Joby Aviation (JOBY) AI Stock Analysis

• Market Cap: $13.48B
• Dividend Yield: N/A
• Average Volume (3M): 18.31M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.12
• Revenue Growth: 1934.50%
• EPS Growth: -92.33%
• Country: US
• Employees: 2,029
• Sector: Industrials
• Sector Strength: 72
• Industry: Airlines, Airports & Air Services
• EPS (TTM): -0.48
• Shares Outstanding: 911,783,200
• 10 Day Avg. Volume: 16,755,534
• 30 Day Avg. Volume: 18,307,680
• PEG Ratio: -0.92
• Price to Book (P/B): 6.24
• Price to Sales (P/S): 41833.32
• P/FCF Ratio: -11.93
• Enterprise Value/Market Cap: 0.94
• Enterprise Value/Revenue: 560.78
• Enterprise Value/Gross Profit: 4.54K
• Enterprise Value/Ebitda: -12.69
• 1Y Price Target: $15.45
• Price Target Upside: 8.35% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 7
• EPS Forecast (FY): -1.21
• Revenue Forecast (FY): $39.21M

• Rating: 55 Neutral
• Price Target: $16.00 ▲(12.20% Upside)

Joby Aviation's overall stock score reflects significant financial challenges and mixed technical signals. Positive corporate events and strategic progress in certification and international operations provide some optimism. However, ongoing losses and cash flow issues remain critical concerns.

Positive Factors

Certification Progress

Achieving Type Certification is crucial for commercial operations, marking a significant milestone in Joby's path to market entry and regulatory compliance.

Strategic Partnerships

Partnership with Toyota enhances manufacturing capabilities, leveraging expertise to meet demand and improve operational efficiency, supporting long-term growth.

Financial Position

Strong cash reserves provide financial stability and flexibility to invest in R&D, certification, and scaling operations, crucial for sustaining growth.

Negative Factors

Persistent Net Losses

Ongoing net losses highlight operational inefficiencies and the challenge of achieving profitability, impacting long-term financial sustainability.

Negative Cash Flows

Negative cash flows indicate reliance on external financing, raising concerns about operational sustainability and the ability to fund future growth.

High Cash Usage

High cash usage driven by operating expenses and acquisitions may strain financial resources, affecting long-term investment capacity and strategic flexibility.

Joby Aviation Business Overview & Revenue Model

Company Description

Joby Aviation, Inc., a vertically integrated air mobility company, engages in building an electric vertical takeoff and landing aircraft optimized to deliver air transportation as a service. It intends to build an aerial ridesharing service. The company was founded in 2009 and is headquartered in Santa Cruz, California.

How the Company Makes Money

Joby Aviation primarily generates revenue through the development and eventual commercialization of its eVTOL aircraft, which is anticipated to be utilized in urban air mobility services. The company plans to operate its own aerial ridesharing service, where customers can book flights on demand. Additional revenue streams may include partnerships with existing transportation and ride-sharing companies, as well as collaborations with government entities and other organizations interested in integrating eVTOL technology into their operations. Joby's strategic partnerships with major players in the aviation and technology sectors, including Toyota, which has invested in Joby, provide both financial backing and expertise in manufacturing and scaling operations. Furthermore, potential future revenue could also be derived from leasing aircraft to third-party service operators or selling aircraft outright.

Joby Aviation Financial Statement Overview

Summary

Joby Aviation faces significant financial challenges with persistent net losses and negative cash flows. The income statement shows an inability to generate revenue and cover costs, while the balance sheet indicates some stability but potential risks if liabilities increase. Cash flow analysis reveals inefficiencies and reliance on external financing, necessitating strategic changes to improve financial health.

Income Statement

Joby Aviation's income statement shows persistent challenges, as evidenced by significant net losses and negative EBIT margins over the years. The company has not generated any significant revenue in most years, indicating difficulties in achieving sales growth. The absence of gross profit and negative EBIT and EBITDA margins reflect an ongoing struggle to cover operating expenses without a revenue base. These factors contribute to a very low score, highlighting substantial operational risks.

Balance Sheet

The balance sheet of Joby Aviation shows a relatively strong equity position compared to its liabilities, highlighted by a positive stockholders' equity. The debt-to-equity ratio is relatively low, indicating manageable debt levels. However, the company's equity ratio has been declining, suggesting potential risk if liabilities continue to grow or equity diminishes. Overall, the balance sheet shows some stability but raises concerns about future leverage and asset management.

Cash Flow

Joby Aviation's cash flow statement reveals challenges, with consistent negative operating and free cash flows. This indicates that the company is not generating sufficient cash from its operations to cover its expenses, relying instead on financing activities. The negative free cash flow growth rate and poor operating cash flow to net income ratio illustrate inefficiencies in cash management and operational sustainability, leading to a low score.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	22.64M	136.00K	1.03M	0.00	0.00	0.00
Gross Profit	2.80M	69.00K	832.00K	0.00	0.00	0.00
EBITDA	-1.00B	-561.18M	-441.60M	-368.21M	-243.15M	-124.83M
Net Income	-1.05B	-608.03M	-513.05M	-258.04M	-180.32M	-114.16M
Balance Sheet
Total Assets	1.37B	1.20B	1.27B	1.29B	1.49B	497.25M
Cash, Cash Equivalents and Short-Term Investments	978.12M	932.85M	1.03B	1.06B	1.30B	445.92M
Total Debt	45.60M	31.21M	30.66M	27.32M	2.39M	2.64M
Total Liabilities	469.86M	291.10M	235.07M	128.24M	171.60M	780.42M
Stockholders Equity	896.45M	912.36M	1.03B	1.16B	1.32B	-283.17M
Cash Flow
Free Cash Flow	-533.69M	-476.88M	-344.43M	-290.81M	-228.09M	-129.21M
Operating Cash Flow	-478.17M	-436.27M	-313.83M	-235.93M	-195.75M	-105.90M
Investing Cash Flow	-255.53M	70.76M	80.30M	-630.79M	-18.74M	-393.16M
Financing Cash Flow	789.11M	361.11M	288.24M	60.46M	1.09B	69.22M

Joby Aviation Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 14.26
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JOBY, the sentiment is Negative. The current price of 14.26 is below the 20-day moving average (MA) of 14.52, below the 50-day MA of 15.12, and above the 200-day MA of 12.15, indicating a neutral trend. The MACD of -0.19 indicates Positive momentum. The RSI at 47.56 is Neutral, neither overbought nor oversold. The STOCH value of 44.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JOBY.

Joby Aviation Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
JOBY	55 Neutral	$13.48B	-10.75	-125.73%	―	1934.50%	-92.33%
ACHR	49 Neutral	$6.15B	-6.87	-59.13%	―	―	11.14%
FLYX	47 Neutral	$262.23M	-2.89	―	―	―	―
SRFM	47 Neutral	$129.57M	-0.71	―	―	-8.51%	82.15%
EVEX	43 Neutral	$1.67B	-6.82	-115.63%	―	―	-33.69%
EVTL	25 Underperform	$561.61M	-0.59	―	―	―	―

Joby Aviation Corporate Events

Joby Aviation Secures $250M eVTOL Deal in Kazakhstan

On November 6, 2025, Joby Aviation announced an agreement to sell up to $250 million worth of electric vertical takeoff and landing (eVTOL) aircraft and services to Alatau Advance Air Group in Kazakhstan. This deal, supported by Kazakhstan’s Ministry of Artificial Intelligence and Digital Development, aims to establish the country’s first air taxi service and positions Kazakhstan as a regional hub for advanced air mobility. The agreement also includes collaboration on sourcing critical materials for manufacturing Joby’s aircraft, highlighting the strategic importance of Kazakhstan in Joby’s expansion into Central Asia.

Joby Aviation Begins Power-On Testing for FAA Certification

On November 5, 2025, Joby Aviation announced the commencement of power-on testing for its first FAA-conforming aircraft, marking a significant step in the final stage of the Type Certification process. This milestone allows Joby to conduct extensive hardware and software integration tests in preparation for ‘for credit’ flight testing, with the aim of achieving FAA certification for commercial operations. The testing phase will involve close collaboration with the FAA to ensure the aircraft meets all safety and performance standards, paving the way for future commercial service.

Joby Aviation Announces Major Public Stock Offering

On October 7, 2025, Joby Aviation entered into an underwriting agreement with Morgan Stanley for a public offering of 30,500,000 shares of common stock at $16.85 per share, potentially raising approximately $500.5 million. The proceeds are intended to support certification, manufacturing, and preparation for commercial operations, enhancing the company’s market positioning in the emerging urban air mobility sector.