Arrow Financial (AROW) Financials

$25.21 -0.14 (-0.57%)

As of 11:33 AM Eastern

Annual Income Statements for Arrow Financial

This table shows Arrow Financial's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	49	30	30
Consolidated Net Income / (Loss)	49	30	30
Net Income / (Loss) Continuing Operations	49	30	30
Total Pre-Tax Income	63	38	37
Total Revenue	149	134	140
Net Interest Income / (Expense)	118	105	112
Total Interest Income	130	163	195
Loans and Leases Interest Income	113	142	171
Investment Securities Interest Income	14	15	14
Deposits and Money Market Investments Interest Income	3.10	5.83	9.62
Total Interest Expense	11	58	83
Deposits Interest Expense	9.83	50	79
Long-Term Debt Interest Expense	1.48	7.63	4.51
Total Non-Interest Income	31	29	28
Other Service Charges	9.05	8.94	9.93
Net Realized & Unrealized Capital Gains on Investments	0.51	-0.06	-2.70
Other Non-Interest Income	21	20	21
Provision for Credit Losses	4.80	3.38	5.18
Total Non-Interest Expense	82	93	97
Salaries and Employee Benefits	47	48	53
Net Occupancy & Equipment Expense	22	24	27
Property & Liability Insurance Claims	1.18	2.05	2.78
Other Operating Expenses	11	19	15
Income Tax Expense	14	7.45	7.65
Basic Earnings per Share	$2.86	$1.77	$1.77
Weighted Average Basic Shares Outstanding	17.01M	17.04M	16.74M
Diluted Earnings per Share	$2.86	$1.77	$1.77
Weighted Average Diluted Shares Outstanding	17.06M	17.04M	16.75M
Weighted Average Basic & Diluted Shares Outstanding	-	16.55M	16.72M

This table shows Arrow Financial's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	12	12	8.56	6.05	7.74	7.72	7.66	8.60	8.98	4.47
Consolidated Net Income / (Loss)	12	12	8.56	6.05	7.74	7.72	7.66	8.60	8.98	4.47
Net Income / (Loss) Continuing Operations	12	12	8.56	6.05	7.74	7.72	7.66	8.60	8.98	4.47
Total Pre-Tax Income	16	16	11	7.65	9.57	9.38	9.68	11	12	5.22
Total Revenue	39	38	35	33	33	33	34	35	37	34
Net Interest Income / (Expense)	31	31	28	26	25	26	26	27	28	30
Total Interest Income	34	36	36	40	42	44	47	48	49	51
Loans and Leases Interest Income	30	31	32	35	37	39	40	42	44	45
Investment Securities Interest Income	3.39	3.91	3.75	3.72	3.61	3.64	3.85	3.65	3.22	3.32
Deposits and Money Market Investments Interest Income	1.20	1.27	0.48	1.67	1.81	1.87	2.45	2.19	2.10	2.88
Total Interest Expense	3.31	5.33	8.02	14	17	19	20	21	21	21
Deposits Interest Expense	2.98	4.91	7.01	12	14	17	19	19	20	21
Long-Term Debt Interest Expense	0.33	0.42	1.01	2.59	2.36	1.67	1.30	1.40	1.40	0.42
Total Non-Interest Income	7.83	7.17	6.68	6.91	8.05	7.48	7.86	7.86	8.13	4.23
Other Service Charges	2.30	2.15	1.91	1.94	2.82	2.27	2.84	2.64	2.60	1.85
Net Realized & Unrealized Capital Gains on Investments	0.11	0.05	-0.10	-0.18	0.09	0.13	0.02	0.06	0.22	-3.00
Other Non-Interest Income	5.41	4.97	4.87	5.15	5.14	5.09	5.00	5.16	5.31	5.38
Provision for Credit Losses	1.72	1.41	1.55	0.95	0.35	0.53	0.62	0.78	0.93	2.85
Total Non-Interest Expense	21	21	22	24	23	23	24	23	24	26
Salaries and Employee Benefits	12	12	12	12	12	12	13	13	13	13
Net Occupancy & Equipment Expense	5.57	5.80	6.05	5.95	5.89	6.28	6.59	6.51	6.45	6.99
Property & Liability Insurance Claims	0.30	0.28	0.48	0.48	0.52	0.57	0.72	0.70	0.70	0.66
Other Operating Expenses	3.16	3.11	3.83	5.62	5.09	4.64	3.81	3.08	3.51	4.85
Income Tax Expense	3.40	3.46	2.36	1.60	1.83	1.66	2.02	2.31	2.56	0.75
Basic Earnings per Share	$0.72	$0.66	$0.50	$0.35	$0.46	$0.46	$0.45	$0.52	$0.54	$0.26
Weighted Average Basic Shares Outstanding	17.01M	17.01M	17.05M	17.05M	17.05M	17.04M	16.87M	16.69M	16.71M	16.74M
Diluted Earnings per Share	$0.72	$0.66	$0.50	$0.35	$0.46	$0.46	$0.45	$0.52	$0.53	$0.27
Weighted Average Diluted Shares Outstanding	17.05M	17.06M	17.06M	17.05M	17.05M	17.04M	16.87M	16.71M	16.74M	16.75M
Weighted Average Basic & Diluted Shares Outstanding	16.53M	0.00	-	16.55M	17.06M	16.55M	16.70M	16.73M	16.74M	16.72M

This table details how cash moves in and out of Arrow Financial's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-393	78	12
Net Cash From Operating Activities	60	21	34
Net Cash From Continuing Operating Activities	60	21	34
Net Income / (Loss) Continuing Operations	49	30	30
Consolidated Net Income / (Loss)	49	30	30
Provision For Loan Losses	4.80	3.38	5.18
Depreciation Expense	7.55	6.72	5.36
Non-Cash Adjustments to Reconcile Net Income	-0.06	-0.13	11
Changes in Operating Assets and Liabilities, net	-1.37	-19	-16
Net Cash From Investing Activities	-393	-83	-89
Net Cash From Continuing Investing Activities	-393	-83	-89
Purchase of Property, Leasehold Improvements and Equipment	-14	-7.08	-5.60
Purchase of Investment Securities	-516	-311	-345
Sale of Property, Leasehold Improvements and Equipment	1.48	2.71	3.33
Divestitures	0.00	-	32
Sale and/or Maturity of Investments	136	232	225
Other Investing Activities, net	-0.68	1.02	0.70
Net Cash From Financing Activities	-60	140	66
Net Cash From Continuing Financing Activities	-60	140	66
Net Change in Deposits	-52	189	103
Issuance of Debt	27	257	102
Issuance of Common Equity	1.90	0.47	0.00
Repayment of Debt	-17	-285	-120
Repurchase of Common Equity	-2.87	-3.61	-6.79
Payment of Dividends	-17	-18	-18
Other Financing Activities, Net	1.11	0.16	6.84
Cash Interest Paid	5.75	52	84
Cash Income Taxes Paid	13	6.64	8.85

This table details how cash moves in and out of Arrow Financial's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	156	-309	139	-30	121	-152	140	-82	140	-186
Net Cash From Operating Activities	18	12	13	12	11	-16	10	9.08	9.42	5.63
Net Cash From Continuing Operating Activities	18	12	13	12	11	-16	10	9.08	9.42	5.63
Net Income / (Loss) Continuing Operations	12	12	8.56	6.05	7.74	7.72	7.66	8.60	8.98	4.47
Consolidated Net Income / (Loss)	12	12	8.56	6.05	7.74	7.72	7.66	8.60	8.98	4.47
Provision For Loan Losses	1.72	1.41	1.55	0.95	0.35	0.53	0.62	0.78	0.93	2.85
Depreciation Expense	2.01	1.70	1.74	1.69	1.53	1.76	1.39	1.25	1.36	1.35
Non-Cash Adjustments to Reconcile Net Income	-0.37	-0.61	1.14	-0.74	0.19	-0.73	-0.19	-0.35	6.18	4.98
Changes in Operating Assets and Liabilities, net	2.01	-3.08	0.23	4.53	1.38	-26	0.86	-1.20	-8.04	-8.03
Net Cash From Investing Activities	-107	-50	-5.74	-23	-52	-1.83	-38	6.16	33	-90
Net Cash From Continuing Investing Activities	-107	-50	-5.74	-23	-52	-1.83	-38	6.16	33	-90
Purchase of Property, Leasehold Improvements and Equipment	-4.83	-3.34	-2.64	-2.43	-1.41	-0.61	-1.16	-1.56	-1.37	-1.51
Purchase of Investment Securities	-126	-96	-25	-67	-76	-144	-52	-59	-29	-205
Sale of Property, Leasehold Improvements and Equipment	0.20	0.42	0.79	0.52	0.67	0.73	0.64	1.59	0.48	0.62
Sale and/or Maturity of Investments	24	50	25	41	24	142	14	65	30	116
Other Investing Activities, net	-0.00	-1.34	-3.96	5.10	-0.18	0.06	0.84	-0.07	-0.08	-0.00
Net Cash From Financing Activities	246	-271	131	-20	162	-134	167	-98	98	-101
Net Cash From Continuing Financing Activities	246	-271	131	-20	162	-134	167	-98	98	-101
Net Change in Deposits	249	-297	48	-44	164	21	91	-95	116	-9.53
Repayment of Debt	-0.01	2.79	-20	-113	-4.04	-148	0.00	-20	-5.02	-95
Repurchase of Common Equity	-0.11	-0.15	-0.85	-	-	-2.76	-5.96	-0.51	-0.05	-0.27
Payment of Dividends	-4.33	-4.46	-4.46	-4.47	-4.47	-4.58	-4.57	-4.51	-4.53	-4.68
Other Financing Activities, Net	0.16	0.38	0.19	-0.01	0.03	-0.04	6.34	2.92	-11	8.45
Cash Interest Paid	3.21	-0.16	7.20	12	13	20	19	19	23	24
Cash Income Taxes Paid	3.00	4.10	1.07	2.20	2.55	0.83	0.95	2.60	2.00	3.30

This table presents Arrow Financial's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	3,970	4,170	4,306
Cash and Due from Banks	32	37	27
Interest Bearing Deposits at Other Banks	33	106	127
Trading Account Securities	751	631	566
Loans and Leases, Net of Allowance	-30	-31	-34
Allowance for Loan and Lease Losses	30	31	34
Premises and Equipment, Net	56	60	60
Goodwill	22	22	24
Intangible Assets	1.50	1.11	2.06
Other Assets	3,104	3,345	3,533
Total Liabilities & Shareholders' Equity	3,970	4,170	4,306
Total Liabilities	3,616	3,790	3,905
Non-Interest Bearing Deposits	837	758	703
Interest Bearing Deposits	2,661	2,929	3,125
Long-Term Debt	75	47	29
Other Long-Term Liabilities	43	56	49
Total Equity & Noncontrolling Interests	354	380	401
Total Preferred & Common Equity	354	380	401
Preferred Stock	0.00	0.00	0.00
Total Common Equity	354	380	401
Common Stock	422	435	436
Retained Earnings	65	66	77
Treasury Stock	-84	-87	-93
Accumulated Other Comprehensive Income / (Loss)	-50	-33	-18

This table presents Arrow Financial's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	4,233	4,115	4,104	4,273	4,334	4,244	4,411
Cash and Due from Banks	45	25	34	40	27	30	54
Interest Bearing Deposits at Other Banks	329	178	140	255	255	170	286
Trading Account Securities	759	735	689	662	616	552	545
Loans and Leases, Net of Allowance	-29	-31	-31	-31	-32	-31	-31
Allowance for Loan and Lease Losses	29	31	31	31	32	31	31
Premises and Equipment, Net	54	58	60	60	59	59	60
Goodwill	22	22	22	22	22	22	24
Intangible Assets	1.60	1.40	1.30	1.21	1.02	0.93	2.19
Other Assets	3,052	3,125	3,189	3,264	3,385	3,441	3,471
Total Liabilities & Shareholders' Equity	4,233	4,115	4,104	4,273	4,334	4,244	4,411
Total Liabilities	3,887	3,751	3,742	3,913	3,956	3,861	4,018
Non-Interest Bearing Deposits	910	789	759	798	697	705	740
Interest Bearing Deposits	2,885	2,758	2,743	2,868	3,083	2,979	3,097
Long-Term Debt	45	163	192	194	127	127	124
Other Long-Term Liabilities	47	42	48	52	50	51	57
Total Equity & Noncontrolling Interests	346	363	361	360	378	383	393
Total Preferred & Common Equity	346	363	361	360	378	383	393
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	346	363	361	360	378	383	393
Common Stock	421	422	422	434	435	435	435
Retained Earnings	58	69	71	63	69	73	77
Treasury Stock	-84	-85	-85	-85	-93	-93	-93
Accumulated Other Comprehensive Income / (Loss)	-49	-44	-48	-53	-33	-32	-26

This table displays calculated financial ratios and metrics derived from Arrow Financial's official financial filings.

Metric	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	4.57%	-10.25%	4.37%
EBITDA Growth	-2.45%	-37.22%	-3.43%
EBIT Growth	-2.32%	-40.36%	-0.43%
NOPAT Growth	-2.12%	-38.37%	-1.22%
Net Income Growth	-2.12%	-38.37%	-1.22%
EPS Growth	-2.05%	-38.11%	0.00%
Operating Cash Flow Growth	-12.45%	-65.54%	67.49%
Free Cash Flow Firm Growth	333.64%	-43.26%	-17.61%
Invested Capital Growth	-1.80%	-0.48%	0.76%
Revenue Q/Q Growth	2.02%	-3.35%	0.59%
EBITDA Q/Q Growth	2.83%	-12.13%	-9.65%
EBIT Q/Q Growth	3.57%	-14.10%	-10.02%
NOPAT Q/Q Growth	3.78%	-12.67%	-9.87%
Net Income Q/Q Growth	3.78%	-12.67%	-9.87%
EPS Q/Q Growth	6.72%	-10.15%	-9.69%
Operating Cash Flow Q/Q Growth	-1.63%	-57.48%	175.20%
Free Cash Flow Firm Q/Q Growth	-30.62%	124.85%	-62.37%
Invested Capital Q/Q Growth	9.68%	-23.10%	-16.91%
Profitability Metrics	-	-	-
EBITDA Margin	47.21%	33.03%	30.56%
EBIT Margin	42.16%	28.01%	26.72%
Profit (Net Income) Margin	32.70%	22.45%	21.25%
Tax Burden Percent	77.57%	80.16%	79.53%
Interest Burden Percent	100.00%	100.00%	100.00%
Effective Tax Rate	22.43%	19.84%	20.47%
Return on Invested Capital (ROIC)	11.29%	7.04%	6.94%
ROIC Less NNEP Spread (ROIC-NNEP)	11.29%	7.04%	6.94%
Return on Net Nonoperating Assets (RNNOA)	2.18%	1.16%	0.67%
Return on Equity (ROE)	13.47%	8.20%	7.61%
Cash Return on Invested Capital (CROIC)	13.10%	7.52%	6.19%
Operating Return on Assets (OROA)	1.57%	0.92%	0.88%
Return on Assets (ROA)	1.22%	0.74%	0.70%
Return on Common Equity (ROCE)	13.47%	8.20%	7.61%
Return on Equity Simple (ROE_SIMPLE)	13.80%	7.92%	7.41%
Net Operating Profit after Tax (NOPAT)	49	30	30
NOPAT Margin	32.70%	22.45%	21.25%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	46.45%	53.62%	56.68%
Operating Expenses to Revenue	54.63%	69.47%	69.57%
Earnings before Interest and Taxes (EBIT)	63	38	37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	70	44	43
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.39	1.19	1.19
Price to Tangible Book Value (P/TBV)	1.49	1.27	1.27
Price to Revenue (P/Rev)	3.29	3.38	3.40
Price to Earnings (P/E)	10.07	15.04	16.01
Dividend Yield	3.63%	4.07%	4.79%
Earnings Yield	9.94%	6.65%	6.25%
Enterprise Value to Invested Capital (EV/IC)	1.17	0.84	0.81
Enterprise Value to Revenue (EV/Rev)	3.36	2.66	2.50
Enterprise Value to EBITDA (EV/EBITDA)	7.11	8.05	8.18
Enterprise Value to EBIT (EV/EBIT)	7.97	9.49	9.36
Enterprise Value to NOPAT (EV/NOPAT)	10.27	11.84	11.77
Enterprise Value to Operating Cash Flow (EV/OCF)	8.40	17.31	10.14
Enterprise Value to Free Cash Flow (EV/FCFF)	8.85	11.08	13.20
Leverage & Solvency	-	-	-
Debt to Equity	0.21	0.12	0.07
Long-Term Debt to Equity	0.21	0.12	0.07
Financial Leverage	0.19	0.17	0.10
Leverage Ratio	11.04	11.10	10.86
Compound Leverage Factor	11.04	11.10	10.86
Debt to Total Capital	17.46%	10.91%	6.66%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	17.46%	10.91%	6.66%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	82.54%	89.09%	93.34%
Debt to EBITDA	1.06	1.05	0.67
Net Debt to EBITDA	0.14	-2.17	-2.95
Long-Term Debt to EBITDA	1.06	1.05	0.67
Debt to NOPAT	1.53	1.55	0.96
Net Debt to NOPAT	0.21	-3.19	-4.24
Long-Term Debt to NOPAT	1.53	1.55	0.96
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	57	32	26
Operating Cash Flow to CapEx	467.42%	470.51%	1,517.79%
Free Cash Flow to Firm to Interest Expense	5.01	0.56	0.32
Operating Cash Flow to Interest Expense	5.28	0.36	0.41
Operating Cash Flow Less CapEx to Interest Expense	4.15	0.28	0.39
Efficiency Ratios	-	-	-
Asset Turnover	0.04	0.03	0.03
Fixed Asset Turnover	2.91	2.31	2.34
Capital & Investment Metrics	-	-	-
Invested Capital	428	426	430
Invested Capital Turnover	0.35	0.31	0.33
Increase / (Decrease) in Invested Capital	-7.85	-2.07	3.23
Enterprise Value (EV)	501	356	350
Market Capitalization	491	452	476
Book Value per Share	$21.39	$22.27	$23.95
Tangible Book Value per Share	$19.98	$20.92	$22.41
Total Capital	428	426	430
Total Debt	75	47	29
Total Long-Term Debt	75	47	29
Net Debt	10	-96	-126
Capital Expenditures (CapEx)	13	4.37	2.27
Net Nonoperating Expense (NNE)	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	75	47	29
Total Depreciation and Amortization (D&A)	7.55	6.72	5.36
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$2.95	$1.77	$1.77
Adjusted Weighted Average Basic Shares Outstanding	16.51M	17.04M	16.74M
Adjusted Diluted Earnings per Share	$2.95	$1.77	$1.77
Adjusted Weighted Average Diluted Shares Outstanding	16.56M	17.04M	16.75M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	16.55M	16.72M
Normalized Net Operating Profit after Tax (NOPAT)	49	30	30
Normalized NOPAT Margin	32.70%	22.45%	21.25%
Pre Tax Income Margin	42.16%	28.01%	26.72%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	5.56	0.65	0.45
NOPAT to Interest Expense	4.32	0.52	0.36
EBIT Less CapEx to Interest Expense	4.43	0.57	0.42
NOPAT Less CapEx to Interest Expense	3.19	0.45	0.33
Payout Ratios	-	-	-
Dividend Payout Ratio	35.75%	59.79%	61.55%
Augmented Payout Ratio	41.63%	71.79%	84.41%

This table displays calculated financial ratios and metrics derived from Arrow Financial's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.59%	8.49%	-3.38%	-11.16%	-13.75%	-12.31%	-1.32%	7.13%	9.48%	2.47%
EBITDA Growth	-6.28%	12.68%	-30.51%	-46.38%	-36.84%	-35.42%	-12.49%	30.23%	16.23%	-40.97%
EBIT Growth	-7.41%	16.23%	-32.89%	-50.77%	-38.52%	-39.64%	-11.33%	42.74%	20.55%	-44.34%
NOPAT Growth	-6.36%	17.25%	-31.91%	-49.50%	-36.34%	-36.10%	-10.53%	42.29%	15.91%	-42.12%
Net Income Growth	-6.36%	17.25%	-31.91%	-49.50%	-36.34%	-36.10%	-10.53%	42.29%	15.91%	-42.12%
EPS Growth	-7.69%	37.50%	-34.21%	-51.39%	-36.11%	-30.30%	-10.00%	48.57%	15.22%	-41.30%
Operating Cash Flow Growth	12.21%	-7.93%	-21.16%	-10.32%	-36.09%	-241.87%	-21.72%	-27.25%	-15.93%	134.47%
Free Cash Flow Firm Growth	383.16%	175.27%	-750.13%	-419.01%	-433.49%	-50.90%	125.44%	130.66%	129.73%	-87.32%
Invested Capital Growth	-8.14%	-1.80%	30.81%	46.94%	41.93%	-0.48%	-4.12%	-7.90%	-6.75%	0.76%
Revenue Q/Q Growth	5.29%	-2.54%	-7.88%	-6.02%	2.22%	-0.92%	3.67%	2.03%	4.46%	-7.27%
EBITDA Q/Q Growth	0.88%	-1.87%	-26.60%	-26.21%	18.83%	0.34%	-0.54%	9.81%	6.05%	-49.04%
EBIT Q/Q Growth	0.21%	-0.14%	-29.74%	-29.98%	25.15%	-1.96%	3.22%	12.71%	5.70%	-54.74%
NOPAT Q/Q Growth	1.58%	-0.62%	-29.16%	-29.37%	28.05%	-0.26%	-0.82%	12.32%	4.31%	-50.20%
Net Income Q/Q Growth	1.58%	-0.62%	-29.16%	-29.37%	28.05%	-0.26%	-0.82%	12.32%	4.31%	-50.20%
EPS Q/Q Growth	0.00%	-8.33%	-24.24%	-30.00%	31.43%	0.00%	-2.17%	15.56%	1.92%	-49.06%
Operating Cash Flow Q/Q Growth	25.95%	-34.37%	14.93%	-5.61%	-10.25%	-245.71%	163.42%	-12.27%	3.71%	-40.26%
Free Cash Flow Firm Q/Q Growth	-12.57%	-57.39%	-678.71%	-47.96%	8.60%	106.27%	199.78%	78.32%	-11.37%	-97.32%
Invested Capital Q/Q Growth	3.73%	9.68%	22.84%	5.15%	0.19%	-23.10%	18.35%	1.00%	1.45%	-16.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	45.38%	45.69%	36.41%	28.59%	33.23%	33.65%	32.29%	34.75%	35.28%	19.39%
EBIT Margin	40.19%	41.18%	31.41%	23.40%	28.65%	28.35%	28.22%	31.18%	31.55%	15.40%
Profit (Net Income) Margin	31.41%	32.02%	24.62%	18.50%	23.18%	23.33%	22.32%	24.58%	24.54%	13.18%
Tax Burden Percent	78.14%	77.76%	78.40%	79.08%	80.91%	82.32%	79.10%	78.83%	77.79%	85.60%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	21.86%	22.24%	21.60%	20.92%	19.09%	17.68%	20.90%	21.17%	22.21%	14.40%
Return on Invested Capital (ROIC)	11.26%	11.06%	7.85%	5.73%	6.80%	7.31%	5.78%	6.28%	6.37%	4.31%
ROIC Less NNEP Spread (ROIC-NNEP)	11.26%	11.06%	7.85%	5.73%	6.80%	7.31%	5.78%	6.28%	6.37%	4.31%
Return on Net Nonoperating Assets (RNNOA)	1.76%	2.13%	2.26%	1.69%	2.31%	1.21%	2.26%	2.69%	2.69%	0.41%
Return on Equity (ROE)	13.02%	13.19%	10.12%	7.42%	9.11%	8.52%	8.04%	8.97%	9.06%	4.72%
Cash Return on Invested Capital (CROIC)	20.02%	13.10%	-17.05%	-29.66%	-27.37%	7.52%	9.87%	14.20%	13.14%	6.19%
Operating Return on Assets (OROA)	1.42%	1.54%	1.12%	0.83%	0.93%	0.93%	0.89%	1.01%	1.01%	0.51%
Return on Assets (ROA)	1.11%	1.20%	0.88%	0.66%	0.76%	0.77%	0.71%	0.80%	0.79%	0.43%
Return on Common Equity (ROCE)	13.02%	13.19%	10.12%	7.42%	9.11%	8.52%	8.04%	8.97%	9.06%	4.72%
Return on Equity Simple (ROE_SIMPLE)	13.61%	0.00%	12.33%	10.75%	9.57%	0.00%	7.72%	8.28%	8.38%	0.00%
Net Operating Profit after Tax (NOPAT)	12	12	8.56	6.05	7.74	7.72	7.66	8.60	8.98	4.47
NOPAT Margin	31.41%	32.02%	24.62%	18.50%	23.18%	23.33%	22.32%	24.58%	24.54%	13.18%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	46.47%	46.10%	51.74%	55.03%	53.52%	54.32%	56.78%	55.83%	54.39%	59.92%
Operating Expenses to Revenue	55.38%	55.09%	64.12%	73.70%	70.29%	70.07%	69.98%	66.61%	65.90%	76.19%
Earnings before Interest and Taxes (EBIT)	16	16	11	7.65	9.57	9.38	9.68	11	12	5.22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	18	17	13	9.34	11	11	11	12	13	6.58
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.16	1.39	1.00	0.83	0.73	1.19	1.05	1.10	1.20	1.19
Price to Tangible Book Value (P/TBV)	1.25	1.49	1.07	0.88	0.78	1.27	1.12	1.17	1.28	1.27
Price to Revenue (P/Rev)	2.75	3.29	2.46	2.08	1.91	3.38	2.98	3.11	3.38	3.40
Price to Earnings (P/E)	8.54	10.07	8.13	7.69	7.68	15.04	13.62	13.30	14.26	16.01
Dividend Yield	0.00%	3.63%	4.90%	5.97%	0.00%	4.07%	5.62%	5.34%	4.81%	4.79%
Earnings Yield	11.70%	9.94%	12.30%	13.00%	13.02%	6.65%	7.34%	7.52%	7.01%	6.25%
Enterprise Value to Invested Capital (EV/IC)	0.19	1.17	0.61	0.57	0.30	0.84	0.48	0.68	0.49	0.81
Enterprise Value to Revenue (EV/Rev)	0.50	3.36	2.19	2.20	1.18	2.66	1.81	2.57	1.82	2.50
Enterprise Value to EBITDA (EV/EBITDA)	1.07	7.11	4.98	5.58	3.26	8.05	5.66	7.66	5.36	8.18
Enterprise Value to EBIT (EV/EBIT)	1.21	7.97	5.62	6.38	3.76	9.49	6.66	8.81	6.11	9.36
Enterprise Value to NOPAT (EV/NOPAT)	1.56	10.27	7.22	8.16	4.76	11.84	8.28	10.98	7.69	11.77
Enterprise Value to Operating Cash Flow (EV/OCF)	1.21	8.40	5.76	5.79	3.39	17.31	13.64	24.35	20.24	10.14
Enterprise Value to Free Cash Flow (EV/FCFF)	0.90	8.85	0.00	0.00	0.00	11.08	4.75	4.62	3.60	13.20
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.13	0.21	0.45	0.53	0.54	0.12	0.33	0.33	0.31	0.07
Long-Term Debt to Equity	0.13	0.21	0.45	0.53	0.54	0.12	0.33	0.33	0.31	0.07
Financial Leverage	0.16	0.19	0.29	0.30	0.34	0.17	0.39	0.43	0.42	0.10
Leverage Ratio	11.77	11.04	11.48	11.28	12.06	11.10	11.40	11.21	11.53	10.86
Compound Leverage Factor	11.77	11.04	11.48	11.28	12.06	11.10	11.40	11.21	11.53	10.86
Debt to Total Capital	11.52%	17.46%	30.94%	34.67%	35.05%	10.91%	25.08%	24.83%	23.91%	6.66%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	11.52%	17.46%	30.94%	34.67%	35.05%	10.91%	25.08%	24.83%	23.91%	6.66%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	88.48%	82.54%	69.06%	65.33%	64.95%	89.09%	74.93%	75.17%	76.09%	93.34%
Debt to EBITDA	0.66	1.06	2.51	3.38	3.86	1.05	2.97	2.78	2.61	0.67
Net Debt to EBITDA	-4.79	0.14	-0.63	0.32	-2.00	-2.17	-3.66	-1.62	-4.58	-2.95
Long-Term Debt to EBITDA	0.66	1.06	2.51	3.38	3.86	1.05	2.97	2.78	2.61	0.67
Debt to NOPAT	0.96	1.53	3.64	4.94	5.64	1.55	4.34	3.99	3.75	0.96
Net Debt to NOPAT	-6.98	0.21	-0.91	0.47	-2.92	-3.19	-5.35	-2.32	-6.57	-4.24
Long-Term Debt to NOPAT	0.96	1.53	3.64	4.94	5.64	1.55	4.34	3.99	3.75	0.96
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	47	20	-115	-171	-156	9.79	29	52	46	1.24
Operating Cash Flow to CapEx	377.80%	394.34%	714.59%	653.69%	1,519.67%	0.00%	1,997.88%	0.00%	1,061.56%	628.49%
Free Cash Flow to Firm to Interest Expense	14.15	3.74	-14.39	-11.99	-9.31	0.52	1.45	2.51	2.21	0.06
Operating Cash Flow to Interest Expense	5.30	2.16	1.65	0.88	0.67	-0.87	0.51	0.44	0.45	0.27
Operating Cash Flow Less CapEx to Interest Expense	3.90	1.61	1.42	0.74	0.62	-0.87	0.49	0.44	0.41	0.22
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.04	0.03	0.03	0.03	0.03	0.03	0.03
Fixed Asset Turnover	2.98	2.91	2.77	2.62	2.42	2.31	2.27	2.28	2.31	2.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	391	428	526	553	554	426	504	510	517	430
Invested Capital Turnover	0.36	0.35	0.32	0.31	0.29	0.31	0.26	0.26	0.26	0.33
Increase / (Decrease) in Invested Capital	-35	-7.85	124	177	164	-2.07	-22	-44	-37	3.23
Enterprise Value (EV)	73	501	324	317	164	356	241	348	254	350
Market Capitalization	402	491	364	299	264	452	397	422	470	476
Book Value per Share	$21.56	$21.39	$21.98	$21.87	$21.75	$22.27	$22.83	$22.94	$23.51	$23.95
Tangible Book Value per Share	$20.10	$19.98	$20.58	$20.47	$20.35	$20.92	$21.45	$21.57	$21.95	$22.41
Total Capital	391	428	526	553	554	426	504	510	517	430
Total Debt	45	75	163	192	194	47	127	127	124	29
Total Long-Term Debt	45	75	163	192	194	47	127	127	124	29
Net Debt	-328	10	-41	18	-100	-96	-156	-74	-216	-126
Capital Expenditures (CapEx)	4.64	2.92	1.85	1.91	0.74	-0.12	0.52	-0.03	0.89	0.90
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	45	75	163	192	194	47	127	127	124	29
Total Depreciation and Amortization (D&A)	2.01	1.70	1.74	1.69	1.53	1.76	1.39	1.25	1.36	1.35
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.74	$0.66	$0.52	$0.36	$0.46	$0.46	$0.45	$0.52	$0.54	$0.26
Adjusted Weighted Average Basic Shares Outstanding	16.51M	17.01M	16.55M	16.55M	17.05M	17.04M	16.87M	16.69M	16.71M	16.74M
Adjusted Diluted Earnings per Share	$0.74	$0.66	$0.52	$0.36	$0.46	$0.46	$0.45	$0.52	$0.53	$0.27
Adjusted Weighted Average Diluted Shares Outstanding	16.56M	17.06M	16.56M	16.55M	17.05M	17.04M	16.87M	16.71M	16.74M	16.75M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	16.53M	0.00	0.00	16.55M	17.06M	16.55M	16.70M	16.73M	16.74M	16.72M
Normalized Net Operating Profit after Tax (NOPAT)	12	12	8.56	6.05	7.74	7.72	7.66	8.60	8.98	4.47
Normalized NOPAT Margin	31.41%	32.02%	24.62%	18.50%	23.18%	23.33%	22.32%	24.58%	24.54%	13.18%
Pre Tax Income Margin	40.19%	41.18%	31.41%	23.40%	28.65%	28.35%	28.22%	31.18%	31.55%	15.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.71	2.92	1.36	0.54	0.57	0.50	0.48	0.52	0.55	0.25
NOPAT to Interest Expense	3.68	2.27	1.07	0.42	0.46	0.41	0.38	0.41	0.43	0.21
EBIT Less CapEx to Interest Expense	3.30	2.37	1.13	0.40	0.53	0.51	0.45	0.53	0.51	0.20
NOPAT Less CapEx to Interest Expense	2.28	1.72	0.84	0.29	0.42	0.42	0.35	0.41	0.39	0.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	36.47%	35.75%	39.26%	45.63%	51.89%	59.79%	61.99%	57.12%	55.15%	61.55%
Augmented Payout Ratio	42.32%	41.63%	42.89%	48.48%	54.79%	71.79%	91.88%	86.21%	83.32%	84.41%

Frequently Asked Questions About Arrow Financial's Financials

When does Arrow Financial's financial year end?

According to the most recent income statement we have on file, Arrow Financial's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Arrow Financial's net income changed over the last 2 years?

Arrow Financial's net income appears to be on a downward trend, with a most recent value of $29.71 million in 2024, falling from $48.80 million in 2022. The previous period was $30.08 million in 2023. Check out Arrow Financial's forecast to explore projected trends and price targets.

How has Arrow Financial revenue changed over the last 2 years?

Over the last 2 years, Arrow Financial's total revenue changed from $149.24 million in 2022 to $139.81 million in 2024, a change of -6.3%.

How much debt does Arrow Financial have?

Arrow Financial's total liabilities were at $3.91 billion at the end of 2024, a 3.0% increase from 2023, and a 8.0% increase since 2022.

How much cash does Arrow Financial have?

In the past 2 years, Arrow Financial's cash and equivalents has ranged from $27.42 million in 2024 to $36.76 million in 2023, and is currently $27.42 million as of their latest financial filing in 2024.

How has Arrow Financial's book value per share changed over the last 2 years?

Over the last 2 years, Arrow Financial's book value per share changed from 21.39 in 2022 to 23.95 in 2024, a change of 12.0%.

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This page (NASDAQ:AROW) was last updated on 5/5/2025 by MarketBeat.com Staff

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Arrow Financial (AROW) Financials

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Arrow Financial (AROW) Financials

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