Archer Aviation

ACHR · NYSE · Industrials · Financials, fiscal 2020 to 2025

ACHR · Last close · October 26, 2026

$3.94

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%.

Archer Aviation Inc. Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0001824502-26-000019 Updated October 11, 2026

Revenue

$0M

Operating margin

−243,100.0%

Net income

−$618M

Free cash flow

−$512M

Return on equity

−41.8%

54.0 pts

Market cap

$3.1B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Archer Aviation does

Archer is building an electric aircraft called Midnight, which takes off and lands vertically like a helicopter. It is designed to work as an air taxi, carrying four passengers plus a pilot on short city trips. Archer is also developing a hybrid-electric, pilotless aircraft for defense and cargo customers with Anduril, a defense technology company.

Archer has not yet started commercial air taxi service. It says it plans two lines of business: commercial, which would include selling aircraft and running air taxi service itself, and defense, which would include selling aircraft and technology to military customers. It is working with aviation regulators, including the Federal Aviation Administration and the regulator in the United Arab Emirates, on approval to fly passengers.

Archer builds early aircraft at sites in Silicon Valley and Georgia. It also took control of Hawthorne Municipal Airport near Los Angeles. At the end of 2025 it had a workforce of 1,660 people, including 1,160 full-time employees.

Its biggest risks, as it describes them

Its aircraft may not win the regulatory approvals needed to carry passengers, and the market for air taxis may not develop as it expects.
A history of losses and a business plan that needs a large amount of new capital.
Reliance on outside partners to supply and store the parts and components for its aircraft.
Its defense aircraft is at an early stage and may not meet military requirements.
An accident involving its aircraft, or any eVTOL aircraft, could hurt its reputation.

From Archer Aviation's annual report on Form 10-K, filed March 2, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Archer Aviation lost money in fiscal 2025: a net loss of $618 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Archer Aviation yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Archer Aviation's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. Archer Aviation's free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

The standard scenarios, as there is no revenue history to fit them to. Cautious: growth of 2% then 1% a year, 2% after year 10, a 12% discount rate. Base: growth of 5% then 3% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 10% then 6% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $3.94
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Archer Aviation's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	747	531	465	834	1,965
Debt incl. finance leases	19	9	7	64	80
Net debt (negative means net cash)	−728	−522	−457	−770	−1,884
Net debt to EBITDA	—	—	—	—	—
Debt to equity	0.0x	0.0x	0.0x	0.1x	0.0x
Interest coverage	−358.3x	−231.6x	−558.6x	−203.9x	−177.9x
Current ratio	26.7x	10.2x	4.2x	12.1x	19.9x
Quick ratio	26.7x	10.2x	4.2x	12.1x	19.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Archer Aviation shares on the open market, and 6 insiders sold $7.7 million, $2.4 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 21, 2026	Benjamin LyonPresident, Aircraft OEM	Sold plan	45,359	$5.43	$246,299	Form 4
Aug 20, 2026	Eric LentellChief Strategy Officer	Sold plan	100,000	$6.31	$631,000	Form 4
Aug 17, 2026	Eric LentellChief Legal & Strategy Officer	Sold	52,762	$6.41	$338,204	Form 4
Aug 17, 2026	Benjamin LyonPresident, Aircraft OEM	Sold	50,188	$6.41	$321,705	Form 4
Aug 17, 2026	Harsh RungtaChief Accounting Officer	Sold	13,880	$6.41	$88,971	Form 4
Aug 17, 2026	Priya GuptaInterim CFO	Sold	10,015	$6.41	$64,196	Form 4
Jun 11, 2026	Eric LentellChief Legal & Strategy Officer	Sold	3,754	$5.00	$18,770	Form 4
May 18, 2026	Thomas Paul MunizChief Technology Officer	Sold	91,839	$5.95	$546,442	Form 4
May 18, 2026	Eric LentellChief Legal & Strategy Officer	Sold	48,169	$5.95	$286,606	Form 4
May 18, 2026	Harsh RungtaChief Accounting Officer	Sold	12,414	$5.95	$73,863	Form 4
May 18, 2026	Priya GuptaInterim CFO	Sold	9,860	$5.95	$58,667	Form 4
May 15, 2026	Thomas Paul MunizChief Technology Officer	Sold	44,740	$6.06	$271,124	Form 4

The latest 12 of 29 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Fail	Fail
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	—	Fail	Pass
F-score	—	2 of 8	5 of 8
Accruals ratio	−33.0%	−21.6%	−10.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Archer Aviation side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Archer Aviation	FY25	—	−243,100.0%	−170,566.7%	—	—	5
Joby Aviation	FY25	39,183.1%	−1,346.9%	−1,055.3%	—	—	—	Compare
Intuitive Machines	FY25	−7.9%	−41.5%	−26.6%	—	—	3	Compare
Planet Labs	FY26	25.9%	−30.9%	18.7%	−70.0%	—	3	Compare
Kratos Defense & Security Solutions	FY25	18.5%	1.9%	−10.2%	1.2%	−6.3x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

6 years of figures

Fiscal year	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	—	—	—	0	0	0
Revenue growth	—	—	—	—	—	—
Gross profit	—	—	—	0	0	0
Research and development	21	64	172	276	358	494
Operating income	−25	−358	−347	−447	−510	−729
Net income	−25	−348	−317	−458	−537	−618
Diluted EPS (US$)	−0.49	−3.14	−1.32	−1.69	−1.42	−0.99
Diluted shares (millions)	50	111	240	270	377	624
Cash flow
Cash from operations	−23	−108	−200	−272	−369	−433
Capital expenditure	1	4	7	44	82	79
Free cash flow	−24	−112	−207	−316	−451	−512
Dividends paid	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	126
Stock-based compensation	0	124	103	45	109	224
Balance sheet at fiscal year end
Cash and short-term investments	37	747	531	465	834	1,965
Debt incl. finance leases	1	19	9	7	64	80
Total assets	42	768	574	554	1,001	2,466
Total liabilities	6	70	80	187	249	263
Shareholders' equity	36	699	493	367	753	2,203
Margins and ratios
Gross margin	—	—	—	—	—	33.3%
Operating margin	—	—	—	—	—	−243,100.0%
Net margin	—	—	—	—	—	−206,066.7%
Free cash flow margin	—	—	—	—	—	−170,566.7%
Return on capital	—	—	—	—	—	—
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%
Net debt to EBITDA	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Archer Aviation's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Archer Aviation.