Question 1

What is Arrow Financial's P/B ratio?

Accepted Answer

Arrow Financial (AROW) P/B ratio is 1.5× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Arrow Financial?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Arrow Financial specifically, the relevant sector benchmark is the current sector median of 1.7×.

Question 5

Is Arrow Financial's P/B ratio high or low?

Accepted Answer

Arrow Financial's P/B ratio of 1.5× is above its own 5-year average of 1.3× and below the sector median of 1.7×. That places the current reading at the 80th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Arrow Financial's historical P/B ratio range?

Accepted Answer

In the available daily series, Arrow Financial (AROW) P/B ratio has ranged from a low of 0.8× in 2023 to a high of 3.7× in 2004. The 5-year average is 1.3× and the 5-year median is 1.2×.

Question 7

What was Arrow Financial's P/B ratio in 2025?

Accepted Answer

Arrow Financial (AROW) P/B ratio at the end of 2025 was 1.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Arrow Financial's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$515M	$432M	1.2×	-0.0×	Dec 31, 2025
2024	$480M	$401M	1.2×	-0.1×	Dec 31, 2024
2023	$475M	$380M	1.3×	-0.4×	Dec 31, 2023
2022	$577M	$354M	1.6×	+0.1×	Dec 31, 2022
2021	$565M	$371M	1.5×	+0.1×	Dec 31, 2021
2020	$477M	$334M	1.4×	-0.6×	Dec 31, 2020
2019	$601M	$302M	2.0×	+0.2×	Dec 31, 2019
2018	$491M	$270M	1.8×	-0.2×	Dec 31, 2018
2017	$501M	$250M	2.0×	-0.5×	Dec 31, 2017
2016	$577M	$233M	2.5×	+0.7×	Dec 31, 2016
2015	$384M	$214M	1.8×	-0.1×	Dec 31, 2015
2014	$379M	$201M	1.9×	+0.0×	Dec 31, 2014
2013	$358M	$192M	1.9×	+0.0×	Dec 31, 2013
2012	$328M	$176M	1.9×	+0.0×	Dec 31, 2012
2011	$302M	$166M	1.8×	-0.4×	Dec 31, 2011
2010	$338M	$152M	2.2×	+0.1×	Dec 31, 2010
2009	$298M	$141M	2.1×	-0.2×	Dec 31, 2009
2008	$289M	$126M	2.3×	+0.3×	Dec 31, 2008
2007	$249M	$122M	2.0×	-0.7×	Dec 31, 2007
2006	$321M	$118M	2.7×	+0.1×	Dec 31, 2006
2005	$305M	$117M	2.6×	-1.1×	Dec 31, 2005
2004	$441M	$118M	3.7×	+0.9×	Dec 31, 2004
2003	$298M	$106M	2.8×	+0.6×	Dec 31, 2003
2002	$226M	$101M	2.2×	—	Dec 31, 2002


AXIS Capital Holdings (AXS)	1.2×
Loews (L)	1.2×
First Financial (THFF)	1.1×
Citizens Financial Group (CFG)	1.1×
Citigroup (C)	1.1×
Federal Agricultural Mortgage (AGM)	1.1×
UMB Financial (UMBF)	1.1×
Southside Bancshares (SBSI)	1.1×
Prudential Financial (PRU)	1.1×
United Bankshares (UBSI)	1.1×
Alerus Financial (ALRS)	1.0×
Capital One Financial (COF)	1.0×
Franklin Resources (BEN)	1.0×
American International Group (AIG)	1.0×
Eagle Financial Services (EFSI)	1.0×
Truist Financial (TFC)	1.0×
Ares Capital (ARCC)	0.9×
Huntington Bancshares (HBAN)	0.9×
Auburn National Bancorporation (AUBN)	0.9×
Invesco (IVZ)	0.9×
Everest Group (EG)	0.9×
PSB Holdings (PSBQ)	0.8×
Global Payments (GPN)	0.7×
Assured Guaranty (AGO)	0.7×
Atlantic Union Bankshares (AUB)	0.0×

P/B Ratio for Arrow Financial (AROW) 2002-2026

P/B Ratio daily chart for Arrow Financial (AROW)

Historical P/B Ratio for Arrow Financial (AROW) from 2002 to 2025

About P/B Ratio at Arrow Financial (AROW)

Arrow Financial P/B Ratio by Year

Arrow Financial P/B Ratio 2025: 1.2×

Arrow Financial P/B Ratio 2024: 1.2×

Arrow Financial P/B Ratio 2023: 1.3×

Arrow Financial P/B Ratio 2022: 1.6×

Arrow Financial P/B Ratio 2021: 1.5×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Arrow Financial (AROW) Key Financials