# Arrow Financial Corporation (AROW)

> Source: Nexqual · https://nexqual.com/AROW · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Arrow Financial Corporation (AROW), nexqual.com/AROW" · informational, not investment advice.

**Price:** USD 38.03 (-1.07% on the day) · last close of Oct 28, 2026; US market pre market, not a live price. Prev close 38.44 · day 37.75–38.55 · 52w 26.46–42.7 · market cap $704M · NMS

## Key facts
- Valuation: P/E 13.7x (avg 14.6x at the last 3 fiscal year-ends).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (4 analysts), mean target USD 43.5 (range 42–46).
- Next earnings: 2026-10-29, EPS estimate USD 0.94, revenue estimate $57.8M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $143M | $149M | $134M | — | — | — |
| Net income | $49.9M | $48.8M | $30.1M | $29.7M | $44.0M | $51.3M |
| EPS (diluted) | $2.92 | $2.86 | $1.77 | $1.77 | $2.65 | — |
| Free cash flow | $61.1M | $45.5M | $13.5M | $28.9M | $36.2M | $44.6M |
| Net margin | 34.9% | 32.7% | 22.5% | — | — | — |
| Revenue growth | +8.2% | +4.6% | -10.2% | — | — | — |
| Cash + short-term investments | $458M | $64.7M | $143M | $155M | $214M | — |
| Total debt | $45.0M | $82.6M | $33.0M | $17.2M | $8.5M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 13.7x · P/FCF 15.8x · P/B 1.6x · FCF yield 6.34% · Earnings yield 7.28% · Buyback yield (TTM) 0.29%
P/E at fiscal year-ends: Dec 2025 11.8x, Dec 2024 16.2x, Dec 2023 15.8x.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 4 analysts; mean target USD 43.5 (low 42, high 46).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-02 | Raymond James | Initiated | Outperform | $44 |
| 2026-07-28 | Piper Sandler | Target raised | Overweight | $43 → $46 |

## Peers (Banks - Regional)
FITB (Fifth Third Bancorp) USD 53.47 -0.22% · NU (Nu Holdings Ltd.) USD 11.97 -3.47% · TFC (Truist Financial Corporation) USD 48.42 -0.25% · DB (Deutsche Bank AG) USD 33.51 +4.33% · NWG (NatWest Group plc) USD 17.23 +2.13% · LYG (Lloyds Banking Group Plc) USD 5.5 +1.85%

## More
Full page: https://nexqual.com/AROW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.94 | $0.97 | -3.9% | $57.8M | 4 |
| Next quarter (ends 2026-12-31) | $1.00 | $1.06 | -4.9% | $59.6M | 4 |
| Current fiscal year (ends 2026-12-31) | $3.51 | $3.73 | -5.9% | $206.3M | 4 |
| Next fiscal year (ends 2027-12-31) | $4.31 | $4.33 | -0.6% | $240.1M | 4 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.71 | $0.85 | Miss −16.5% | — |
| — | Quarter ended Mar 31, 2026 | $0.82 | $0.79 | Beat +3.8% | — |
| — | Quarter ended Dec 31, 2025 | $0.85 | $0.80 | Beat +6.3% | — |
| — | Quarter ended Sep 30, 2025 | $0.81 | $0.72 | Beat +12.5% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 8-K | Quarterly results; Regulation FD disclosure; Other material event — “On October 28, 2026 , the Board of Directors (the "Board") of the Company declared a quarterly cash dividend of $0.30 per share payable November 23, 2026 to shareholders of record on November 11, 2026.” | https://www.sec.gov/Archives/edgar/data/717538/000071753826000134/0000717538-26-000134-index.htm |
| 2026-09-14 | 8-K/A | Current report | https://www.sec.gov/Archives/edgar/data/717538/000071753826000127/0000717538-26-000127-index.htm |
| 2026-09-10 | 8-K | Other material event — “On September 10, 2026 , Arrow Financial Corporation, a New York corporation ("Arrow") announced via press release that Upstate Agency, LLC, a subsidiary of Arrow Bank National Association, has entered into a definitive agreement to acquire Skene Valley Agency, Inc., an independent insurance agency in Washington County, New York. The full press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.” | https://www.sec.gov/Archives/edgar/data/717538/000071753826000123/0000717538-26-000123-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/717538/000071753826000117/0000717538-26-000117-index.htm |
| 2026-07-23 | 8-K | Quarterly results; Regulation FD disclosure; Other material event — “On July 22, 2026 , the Board of Directors (the "Board") of the Company declared a quarterly cash dividend of $0.30 per share payable August 25, 2026 to shareholders of record on August 11, 2026.” | https://www.sec.gov/Archives/edgar/data/717538/000071753826000110/0000717538-26-000110-index.htm |
| 2026-07-01 | 8-K | Completed an acquisition or sale of assets; Director or executive officer change, or pay arrangement; Regulation FD disclosure — “On July 1, 2026, Arrow Financial Corporation (the "Company") closed its previously announced acquisition of Adirondack Bancorp, Inc. ("Adirondack") and its banking subsidiary Adirondack Bank, which was merged with and into Arrow Bank pursuant to the terms of the Agreement and Plan of Merger (the "Agreement") dated February 25, 2026. The banking system conversion and integration is scheduled to be completed later in 2026 Merger Consideration Pursuant to the terms and subject to the conditions of the Agreement, each…” | https://www.sec.gov/Archives/edgar/data/717538/000071753826000100/0000717538-26-000100-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.