting profits for growth and paying dividends to shareholders.

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

-20.00%-15.00%-10.00%-5.00%0.00%NovemberDecember2025FebruaryMarchApril
-8.52%
-12.01%
SAR (Saratoga Investment Corp.)
Benchmark (^GSPC)

Worst Drawdowns

The table below displays the maximum drawdowns of the Saratoga Investment Corp.. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Saratoga Investment Corp. was 90.83%, occurring on Nov 24, 2008. Recovery took 2779 trading sessions.

The current Saratoga Investment Corp. drawdown is 8.52%.

Depth

Start

To Bottom

Bottom

To Recover

End

Total

-90.83%Mar 26, 2007423Nov 24, 20082779Jan 17, 20203202
-69.89%Feb 18, 202022Mar 18, 2020263Apr 5, 2021285
-26.18%Oct 7, 2021262Oct 20, 202255Jan 10, 2023317
-15.54%Feb 21, 202334Apr 10, 202332May 24, 202366
-15.19%Jun 2, 2023103Oct 27, 2023238Oct 9, 2024341

Volatility

Volatility Chart

The current Saratoga Investment Corp. volatility is 12.49%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.

2.00%4.00%6.00%8.00%10.00%12.00%14.00%NovemberDecember2025FebruaryMarchApril
12.49%
13.56%
SAR (Saratoga Investment Corp.)
Benchmark (^GSPC)

Financials

Financial Performance

The chart below illustrates the trends in the financial health of Saratoga Investment Corp. over time, highlighting three key metrics: Total Revenue, Earnings Before Interest and Taxes (EBIT), and Net Income.
Annual
Quarterly
0.050.0M100.0M150.0M20202021202220232024
Total Revenue
EBIT
Net Income

Profitability

The chart below illustrates the profitability of Saratoga Investment Corp. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.
Annual
Quarterly
0.0%20.0%40.0%60.0%80.0%100.0%20202021202220232024
Gross Margin
Operating Margin
Net Margin
Gross Margin
-50.0%0.0%50.0%100.0%
SAR: 100.0%
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Nov 2024, Saratoga Investment Corp. reported a gross profit of 35.88B and revenue of 35.88B. Therefore, the gross margin over that period was 100.0%.
Operating Margin
-50.0%0.0%50.0%
SAR: 36.4%
Operating margin is calculated as operating income divided by revenue. For the three months ending on Nov 2024, Saratoga Investment Corp. reported an operating income of 13.06B and revenue of 35.88B, resulting in an operating margin of 36.4%.
Net Margin
-50.0%0.0%50.0%
SAR: 0.0%
Net margin is calculated as net income divided by revenue. For the three months ending on Nov 2024, Saratoga Investment Corp. reported a net income of 8.83M and revenue of 35.88B, resulting in a net margin of 0.0%.

Competitive Comparison

See how gross margin, operating margin, and net margin compare for the largest companies in the Asset Management industry.

SymbolNameMarket CapGross MarginOperating MarginNet Margin
JIOFIN.NSJio Financial Services Limited1.46T78.3%——
BAJAJHLDNG.NSBajaj Holdings & Investment Limited1.26T100.0%97.9%96.1%
HDFCAMC.NSHDFC Asset Management Company Limited852.61B89.7%80.1%68.6%
NAM-INDIA.NSNippon Life India Asset Management Limited349.78B78.7%64.3%50.2%
BXThe Blackstone Group Inc.154.99B100.0%50.8%25.0%
BLKBlackRock, Inc.136.23B49.3%36.6%29.4%
BAM.TOBrookfield Asset Management Ltd107.59B20.0%18.3%—
BN.TOBrookfield Corporation101.14B25.9%25.8%2.2%
KKRKKR & Co. Inc.93.61B29.7%9.2%35.2%
BAMBrookfield Asset Management Inc.77.46B20.0%-5.0%—

Earnings Per Share

The chart presents the Earnings Per Share (EPS) performance of Saratoga Investment Corp., comparing actual results with analytics estimates. In the past quarter, the company did not meet analyst expectations for EPS, resulting in a surprise of -2.2%.
-2.00-1.000.001.002.00AprilJulyOctober2021AprilJulyOctober2022AprilJulyOctober2023AprilJulyOctober2024AprilJulyOctober
0.90
0.92
Actual
Estimate

Valuation

The Valuation section provides an assessment of the market value of Saratoga Investment Corp. compared to its peers in the Asset Management industry.

PE Ratio
20.040.060.080.0100.0
SAR: 9.0
The chart displays the price to earnings (P/E) ratio for SAR in comparison to other companies of the Asset Management industry. Currently, SAR has a PE value of 9.0. This PE ratio falls in the average range for the industry.
PEG Ratio
2.04.06.08.010.0
SAR: 0.0
The chart displays the price to earnings to growth (PEG) ratio for SAR in comparison to other companies of the Asset Management industry. Currently, SAR has a PEG value of 0.0. This PEG value is considered to be low compared to the rest of the industry.

Historical P/E Ratio Chart

The chart below displays the historical trend of the price-to-earnings (P/E) ratio for Saratoga Investment Corp..

7.08.09.010.011.012.013.0NovemberDecember2025FebruaryMarchApril
7.1

Income Statement

TTM202420232022202120202019201820172016201520142013201220112010200920082007
Revenue
—

Total Revenue

35.94B143.87M99.10M70.74M57.65M63.61M24.79M22.44M17.15M15.80M14.63M12.41M17.89M12.21M11.56M11.52M20.78M20.26M—

Cost Of Revenue

47.26M31.11M33.50M44.95M29.30M38.63M26.75M22.71M18.98M16.55M10.33M7.69M7.44M6.51M8.95M5.28M6.82M5.52M40.00K

Gross Profit

35.89B112.76M65.61M57.58M26.32M63.61M24.79M22.44M17.15M15.80M14.63M12.41M17.89M12.21M11.56M11.52M20.78M20.26M-40.00K
Operating Expenses
—

Selling, General & Admin Expenses

1.44B8.56M8.01M6.63M6.26M5.68M5.54M4.78M4.26M4.04M3.33M3.67M3.29M5.05M5.88M4.38M6.36M892.11K100.00K

R&D Expenses

—0.070.240.570.390.560.370.540.25——————————

Depreciation And Amortization

-31.45M107.93M45.78M40.41M37.39M30.51M30.40M161.14K52.52K22.82K-17.34M-14.96M-9.01M——10.16M193.46K502.47K—

Total Operating Expenses

23.46B53.60M12.28M9.06M6.38M7.26M5.54M4.78M5.72M4.04M3.33M3.67M3.29M1.85B3.80B2.34B1.46B10.55M90.00K
Income
—

Income Before Tax

29.61M9.87M26.76M48.52M19.94M56.35M19.25M17.66M11.43M11.76M11.30M8.74M14.60M13.28M16.96M5.74M-21.17M-5.36M-130.00K

Operating Income

13.11B59.16M53.33M68.40M19.94M56.35M32.37M28.60M21.32M20.22M18.68M14.83M17.14M14.57M19.57M-6.34M-18.57M-330.98K-130.00K

EBITDA

18.22B59.16M60.26M68.40M19.94M56.35M32.37M28.60M21.32M20.22M18.68M14.83M17.14M14.57M19.57M3.82M-27.96M171.49K-130.00K

EBIT

18.23B59.16M53.33M68.40M19.94M56.35M32.37M28.60M21.32M20.22M18.68M14.83M17.14M14.57M19.57M-6.34M-28.15M-330.98K-130.00K

Earnings From Continuing Operations

28.76M8.93M24.68M45.74M14.78M55.74M18.51M17.68M11.39M11.65M11.01M8.50M———————

Net Income

28.76M8.93M24.68M45.74M14.78M55.74M18.51M17.68M11.39M11.65M11.01M8.74M14.60M13.28M16.96M-10.46M-21.32M-5.45M-130.00K

Income Tax Expense

845.33K2.77M2.08M2.15M4.47M607.65K739.72K-14.74K44.77K113.81K293.65K14.96M9.01M——27.45K140.32K88.95K—

Other Non-Operating Income (Expenses)

-13.08B-49.29M-33.50M-19.88M-13.59M-14.68M-13.13M-10.94M-9.89M-8.46M-7.38M-6.08M-2.54M-1.30M-2.61M12.08M-2.61M-5.36M—

Extraordinary Items

———————————————————

Discontinued Operations

———————————————————

Effect Of Accounting Charges

———————————————————

Non Recurring

———————286.88K295.57K330.87K337.34K————————

Minority Interest

———————————————————

Other Items

———————————————————

Interest Income

108.36M130.30M86.59M58.51M51.73M42.46M207.16K4.95M1.73M967.23K—————————

Interest Expense

39.14M49.18M33.50M19.88M13.59M14.68M13.13M10.94M9.89M8.46M7.38M6.08M2.54M1.30M2.61M4.10M2.61M5.03M0.00

Net Interest Income

69.22M81.12M53.09M38.62M38.14M33.90M30.24M24.20M19.49M——————————
Values in USD except per share items

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