Saratoga Investment Corp 8.50% (SAZ) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+30.8%

$17.81

vs $13.62 price

Levered DCF

-$151.10

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.4

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	10.03×	12.87×	33.25×	13.37×	6.88×	17.58×	3.83×	8.76×
P/B	0.93×	0.92×	0.81×	0.95×	0.88×	0.85×	0.7×	0.9×
P/S	3.7×	3.84×	4.3×	4.72×	4.06×	6.51×	2.73×	4.28×
EV / EBITDA	28.12×	29.37×	90.8×	35.3×	15.68×	25.82×	6.99×	21.23×
Gross margin	50.3%	44.7%	29.3%	52.0%	74.3%	66.0%	81.2%	65.4%
Operating margin	38.4%	33.9%	16.8%	38.3%	62.6%	50.0%	72.0%	50.8%
Net margin	36.9%	29.8%	12.8%	35.3%	59.0%	37.0%	71.2%	48.8%
Current ratio	2.34×	38.05×	10.4×	20.44×	16.22×	5.87×	7.52×	7.6×
Debt / equity	1.83×	1.99×	2.17×	2.05×	1.4×	0.9×	0.67×	1.53×
Interest coverage	0.77×	0.61×	0.24×	0.8×	2.44×	1.47×	3.84×	1.47×
Dividend yield	14.3%	11.3%	10.7%	6.9%	5.8%	4.3%	8.0%	7.4%
Payout ratio	143.0%	145.1%	358.8%	91.9%	39.7%	76.2%	30.5%	64.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.2%	7.2%	2.4%	7.1%	12.9%	4.9%	18.3%	10.2%
Return on invested capital	3.2%	2.4%	0.8%	2.3%	5.2%	2.5%	10.6%	4.0%
Return on assets	3.2%	2.4%	0.7%	2.3%	5.2%	2.5%	10.5%	3.9%
Free cash flow yield	-24.0%	54.6%	-52.5%	-39.6%	-64.5%	-24.0%	-7.1%	-24.6%
Earnings yield	10.0%	7.8%	3.0%	7.5%	14.5%	5.7%	26.1%	11.4%
Enterprise value	$1.1B	$938.8M	$1.1B	$944.6M	$760.7M	$514.9M	$393.8M	$408.7M
Net debt / EBITDA	18.48×	18.05×	65.23×	22.99×	9.19×	12.8×	3.2×	12.8×
Cash conversion cycle (days)	15	-9	19	-11	-40	-54	-74	-77