AROW
Arrow Financial CorporationFinancial Services·Banks - Regional
$36.70
$607M market cap
Revenue
$125.3M
Free Cash Flow
$18.8M
Rev Growth
+0.0%
FCF Margin
15.0%
P/FCF
32.3x
EV/FCF
32.3x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Arrow Financial Corporation, a bank holding company, provides commercial and consumer banking, and financial products and services. The company's deposit products include demand deposits, interest-bearing checking accounts, savings deposits, time deposits, and other time deposits. Its lending activities comprise commercial loans, such as term loans, time notes, and lines of credit; and commercial real estate loans to finance real estate purchases, refinancing, expansions, and improvements to com
2-Year Price History
$36.82+58.0%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 62.4 | 17.3 | 17.3 | 13.5 | 15.2 | 13.9 | -1.3 | 29.1 | 29.2 | 16.4 | 30.7% | 1.0x | -- |
| Act | 2025-Q4 | 62.9 | 16.8 | 16.8 | 14.0 | 5.9 | 4.8 | -1.1 | 29.1 | 29.2 | 16.4 | 33.1% | 0.9x | -- |
Valuation & Metrics
Market Stats
Price$36.70
Market Cap$607M
Enterprise Value$607M
P/S Ratio4.8x
P/FCF32.3x
EV/FCF32.3x
FCF Margin (TTM)15.0%
FCF Yield3.1%
Dividend Yield (TTM)4.0%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$125.3M
Net Income$27.5M
Free Cash Flow$18.8M
Revenue Growth (YoY)+0.0%
EBITDA Margin27.2%
Net Margin21.9%
FCF Margin15.0%
CapEx % of Revenue1.9%
SBC % of Revenue0.4%
ROIC31.9%
WC Change % Rev0.0%
Interest Coverage0.9x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.2M
Days to Cover2.4
Change (vs Prior)+16.4%
Need at least 2 settlement dates for chart
Employees
Headcount580
Revenue / Employee$216,034
Gross Profit / Employee$149,612
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
29.8%(+9.4% YoY)
124 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
20.3%(+3.8% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.2%(-0.0% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| ARROW FINANCIAL CORP | $63.1M | $22.54 | +$236K | −$282K | -0.1% | $994M |
| BlackRock, Inc.Passive | $42.0M | $26.80 | +$6K | −$3.0M | -0.2% | $5.69T |
| DIMENSIONAL FUND ADVISORS LPPassive | $24.5M | $24.59 | +$64K | −$433K | -0.4% | $480.92B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $21.4M | $33.29 | +$21.2M | +$21.4M | — | $4.04T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $12.5M | $23.18 | +$235K | −$302K | +2.3% | $1.61T |
| AMERICAN CENTURY COMPANIES INC | $11.5M | $24.28 | +$676K | +$680K | +0.7% | $193.48B |
| STATE STREET CORPPassive | $11.4M | $21.79 | −$1.0M | −$1.6M | -0.2% | $2.89T |
| ACADIAN ASSET MANAGEMENT LLC | $8.5M | $31.04 | +$3.6M | +$8.1M | -0.5% | $70.48B |
| RENAISSANCE TECHNOLOGIES LLC | $7.7M | $23.98 | −$730K | −$45K | +1.2% | $63.91B |
| HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC | $6.3M | $27.51 | +$2.3M | +$2.6M | -0.1% | $31.89B |
| MORGAN STANLEY | $6.0M | $23.76 | −$336K | −$1.1M | -0.3% | $1.65T |
| NORTHERN TRUST CORPPassive | $4.5M | $24.33 | +$182K | −$340K | -0.2% | $755.34B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $4.1M | $22.43 | −$175K | −$68K | +0.7% | $645.81B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $4.1M | $33.29 | +$4.0M | +$4.1M | — | $1.91T |
| Rockefeller Capital Management L.P. | $4.0M | $17.43 | +$15K | +$68K | -0.1% | $56.28B |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $3.8M | $31.31 | +$1.6M | +$3.1M | +0.1% | $184.72B |
| MARSHALL WACE, LLP | $3.7M | $30.74 | +$2.0M | +$3.7M | +0.6% | $92.71B |
| Connor, Clark & Lunn Investment Management Ltd. | $3.5M | $27.96 | +$963K | +$587K | +0.6% | $43.38B |
| AQR CAPITAL MANAGEMENT LLC | $3.3M | $30.64 | +$1.7M | +$2.8M | -0.2% | $218.19B |
| GOLDMAN SACHS GROUP INC | $3.2M | $26.67 | +$1.0M | +$956K | -0.2% | $760.93B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.00%
avg per quarter
Holders (ex-self)
+0.02%
excl. this stock
Buyers (this Q)
-0.02%
73 buyers · $0.07B in
Sellers (this Q)
-0.20%
41 sellers · $0.00B out
alpha coverage: 91% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-10.3%
how holders react when this stock falls
On quiet Qs
-1.9%
−10% to +10% baseline
On rallies (+10%+)
-14.5%
how they react when this stock rises
Holders' portfolio flow this Q
+2.8%
inflows — adds are organic
Sellers' portfolio flow this Q
+6.9%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-5.9%
Holder mid (any stock)
-4.1%
Holder rally (any stock)
-4.4%
Biggest decreases this quarter
Rhino Investment Partners, Incexited−$20.3MSTATE STREET CORP−$1.0Mα-0.2RENAISSANCE TECHNOLOGIES LLC−$730Kα+1.2VOYA INVESTMENT MANAGEMENT LLC−$375Kα-0.2Waldron, LPexited−$344KMORGAN STANLEY−$336Kα-0.3Trexquant Investment LPexited−$300KPharVision Advisers, LLCexited−$300KO'SHAUGHNESSY ASSET MANAGEMENT, LLCexited−$262KIFG Advisory, LLCexited−$249K
New buyers this quarter
Top-5 holders · 53.5%
ARROW FINANCIAL CORP--
BlackRock, Inc.--
DIMENSIONAL FUND ADVISORS LP--
VANGUARD CAPITAL MANAGEMENT LLC--
GEODE CAPITAL MANAGEMENT, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
ARROW FINANCIAL CORP1.9MRhino Investment Partners, Inc—FMR LLC18KRENAISSANCE TECHNOLOGIES LLC230KAMERICAN CENTURY COMPANIES INC343KACADIAN ASSET MANAGEMENT LLC253KMORGAN STANLEY178KHOTCHKIS & WILEY CAPITAL MANAGEMENT LLC186KVOYA INVESTMENT MANAGEMENT LLC91KCHARLES SCHWAB INVESTMENT MANAGEMENT INC122K
Analyst Coverage
Analyst Coverage
Analyst Ratings
1
Hold: 1Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$737K
8 txns · 4 insiders · 24,934 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-12-24 | BUY | DeMarco David S. | officer: President & CEO | 3,035 | $31.78 | $96K | $96K |
| 2025-11-10 | BUY | White Daniel James | director | 1,644 | $30.14 | $50K | $208K |
| 2025-11-04 | BUY | Ivanov Penko Krassimir | officer: SEVP, Treasurer and CFO | 1,620 | $29.82 | $48K | $787K |
| 2025-09-10 | BUY | Ivanov Penko Krassimir | officer: SEVP, Treasurer and CFO | 5,000 | $29.10 | $145K | $720K |
| 2025-08-27 | BUY | Ivanov Penko Krassimir | officer: SEVP, Treasurer and CFO | 10,922 | $29.46 | $322K | $581K |
| 2025-08-26 | BUY | Ivanov Penko Krassimir | officer: SEVP, Treasurer and CFO | 1,078 | $29.46 | $32K | $259K |
| 2025-08-08 | BUY | Duffy Kristine D | director | 210 | $26.53 | $6K | $27K |
| 2025-08-06 | BUY | Ivanov Penko Krassimir | officer: SEVP, Treasurer and CFO | 1,425 | $26.50 | $38K | $204K |
Order Flow (FINRA, ~3w lag)
8.2%retail-0.9pp
17.6%dark-0.3pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Arrow Financial Corp: Standard Administrative Filing Offers No Immediate Forensic Red Flags
Overall Risk
2/10
Fraud
1/10
Dilution
1/10
Insolvency
2/10
Earnings Overstated
1/10
Hidden Liabilities
1/10
Legal
1/10
Audit Warnings
1/10
Hidden Upside
2/10
Contextually Acceptable
10/10