A Business at a Glance
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ARROW FINANCIAL CORP
AROW
$652M
Mkt Cap
$39.45
+0.79%
ARROW FINANCIAL CORP (AROW) has a current P/E ratio of 19.1, compared to its historical median P/E of 11.3. The stock is currently considered Expensive based on its historical valuation range.
ARROW FINANCIAL CORP (AROW) has a 5-year average return on invested capital (ROIC) of 10.1%. This indicates solid capital allocation.
ARROW FINANCIAL CORP (AROW) has a market capitalization of $652M. It is classified as a small-cap stock.
Yes, ARROW FINANCIAL CORP (AROW) pays a dividend with a trailing twelve-month yield of 2.90%. The company also returns capital through share buybacks, with a buyback yield of 1.57%.
Based on historical P/E analysis, ARROW FINANCIAL CORP (AROW) appears expensive. The current P/E of 19.1 is 68% above its historical median of 11.3. The estimated fair value CAGR (P/E method) is -4.4%.
ARROW FINANCIAL CORP (AROW) operates in the National Commercial Banks industry, within the Financials sector.
ARROW FINANCIAL CORP (AROW) reported annual revenue of $217 million in its most recent fiscal year, based on SEC EDGAR filings.
A. GENERAL Arrow was incorporated on March 21, 1983 and is registered as a bank holding company within the meaning of the Bank Holding Company Act of 1956. As of December 31, 2025 the Company had one wholly-owned banking subsidiary, Arrow Bank National Association. Through Arrow Bank, Arrow indirectly owns various non-bank subsidiaries, including an insurance agency, a registered investment adviser and a REIT. See "The Company and Its Subsidiaries," above. Arrow Bank (dollars in thousands and data is as of December 31, 2025) Total Assets at Year-End$4,421,212 Employees (full-time equivalent)578 Bank Branches38 Insurance Offices9 Main Office250 Glen StreetGlens Falls, NY Arrow’s business consists primarily of the ownership, supervision and control of Arrow Bank, including the bank's subsidiaries. Arrow provides various advisory and administrative services and coordinates the general policies and operation of Arrow Bank.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 217M | 217M | 199M | 134M | 149M | 143M |
| Net Income | 44M | 44M | 30M | 30M | 49M | 50M |
| EPS | $2.65 | $2.65 | $1.77 | $1.77 | $2.86 | $2.92 |
| Free Cash Flow | 36M | 36M | 29M | 13M | 45M | 61M |
| ROIC | 0.0% | 10.4% | 7.5% | 7.8% | 12.2% | 12.5% |
| Gross Margin | 96.6% | 96.6% | 97.4% | 98.0% | 96.8% | 99.8% |
| Debt/Equity | 0.02 | 0.02 | 0.04 | 0.09 | 0.23 | 0.12 |
| Dividends/Share | $1.14 | $1.14 | $1.09 | $1.06 | $1.03 | $0.96 |
| Operating Income | 0 | - | 2.8M | 2.4M | 2.6M | - |
| Operating Margin | 0.0% | - | 1.4% | 1.8% | 1.7% | - |
| ROE | 10.1% | 10.5% | 7.6% | 8.2% | 13.5% | 14.1% |
| Shares Outstanding | 17M | 17M | 17M | 17M | 17M | 17M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 89M | 94M | 99M | 105M | 113M | 117M | 132M | 143M | 149M | 134M | 199M | 217M | 217M |
| Gross Margin | 97.9% | 98.6% | 98.0% | 97.4% | 97.7% | 98.2% | 92.9% | 99.8% | 96.8% | 98.0% | 97.4% | 96.6% | 96.6% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 31M | 33M | 35M | 38M | 39M | 38M | 42M | 45M | 47M | 48M | 53M | 56M | 56M |
| EBIT | 1.2M | 1.4M | 38M | 40M | 45M | 47M | 3.5M | N/A | 2.6M | 2.4M | 2.8M | N/A | 0 |
| Op. Margin | 1.4% | 1.4% | 38.0% | 37.9% | 40.1% | 40.4% | 2.6% | N/A | 1.7% | 1.8% | 1.4% | N/A | 0.0% |
| Net Income | 23M | 25M | 27M | 29M | 36M | 37M | 41M | 50M | 49M | 30M | 30M | 44M | 44M |
| Net Margin | 26.1% | 26.2% | 26.7% | 27.9% | 32.1% | 32.1% | 31.0% | 34.9% | 32.7% | 22.5% | 14.9% | 20.2% | 20.2% |
| Non-Recurring | 0 | 204K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 11.0% | 10.3% | 9.5% | 9.9% | 11.7% | 11.6% | 11.5% | 12.5% | 12.2% | 7.8% | 7.5% | 10.4% | 0.0% |
| ROE | 11.9% | 11.9% | 11.9% | 12.2% | 14.0% | 13.1% | 12.8% | 14.1% | 13.5% | 8.2% | 7.6% | 10.5% | 10.1% |
| ROA | 1.1% | 1.1% | 1.1% | 1.1% | 1.3% | 1.2% | 1.2% | 1.3% | 1.2% | 0.7% | 0.7% | 1.0% | 1.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 31M | 29M | 35M | 38M | 42M | 44M | 42M | 68M | 60M | 21M | 34M | 41M | 41M |
| Free Cash Flow | 29M | 27M | 33M | 35M | 37M | 36M | 37M | 61M | 45M | 13M | 29M | 36M | 36M |
| Owner Earnings | 23M | 22M | 28M | 32M | 37M | 38M | 35M | 60M | 52M | 13M | 29M | 35M | 35M |
| CapEx | 1.5M | 1.6M | 1.4M | 2.6M | 5.1M | 7.8M | 5.1M | 7.1M | 14M | 7.1M | 5.6M | 5.1M | 5.1M |
| Maint. CapEx | 7.0M | 6.3M | 5.9M | 5.4M | 4.8M | 5.5M | 6.9M | 7.8M | 7.5M | 6.7M | 5.4M | 5.4M | 5.4M |
| Growth CapEx | 0 | 0 | 0 | 0 | 352K | 2.3M | 0 | 0 | 6.7M | 363K | 236K | 0 | 0 |
| D&A | 7.0M | 6.3M | 5.9M | 5.4M | 4.8M | 5.5M | 6.9M | 7.8M | 7.5M | 6.7M | 5.4M | 5.4M | 5.4M |
| CapEx/OCF | 4.8% | 5.6% | 4.2% | 6.9% | 12.2% | 17.7% | 12.1% | 10.5% | 23.9% | 34.4% | N/A | N/A | 12.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 12M | 13M | 13M | 14M | 14M | 15M | 16M | 16M | 17M | 18M | 18M | 19M | 19M |
| Dividend Yield | 6.3% | 5.7% | 4.7% | 4.1% | 3.7% | 3.8% | 4.2% | 3.4% | 3.7% | 5.0% | N/A | N/A | 2.9% |
| Share Buybacks | 2.5M | 1.5M | 2.1M | 3.2M | 2.1M | 2.5M | 1.6M | 2.7M | 2.9M | 3.6M | 6.8M | 10M | 10M |
| Buyback Yield | 1.1% | 0.6% | 0.5% | 0.9% | 0.6% | 0.5% | 0.4% | 0.6% | 0.6% | 0.8% | 0.0% | 0.0% | 1.6% |
| Stock-Based Comp | 360K | 308K | 287K | 351K | 322K | 316K | 301K | 414K | 451K | 605K | 314K | 683K | 683K |
| Debt Repayment | 7.6M | 3.8M | 13M | 29M | 10M | 3.6M | 34M | 17M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 24M | 109M | 156M | -148M | -68M | -216M | -684M | -413M | 18M | -110M | -137M | -206M | -206M |
| Cash & Equiv. | 46M | 51M | 57M | 73M | 84M | 70M | 381M | 458M | 65M | 143M | 155M | 214M | 214M |
| Long-Term Debt | 10M | 55M | 55M | 55M | 45M | 30M | 45M | 45M | 28M | 6.5M | 8.6M | 4.3M | 4.3M |
| Debt/Equity | 0.35 | 0.75 | 0.92 | 0.90 | 1.24 | 0.70 | 0.19 | 0.12 | 0.23 | 0.09 | 0.04 | 0.02 | 0.02 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 201M | 214M | 233M | 250M | 270M | 302M | 334M | 371M | 354M | 380M | 401M | 432M | 432M |
| Total Assets | 2.2B | 2.4B | 2.6B | 2.8B | 3.0B | 3.2B | 3.7B | 4.0B | 4.0B | 4.2B | 4.3B | 4.4B | 4.4B |
| Total Liabilities | 2.0B | 2.2B | 2.4B | 2.5B | 2.7B | 2.9B | 3.4B | 3.7B | 3.6B | 3.8B | 3.9B | 4.0B | 4.0B |
| Intangibles | 3.6M | 3.1M | 2.7M | 2.3M | 1.9M | 1.7M | 1.9M | 1.9M | 1.5M | 1.1M | 2.1M | 1.7M | 1.7M |
| Retained Earnings | 29M | 32M | 29M | 29M | 29M | 33M | 42M | 54M | 65M | 66M | 77M | 102M | 102M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.76 | 1.80 | 1.86 | 1.98 | 2.36 | 2.36 | 2.49 | 2.92 | 2.86 | 1.77 | 1.77 | 2.65 | 2.65 |
| Owner EPS | 1.75 | 1.63 | 2.00 | 2.17 | 2.40 | 2.40 | 2.14 | 3.51 | 3.03 | 0.78 | 1.72 | 2.13 | 2.13 |
| Book Value | 15.14 | 15.62 | 16.32 | 16.85 | 17.54 | 19.00 | 20.39 | 21.74 | 20.72 | 22.35 | 23.88 | 26.12 | 26.12 |
| Cash Flow/Share | 2.31 | 2.11 | 2.43 | 2.55 | 2.73 | 2.77 | 2.58 | 3.99 | 3.50 | 1.21 | 2.05 | 2.50 | 2.98 |
| Dividends/Share | 0.94 | 0.93 | 0.92 | 0.92 | 0.94 | 0.96 | 0.96 | 0.96 | 1.03 | 1.06 | 1.09 | 1.14 | 1.14 |
| Shares Out. | 13.3M | 13.7M | 14.3M | 14.8M | 15.4M | 15.9M | 16.4M | 17.1M | 17.1M | 17.0M | 16.8M | 16.5M | 16.5M |
| Valuation | |||||||||||||
| P/E Ratio | 10.0 | 10.5 | 15.1 | 12.3 | 9.9 | 12.3 | 9.8 | 9.7 | 10.4 | 14.9 | N/A | N/A | 14.9 |
| P/FCF | 7.3 | 8.6 | 11.3 | 10.0 | 9.7 | 12.7 | 10.8 | 8.2 | 11.1 | 33.2 | N/A | N/A | 18.0 |
| EV/EBIT | 237.4 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 1.2 | 1.2 | 1.7 | 1.4 | 1.3 | 1.5 | 1.2 | 1.3 | 1.4 | 1.2 | N/A | N/A | 1.5 |
| Price/Sales | 2.4 | 2.6 | 3.0 | 3.3 | 3.4 | 3.4 | 2.9 | 3.3 | 3.2 | 2.7 | N/A | N/A | 3.0 |
| FCF Yield | 12.5% | 10.6% | 8.3% | 9.7% | 10.3% | 7.9% | 9.3% | 12.6% | 9.0% | 3.0% | N/A | N/A | 5.5% |
| Market Cap | 233M | 258M | 401M | 361M | 360M | 460M | 401M | 483M | 507M | 448M | 0 | 0 | 652M |
| Avg. Price | 14.85 | 16.38 | 19.50 | 22.58 | 25.04 | 25.23 | 23.03 | 28.23 | 27.95 | 20.99 | 0.00 | 0.00 | 39.45 |
| Year-End Price | 16.07 | 17.18 | 26.44 | 23.69 | 23.38 | 28.96 | 24.42 | 29.15 | 29.70 | 26.36 | 0.00 | 0.00 | 39.45 |
ARROW FINANCIAL CORP passes 3 of 9 quality checks, indicating weak fundamentals.
ARROW FINANCIAL CORP trades at 19.1x trailing earnings, compared to its 15-year median P/E of 11.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 18.3x vs a median of 11.0x. The company's 5-year average ROIC is 10.1% with a gross margin of 97.7%. Total shareholder yield (dividends + buybacks) is 4.5%. At current prices, the estimated annualized return to fair value is -10.2%.
ARROW FINANCIAL CORP (AROW) has a net profit margin of 20.2%. This is a strong margin indicating high profitability.
ARROW FINANCIAL CORP (AROW) generated $36 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ARROW FINANCIAL CORP (AROW) has a debt-to-equity ratio of 0.02. This indicates a conservatively financed balance sheet.
ARROW FINANCIAL CORP (AROW) reported earnings per share (EPS) of $2.65 in its most recent fiscal year.
ARROW FINANCIAL CORP (AROW) has a return on equity (ROE) of 10.5%. This indicates moderate shareholder returns.
ARROW FINANCIAL CORP (AROW) has a 5-year average gross margin of 97.7%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for ARROW FINANCIAL CORP (AROW), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ARROW FINANCIAL CORP (AROW) has a book value per share of $26.12, based on its most recent annual SEC filing.
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