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Archer Aviation

ACHR NYSE Aerospace & Defense Financials FY2020–FY2025

Archer Aviation reported revenue of $0 million in fiscal 2025. Its operating margin was −243,100.0%. Free cash flow was −$512 million. The diluted share count rose 65.7%.

Last close · Oct 23, 2026

$3.91

2.9%
Value it Compare
Revenue Total sales reported in the income statement.
$0.3M
vs prior year
Operating margin Operating income as a share of revenue.
−243,100.0%
Net income Profit after all expenses, interest and tax.
−$618M
Free cash flow Cash from operations minus capital spending.
−$512M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
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Market cap Last close times the latest diluted share count, so it is approximate.
$3.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Archer Aviation does

No business description yet.

Legal name
Archer Aviation Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001824502-26-000019
0001824502

Revenue and margins

Archer Aviation had $0.3M of revenue in fiscal 2025.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$512M in fiscal 2025, −170,566.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Archer Aviation returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 65.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Archer Aviation yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of $1.9B and divides by 624.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Archer Aviation can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $747M$531M$465M$835M$2.0B
Debt incl. finance leases $18.8M$9.3M$7.2M$64.0M$80.3M
Debt / equity 0.0x0.0x0.0x0.1x0.0x
Interest coverage −358.3x−231.6x−558.6x−203.9x−177.9x
Current ratio 26.7x10.2x4.2x12.1x19.9x
Quick ratio 26.7x10.2x4.2x12.1x19.9x
Total assets $768M$574M$554M$1.0B$2.5B
Total liabilities $69.5M$80.5M$187M$249M$263M
Shareholders' equity $699M$493M$367M$753M$2.2B
Net debt (− = net cash) −$728M−$522M−$457M−$771M−$1.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$2.9M

5 insiders

Of sales under plans

30%

$0.9M

DateInsiderTradeSharesPriceValueFiling
Sep 21, 2026 Benjamin LyonPresident, Aircraft OEM Sold plan 45,359 $5.43 $0.2M Form 4
Aug 20, 2026 Eric LentellChief Strategy Officer Sold plan 100,000 $6.31 $0.6M Form 4
Aug 17, 2026 Benjamin LyonPresident, Aircraft OEM Sold 50,188 $6.41 $0.3M Form 4
Aug 17, 2026 Eric LentellChief Legal & Strategy Officer Sold 52,762 $6.41 $0.3M Form 4
Aug 17, 2026 Harsh RungtaChief Accounting Officer Sold 13,880 $6.41 $0.1M Form 4
Aug 17, 2026 Priya GuptaInterim CFO Sold 10,015 $6.41 $0.1M Form 4
Jun 11, 2026 Eric LentellChief Legal & Strategy Officer Sold 3,754 $5.00 $0.0M Form 4
May 18, 2026 Eric LentellChief Legal & Strategy Officer Sold 48,169 $5.95 $0.3M Form 4
May 18, 2026 Harsh RungtaChief Accounting Officer Sold 12,414 $5.95 $0.1M Form 4
May 18, 2026 Priya GuptaInterim CFO Sold 9,860 $5.95 $0.1M Form 4
May 18, 2026 Thomas Paul MunizChief Technology Officer Sold 91,839 $5.95 $0.5M Form 4
May 15, 2026 Thomas Paul MunizChief Technology Officer Sold 44,740 $6.06 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✕ ✕ ✕
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets — ✕ ✓
F-score — / 92 / 85 / 8
Accruals ratio −33.0%−21.6%−10.7%
Altman Z'' −5.78−0.579.00

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Archer Aviation ACHR $3.1B — −243,100.0% −170,566.7% — — 5
Joby Aviation JOBY $4.6B 39,183.1% −1,346.9% −1,055.3% — — — Compare →
Intuitive Machines LUNR $1.7B −7.9% −41.5% −26.6% — — 3 Compare →
Planet Labs PL $4.8B 25.9% −30.9% 18.7% −70.1% — 3 Compare →
Kratos Defense & Security Solutions KTOS $7.4B 18.5% 1.9% −10.2% 1.2% — 4 Compare →

6 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY20FY21FY22FY23FY24FY25
Income statement
Revenue — — — $0.0M $0.0M $0.3M
Gross profit — — — $0.0M $0.0M $0.1M
Research and development $21.1M $64.3M $172M $276M $358M $494M
Operating income −$24.6M −$358M −$347M −$447M −$510M −$729M
Interest expense $0.2M $1.0M $1.5M $0.8M $2.5M $4.1M
Pretax income −$24.8M −$348M −$317M −$457M −$537M −$618M
Income tax — $0.0M $0.0M $0.5M $0.2M $0.3M
Net income −$24.8M −$348M −$317M −$458M −$537M −$618M
Diluted EPS −$0.49 −$3.14 −$1.32 −$1.69 −$1.42 −$0.99
Diluted shares 0.05B 0.11B 0.24B 0.27B 0.38B 0.62B
Cash flow
Cash from operations −$22.8M −$108M −$200M −$272M −$369M −$433M
Capital expenditure $1.4M $3.5M $6.9M $44.3M $82.0M $78.8M
Free cash flow −$24.2M −$112M −$207M −$316M −$451M −$512M
Depreciation and amortization $0.1M $1.3M $3.1M $6.5M $11.7M $20.0M
Stock-based compensation $0.2M $124M $103M $45.2M $109M $224M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $126M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $36.6M $747M $531M $465M $835M $2.0B
Total debt $0.9M $18.8M $9.3M $7.2M $64.0M $80.3M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $37.4M $755M $546M $480M $858M $2.1B
Current liabilities $3.8M $28.3M $53.3M $114M $71.1M $104M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $1.6M $5.9M $11.5M $57.6M $127M $254M
Total assets $41.8M $768M $574M $554M $1.0B $2.5B
Total liabilities $5.9M $69.5M $80.5M $187M $249M $263M
Shareholders' equity $35.9M $699M $493M $367M $753M $2.2B
Margins
Gross margin — — — — — 33.3%
Operating margin — — — — — −243,100.0%
EBITDA margin — — — — — −236,433.3%
Net margin — — — — — −206,066.7%
FCF margin — — — — — −170,566.7%
Returns
Return on capital employed — −92.1% −55.1% −93.0% −74.4% −44.3%
Return on equity — −94.7% −53.2% −106.4% −95.9% −41.8%
Return on assets — −85.9% −47.3% −81.2% −69.0% −35.7%
Growth
Share count change — 121.0% 117.0% 12.5% 39.3% 65.7%
Financial health
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.1x 0.0x
Interest coverage −123.0x −358.3x −231.6x −558.6x −203.9x −177.9x
Current ratio 9.8x 26.7x 10.2x 4.2x 12.1x 19.9x
Quick ratio 9.8x 26.7x 10.2x 4.2x 12.1x 19.9x
Capital allocation
Capex / revenue — — — — — 26,266.7%
Stock comp / revenue — — — — — 74,500.0%
Quality scores
Piotroski F-score — — — — 2.0 5.0
Altman Z'' 5.7 12.0 4.1 −5.8 −0.6 9.0
Accruals ratio — −59.1% −17.4% −33.0% −21.6% −10.7%

Source: SEC EDGAR XBRL filings (CIK 0001824502). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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