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What this page is: Delvantic's full research page for Arrow Financial Corporation (AROW) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
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Arrow Financial Corporation
AROW NASDAQ
Financial Services · Banks - Regional
Glens Falls, NY 12801, United States
arrowfinancial.com
Price
$39.05
Market Cap
$646.1M
Employees
575
Beta
0.74
Avg Volume
86,882
Last Dividend
$1.19
CEO
Mr. David S. DeMarco
Arrow Financial Corporation is a bank holding company headquartered in Glens Falls, New York, that provides comprehensive banking and financial services through its subsidiaries, Glens Falls National and Saratoga National. The company offers a full spectrum of deposit products, including demand deposits, interest-bearing checking accounts, savings deposits, and time deposits. Its lending operations encompass commercial loans such as term loans and lines of credit, commercial real estate financing, residential mortgage lending, and consumer installment and home equity financing. Arrow Financial serves small and mid-sized businesses as well as individual consumers and commercial property owners. Beyond traditional banking, the company provides insurance products and investment services, along with digital banking solutions through online and mobile platforms. As a regional bank holding company, Arrow Financial generates its primary revenue through interest income and fees earned across its diverse financial product offerings, serving as a key financial services provider in its market.
Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 14 No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was Jul 23, 2026.
EPS surprise history — vs analyst consensus · 5 prints of vendor history
-4.7%
Nov '25
-316.2%
Dec '25
+6.2%
Jan '26
+3.8%
Apr '26
-16.5%
Jul '26
| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| Jul 23, 2026 | $0.85 | $0.71 -16.5% | — | — |
| Apr 30, 2026 | $0.79 | $0.82 +3.8% | — | — |
| Jan 29, 2026 | $0.80 | $0.85 +6.2% | — | — |
| Dec 12, 2025 | $-0.68 | $-2.83 -316.2% | — | — |
| Nov 4, 2025 | $3.16 | $3.01 -4.7% | — | — |
Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.
Recent SEC Filings
| Filed | Form | Document |
|---|---|---|
| Aug 13, 2026 | 4 | View |
| Aug 10, 2026 | 4 | View |
| Aug 6, 2026 | 4 | View |
| Aug 6, 2026 | 4 | View |
| Aug 6, 2026 | 10-Q | View |
| Jul 31, 2026 | 13F-HR | View |
| Jul 23, 2026 | 8-K | View |
| Jul 14, 2026 | 11-K | View |
| Jul 10, 2026 | 3 | View |
| Jul 1, 2026 | 8-K | View |
| Jun 30, 2026 | NT 11-K | View |
| Jun 26, 2026 | 4 | View |
Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.
Price Overview
Last updated: Aug 14, 2026 8:38am (just now)
Current data · timestamped when a report runs
$39.05
Change · Aug 14
-0.08 (-0.20%)
Day Range
$38.89 – $39.77
52-Week Range
$25.88 – $42.70
50-Day MA
$39.83
200-Day MA
$34.99
Volume
133,574.00
Share Structure
Outstanding
16,545,170.00
Float
16,018,760.00
Free Float
96.8%
High free float
— 96.8% of shares trade freely, ~3.2% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEXStock Price / EPS (Diluted)
14.74
Stock Price: $39.05
EPS (Diluted): 2.65
EPS (Diluted): 2.65
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
1.50
Stock Price: $39.05
Total Equity: $431.85M
Shares: 16,586,038
Total Equity: $431.85M
Shares: 16,586,038
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
—
Market Cap: $646.09M
Total Debt: $8.53M
Cash: $214.18M
EBITDA: N/A
Total Debt: $8.53M
Cash: $214.18M
EBITDA: N/A
EBITDA not available
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$440.4M
Market Cap: $646.09M
Total Debt: $8.53M
Cash: $214.18M
Total Debt: $8.53M
Cash: $214.18M
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
—
Gross Profit: N/A
Revenue: $165.60M
Revenue: $165.60M
Missing from API: Gross Profit
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
—
Operating Income: N/A
Revenue: $165.60M
Revenue: $165.60M
Missing from API: Operating Income
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
26.5%
Net Income: $43.95M
Revenue: $165.60M
Revenue: $165.60M
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
10.2%
Net Income: $43.95M
Total Equity: $431.85M
Total Equity: $431.85M
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
—
Operating Income: N/A
Tax Rate: 20.6%
Equity: $431.85M
Total Debt: $8.53M
Cash: $214.18M
Tax Rate: 20.6%
Equity: $431.85M
Total Debt: $8.53M
Cash: $214.18M
Missing from API: Operating Income
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
—
Current Assets: N/A
Current Liabilities: N/A
Current Liabilities: N/A
Missing from API: Current Assets, Current Liabilities
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
0.02
Short-Term Debt: $4.27M
Long-Term Debt: $4.27M
Total Debt: $8.53M
Total Equity: $431.85M
Long-Term Debt: $4.27M
Total Debt: $8.53M
Total Equity: $431.85M
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
$9.98
Revenue: $165.60M
Shares: 16,586,038
Shares: 16,586,038
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$26.04
Total Equity: $431.85M
Shares: 16,586,038
Shares: 16,586,038
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$2.18
Operating CF: $41.28M
CapEx: -$5.09M
Shares: 16,586,038
CapEx: -$5.09M
Shares: 16,586,038
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
3.0%
Last Dividend: $1.19
Stock Price: $39.05
Stock Price: $39.05
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $43.95M
Net Income: $43.95M
Dividends paid not available in cash flow statement
Income Statement (Annual)
Last updated: Aug 14, 2026 8:38am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $142.7M | $149.2M | $133.9M | $139.8M | $165.6M |
| Cost of Revenue | — | — | — | — | — |
| Gross Profit | — | — | — | — | — |
| Operating Expenses | $46.9M | $49.4M | $50.9M | $56.7M | $60.6M |
| Operating Income | — | — | — | — | — |
| Net Income | $49.9M | $48.8M | $30.1M | $29.7M | $44.0M |
| EBITDA | — | — | — | — | — |
| EPS | $2.93 | $2.86 | $1.77 | $1.78 | $2.65 |
| EPS (Diluted) | $2.92 | $2.86 | $1.77 | $1.77 | $2.65 |
Balance Sheet (Annual)
Last updated: Aug 14, 2026 8:38am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $457.7M | $64.7M | $142.5M | $154.5M | $214.2M |
| Total Current Assets | — | — | — | — | — |
| Total Assets | $4.0B | $4.0B | $4.2B | $4.3B | $4.4B |
| Current Liabilities | — | — | — | — | — |
| Long-Term Debt | $45.0M | $27.8M | $6.5M | $8.6M | $4.3M |
| Total Liabilities | $3.7B | $3.6B | $3.8B | $3.9B | $4.0B |
| Total Equity | $371.2M | $353.5M | $379.8M | $400.9M | $431.9M |
| Retained Earnings | $54.1M | $65.4M | $65.8M | $77.2M | $102.3M |
Cash Flow (Annual)
Last updated: Aug 14, 2026 8:38am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $68.2M | $59.7M | $20.6M | $34.5M | $41.3M |
| Capital Expenditure | -$7.1M | -$14.3M | -$7.1M | -$5.6M | -$5.1M |
| Free Cash Flow | $61.1M | $45.5M | $13.5M | $28.9M | $36.2M |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | — | — | — | — | — |
| Dividends Paid | -$16.3M | -$17.4M | — | — | — |
| Stock Buybacks | -$2.7M | -$2.9M | -$3.6M | -$6.8M | -$10.2M |
| Net Change in Cash | $76.7M | -$393.0M | $77.9M | $12.0M | $59.6M |
Growth Trends (YoY %)
Last updated: Aug 14, 2026 8:38am (just now)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +4.6% | -10.2% | +4.4% | +18.4% |
| Gross Profit Growth | — | — | — | — |
| Operating Income Growth | — | — | — | — |
| Net Income Growth | -2.1% | -38.4% | -1.2% | +47.9% |
| EBITDA Growth | — | — | — | — |
Dividend History (Last 20)
Last updated: Aug 14, 2026 8:38am (just now)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-08-11 | $0.30 | — | — | — |
| 2026-05-12 | $0.30 | — | — | — |
| 2026-02-11 | $0.30 | — | — | — |
| 2025-11-12 | $0.29 | — | — | — |
| 2025-08-11 | $0.29 | — | — | — |
| 2025-05-13 | $0.28 | — | — | — |
| 2025-02-10 | $0.28 | — | — | — |
| 2024-10-15 | $0.28 | — | — | — |
| 2024-08-12 | $0.27 | — | — | — |
| 2024-05-10 | $0.27 | — | — | — |
| 2024-02-09 | $0.27 | — | — | — |
| 2023-11-30 | $0.27 | — | — | — |
| 2023-08-31 | $0.27 | — | — | — |
| 2023-06-01 | $0.27 | — | — | — |
| 2023-03-02 | $0.27 | — | — | — |
| 2022-11-30 | $0.27 | — | — | — |
| 2022-08-31 | $0.26 | — | — | — |
| 2022-05-31 | $0.26 | — | — | — |
| 2022-02-28 | $0.26 | — | — | — |
| 2021-12-01 | $0.25 | — | — | — |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-24 | O'Conor Raymond F | M-OptionExercise | 1,126.00 | $0.00 | $0 |
| 2026-06-24 | O'Conor Raymond F | F-InKind | 874.00 | $40.36 | $35,275 |
| 2026-06-18 | Behan Mark | M-OptionExercise | 1,061.00 | $0.00 | $0 |
| 2026-06-18 | Behan Mark | F-InKind | 923.00 | $38.80 | $35,812 |
| 2026-06-17 | Behan Mark | S-Sale | 4,110.00 | $38.59 | $158,605 |
| 2026-06-17 | Behan Mark | J-Other | 203.00 | $38.49 | $7,813 |
| 2026-06-17 | CHAMPION GREGORY J | J-Other | 406.00 | $38.49 | $15,627 |
| 2026-06-17 | Dawsey James M | J-Other | 373.00 | $38.49 | $14,357 |
| 2026-06-17 | Casaccio Tenee R | J-Other | 292.00 | $38.49 | $11,239 |
| 2026-06-17 | Duffy Kristine D | J-Other | 195.00 | $38.49 | $7,506 |
| 2026-06-17 | Jahnel Darrin | J-Other | 286.00 | $38.49 | $11,008 |
| 2026-06-17 | KRUCZLNICKI DAVID G | J-Other | 219.00 | $38.49 | $8,429 |
| 2026-06-17 | Morris Philip C | J-Other | 195.00 | $38.49 | $7,506 |
| 2026-06-17 | O'Conor Raymond F | J-Other | 195.00 | $38.49 | $7,506 |
| 2026-06-17 | Read Colin L | J-Other | 187.00 | $38.49 | $7,198 |
| 2026-06-17 | White Daniel James | J-Other | 219.00 | $38.49 | $8,429 |
| 2026-06-10 | O'Conor Raymond F | G-Gift | 300.00 | $0.00 | $0 |
| 2026-05-26 | Read Colin L | G-Gift | 119.00 | $0.00 | $0 |
| 2026-05-20 | Read Colin L | G-Gift | 500.00 | $0.00 | $0 |
| 2026-05-19 | Morris Philip C | M-OptionExercise | 386.00 | $0.00 | $0 |
Industry Benchmarks
Compares AROW against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for AROW — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for AROW — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
No GPT reading yet for AROW — it's generated by the
pipeline (
gpt-critique step) after the other Big-3 seats, when a
report is run on this ticker.
Grok Reading
No Grok reading yet for AROW — it's generated by the
pipeline (
grok-critique step) alongside the other Big-3 seats, when a
report is run on this ticker.
Advanced Analysis Forensic deep-dive · four lenses
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Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.532 · 1ec19de8 · 2026-08-13 17:53:37