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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	13.77	12.96	11.85	11.89	11.89	11.88	12.16	13.98	13.12	12.84	14.13	13.47	8.2	7.61	10.56
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 (%)	6.58	6.06	5.26	5.57	5.77	6.02	6.52	8.43	7.8	7.89	9.51	8.65	3.3	2.93	6.02

Credit (USD)

Credit Ratios API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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	8.48	8.69	8.88	9.06	8.75	8.94	9.04	9.02	9.48	9.07	9.22	8.91	9.11	9.31	9.71
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 (%)	32.86	27.83	13.47	10.3	34.66	35.75	33.67	37.25	30.03	17.35	15.9	17.36	11.43	7.73	6.33
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 (%)	46.39	38.05	35.29	31.04	52.76	57.96	53.31	66.41	51.1	17.35	15.9	23.22	15.86	7.73	6.33
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 (%)	37.6	25.18	22.19	18.01	46.76	53.1	45.95	62.47	43.85	-1,337.92	2,403.13	9.38	-24.62	-44.99	-76.93
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)

Liquidity Ratios API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	8.48	8.69	8.88	9.06	8.75	8.94	9.04	9.02	9.48	9.07	9.22	8.91	9.11	9.31	9.71
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 (%)	32.86	27.83	13.47	10.3	34.66	35.75	33.67	37.25	30.03	17.35	15.9	17.36	11.43	7.73	6.33
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 (%)	46.39	38.05	35.29	31.04	52.76	57.96	53.31	66.41	51.1	17.35	15.9	23.22	15.86	7.73	6.33
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	0.17	0.17	0.17	0.18	0.16	0.21	0.18	0.16	0.18	0.14	0.15	0.16	0.13	0.13	0.15

Working Capital (USD)

Working Capital Ratios API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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)

Enterprise Value API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	313	341	372	393	397	597	517	507	620	492	582	578	473	481	516
- 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	-143	-79	-31	71	183	514	429	638	507	-184	-365	47	-95	-103	-211
Total Capital	310	284	297	291	453	554	535	803	617	405	441	460	451	435	461
Total Debt/Capital (%)	46.39	38.05	35.29	31.04	52.76	57.96	53.31	66.41	51.1	17.35	15.9	23.22	15.86	7.73	6.33
Total Debt / EV	-1.01	-1.37	-3.41	1.28	1.31	0.62	0.66	0.84	0.62	-0.38	-0.19	2.29	-0.75	-0.33	-0.14
EV/Sales	- -	- -	- -	0.79	1.95	5.17	4.08	5.65	4.35	- -	- -	0.31	- -	- -	- -
EV/EBITDA	- -	- -	- -	10.05	29.08	86.55	79.5	134.23	92.17	- -	- -	6.19	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	2.31	6.33	14.82	11.34	15.19	11.54	- -	- -	0.78	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	2.2	5.99	14.23	10.61	13.55	9.81	- -	- -	0.63	- -	- -	- -
Diluted Market Cap	310	337	368	391	396	596	519	507	619	491	583	578	476	481	519
Diluted Enterprise Value	410	397	423	435	584	860	731	956	864	180	196	621	405	360	334
EV per Share	- -	- -	- -	4.32	11.12	30.96	25.78	38	30.05	- -	- -	2.74	- -	- -	- -
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)

Valuation Multiples API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	7.48	8.33	9.47	12.18	12.96	16.5	12.83	10.77	11.96	10.35	7.74	7.82	17.21	12	11.18
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-143	-79	-31	71	183	514	429	638	507	-184	-365	47	-95	-103	-211
Low Price	17.65	18.92	19.6	20.92	22.02	21.8	27.28	28.2	28.71	20.18	27.82	28.5	16.65	21.5	22.72
EV/Sales	- -	- -	- -	0.79	1.95	5.17	4.08	5.65	4.35	- -	- -	0.31	- -	- -	- -
EV/EBITDA	- -	- -	- -	10.05	29.08	86.55	79.5	134.23	92.17	- -	- -	6.19	- -	- -	- -
Price/Earnings	14.12	15.2	16.86	16.7	15.99	22.33	17.58	13.89	16.47	12.02	11.66	11.82	15.83	16.18	11.79
Price/Earnings Average	14.08	14.7	15.9	15.57	15.71	16.95	17.28	15.18	14.5	11.78	11.55	11.31	13.24	15.28	10.33
Price/Earnings High	16.43	16.22	17.78	16.96	17.21	23	20.58	16.92	16.69	15.29	12.66	12.73	19.54	19.51	12.6
Price/Earnings Low	12.95	13.77	14.57	14.58	14.58	13.53	15.43	12.98	12.88	8.35	9.48	9.93	9.43	12.11	8.53
Price/Book Value	1.88	1.94	1.94	1.95	1.86	2.57	2.07	1.88	2.05	1.47	1.57	1.63	1.25	1.2	1.2
Price/Book Value Average	1.88	1.87	1.83	1.82	1.82	1.95	2.04	2.05	1.81	1.44	1.55	1.57	1.04	1.13	1.05
Price/Book Value High	2.19	2.07	2.04	1.99	2	2.64	2.43	2.29	2.08	1.87	1.7	1.76	1.54	1.45	1.28
Price/Book Value Low	1.73	1.75	1.67	1.71	1.69	1.55	1.82	1.76	1.61	1.02	1.28	1.37	0.74	0.9	0.87
Price/Tangible Book Value	2.24	2.28	2.24	2.24	2.1	2.87	2.29	2.06	2.23	1.59	1.68	1.75	1.33	1.28	1.27
Price/Tangible Book Value Average	2.24	2.2	2.11	2.09	2.07	2.18	2.26	2.25	1.96	1.55	1.66	1.68	1.11	1.21	1.11
Price/Tangible Book Value High	2.61	2.43	2.36	2.28	2.26	2.95	2.69	2.51	2.26	2.02	1.82	1.89	1.64	1.55	1.36
Price/Tangible Book Value Low	2.06	2.07	1.94	1.96	1.92	1.74	2.01	1.93	1.74	1.1	1.36	1.47	0.79	0.96	0.92
Price/Sales	3.68	3.99	4.36	4.36	4.19	5.96	4.89	4.46	5.29	3.72	4.07	3.86	3.55	3.44	3.13
Price/Sales Average	3.67	3.86	4.11	4.07	4.12	4.52	4.81	4.88	4.66	3.65	4.03	3.7	2.97	3.25	2.74
Price/Sales High	4.29	4.26	4.6	4.43	4.51	6.14	5.73	5.43	5.36	4.73	4.42	4.16	4.39	4.15	3.34
Price/Sales Low	3.38	3.61	3.77	3.81	3.82	3.61	4.3	4.17	4.14	2.59	3.31	3.25	2.12	2.57	2.26
Price/Cash Flow	8.58	10.39	10.02	12.73	13.63	17.08	13.63	12.01	14.04	11.6	8.52	9.66	23.13	13.94	12.55
Price/Cash Flow Average	8.56	10.04	9.45	11.87	13.39	12.96	13.39	13.12	12.37	11.37	8.44	9.25	19.36	13.17	10.99
Price/Cash Flow High	9.98	11.08	10.57	12.93	14.67	17.59	15.95	14.62	14.23	14.75	9.26	10.4	28.55	16.82	13.42
Price/Cash Flow Low	7.87	9.41	8.66	11.12	12.43	10.35	11.96	11.22	10.99	8.06	6.93	8.12	13.78	10.44	9.08
Price/Free Cash Flow Average	7.46	8.05	8.93	11.36	12.73	12.52	12.62	11.77	10.54	10.15	7.67	7.49	14.4	11.33	9.79
Price/Free Cash Flow High	8.7	8.88	9.98	12.37	13.94	16.99	15.03	13.11	12.12	13.17	8.41	8.42	21.24	14.47	11.95
Price/Free Cash Flow Low	6.86	7.54	8.18	10.64	11.82	10	11.27	10.06	9.36	7.19	6.3	6.57	10.26	8.99	8.09
EV/Sales Average	4.91	4.6	4.81	4.59	6.15	7.21	6.84	8.87	6.78	1.3	1.32	3.99	2.43	2.38	1.61
EV/Sales High	5.53	5	5.3	4.96	6.55	8.84	7.77	9.43	7.49	2.39	1.71	4.45	3.83	3.28	2.22
EV/Sales Low	4.61	4.35	4.47	4.33	5.85	6.29	6.33	8.16	6.26	0.24	0.6	3.54	1.58	1.71	1.14
EV/EBITDA Average	63.43	43.86	45.72	58.29	91.9	120.72	133.49	210.96	143.66	25.04	24.16	78.92	48.4	62.12	49.33
EV/EBITDA High	71.44	47.72	50.4	62.93	97.82	147.96	151.48	224.24	158.61	45.92	31.26	88.06	76.42	85.59	67.72
EV/EBITDA Low	59.58	41.51	42.43	54.99	87.46	105.33	123.42	194.07	132.6	4.57	10.98	69.97	31.43	44.59	34.82
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	19.24	20.89	22.68	23.95	24.14	35.98	31.07	30.18	36.7	29.04	34.2	33.9	27.94	28.71	31.4
High Price	22.39	22.29	23.91	24.33	25.98	37.05	36.38	36.74	37.19	36.93	37.15	36.51	34.49	34.63	33.56
Enterprise Value Average	413	388	406	410	578	717	721	1,002	791	172	189	596	325	333	267
Enterprise Value High	465	423	447	443	616	879	818	1,065	873	315	245	665	513	459	367
Enterprise Value Low	388	368	376	387	550	626	666	922	730	31	86	528	211	239	189

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	36.85	32.36	30.94	25.15	27.54	24.35	22.41	23.94	25.33	44.02	59.76	37.43	37.79	36.89	45.99
Book Value per Share	10.21	10.78	11.71	12.25	13	14.02	15	16.06	17.87	19.72	21.81	20.74	22.42	23.94	26.26
Tangible Book Value per Share	8.57	9.16	10.12	10.69	11.48	12.54	13.54	14.65	16.48	18.32	20.41	19.37	21.06	22.4	24.71

Arrow Financial Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)