Estados financieros detallados de Arrow Financial Corporation (AROW): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Arrow Financial Corporation registró ingresos de $242.6M en el último ejercicio fiscal, con un CAGR de 5 años del 10.9%. El beneficio neto alcanzó $44.0M, con un CAGR a 5 años del 1.5%.
Márgenes de los últimos 12 meses: margen bruto 63.6%, margen operativo 16.2%, margen neto 24.2%. El flujo de caja libre creció a un CAGR del -0.5% en 5 años.
Al precio actual de $38.24, AROW cotiza a un P/E de 12.10 y un ROE del 11.82%. La capitalización bursátil es de $632M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $104.7M | $112.3M | $125.5M | $138.3M | $144.6M | $147.9M | $160.5M | $191.7M | $223.1M | $242.6M |
| Coste de Ventas | $7.4M | $9.7M | $15.1M | $23.8M | $22.0M | $5.5M | $16.1M | $61.1M | $88.4M | $84.3M |
| Beneficio Bruto | $97.4M | $102.6M | $110.4M | $114.5M | $122.5M | $142.5M | $144.4M | $130.6M | $134.6M | $158.3M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $44.3M | $41.4M | $42.5M | $41.7M | $45.9M | $46.9M | $49.4M | $50.9M | $56.7M | $84.8M |
| Gastos Operativos | $59.6M | $62.7M | $65.1M | $67.5M | $70.7M | $78.0M | $81.5M | $93.0M | $97.3M | $102.9M |
| Beneficio Operativo | $37.7M | $39.9M | $45.3M | $47.1M | $51.9M | $64.4M | $62.9M | $37.5M | $37.4M | $55.4M |
| EBITDA | $43.7M | $45.3M | $50.1M | $52.6M | $58.7M | $72.2M | $70.5M | $44.2M | $42.7M | $60.8M |
| Gastos por Intereses | $5.4M | $7.0M | $12.5M | $21.7M | $12.7M | $5.2M | $11.3M | $57.7M | $83.3M | $77.0M |
| Beneficio Antes de Impuestos | $37.7M | $39.9M | $45.3M | $47.1M | $51.9M | $64.4M | $62.9M | $37.5M | $37.4M | $55.4M |
| Impuestos | $11.2M | $10.5M | $9.0M | $9.6M | $11.0M | $14.5M | $14.1M | $7.4M | $7.6M | $11.4M |
| Beneficio Neto | $26.5M | $29.3M | $36.3M | $37.5M | $40.8M | $49.9M | $48.8M | $30.1M | $29.7M | $44.0M |
| BPA | $1.66 | $1.82 | $2.24 | $2.23 | $2.42 | $2.93 | $2.87 | $1.77 | $1.78 | $2.66 |
| BPA Diluido | $1.65 | $1.81 | $2.22 | $2.22 | $2.41 | $2.92 | $2.86 | $1.77 | $1.77 | $2.65 |
| Acciones en Circulación (Diluidas) | $16.1M | $16.2M | $16.3M | $16.9M | $16.9M | $17.1M | $17.1M | $17.0M | $16.7M | $16.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $62.3M | $62.9M | $62.4M | $24.2M |
| Beneficio Bruto | $42.0M | $42.6M | $44.2M | $6.0M |
| Beneficio Operativo | $16.6M | $16.8M | $17.3M | -$16.4M |
| EBITDA | $18.1M | $18.0M | $18.6M | -$17.7M |
| Beneficio Neto | $12.8M | $14.0M | $13.5M | $11.0M |
| BPA | $0.78 | $0.85 | $0.82 | $0.67 |
| BPA Diluido | $0.78 | $0.85 | $0.82 | $0.67 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $57.4M | $72.8M | $84.2M | $70.2M | $381.0M | $457.7M | $64.7M | $142.5M | $154.5M | $29.1M |
| Inversiones a Corto | $347.0M | $300.2M | $317.5M | $357.3M | $365.3M | $559.3M | $573.5M | $497.8M | $463.1M | 0 |
| Cuentas por Cobrar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $404.4M | $373.0M | $401.8M | $427.6M | $746.3M | $1.02B | $638.2M | $640.3M | $617.7M | $29.1M |
| Inmovilizado Material | $26.9M | $27.6M | $30.4M | $40.6M | $42.6M | $46.2M | $56.5M | $59.6M | $59.7M | $59.4M |
| Fondo de Comercio | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M | $21.9M | $23.8M | $23.8M |
| Activos Intangibles | $2.7M | $2.3M | $1.9M | $1.7M | $1.9M | $1.9M | $1.5M | $1.1M | $2.1M | $1.7M |
| Activos Totales | $2.61B | $2.76B | $2.99B | $3.18B | $3.69B | $4.03B | $3.97B | $4.17B | $4.31B | $4.45B |
| Cuentas por Pagar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | $158.8M | $170.0M | $288.7M | $181.1M | $17.5M | 0 | $27.0M | $20.0M | 0 | 0 |
| Pasivos Corrientes | $2.28B | $2.42B | $2.63B | $2.80B | $3.25B | $3.55B | $3.53B | $3.71B | $3.83B | $722.4M |
| Deuda a Largo | $198.0M | $180.0M | $299.0M | $180.0M | $65.0M | $65.0M | $74.8M | $46.5M | $28.6M | $24.3M |
| Pasivos Totales | $2.37B | $2.51B | $2.72B | $2.88B | $3.35B | $3.66B | $3.62B | $3.79B | $3.91B | $4.01B |
| Reservas | $28.6M | $28.8M | $29.3M | $33.2M | $41.9M | $54.1M | $65.4M | $65.8M | $77.2M | $102.3M |
| Patrimonio Neto | $232.9M | $249.6M | $269.6M | $301.7M | $334.4M | $371.2M | $353.5M | $379.8M | $400.9M | $431.9M |
| Deuda Total | $356.8M | $350.0M | $587.7M | $366.4M | $87.7M | $70.2M | $106.9M | $71.6M | $33.6M | $29.2M |
| Deuda Neta | -$47.5M | -$23.1M | $185.9M | -$61.2M | -$658.6M | -$946.8M | -$531.2M | -$568.7M | -$584.1M | $62000 |
| Capital Circulante | -$1.87B | -$2.04B | -$2.23B | -$2.37B | -$2.51B | -$2.53B | -$2.89B | -$3.07B | -$3.21B | -$693.2M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $397.4M | $29.1M | $29.1M | $30.9M |
| Activos Totales | $4.59B | $4.45B | $4.52B | $4.48B |
| Pasivos Totales | $4.17B | $4.01B | $4.08B | $4.04B |
| Patrimonio Neto | $417.7M | $431.9M | $440.1M | $446.3M |
| Deuda Total | $29.2M | $29.2M | $34.1M | $335.1M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $26.5M | $29.3M | $36.3M | $37.5M | $40.8M | $49.9M | $48.8M | $30.1M | $29.7M | $44.0M |
| Amortizaciones | $5.9M | $5.4M | $4.8M | $5.5M | $6.9M | $7.8M | $7.5M | $6.7M | $5.4M | $5.4M |
| Compensación en Acciones | $1.6M | $937000 | $735000 | $829000 | $545000 | $790000 | $859000 | $823000 | $809000 | $683000 |
| Cambio en Capital Circulante | -$521000 | $825000 | -$1.9M | -$2.5M | -$1.8M | -$1.0M | -$570000 | -$20.0M | -$7.4M | -$1.8M |
| Flujo de Caja Operativo | $34.7M | $37.8M | $42.0M | $43.9M | $42.3M | $68.2M | $59.7M | $20.6M | $34.5M | $41.3M |
| Inversiones (CapEx) | -$1.4M | -$2.6M | -$5.1M | -$7.8M | -$5.1M | -$7.1M | -$14.2M | -$7.1M | -$5.6M | -$5.1M |
| Adquisiciones | $72000 | $96000 | $98000 | 0 | 0 | 0 | 0 | 0 | $32.4M | 0 |
| Recompra de Acciones | -$2.1M | -$3.2M | -$2.1M | -$2.5M | -$1.6M | -$2.7M | -$2.9M | -$3.6M | -$6.8M | -$10.2M |
| Dividendos Pagados | -$13.1M | -$13.6M | -$14.4M | -$15.2M | -$15.7M | -$16.3M | -$17.4M | -$18.0M | -$18.3M | -$18.9M |
| Flujo de Caja Libre | $33.3M | $35.2M | $36.9M | $36.2M | $37.2M | $61.1M | $45.5M | $13.5M | $28.9M | $36.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $15.0M | $5.9M | $15.2M | $15.8M |
| Inversiones (CapEx) | -$739000 | -$1.1M | -$1.3M | -$4.2M |
| Flujo de Caja Libre | $14.3M | $4.8M | $13.9M | $11.6M |
| Dividendos Pagados | -$4.8M | -$4.8M | -$5.0M | -$5.0M |
| Compensación en Acciones | $228000 | $519000 | $353000 | $198000 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +7.2% | +11.7% | +10.3% | +4.5% | +2.3% | +8.5% | +19.4% | +16.4% | +8.7% |
| Crecimiento Beneficio Neto (anual) | | +10.5% | +23.7% | +3.3% | +8.9% | +22.1% | -2.1% | -38.4% | -1.2% | +47.9% |
| Crecimiento BPA (anual) | | +9.6% | +23.1% | -0.4% | +8.5% | +21.1% | -2.0% | -38.3% | +0.6% | +49.4% |
| Cambio en Acciones (anual) | | +0.8% | +0.6% | +3.4% | +0.3% | +0.8% | +0.0% | -0.1% | -1.7% | -1.4% |
| Crecimiento FCF (anual) | | +5.9% | +4.7% | -1.9% | +2.8% | +64.2% | -25.6% | -70.3% | +113.9% | +25.3% |
| Margen Bruto | 92.9% | 91.3% | 88.0% | 82.8% | 84.8% | 96.3% | 90.0% | 68.1% | 60.4% | 65.3% |
| Margen Operativo | 36.0% | 35.5% | 36.1% | 34.0% | 35.9% | 43.5% | 39.2% | 19.6% | 16.7% | 22.8% |
| Margen EBITDA | 41.7% | 40.3% | 39.9% | 38.0% | 40.6% | 48.8% | 43.9% | 23.1% | 19.2% | 25.1% |
| Margen Neto | 25.3% | 26.1% | 28.9% | 27.1% | 28.2% | 33.7% | 30.4% | 15.7% | 13.3% | 18.1% |
| Margen FCF | 31.7% | 31.4% | 29.4% | 26.1% | 25.7% | 41.3% | 28.3% | 7.0% | 12.9% | 14.9% |
| Tasa Impositiva Efectiva | 29.7% | 26.4% | 19.9% | 20.4% | 21.3% | 22.6% | 22.4% | 19.8% | 20.5% | 20.6% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $2.07 | $2.17 | $2.26 | $2.14 | $2.20 | $3.58 | $2.67 | $0.79 | $1.72 | $2.19 |
| Dividendo por Acción | $0.81 | $0.84 | $0.88 | $0.90 | $0.93 | $0.96 | $1.02 | $1.06 | $1.09 | $1.14 |
| Acciones en Circulación (Básicas) | $16.0M | $16.1M | $16.2M | $16.8M | $16.9M | $17.0M | $17.0M | $17.0M | $16.7M | $16.5M |
Qué mirar en empresas de Financial Services
- Efficiency Ratio (≤55%) — Gastos operativos / ingresos. Bancos top por debajo del 55%.
- ROA (≥1%) — Cuánto ganan por cada euro de activos. En banca el ROE engaña por el apalancamiento.
- ROTCE (≥12%) — Rentabilidad sobre Capital Tangible. Descuenta goodwill e intangibles.
- Capital / Activos (proxy Tier 1) (≥8%) — Proxy del ratio de capital. FMP no expone Tier 1 regulatorio directo.
- P/B (1,0-1,5x) — Métrica clásica bancaria. <1x puede ser oportunidad o distress.
- Rentabilidad por dividendo sostenible (≥2%, <8%) — Bancos UE pagan 5-7% sin estrés. >8% es señal de distress.
Rentabilidad
| Rentabilidad sobre capital | 11.82% |
| Rentabilidad sobre capital invertido | 3.29% |
| Rentabilidad sobre activos | 1.14% |
| Margen bruto | 63.64% |
| Margen operativo | 16.19% |
| Margen neto | 24.21% |
Salud financiera
| Deuda / Patrimonio | 0.75 |
| Ratio corriente | 0.01 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 21.67 | 17.07 | 13.47 | 16.46 | 12.00 | 11.67 | 11.81 | 15.79 | 16.13 | 11.80 |
| P/VC | 2.47 | 2.00 | 1.82 | 2.05 | 1.47 | 1.57 | 1.63 | 1.25 | 1.20 | 1.20 |
| P/V | 5.49 | 4.46 | 3.90 | 4.46 | 3.39 | 3.93 | 3.59 | 2.48 | 2.15 | 2.14 |
| Margen Bruto | 92.9% | 91.3% | 88.0% | 82.8% | 84.8% | 96.3% | 90.0% | 68.1% | 60.4% | 65.3% |
| Margen Operativo | 36.0% | 35.5% | 36.1% | 34.0% | 35.9% | 43.5% | 39.2% | 19.6% | 16.7% | 22.8% |
| Margen Neto | 25.3% | 26.1% | 28.9% | 27.1% | 28.2% | 33.7% | 30.4% | 15.7% | 13.3% | 18.1% |