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Joby Aviation (JOBY)
NYSE:JOBY
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Joby Aviation
(NYSE:JOBY)
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Rating:49Neutral
Price Target:
$13.50
▼(-16.20% Downside)
Joby Aviation's overall stock score reflects significant financial challenges and valuation concerns, with ongoing net losses and negative cash flows. However, the positive sentiment from the earnings call, driven by strategic advancements in certification and manufacturing, provides some optimism. Technical analysis offers a neutral outlook, with no immediate signs of overbought conditions.
Positive Factors
Certification Progress
Advancing in certification is crucial for Joby's market entry and operational readiness, enabling them to commence commercial operations sooner.
Manufacturing Expansion
Increasing production capacity supports Joby's growth strategy, allowing them to meet anticipated demand and scale operations efficiently.
Strategic Acquisition
The acquisition enhances Joby's market position by leveraging Blade's infrastructure and customer base, facilitating faster market penetration.
Negative Factors
Persistent Net Losses
Ongoing net losses highlight financial challenges, potentially impacting Joby's ability to sustain operations without additional financing.
High Operating Expenses
Rising operating expenses may strain financial resources, necessitating cost management to maintain long-term operational viability.
Negative Cash Flows
Negative cash flows suggest inefficiencies and reliance on external funding, posing risks to Joby's financial stability and growth potential.
Joby Aviation (JOBY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.79B
Dividend YieldN/A
Average Volume (3M)37.41M
Price to Earnings (P/E)―
Beta (1Y)2.10
Revenue Growth-90.97%
EPS Growth-120.32%
CountryUS
Employees2,029
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)-0.41
Shares Outstanding855,981,500
10 Day Avg. Volume48,010,243
30 Day Avg. Volume37,410,762
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap0.54
Enterprise Value/Revenue75.98K
Enterprise Value/Gross Profit-767.49
Enterprise Value/Ebitda-9.83
Forecast
1Y Price Target
$13.25Price Target Upside-17.75% Downside
Rating ConsensusHold
Number of Analyst Covering6
Joby Aviation Business Overview & Revenue Model
Company DescriptionJoby 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 MoneyJoby Aviation plans to generate revenue primarily through its air taxi services, which will offer on-demand urban air transportation. The company intends to operate its own fleet of eVTOL aircraft, providing a direct-to-consumer service akin to ride-sharing, but in the air. Additionally, Joby may generate revenue through partnerships with transportation network companies and other strategic collaborations that integrate its air mobility services into broader transportation ecosystems. Key factors contributing to its earnings include advancements in aircraft technology, regulatory approvals, and successful scaling of its aerial ride-sharing operations.
Joby Aviation Earnings Call Summary
Earnings Call Date:Aug 06, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Positive
The earnings call was largely positive, highlighting significant progress in certification, strategic acquisitions, manufacturing expansion, and regulatory support. However, financial challenges remain with a substantial net loss and high operating expenses. Despite these financial hurdles, the overall sentiment leans towards optimism due to strategic advancements and strong financial backing.Q2-2025 Updates
Positive Updates
Significant Progress in Certification
Joby Aviation is 70% complete on Stage 4 of certification on the Joby side and more than 50% on the FAA side, with plans to begin TIA certification flights with FAA pilots early next year.
Strategic Acquisition of Blade
Joby acquired Blade's passenger business, accelerating readiness for commercial eVTOL operations globally, with significant infrastructure and customer base benefits.
Expansion in Manufacturing
Expansion of the Marina facility will double production capacity to 24 aircraft per year. The Dayton facility is coming online with a strategy to produce up to 500 aircraft annually.
Global Regulatory Momentum
The FAA, DOT, and international markets are collaborating to streamline regulatory processes, supporting Joby's operations in the U.S., Australia, New Zealand, Canada, and the U.K.
Defense Collaboration with L3 Harris
Joby is developing a hybrid variant of its aircraft for defense applications, with flight tests expected this fall and demonstrations with government customers in early 2026.
Strong Financial Position
Joby ended Q2 2025 with $991 million in cash and short-term investments, with strategic investments from Toyota and additional funds from its ATM facility.
Negative Updates
Quarterly Net Loss
Joby reported a Q2 net loss of $325 million, including a $168 million operating loss and a $157 million non-operating loss, impacted by non-cash items.
High Operating Expenses
Q2 operating expenses were $168 million, up $5 million from the prior quarter due to increased staffing and program spending.
Company Guidance
During the Joby Aviation Second Quarter Fiscal Year 2025 Financial Results Conference Call, several key metrics and updates were provided. JoeBen Bevirt, Founder and Chief Executive Officer, highlighted significant progress in flight testing, with 76 flights completed in July alone across four aircraft. The company is 70% complete with Stage 4 of certification on the Joby side and more than 50% on the FAA side, marking a 10-point increase from the previous quarter. Financially, Joby ended the quarter with $991 million in cash and short-term investments, and the company maintained guidance for a full-year cash use of $500 million to $540 million. The acquisition of Blade's passenger business was announced, with plans to integrate Joby's eVTOL technology into Blade's operations. Additionally, the company anticipates significant opportunities in defense, with a collaboration with L3Harris to develop a hybrid variant of their aircraft and expectations for operational demonstrations in early 2026. The expansion of manufacturing capabilities was also discussed, with plans to double production capacity at the Marina facility and bring the Dayton facility online, aiming to eventually produce up to 500 aircraft per year.Joby Aviation Financial Statement Overview
Summary
Joby Aviation's financial performance is weak, with significant net losses, negative EBIT margins, and cash flow deficits. The balance sheet shows some stability with a strong equity position, but declining equity ratio raises concerns. Overall, financial health is poor, necessitating strategic changes.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.10
Very Negative
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.40
Negative
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.20
Very Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 98.00K | 136.00K | 1.03M | 0.00 | 0.00 | 0.00 |
| Gross Profit | -9.70M | 69.00K | 832.00K | 0.00 | 0.00 | 0.00 |
| EBITDA | -757.16M | -561.18M | -441.60M | -368.21M | -243.15M | -124.83M |
| Net Income | -797.24M | -608.03M | -513.05M | -258.04M | -180.32M | -114.16M |
Balance Sheet | ||||||
| Total Assets | 1.26B | 1.20B | 1.27B | 1.29B | 1.49B | 497.25M |
| Cash, Cash Equivalents and Short-Term Investments | 990.98M | 932.85M | 1.03B | 1.06B | 1.30B | 445.92M |
| Total Debt | 30.91M | 31.21M | 30.66M | 27.32M | 2.39M | 2.64M |
| Total Liabilities | 361.58M | 291.10M | 235.07M | 128.24M | 171.60M | 12.11M |
| Stockholders Equity | 898.29M | 912.36M | 1.03B | 1.16B | 1.32B | 485.14M |
Cash Flow | ||||||
| Free Cash Flow | -500.70M | -476.88M | -344.43M | -290.81M | -228.09M | -129.21M |
| Operating Cash Flow | -448.33M | -436.27M | -313.83M | -235.93M | -195.75M | -105.90M |
| Investing Cash Flow | -44.35M | 70.76M | 80.30M | -630.79M | -18.74M | -393.16M |
| Financing Cash Flow | 653.83M | 361.11M | 288.24M | 60.46M | 1.09B | 69.22M |
Joby Aviation Technical Analysis
Positive
16.11
Price Trends
15.78
Positive
12.53
Positive
9.88
Positive
Market Momentum
0.36
Negative
57.29
Neutral
67.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JOBY, the sentiment is Positive. The current price of 16.11 is above the 20-day moving average (MA) of 14.56, above the 50-day MA of 15.78, and above the 200-day MA of 9.88, indicating a bullish trend. The MACD of 0.36 indicates Negative momentum. The RSI at 57.29 is Neutral, neither overbought nor oversold. The STOCH value of 67.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JOBY.
Joby Aviation Risk Analysis
Joby Aviation disclosed 50 risk factors in its most recent earnings report. Joby Aviation reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Joby Aviation Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | $423.18M | -21.76 | -8.51% | ― | 6.70% | 63.35% | |
54 Neutral | $400.65M | -4.25 | 9.48% | ― | ― | ― | |
49 Neutral | $13.79B | ― | -88.93% | ― | -90.97% | -120.32% | |
47 Neutral | $173.02M | -1.22 | 49.73% | ― | -3.95% | 85.63% | |
44 Neutral | $9.95M | -0.43 | 248.84% | ― | -9.49% | 97.34% | |
42 Neutral | $1.38B | -4.23 | 173.08% | ― | -20.21% | 88.09% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
JOBY
Joby Aviation
16.00
10.97
218.09%
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5.10
2.16
73.47%
UP
Wheels Up Experience
1.83
-0.59
-24.38%
FLYX
flyExclusive
4.75
1.77
59.40%
SOAR
Volato Group
1.67
-8.13
-82.96%
SRFM
Surf Air Mobility, Inc.
4.25
2.91
217.16%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.