Estados financieros detallados de Saratoga Investment Corp. (SAR): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Saratoga Investment Corp. registró ingresos de $99.2M en el último ejercicio fiscal, con un CAGR de 5 años del 20.0%. El beneficio neto alcanzó $36.6M, con un CAGR a 5 años del 19.9%.
Márgenes de los últimos 12 meses: margen bruto 56.6%, margen operativo 46.3%, margen neto 16.6%.
Al precio actual de $17.59, SAR cotiza a un P/E de 17.59 y un ROE del 4.19%. La capitalización bursátil es de $287M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Ingresos | $27.0M | $33.4M | $37.9M | $78.3M | $39.9M | $77.5M | $69.9M | $69.5M | $94.2M | $99.2M |
| Coste de Ventas | $9.9M | $10.9M | $13.1M | $14.7M | $13.6M | $19.9M | $33.5M | $49.2M | $52.1M | $49.3M |
| Beneficio Bruto | $17.1M | $22.4M | $24.8M | $63.6M | $26.3M | $57.6M | $36.4M | $20.4M | $42.1M | $49.9M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $4.3M | $4.8M | $5.5M | $5.7M | $6.3M | $6.6M | $8.0M | $8.6M | $9.3M | $11.0M |
| Gastos Operativos | $5.7M | $4.8M | $5.5M | $7.3M | $6.4M | $9.1M | $9.6M | $8.7M | $10.1M | $11.8M |
| Beneficio Operativo | $11.4M | $17.7M | $19.2M | $56.3M | $19.9M | $48.5M | $26.8M | $11.7M | $32.0M | $38.1M |
| EBITDA | $11.4M | $17.7M | $19.2M | $56.3M | $19.9M | $48.5M | $26.8M | $11.7M | $32.0M | $38.1M |
| Gastos por Intereses | $9.9M | $10.9M | $13.1M | $14.7M | $13.6M | $19.9M | $33.5M | $49.2M | $52.1M | $49.3M |
| Beneficio Antes de Impuestos | $11.4M | $17.7M | $19.2M | $56.3M | $19.9M | $48.5M | $26.8M | $11.7M | $32.0M | $38.1M |
| Impuestos | $44770 | -$14738 | $739717 | $607646 | $5.2M | $2.8M | $2.1M | $2.8M | $3.9M | $1.5M |
| Beneficio Neto | $11.4M | $17.7M | $18.5M | $55.7M | $14.8M | $45.7M | $24.7M | $8.9M | $28.1M | $36.6M |
| BPA | $1.98 | $2.93 | $2.63 | $5.98 | $1.32 | $3.99 | $2.06 | $0.71 | $2.02 | $2.31 |
| BPA Diluido | $1.98 | $2.93 | $2.63 | $5.98 | $1.32 | $3.99 | $2.06 | $0.71 | $2.02 | $2.31 |
| Acciones en Circulación (Diluidas) | $5.7M | $6.0M | $7.0M | $9.3M | $11.2M | $11.5M | $12.0M | $12.7M | $13.9M | $15.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $27.8M | $27.3M | $14.9M | $30.8M |
| Beneficio Bruto | $15.4M | $15.3M | $2.3M | $23.9M |
| Beneficio Operativo | $12.8M | $11.9M | -$750414 | $22.6M |
| EBITDA | $12.8M | $11.9M | -$750414 | $22.6M |
| Beneficio Neto | $13.3M | $12.0M | -$2.6M | -$5.9M |
| BPA | $0.84 | $0.74 | $-0.16 | $-0.42 |
| BPA Diluido | $0.84 | $0.74 | $-0.16 | $-0.42 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Caja y Equivalentes | $9.3M | $3.9M | $30.8M | $24.6M | $18.8M | $47.3M | $65.7M | $8.7M | $148.2M | $21.8M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $3.7M | $3.3M | $6.0M | $5.1M | $7.0M | $5.5M | $8.5M | $10.6M | $7.8M | $7.6M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $13.0M | $7.2M | $36.8M | $29.7M | $25.8M | $52.8M | $74.3M | $19.3M | $156.0M | $29.3M |
| Inmovilizado Material | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $318.7M | $360.3M | $470.7M | $530.9M | $592.2M | $876.2M | $1.08B | $1.19B | $1.19B | $1.14B |
| Cuentas por Pagar | $3.6M | $3.9M | $4.8M | $3.9M | $4.4M | $3.6M | $5.1M | $4.9M | $5.6M | $1.8M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $70.0M |
| Pasivos Corrientes | $3.6M | $3.9M | $4.8M | $3.9M | $4.4M | $3.6M | $5.1M | $4.9M | $5.6M | $80.5M |
| Deuda a Largo | $181.5M | $206.5M | $277.2M | $204.9M | $274.0M | $498.9M | $711.1M | $803.7M | $781.8M | $659.9M |
| Pasivos Totales | $191.4M | $216.6M | $289.8M | $226.6M | $288.0M | $520.5M | $731.2M | $821.0M | $798.9M | $744.9M |
| Reservas | -$27.7M | -$27.9M | -$22.7M | $14.8M | -$700348 | $27.7M | $25.1M | -$870745 | -$20.3M | -$43.1M |
| Patrimonio Neto | $127.3M | $143.7M | $180.9M | $304.3M | $304.2M | $355.8M | $347.0M | $370.2M | $392.7M | $396.2M |
| Deuda Total | $181.5M | $206.5M | $277.2M | $204.9M | $274.0M | $498.9M | $711.1M | $803.7M | $781.8M | $729.9M |
| Deuda Neta | $172.2M | $202.6M | $246.4M | $180.3M | $255.2M | $451.6M | $645.4M | $795.0M | $633.6M | $708.1M |
| Capital Circulante | $9.4M | $3.3M | $31.9M | $25.7M | $21.4M | $49.2M | $69.2M | $14.4M | $150.4M | -$51.2M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $105.7M | $52.3M | $21.8M | $60.8M |
| Activos Totales | $1.21B | $1.20B | $1.14B | $1.20B |
| Pasivos Totales | $795.7M | $783.8M | $744.9M | $819.0M |
| Patrimonio Neto | $410.5M | $413.2M | $396.2M | $378.5M |
| Deuda Total | $776.8M | $764.7M | $729.9M | $590.0M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Beneficio Neto | $11.4M | $17.7M | $18.5M | $55.7M | $14.8M | $45.7M | $24.7M | $8.9M | $28.1M | $36.6M |
| Amortizaciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cambio en Capital Circulante | $1.5M | $587244 | -$1.1M | $9.2M | -$10.5M | $10.5M | -$6.8M | -$6.2M | $1.8M | $1.1M |
| Flujo de Caja Operativo | $6.7M | -$30.8M | -$40.0M | -$15.1M | -$62.3M | -$203.1M | -$130.4M | -$157.2M | $197.5M | -$88.0M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$3.3M | 0 | 0 | 0 | -$3.6M | -$2.5M | -$10.8M | -$2.2M | 0 | -$54314 |
| Dividendos Pagados | -$6.8M | -$9.0M | -$12.0M | -$17.0M | -$11.3M | -$18.2M | -$22.7M | -$32.1M | -$40.7M | -$52.4M |
| Flujo de Caja Libre | $6.7M | -$30.8M | -$40.0M | -$15.1M | -$62.3M | -$203.1M | -$130.4M | -$157.2M | $197.5M | -$88.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$19.3M | -$8.6M | -$92.4M | -$26.0M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$19.3M | -$8.6M | -$92.4M | -$26.0M |
| Dividendos Pagados | -$10.5M | -$10.8M | -$14.4M | -$10.8M |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Crecimiento Ingresos (anual) | | +23.5% | +13.6% | +106.5% | -49.0% | +94.1% | -9.8% | -0.4% | +35.4% | +5.4% |
| Crecimiento Beneficio Neto (anual) | | +55.3% | +4.7% | +201.1% | -73.5% | +209.5% | -46.0% | -63.8% | +214.4% | +30.3% |
| Crecimiento BPA (anual) | | +48.0% | -10.2% | +127.4% | -77.9% | +202.3% | -48.4% | -65.5% | +184.5% | +14.4% |
| Cambio en Acciones (anual) | | +4.9% | +17.0% | +32.2% | +20.1% | +2.4% | +4.4% | +5.9% | +9.8% | +13.9% |
| Crecimiento FCF (anual) | | -556.7% | -29.9% | +62.1% | -311.7% | -225.8% | +35.8% | -20.6% | +225.7% | -144.6% |
| Margen Bruto | 63.4% | 67.2% | 65.4% | 81.2% | 66.0% | 74.3% | 52.0% | 29.3% | 44.7% | 50.3% |
| Margen Operativo | 42.3% | 52.9% | 50.8% | 72.0% | 50.0% | 62.6% | 38.3% | 16.8% | 33.9% | 38.4% |
| Margen EBITDA | 42.3% | 52.9% | 50.8% | 72.0% | 50.0% | 62.6% | 38.3% | 16.8% | 33.9% | 38.4% |
| Margen Neto | 42.1% | 53.0% | 48.8% | 71.2% | 37.0% | 59.0% | 35.3% | 12.8% | 29.8% | 36.9% |
| Margen FCF | 24.9% | -92.2% | -105.5% | -19.3% | -156.2% | -262.2% | -186.6% | -226.1% | 209.8% | -88.7% |
| Tasa Impositiva Efectiva | 0.4% | -0.1% | 3.8% | 1.1% | 25.9% | 5.7% | 7.8% | 23.6% | 12.1% | 3.9% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF por Acción | $1.17 | $-5.11 | $-5.67 | $-1.63 | $-5.57 | $-17.73 | $-10.90 | $-12.41 | $14.20 | $-5.55 |
| Dividendo por Acción | $1.18 | $1.50 | $1.70 | $1.82 | $1.01 | $1.58 | $1.89 | $2.53 | $2.93 | $3.30 |
| Acciones en Circulación (Básicas) | $5.7M | $6.0M | $7.0M | $9.3M | $11.2M | $11.5M | $12.0M | $12.7M | $13.9M | $15.9M |
Qué mirar en Servicios Financieros
Asset managers, brokers, fintech, bolsas. No son bancos — mira AUM, comisiones y calidad del FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Rentabilidad sobre capital | 4.19% |
| Rentabilidad sobre capital invertido | 1.41% |
| Rentabilidad sobre activos | 1.40% |
| Margen bruto | 56.59% |
| Margen operativo | 46.30% |
| Margen neto | 16.64% |
Salud financiera
| Deuda / Patrimonio | 1.56 |
| Ratio corriente | 5.83 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | 11.48 | 7.46 | 8.76 | 3.83 | 17.58 | 6.88 | 13.37 | 33.24 | 12.87 | 10.03 |
| P/VC | 1.03 | 0.92 | 0.90 | 0.70 | 0.85 | 0.88 | 0.95 | 0.81 | 0.92 | 0.93 |
| P/V | 4.83 | 3.94 | 4.28 | 2.73 | 6.51 | 4.06 | 4.72 | 4.30 | 3.84 | 3.70 |
| Margen Bruto | 63.4% | 67.2% | 65.4% | 81.2% | 66.0% | 74.3% | 52.0% | 29.3% | 44.7% | 50.3% |
| Margen Operativo | 42.3% | 52.9% | 50.8% | 72.0% | 50.0% | 62.6% | 38.3% | 16.8% | 33.9% | 38.4% |
| Margen Neto | 42.1% | 53.0% | 48.8% | 71.2% | 37.0% | 59.0% | 35.3% | 12.8% | 29.8% | 36.9% |