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Arrow Financial Corporation

AROW Financial Banks Regional

Arrow Financial Corporation’s revenue for fiscal 2025 (year ended December 2025) was $242.6 million, up 8.75% from fiscal 2024.

Revenue
+4.55%
EPS
+1.54%
Free cash flow
+37.2%
Total debt
−0.33%

Quarter to June 2026, against a year earlier

38.64 0.90 −2.28%
Market cap
$715.6M
P/E
12.5×
Fwd P/E
13.6×
Dividend yield
3.08%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.10
Sold, $m 0.16
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — — — — — — — —
Sell — — — — — — 1 — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 715.64
Revenue ttm 249.49
Net income ttm 51.29
Free cash flow ttm 47.71
Net debt Q (161.90)
Valuation
P/E 12.46
Forward P/E 13.60
Price / sales 2.54
Forward P/S Powerpack
Price / FCF 13.30
Price / book 1.42
Financial health
Current ratio Q 0.92
Debt / equity Q 0.06
Interest coverage Q —
Growth
Revenue growth Q +4.55% (above 0%: growing)
Operating income growth Q 0.00%
EPS, this year +34.15% (at or above 15%: strong)
EPS, next year A +20.58% (at or above 15%: strong)
Revenue, next year A −13.92% (below 0%: weak)
EPS, past 5 yrs +1.87%
EPS, next 5 yrs A +18.86% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 37.29%
10-year low 10-year high
P/S against its own 10 years 30.25%
10-year low 10-year high
P/B against its own 10 years 39.90%
10-year low 10-year high

Dividends raised every year since 2018

Yield
3.08%
Annual rate
1.19
Payout ratio
38.4%
Growth, 2018–26
+4.24%/yr
  1. 0.86 ’18
  2. 0.90 ’19 +5
  3. 0.93 ’20 +3
  4. 0.96 ’21 +3
  5. 1.03 ’22 +7
  6. 1.06 ’23 +3
  7. 1.09 ’24 +3
  8. 1.14 ’25 +5
  9. 1.20 ’26 +5
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 143 155 214 187
Receivables — — — —
Inventory — — — —
Other — — — —
3,324 3,515 3,633 3,647
2023 2024 2025 Q'26
Payables 3,688 3,828 3,939 3,655
ST’ Debt — — — —
Other — — — —
3,714 3,837 3,944 3,965

Compound Annual Growth %

10y 5y 3y
Sales 9.39% 10.91% 14.75%
Cash Flow 3.62% (0.49%) (11.58%)
Earnings 5.95% 1.49% (3.43%)
Book Value 7.27% 5.25% 6.90%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.94 Actual 0.97

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY24 0.59 0.47 Miss by 0.12
Q1 FY25 0.44 0.38 Miss by 0.06
Q2 FY26 0.86 0.71 Miss by 0.15
Q3 FY26 0.94 0.97 Beat by 0.03
Q4 FY26 1.02 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.82 0.66 — — —
’25 0.38 0.65 0.77 0.85 2.65
’24 0.45 0.52 0.53 0.27 1.77
’23 0.50 0.35 0.46 0.46 1.77
’22 0.74 0.71 0.72 0.71 2.86
’21 0.78 0.78 0.76 0.59 2.92
’20 0.48 0.54 0.65 0.74 2.42
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 62 62 — — —
’25 58 59 62 63 243
’24 55 56 58 55 223
’23 43 47 50 52 192
’22 37 38 42 43 161
’21 36 38 38 36 148
’20 36 35 36 37 145
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 15 16 — — —
’25 10 10 15 6 41
’24 10 9 9 6 34
’23 13 12 11 (16) 21
’22 17 14 18 12 60
’21 20 20 16 12 68
’20 13 3 12 15 42
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 14 12 — — —
’25 9 9 15 6 39
’24 10 9 9 5 32
’23 11 11 10 (16) 16
’22 14 11 13 9 47
’21 19 19 14 10 63
’20 13 2 12 13 40
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 105 112 125 138 145 148 161 192 223 243 249 +9.8% 209 240 247 +0.6%
Gross margin, % 94.89 93.76 90.05 84.30 91.22 96.49 92.96 69.88 62.67 68.26 70.23 (26.6) pt
EBT 38 40 45 47 52 64 63 38 37 55 65 +4.4%
EBT margin, % 36.04 35.49 36.11 34.03 35.88 43.54 39.19 19.57 16.75 22.83 25.89 (13.2) pt
Net income 27 29 36 37 41 50 49 30 30 44 51 +5.8%
Per share, $
Per share, $ Revenue 6.36 6.77 7.51 8.23 8.55 8.70 9.44 11.25 13.33 14.70 15.19 +9.8%
Earnings 1.61 1.77 2.17 2.23 2.42 2.93 2.86 1.77 1.78 2.65 3.10 +5.7%
Cash flow 2.11 2.28 2.51 2.61 2.50 4.01 3.51 1.21 2.06 2.50 3.16 +1.9%
Capex 0.03 (0.07) (0.20) (0.46) (0.16) (0.33) (0.75) (0.26) (0.14) (0.12) (0.26) n/m
Free cash flow 2.14 2.21 2.32 2.15 2.35 3.68 2.76 0.95 1.92 2.38 2.90 +1.2%
Book value 14.14 15.05 16.14 17.94 19.79 21.84 20.79 22.29 23.95 26.17 27.17 +7.1%
Shares, m 16 17 17 17 17 17 17 17 17 17 16 0.0%
Valuation, ×
Valuation, × P/E 20.48 16.19 12.70 15.09 11.34 11.33 11.50 15.93 16.13 11.85 12.46 14.3
P/S 5.18 4.21 3.68 4.08 3.20 3.82 3.49 2.51 2.15 2.14 2.54 3.4
P/B 2.33 1.89 1.71 1.87 1.38 1.52 1.59 1.27 1.20 1.20 1.42 1.6
EV/Sales 7.01 5.55 5.73 5.29 1.24 1.31 3.35 1.90 1.57 1.36 — 3.4
EV/FCF 20.83 17.01 18.57 20.25 4.54 3.09 11.47 22.46 10.90 8.36 — 13.7
Cash, $m
Cash, $m Operating cash flow 35 38 42 44 42 68 60 21 34 41 52 +1.9%
Capex 1 (1) (3) (8) (3) (6) (13) (4) (2) (2) (4) n/m
Free cash flow 35 37 39 36 40 63 47 16 32 39 48 +1.2%
Balance, $m
Balance, $m Working capital (359) (305) (140) (232) (305) (452) (535) (390) (321) (311) (318) (1.6%)
Net debt 141 107 215 115 (311) (388) (40) (117) (130) (189) (162) n/m
Shareholders’ equity 233 250 270 302 334 371 354 380 401 432 446 +7.1%
Returns, %
Returns, % ROA 1.05 1.09 1.26 1.21 1.19 1.29 1.22 0.74 0.70 1.00 1.15 (0.1) pt
ROIC 6.32 6.98 5.85 7.06 137.24 0.00 12.52 8.94 8.60 14.27 14.20 +7.9 pt
ROE 11.88 12.16 13.98 13.12 12.84 14.13 13.47 8.20 7.61 10.56 12.00 (1.3) pt
People
People Employees 524 533 516 520 517 512 502 537 554 578 — +1.1%
Revenue/emp, $m 0.20 0.21 0.24 0.27 0.28 0.29 0.32 0.36 0.40 0.42 — +8.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Arrow Financial Corporation vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HTB HomeTrust Bancshares, Inc. $742.9M 12.2× 11.7× −4.58% (below 0%: shrinking) −5.94% (below 0%: shrinking) +417.30% (above 0%: growing) 77.45% 0.00% Compare
WASH Washington Trust Bancorp, Inc. $737.6M 11.5× 11.4× +0.09% (above 0%: growing) +78.95% (above 0%: growing) −48.12% (below 0%: shrinking) 65.83% 0.00% Compare
PFIS Peoples Financial Services Corp. $730.2M 12.9× 11.0× +3.78% (above 0%: growing) −12.94% (below 0%: shrinking) +54.41% (above 0%: growing) 70.19% 0.00% Compare
VBNK VersaBank $724.9M 29.4× 25.8× +19.17% (above 0%: growing) +46.67% (above 0%: growing) −124.97% (below 0%: shrinking) 42.29% 0.00% Compare
AROW Arrow Financial Corporation $715.6M 12.5× 13.6× +4.55% (above 0%: growing) +1.54% (above 0%: growing) +37.22% (above 0%: growing) 71.42% 0.00%
CWBC Community West Bancshares $707.1M 14.0× 15.8× +32.57% (above 0%: growing) −75.61% (below 0%: shrinking) +65.55% (above 0%: growing) 76.29% 0.00% Compare
CBNK Capital Bancorp, Inc. $695.6M 12.5× 12.0× +8.53% (above 0%: growing) +10.13% (above 0%: growing) −18.20% (below 0%: shrinking) 77.43% 0.00% Compare
BHB Bar Harbor Bankshares, Inc. $691.9M 13.9× 11.2× +26.82% (above 0%: growing) +127.50% (above 0%: growing) +563.60% (above 0%: growing) 73.41% 0.00% Compare
RRBI Red River Bancshares, Inc. $687.9M 15.0× 14.2× +6.30% (above 0%: growing) +18.54% (above 0%: growing) +237.31% (above 0%: growing) 76.50% 0.00% Compare
Median of peers $716.0M 13.4× 11.9× +7.42% +14.34% +59.98% 74.85% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 23 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.57m 1.55m 139.22
2024 1.23m 1.23m 122.21
2022 1.74m 1.92m 127.87
2021 2.15m 2.01m 124.97

Ownership

Directors and executive officers, together 3.48%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Arrow Financial Corporation (AROW) Latest News

30 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Associated Press Finance
Impact 3 · · PR Newswire
Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · Simply Wall St.

1 Jul

Impact 4 ·

5 Jun

Impact 3 · · MarketBeat

1 Jun

Impact 4 · · PR Newswire

30 Apr

Impact 4 · · PR Newswire

26 Feb

Impact 4 · · PR NewswireBanking DiveTipRanksMT NewswiresMarketBeat

3 Feb

Impact 3 · · Simply Wall St.

29 Jan

Impact 3 · · Associated Press Finance
Impact 3 · · PR Newswire

11 Dec

Impact 3 · · Simply Wall St.

4 Dec

Impact 3 · · PR Newswire

5 Nov

Impact 3 ·

28 Oct

Impact 3 · · Simply Wall St.

23 Oct

Impact 3 · · Simply Wall St.

21 Oct

Impact 3 · · Simply Wall St.

20 Oct

Impact 3 · · Simply Wall St.

17 Oct

Impact 3 · · Simply Wall St.

16 Oct

Impact 3 · · Simply Wall St.

14 Oct

Impact 3 · · Simply Wall St.

13 Oct

Impact 3 · · Simply Wall St.

9 Oct

Impact 3 · · Simply Wall St.

19 Sep

Impact 3 · · Simply Wall St.
stockrow.com/AROW · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com