Saratoga Investment
SAR on NYSE. Market value $271m.
Price checks use the past 12 months to May 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to February 2026.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$16.61 a share, at its 1-year low
Over the past year the price has ranged from $16.39 to $24.63.
Dividend: 17.2% a year
Paid every year for 4 years
Payouts have jumped around in recent years, so this may not repeat.
Yields this high often come before a cut. Check the company's latest news.
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | n/a | n/a | n/a | n/a |
| Operating margin | ||||
| Operating margin | n/a | n/a | n/a | n/a |
| Debt to equity | ||||
| Debt to equity | 2.10 | 0.00 | 2.02 | 1.87 |
| Shares outstanding | ||||
| Shares outstanding | 0.01bn | 0.01bn | 0.02bn | 0.02bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- Debt1.87× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 19% more shares since 2023
The quarter to May 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $7 million, after a profit of $14 million a year ago.
- 6% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $771 million more than cash, up from $660 million a year ago.
| Quarter to | Amount |
|---|---|
| August 2024 | $13m |
| November 2024 | $9m |
| February 2025 | -$676,762 |
| May 2025 | $14m |
| August 2025 | $13m |
| November 2025 | $12m |
| February 2026 | -$3m |
| May 2026 | -$7m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 5 May 2026
- Next quarterly (estimated, 10-Q)
- 6 October 2026
Who owns it
None of the long-term investors we follow own it. 59 funds in all.
Largest holders overall
- Lido Advisors$4mCut
- Private Advisor Group$3mCut
- Legal & General Group$3mAdded
- Hennion & Walsh Asset Management$3mCut
- Advisors Asset Management$3mAdded
- International Assets Investment Management$3mAdded
- LPL Financial$2m
- Wells Fargo & Company$2m
- Ethos Financial Group$1mAdded
- Janney Montgomery Scott$1mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
- TRUIST FINANCIAL CORPPassive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
TRUIST FINANCIAL CORP Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Profits run ahead of cash.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.