AROW
Arrow Financial Corporation
AROW has the edge over BLK overall, supported by stronger valuation and stronger modeled upside.
BLK
BlackRock, Inc.
BLK offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
AROW Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
AROW's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like AROW.
BLK Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BLK's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BLK.
AROW PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 9.3x | $38.68 | — |
| Cheap | 11x | $29.38 | -24% |
| Fair | 13x | $33.92 | -12% |
| Expensive | 15x | $39.77 | +2.8% |
| Current | 15x | $38.68 | — |
Historical ranges are pointers, not guarantees.
AROW has the edge over BLK in the historical PE scenario, which offers more potential upside but is not a forecast.
BLK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $848 | -30% |
| Fair | 22x | $973 | -20% |
| Expensive | 26x | $1,149 | -5.5% |
| Current | 28x | $1,217 | — |
Historical ranges are pointers, not guarantees.
BLK's PE is in its expensive range at 28x.
AROW Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for AROW, but weaker profitability.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
AROW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.16 | +58% |
| Q3 2026 | $2.64 | +28% |
| Q2 2026 | $3.10 | +69% |
| Q1 2026 | $3.09 | +82% |
| Q4 2025 | $2.65 | +50% |
| Q3 2025 | $2.07 | +7.3% |
| Q2 2025 | $1.83 | -1.6% |
| Q1 2025 | $1.70 | +0.6% |
| Q4 2024 | $1.77 | +1.7% |
AROW has the edge over BLK on earnings, with more consistent year-over-year improvement.
BLK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $43.87 | +11% |
| Q2 2026 | $41.73 | -0.4% |
| Q1 2026 | $39.73 | -4.7% |
| Q4 2025 | $35.31 | -17% |
| Q3 2025 | $39.42 | -2.7% |
| Q2 2025 | $41.89 | +4% |
| Q1 2025 | $41.69 | +5.9% |
| Q4 2024 | $42.53 | +16% |
BLK earned $43.87 per share over the past year, up 11% from the year before.
AROW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2024 | $35M | +7.1% |
| Q1 2024 | $34.3M | -1.3% |
| Q4 2023 | $33.1M | -12% |
| Q3 2023 | $33.4M | -14% |
| Q2 2023 | $32.7M | -11% |
| Q1 2023 | $34.8M | -3.4% |
| Q4 2022 | $37.7M | +8.5% |
| Q3 2022 | $38.7M | +6.6% |
BLK has the stronger quarterly revenue trend. Revenue is up 7.1% for AROW versus up 19% for BLK.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2019 | 41% | N/A |
BLK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.8B | +19% |
| Q2 2026 | $7.1B | +31% |
| Q1 2026 | $6.7B | +27% |
| Q4 2025 | $7B | +23% |
| Q3 2025 | $6.5B | +25% |
| Q2 2025 | $5.4B | +13% |
| Q1 2025 | $5.3B | +12% |
| Q4 2024 | $5.7B | +23% |
BLK's revenue has grown year over year for 13 quarters in a row: $7.8B last quarter, up 19% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | 0 points |
| Q2 2026 | 35% | +2.8 points |
| Q1 2026 | 42% | +9.8 points |
| Q4 2025 | 24% | -13 points |
| Q3 2025 | 30% | -8.6 points |
| Q2 2025 | 32% | -5.5 points |
| Q1 2025 | 32% | -3.6 points |
| Q4 2024 | 37% | +2.3 points |
BLK's operating margin was 30% last quarter, about level with the same quarter a year ago, near the bottom of its range since 2019.
AROW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $18.8M | +31% |
| Q2 2026 | $11.6M | +40% |
| Q1 2026 | $13.9M | +58% |
| Q4 2025 | $4.8M | +18% |
| Q3 2025 | $14.3M | +77% |
| Q2 2025 | $8.3M | +10% |
| Q1 2025 | $8.8M | -4.3% |
| Q4 2024 | $4.1M | +$21M |
AROW has the edge over BLK on cash flow, with more consistent year-over-year improvement.
BLK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +95% |
| Q2 2026 | $1.1B | -12% |
| Q1 2026 | -$1.1B | +$120M |
| Q4 2025 | $2.1B | -15% |
| Q2 2025 | $1.3B | -6.1% |
| Q1 2025 | -$1.2B | -$734M |
| Q4 2024 | $2.5B | +35% |
| Q2 2024 | $1.4B | +47% |
BLK's free cash flow was $4.8B over the past year, up 22% from the year before. Free cash flow isn't a meaningful measure for financial services companies like BLK.
AROW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +12% | +2M shares |
| 1 year | +13% | +2.1M shares |
| 3 years | +8.3% | +1.4M shares |
| 5 years | +8.2% | +1.4M shares |
| Available history | +9.5% | +1.6M shares |
AROW has 18M diluted shares, up 13% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1M |
| Q2 2026 | $370,000 |
| Q1 2026 | $113,000 |
| Q4 2025 | $154,000 |
| Q3 2025 | $1.4M |
| Q2 2025 | $5.2M |
| Q1 2025 | $3.5M |
| Q4 2024 | $265,000 |
AROW spent $2M buying back its own shares over the past year, down 84% from the year before.
BLK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -148K shares |
| 1 year | -0.4% | -677K shares |
| 3 years | +9.3% | +14M shares |
| 5 years | +6.2% | +9.6M shares |
| Available history | +4.4% | +7M shares |
BLK has the edge over AROW on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2025 | $396M |
| Q1 2025 | $657M |
| Q4 2024 | $386M |
| Q2 2024 | $519M |
| Q1 2024 | $634M |
| Q4 2023 | $384M |
| Q3 2023 | $396M |
| Q2 2023 | $383M |
AROW Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2019 | 3.1x | Elevated |
AROW's net debt is about 3.1 years of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like AROW.
BLK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2024 | 0.2x | Very low |
| Q1 2024 | 0.3x | Very low |
| Q4 2023 | 0.1x | Very low |
BLK has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like BLK.
AROW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.7 | Neutral |
| Stochastic | 55.0 | Neutral |
AROW's weekly RSI is 55 (neutral) and its Stochastic is 55 (neutral).
BLK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.5 | Neutral |
| Stochastic | 79.0 | Neutral |
BLK's weekly RSI is 64 (neutral) and its Stochastic is 79 (neutral).
AROW PE vs Financial Services Sector
| Metric | AROW | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 13% above |
| PE % | 77 | 63 | 14 pts above |
AROW has the edge over BLK on valuation relative to its sector.
BLK PE vs Financial Services Sector
| Metric | BLK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 113% above |
| PE % | 97 | 63 | 34 pts above |
BLK is trading at 28x earnings, a 113% premium to the Financial Services sector's median of 13x.
AROW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $37.8 | 2.3% above |
| 20 week MA | $38.9 | 0.5% below |
| 50 week MA | $36.4 | 6.2% above |
| 100 week MA | $31.8 | 22% above |
| 200 week MA | $28.4 | 36% above |
AROW's trend is mixed: it's above four of its five weekly moving averages, and 36% above its 200-week average.
BLK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,128.0 | 7.9% above |
| 20 week MA | $1,108.9 | 9.7% above |
| 50 week MA | $1,071.6 | 14% above |
| 100 week MA | $1,051.1 | 16% above |
| 200 week MA | $914.1 | 33% above |
BLK has the edge over AROW on trend strength, trading above more of its moving averages.
AROW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $36.4 | $29.4 | -19% |
| 2021 | $29.4 | $34.2 | +17% |
| 2022 | $34.2 | $34.4 | +0.4% |
| 2023 | $34.4 | $27.9 | -19% |
| 2024 | $27.9 | $28.5 | +2% |
| 2025 | $28.5 | $31.5 | +10% |
| 2026 YTD | $31.5 | $38.7 | +23% |
AROW has the edge over BLK on returns for 2026, with the stronger performance.
BLK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $503.0 | $707.2 | +41% |
| 2021 | $707.2 | $913.9 | +29% |
| 2022 | $913.9 | $703.9 | -23% |
| 2023 | $703.9 | $811.8 | +15% |
| 2024 | $811.8 | $1,044.2 | +29% |
| 2025 | $1,044.2 | $1,088.1 | +4.2% |
| 2026 YTD | $1,088.1 | $1,216.6 | +12% |
BLK has finished higher in five of the last six years. It's up 12% so far in 2026.