Arrow Financial (AROW) Financials

$25.95 +0.09 (+0.35%)

Closing price 04:00 PM Eastern

Extended Trading

$25.96 +0.00 (+0.02%)

As of 04:06 PM 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	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	30	30	49
Consolidated Net Income / (Loss)	30	30	49
Net Income / (Loss) Continuing Operations	30	30	49
Total Pre-Tax Income	37	38	63
Total Revenue	140	134	149
Net Interest Income / (Expense)	112	105	118
Total Interest Income	195	163	130
Loans and Leases Interest Income	171	142	113
Investment Securities Interest Income	14	15	14
Deposits and Money Market Investments Interest Income	9.62	5.83	3.10
Total Interest Expense	83	58	11
Deposits Interest Expense	79	50	9.83
Long-Term Debt Interest Expense	4.51	7.63	1.48
Total Non-Interest Income	28	29	31
Other Service Charges	9.93	8.94	9.05
Net Realized & Unrealized Capital Gains on Investments	-2.70	-0.06	0.51
Other Non-Interest Income	21	20	21
Provision for Credit Losses	5.18	3.38	4.80
Total Non-Interest Expense	97	93	82
Salaries and Employee Benefits	53	48	47
Net Occupancy & Equipment Expense	27	24	22
Property & Liability Insurance Claims	2.78	2.05	1.18
Other Operating Expenses	15	19	11
Income Tax Expense	7.65	7.45	14
Basic Earnings per Share	$1.77	$1.77	$2.86
Weighted Average Basic Shares Outstanding	16.74M	17.04M	17.01M
Diluted Earnings per Share	$1.77	$1.77	$2.86
Weighted Average Diluted Shares Outstanding	16.75M	17.04M	17.06M
Weighted Average Basic & Diluted Shares Outstanding	16.72M	16.55M	-

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About Arrow Financial's Financials

When does Arrow Financial's fiscal year end?

According to the most recent income statement we have on file, Arrow Financial's financial year ends in December. Their financial 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 5/29/2025 by MarketBeat.com Staff

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Arrow Financial (AROW) Financials

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Arrow Financial (AROW) Financials

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