Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 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.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
12.8
Distress distance
Not computable
Earnings quality
3
Forensic signals
-5.1
P / E (ttm)
-28.1%
ROE
$4.7B
Market cap
0.00%
Dividend yield
0.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Archer Aviation Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 12.8, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+37.4%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +160% over the last 3 years to FY2025 (+37.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~37.4% 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 ~61%.
74500% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 74500% of revenue in FY2025 — about $0.36 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 39.2% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-17.9M to FY2025 $+1261.6M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
Key fundamentals
Latest Revenue$300,000.00
Net Margin-206066.7%
Free Cash Flow-$511.7M
Return on Equity-28.1%
Debt / Equity0.04x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Archer Aviation Inc.'s actual 10-K/10-Q/8-K filings?