Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data SARATOGA INVESTMENT CORP. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2023
FY2023
FY2024
FY2025
FY2026
General and administrative
1.43
1.66
2.33
2.24
1.9
2.23
Operating expenses
34.5
50.8
63.9
86.8
95.9
88.9
Interest expense
13.6
19.9
33.5
49.2
52.1
49.3
Interest income
3.5
1.2
1.37
2.51
6.53
7.88
Income tax
0
-0.04
-0.15
0.04
0.41
-0.14
Net income
14.8
45.7
24.7
8.93
28.1
36.6
EPS, basic
1.32
3.99
2.06
0.71
2.02
2.31
EPS, diluted
1.32
3.99
2.06
0.71
2.02
2.31
Shares, basic (weighted)
11.2
11.5
12
12.7
13.9
15.9
Shares, diluted (weighted)
11.2
11.5
12
12.7
13.9
15.9
Balance sheet
FY2021
FY2023
FY2023
FY2024
FY2025
FY2026
Cash and equivalents
29.9
47.3
65.7
8.69
148
1.68
Other non-current assets
0.25
0.53
1.16
0.95
0.78
Total assets
876
1,078
1,191
1,192
1,139
Total current liabilities
799
Long-term debt
0.82
Total liabilities
520
731
821
799
743
Total debt
728
0.82
794
739
Paid-in capital
328
322
371
413
439
Retained earnings
27.7
25.1
-0.87
-20.3
-43.1
Shareholders' equity
304
356
347
370
393
396
Total equity
304
356
347
370
393
396
Total liabilities and equity
876
1,078
1,191
1,192
1,139
Shares outstanding
11.2
12.1
11.9
13.7
15.2
16.2
Cash flow statement
FY2021
FY2023
FY2023
FY2024
FY2025
FY2026
Net income
14.8
45.7
24.7
8.93
28.1
36.6
Deferred income tax
0.58
2.15
1.01
0.97
1.1
-0.31
Change in payables
0.04
-0.95
0.67
-0.13
0.34
0.1
Cash from operations
-62.3
-203
-130
-157
198
-88
Debt issued
41
135
113
71.5
30
87
Debt repaid
-33
-95.5
-76
-57
-56.5
-79.5
Stock issued
26.8
44.5
33
18.8
Share buybacks
-3.61
-2.55
-10.8
-2.16
-0.05
Dividends paid
-11.3
-18.2
-22.7
-32.1
-40.7
-52.4
Cash from financing
52.8
226
174
102
-33.3
-94.9
Net change in cash
-9.54
23
43.2
-55.6
164
-183
Interest paid
11.8
17.6
28.9
44.1
46.7
44.5
Income taxes paid
4.14
1.36
2.77
2.58
3.2
2.23
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to May 31, 2026; growth uses fiscal years. Valuation uses the share price of $25.20 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
4.2%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
1.3%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Net income growth, 1y
30.3%
Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y
14.0%
Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y
19.9%
Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y
14.4%
EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y
3.9%
Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y
11.8%
Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y
-144.6%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
0.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
4.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
5.4%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-4.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
1.9%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
13.9%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
9.8%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
7.2%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Debt / equity
2.16x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
68.3%
Total debt / total assets.
Liabilities / assets
68.4%
Total liabilities / total assets.
Net debt
$771.2M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share
-$9.00
Cash from operations / diluted weighted shares.
Book value per share
$23.23
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Dividends paid / net income, when net income is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$394.8M
Share price x shares outstanding.
Enterprise value
$1.17B
Market cap + total debt - cash - short-term investments.
P/E
25.0x
Market cap / net income. Only when net income is positive.
P/B
1.04x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.04x
Market cap / tangible book value, when positive.
Earnings yield
4.0%
Net income / market cap (the inverse of P/E).
Dividend yield
11.8%
Dividends paid over the period / market cap.
Shareholder yield
11.8%
(Dividends paid + share buybacks) / market cap.
PEG
6.43x
P/E / EPS growth per year over 3 years (in percent). Only when both are positive.
Was SARATOGA INVESTMENT CORP. profitable in fiscal 2026?
Yes. Net income was $36.6M, a net margin of -.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.