Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 2026
Archer Aviation Inc. (ACHR)
A forensic read on Archer Aviation Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
9.0
Altman Z-score
Watch
Earnings quality
4
Forensic signals
-39.0%
ROE
$3.7B
Market cap
Archer Aviation Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 9.0, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+205.8%Accruals ratio.Net operating assets grew +205.8% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -30% of net operating assets.
-43%Return on invested capital.Return on invested capital is -43% and rising from -9435% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+53.2%/yrShare-count dilution.Diluted share count changed +160% over the last 3 years to FY2025 (+53.2%/yr). The count is GROWING — existing holders are being diluted. That's ~53.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~160%.
74500% of revStock-based comp load.Stock-based compensation ran 74500% of revenue in FY2025 — about $0.36 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-206066.7%
Debt / Equity0.04x
Free Cash Flow$-511.7M
Latest Revenue300000.00
Return on Equity-28.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Archer Aviation Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ACHR's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown