Arrow Financial Corporation (AROW) Key Metrics
AROW valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $682.6M
- Enterprise value
- $824.4M
- P/E (TTM)
- 11.9 10-yr median 13.8
- Forward P/E
- 13.0
- PEG ratio
- 2.84
- Price / sales
- 4.0 10-yr median 3.6
- Price / book
- 1.6 10-yr median 1.5
- EV / EBITDA
- — 10-yr median 9.7
- Dividend yield
- 3.26% $1.20 a year
- Beta
- 0.73
AROW key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAROW valuation Price multiples at each fiscal year-end price.
AROW returns How much profit the business earns on the capital it uses.
AROW per-share figures Results divided by the shares outstanding at year-end.
AROW financial health Debt, liquidity and how easily interest is covered.
AROW efficiency & capital use Working capital cycle and where the cash goes.
AROW valuation history
AROW returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AROW debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AROW cash returned to shareholders
AROW price vs earnings per share
AROW key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $518.5M | $480.7M | $476.0M | $544.9M | $566.3M | $463.0M | $566.3M | $450.4M | $461.0M | $529.9M |
| Enterprise value | $518.6M | −$103.3M | −$92.7M | −$13.4M | −$380.6M | −$195.6M | $505.1M | $636.3M | $437.9M | $482.4M |
| P/E ratio | 11.8 | 16.2 | 15.8 | 11.2 | 11.4 | 11.3 | 15.1 | 12.4 | 15.7 | 20.0 |
| Price / sales | 2.1 | 2.2 | 2.5 | 3.7 | 3.8 | 3.2 | 4.1 | 3.6 | 4.1 | 5.1 |
| Price / book | 1.2 | 1.2 | 1.3 | 1.5 | 1.5 | 1.4 | 1.9 | 1.7 | 1.8 | 2.3 |
| Price / free cash flow | 14.3 | 16.7 | 10.5 | 12.0 | 9.3 | 12.5 | 15.7 | 12.2 | 13.1 | 15.9 |
| Price / operating cash flow | 12.6 | 13.9 | 8.0 | 9.1 | 8.3 | 10.9 | 12.9 | 10.7 | 12.2 | 15.3 |
| EV / sales | 2.1 | -0.5 | -0.5 | -0.1 | -2.6 | -1.4 | 3.7 | 5.1 | 3.9 | 4.6 |
| EV / EBITDA | 8.5 | — | — | — | — | — | 9.6 | 12.7 | 9.7 | 11.0 |
| EV / free cash flow | 14.3 | — | — | — | — | — | 14.0 | 17.3 | 12.4 | 14.5 |
| Earnings yield | 8.5% | 6.2% | 6.3% | 9.0% | 8.8% | 8.8% | 6.6% | 8.1% | 6.4% | 5.0% |
| Free cash flow yield | 7.0% | 6.0% | 9.6% | 8.3% | 10.8% | 8.0% | 6.4% | 8.2% | 7.6% | 6.3% |
| Dividend yield | 3.6% | 3.8% | 3.7% | 3.2% | 2.9% | 3.4% | 2.7% | 3.2% | 2.9% | 2.5% |
| Shareholder yield (dividends + buybacks) | 5.6% | 5.2% | 4.3% | 3.7% | 3.3% | 3.7% | 3.1% | 3.7% | 3.7% | 2.9% |
| Share price at fiscal year-end | $31.40 | $28.71 | $27.94 | $32.91 | $33.21 | $27.37 | $33.58 | $27.62 | $28.43 | $32.93 |
| Per share | ||||||||||
| Revenue per share | $14.69 | $13.32 | $11.25 | $9.01 | $8.67 | $8.55 | $8.20 | $7.69 | $6.93 | $6.51 |
| Earnings per share | $2.66 | $1.77 | $1.77 | $2.95 | $2.92 | $2.41 | $2.22 | $2.22 | $1.81 | $1.65 |
| Operating cash flow per share | $2.50 | $2.06 | $3.50 | $3.61 | $4.00 | $2.50 | $2.61 | $2.57 | $2.33 | $2.16 |
| Free cash flow per share | $2.19 | $1.72 | $2.67 | $2.75 | $3.58 | $2.20 | $2.14 | $2.26 | $2.17 | $2.07 |
| Cash per share | $1.76 | $36.89 | $37.58 | $38.55 | $59.64 | $44.12 | $25.35 | $24.64 | $23.01 | $25.13 |
| Book value per share | $26.15 | $23.94 | $22.29 | $21.36 | $21.77 | $19.77 | $17.89 | $16.53 | $15.39 | $14.47 |
| Tangible book value per share | $24.60 | $22.40 | $20.94 | $19.94 | $20.37 | $18.36 | $16.50 | $15.08 | $13.90 | $12.94 |
| Dividends per share | $1.14 | $1.09 | $1.02 | $1.05 | $0.96 | $0.93 | $0.90 | $0.88 | $0.84 | $0.81 |
| Capex per share | $0.31 | $0.33 | $0.84 | $0.86 | $0.42 | $0.30 | $0.46 | $0.31 | $0.16 | $0.09 |
| Debt per share | $1.77 | $2.01 | $4.20 | $4.83 | $4.12 | $5.19 | $21.73 | $36.04 | $21.58 | $22.18 |
| Shares outstanding | 16.5M | 16.7M | 17.0M | 16.6M | 17.1M | 16.9M | 16.9M | 16.3M | 16.2M | 16.1M |
| Change in shares outstanding | −1.4% | −1.7% | +2.9% | −2.9% | +0.8% | +0.3% | +3.4% | +0.6% | +0.8% | +1.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.6% | 7.6% | 8.2% | 13.5% | 14.1% | 12.8% | 13.1% | 14.0% | 12.2% | 11.9% |
| Return on invested capital (ROIC) | 35.3% | — | — | — | — | — | 10.8% | 10.6% | 14.2% | 25.5% |
| Return on assets (ROA) | 1.0% | 0.7% | 0.7% | 1.2% | 1.3% | 1.2% | 1.2% | 1.3% | 1.1% | 1.1% |
| Return on tangible assets | 1.0% | 0.7% | 0.7% | 1.2% | 1.2% | 1.1% | 1.2% | 1.2% | 1.1% | 1.0% |
| Free cash flow margin | 14.9% | 12.9% | 23.7% | 30.5% | 41.3% | 25.7% | 26.1% | 29.4% | 31.4% | 31.7% |
| Income quality (OCF / net income) | 0.94 | 1.16 | 1.99 | 1.22 | 1.37 | 1.04 | 1.17 | 1.16 | 1.29 | 1.31 |
| Financial health | ||||||||||
| Total debt | $29.2M | $33.6M | $71.6M | $79.9M | $70.2M | $87.7M | $366.4M | $587.7M | $350.0M | $356.8M |
| Cash & short-term investments | $29.1M | $617.7M | $640.3M | $638.2M | $1.02B | $746.3M | $427.6M | $401.8M | $373.0M | $404.4M |
| Net debt | $62,000 | −$584.1M | −$568.7M | −$558.2M | −$946.8M | −$658.6M | −$61.2M | $185.9M | −$23.1M | −$47.5M |
| Debt / equity | 0.07 | 0.08 | 0.19 | 0.23 | 0.19 | 0.26 | 1.21 | 2.18 | 1.40 | 1.53 |
| Debt / assets | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.12 | 0.20 | 0.13 | 0.14 |
| Net debt / EBITDA | 0.00 | −13.67 | −12.86 | — | −13.11 | −11.21 | −1.16 | 3.71 | −0.51 | −1.09 |
| Current ratio | 0.04 | 0.16 | 0.17 | 23.64 | 0.29 | 0.23 | 0.15 | 0.15 | 0.15 | 0.18 |
| Quick ratio | 0.04 | 0.16 | 0.17 | 23.61 | 0.29 | 0.23 | 0.15 | 0.15 | 0.15 | 0.18 |
| Interest coverage | 0.7 | 0.4 | 0.6 | 6.6 | 12.4 | 4.1 | 2.2 | 3.6 | 5.7 | 7.0 |
| Working capital | −$693.2M | −$3.21B | −$3.07B | $611.2M | −$2.53B | −$2.51B | −$2.37B | −$2.23B | −$2.04B | −$1.87B |
| Invested capital | $431.9M | −$183.2M | −$189.0M | −$204.7M | −$575.7M | −$324.2M | $240.5M | $455.5M | $226.5M | $185.3M |
| Tangible asset value | $406.3M | $375.1M | $356.8M | $330.2M | $347.4M | $310.6M | $278.2M | $245.9M | $225.4M | $208.3M |
| Net current asset value | −$3.98B | −$3.29B | −$3.15B | −$2.98B | −$2.64B | −$2.61B | −$2.45B | −$2.32B | −$2.14B | −$1.97B |
| Graham number | $39.57 | $30.91 | $29.76 | $37.63 | $37.84 | $32.77 | $29.91 | $28.77 | $25.03 | $23.17 |
| Graham net-net per share | −$241.30 | −$196.34 | −$184.88 | −$179.85 | −$154.80 | −$40.41 | −$145.55 | −$142.05 | −$131.79 | −$122.25 |
| Capital allocation | ||||||||||
| Dividends paid | $18.9M | $18.3M | $17.4M | $17.4M | $16.3M | $15.7M | $15.2M | $14.4M | $13.6M | $13.1M |
| Share buybacks (net) | $10.2M | $6.8M | $2.9M | $2.9M | $2.7M | $1.6M | $2.5M | $2.1M | $3.2M | $2.1M |
| Dividend payout ratio | 43.0% | 61.6% | 58.0% | 35.7% | 32.7% | 38.6% | 40.6% | 39.7% | 46.4% | 49.3% |
| Dividends + buybacks / free cash flow | 80.5% | 86.9% | 44.7% | 44.7% | 31.0% | 46.6% | 48.9% | 44.7% | 47.8% | 45.8% |
| Capex / revenue | 2.1% | 2.5% | 7.4% | 9.5% | 4.8% | 3.6% | 5.6% | 4.1% | 2.3% | 1.4% |
| Capex / operating cash flow | 12.3% | 16.2% | 23.9% | 23.9% | 10.5% | 12.1% | 17.7% | 12.2% | 6.9% | 4.2% |
| Capex / depreciation | 0.94 | 1.04 | 1.89 | 1.89 | 0.91 | 0.75 | 1.41 | 1.07 | 0.48 | 0.24 |
| Stock-based compensation / revenue | 0.3% | 0.4% | 0.4% | 0.6% | 0.5% | 0.4% | 0.6% | 0.6% | 0.8% | 1.5% |
| SG&A / revenue | 35.0% | 25.4% | 26.5% | 32.3% | 31.7% | 31.8% | 30.1% | 33.9% | 36.9% | 42.3% |
| Efficiency | ||||||||||
| Days sales outstanding | — | — | — | — | — | 6,478.7 | — | — | — | — |
| Days of inventory on hand | — | — | — | — | 9.4 | 11.7 | 19.3 | 37.6 | 66.2 | 91.5 |
| Days payables outstanding | — | — | — | — | 226,505.1 | 48,506.2 | 38,063.8 | 55,513.0 | 81,708.4 | 102,425.5 |
| Cash conversion cycle (days) | — | — | — | — | — | -42,015.8 | — | — | — | — |
| Receivables turnover | — | — | — | — | — | 0.06 | — | — | — | — |
| Payables turnover | — | — | — | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 |
| Inventory turnover | — | — | — | 0.00 | 38.91 | 31.09 | 18.87 | 9.71 | 5.51 | 3.99 |
| Asset turnover | 0.06 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Average receivables | — | — | — | — | — | $2.57B | — | — | — | — |
| Average payables | — | — | — | $3.52B | $3.39B | $2.93B | $2.48B | $2.30B | $2.18B | $2.07B |
| Average inventory | — | — | — | $359,500 | $140,500 | $708,000 | $1.3M | $1.6M | $1.8M | $1.9M |
| Intangibles / total assets | 0.6% | 0.6% | 0.6% | 0.6% | 0.6% | 0.6% | 0.7% | 0.8% | 0.9% | 0.9% |
Computed from AROW's annual financial statements (latest annual report filed March 6, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AROW valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Arrow Financial traded at 11.8 times earnings, against a 10-year median of 13.8. Based on the latest twelve months, the trailing P/E is 11.9 and the forward P/E is 13.0. Arrow Financial earned a return on equity of 10.6% and a return on invested capital of 35.3% in fiscal 2025. It ended the year with $29.2 million of debt and $29.1 million in cash and short-term investments, net debt of $0.1 million. It returned $29.1 million to shareholders: $18.9 million in dividends and $10.2 million in share buybacks, 81% of free cash flow.
See the AROW income statement, the AROW chart for price history, or the AROW stock overview for the latest quote and news.
AROW key metrics FAQ
What is Arrow Financial's P/E ratio?
Arrow Financial's trailing P/E ratio is 11.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 13.0. At the end of fiscal 2025 it was 11.8, compared with a 10-year median of 13.8.
What is Arrow Financial's EV/EBITDA?
Arrow Financial's enterprise value was 8.5 times EBITDA at the end of fiscal 2025 (enterprise value $518.6 million, EBITDA $60.8 million).
What is Arrow Financial's return on equity?
Arrow Financial's return on equity (ROE) was 10.6% in fiscal 2025: net income of $44.0 million on average shareholders' equity of $416.4 million.
What is Arrow Financial's ROIC?
Arrow Financial's return on invested capital was 35.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Arrow Financial have?
Arrow Financial had total debt of $29.2 million at the end of fiscal 2025, a debt-to-equity ratio of 0.07 and $0.1 million of net debt (0.00 times EBITDA).
What is Arrow Financial's dividend yield?
Arrow Financial's forward dividend yield is 3.26%. Arrow Financial paid $18.9 million in dividends in fiscal 2025 ($1.14 per share), a payout ratio of 43.0%.
Does Arrow Financial buy back its shares?
Yes. Arrow Financial spent $10.2 million on net share repurchases in fiscal 2025 Shares outstanding changed −1.4% over the year, to 16.5M..
What is Arrow Financial's free cash flow yield?
Arrow Financial generated $36.2 million of free cash flow in fiscal 2025, a free cash flow yield of 7.0% on its market value at year-end ($518.5 million).
What is Arrow Financial's current ratio?
Arrow Financial's current ratio was 0.04 at the end of fiscal 2025: current assets were 0.04 times current liabilities.