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Saratoga Investment Corp (SAR) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Saratoga Investment Corp $25.15, price $17.46, upside +44.1%, quality 34 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Financial Services · US · ISIN US80349A2087

SI Saratoga Investment Corp logo Some data Sep 23, 2026

Saratoga Investment Corp

SAR · US

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value $25.15 · Undervalued (+44%)
!Quality 34/100
!Mixed Growth (revenue 5y +11.5 %/yr)
✓Solidly profitable · 12.7% net margin (TTM)
!High debt · negative free cash flow
·17.18% dividend yield
!Mixed vs. peers (6/13)
!Moderate moat 51/100
!Evidence only medium, so the estimate is less certain
!Weak on past: 16 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$22.51 $12.58 Fair Value $25.15 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range $12.58 – $22.51 · fair‑value band $18.86 – $31.44 · the $17.46 price screens below the $25.15 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Saratoga Investment Corp. is a business development company specializing in leveraged and management buyouts, acquisition financings, growth financings, recapitalization, debt refinancing, and transitional financing transactions at the lower end of middle market companies.

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Saratoga Investment Corp. is a business development company specializing in leveraged and management buyouts, acquisition financings, growth financings, recapitalization, debt refinancing, and transitional financing transactions at the lower end of middle market companies. The fund structures its investments as debt and equity by investing through first and second lien loans, mezzanine debt, co-investments, select high yield bonds, senior secured bonds, unsecured bonds, and preferred and common equity. The fund prefers to invest in aerospace, automotive aftermarket and services, business products and services, consumer products and services, education, environmental services, industrial services, financial services, food and beverage, healthcare products and services, logistics, distribution, manufacturing, restaurants services, food services, software services, technology services, specialty chemical, media and telecommunications. The fund seeks to invest in the United States. The fund primarily invests between $60 million and $75 million in companies having EBITDA of $2 million or greater and revenues between $10 million and $150 million. It targets annual revenues between $8 and $250 million. The fund prefers to take a majority stake. The fund invests through direct lending as well as participation in loan syndicates.

Stock analysis

Saratoga Investment Corp (SAR) currently trades at $17.46, while our model-based Fair Value estimate is $25.15, implying the stock looks roughly 30.6% undervalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of $45.00 per share, and 8 of the 9 models we run sit above the $17.46 price.

Bear case: the Asset-Based group reads lowest at $16.51, and 1 of the 9 models stay below the price. Evidence for this calculation is medium.

Scenario range: $18.86 (bear) to $31.44 (bull), the price of $17.46 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 34/100 (below-average quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Saratoga Investment Corp reported revenue of $99.2M in FY2026 versus $70.7M in FY2022, a compound +8.8%/yr. Reported net income was $36.6M in FY2026, compounding −5.4%/yr from FY2022.

Key figures

Market cap $284M · P/E ratio 17.8 · P/S ratio 6.57 · EPS (TTM) $0.9800 · Net margin 36.9% · Return on equity 4.1% · Return on assets (EBIT) 4.7% · Operating margin 69.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (medium confidence).

What moves the price

The share trades about 22% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 44%, SAR screens cheaper than that median.

Fair Value models

Bear $18.86 Fair Value $25.15 Bull $31.44
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income $19.38 $20.61 $21.87 76
Owner Earnings $3,313 $6,515 $12,074 73
Gordon GGM $22.68 $37.98 $49.30 68
All 9 models by family
DCF Models
Owner Earnings $3,313 $6,515 $12,074 73
Earnings-Based
Graham-Dodd $15.48 $106.92 $149.99 63
Lynch FV $31.50 $45.00 $58.50 61
Dividend Discount
Gordon GGM $22.68 $37.98 $49.30 68
DDM Multi-Stage $22.68 $36.03 $40.86 67
Multiples
P/E Multiple $22.19 $29.59 $36.99 63
P/B Multiple $25.87 $34.49 $43.11 55
Asset-Based
NCAV (Graham) $12.32 $16.51 $24.64 54
Economic Profit
Residual Income $19.38 $20.61 $21.87 76

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Quality Score breakdown

Overall quality 34/100

Of which business quality 30 · Market factors (momentum, volatility) 37

Profitability 37
Margins and returns on capital today
Quality Growth 68
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 14
Balance sheet, leverage, solvency risk
Investment 89
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 10
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 49/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+5.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.5%
Start year 2021 (pandemic). Over 10 years: +20.2% a year
Revenue growth 18 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.9%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−10.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−10.8%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−11% vs 1%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.35% → 38%
Start year 2021 (pandemic)

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 658 stocks

Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 35 · Bottom 25%
Fair Value upside +44% · Above median
Profitability
Return on equity (TTM) 4% · Below median
Return on assets 4% · Above median
Net margin (TTM) 13% · Below median
Operating margin (TTM) 69% · Above median
Growth and dividend
Revenue growth −5% · Below median
Dividend yield (TTM) 17.2% · Top 25%
Balance sheet
Debt / equity 2.01× · Highest 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (TTM) 17.8× · Pricier than median
P/B 0.72× · Cheaper than median
P/S (TTM) 2.29× · Cheaper than median
EV/EBITDA 27.7× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)92 · sector 54
FUTURE (revenue growth)0 · sector 21
PAST (return on equity)16 · sector 22
HEALTH (low debt)0 · sector 95
DIVIDEND (yield)100 · sector 81

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $124.01 $52.88 −57%
Brookfield Corporation BN $37.85 $13.75 −64%
KKR & Co KKR $98.44 $19.97 −80%
Apollo Global Management, Inc APO $124.15 $229.64 +85%
State Street Corporation STT $180.25 $138.33 −23%
Ameriprise Financial, Inc AMP $512.37 $579.51 +13%
Ares Management Corporation ARES $124.72 $119.25 −4%
Northern Trust Corporation NTRS $173.40 $122.02 −30%
Raymond James Financial, Inc RJF $159.39 $312.27 +96%
T. Rowe Price Group TROW $104.17 $208.34 +100%

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Saratoga Investment Corp · Fair Value
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Cite: Fair Value Calculator (2026). "Saratoga Investment Corp Fair Value". https://www.fairvalue-calculator.com/stock/SAR

Frequently asked questions

Is Saratoga Investment Corp (SAR) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $25.15 versus a price of $17.46, about +44% upside (undervalued).
What is the fair value of SAR?
Our model-based fair value for Saratoga Investment Corp is $25.15 (as of Sep 23, 2026), built from audited fundamentals. The current price: $17.46.
What is the quality score of SAR?
Saratoga Investment Corp has a Quality Score of 34/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Saratoga Investment Corp (SAR)?
Our model-based price target is the fair value of $25.15 (as of Sep 23, 2026) from 9 valuation models. Cautious scenario $18.86, optimistic scenario $31.44. It is a calculation from audited fundamentals, not an analyst target.
What is the Saratoga Investment Corp stock forecast for 2026?
Our models put fair value at $25.15, about +44% upside versus a price of $17.46 (undervalued). Cautious scenario $18.86, optimistic scenario $31.44. The calculation is refreshed regularly with new filings.
What is the revenue of Saratoga Investment Corp (SAR)?
Saratoga Investment Corp reported trailing-twelve-month revenue of about $124M (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of Saratoga Investment Corp (SAR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Saratoga Investment Corp it is $25.15 per share (as of Sep 23, 2026), against a price of $17.46. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Saratoga Investment Corp stock overvalued or undervalued in 2026?
As of Sep 23, 2026, SAR trades below its calculated fair value: price $17.46, fair value $25.15, a gap of about +44% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SAR?
No. The price is what the market pays today ($17.46); the fair value is what the company's own numbers justify ($25.15). For Saratoga Investment Corp the two are $7.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is Saratoga Investment Corp worth?
The market values Saratoga Investment Corp at about $284M (market capitalisation, as of Sep 23, 2026). Per share that is $17.46; our models calculate a fair value of $25.15 per share.
What do the bullish and bearish scenarios say about SAR?
Our models span a range for Saratoga Investment Corp: cautious scenario $18.86, base $25.15, optimistic $31.44 per share (as of Sep 23, 2026, price $17.46). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SAR?
Saratoga Investment Corp trades at a price-to-earnings ratio of 17.8 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $25.15 is built from several models across several years. Other multiples: P/B 0.7, P/S 2.3, EV/EBITDA 27.7.
How solid is the balance sheet of Saratoga Investment Corp (SAR)?
Balance-sheet figures for Saratoga Investment Corp (as of Sep 23, 2026): return on equity 4.1%, debt of 2.01 per unit of equity. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is SAR from its 52-week high?
Saratoga Investment Corp trades at $17.46, about 22% below its 52-week high of $22.51 and 3% above the low of $16.99 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $25.15 is for.
Which stocks are comparable to Saratoga Investment Corp?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Saratoga Investment Corp stock attractive at the current price?
The data as of Sep 23, 2026: price $17.46, calculated fair value $25.15 (+44%), Quality Score 34/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SAR calculated?
We run Saratoga Investment Corp through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $25.15, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.2 % above its aggregate fair value. Saratoga Investment Corp currently trades 44 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Saratoga Investment Corp (SAR)?
The closing price on Sep 23, 2026 was $17.46. Our model-based fair value is $25.15, about +44% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Saratoga Investment Corp right now?
The large discount to fair value meets weak quality (34/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($18.86). The market is more pessimistic than our downside scenario. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Saratoga Investment Corp (SAR) come from?
Earnings per share at Saratoga Investment Corp grew −1.9 % a year from 2015 to 2026. Broken into its drivers: revenue per share +12.0 %, EBIT margin −12.4 %, tax rate −1.0 %, residual (interest, one-offs) +1.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Saratoga Investment Corp

How large is the market capitalisation of Saratoga Investment Corp (SAR)?
The market capitalisation of Saratoga Investment Corp is $284M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Saratoga Investment Corp (SAR)?
The price-to-sales ratio of Saratoga Investment Corp is 6.57 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Saratoga Investment Corp (SAR)?
Earnings per share at Saratoga Investment Corp are $0.9800 (price ÷ EPS = P/E 17.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Saratoga Investment Corp (SAR)?
The net margin of Saratoga Investment Corp is 36.9% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Saratoga Investment Corp (SAR)?
The return on equity (ROE) of Saratoga Investment Corp is 4.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Saratoga Investment Corp (SAR)?
On an EBIT basis the return on assets of Saratoga Investment Corp is 4.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Saratoga Investment Corp (SAR)?
The operating margin of Saratoga Investment Corp is 69.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Saratoga Investment Corp (SAR)?
Revenue at Saratoga Investment Corp is growing −4.8% versus a year earlier (3y avg +0.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Saratoga Investment Corp (SAR)?
Earnings per share at Saratoga Investment Corp are growing +16.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Saratoga Investment Corp (SAR) generate?
The free cash flow of Saratoga Investment Corp is −$88.0M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Saratoga Investment Corp (SAR) carry?
The net debt of Saratoga Investment Corp is $708M (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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