What is Saratoga Invtmt's earnings per share (EPS)?

Saratoga Invtmt (SAJ) reported diluted earnings per share of $2.31 for fiscal year 2026. This represents a 14.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Saratoga Invtmt Financials

SAJ

Source SEC Filings (10-K/10-Q) Updated May 5, 2026 Currency USD FYE May

This page shows Saratoga Invtmt (SAJ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SAJ FY2026 2026-05-05

Positive earnings mask a balance-sheet-heavy model where cash conversion, not revenue, is the clearest operating signal.

FY2026 showed weak earnings quality: net income was $36.6M while operating cash flow was -$88.0M. Because operating cash flow had briefly rebounded to $197.5M in FY2025, the recent pattern looks timing-driven rather than steadily cash generative, with reported profit and cash results moving on different tracks.

With only $2.25M of revenue supported by $1.14B of assets in FY2026, net margin is a weak guide to the business. The more revealing signal is that a 16.3% net margin still produced just a 3.2% ROA, which means the economic outcome depends more on balance-sheet deployment than on sales volume.

Year-end liquidity tightened sharply: cash fell from $148.2M in FY2025 to $1.68M in FY2026. At the same time, cash distributions stayed heavy, with dividends paid of $52.4M exceeding FY2026 net income of $36.6M, so financing decisions had more influence on the cash position than accounting profit did.

Financial Health Signals

Financial Profile 27/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Saratoga Invtmt's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Saratoga Invtmt's revenue surged 42.1% year-over-year to $2.2M, reflecting rapid business expansion. This strong growth earns a score of 37/100.

Leverage

100

Saratoga Invtmt carries a low D/E ratio of 0.09, meaning only $0.09 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

Saratoga Invtmt generates a 9.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 27/100. This is up from 7.1% the prior year.

Piotroski F-Score Neutral

4/9

Saratoga Invtmt passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

-2.40x

For every $1 of reported earnings, Saratoga Invtmt generates $-2.40 in operating cash flow (-$88.0M OCF vs $36.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.2M

YoY+42.1%

5Y CAGR+0.8%

Saratoga Invtmt generated $2.2M in revenue in fiscal year 2026. This represents an increase of 42.1% from the prior year.

EBITDA

N/A

Net Income

$36.6M

YoY+30.3%

5Y CAGR+19.9%

Saratoga Invtmt reported $36.6M in net income in fiscal year 2026. This represents an increase of 30.3% from the prior year.

EPS (Diluted)

$2.31

YoY+14.4%

5Y CAGR+11.8%

Saratoga Invtmt earned $2.31 per diluted share (EPS) in fiscal year 2026. This represents an increase of 14.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$1.7M

YoY-98.9%

5Y CAGR-43.8%

Saratoga Invtmt held $1.7M in cash against $37.5M in long-term debt as of fiscal year 2026.

Dividends Per Share

$0.25

Saratoga Invtmt paid $0.25 per share in dividends in fiscal year 2026.

Shares Outstanding

16M

YoY+5.9%

5Y CAGR+7.8%

Saratoga Invtmt had 16M shares outstanding in fiscal year 2026. This represents an increase of 5.9% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

1627.8%

YoY-146.6pp

5Y CAGR+942.9pp

Saratoga Invtmt's net profit margin was 1627.8% in fiscal year 2026, showing the share of revenue converted to profit. This is down 146.6 percentage points from the prior year.

Return on Equity

9.2%

YoY+2.1pp

5Y CAGR+4.4pp

Saratoga Invtmt's ROE was 9.2% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 2.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$54K

5Y CAGR-56.8%

Saratoga Invtmt spent $54K on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

SAJ Income Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$2.2M+42.1%	$1.6M-26.4%	$2.1M-40.0%	$3.6M-16.8%	$4.3M+99.7%	$2.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$2.2M+17.1%	$1.9M-15.2%	$2.2M-3.7%	$2.3M+40.1%	$1.7M+16.4%	$1.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$2.2M-95.8%	$52.1M+5.9%	$49.2M+46.8%	$33.5M+68.5%	$19.9M+46.3%	$13.6M
Income Tax	-$138K-133.5%	$412K+859.9%	$43K+128.1%	-$153K-285.8%	-$40K-6044.4%	$667
Net Income	$36.6M+30.3%	$28.1M+214.4%	$8.9M-63.8%	$24.7M-46.0%	$45.7M+209.5%	$14.8M
EPS (Diluted)	$2.31+14.4%	$2.02+184.5%	$0.71-65.5%	$2.06-48.4%	$3.99+202.3%	$1.32

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$662K+198.9%	$222K-16.2%	$264K-33.3%	$396K-46.5%	$741K+2016.3%	$35K-91.5%	$411K+13.1%	$363K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$889K+115.3%	$413K-36.0%	$645K+323.3%	-$289K-138.0%	$760K-7.5%	$822K+34.9%	$609K+114.7%	$284K
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$11.9M+1223.5%	$900K+12.5%	$800K-97.9%	$38.2M+193.0%	$13.0M+2508.8%	$500K+66.7%	$300K-99.4%	$48.2M
Income Tax	-$205K-1708.9%	-$11K-120.8%	$54K-82.6%	$314K+756.7%	$37K-70.0%	$122K+302.2%	-$60K-211.4%	$54K
Net Income	$12.0M-9.7%	$13.3M-4.6%	$13.9M+2158.7%	-$677K-107.7%	$8.8M-33.7%	$13.3M+101.5%	$6.6M+24.6%	$5.3M
EPS (Diluted)	$0.74-11.9%	$0.84-7.7%	$0.91	N/A	$0.64-34.0%	$0.97+102.1%	$0.48	N/A

SAJ Balance Sheet

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	$1.1B-4.4%	$1.2B0.0%	$1.2B+10.5%	$1.1B+23.0%	$876.2M	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.7M-98.9%	$148.2M+1605.1%	$8.7M-86.8%	$65.7M+39.1%	$47.3M+58.0%	$29.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$743.1M-7.0%	$798.9M-2.7%	$821.0M+12.3%	$731.2M+40.5%	$520.5M	N/A
Current Liabilities	N/A	$798.9M	N/A	N/A	N/A	N/A
Long-Term Debt	$37.5M-95.3%	$793.9M+96669.8%	$820K-99.9%	$728.4M	N/A	N/A
Total Equity	$396.2M+0.9%	$392.7M+6.1%	$370.2M+6.7%	$347.0M-2.5%	$355.8M+17.0%	$304.2M
Retained Earnings	-$43.1M-112.5%	-$20.3M-2227.1%	-$871K-103.5%	$25.1M-9.6%	$27.7M	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$1.2B-0.8%	$1.2B+0.3%	$1.2B+0.9%	$1.2B-2.3%	$1.2B+0.4%	$1.2B+1.1%	$1.2B+0.9%	$1.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$52.3M-50.5%	$105.7M-19.7%	$131.6M-11.2%	$148.2M+0.4%	$147.6M+74.5%	$84.6M+162.4%	$32.2M+270.7%	$8.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$783.8M-1.5%	$795.7M-1.3%	$805.9M+0.9%	$798.9M-5.5%	$845.1M+0.3%	$842.6M+1.0%	$833.9M+1.6%	$821.0M
Current Liabilities	N/A	N/A	$805.9M+0.9%	$798.9M	N/A	N/A	N/A	N/A
Long-Term Debt	$774.4M-1.5%	$786.4M-0.6%	$791.4M-0.3%	$793.9M-5.3%	$837.9M+99900.0%	$838K+0.8%	$831K+1.3%	$820K
Total Equity	$413.2M+0.7%	$410.5M+3.6%	$396.4M+0.9%	$392.7M+4.7%	$374.9M+0.8%	$372.1M+1.1%	$367.9M-0.6%	$370.2M
Retained Earnings	-$23.9M-0.3%	-$23.8M+5.9%	-$25.3M-24.9%	-$20.3M-750.0%	-$2.4M-127.7%	-$1.0M+75.2%	-$4.2M-385.5%	-$871K

SAJ Cash Flow Statement

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$88.0M-144.6%	$197.5M+225.7%	-$157.2M-20.6%	-$130.4M+35.8%	-$203.1M-225.8%	-$62.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$94.9M-184.8%	-$33.3M-132.8%	$101.6M-41.4%	$173.6M-23.2%	$226.1M+328.1%	$52.8M
Dividends Paid	$52.4M+28.5%	$40.7M+27.1%	$32.1M+41.4%	$22.7M+24.8%	$18.2M+61.2%	$11.3M
Share Buybacks	$54K	N/A	$2.2M-80.1%	$10.8M+325.3%	$2.5M-29.5%	$3.6M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$8.6M+55.4%	-$19.3M-159.8%	$32.3M+262.1%	-$19.9M-121.2%	$94.2M+32.3%	$71.1M+36.4%	$52.1M+352.4%	-$20.7M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$22.6M-441.7%	-$4.2M+67.2%	-$12.7M+50.1%	-$25.5M-325.3%	-$6.0M-145.8%	-$2.4M-478.7%	$645K-95.4%	$14.1M
Dividends Paid	$10.8M+2.8%	$10.5M-37.0%	$16.7M+21.7%	$13.7M+52.8%	$9.0M-1.8%	$9.1M+1.6%	$9.0M+1.0%	$8.9M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0

SAJ Financial Ratios

Metric	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	1627.8%-146.6pp	1774.4%+1358.9pp	415.6%-272.7pp	688.3%-373.4pp	1061.7%+376.8pp	684.9%
Return on Equity	9.2%+2.1pp	7.1%+4.7pp	2.4%-4.7pp	7.1%-5.7pp	12.8%+8.0pp	4.9%
Return on Assets	3.2%+0.8pp	2.4%+1.6pp	0.8%-1.5pp	2.3%-2.9pp	5.2%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.09-1.9	2.02+2.0	0.00-2.1	2.10+0.6	1.46	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	1811.4%-4183.7pp	5995.1%+725.2pp	5269.9%+5440.7pp	-170.8%-1363.5pp	1192.8%-36857.6pp	38050.4%+36441.4pp	1609.0%+148.7pp	1460.3%
Return on Equity	2.9%-0.3pp	3.2%-0.3pp	3.5%+3.7pp	-0.2%-2.5pp	2.4%-1.2pp	3.6%+1.8pp	1.8%+0.4pp	1.4%
Return on Assets	1.0%-0.1pp	1.1%-0.1pp	1.2%+1.2pp	-0.1%-0.8pp	0.7%-0.4pp	1.1%+0.5pp	0.5%+0.1pp	0.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	1.87-0.0	1.92-0.1	2.00-0.0	2.02-0.2	2.24+2.2	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Saratoga Invtmt's annual revenue?

Saratoga Invtmt (SAJ) reported $2.2M in total revenue for fiscal year 2026. This represents a 42.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Saratoga Invtmt's revenue growing?

Saratoga Invtmt (SAJ) revenue grew by 42.1% year-over-year, from $1.6M to $2.2M in fiscal year 2026.

Is Saratoga Invtmt profitable?

Yes, Saratoga Invtmt (SAJ) reported a net income of $36.6M in fiscal year 2026, with a net profit margin of 1627.8%.

How much debt does Saratoga Invtmt have?

As of fiscal year 2026, Saratoga Invtmt (SAJ) had $1.7M in cash and equivalents against $37.5M in long-term debt.

What is Saratoga Invtmt's net profit margin?

Saratoga Invtmt (SAJ) had a net profit margin of 1627.8% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

Does Saratoga Invtmt pay dividends?

Yes, Saratoga Invtmt (SAJ) paid $0.25 per share in dividends during fiscal year 2026.

What is Saratoga Invtmt's return on equity (ROE)?

Saratoga Invtmt (SAJ) has a return on equity of 9.2% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Saratoga Invtmt's operating cash flow?

Saratoga Invtmt (SAJ) generated -$88.0M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Saratoga Invtmt's total assets?

Saratoga Invtmt (SAJ) had $1.1B in total assets as of fiscal year 2026, including both current and long-term assets.

Does Saratoga Invtmt buy back shares?

Yes, Saratoga Invtmt (SAJ) spent $54K on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

How many shares does Saratoga Invtmt have outstanding?

Saratoga Invtmt (SAJ) had 16M shares outstanding as of fiscal year 2026.

What is Saratoga Invtmt's debt-to-equity ratio?

Saratoga Invtmt (SAJ) had a debt-to-equity ratio of 0.09 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Saratoga Invtmt's return on assets (ROA)?

Saratoga Invtmt (SAJ) had a return on assets of 3.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is Saratoga Invtmt's cash runway?

Based on fiscal year 2026 data, Saratoga Invtmt (SAJ) had $1.7M in cash against an annual operating cash burn of $88.0M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Saratoga Invtmt's Piotroski F-Score?

Saratoga Invtmt (SAJ) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Saratoga Invtmt's earnings high quality?

Saratoga Invtmt (SAJ) has an earnings quality ratio of -2.40x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Saratoga Invtmt?

Saratoga Invtmt (SAJ) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.