Arrow FinancialAROW +0.87%69 Piotroski F-Score is 8 as of Jun. 25, 2026, which is 33% above its 10-year median of 6.00. GuruFocus rates AROW with a GF Score™ of 69/100 and a GF Value™ of $35.58 (Modestly Overvalued). The stock has 6 warning signs investors should review. Among 1,497 Banks companies, Arrow Financial ranks better than 92.72% on this metric.
Good Sign:
Piotroski F-Score is 8, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Arrow Financial has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for Arrow Financial's Piotroski F-Score or its related term are showing as below:
AROW'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 8
Current: 8
During the past 13 years, the highest Piotroski F-Score of Arrow Financial was 8. The lowest was 3. And the median was 6.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Arrow Financial Piotroski F-Score Related Terms
Arrow Financial Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Arrow Financial's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
AROW vs CARE, BCAL, RRBI: Piotroski F-Score Comparison
For the Banks - Regional subindustry, Arrow Financial's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Arrow Financial Piotroski F-Score vs Banks Industry
For the Banks industry and Financial Services sector, Arrow Financial's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Arrow Financial's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was 10.805 + 12.825 + 14.013 + 13.485 = $51.1 Mil. Cash Flow from Operations was 10.278 + 15.023 + 5.909 + 15.243 = $46.5 Mil. Revenue was 40.142 + 42.847 + 43.411 + 44.758 = $171.2 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(4448.885 + 4414.719 + 4587.115 + 4445.862 + 4522.019) / 5 = $4483.72 Mil. Total Assets at the begining of this year (Mar25) was $4,448.9 Mil. Long-Term Debt & Capital Lease Obligation was $29.2 Mil. Total Assets was $4,522.0 Mil. Total Liabilities was $4,081.9 Mil.
Net Income was 8.604 + 8.975 + 4.47 + 6.31 = $28.4 Mil.
Revenue was 35.008 + 36.571 + 33.914 + 39.196 = $144.7 Mil.
Average Total Assets from the begining of last year (Mar24)
to the end of last year (Mar25) was
(4333.623 + 4244.407 + 4411.449 + 4306.348 + 4448.885) / 5 = $4348.9424 Mil. Total Assets at the begining of last year (Mar24) was $4,333.6 Mil. Long-Term Debt & Capital Lease Obligation was $33.6 Mil. Total Assets was $4,448.9 Mil. Total Liabilities was $4,044.5 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Arrow Financial's current Net Income (TTM) was 51.1.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Arrow Financial's return on assets of this year was 0.01149232. Arrow Financial's return on assets of last year was 0.00654395.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Arrow Financial's gearing of this year was 0.00650643. Arrow Financial's gearing of last year was 0.00772119.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.
Arrow Financial's current ratio of this year was 1.10782861. Arrow Financial's current ratio of last year was 1.09999046.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Arrow Financial's number of shares in issue this year was 16.403. Arrow Financial's number of shares in issue last year was 16.673.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.
Arrow Financial's net margin of this year was 0.29871814. Arrow Financial's net margin of last year was 0.1959997.
==> This year's net margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Arrow Financial's asset turnover of this year was 0.03847211. Arrow Financial's asset turnover of last year was 0.03338754.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Arrow Financial has an F-score of 8. It is a good or high score, which usually indicates a very healthy situation.
Arrow Financial (AROW) has a Piotroski F-Score of 8 as of Jun. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Arrow Financial and its competitors. This is 33% above median its historical median of 6.00. Over the past decade, Arrow Financial's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, Arrow Financial ranks #109 out of 1497 companies in the Banks industry, placing it in the top 7.3%.
Is Arrow Financial's Piotroski F-Score too high?
Arrow Financial's current Piotroski F-Score of 8 is 33% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The Banks industry median Piotroski F-Score is 6.00. Arrow Financial's value of 8 is 33.3% above this industry median. Based on the distribution chart, Arrow Financial ranks #109 out of 1497 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Arrow Financial has a GF Score™ of 69/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Arrow Financial's Piotroski F-Score compare to CARE and BCAL?
According to the Banks industry distribution chart, Arrow Financial ranks #109 out of 1497 companies for Piotroski F-Score. This places Arrow Financial in the top 7% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 6.00. Arrow Financial's value of 8 is 33.3% above this benchmark. Historically, Arrow Financial's own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, Arrow Financial has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Banks company?
The median Piotroski F-Score among Banks companies is 6.00, based on 1,497 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Arrow Financial's current Piotroski F-Score of 8 is 33.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Arrow Financial and its competitors. For the Banks industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Arrow Financial's current Piotroski F-Score is 8, which is 33% above median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Arrow Financial stock overvalued right now?
Based on GuruFocus' analysis, Arrow Financial (AROW) is currently considered Modestly Overvalued. The stock's GF Value™ is $35.58, compared to a current price of $40.39 — trading 13.5% above its estimated fair value. The current Piotroski F-Score is 8, which is 33% above median its 10-year median of 6.00 and 33.3% above the Banks industry median of 6.00. Arrow Financial's overall GF Score™ is 69/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Arrow Financial (AROW), the current Piotroski F-Score is 8 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Arrow Financial (AROW) Overvalued in 2026?
Based on GuruFocus' analysis, Arrow Financial stock appears to be overvalued.
The current stock price of $40.39 is trading 13.5% above its estimated GF Value™ of $35.58.
GuruFocus considers Arrow Financial to be Modestly Overvalued.
Key valuation signals for AROW:
Piotroski F-Score: 8 (33% above median its 10-year median of 6.00)
GF Value™: $35.58 vs. price of $40.39 (13.5% above fair value)
Industry Position: 33.3% above the Banks median (#109 of 1497)
No single metric tells the full story. See the AROW stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Arrow Financial Corp is a holding company. It provides various advisory and administrative services and coordinates the general policies and operations of the banks. It provides financial products, including online and mobile banking, mortgages, commercial loans, investments, and others. The company also provides lending services, including commercial and industrial lending to small and mid-sized companies; mortgage lending for residential and commercial properties; and consumer installment and home equity financing. The key source of the company's revenue is interest income, fees, commission earned through its subsidiaries.
69GF Score
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