ACHR Class A Archer Aviation Inc. Class A Common Stock
NYSE · Aerospace & Defense · View on SEC EDGAR ↗ close Oct 6, 2026 10-K/10-Q Aug 10, 2026ACHR Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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About Archer Aviation Inc. Class A Common Stock Company overview from Wikipedia
Archer Aviation Inc. is a publicly traded aerospace and defense technology company headquartered in San Jose, California, which is developing eVTOL aircraft for urban air taxi and defense operations.
Its eVTOL aircraft is designed to allow airline operators to transport people in and around cities in an air taxi service and are claimed to have a range of up to 100 miles (160 km) at speeds of up to 150 miles per hour (240 km/h). United Airlines is its first major corporate partner, having conditionally ordered two hundred Archer electric aircraft.
History
Archer was founded on October 16, 2018, by Adam Goldstein and Brett Adcock to develop electric vertical takeoff and landing aircraft. The company was originally started by Goldstein and Adcock and privately funded. Later, Marc Lore, a Walmart executive, also supported its launch.
In 2022, Adcock departed from both the leadership team and the board. Goldstein is currently the sole CEO and Chairman of the Board of Directors of the company.
Initially, Archer worked on developing aircraft with the Herbert Wertheim College of Engineering at the University of Florida; Goldstein and Adcock are both alumni. Archer now operates a research lab on the University of Florida's campus in Gainesville, Florida, which was funded by Goldstein and Adcock.
In August 2022, United Airlines paid Archer a $10 million deposit for 100 electric flying taxis. On November 10, 2022, Archer and United Airlines announced plans for the first electric air taxi route in the US, with an initial route between Newark Liberty International Airport and the Downtown Manhattan Heliport. Archer became an IPO (ACHR)on September 20, 2021.
On November 17, 2022, Archer unveiled details of its production vehicle dubbed "Midnight". The aircraft is a piloted, four-passenger air taxi the company said will enter flight testing by the second quarter of 2023 and service by 2025. However, as of late 2026, Midnight has not begun FAA's TIA testing or demonstrated the Midnight's ability to fly in EVTOL with humans on board.
Archer announced its Maker prototype had achieved full remote transition from vertical to horizontal flight on November 29, 2022. This milestone was said to be an important validation step for the flight control systems and aircraft architecture that is also applicable to its Midnight production aircraft.
In January 2023, Archer announced a partnership in which Stellantis, a multinational automobile manufacturer, would provide up to $150 million in equity capital to support Archer's growth and to collaborate on the development and production of Archer's eVTOL aircraft for urban air mobility. The purpose of the partnership solidifies Stellantis as Archer's exclusive contract manufacturer for mass production of its eVTOL aircraft.
In March 2023, Archer and United Airlines announced plans for an electric air taxi route between O'Hare International Airport and Vertiport Chicago on the city's near west side.
On June 5, 2024 Archer received its Part 135 Air Carrier and Operator Certificate from the Federal Aviation Administration (FAA).
In July 2024, Archer and Southwest Airlines established an agreement to develop operational concepts for air taxi networks.
In December 2024, Archer had completed the construction of ARC, a new 400,000 square-foot eVTOL manufacturing facility in Covington, Georgia.
On Feb, 2025 Archer Aviation received its Part 141 certification from the Federal Aviation Administration (FAA), enabling the company to establish its pilot training academy.
In June 2025, at the Paris Air Show, Archer Aviation and Dubai-based Jetex signed an agreement to collaborate on developing eVTOL facilities, starting in the United Arab Emirates at the Jetex Abu Dhabi private terminal. The partnership, signed by Archer CEO Adam Goldstein and Jetex Founder & CEO Adel Mardini, will see Jetex provide access to its network of private terminals to support the launch of Archer’s Midnight air taxi services in the region.
In July 2025, Archer Aviation’s Midnight eVTOL aircraft conducted its first test flight outside the United States at Al Bateen Executive Airport in Abu Dhabi. The flight tested performance under UAE-specific conditions—such as high heat, humidity, and dust—and marked a major milestone in advancing Archer’s planned urban air mobility operations in the region. It was supported by the Smart and Autonomous Systems Council (SASC) and observed by senior officials from the UAE General Civil Aviation Authority and related aviation authorities.
In November 2025, Archer acquired Hawthorne Municipal Airport in Los Angeles for US$126 million for use by its EVTOL craft.
In August 2026, Archer Aviation acquired Boeing subsidiaries Wisk Aero, Insitu, and Skygrid in exchange for 19.75% of Archer's shares.
Aircraft
Maker
Maker, Archer's full size demonstrator aircraft, was unveiled on June 10, 2021, at an event in Los Angeles, California. Maker was a fully electric vertical takeoff and landing aircraft with 12 electric propellers: six tilt-props (each with five blades) for forward and VTOL flight and six aft propellers that are stationary (each propeller with two blades) for VTOL-only flight. The aircraft is powered by six independent battery packs. In November 2021, Archer moved Maker from its headquarters to its flight test facility to start initial test flights. Maker also received its airworthiness certificate to start flight test operations from the FAA in December 2021. Archer completed its first remote flight demo within December 2021.
Midnight
Midnight is Archer’s planned production aircraft. The aircraft was unveiled on November 17, 2022 at an event in Palo Alto, California. Archer’s Midnight is a piloted, four-passenger aircraft designed to perform rapid back-to-back flights with minimal charge time between flights. Midnight has 12 propellers: six tilt props in the front of the wing for forward and VTOL flight and six aft propellers that are stationary for VTOL flight only. Midnight is designed to travel at up to 150 mph (240 km/h) with a maximum range of 100 miles (161 km). The aircraft is powered by six independent battery packs. On June 12, 2024, Midnight completed its first remote transition flight without a human on board. Archer flew over 400 test flights in 2024.
As of mid-2026, Midnight is undergoing piloted EVTOL tests and has not yet flown with a human on board in EVTOL configuration. The Midnight aircraft’s first remote test flight outside the United States took place in July 2025 at Al Bateen Executive Airport in Abu Dhabi, where it was evaluated under local environmental conditions as part of preparations for regional certification.
In February 2026, Archer Aviation announced plans to attempt a piloted transition, as well as integrate Starlink satellite connectivity into its Midnight electric air taxi aircraft. The system is intended to provide reliable communication between the aircraft and ground operations while supporting future urban air mobility services.
Thunder
Thunder was co-developed with Anduril Industries.
Halo
Halo is a planned commercial variant of the Thunder. It uses the same airframe and systems, without weaponry. The plane fits inside a standard shipping container for transport. Halo is targeted at offshore energy supply, heavy freight logistics, maritime operations, and emergency medical cargo transport.
Its top speed 278 kn (515 km/h; 320 mph), with a range of 800 nmi (1,500 km; 920 mi). Its operating ceiling is 18,000 ft (5,500 m). It is powered by a hybrid-electric propulsion system. A generator powers electric motors that drive dual tiltrotors, which provide lift.
Its design is modular. Archer designed the airframe, battery architecture, powertrain, and rotor dynamics, based on commercial supply chains. Anduril integrated the (artificial intelligence) flight software, defense systems, and command-and-control system via its Lattice platform.
Air taxi
Archer's aerial ridesharing service, also referred to as Urban Air Mobility (UAM), has been pushed back multiple years and is not yet operational. The launch of the taxi service relies on the launch of the Midnight Aircraft, which has not yet begun FAA Certification Archer is working with Urban Movement Labs to help build the necessary infrastructure and service routes. It is also working with the City of Miami on similar plans.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | ACHR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -4.85Y avg ≈-4.3 | ≈-4.3 | · | · | |
| P/S | 11747.6 | · | 7.7 | Overvalued | |
| P/B (MRQ) | 1.9 | · | 2.1 | Undervalued | |
| EV / EBITDA | -3.6 | · | · | · | |
| Price / FCF (TTM) | -5.4 | · | · | · | |
| Price / Cash Flow (TTM) | -6.6 | · | · | · | |
| EV / Revenue | 8610.3 | · | · | · | |
| EV / FCF | -5.0 | · | · | · | |
| Price / Tangible Book (MRQ) | 2.0 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | ACHR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin | -243100.0% | · | -4.4% | Weak | |
| EBITDA Margin | -236433.3% | · | 1.9% | Weak | |
| Pretax Margin | -205966.7% | · | 8.3% | Weak | |
| Net Profit Margin | -206066.7% | · | 6.0% | Weak | |
| ROA | -35.7%5Y avg ≈-63.8% | ≈-63.8% | -3.1% | Weak | |
| ROE | -31.8%5Y avg ≈-70.9% | ≈-70.9% | 4.7% | Weak | |
| ROIC | -32.0%5Y avg ≈-71.3% | ≈-71.3% | -2.9% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | ACHR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.05Y avg ≈0.0 | ≈0.0 | 0.0 | Above avg | |
| Current Ratio (MRQ) | 10.25Y avg ≈14.6 | ≈14.6 | 3.3 | Strong liquidity | |
| Quick Ratio | 9.85Y avg ≈10.7 | ≈10.7 | 1.6 | Strong liquidity | |
| Long-Term Debt / Equity (MRQ) | 0.05Y avg ≈0.0 | ≈0.0 | 0.1 | Low debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | ACHR | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | 0.4 | Weak | |
| Revenue / Employee | ≈$258.62 | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 10, 2026 | $-0.34 | $-0.33 | -1.9% |
| March 31, 2026 | May 11, 2026 | $-0.28 | $-0.30 | 6.7% |
| Dec. 31, 2025 | $-0.26 | $-0.24 | -7.5% | |
| Sept. 30, 2025 | $-0.20 | $-0.29 | 31.9% | |
| June 30, 2025 | $-0.36 | $-0.26 | -39.5% | |
| March 31, 2025 | $-0.17 | $-0.27 | 35.9% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | $300.0K | $0 | $0 | |
| Cost of Revenue | $200.0K | $0 | $0 | |
| R&D Expense | $494M | $358M | $276M | |
| SG&A Expense | · | · | $168M | |
| Operating Expenses | $730M | $510M | $447M | |
| Operating Income | $-729M | $-510M | $-447M | |
| Other Non-op | $59M | $-49M | $-27M | |
| Pretax Income | $-618M | $-537M | $-457M | |
| Income Tax | $300.0K | $200.0K | $500.0K | |
| Net Income | $-618M | $-537M | $-458M | |
| EPS (Basic) | $-0.99 | $-1.42 | $-1.69 | |
| EPS (Diluted) | $-0.99 | $-1.42 | $-1.69 | |
| Shares (Basic) | 624,307,768 | 376,734,395 | 270,408,132 | |
| Shares (Diluted) | 624,307,768 | 376,734,395 | 270,408,132 | |
| EBITDA | $-709M | $-498M | $-447M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash & Equivalents | $1.02B | $834M | $465M | |
| Short-term Investments | · | $0 | $0 | |
| Prepaid Expense | $47M | $12M | $8M | |
| Other Current Assets | $57M | $5M | $800.0K | |
| Current Assets | $2.08B | $858M | $480M | |
| PP&E (Net) | $254M | $127M | $58M | |
| PP&E (Gross) | $289M | $145M | $67M | |
| Accum. Depreciation | $35M | $18M | $9M | |
| Goodwill | $100.0K | $0 | · | |
| Intangibles | $80M | $300.0K | $400.0K | |
| Other Non-current Assets | $15M | $8M | $7M | |
| Total Assets | $2.47B | $1.00B | $554M | |
| Accounts Payable | $30M | $15M | $14M | |
| Short-term Debt | · | · | $0 | |
| Current Liabilities | $104M | $71M | $114M | |
| Capital Leases | $36M | $11M | $13M | |
| Other Non-current Liabilities | $13M | $13M | $13M | |
| Total Liabilities | $263M | $249M | $187M | |
| Long-term Debt | $80M | $64M | $7M | |
| Total Debt | $80M | $64M | $7M | |
| Common Stock | $100.0K | $100.0K | · | |
| Paid-in Capital | $4.51B | $2.44B | $1.52B | |
| Retained Earnings | $-2.30B | $-1.69B | $-1.15B | |
| AOCI | $-1M | $-300.0K | $0 | |
| Stockholders' Equity | $2.20B | $753M | $367M | |
| Liabilities + Equity | $2.47B | $1.00B | $554M | |
| Shares Outstanding | 744,000,000 | 503,777,464 | · |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| D&A | $20M | $12M | $6M | |
| Stock-based Comp | $224M | $109M | $45M | |
| Deferred Tax | $0 | $0 | $0 | |
| Amort. of Intangibles | $900.0K | $100.0K | · | |
| Other Non-cash | $-58M | $48M | · | |
| Operating Cash Flow | $-433M | $-369M | $-272M | |
| CapEx | $79M | $82M | $44M | |
| Investing Cash Flow | $-1.18B | $-82M | $421M | |
| Net Debt Issued | $0 | $0 | $-10M | |
| Stock Issued | $1.80B | $55M | $95M | |
| Net Stock Activity | $1.80B | $55M | $95M | |
| Financing Cash Flow | $1.80B | $820M | $250M | |
| Net Change in Cash | $188M | $370M | $399M | |
| Taxes Paid | $0 | · | · | |
| Free Cash Flow | $-512M | $-451M | $-316M |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Operating Margin | -243100.0% | · | · | |
| Net Margin | -206066.7% | · | · | |
| Pretax Margin | -205966.7% | · | · | |
| EBITDA Margin | -236433.3% | · | · | |
| ROA | -35.7% | -69.0% | -81.2% | |
| ROE | -31.8% | -88.0% | -125.2% | |
| ROIC | -32.0% | -62.4% | -119.5% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Current Ratio | 19.9 | 12.1 | 4.2 | |
| Quick Ratio | 9.8 | 11.7 | 4.1 | |
| Debt / Equity | 0.0 | 0.1 | 0.0 | |
| LT Debt / Equity | 0.0 | 0.1 | 0.0 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Asset Turnover | 0.0 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Book Value / Share | $2.96 | · | · | |
| Revenue / Share | $0.00 | · | · | |
| Cash Flow / Share | $-0.69 | $-0.98 | $-1.00 | |
| Cash / Share | $1.37 | · | · | |
| EPS (TTM) | $-0.99 | $-1.42 | $-1.69 |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue TTM | $300.0K | $0 | $0 | |
| Net Income TTM | $-618M | $-537M | $-458M | |
| Market Cap | $5.60B | · | · | |
| Enterprise Value | $4.65B | · | · | |
| P/E | -7.6 | -6.9 | -3.6 | |
| P/S | 18650.8 | · | · | |
| P/B | 2.5 | · | · | |
| P / Tangible Book | 2.6 | · | · | |
| P / Cash Flow | -12.9 | · | · | |
| P / FCF | -10.9 | · | · | |
| EV / EBITDA | -6.6 | · | · | |
| EV / FCF | -9.1 | · | · | |
| EV / Revenue | 15513.4 | · | · | |
| Earnings Yield | -13.2% | -14.6% | -27.5% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $5M | $2M | · | · | $0 | $0 | |
| R&D Expense | $186M | $172M | $147M | $121M | $122M | $104M | |
| SG&A Expense | · | · | · | · | · | $40M | |
| Operating Expenses | $284M | $256M | $235M | $175M | $176M | $144M | |
| Operating Income | $-279M | $-255M | $-234M | $-175M | $-176M | $-144M | |
| Other Non-op | $2M | $21M | $28M | $29M | $-40M | $42M | |
| Pretax Income | $-263M | $-218M | $-189M | $-130M | $-206M | $-93M | |
| Income Tax | $0 | $100.0K | $0 | $100.0K | $100.0K | $100.0K | |
| Net Income | $-263M | $-218M | $-189M | $-130M | $-206M | $-93M | |
| EPS (Basic) | $-0.34 | $-0.28 | $-0.26 | $-0.20 | $-0.36 | $-0.17 | |
| EPS (Diluted) | $-0.34 | $-0.28 | $-0.26 | $-0.20 | $-0.36 | $-0.17 | |
| Shares (Basic) | 781,700,000 | 766,850,002 | · | 660,887,146 | 579,200,000 | 540,427,085 | |
| Shares (Diluted) | 781,700,000 | 766,850,002 | · | 660,887,146 | 579,200,000 | 540,427,085 | |
| EBITDA | $-279M | $-247M | · | $-170M | $-171M | $-140M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $853M | $951M | $1.02B | $596M | $1.72B | $1.03B | |
| Prepaid Expense | $56M | $58M | $47M | $31M | $23M | $22M | |
| Other Current Assets | $24M | $58M | $57M | $13M | $4M | $6M | |
| Current Assets | $1.65B | $1.90B | $2.08B | $1.69B | $1.76B | $1.06B | |
| PP&E (Net) | $327M | $279M | $254M | $168M | $148M | $132M | |
| PP&E (Gross) | $375M | $320M | $289M | $198M | $174M | $154M | |
| Accum. Depreciation | $49M | $41M | $35M | $31M | $26M | $22M | |
| Goodwill | $80M | $2M | $100.0K | · | · | · | |
| Intangibles | $94M | $82M | $80M | $5M | $6M | $300.0K | |
| Other Non-current Assets | $22M | $21M | $15M | $16M | $17M | $10M | |
| Total Assets | $2.21B | $2.32B | $2.47B | $1.90B | $1.94B | $1.21B | |
| Accounts Payable | $32M | $25M | $30M | $24M | $23M | $15M | |
| Current Liabilities | $161M | $105M | $104M | $93M | $79M | $67M | |
| Capital Leases | $39M | $37M | $36M | $19M | $13M | $10M | |
| Other Non-current Liabilities | $18M | $15M | $13M | $10M | $14M | $14M | |
| Total Liabilities | $299M | $243M | $263M | $245M | $257M | $203M | |
| Long-term Debt | $80M | $80M | $80M | · | · | $64M | |
| Total Debt | $80M | $80M | · | · | · | $64M | |
| Common Stock | $100.0K | $100.0K | $100.0K | · | · | · | |
| Paid-in Capital | $4.68B | $4.60B | $4.51B | $3.77B | $3.67B | $2.79B | |
| Retained Earnings | $-2.78B | $-2.52B | $-2.30B | $-2.11B | $-1.99B | $-1.78B | |
| AOCI | $-4M | $-3M | $-1M | $-2M | $-100.0K | $-200.0K | |
| Stockholders' Equity | $1.89B | $2.08B | $2.20B | $1.65B | $1.68B | $1.01B | |
| Liabilities + Equity | $2.21B | $2.32B | $2.47B | $1.90B | $1.94B | $1.21B | |
| Shares Outstanding | 770,000,000 | 757,911,866 | 744,046,194 | · | · | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| D&A | $10M | $8M | $6M | $5M | $5M | $4M | |
| Stock-based Comp | $86M | $70M | $89M | $53M | $52M | $30M | |
| Deferred Tax | $0 | $0 | $0 | $0 | $0 | $0 | |
| Amort. of Intangibles | $2M | $1M | · | · | $0 | $0 | |
| Other Non-cash | · | $-10M | · | · | · | $-35M | |
| Operating Cash Flow | $-156M | $-149M | $-129M | $-106M | $-103M | $-95M | |
| CapEx | $37M | $33M | $30M | $20M | $19M | $10M | |
| Investing Cash Flow | $53M | $79M | $-73M | $-1.07B | $-24M | $-10M | |
| Net Debt Issued | · | $-100.0K | · | · | · | · | |
| Stock Issued | $0 | $0 | $1.80B | $-1.15B | $850M | $302M | |
| Net Stock Activity | · | $0 | · | · | · | · | |
| Financing Cash Flow | $5M | $0 | $629M | $46M | $821M | $300M | |
| Net Change in Cash | $-98M | $-70M | $426M | $-1.13B | $694M | $196M | |
| Free Cash Flow | · | $-182M | · | · | · | $-105M |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -5584.0% | -15912.5% | · | · | · | · | |
| Net Margin | -5264.0% | -13606.2% | · | · | · | · | |
| Pretax Margin | -5264.0% | -13600.0% | · | · | · | · | |
| EBITDA Margin | -5584.0% | -15425.0% | · | · | · | · | |
| ROA | -12.7% | -12.3% | · | -10.2% | -17.0% | -10.8% | |
| ROE | -14.7% | -14.1% | · | -12.2% | -20.4% | -13.4% | |
| ROIC | -14.2% | -11.8% | · | -10.6% | -10.5% | -13.4% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 10.2 | 18.1 | · | 18.2 | 22.3 | 15.8 | |
| Quick Ratio | 5.3 | 9.0 | · | 6.4 | 21.9 | 15.3 | |
| Debt / Equity | 0.0 | 0.0 | · | · | · | 0.1 | |
| LT Debt / Equity | 0.0 | 0.0 | · | · | · | 0.1 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | $2.46 | $2.74 | · | · | · | · | |
| Revenue / Share | $0.01 | $0.00 | · | · | · | · | |
| Cash Flow / Share | · | $-0.19 | · | · | · | $-0.17 | |
| Cash / Share | $1.11 | $1.25 | · | · | · | · | |
| EPS (TTM) | $-1.08 | $-1.10 | · | $-1.18 | $-1.27 | $-1.23 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Net Income TTM | $-800M | $-742M | · | $-627M | $-613M | $-514M | |
| Market Cap | $3.64B | $3.92B | · | · | · | · | |
| Enterprise Value | $2.87B | $3.05B | · | · | · | · | |
| P/E | -4.4 | -4.7 | · | -8.1 | -8.5 | -5.8 | |
| P/B | 1.9 | 1.9 | · | · | · | · | |
| P / Tangible Book | 2.1 | 2.0 | · | · | · | · | |
| P / Cash Flow | · | -26.3 | · | · | · | · | |
| Earnings Yield | -22.8% | -21.3% | · | -12.3% | -11.7% | -17.3% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $300.0K | $0 | $0 | · | · |
| Operating Margin % | -243100.0% | · | · | · | · |
| Net Income | $-618M | $-537M | $-458M | $-317M | $-348M |
| Diluted EPS | $-0.99 | $-1.42 | $-1.69 | $-1.32 | $-3.14 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 |
| Current Ratio | 19.9 | 12.1 | 4.2 | 10.2 | 26.7 |
| Quick Ratio | 9.8 | 11.7 | 4.1 | 1.3 | 26.4 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-512M | $-451M | $-316M | $-207M | $-112M |
Institutional owners (13F) 588 filers · $2.4B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 85 (-19 vs prior Q) | 73 (-9 vs prior Q) | 182 (+2 vs prior Q) | 158 (+2 vs prior Q) | +24.4M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $411,164,708 | 54,676,158 | 17.44% | Shares |
| BlackRock, Inc. | $284,950,356 | 60,243,204 | 12.09% | Shares |
| STATE STREET CORP | $230,212,056 | 48,670,625 | 9.76% | Shares |
| ARK Investment Management LLC | $151,189,352 | 31,963,922 | 6.41% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $137,590,833 | 29,088,971 | 5.84% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $135,699,689 | 28,689,152 | 5.76% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $79,684,023 | 16,843,410 | 3.38% | Shares |
| MORGAN STANLEY | $76,926,993 | 16,263,635 | 3.26% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $38,439,291 | 8,126,700 | 1.63% | Call option |
| NORGES BANK | $37,263,385 | 7,878,094 | 1.58% | Shares |
| Amova Asset Management Americas, Inc. | $35,596,805 | 7,541,696 | 1.51% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $35,580,711 | 7,522,349 | 1.51% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $32,300,872 | 6,828,937 | 1.37% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $29,359,924 | 6,207,172 | 1.25% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $28,672,153 | 6,061,766 | 1.22% | Shares |
| UBS Group AG | $27,764,357 | 5,869,843 | 1.18% | Shares |
| Alpine Global Management, LLC | $27,646,278 | 5,844,879 | 1.17% | Shares |
| NORTHERN TRUST CORP | $27,543,447 | 5,823,139 | 1.17% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $20,481,553 | 4,330,138 | 0.87% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $19,679,099 | 4,160,486 | 0.83% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $16,964,138 | 3,586,782 | 0.72% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $16,674,612 | 3,525,288 | 0.71% | Shares |
| GOLDMAN SACHS GROUP INC | $15,604,818 | 3,299,116 | 0.66% | Shares |
| D. E. Shaw & Co., Inc. | $15,136,473 | 3,200,100 | 0.64% | Call option |
| United Airlines Holdings, Inc. | $14,973,936 | 3,165,737 | 0.64% | Shares |
| BANK OF AMERICA CORP /DE/ | $12,988,945 | 2,746,077 | 0.55% | Shares |
| JANE STREET GROUP, LLC | $12,385,032 | 2,618,400 | 0.53% | Put option |
| Hudson Bay Capital Management LP | $12,171,865 | 2,573,333 | 0.52% | Shares |
| Blackstone Inc. | $11,825,000 | 2,500,000 | 0.50% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $11,688,776 | 2,471,200 | 0.50% | Put option |
| JANE STREET GROUP, LLC | $11,630,597 | 2,458,900 | 0.49% | Call option |
| Clear Street Group Inc. | $11,351,134 | 2,399,817 | 0.48% | Shares |
| Bank of New York Mellon Corp | $10,190,142 | 2,154,364 | 0.43% | Shares |
| WOLVERINE TRADING, LLC | $10,063,985 | 1,042,900 | 0.43% | Call option |
| WELLS FARGO & COMPANY/MN | $9,267,108 | 1,959,219 | 0.39% | Shares |
| Invesco Ltd. | $8,892,060 | 1,879,928 | 0.38% | Shares |
| CITADEL ADVISORS LLC | $8,601,505 | 1,818,500 | 0.36% | Call option |
| IQ EQ FUND MANAGEMENT (IRELAND) Ltd | $7,651,806 | 1,617,718 | 0.32% | Shares |
| Nuveen, LLC | $7,084,032 | 1,497,681 | 0.30% | Shares |
| Defiance ETFs, LLC | $6,541,981 | 1,329,671 | 0.28% | Shares |
| ExodusPoint Capital Management, LP | $6,159,056 | 1,302,126 | 0.26% | Shares |
| Swiss National Bank | $6,006,627 | 1,269,900 | 0.25% | Shares |
| JPMORGAN CHASE & CO | $5,821,111 | 1,213,231 | 0.25% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $5,797,369 | 1,121,348 | 0.25% | Shares |
| RAYMOND JAMES FINANCIAL INC | $5,673,323 | 1,199,434 | 0.24% | Shares |
| INFINITUM ASSET MANAGEMENT, LLC | $5,260,645 | 1,112,187 | 0.22% | Shares |
| CITADEL ADVISORS LLC | $5,148,586 | 1,088,496 | 0.22% | Shares |
| GOLDMAN SACHS GROUP INC | $4,881,360 | 1,032,000 | 0.21% | Call option |
| Generali Powszechne Towarzystwo Emerytalne | $4,730,000 | 1,000,000 | 0.20% | Shares |
| Alta Fundamental Advisers LLC | $4,730,000 | 1,000,000 | 0.20% | Shares |
Activists & 5%+ owners 3 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Stellantis N.V., FCA US LLC, FCA NORTH AMERICA HOLDINGS LLC, FCA FOREIGN SALES HOLDCO LTD., SFS UK 1 LTD., STELLANTIS EUROPE S.P.A. ×11 filings | Jan. 6, 2026 | 10.40% | Amendment | · | SEC |
| Adam Goldstein, Capri Growth LLC ×3 filings | Nov. 18, 2024 | · | Initial filing | · | SEC |
| Brett Adcock, Hight Drive Growth LLC ×12 filings | Nov. 13, 2023 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 19 insiders · 10 officers · 7 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Adam D Goldstein | Chief Executive Officer | May 15, 2026 A | 27,895,804 | 0 | 0 | $0 |
| Priya Gupta | Interim CFO | Aug. 15, 2026 M | 202,784 | 0 | 5 | $-275,151 |
| Mark Mesler | CHIEF FINANCIAL OFFICER | May 15, 2025 M | 711,525 | 0 | 0 | $0 |
| Ben Lu | Chief Financial Officer | Dec. 8, 2021 A | · | 0 | 0 | $0 |
| Benjamin Lyon | President, Aircraft OEM | Sept. 21, 2026 S | 0 | 0 | 2 | $-568,004 |
| Eric Lentell | Chief Strategy Officer | Aug. 20, 2026 S | 85,011 | 0 | 10 | $-2,652,609 |
| Harsh Rungta | Chief Accounting Officer | Aug. 15, 2026 M | 110,847 | 0 | 3 | $-310,290 |
| Thomas Paul Muniz | CHIEF TECHNOLOGY OFFICER | May 15, 2026 M | 1,462,314 | 0 | 6 | $-3,168,511 |
| Tosha Perkins | CHIEF ADMINISTRATIVE OFFICER | March 13, 2026 S | 384,768 | 0 | 3 | $-759,753 |
| Andy Missan | CHIEF LEGAL OFF. & SECRETARY | March 28, 2024 M | 674,460 | 0 | 0 | $0 |
| Maria Pinelli | Director | June 26, 2026 A | 201,787 | 0 | 0 | $0 |
| Michael Spellacy | Director | June 26, 2026 M | 73,746 | 0 | 0 | $0 |
| Deborah Diaz | Director | June 26, 2026 A | 172,632 | 0 | 0 | $0 |
| Fred M Diaz | Director | June 26, 2026 A | 126,457 | 0 | 0 | $0 |
| Oscar Munoz | Director | June 26, 2026 A | 461,223 | 0 | 0 | $0 |
| Kenneth Moelis | Director | Dec. 11, 2020 J | · | 0 | 0 | $0 |
| Marc E. Lore | 10% owner | Jan. 2, 2024 S | 27,926,358 | 0 | 0 | $0 |
| Atlas Crest Investment LLC | 10% owner | Sept. 16, 2021 C | 12,500,000 | 0 | 0 | $0 |
| Brett Adcock | · | June 14, 2023 C | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 42 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| ARKX · ARK ETF Trust | 3.12% | 5,101,991 NS | July 31, 2026 | N-PORT |
| ARKQ · ARK ETF Trust | 2.30% | 9,213,546 NS | July 31, 2026 | N-PORT |
| PBW · Invesco Exchange-Traded Fund Trust | 1.30% | 916,630 SH | Oct. 5, 2026 | Daily |
| ARKK · ARK ETF Trust | 1.17% | 14,054,372 NS | July 31, 2026 | N-PORT |
| CCSO · Tidal Trust II | 0.32% | 31,383 NS | July 31, 2026 | N-PORT |
| ITA · iShares Trust | 0.27% | 6,374,805 SH | Sept. 11, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.16% | 460,948 SH | Aug. 19, 2026 | Daily |
| TRFM · ETF Series Solutions | 0.16% | 83,127 NS | July 31, 2026 | N-PORT |
| DFEN · Direxion Shares ETF Trust | 0.14% | 113,843 NS | July 31, 2026 | N-PORT |
| BKSE · BNY Mellon ETF Trust | 0.13% | 24,430 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.12% | 17,191,108 SH | Sept. 11, 2026 | Daily |
| BBSC · J.P. Morgan Exchange-Traded Fund Tr… | 0.12% | 178,904 NS | July 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.12% | 209,214 SH | Sept. 11, 2026 | Daily |
| RSSL · Global X Funds | 0.10% | 322,774 NS | July 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.10% | 3,878,124 SH | Aug. 19, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.08% | 8,546,297 SH | Aug. 19, 2026 | Daily |
| ESML · iShares Trust | 0.06% | 284,395 SH | Sept. 10, 2026 | Daily |
| IWO · iShares Trust | 0.05% | 1,410,166 SH | Sept. 11, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.05% | 1,746,670 NS | July 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.04% | 236,706 SH | Oct. 5, 2026 | Daily |
| FIDU · FIDELITY COVINGTON TRUST | 0.04% | 207,773 NS | July 31, 2026 | N-PORT |
| VB · VANGUARD INDEX FUNDS | 0.04% | 14,820,351 SH | Aug. 19, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.04% | 158,196 SH | Aug. 19, 2026 | Daily |
| VIS · VANGUARD WORLD FUND | 0.04% | 769,628 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.03% | 37,368 SH | Sept. 10, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.03% | 7,329,799 SH | Aug. 19, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.02% | 23,657 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.01% | 31,857 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.01% | 919,800 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 169,283 SH | Sept. 10, 2026 | Daily |
| TILT · FlexShares Trust | 0.00% | 7,426 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 44,702 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 2,440 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 2,136 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 2,637 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 20,551,314 SH | Aug. 19, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 538,395 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 55,608 SH | Aug. 19, 2026 | Daily |
| FTLS · First Trust Exchange-Traded Fund III | -0.11% | -616,706 NS | July 31, 2026 | N-PORT |
| IWN · iShares Trust | · | 4,936,100 SH | Sept. 11, 2026 | Daily |
| ISCB · iShares Trust | · | 29,637 SH | Sept. 11, 2026 | Daily |
| SMLF · iShares Trust | · | 210,150 SH | Sept. 11, 2026 | Daily |
ACHR Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
9 analysts · 2026-10-06Mean target $10.61 +128.2%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ACHR | $5.60B | -7.6 | · | -206066.7% | -31.8% | · |
| VSEC | · | · | · | · | · | · |
| KRMN | $9.68B | 562.8 | 36.6% | 3.7% | 4.7% | 40.3% |
| AIR | · | 23.2 | 19.0% | 5.7% | 11.5% | 18.8% |
| FLY | $3.56B | -4.6 | 162.9% | -186.6% | -219.4% | 19.2% |
| LUNR | · | -22.2 | -7.9% | -39.6% | 9.4% | · |
| ATRO | · | 67.0 | 8.4% | 3.4% | 14.8% | 29.9% |
| RDW | $1.46B | -3.3 | 10.3% | -67.5% | -52.0% | 5.1% |
| DCO | $1.42B | -38.1 | 4.9% | -4.5% | -5.7% | 26.9% |
| VVX | $1.70B | 22.3 | 3.6% | 1.7% | 7.2% | · |
| GE | $323.05B | 37.8 | 18.5% | 19.0% | 45.8% | · |
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