Joby Aviation (JOBY) AI Stock Analysis

• Market Cap: $14.07B
• Dividend Yield: N/A
• Average Volume (3M): 18.87M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.10
• 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: 25,753,909
• 30 Day Avg. Volume: 18,867,380
• 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: 0.90
• Enterprise Value/Revenue: 560.78
• Enterprise Value/Gross Profit: 4.54K
• Enterprise Value/Ebitda: -12.69
• 1Y Price Target: $15.67
• Price Target Upside: 2.55% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 6
• EPS Forecast (FY): -0.77
• Revenue Forecast (FY): $120.23M

• Rating: 55 Neutral
• Price Target: $16.50 ▲(7.98% Upside)

The score is held back most by weak financial performance (very large losses and significant cash burn despite low leverage). Technicals are a key offset with a clear uptrend and constructive momentum, while valuation is constrained by negative earnings and no dividend support. Execution updates and liquidity improvements from the earnings call and recent scaling/commercialization events provide additional, but secondary, support.

Positive Factors

Low financial leverage

A very low debt-to-equity ratio gives Joby durable financial flexibility to fund certification and manufacturing scale-up without near-term solvency pressure. This reduces bankruptcy risk and preserves capacity for strategic investments as revenue ramps over the coming months.

Expanded manufacturing capacity (700k+ sqft)

Securing a large, ready-to-use Dayton facility materially strengthens Joby's ability to scale volume production and lower per-aircraft costs. Durable production capacity supports commercialization plans, supply-chain anchoring, and long-term margin improvement if demand and certification timelines align.

Certification progress (TIA power-on testing)

Advancing to power-on testing for TIA is a structural milestone that reduces regulatory uncertainty and is prerequisite for commercial operations. Achieving this phase materially increases the probability of eventual revenue generation from services and aircraft sales over the next 6–12 months.

Negative Factors

Substantial cash burn

Persistent, large negative operating and free cash flow indicate Joby will rely on financing or reserves until revenue scales. This cash consumption raises execution risk, could force dilutive raises, and makes the company vulnerable to timeline slips in certification or production.

Deep unprofitability and negative margins

Extremely negative margins show the cost base far outpaces current sales, implying the business remains in an investment phase. Sustained losses undermine returns on capital and mean profitability depends on successful scale, pricing power, and margin expansion over an extended horizon.

Regulatory/certification timing risk

Dependence on FAA availability creates durable timing risk: delays to TIA flight testing or certification can extend the cash-burn runway, postpone commercial revenue, and increase financing needs. Regulatory sequencing is a structural constraint for time-to-market in AAM.

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: Positive
• Last Price: 15.28
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 15.28 is above the 20-day moving average (MA) of 14.71, above the 50-day MA of 14.62, and above the 200-day MA of 12.83, indicating a bullish trend. The MACD of 0.21 indicates Negative momentum. The RSI at 54.94 is Neutral, neither overbought nor oversold. The STOCH value of 51.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	$14.07B	-11.64	-125.73%	―	1934.50%	-92.33%
EVEX	55 Neutral	$1.57B	-6.91	-115.63%	―	―	-33.69%
ACHR	49 Neutral	$6.49B	-7.48	-59.13%	―	―	11.14%
FLYX	48 Neutral	$319.33M	-3.09	―	―	―	―
SRFM	48 Neutral	$172.13M	-0.92	―	―	-8.51%	82.15%
EVTL	45 Neutral	$593.14M	―	―	―	―	―

Joby Aviation Corporate Events

Joby Aviation Expands Ohio eVTOL Manufacturing Footprint

On January 7, 2026, Joby Aviation announced that its subsidiary Joby Aero agreed to acquire a more than 700,000-square-foot manufacturing facility in Vandalia, near Dayton, Ohio, for $61.5 million, with closing targeted by February 27, 2026, subject to customary conditions including title review and financing arrangements, and a $1 million escrow deposit that may be refunded or forfeited depending on closing outcomes. The ready-to-use facility will expand Joby’s dual-site manufacturing strategy alongside its existing plants in California and Ohio, support plans to double aircraft output to four eVTOL air taxis per month in 2027, and positions the company to scale production amid growing policy momentum for advanced air mobility in the U.S., while drawing strong backing from state and federal officials who highlight the project’s role in Ohio’s aerospace-driven reindustrialization and local job creation.

The most recent analyst rating on (JOBY) stock is a Hold with a $16.00 price target. To see the full list of analyst forecasts on Joby Aviation stock, see the JOBY Stock Forecast page.

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.

The most recent analyst rating on (JOBY) stock is a Buy with a $22.00 price target. To see the full list of analyst forecasts on Joby Aviation stock, see the JOBY Stock Forecast page.

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.

The most recent analyst rating on (JOBY) stock is a Sell with a $8.00 price target. To see the full list of analyst forecasts on Joby Aviation stock, see the JOBY Stock Forecast page.