Saratoga Investment Corp. (SAR) Stock

Saratoga Investment Corp. (SAR) is a Financial Services stock trading at $18.91 (as of 2026-07-24), with a market capitalization of $308.35M and a trailing P/E of 8.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

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Understand Saratoga Investment Corp.: how it makes money

Saratoga Investment Corp. invests in lower middle market transactions, including leveraged and management buyouts and acquisition, growth, recapitalization, debt refinancing, and transitional financing, and it makes money through returns on its structured debt and equity investments (first and second lien loans, mezzanine debt, co-investments, select high yield and other bonds, plus preferred and common equity).

The profit driver is the mix of debt and equity positions it takes in lower middle market buyouts and financings, including secured (first and second lien), mezzanine debt, select bonds, and preferred and common equity.

Business quality (Solid): Clear and specific investment focus on lower middle market transactions, but results will be closely tied to portfolio performance across secured and unsecured credit and equity-like positions.

Valuation: At 10× earnings, SAR trades in line with the Asset Management average (10×). Note: one-time items can distort reported P/E.

Bull case

  • Transaction and instrument flexibility: It can structure investments in multiple forms, including first and second lien loans, mezzanine debt, co-investments, select high yield and other bonds, and preferred and common equity.
  • Focus on lower end of middle market: The company targets leveraged and management buyouts and various financing needs (acquisition, growth, recapitalization, debt refinancing, and transitional financing) for lower middle market companies.

Bear case

  • Credit and downside risk across capital structure: Because it invests across debt and equity instruments, weaker outcomes in portfolio companies can impact returns, even for differently ranked positions (secured loans to unsecured bonds and equity).
  • Market and deal-cycle sensitivity: Investment activity and performance in leveraged buyouts and middle market financings can be sensitive to economic conditions and borrower refinancing needs.
Valuation — source: SEC EDGAR (first-party)
Price$18.91
Market Cap$308.35M
P/E Ratio8.4
Price / Book0.81
Price / Sales39.12
DCF Value (model)$23.50
DCF Upside vs Price24.3%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$7.88M
Net Margin464.4%
Revenue Growth (YoY)-72.7%
EPS Growth (YoY)-146.2%
Valuation vs Sector & Industry
Stock P/E8.4
Sector P/E (Financial Services)8.9
Industry P/E (Asset Management)8.9
vs Sector-5.3%
vs Industry-5.6%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderLido Advisors, LLC ($4.36M)
Institutional Holders Tracked10
Company
SectorFinancial Services
IndustryAsset Management
CEOChristian Long Oberbeck
Employees0
CountryUS
IPO Date2007-03-27

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SAR earnings history · SAR institutional & insider holders · SAR KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.