Joby Aviation (JOBY) AI Stock Analysis

• Market Cap: $9.62B
• Dividend Yield: N/A
• Average Volume (3M): 25.35M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.19
• 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): -0.14
• Shares Outstanding: 979,334,200
• 10 Day Avg. Volume: 24,487,477
• 30 Day Avg. Volume: 25,349,316
• PEG Ratio: -0.39
• Price to Book (P/B): 7.74
• Price to Sales (P/S): 204.14
• P/FCF Ratio: -19.34
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 178.65
• Enterprise Value/Gross Profit: 2.91K
• Enterprise Value/Ebitda: -9.85
• 1Y Price Target: $13.25
• Price Target Upside: 34.93% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 8
• EPS Forecast (FY): -0.87
• Revenue Forecast (FY): $112.99M

• Rating: 50 Neutral
• Price Target: $10.00 ▲(1.83% Upside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

The score is held back primarily by large ongoing losses and heavy cash burn despite improving revenue, with additional pressure from weak technical trends. Offsetting factors include a comparatively strong balance sheet and positive execution signals from the latest earnings call (funding runway plus certification/manufacturing milestones), but near-term cash use and ramp/certification risks keep the overall score moderate.

Positive Factors

Certification momentum

Meaningful regulatory progress materially reduces a core structural risk for an eVTOL OEM. FAA‑conforming flight tests and an 18‑point Stage 4 gain increase the likelihood of reaching TIA/type certification, unlocking the ability to sell aircraft and commence commercial operations over the next 2–6 months and beyond.

Strong liquidity runway

A sizable capital raise and a multi‑hundred‑million cash balance provide durable financial runway to fund certification, tooling and early production. This reduces immediate fundraising pressure, supports milestone-driven investment and increases the firm’s ability to execute manufacturing scale-up without near‑term disruption.

Manufacturing capacity & productivity

Investing in large, ready manufacturing space plus process redesign anchored in Toyota Production System principles creates a durable path to lower unit costs and higher throughput. This physical footprint and operating discipline are foundational to sustainable production scale and margin improvement as deliveries ramp.

Negative Factors

Very high cash burn

Persistently large negative operating and free cash flows mean the company must rely on external financing until operations generate positive cash. Continued burn elevates dilution and refinancing risk, constrains optionality for discretionary investments, and places ongoing pressure on equity capital if production or certification timelines slip.

Sustained unprofitability

Large operating and net losses indicate current cost structure far exceeds revenue, reflecting scale inefficiency. Achieving durable profitability depends on successful production ramp, certification and recurring operations; until those materialize, margins and returns remain weak and subject to execution risk.

Revenue concentration in Blade

Near‑term revenue reliance on the acquired Blade passenger business concentrates cash generation away from Joby’s core aircraft operations. This limits insight into the economics of Joby’s own air taxi service and aircraft lifecycle margins, delaying validation of the company’s primary business model and obscuring path to scale.

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

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Joby Aviation Financial Statement Overview

Summary

Revenue is ramping (2025 ~$53.4M), but fundamentals remain weak with negative gross profit (~-$16.1M), very large operating/net losses (EBIT ~-$719.6M; net loss ~-$929.8M), and heavy cash burn (2025 OCF ~-$509.9M; FCF ~-$563.8M). The balance sheet is a relative positive with strong equity (~$1.41B) and low debt (~$60.7M), but ongoing losses create ongoing funding/erosion risk.

Income Statement

Revenue ramped sharply in 2025 (annual revenue of ~$53.4M vs. near-zero in prior years), showing improving commercial traction. However, profitability remains very weak: 2025 gross profit is negative (~-$16.1M) and operating losses are substantial (EBIT about -$719.6M; net loss about -$929.8M), indicating costs are far ahead of the current revenue base. Overall, momentum on top-line is a positive, but the income profile is still dominated by heavy losses and scale inefficiency.

Balance Sheet

The balance sheet is a relative strength, supported by a sizable equity base (2025 stockholders’ equity of ~$1.41B) and low absolute debt (~$60.7M). Total assets are ~$1.80B, and leverage appears modest based on prior-year debt-to-equity levels (roughly ~3% in 2023–2024). The key weakness is ongoing value erosion risk from large losses (negative returns on equity historically), which can pressure equity over time if cash burn persists.

Cash Flow

Cash generation remains highly negative, with 2025 operating cash flow around -$509.9M and free cash flow around -$563.8M, reflecting significant investment and operating burn. While free cash flow deterioration was relatively limited in 2025 versus 2024 (positive growth rate), the absolute level of cash outflow is still very large and implies continued funding needs. Prior years also show consistently negative operating and free cash flow, underscoring limited self-funding capacity today.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	53.42M	136.00K	1.03M	0.00	0.00
Gross Profit	-16.06M	69.00K	832.00K	0.00	0.00
EBITDA	-888.38M	-561.18M	-441.60M	-368.21M	-243.15M
Net Income	-929.84M	-608.03M	-513.05M	-258.04M	-180.32M
Balance Sheet
Total Assets	1.80B	1.20B	1.27B	1.29B	1.49B
Cash, Cash Equivalents and Short-Term Investments	1.41B	932.85M	1.03B	1.06B	1.30B
Total Debt	60.74M	31.21M	30.66M	27.32M	2.39M
Total Liabilities	385.36M	291.10M	235.07M	128.24M	171.60M
Stockholders Equity	1.41B	912.36M	1.03B	1.16B	1.32B
Cash Flow
Free Cash Flow	-563.81M	-476.88M	-344.43M	-290.81M	-228.09M
Operating Cash Flow	-509.89M	-436.27M	-313.83M	-235.93M	-195.75M
Investing Cash Flow	-475.42M	70.76M	80.30M	-630.79M	-18.74M
Financing Cash Flow	1.03B	361.11M	288.24M	60.46M	1.09B

Joby Aviation Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 9.82
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Neutral. The current price of 9.82 is below the 20-day moving average (MA) of 9.90, below the 50-day MA of 11.69, and below the 200-day MA of 13.68, indicating a neutral trend. The MACD of -0.40 indicates Negative momentum. The RSI at 44.36 is Neutral, neither overbought nor oversold. The STOCH value of 47.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	50 Neutral	$9.62B	―	-91.52%	―	1934.50%	-92.33%
ACHR	47 Neutral	$4.68B	-7.59	-37.76%	―	―	11.14%
FLYX	47 Neutral	$250.03M	-6.36	6.23%	―	―	―
EVEX	46 Neutral	$895.14M	―	-202.35%	―	―	-33.69%
EVTL	45 Neutral	$386.23M	―	1730.37%	―	―	―
SRFM	44 Neutral	$111.64M	-0.37	110.96%	―	-8.51%	82.15%

Joby Aviation Corporate Events

Joby Aviation Expands Infrastructure with Major Ohio Facility Acquisition

On March 6, 2026, Joby Aero, Inc., a wholly owned subsidiary of Joby Aviation, completed the $61.5 million purchase of a roughly 728,000-square-foot property at 1669 Capstone Way in Vandalia, Ohio, acquiring the real estate, improvements, and related assets. The same day, Joby’s indirect subsidiary 1669 Capstone Way, LLC entered into a $30.75 million loan agreement with B UL LLC to partially finance the acquisition, underscoring Joby’s continued investment in physical infrastructure to support its long-term operational growth.

The transaction adds a substantial industrial-scale facility to Joby’s asset base, which may enhance its capacity for manufacturing or operational activities as it advances its electric air mobility ambitions. By combining significant equity outlay with secured debt financing, the company is signaling a commitment to building out strategically located facilities that could play a key role in future production ramp-up and regional deployment plans.

The most recent analyst rating on (JOBY) stock is a Hold with a $15.50 price target. To see the full list of analyst forecasts on Joby Aviation stock, see the JOBY Stock Forecast page.

Joby Aviation completes equity and convertible notes financing

On January 28, 2026, Joby Aviation entered into a series of capital markets transactions, including an underwritten common stock offering of 52,863,437 shares, completed on February 2, 2026, with an additional greenshoe option for 7,929,515 shares, and a “Delta Offering” of 5,286,343 borrowed shares to facilitate hedging by investors in its convertible notes. The company also issued $600 million of 0.75% Convertible Senior Notes due 2032, with underwriters exercising a $90 million over-allotment option on January 29, 2026, bringing the total issuance to $690 million, and entered into an indenture establishing the notes as senior unsecured obligations with detailed conversion, redemption, repurchase, and default provisions, while simultaneously executing approximately $63.3 million of capped call transactions designed to reduce potential dilution and manage the economic impact of future note conversions, collectively strengthening its balance sheet and providing flexible long-term financing while seeking to limit dilution risk for equity holders.

The most recent analyst rating on (JOBY) stock is a Hold with a $11.00 price target. To see the full list of analyst forecasts on Joby Aviation stock, see the JOBY Stock Forecast page.

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.