Arrow Financial Corporation Financial Ratios — BQE 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 (%)	7.14	7.47	7.51	7.94	6.63	5.27	5.39	5.43	5.28	7.99	11.79	10.82	6.6	6.71	9.82
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	27.35	24.98	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	490	471	514
- 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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-79	-113	-213
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.91	-0.3	-0.14
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	493	471	516
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-76	-113	-211
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	84	85	84	89	94	99	105	113	117	132	143	149	134	140	166
TTM EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	31	24	34	29	27	33	35	37	36	37	61	45	13	29	36

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	36.5	16.3	14.26
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-79	-113	-213
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	21.88	21.68	22.97
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	16.38	15.84	11.73
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14.79	15.3	10.31
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	16.94	19.34	12.59
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	12.4	12.21	8.62
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.29	1.17	1.19
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.16	1.13	1.05
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.33	1.43	1.28
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.98	0.91	0.87
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.37	1.25	1.26
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.24	1.21	1.11
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.42	1.53	1.36
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.04	0.97	0.93
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.68	3.37	3.11
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.32	3.25	2.74
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.8	4.11	3.34
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2.78	2.6	2.29
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	23.94	13.65	12.49
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	21.61	13.19	10.98
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	24.76	16.67	13.41
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	18.12	10.53	9.18
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	32.95	15.75	12.53
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	37.74	19.9	15.3
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	27.62	12.57	10.48
EV/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	28.92	28.11	31.25
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	29.9	34.32	33.54
Enterprise Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-126	-129	-275
Enterprise Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-62	-9	-176
Enterprise Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-198	-221	-349

Per Share Data Items (USD)

Per-Share Data 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

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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