Stock fact sheet · data as of
Saratoga Investment Corp. (SAY): fair value, margin of safety and Wheel Score
Financial Services · Asset Management · United States · Speculative / Distressed
Is SAY undervalued?
Saratoga Investment Corp. (SAY) closed at 25.21 on 16 Oct 2026. The GLS average fair value - the simple average of the 2 valuation models that produced a positive number - is 32.14, so the price sits 22% below it. 1 of the 2 models value the shares above the current price. A margin of safety between 10% and 30% is where most of the Sunday Scan candidates come from.
The average is built from just 2 models (DCF, DDM) - the rest returned nothing because an input they need (dividends, free cash flow, book value) is zero or negative - so treat it with more caution than usual.
The nightly engine files SAY under Speculative / Distressed - negative earnings or a Piotroski score of 3 or less - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for SAY
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 | 16.45 | -35% | 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 | +90% | 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) | -73.67 | -392% | 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
Saratoga Investment Corp. scores only 3 of 9 on the Piotroski F-score, which fails the Sunday Scan's "6 or more" rule. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. A GLS Moat score of 2.4/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
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 21.78% (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 | 3 / 9 | ROIC | 3.3% |
|---|---|---|---|
| GLS Moat | 2.4 / 10 | ROE | 9.2% |
| Debt / equity | 1.83 | ROA | 3.2% |
| Free-cash-flow yield | -66.7% | Payout ratio | -1120% |
| Institutions | 5 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 38: No options
No options are listed on Saratoga Investment Corp. in our nightly snapshot. The Wheel Score is therefore capped at 39 (it reads 38) and the stock is left out of every options screen; the fair value and health figures above are still useful for a plain stock position.
Volume runs at 15k shares a day on a market cap of $244M, with a beta of 0.04 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 6 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 21 / 25 | 22% margin of safety | |
| Health | 7 / 20 | Piotroski 3/9 | |
| Moat | 4 / 15 | moat 2.4/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 6 / 20 | 15k shares/day, $244M cap, beta 0.04 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 13 Jan 2027, 89 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.
Similar stocks in Asset Management
The 12 companies below are the closest to Saratoga Investment Corp. 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 |
|---|---|---|---|---|---|
| SAJ Saratoga Investment Corp 8.00% | 25.34 | 32.14 | +21% | 35No options | $244M |
| CPZ Calamos Long/Short Equity & Dynamic Income Term Trust | 12.48 | 8.31 | -50% | 19No options | $245M |
| SAZ Saratoga Investment Corp 8.50% | 25.38 | 32.14 | +21% | 39No options | $242M |
| PMM Franklin Managed Municipal Income Trust | 5.76 | 13.80 | +58% | 39No options | $247M |
| EOT Eaton Vance National Municipal Opportunities Trust | 15.42 | 20.78 | +26% | 39No options | $241M |
| TDF Templeton Dragon Fund, Inc. | 9.48 | 38.61 | +75% | 39No options | $238M |
| ACV Virtus Diversified Income & Convertible Fund | 24.13 | 142.88 | +83% | 39No options | $251M |
| NUW Nuveen AMT-Free Municipal Value Fund | 13.20 | 23.62 | +44% | 33No options | $237M |
| MMT Aberdeen Multi-Market Income Fund | 4.27 | 7.33 | +42% | 39No options | $233M |
| PMO Franklin Municipal Opportunities Trust | 9.30 | 29.02 | +68% | 39No options | $255M |
| KF The Korea Fund, Inc. | 56.10 | 1,344.73 | +96% | 39No options | $233M |
| GLO Clough Global Opportunities Fund | 5.44 | 31.32 | +83% | 39No options | $233M |
⚖ Compare SAY with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about SAY
Is SAY undervalued right now?
By the GLS models, moderately: at 25.21 the stock trades 22% below the average fair value of 32.14 (data as of 16 Oct 2026).
What is the Wheel Score of SAY and what does it mean?
SAY has no listed options in our nightly snapshot, so it cannot be wheeled; its Wheel Score is capped at 39 and shown as "No options".
What is the GLS fair value for SAY?
32.14 per share as of 16 Oct 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. report earnings next?
The next earnings report is due on 13 Jan 2027, 89 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does SAY have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on SAY, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.