Arrow Financial Corporation Financial Ratios — AROW Stock

Profitability (USD)

	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
Return on Common Equity (%)	54.67	53.63	50.18	51.49	51.33	55.19	62.47	75.9	74.12	71.05	72.8	60.36	34.43	31.75	39.31
Return on Assets (%)	1.13	1.11	1.04	1.07	1.06	1.05	1.09	1.26	1.21	1.19	1.29	1.22	0.74	0.7	1
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
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
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	37.66	37.67	36.63	37.51	37.5	37.98	37.85	40.1	40.37	39.33	45.12	42.16	28.01	26.72	33.45
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
Net Income to Common 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
Effective Tax Rate (%)	30.69	30.34	29.41	30.34	30.08	29.71	26.42	19.92	20.39	21.28	22.59	22.43	19.84	20.47	20.65
Dvd Payout Ratio (%)	52.2	53.27	55.56	53.11	51.5	49.34	46.37	39.66	40.58	38.55	32.69	35.75	59.79	61.55	42.99
Sustainable Growth Rate (%)	26.13	25.06	22.3	24.14	24.9	27.96	33.5	45.8	44.05	43.66	49	38.78	13.84	12.21	22.41

Credit (USD)

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	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 Debt	144	108	105	90	239	321	285	533	315	70	70	107	72	34	29
ST Debt	42	29	65	60	82	123	105	234	130	- -	- -	27	20	- -	- -
LT Debt	102	79	40	30	157	198	180	299	185	70	70	80	52	34	29
Total Debt/EBITDA	22.12	12.2	11.81	12.84	37.98	54.04	52.8	112.19	57.29	10.23	8.97	14.17	10.65	6.27	5.39
Net Debt/EBITDA	15.4	6.68	6.18	6.27	29.86	44.38	39.3	94.46	43.57	-46.02	-50.18	4.92	-11.32	-23.49	-35.05
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	2.04	2.11	2.04	2.1	2.03	1.79	1.71	1.62	1.66	1.68	1.86	2.19	2.11	2.31	2.8
Long-Term Debt/Equity (%)	61.3	44.93	20.82	14.93	73.37	85.03	72.11	110.91	61.4	21	18.9	22.61	13.58	8.38	6.76
Long-Term Debt/Capital (%)	55.42	52.43	26.85	21.9	54.41	53.86	54.17	51.44	50.33	53.07	48.38	41.25	32.34	25.29	19.01
Long-Term Debt/Total Assets (%)	5.2	3.91	1.85	1.35	6.42	7.6	6.52	10.01	5.82	1.9	1.74	2.01	1.24	0.78	0.66
Total Debt/Equity (%)	86.55	61.42	54.53	45	111.7	137.86	114.18	197.71	104.48	21	18.9	30.24	18.84	8.38	6.76
Total Debt/Capital (%)	78.24	71.68	70.33	66.02	82.83	87.33	85.77	91.69	85.65	53.07	48.38	55.19	44.89	25.29	19.01
Total Debt/Total Assets (%)	7.34	5.34	4.84	4.08	9.77	12.32	10.32	17.84	9.9	1.9	1.74	2.69	1.72	0.78	0.66
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
Net Debt/Capital (%)	71.46	58.1	55.35	48.67	79.13	84.98	81.77	90.28	80.5	127.07	125.6	28.77	-450.21	581.49	313.13
EBITDA	7	9	9	7	6	6	5	5	6	7	8	8	7	5	5
EBITDA-CapEx	1	1	7	6	5	4	3	- -	-2	2	1	-7	- -	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	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
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	2.04	2.11	2.04	2.1	2.03	1.79	1.71	1.62	1.66	1.68	1.86	2.19	2.11	2.31	2.8
Long-Term Debt/Equity (%)	61.3	44.93	20.82	14.93	73.37	85.03	72.11	110.91	61.4	21	18.9	22.61	13.58	8.38	6.76
Long-Term Debt/Capital (%)	55.42	52.43	26.85	21.9	54.41	53.86	54.17	51.44	50.33	53.07	48.38	41.25	32.34	25.29	19.01
Long-Term Debt/Total Assets (%)	5.2	3.91	1.85	1.35	6.42	7.6	6.52	10.01	5.82	1.9	1.74	2.01	1.24	0.78	0.66
Total Debt/Equity (%)	86.55	61.42	54.53	45	111.7	137.86	114.18	197.71	104.48	21	18.9	30.24	18.84	8.38	6.76
Total Debt/Capital (%)	78.24	71.68	70.33	66.02	82.83	87.33	85.77	91.69	85.65	53.07	48.38	55.19	44.89	25.29	19.01
Total Debt/Total Assets (%)	7.34	5.34	4.84	4.08	9.77	12.32	10.32	17.84	9.9	1.9	1.74	2.69	1.72	0.78	0.66
CFO/Total Liabilities	2.01	1.76	1.86	1.52	1.3	1.46	1.51	1.54	1.52	1.26	1.87	1.65	0.54	0.88	1.03
CFO/CapEx	6.72	4.02	16.42	20.87	17.84	24.08	14.54	8.23	5.64	8.25	9.56	4.19	2.91	6.16	8.11
Altman's Z-Score	0.15	0.16	0.16	0.16	0.15	0.19	0.17	0.15	0.17	0.13	0.15	0.15	0.13	0.13	0.15

Working Capital (USD)

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	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
Accounts Receivable Turnover	13.35	14.61	30.72	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	27.35	24.98	11.88	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	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
Market Capitalization	275	300	327	347	350	542	472	461	565	463	564	560	476	481	518
- Cash & Cash Equivalents	44	49	50	46	51	57	73	84	70	381	458	65	143	155	214
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	144	108	105	90	239	321	285	533	315	70	70	107	72	34	29
Enterprise Value	-181	-120	-76	25	136	459	384	593	452	-214	-382	29	-93	-103	-209
Total Capital	184	151	149	137	289	368	332	581	368	132	145	194	159	133	154
Total Debt/Capital (%)	78.24	71.68	70.33	66.02	82.83	87.33	85.77	91.69	85.65	53.07	48.38	55.19	44.89	25.29	19.01
Total Debt / EV	-0.79	-0.9	-1.37	3.68	1.76	0.7	0.74	0.9	0.7	-0.33	-0.18	3.75	-0.77	-0.32	-0.14
EV/Sales	- -	- -	- -	0.27	1.45	4.62	3.64	5.25	3.88	- -	- -	0.19	- -	- -	- -
EV/EBITDA	- -	- -	- -	3.49	21.61	77.27	71.06	124.72	82.2	- -	- -	3.78	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	0.8	4.7	13.23	10.14	14.12	10.29	- -	- -	0.48	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	0.76	4.45	12.7	9.49	12.59	8.74	- -	- -	0.39	- -	- -	- -
Diluted Market Cap	275	300	327	347	352	546	475	464	566	463	566	561	476	481	519
Diluted Enterprise Value	376	359	382	391	540	809	687	913	811	152	179	604	405	360	334
EV per Share	- -	- -	- -	1.51	8.33	27.87	23.12	35.48	26.9	- -	- -	1.68	- -	- -	- -
TTM Sales	84	85	84	89	94	99	105	113	117	132	143	149	134	140	166
TTM EBITDA	7	9	9	7	6	6	5	5	6	7	8	8	7	5	5
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	36	32	37	31	29	35	38	42	44	42	68	60	21	34	41
TTM Free Cash Flow to Firm	41	41	39	32	31	36	40	47	52	47	75	74	28	40	46

Multiples (USD)

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	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
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
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-181	-120	-76	25	136	459	384	593	452	-214	-382	29	-93	-103	-209
Low Price	15.68	16.81	17.41	18.59	19.56	19.37	24.96	25.8	26.28	18.47	26.22	27.67	16.38	21.5	22.72
EV/Sales	- -	- -	- -	0.27	1.45	4.62	3.64	5.25	3.88	- -	- -	0.19	- -	- -	- -
EV/EBITDA	- -	- -	- -	3.49	21.61	77.27	71.06	124.72	82.2	- -	- -	3.78	- -	- -	- -
Price/Earnings	12.54	13.51	14.98	14.84	14.21	20.44	16.08	12.72	15.07	11.33	11.32	11.47	15.83	16.18	11.79
Price/Earnings Average	12.51	13.06	14.12	13.84	13.96	15.21	15.81	13.9	13.27	10.88	10.98	10.99	12.97	15.28	10.33
Price/Earnings High	14.59	14.41	15.8	15.07	15.29	21.05	18.84	15.48	15.27	13.99	12.29	12.35	18.97	19.51	12.6
Price/Earnings Low	11.5	12.23	12.95	12.96	12.95	12.02	14.12	11.88	11.79	7.65	8.94	9.64	9.28	12.11	8.53
Price/Book Value	6.87	7.02	7.39	7.45	7.07	11.64	9.97	9.55	10.69	7.45	7.54	6.45	5.42	4.84	4.17
Price/Book Value Average	6.85	6.79	6.96	6.95	6.94	8.66	9.8	10.44	9.41	7.15	7.31	6.17	4.44	4.57	3.65
Price/Book Value High	7.99	7.49	7.79	7.57	7.61	11.99	11.68	11.63	10.84	9.2	8.18	6.94	6.49	5.84	4.45
Price/Book Value Low	6.3	6.36	6.38	6.51	6.45	6.85	8.75	8.92	8.37	5.03	5.95	5.42	3.18	3.62	3.02
Price/Tangible Book Value	1.97	2.01	1.97	1.98	1.85	2.6	2.09	1.88	2.03	1.49	1.62	1.7	1.33	1.28	1.28
Price/Tangible Book Value Average	1.96	1.94	1.85	1.84	1.82	1.94	2.06	2.05	1.79	1.43	1.58	1.62	1.09	1.21	1.12
Price/Tangible Book Value High	2.29	2.14	2.07	2.01	1.99	2.68	2.45	2.28	2.06	1.84	1.76	1.83	1.6	1.55	1.36
Price/Tangible Book Value Low	1.81	1.82	1.7	1.73	1.69	1.53	1.84	1.75	1.59	1.01	1.28	1.43	0.78	0.96	0.92
Price/Sales	3.27	3.54	3.87	3.88	3.73	5.46	4.48	4.08	4.84	3.51	3.95	3.75	3.55	3.44	3.13
Price/Sales Average	3.26	3.43	3.65	3.61	3.66	4.06	4.4	4.46	4.26	3.37	3.84	3.59	2.91	3.25	2.74
Price/Sales High	3.81	3.78	4.09	3.94	4.01	5.62	5.25	4.97	4.91	4.33	4.29	4.04	4.26	4.15	3.34
Price/Sales Low	3	3.21	3.35	3.39	3.4	3.21	3.93	3.81	3.79	2.37	3.12	3.15	2.08	2.57	2.26
Price/Cash Flow	7.62	9.23	8.9	11.31	12.11	15.63	12.47	10.99	12.85	10.93	8.27	9.37	23.13	13.94	12.55
Price/Cash Flow Average	7.6	8.92	8.39	10.55	11.9	11.63	12.26	12.01	11.32	10.5	8.03	8.98	18.95	13.17	10.99
Price/Cash Flow High	8.87	9.85	9.39	11.49	13.03	16.1	14.6	13.38	13.03	13.5	8.98	10.09	27.72	16.82	13.42
Price/Cash Flow Low	6.99	8.36	7.69	9.88	11.05	9.19	10.95	10.27	10.06	7.38	6.53	7.88	13.56	10.44	9.08
Price/Free Cash Flow Average	6.62	7.15	7.93	10.09	11.31	11.24	11.55	10.77	9.64	9.37	7.29	7.27	14.1	11.33	9.79
Price/Free Cash Flow High	7.73	7.89	8.87	10.99	12.39	15.55	13.76	12	11.1	12.05	8.16	8.17	20.63	14.47	11.95
Price/Free Cash Flow Low	6.09	6.7	7.27	9.45	10.5	8.88	10.31	9.2	8.57	6.58	5.93	6.38	10.09	8.99	8.09
EV/Sales Average	4.46	4.13	4.3	4.11	5.66	6.71	6.42	8.44	6.37	1.01	1.12	3.88	2.38	2.38	1.62
EV/Sales High	5	4.48	4.74	4.43	6.01	8.27	7.26	8.94	7.01	1.97	1.58	4.32	3.73	3.28	2.23
EV/Sales Low	4.2	3.91	4	3.88	5.4	5.86	5.95	7.79	5.89	0.01	0.41	3.44	1.55	1.71	1.15
EV/EBITDA Average	57.55	39.39	40.88	52.16	84.56	112.33	125.2	200.57	134.9	19.42	20.46	76.62	47.48	62.1	49.62
EV/EBITDA High	64.57	42.77	45	56.27	89.77	138.4	141.64	212.69	148.54	37.92	28.76	85.46	74.37	85.57	68.08
EV/EBITDA Low	54.17	37.32	37.99	49.26	80.63	98.09	116.01	185.16	124.83	0.2	7.42	67.95	30.98	44.57	35.06
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	17.09	18.56	20.15	21.28	21.45	32.93	28.43	27.62	33.58	27.37	33.21	32.91	27.94	28.71	31.4
High Price	19.89	19.8	21.25	21.62	23.08	33.91	33.3	33.63	34.04	33.8	36.05	35.44	33.49	34.63	33.56
Enterprise Value Average	375	349	363	367	532	667	676	953	742	133	160	578	319	333	269
Enterprise Value High	420	379	399	396	565	822	765	1,010	817	260	225	645	500	459	369
Enterprise Value Low	353	330	337	347	507	583	626	880	687	1	58	513	208	239	190

	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
Shares Outstanding	16	16	16	16	16	17	17	17	17	17	17	17	17	17	16
Diluted Weighted Avg Shares	16	16	16	16	16	17	17	17	17	17	17	17	17	17	17
Basic Weighted Avg Shares	16	16	16	16	16	16	17	17	17	17	17	17	17	17	17
Revenue per Share	5.22	5.24	5.2	5.49	5.76	6.03	6.35	6.76	6.93	7.8	8.4	8.77	7.86	8.35	10.03
EBITDA per Share	0.4	0.55	0.55	0.43	0.39	0.36	0.33	0.28	0.33	0.41	0.46	0.44	0.39	0.32	0.33
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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 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
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
Cash Flow per Share	2.24	2.01	2.26	1.88	1.77	2.11	2.28	2.51	2.61	2.5	4.01	3.51	1.21	2.06	2.5
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
Cash & Equivalents per Share	37.31	32.68	31.32	25.32	27.76	24.55	22.49	24.05	25.43	44.16	59.85	37.52	37.58	36.9	45.83
Book Value per Share	2.49	2.64	2.73	2.86	3.03	2.83	2.85	2.89	3.14	3.67	4.41	5.1	5.16	5.93	7.53
Tangible Book Value per Share	8.68	9.25	10.24	10.76	11.57	12.65	13.59	14.72	16.54	18.38	20.44	19.41	20.94	22.41	24.62

Arrow Financial Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)