Archer Aviation
ACHR on NYSE. Archer makes electric air taxis and sells flights to passengers and defense customers. Market value $3.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-18.16 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$4.72 a share, 10% above its 1-year low
Over the past year the price has ranged from $4.30 to $14.62.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | $0 | $0 | $300,000 |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | -243100.0% |
| Debt to equity | |||||
| Debt to equity | 0.03 | 0.02 | 0.02 | 0.09 | 0.04 |
| Shares outstanding | |||||
| Shares outstanding | 0.11bn | 0.24bn | 0.27bn | 0.65bn | 0.77bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.04× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 595% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $263 million, compared with a loss of $206 million a year ago.
- Over the past 12 months it spent $660 million more cash than it brought in, compared with $472 million a year earlier.
- 35% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | -$115m |
| December 2024 | -$198m |
| March 2025 | -$93m |
| June 2025 | -$206m |
| September 2025 | -$130m |
| December 2025 | -$189m |
| March 2026 | -$218m |
| June 2026 | -$263m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
None of the long-term investors we follow own it. 525 funds in all.
Largest holders overall
- BlackRock$285mAdded
- State Street$230mAdded
- ARK Investment Management$151mCut
- Vanguard Capital Management$138mAdded
- Vanguard Portfolio Management$136mAdded
- Vestor Capital$93mNew
- Geode Capital Management$80mAdded
- Morgan Stanley$77mAdded
- Norges Bank$37mNew
- Amova Asset Management Americas$36m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Stellantis N.V.at least 10.4%−2.3 pts(filed with 5 related holders)Since 3 January 2026
- BlackRock, Inc.Passive investor6.9%−1.2 ptsSince 31 March 2026
- STATE STREET CORPORATIONPassive investor6.4%+1.4 ptsSince 30 June 2026
- ARK Investment Management LLCPassive investorat least 4.9%−0.5 pts(filed with 1 related holder)Since 30 April 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Marc E. LorePassive investorSold down below 5%Since 17 January 2025
| Holder | Stake | Since | |
|---|---|---|---|
Stellantis N.V. | at least 10.4%−2.3 pts (filed with 5 related holders) | 3 January 2026 | |
BlackRock, Inc. Passive investor | 6.9%−1.2 pts | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | 6.4%+1.4 pts | 30 June 2026 | |
ARK Investment Management LLC Passive investor | at least 4.9%−0.5 pts (filed with 1 related holder) | 30 April 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Marc E. Lore Passive investor | Sold down below 5% | 17 January 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $8m, $2m of it under preset trading plans.
- Lyon BenjaminPresident, Aircraft OEMSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 45,359
- Price
- $5.43
- Value
- $246,299
- Lentell EricChief Strategy OfficerSoldunder a preset trading plan
- Date
- 20 August 2026
- Shares
- 100,000
- Price
- $6.31
- Value
- $631,000
- Rungta HarshChief Accounting OfficerSold
- Date
- 17 August 2026
- Shares
- 13,880
- Price
- $6.41
- Value
- $89,010
- Gupta PriyaInterim CFOSold
- Date
- 17 August 2026
- Shares
- 10,015
- Price
- $6.41
- Value
- $64,224
- Lentell EricChief Legal & Strategy OfficerSold
- Date
- 17 August 2026
- Shares
- 52,762
- Price
- $6.41
- Value
- $338,352
- Lyon BenjaminPresident, Aircraft OEMSold
- Date
- 17 August 2026
- Shares
- 50,188
- Price
- $6.41
- Value
- $321,846
- Lentell EricChief Legal & Strategy OfficerSold
- Date
- 11 June 2026
- Shares
- 3,754
- Price
- $5.00
- Value
- $18,770
- Rungta HarshChief Accounting OfficerSold
- Date
- 18 May 2026
- Shares
- 12,414
- Price
- $5.95
- Value
- $73,863
- Gupta PriyaInterim CFOSold
- Date
- 18 May 2026
- Shares
- 9,860
- Price
- $5.95
- Value
- $58,667
- Lentell EricChief Legal & Strategy OfficerSold
- Date
- 18 May 2026
- Shares
- 48,169
- Price
- $5.95
- Value
- $286,606
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 September 2026 | Lyon Benjamin President, Aircraft OEM | Sold under a preset trading plan | 45,359 | $5.43 | $246,299 |
| 20 August 2026 | Lentell Eric Chief Strategy Officer | Sold under a preset trading plan | 100,000 | $6.31 | $631,000 |
| 17 August 2026 | Rungta Harsh Chief Accounting Officer | Sold | 13,880 | $6.41 | $89,010 |
| 17 August 2026 | Gupta Priya Interim CFO | Sold | 10,015 | $6.41 | $64,224 |
| 17 August 2026 | Lentell Eric Chief Legal & Strategy Officer | Sold | 52,762 | $6.41 | $338,352 |
| 17 August 2026 | Lyon Benjamin President, Aircraft OEM | Sold | 50,188 | $6.41 | $321,846 |
| 11 June 2026 | Lentell Eric Chief Legal & Strategy Officer | Sold | 3,754 | $5.00 | $18,770 |
| 18 May 2026 | Rungta Harsh Chief Accounting Officer | Sold | 12,414 | $5.95 | $73,863 |
| 18 May 2026 | Gupta Priya Interim CFO | Sold | 9,860 | $5.95 | $58,667 |
| 18 May 2026 | Lentell Eric Chief Legal & Strategy Officer | Sold | 48,169 | $5.95 | $286,606 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 12 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.