Latest Ratios: P/E Ratio -4.3x · EV/EBITDA N/A · ROE -41.8%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.4B | $4.7B | $3.7B | $1.7B | $450M | $1.4B | $1.2B | — |
| Enterprise Value | $2.5B | $3.8B | $2.9B | $1.2B | $402M | $712M | $1.1B | — |
| P/E Ratio → | -4.34 | — | — | — | — | — | — | — |
| P/S Ratio | 488.78 | 15649.31 | — | — | — | — | — | — |
| P/B Ratio | 1.26 | 2.13 | 4.88 | 4.52 | 0.91 | 2.05 | 32.66 | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12650.65 | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Margin | -243100.0% | -243100.0% | — | — | — | — | — | — |
| Net Profit Margin | -206066.7% | -206066.7% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -41.8% | -41.8% | -95.9% | -106.4% | -53.2% | -94.7% | -121.4% | -19.0% |
| ROA | -35.7% | -35.7% | -69.0% | -81.2% | -47.3% | -85.9% | -95.4% | -9.3% |
| ROIC | -84.1% | -84.1% | — | -179.5% | -119.9% | — | -1592.6% | — |
| ROCE | -44.3% | -44.3% | -74.4% | -92.6% | -53.4% | -92.1% | -102.5% | -8.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.10 | 0.06 | 0.05 | 0.03 | 0.09 | 1.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.41 | -1.00 | -1.20 | -0.10 | -1.04 | -0.93 | -1.04 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | -27.89 | -137.96 | -241.00 | -123.00 | — |
Net cash position: cash ($1.0B) exceeds total debt ($122M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 19.89 | 19.89 | 12.07 | 4.21 | 10.23 | 26.67 | 9.84 | 66.42 |
| Quick Ratio | 19.89 | 19.89 | 12.07 | 4.21 | 10.23 | 26.67 | 9.84 | 66.42 |
| Cash Ratio | 18.82 | 18.82 | 11.74 | 4.08 | 9.97 | 26.39 | 9.63 | 66.33 |
| Asset Turnover | — | 0.00 | — | — | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $624M | $377M | $270M | $240M | $238M | $117M | $50M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ACHR stock.
Archer Aviation Inc.'s current P/E ratio is -4.3x. This places it at the 50th percentile of its historical range.
Archer Aviation Inc.'s return on equity (ROE) is -41.8%. The historical average is -76.1%.
Based on historical data, Archer Aviation Inc. is trading at a P/E of -4.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Archer Aviation Inc. has -243100.0% operating margin.
Key Metrics
Top Statement Risk
Sustained cash burn and dilution
Metrics are mathematically derived from official filings.
Pre-Revenue Margins Mask Structural Costs
According to recent SEC filings, ACHR's gross margin swung to 14.0% in 2026Q2, yet operating margin remained deeply negative at -55.8%, reflecting heavy R&D and SG&A costs that overshadow minimal revenue.
The gross margin improvement from -4.4% in 2026Q1 to 14.0% in 2026Q2 appears to reflect early service revenue, but the operating margin of -55.8% indicates that fixed costs dominate the cost structure. With R&D and SG&A consuming over $280M quarterly, the path to profitability hinges on scaling revenue dramatically, which is not yet visible. Investors should monitor whether gross margin can sustain positive territory as revenue mix evolves.
Capital Efficiency Deteriorates with Scale-Up
Based on EDBL's reported figures, ACHR's ROIC worsened from -2.7% in 2025Q2 to -17.7% in 2026Q2, indicating that capital invested in production capacity and acquisitions is not yet generating returns.
The sharp decline in ROIC over the past year suggests that the company is deploying capital into manufacturing facilities and acquisitions (e.g., Wisk, Insitu) without commensurate revenue generation. This is typical for pre-revenue aerospace firms, but the magnitude of negative returns highlights the risk that capital intensity may not translate into profitable scale. The increase in net PPE to $370.5M and goodwill to $80.5M underscores the need for successful commercialization to justify these investments.
Working Capital Metrics Signal Pre-Delivery Activity
As reported in financial statements, ACHR's DPO surged to 608 days in 2026Q2, while DSO and DIO remain unavailable, suggesting that supplier payment terms are being stretched to preserve cash during the development phase.
The extremely high DPO indicates that Archer is leveraging its supplier relationships, possibly due to the Stellantis partnership, to defer cash outflows. However, the absence of DSO and DIO data reflects the lack of meaningful inventory and receivables from sales, which is consistent with a pre-revenue model. The volatility in DPO (from -258 days in 2025Q4 to 608 days in 2026Q2) suggests that working capital management is not yet stable, and investors should monitor whether these terms are sustainable as production ramps.
Low Debt Masks Future Financing Needs
According to recent financial statements, ACHR's debt-to-equity ratio stands at 0.02 as of 2026Q2, with total debt of $47.6M, but the company's substantial operating losses suggest that future capital needs may require additional debt or equity financing.
The minimal leverage currently provides financial flexibility, but with quarterly operating losses exceeding $250M and cash burn accelerating, the company will likely need to raise capital within the next year. The low D/E ratio may be misleading because it does not account for off-balance-sheet commitments or the dilutive impact of future equity raises. Investors should monitor the company's ability to secure non-dilutive funding, such as pre-delivery payments or strategic partnerships, to extend its runway.
Liquidity Buffer Shrinks as Burn Accelerates
Based on EDBL's reported figures, ACHR's current ratio remains high at 10.21 in 2026Q2, but cash decreased from $1.7B in 2025Q2 to $852.7M, implying a runway of under four quarters at current burn rates.
The current ratio is artificially elevated because the company holds significant cash and marketable securities relative to current liabilities, but this liquidity is being consumed rapidly. With FCF burn of -$193.5M in 2026Q2 and no sign of revenue scaling, the company may need to raise capital or secure additional partnerships to avoid a liquidity crunch. The high current ratio provides a false sense of security; the real risk is the duration of the cash runway, which appears limited.
Misapplied Metric: P/S Ratio
The P/S ratio of 9,999 is meaningless for ACHR because revenue is negligible at $5.0M, making the multiple infinite; instead, investors should focus on cash burn and liquidity runway.
Commonly, investors use P/S to gauge valuation, but for a pre-revenue company like Archer, this metric is distorted by the lack of sales. A more appropriate measure is the enterprise value relative to cash and investment in future capacity, or the price-to-book ratio (1.77), which reflects the market's valuation of net assets. The market appears to be pricing Archer based on its liquidity position and milestone achievements, not on traditional multiples, so investors should rely on cash runway and certification progress as key indicators.