Stock fact sheet · data as of
Saratoga Investment Corp. 8 % Notes 2026-31.08.31 (SAX): fair value, margin of safety and Wheel Score
Ticker symbol SAX · Financial Services · Asset Management · United States · Fund / Note
Is SAX undervalued?
SAX closed at 25.28 on 5 Nov 2026, 22% below the GLS average fair value of 32.50 from 2 models (1 of them above the price). That is a moderate margin of safety: the stock passes the "below fair value" Wheel Trade Filter, with room for a bigger discount on the Value part.
Only 2 of the nine models produced a value (DCF, DDM); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.
SAX looks like a fund, note or preferred share rather than an operating company, so the nightly engine files it under Fund / Note: the valuation models are not built for it, and its Wheel Score is capped at 45.
Nine valuation models for SAX
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 17.19 | -32% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 47.82 | +89% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | -209.70 | -930% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
No Piotroski health score is on file for SAX (the statements it needs were not available), so the Health part of the Wheel Score counts it at half marks - 10 of 20 - rather than marking the stock down for missing data. There is no GLS Moat score for SAX: funds, notes and second share lines get none, and so does a company with fewer than two years of accounts on file. The Moat part of the Wheel Score is zero.
Returns on capital are thin or negative - ROIC 3.3%, ROE 9.2%, ROA 3.2% - with debt at 1.83 times equity and negative free cash flow.
The dividend yield is high at 23.38% (payout ratio -1120%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual.
Institutional ownership scores 5/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | - / 9 | ROIC | 3.3% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | 9.2% |
| Debt / equity | 1.83 | ROA | 3.2% |
| Free-cash-flow yield | -71.6% | Payout ratio | -1120% |
| Institutions | 5 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 22: No options
SAX has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business. It fails the first Wheel Trade Filter (options that actually trade), so the score stays under 70 and is shown as "No options" (22 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 11k shares a day on a market cap of $86M, with a beta of 0.00 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | no listed options |
| 2 | A real business, not a gamble | Fails | a fund or note, not a company |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | no implied volatility |
| 8 | Big enough | Fails | market cap $86M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Good | 22% below fair value | |
| Premium | Weak | no option data | |
| Moat | Weak | no moat score | |
| Health | Fair | no Piotroski score on file - half marks | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Fair | beta 0.00, $86M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 13 Jan 2027, 69 days away - outside the window of a 30-45-day put sold today.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
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The 12 companies below are the closest to Saratoga Investment Corp. 8 % Notes 2026-31.08.31 by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| SAMG Silvercrest Asset Management Group Inc. | 10.95 | 9.92 | -10% | 27Weak | $86M |
| AFJAX Virtus NFJ International Value Fund | 26.71 | 70.75 | +62% | 26No options | $85M |
| MGLD The Marygold Companies, Inc. | 1.97 | - | - | 15No options | $84M |
| HNNA Hennessy Advisors, Inc. | 10.53 | 17.10 | +38% | 35No options | $83M |
| MSSVX AMG Frontier Small Cap Growth Fund - Class N | 9.20 | 5.75 | -60% | 11No options | $89M |
| RMI RiverNorth Opportunistic Municipal Income Fund, Inc. | 14.05 | 29.70 | +53% | 26No options | $90M |
| GDL The GDL Fund | 8.34 | 18.24 | +54% | 26No options | $90M |
| FMN Federated Hermes Premier Municipal Income Fund | 10.54 | 18.91 | +44% | 24No options | $82M |
| PFX PhenixFIN Corporation | 42.18 | 85.48 | +51% | 33No options | $81M |
| WMKMX WesMark West Virginia Municipal Bond Fund | 9.62 | 5.28 | -82% | 11No options | $81M |
| PFXNZ PhenixFIN Corporation 5.25% Notes due 2028 | 24.44 | 63.16 | +61% | 24No options | $80M |
| IGI Western Asset Investment Grade Defined Opportunity Trust Inc. | 15.47 | 26.70 | +42% | 29No options | $93M |
⚖ Compare SAX with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about SAX
Is SAX undervalued right now?
By the GLS models, moderately: at 25.28 the stock trades 22% below the average fair value of 32.50 (data as of 5 Nov 2026).
What is the Wheel Score of SAX and what does it mean?
SAX has no listed options in our nightly snapshot, so it cannot be wheeled; it fails the first Wheel Trade Filter (options that actually trade), stays under 70 and is shown as "No options".
What is the GLS fair value for SAX?
32.50 per share as of 5 Nov 2026 - the simple average of the 2 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Saratoga Investment Corp. 8 % Notes 2026-31.08.31 report earnings next?
The next earnings report is due on 13 Jan 2027, 69 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does SAX have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on SAX, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.