Archer Aviation vs. Wheaton Precious Metals: Which Industrials Stock Is a Better Buy in 2026?

As 2026 unfolds, investors face a choice between high-growth transportation technology and stable resource plays. Both Archer Aviation (NYSE:ACHR) and Wheaton Precious Metals (NYSE:WPM) offer unique paths for long-term capital allocation.

Archer Aviation is pioneering electric vertical takeoff and landing aircraft, aiming to revolutionize urban travel. Wheaton Precious Metals operates as a streamer, providing upfront capital to miners for the right to purchase precious metals at fixed prices. These companies represent opposite ends of the risk spectrum, appealing to different types of growth and value seekers.

The case for Archer Aviation

Archer Aviation develops electric vertical takeoff and landing aircraft designed to move people through cities more efficiently. The company focuses on both commercial air-taxi services and defense stocks initiatives through its Midnight aircraft. It maintains a conditional purchase agreement with United Airlines for up to $1.0 billion in aircraft, which represents a massive portion of its future order book. Customer concentration like this adds a layer of risk to the business. Other key partners include Stellantis for manufacturing support and Anduril Industries for autonomous defense platforms.

In FY 2025, revenue reached nearly $300,000, representing the earliest stages of commercialization for the company. While this is a modest starting point, it follows two years of reporting no revenue at all. The company recorded a net loss of nearly $618.2 million during the same period. This heavy loss reflects the high costs associated with research, development, and the complex process of certifying new aircraft technology for commercial use.

As of its December 2025 balance sheet, the debt-to-equity ratio is approximately 0.1x. This ratio measures financial leverage by dividing total debt by shareholder equity, showing that the company currently relies very little on debt. The current ratio is roughly 19.9x, which indicates a company's ability to cover its short-term debts with assets that can be converted to cash within a year. Free cash flow for the period was negative $511.7 million, calculated as cash from operations minus capital expenditures.

The case for Wheaton Precious Metals

Wheaton Precious Metals operates as a precious metals streaming company rather than a traditional miner. By providing upfront payments to mining partners in exchange for the right to buy gold or silver at a fixed price, it avoids the high costs of running a mine. This model allows the company to benefit from 22 operating mines and 28 development projects worldwide. This approach offers exposure to the metal stocks market while maintaining a lean employee base and high operating efficiency.

In FY 2025, revenue reached nearly $2.4 billion, representing a significant increase of roughly 83.3% compared to the prior year. This growth highlights the company's ability to capitalize on higher production levels and commodity price movements. The company reported net income of approximately $1.5 billion, which resulted in a net margin of close to 63.6%. This net margin, which measures how much of each dollar earned stays as profit, is exceptionally high compared to traditional industrial businesses.

As of the December 2025 balance sheet, the debt-to-equity ratio was approximately 0.0x, meaning the company carries virtually no debt. Its current ratio stands at nearly 7.8x, demonstrating a very strong ability to meet its near-term financial obligations. Free cash flow for FY 2025 was approximately $573.6 million. This positive cash generation provides the company with significant flexibility to fund new streaming agreements or pay dividends to its shareholders.

Risk profile comparison

Archer Aviation faces substantial risks related to its capital needs and the regulatory environment. The company has lost nearly $2.3 billion since its inception and requires significant additional funding to reach mass manufacturing. Success depends entirely on receiving FAA certification, and any delays in airworthiness criteria could push back launch timelines indefinitely. Litigation risks are also present, including a 2026 countersuit against Joby Aviation regarding trade secret theft, which can distract management and increase legal costs.

Wheaton Precious Metals faces risks primarily linked to its partners and commodity prices. While it does not operate mines, it is subject to the technical and operational risks of the mining companies it funds, such as Franco-Nevada or other industry peers. If a partner mine experiences a strike, environmental disaster, or political instability, Wheaton’s delivery of metal could be delayed. Furthermore, a sustained drop in the prices of gold or silver would directly impact the company's revenue and net margin.

Valuation comparison

Wheaton Precious Metals offers a more established valuation profile, whereas Archer Aviation carries a significant premium based on its high-growth potential in the aviation sector.

Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?

I'd go with Wheaton Precious Metals. But to be fair to Archer Aviation, it is making real progress, with FAA certification advancing faster than any other eVTOL company, and a defense partnership with Anduril adds a revenue pathway that most of its competitors don't have. For investors with a long time horizon and a high tolerance for risk, it remains worth watching.

But Wheaton is in a completely different position right now. The company just posted record revenue, with earnings more than doubling year over year on the strength of rising gold and silver prices and growing production volumes. Its streaming model, which provides upfront capital to miners in exchange for the right to buy precious metals at fixed prices, is one of the most capital-efficient structures in the entire mining sector. Production is projected to grow substantially between now and 2030.

Archer is a long-term bet on a technology that still needs to prove itself. Wheaton is already delivering at a high level and is well-positioned to continue doing so, making it the more comfortable choice for a long-term investor right now.

Sara Appino has no position in any of the stocks mentioned. The Motley Fool recommends Stellantis. The Motley Fool has a disclosure policy.