Arrow Financial Corporation

AROW

AROWArrow Financial Corporation US flag

NASDAQ Global Select

35.78

USD

-1.21

- -

591.41MMarket Cap

Income Statement (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Sales/Revenue/Turnover	84	85	84	89	94	99	105	113	117	132	143	149	134	140	166
+ Sales & Services Revenue	84	85	84	89	94	99	105	113	117	132	143	149	134	140	166
- Cost of Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cost of Goods & Services	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Profit	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Selling, General & Admin	37	39	39	39	42	44	41	43	42	46	47	49	51	57	61
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	-37	-39	-39	-39	-42	-44	-41	-43	-42	-46	-47	-49	-51	-57	-61
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Non-Operating (Income) Loss	-32	-32	-31	-34	-35	-38	-40	-45	-47	-52	-64	-63	-38	-37	-55
+ Interest Expense, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-32	-32	-31	-34	-35	-38	-40	-45	-47	-52	-64	-63	-38	-37	-55
Pretax Income	32	32	31	34	35	38	40	45	47	52	64	63	38	37	55
- Income Tax Expense (Benefit)	10	10	9	10	11	11	11	9	10	11	15	14	7	8	11
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	22	22	22	23	25	27	29	36	37	41	50	49	30	30	44
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	22	22	22	23	25	27	29	36	37	41	50	49	30	30	44
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	22	22	22	23	25	27	29	36	37	41	50	49	30	30	44
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	22	22	22	23	25	27	29	36	37	41	50	49	30	30	44
EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA	7	9	9	7	6	6	5	5	6	7	8	8	7	5	5
EBITDA Margin (%)	7.75	10.48	10.52	7.88	6.69	5.98	5.13	4.21	4.72	5.21	5.48	5.06	5.02	3.83	3.27
EBITA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Profit Margin (%)	26.1	26.24	25.86	26.13	26.22	26.7	27.85	32.11	32.14	30.96	34.93	32.7	22.45	21.25	26.54
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.71	0.73	0.75	0.76	0.78	0.79	0.82	0.86	0.9	0.93	0.96	1.03	1.06	1.09	1.15
Depreciation Expense	7	9	9	7	6	6	5	5	6	7	8	8	7	5	5
Basic Weighted Avg Shares	16	16	16	16	16	16	17	17	17	17	17	17	17	17	17
Basic EPS, GAAP	1.36	1.37	1.34	1.43	1.51	1.61	1.77	2.17	2.23	2.42	2.93	2.87	1.77	1.77	2.66
Basic EPS from Cont Ops	1.36	1.37	1.34	1.43	1.51	1.61	1.77	2.17	2.23	2.42	2.93	2.87	1.77	1.77	2.66
Diluted Weighted Avg Shares	16	16	16	16	16	17	17	17	17	17	17	17	17	17	17
Diluted EPS, GAAP	1.36	1.37	1.34	1.43	1.5	1.6	1.76	2.16	2.22	2.41	2.92	2.86	1.77	1.77	2.66
Diluted EPS from Cont Ops	1.36	1.37	1.34	1.43	1.5	1.6	1.76	2.16	2.22	2.41	2.92	2.86	1.77	1.77	2.66

Balance Sheet (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Current Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash, Cash Equivalents & STI	600	528	508	412	453	404	373	402	428	746	1,017	638	640	618	756
+ Cash & Cash Equivalents	44	49	50	46	51	57	73	84	70	381	458	65	143	155	214
+ ST Investments	557	479	458	366	402	347	300	318	357	365	559	573	498	463	542
+ Accounts & Notes Receiv	6	5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts Receivable, Net	6	5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	-606	-533	-508	-412	-453	-404	-373	-402	-428	-746	-1,017	-638	-640	-618	-756
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip, Net	23	29	29	28	27	27	28	30	41	43	46	56	60	60	59
+ Property, Plant & Equip	47	55	57	58	59	60	63	67	79	83	89	102	109	111	115
- Accumulated Depreciation	25	26	28	30	32	33	35	37	38	40	42	45	49	52	56
+ LT Investments & Receivables	707	719	757	668	732	703	646	618	615	591	763	757	636	571	573
+ LT Investments	707	719	757	668	732	703	646	618	615	591	763	757	636	571	573
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	-730	-747	-786	-697	-759	-730	-674	-649	-655	-633	-809	-814	-696	-630	-632
+ Total Intangible Assets	27	26	26	26	25	25	24	24	24	24	24	23	23	26	26
+ Goodwill	22	22	22	22	22	22	22	22	22	22	22	22	22	24	24
+ Other Intangible Assets	5	4	4	4	3	3	2	2	2	2	2	2	1	2	2
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	-757	-774	-812	-722	-784	-755	-698	-672	-679	-657	-833	-837	-719	-656	-658
Total Assets	1,963	2,023	2,164	2,217	2,446	2,605	2,760	2,988	3,184	3,689	4,028	3,970	4,170	4,306	4,446
+ Payables & Accruals	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts Payable	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	42	29	65	60	82	123	105	234	130	- -	- -	27	20	- -	- -
+ ST Borrowings	42	29	65	60	82	123	105	234	130	- -	- -	27	20	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	-43	-30	-65	-60	-82	-123	-105	-234	-130	- -	- -	-27	-20	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	-43	-30	-65	-60	-82	-123	-105	-234	-130	- -	- -	-27	-20	- -	- -
Total Current Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Debt	102	79	40	30	157	198	180	299	185	70	70	80	52	34	29
+ LT Borrowings	102	79	40	30	157	198	180	299	180	65	65	75	46	29	24
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	5	5	5	5	5	5	5
+ Other LT Liabilities	-102	-79	-40	-30	-157	-198	-180	-299	-185	-70	-70	-80	-52	-34	-29
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	-102	-79	-40	-30	-157	-198	-180	-299	-185	-70	-70	-80	-52	-34	-29
Total Noncurrent Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Liabilities	1,796	1,847	1,972	2,016	2,232	2,372	2,511	2,719	2,883	3,354	3,657	3,616	3,790	3,905	4,014
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	224	235	246	257	268	289	309	334	355	374	399	422	435	436	437
+ Common Stock	16	16	17	17	17	18	18	19	20	20	21	21	22	22	22
+ Additional Paid in Capital	208	219	229	240	251	271	290	315	335	354	378	400	413	413	415
- Treasury Stock	72	75	75	77	77	77	79	79	80	81	82	84	87	93	103
+ Retained Earnings	24	26	27	29	32	29	29	29	33	42	54	65	66	77	102
+ Other Equity	-7	-8	-4	-7	-8	-7	-9	-14	-6	-1	- -	-50	-33	-18	-4
Equity Before Minority Interest	166	176	192	201	214	233	250	270	302	334	371	354	380	401	432
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	166	176	192	201	214	233	250	270	302	334	371	354	380	401	432
Total Liabilities & Equity	1,963	2,023	2,164	2,217	2,446	2,605	2,760	2,988	3,184	3,689	4,028	3,970	4,170	4,306	4,446
Shares Outstanding	16	16	16	16	16	17	17	17	17	17	17	17	17	17	16
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	5	5	5	5	5	5	5
Net Debt	100	59	55	44	188	264	212	449	240	-316	-393	37	-76	-126	-190
Net Debt to Equity	60.26	33.65	28.52	21.96	87.83	113.22	85	166.46	79.47	-94.5	-105.79	10.51	-20.02	-31.42	-43.98
Tangible Common Equity Ratio	7.21	7.48	7.77	8	7.81	8.07	8.24	8.29	8.8	8.47	8.68	8.37	8.6	8.76	9.19
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
+ Net Income	22	22	22	23	25	27	29	36	37	41	50	49	30	30	44
+ Depreciation & Amortization	7	9	9	7	6	6	5	5	6	7	8	8	7	5	5
+ Non-Cash Items	5	-2	3	1	- -	3	2	3	3	-4	12	4	4	7	-6
+ Stock-Based Compensation	1	1	1	1	1	2	1	1	1	1	1	1	1	1	1
+ Deferred Income Taxes	2	- -	- -	- -	1	- -	-2	- -	- -	-2	1	-1	2	-1	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	2	-2	2	1	-2	1	3	2	2	-2	10	4	1	7	-8
+ Chg in Non-Cash Work Cap	2	3	3	-1	-2	-1	1	-2	-2	-2	-1	-1	-20	-7	-2
+ (Inc) Dec in Accts Receiv	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Other	2	3	3	-1	-2	-1	1	-2	-2	-2	-1	-1	-20	-7	-2
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	36	32	37	31	29	35	38	42	44	42	68	60	21	34	41
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	1	1	2	1	2	2	1	2	2	2	2	1	3	3	3
+ Disp of Fixed Prod Assets	1	1	2	1	2	2	1	2	2	2	2	1	3	3	3
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-5	-8	-2	-1	-2	-1	-3	-5	-8	-5	-7	-14	-7	-6	-5
+ Acq of Fixed Prod Assets	-5	-8	-2	-1	-2	-1	-3	-5	-8	-5	-7	-14	-7	-6	-5
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-4	-3	- -	-2	-1	- -	-2	- -	-1	- -	-1	-1	-3	-7	-10
+ Increase in Capital Stock	2	2	1	- -	1	2	2	2	2	2	2	2	- -	- -	- -
+ Decrease in Capital Stock	-6	-5	-2	-2	-1	-2	-3	-2	-2	-2	-3	-3	-4	-7	-10
+ Net Change in LT Investment	-26	-19	-49	85	-61	26	52	29	2	23	-184	-60	150	68	16
+ Dec in LT Investment	360	319	197	260	209	243	210	121	138	204	149	136	232	225	176
+ Inc in LT Investment	-386	-338	-246	-175	-270	-217	-158	-92	-135	-181	-333	-196	-82	-157	-160
+ Net Cash From Acq & Div	-3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	32	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	32	- -
+ Cash for Acq of Subs	-3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-11	-40	-99	-152	-169	-184	-200	-253	-188	-208	-85	-320	-229	-187	-75
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-45	-66	-149	-68	-230	-158	-149	-228	-192	-187	-275	-393	-83	-89	-61
+ Dividends Paid	-11	-12	-12	-12	-13	-13	-14	-14	-15	-16	-16	-17	-18	-18	-19
+ Net Cash From Debt	-90	-10	-10	-10	45	- -	- -	-10	-123	-149	-35	10	-28	-18	-4
+ Cash From Debt	10	- -	- -	- -	55	- -	- -	- -	- -	45	- -	27	256	102	- -
+ Repayments of Debt	-100	-10	-10	-10	-10	- -	- -	-10	-123	-194	-35	-17	-285	-120	-4
+ Other Financing Activities	127	63	136	58	174	143	141	222	273	620	335	-51	189	110	113
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	21	38	113	33	205	129	126	197	134	456	283	-60	140	66	80
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	13	5	1	-4	5	6	15	11	-14	311	77	-393	78	12	60
EBITDA	7	9	9	7	6	6	5	5	6	7	8	8	7	5	5
EBITDA Margin (%)	7.75	10.48	10.52	7.88	6.69	5.98	5.13	4.21	4.72	5.21	5.48	5.06	5.02	3.83	3.27
Free Cash Flow	31	24	34	29	27	33	35	37	36	37	61	45	13	29	36
Net Cash Paid for Acquisitions	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-32	- -
Free Cash Flow to Firm	31	24	34	29	27	33	35	37	36	37	61	45	13	29	36
Free Cash Flow to Equity	-59	16	26	20	74	35	37	29	-85	-109	28	57	-12	14	35
Free Cash Flow per Basic Share	1.91	1.51	2.13	1.79	1.67	2.02	2.12	2.21	2.15	2.2	3.59	2.67	0.79	1.72	2.19
Price/Free Cash Flow	6.64	7.4	8.41	10.82	11.51	15.1	11.74	9.85	10.95	9.76	7.52	7.59	17.21	12	11.18
Cash Flow to Net Income	1.65	1.46	1.68	1.31	1.17	1.31	1.29	1.16	1.17	1.04	1.37	1.22	0.68	1.16	0.94
Capital Expenditures	-5	-8	-2	-1	-2	-1	-3	-5	-8	-5	-7	-14	-7	-6	-5