Joby Aviation (JOBY) AI Stock Analysis

• Market Cap: $5.03B
• Dividend Yield: N/A
• Average Volume (3M): 11.67M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.30
• Revenue Growth: -89.50%
• EPS Growth: -10.50%
• Country: US
• Employees: 2,029
• Sector: Industrials
• Sector Strength: 80
• Industry: Airlines, Airports & Air Services
• EPS (TTM): -0.11
• Shares Outstanding: 791,060,670
• 10 Day Avg. Volume: 10,921,729
• 30 Day Avg. Volume: 11,666,511
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): 0.00
• Price to Cash Flow (P/CF): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 73.27K
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $8.00
• Price Target Upside: 20.30% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7

Joby Aviation's overall stock score reflects significant financial challenges, with persistent losses and reliance on external financing weighing heavily on the score. While the company shows technical strength through recent upward momentum and positive strategic developments, valuation concerns and mixed earnings call sentiment highlight the risks. Progress in certification and partnerships are positive, but financial sustainability remains a critical concern.

Positive Factors

FAA Certification Progress

Joby's progress in FAA certification, with 62% advancement in Stage 4, indicates positive movement toward achieving type inspection authorization for its aircraft.

Manufacturing Expansion

Management expects the expanded manufacturing facility in Marina to more than double Joby's existing manufacturing floor space, which supports future growth.

Strategic Partnerships

Toyota's two-tranche $500M investment closing should offer investors more confidence in funding for the scale up of manufacturing.

Negative Factors

Financial Uncertainty

The JOBY model carries an elevated level of imprecision given the lack of longer term guidance, even around aircraft production.

Investment Risks

Investing in JOBY or other eVTOL companies requires patience and a high risk tolerance, given largely unproven business models and certification risk.

Uncertainty in Revenue Ramp

The timing of FAA certification, commercial launch, and the revenue ramp still remains uncertain.

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 plans to generate revenue primarily through its aerial ridesharing services, utilizing its fleet of eVTOL aircraft to offer on-demand urban air transportation. The company's revenue model involves charging passengers for flights, similar to how ridesharing companies operate on the ground. Additionally, Joby may explore partnerships with ridesharing platforms, infrastructure providers, and governments to expand its market reach and integrate its services into existing transportation networks. Significant factors contributing to Joby's earnings include the development and commercialization of its aircraft, regulatory approvals, and the establishment of operational infrastructure for its services.

Joby Aviation Financial Statement Overview

Summary

Joby Aviation is facing significant financial challenges, with substantial losses and cash flow deficits. The income statement reflects an inability to generate revenue and cover costs, while the balance sheet shows some stability but potential risks if liabilities increase. Cash flow analysis reveals inefficiencies and reliance on external financing. The overall financial health of the company is weak, necessitating strategic changes to improve revenue generation and cost management.

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
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
136.00K	1.03M	0.00	0.00	0.00
	Gross Profit
69.00K	832.00K	-24.00M	-15.94M	-7.40M
	EBIT
-596.75M	-472.09M	-392.20M	-259.09M	-132.24M
	EBITDA
-596.75M	-441.60M	-233.84M	-172.49M	-106.48M
	Net Income Common Stockholders
-608.03M	-513.05M	-258.04M	-180.32M	-114.16M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
932.85M	1.03B	1.06B	1.30B	445.92M
	Total Assets
1.20B	1.27B	1.29B	1.49B	497.25M
	Total Debt
31.21M	30.66M	27.32M	2.39M	2.64M
	Net Debt
-168.42M	-173.36M	-118.78M	-953.17M	-74.69M
	Total Liabilities
291.10M	235.07M	128.24M	171.60M	780.42M
	Stockholders Equity
912.36M	1.03B	1.16B	1.32B	-283.17M
Cash Flow		Free Cash Flow
-476.88M	-344.43M	-290.81M	-228.09M	-129.21M
	Operating Cash Flow
-436.27M	-313.83M	-235.93M	-195.75M	-105.90M
	Investing Cash Flow
70.76M	80.30M	-630.79M	-18.74M	-393.16M
	Financing Cash Flow
361.11M	288.24M	60.46M	1.09B	69.22M

Joby Aviation Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6.65
• 50DMA: Positive
• 100DMA: Negative
• 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 6.65 is above the 20-day moving average (MA) of 6.23, above the 50-day MA of 6.26, and above the 200-day MA of 6.48, indicating a bullish trend. The MACD of 0.09 indicates Negative momentum. The RSI at 57.11 is Neutral, neither overbought nor oversold. The STOCH value of 41.14 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 *	64 Neutral	$4.24B	11.64	5.23%	249.83%	4.07%	-10.54%
BLDE	56 Neutral	$234.27M	―	-11.97%	―	12.04%	-30.50%
JOBY	44 Neutral	$5.03B	―	-64.96%	―	-89.50%	-10.50%
FLYX	43 Neutral	$234.52M	28.86	26.01%	―	―	―
SRFM	41 Neutral	$47.24M	―	138.02%	―	97.38%	72.63%
UP	34 Underperform	$740.81M	―	-2416.94%	―	-29.68%	95.14%
SOAR	22 Underperform	$4.35M	―	-398.23%	―	-21.31%	67.99%

Joby Aviation Corporate Events

Joby Aviation CFO Matthew Field to Resign

Joby Aviation’s Chief Financial Officer, Matthew Field, is set to resign on December 13, 2024, to move closer to family in the Midwest. CEO JoeBen Bevirt will temporarily take over financial responsibilities, supported by Controller Sergei Novikov. Field will assist in the transition as the company searches for a permanent CFO.