Q4 26 EPS
$-0.16
MISS 129.09%
Est. $0.55
Q4 26 Revenue
$31.1M
BEAT +0.98%
Est. $30.8M
vs S&P Since Q4 26
+0.2%
BEATING MARKET
SAY +0.1% vs S&P 0.0%
Full Year 2026 Results
FY 26 EPS
$2.31
FY 26 Revenue
$125.7M
Market Reaction
Did SAY Beat Earnings? Q4 2026 Results
Saratoga Investment Corp. Closed out fiscal year 2026 on a cautious note, posting Q4 revenue of $31.12 million and a loss of $0.16 per share as $9.80 million in net realized and unrealized investment losses weighed on quarterly results, including $9.… Read more Saratoga Investment Corp. Closed out fiscal year 2026 on a cautious note, posting Q4 revenue of $31.12 million and a loss of $0.16 per share as $9.80 million in net realized and unrealized investment losses weighed on quarterly results, including $9.33 million of net unrealized portfolio depreciation. The quarter's stumble, however, masked a notably stronger full-year picture: annual EPS of $2.31 compared to $2.02 in fiscal 2025, lifted by a swing from $24.12 million in net investment losses to a modest gain, while AUM climbed 13.4% year-over-year to $1.11 billion on $135.14 million in new Q4 originations. Credit quality held firm, with 96.8% of credits in the highest internal rating category and non-accruals at just 0.2% of fair value. Analysts currently maintain a consensus hold on the stock, with questions circulating about dividend sustainability at a 122.95% payout ratio. Looking ahead, management acknowledged elevated uncertainty tied to tariff policy, geopolitical tensions, and AI-sector concerns, while pointing to continued pipeline strength and disciplined origination as the company navigates a complex credit environment heading into fiscal 2027.
Key Takeaways
- • AUM growth of 13.4% year-over-year to $1.109 billion
- • Annual ROE of 9.1% exceeding BDC industry average of 4.3%
- • Strong origination activity with $135.1 million in Q4 new investments across 5 new platforms and 15 follow-ons
- • Low non-accruals at 0.2% of fair value and 1.2% of cost
- • 82.1% of portfolio in first lien term loans
- • Weighted average portfolio yield of 9.6%
- • 96.8% of credits rated in highest internal category
SAY YoY Financials
Q4 2026 vs Q4 2025, source: SEC Filings
“This quarter's results reflect continued execution of our core objectives, highlighted by net positive originations including five new portfolio companies added during the quarter, sustained long-term AUM growth, and a strong annual return on equity of 9.1% beating both our prior year and the industry. Our core BDC portfolio delivered strong results with continued solid credit quality, demonstrating the durability of our portfolio in what has been a challenging and volatile macroeconomic backdrop.”
— Christian L. Oberbeck, Q4 2026 Earnings Press Release
SAY Earnings Trends
SAY vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SAY EPS Trend
Earnings per share: estimate vs actual
SAY Revenue Trend
Quarterly revenue: estimate vs actual
SAY Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 27 | — | — | — | — | — |
| Q4 26 MISS FY | $0.55 | $-0.16 | -129.09% | $31.1M | +0.98% |
| FY Full Year | — | $2.31 | — | $125.7M | — |
| Q3 26 BEAT | $0.59 | $0.74 | +25.15% | $31.6M | +0.96% |
| Q2 26 BEAT | $0.68 | $0.84 | +23.99% | $30.6M | -5.44% |
| Q1 26 BEAT | $0.72 | $0.91 | +27.04% | $32.3M | -1.45% |