Saratoga Investment Corp (SAR) — Earnings Call X-Ray
Our AI read all 38 of SAR's earnings calls (2016–2025) and answered the same battery of questions about each one. Every past call is free; the newest quarter unlocks with a free account.
Previous Call Grade
F
Q4 2025
Calls Analyzed
38
2016–2025
Avg Candor
7/9
evasion 2.6/9
Call-by-call analysis
🔒 Q1 2026 earnings call
2025-07-09
NEWEST
Guidance: ■■■■■Demand: ■■■■■■
Margins: ■■■■Backlog: ■■■■
■ analysts, ■■ questionsexpected move ±■■%
Management ■■■■■■ guidance against ■■■■■■■■ demand and ■■■■■■■ margins. The delivery was ■■■■■■■■ and ■■■■ in specifics, with ■■■ questions left hanging.
🔒 The Q1 2026 call grade is ready
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F
Q4 2025 earnings call
2025-05-08
move ±11.1%
Management gave no formal guidance. The delivery was light on specifics, relaxed under questioning.
⚑ Critic ammunition⚑ Question left hanging⚑ Reads rehearsedCFO dominates
All 20 questions our AI answered about this call
NO Would a skeptical short-seller find this call reassuring?
NO Would a careful investor underwrite management's guidance?
NO Is management's confidence proportionate to the evidence presented?
NO Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
YES Does an obvious question remain unanswered?
NO Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
NO Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
NO Is consolidation happening among their peers?
NO Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
YES Does the CFO speak more than the CEO?
YES Does the call read rehearsed rather than lived?
C
Q3 2025 earnings call
2025-01-09
move ±6.9%
Management held guidance steady against mixed demand signals and contracting margins. The delivery was unusually candid, rich in specifics.
Guidance: maintainedDemand: mixedMargins: contractingBacklog: stablePricing: under pressure 4 analysts · 13 questions
⚑ Critic ammunition⚑ Question left hanging✓ Guidance underwritableDirection beats results
All 20 questions our AI answered about this call
NO Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
NO Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
YES Does an obvious question remain unanswered?
NO Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
YES Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
NO Is consolidation happening among their peers?
NO Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
NO Does the CFO speak more than the CEO?
NO Does the call read rehearsed rather than lived?
C+
Q2 2025 earnings call
2024-10-09
move ±10.1%
Management held guidance steady against mixed demand signals. The delivery was unusually candid, rich in specifics.
Guidance: maintainedDemand: mixedMargins: stableBacklog: growingPricing: under pressure 3 analysts · 10 questions
⚑ Critic ammunition✓ Skeptic reassured✓ Guidance underwritable✓ Resolves doubts⚑ Reads rehearsedFounder-led
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
NO Does an obvious question remain unanswered?
NO Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
YES Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
YES Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
NO Is consolidation happening among their peers?
YES Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
NO Does the CFO speak more than the CEO?
YES Does the call read rehearsed rather than lived?
C+
Q1 2025 earnings call
2024-07-10
move ±8.3%
Management held guidance steady against slowing demand and expanding margins. The delivery was unusually candid, rich in specifics.
Guidance: maintainedDemand: slowingMargins: expandingPricing: under pressure 4 analysts · 11 questions
⚑ Critic ammunition✓ Skeptic reassured⚑ Question left hanging✓ Guidance underwritable✓ Resolves doubtsDirection beats results
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
YES Does an obvious question remain unanswered?
NO Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
YES Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
NO Is consolidation happening among their peers?
NO Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
NO Does the CFO speak more than the CEO?
NO Does the call read rehearsed rather than lived?
B
Q4 2024 earnings call
2024-05-07
move ±8%
Management held guidance steady against slowing demand. The delivery was unusually candid, rich in specifics.
Guidance: maintainedDemand: slowingMargins: stablePricing: stableHeadcount: growing 3 analysts · 6 questions
⚑ Critic ammunition✓ Skeptic reassured✓ Guidance underwritable✓ Resolves doubtsDirection beats results
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
NO Does an obvious question remain unanswered?
NO Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
YES Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
NO Is consolidation happening among their peers?
NO Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
NO Does the CFO speak more than the CEO?
NO Does the call read rehearsed rather than lived?
D
Q3 2024 earnings call
2024-01-10
move ±8.1%
Management raised guidance against slowing demand. The delivery was unusually candid, rich in specifics.
Guidance: raisedDemand: slowingMargins: stableBacklog: growingPricing: stable 5 analysts · 18 questions
⚑ Critic ammunition⚑ Question left hanging✓ Guidance underwritableFounder-ledDirection beats results
All 20 questions our AI answered about this call
NO Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
NO Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
YES Does an obvious question remain unanswered?
NO Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
YES Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
NO Is consolidation happening among their peers?
YES Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
NO Does the CFO speak more than the CEO?
NO Does the call read rehearsed rather than lived?
B+
Q2 2024 earnings call
2023-10-10
move ±6.3%
Management raised guidance against steady demand and expanding margins. The delivery was unusually candid, rich in specifics.
Guidance: raisedDemand: stableMargins: expandingBacklog: growingPricing: raising 5 analysts · 11 questions
⚑ Critic ammunition✓ Skeptic reassured✓ Guidance underwritable✓ Resolves doubts⚑ Reads rehearsedCFO dominates
All 20 questions our AI answered about this call
YES Would a skeptical short-seller find this call reassuring?
YES Would a careful investor underwrite management's guidance?
YES Is management's confidence proportionate to the evidence presented?
YES Does the call resolve more doubts than it creates?
YES Is there something a critic could fairly use against the company?
NO Is a claimed advantage dependent on scale they lack?
NO Does an obvious question remain unanswered?
NO Is a product early in its life but growing very fast?
NO Do they serve a small fraction of their addressable customers?
NO Is volume about to step up rather than grow gradually?
NO Are high fixed costs currently underutilised?
NO Is pricing recovering from a depressed level?
NO Do current results look bad while the direction looks better?
NO Are deferred revenue or customer prepayments growing?
NO Is consolidation happening among their peers?
NO Is a founder still running the company?
NO Does the final speaker sound like they are summarizing a finished story?
NO Is a fast-growing segment obscured by a declining one?
YES Does the CFO speak more than the CEO?
YES Does the call read rehearsed rather than lived?
Earlier calls
| Call | Date | Grade | Guidance | Demand | Margins | Candor | Evasion |
|---|
| Q1 2024 |
2023-07-11 |
B+ |
maintained | accelerating | expanding |
8/9 |
2/9 |
| Q4 2023 |
2023-05-03 |
B+ |
raised | accelerating | expanding |
7/9 |
2/9 |
| Q3 2023 |
2023-01-11 |
A |
raised | stable | expanding |
8/9 |
2/9 |
| Q2 2023 |
2022-10-05 |
B+ |
raised | stable | expanding |
7/9 |
3/9 |
| Q1 2023 |
2022-07-07 |
C+ |
none | stable | stable |
7/9 |
2/9 |
| Q4 2022 |
2022-05-05 |
B+ |
none | accelerating | stable |
6/9 |
2/9 |
| Q3 2022 |
2022-01-06 |
B+ |
raised | accelerating | stable |
7/9 |
2/9 |
| Q2 2022 |
2021-10-06 |
A |
raised | accelerating | expanding |
7/9 |
3/9 |
| Q1 2022 |
2021-07-08 |
A |
raised | accelerating | stable |
7/9 |
3/9 |
| Q4 2021 |
2021-05-06 |
A |
raised | accelerating | stable |
8/9 |
1/9 |
| Q3 2021 |
2021-01-07 |
B+ |
raised | accelerating | stable |
7/9 |
2/9 |
| Q2 2021 |
2020-10-08 |
B |
raised | accelerating | stable |
7/9 |
4/9 |
| Q1 2021 |
2020-07-09 |
C |
lowered | mixed | contracting |
8/9 |
3/9 |
| Q4 2020 |
2020-05-07 |
F |
lowered | slowing | stable |
7/9 |
3/9 |
| Q3 2020 |
2020-01-09 |
B |
none | stable | contracting |
8/9 |
3/9 |
| Q2 2020 |
2019-10-10 |
B |
maintained | accelerating | contracting |
7/9 |
2/9 |
| Q1 2020 |
2019-07-11 |
B+ |
none | stable | expanding |
8/9 |
3/9 |
| Q4 2019 |
2019-05-10 |
B+ |
none | stable | stable |
7/9 |
3/9 |
| Q3 2019 |
2019-01-10 |
B+ |
raised | stable | stable |
7/9 |
2/9 |
| Q1 2019 |
2018-07-11 |
B+ |
raised | stable | expanding |
6/9 |
2/9 |
| Q1 2018 |
2018-05-15 |
B+ |
raised | slowing | expanding |
7/9 |
3/9 |
| Q3 2018 |
2018-01-11 |
B+ |
raised | slowing | stable |
7/9 |
3/9 |
| Q2 2018 |
2017-10-12 |
B+ |
raised | slowing | expanding |
7/9 |
2/9 |
| Q1 2018 |
2017-07-13 |
F |
raised | stable | expanding |
5/9 |
6/9 |
| Q4 2017 |
2017-05-17 |
B+ |
raised | mixed | stable |
7/9 |
2/9 |
| Q3 2017 |
2017-01-12 |
B+ |
raised | mixed | expanding |
7/9 |
3/9 |
| Q2 2017 |
2016-10-13 |
B+ |
raised | slowing | expanding |
6/9 |
2/9 |
| Q1 2017 |
2016-07-14 |
C+ |
none | slowing | stable |
7/9 |
3/9 |
| Q4 2016 |
2016-05-18 |
C+ |
none | mixed | stable |
7/9 |
2/9 |
| Q3 2016 |
2016-01-14 |
B+ |
raised | mixed | stable |
7/9 |
2/9 |
Research question bank — earlier calls
During our 1,600-question research program, batches of experimental hypotheses were tested directly against some of SAR's earlier calls. The YES answers — the rare hits — are shown; click any question to see every company that matched it. Full list: the question bank.
B+
Q4 2023 earnings call
2023-05-03
1 more research questions answered NO
A
Q1 2022 earnings call
2021-07-08
1 more research questions answered NO
B+
Q1 2018 earnings call
2018-05-15
20 more research questions answered NO
B+
Q2 2018 earnings call
2017-10-12
1 more research questions answered NO
B+
Q3 2017 earnings call
2017-01-12
1 more research questions answered NO
How to read this page
The grade is a transparent composite of call quality — candor, specificity, low evasion, low stress, whether the call resolves more doubts than it creates, and the guidance action — not a buy or sell signal. The expected move is a volatility estimate from the one signal that survived our out-of-sample tests: how a stock's own reaction and pre-call volatility predict the size (not direction) of its next move. Full detail, including everything that failed: methodology.
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Not investment advice. Artul.ai publishes AI-generated earnings-call quality grades and expected-volatility estimates — never buy or sell recommendations. We tested over 1,600 predictive hypotheses against 165,000 transcripts; the honest result, including what failed, is documented in our
methodology.