ACHRArcher Aviation Inc.

Aircraft

Revenue: $300K
Operating margin: -243100.0%
EBITDA: −$709M; 42% YoY
Market cap: $3.2B
Employees: 1,660; $181 revenue each
Net debt / EBITDA: —; −$773M net debt
AI in 10-K: 5.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$11M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
745× of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$181 · 0th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.5 per 10K words · 84th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	—	$0	$0	$300K
Operating income	−$358M	−$347M	−$447M	−$510M	−$729M	43%
Net income	−$348M	−$317M	−$458M	−$537M	−$618M	15%
Operating cash flow	−$108M	−$200M	−$272M	−$369M	−$433M	17%
Capex	$4M	$7M	$44M	$82M	$79M	3.9%
Stock-based comp	$124M	$103M	$45M	$109M	$224M	105%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 6, 2026	Stellantis N.V.	SCHEDULE 13D/A	10.4%	Passive
Dec 19, 2024	Stellantis N.V.	SCHEDULE 13D/A	12.7%	Passive
Nov 18, 2024	Goldstein Adam D	SC 13D/A	9.3%	Passive
Jul 3, 2024	Stellantis N.V.	SC 13D/A	20.8%	Active
Mar 15, 2024	Stellantis N.V.	SC 13D/A	16.5%	Active
Mar 8, 2024	Stellantis N.V.	SC 13D/A	15.1%	Active
Jan 10, 2024	Stellantis N.V.	SC 13D/A	14.8%	Active
Nov 13, 2023	Adcock Brett	SC 13D/A	4.3%	Passive
Oct 18, 2023	Stellantis N.V.	SC 13D/A	15.1%	Active
Aug 28, 2023	Adcock Brett	SC 13D/A	5.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $8M · 29
Net: −$8M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$11M	−$31M	—	—