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SAR 
Saratoga Investment Corp (SAR)
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Upturn Advisory Summary
12/05/2025: SAR (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
8 Analysts rated it
Limited analyst coverage, niche firm, research info may be scarce.
1 Year Target Price $23.42
1 Year Target Price $23.42
| 3 | Strong Buy |
| 1 | Buy |
| 4 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -10.91% | Avg. Invested days 44 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 12/05/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 366.36M USD | Price to earnings Ratio 9.81 | 1Y Target Price 23.42 |
Price to earnings Ratio 9.81 | 1Y Target Price 23.42 | ||
Volume (30-day avg) 8 | Beta 0.6 | 52 Weeks Range 19.43 - 24.58 | Updated Date 12/7/2025 |
52 Weeks Range 19.43 - 24.58 | Updated Date 12/7/2025 | ||
Dividends yield (FY) 13.09% | Basic EPS (TTM) 2.32 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 27.19% | Operating Margin (TTM) 70.01% |
Management Effectiveness
Return on Assets (TTM) 4.82% | Return on Equity (TTM) 9.04% |
Valuation
Trailing PE 9.81 | Forward PE 9.53 | Enterprise Value 1037504896 | Price to Sales(TTM) 2.82 |
Enterprise Value 1037504896 | Price to Sales(TTM) 2.82 | ||
Enterprise Value to Revenue 23.52 | Enterprise Value to EBITDA - | Shares Outstanding 16103948 | Shares Floating 13617173 |
Shares Outstanding 16103948 | Shares Floating 13617173 | ||
Percent Insiders 13.58 | Percent Institutions 15.02 |
Upturn AI SWOT
Saratoga Investment Corp
Company Overview
History and Background
Saratoga Investment Corp. (SAR) is a business development company (BDC) founded in 1981. It primarily invests in and originates loans to and makes equity investments in, middle-market companies. The company has evolved to focus on providing debt and equity capital to support growth, acquisitions, recapitalizations, and refinancings of these businesses.
Core Business Areas
- Investment in Middle-Market Companies: Saratoga Investment Corp. focuses on providing flexible, capital-efficient solutions to middle-market companies. This includes debt financing (senior secured, unitranche, subordinated debt) and equity co-investments.
- Sponsorship and Direct Lending: The company actively participates in sponsor-backed transactions and also engages in direct lending to non-sponsored companies.
Leadership and Structure
Saratoga Investment Corp. is externally managed by Saratoga Investment Management, LLC. The company's leadership includes a Board of Directors overseeing its operations and investment strategy. Specific executives responsible for investment management and operations are key to its structure.
Top Products and Market Share
Key Offerings
- Senior Secured Loans: First lien debt obligations secured by a first priority lien on all assets of the borrower. These typically offer lower risk and a fixed or floating interest rate.
- Unitranche Loans: A hybrid debt instrument combining senior and subordinated debt features into a single loan facility.
- Subordinated Debt: Unsecured debt that ranks below senior debt, carrying a higher interest rate due to increased risk.
- Preferred Equity: A hybrid security with characteristics of both debt and equity, often with dividend payments and a liquidation preference.
- Common Equity/Co-Investments: Direct equity stakes in portfolio companies, often alongside senior debt investments.
Market Dynamics
Industry Overview
The middle-market lending sector, where Saratoga operates, is characterized by a growing demand for flexible financing solutions from companies that may not have access to traditional bank lending. The industry is competitive, with numerous BDCs, private equity funds, and other alternative lenders vying for investment opportunities. Regulatory changes and economic conditions significantly influence the market.
Positioning
Saratoga Investment Corp. positions itself as a flexible, relationship-driven lender and investor in the middle market. Its competitive advantages include its ability to provide tailored financing solutions, its experienced management team, and its focus on proprietary deal sourcing.
Total Addressable Market (TAM)
The TAM for middle-market lending is substantial, encompassing a large number of companies within the US economy. Saratoga Investment Corp. targets a specific segment within this TAM, focusing on companies with particular revenue and EBITDA characteristics. Its positioning is within this defined segment, seeking to capture a share through its specialized offerings.
Upturn SWOT Analysis
Strengths
- Experienced management team with a proven track record.
- Flexible and creative financing solutions tailored to middle-market needs.
- Strong relationships with private equity sponsors and intermediaries.
- Diversified investment portfolio across various industries.
Weaknesses
- Relatively smaller scale compared to some larger BDCs.
- Sensitivity to economic downturns affecting middle-market businesses.
- Dependence on external management for strategic direction and operations.
Opportunities
- Continued demand for middle-market financing as banks remain cautious.
- Potential for opportunistic acquisitions of distressed assets or smaller investment platforms.
- Expansion into new geographic markets or industry sectors.
- Leveraging technology to improve operational efficiency and deal sourcing.
Threats
- Increased competition from other BDCs and alternative lenders.
- Rising interest rate environment potentially increasing borrowing costs for portfolio companies.
- Credit deterioration within portfolio companies leading to increased defaults.
- Regulatory changes impacting BDC operations and investment strategies.
Competitors and Market Share
Key Competitors
- Apollo Investment Corporation (AINV)
- BlackRock Capital Investment Corporation (BKCC)
- Golub Capital BDC, Inc. (GBDC)
- Owl Rock Capital Corporation (ORCC)
Competitive Landscape
Saratoga Investment Corp. competes in a crowded BDC market. Its advantages lie in its specialized focus on certain middle-market segments and its relationship-driven approach. However, it faces challenges from larger BDCs with greater scale and access to capital. Its ability to consistently originate attractive deals and manage credit risk effectively will determine its competitive success.
Growth Trajectory and Initiatives
Historical Growth: Historically, Saratoga Investment Corp.'s growth has been driven by originating new loans, making equity investments, and potentially through strategic acquisitions. The growth in its investment portfolio and net asset value per share are key indicators.
Future Projections: Future projections are typically based on analyst estimates of portfolio growth, interest rate environments, and the company's ability to deploy capital effectively. Expansion of its lending and investment activities is key to future growth.
Recent Initiatives: Recent initiatives likely focus on prudent capital deployment, managing credit risk within the portfolio, and potentially enhancing operational efficiency. The company may also be exploring new investment strategies or partnerships to drive growth.
Summary
Saratoga Investment Corp. is a well-established BDC operating in the middle-market lending space. Its strengths lie in its experienced management and flexible financing solutions. However, it faces intense competition and economic sensitivities inherent to its sector. Continued prudent capital deployment and effective credit risk management are crucial for its future success and shareholder returns.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Saratoga Investment Corp. Investor Relations Filings (10-K, 10-Q)
- Financial data aggregators (e.g., Bloomberg, Refinitiv, Yahoo Finance)
- Industry reports and analyst research
Disclaimers:
This analysis is based on publicly available information and is for informational purposes only. It does not constitute investment advice. Financial data and market share estimations are approximate and subject to change. Past performance is not indicative of future results.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Saratoga Investment Corp
Exchange NYSE | Headquaters New York, NY, United States | ||
IPO Launch date 2007-03-23 | Chairman, President & CEO Mr. Christian Long Oberbeck | ||
Sector Financial Services | Industry Asset Management | Full time employees 1768642 | |
Full time employees 1768642 | |||
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 $5 million and $75 million in companies having EBITDA of $2 million or greater and revenues between $5 million and $250 million. The fund prefers to take a majority stake. The fund invests through direct lending as well as participation in loan syndicates.
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