Saratoga Investment (SAR) Operating Expenses (2009 - 2026)
Saratoga Investment's Operating Expenses was $23.86 million in fiscal Q2 2027 (quarter ended Aug 31, 2026), up 10.8% from $21.55 million a year earlier and up 2.9% from the prior quarter.
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Analysis
Saratoga Investment (SAR) Operating Expenses (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Saratoga Investment's Operating Expenses was $92.23 million through Aug 31, 2026, down 14.9% year-over-year; for FY2026 (ended Feb 28, 2026), it was $88.91 million, down 7.2% from FY2025.
- Operating Expenses shows a five-year compound annual growth rate of 20.8% (FY2021 to FY2026).
- In earlier fiscal years, Operating Expenses was $95.85 million in FY2025 (+10.4%), $86.85 million in FY2024 (+35.9%), $63.9 million in FY2023 (+25.8%) and $50.8 million in FY2022 (+47.1%).
- The fiscal Q2 2027 figure marks the highest quarterly Operating Expenses since fiscal Q4 2025.
- Compared with a year earlier, Operating Expenses was higher in four of the last eight quarters, with growth averaging 7.7%.
- The best year-over-year quarter for Operating Expenses over five years was fiscal Q4 2025 (growth of 105.4%); the worst was fiscal Q4 2026 (a decline of 53.6%).
- Per Business Quant data, SAR's Operating Expenses in the three fiscal quarters before Q2 2027 was $23.18 million (Q1 2027), $23.33 million (Q4 2026) and $21.86 million (Q3 2026).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 41.00 Bn | 29.82 Bn | - | 2.33 Bn |
| 2 | Royalty Pharma | 39.88 Bn | 40.21 Bn | - | 279.27 Mn |
| 3 | Orix | 36.75 Bn | 7.39 Bn | 13.83 Bn | 12.58 Bn |
| 4 | Federal National Mortgage Association Fannie Mae | 25.40 Bn | -16,108.71 Bn | - | 2.12 Bn |
| 5 | Royal Gold | 23.20 Bn | 22.41 Bn | 402.46 Mn | 161.04 Mn |
| 6 | Affirm Holdings | 22.35 Bn | 15.40 Bn | - | 1.08 Bn |
| 7 | Synchrony Financial | 22.29 Bn | -45.34 Bn | - | 1.37 Bn |
| 8 | Annaly Capital Management | 14.69 Bn | 5.72 Bn | - | 53.21 Mn |
| 9 | Ares Capital | 14.04 Bn | 11.79 Bn | - | 429.00 Mn |
| 10 | Saratoga Investment | 201.34 Mn | 21.13 Mn | - | 23.86 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Aug 31, 2026 | 23.86 Mn |
| May 31, 2026 | 23.18 Mn |
| Feb 28, 2026 | 23.33 Mn |
| Nov 30, 2025 | 21.86 Mn |
| Aug 31, 2025 | 21.55 Mn |
| May 31, 2025 | 22.18 Mn |
| Feb 28, 2025 | 50.22 Mn |
| Nov 30, 2024 | 23.44 Mn |
| Aug 31, 2024 | 24.81 Mn |
| May 31, 2024 | 24.34 Mn |
| Feb 29, 2024 | 24.45 Mn |
| Nov 30, 2023 | 22.17 Mn |
| Aug 31, 2023 | 21.55 Mn |
| May 31, 2023 | 18.67 Mn |
| Feb 28, 2023 | 22.67 Mn |
| Nov 30, 2022 | 16.38 Mn |
| Aug 31, 2022 | 14.15 Mn |
| May 31, 2022 | 10.70 Mn |
| Feb 28, 2022 | 13.18 Mn |
| Nov 30, 2021 | 11.31 Mn |
API Access
Saratoga Investment Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=SAR&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "SAR", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=SAR&period=max&api_key=YOUR_API_KEY");
const data = await res.json();