Joby Aviation (JOBY)
NYSE:JOBY
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Joby Aviation
(NYSE:JOBY)
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Rating:50Neutral
Price Target:
$8.50
▲(1.43% Upside)
Action:ReiteratedDate: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
Strong liquidity from major capital raise
A large capital raise and a $1.4B cash balance materially extend runway, reducing near‑term financing risk and enabling multi‑quarter investments in certification, simulators, and facility buildout. This funding supports durable progress toward commercialization and manufacturing scale.
Negative Factors
Heavy and persistent cash burn
Large negative operating and free cash flows indicate Joby cannot self‑fund the commercialization ramp today. Sustained cash burn creates structural dependence on further capital markets or debt issuance, which can dilute equity, add financing cost, and constrain strategic flexibility over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity from major capital raise
A large capital raise and a $1.4B cash balance materially extend runway, reducing near‑term financing risk and enabling multi‑quarter investments in certification, simulators, and facility buildout. This funding supports durable progress toward commercialization and manufacturing scale.
Read all positive factors
Joby Aviation (JOBY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.45B
Dividend YieldN/A
Average Volume (3M)23.60M
Price to Earnings (P/E)―
Beta (1Y)2.21
Revenue Growth1934.50%
EPS Growth-92.33%
CountryUS
Employees2,029
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)-0.14
Shares Outstanding979,334,200
10 Day Avg. Volume20,783,152
30 Day Avg. Volume23,595,156
Financial Highlights & Ratios
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 Cap0.98
Enterprise Value/Revenue154.82
Enterprise Value/Gross Profit2.52K
Enterprise Value/Ebitda-8.53
Forecast
1Y Price Target
$13.25Price Target Upside58.11% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)-0.87
Revenue Forecast (FY)$112.99M
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 c...
How the Company Makes Money
Joby’s business model is oriented around two primary monetization paths, with current revenue largely tied to early-stage activities while it works toward commercial launch.
1) Aircraft and related sales (future/limited to date): Joby ultimately ...
Joby Aviation Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call highlighted meaningful operational and regulatory milestones (FAA-conforming aircraft, record 18-point Stage 4 progress), strong commercial partnerships, a major capital raise (~$1.8B) and clear plans to scale manufacturing and deploy in Dubai and eIPP markets. These positives are balanced against continued GAAP losses, rising operating expenses, substantial near-term cash burn guidance (H1 2026 midpoint ~$355M), dependence on Blade for 2026 revenue, and execution risks tied to the manufacturing ramp and remaining certification steps. On balance, the progress and funding provide momentum and runway to execute the next phases, though material execution and timing risks remain.Positive Updates
FAA Conforming Aircraft and TIA Readiness
The first FAA-conforming aircraft is now ready to fly and all aircraft intended for TIA testing are in production, marking a key milestone toward flight testing with FAA pilots later this year.
Negative Updates
Continued GAAP Losses Despite QoQ Improvement
GAAP Q4 net loss of $122M, although this represented a $280M improvement vs. Q3 (a ~69.8% sequential improvement), the company remains unprofitable and dependent on cash runway to reach commercialization.
Read all updates
Q4-2025 Updates
Positive
Negative
FAA Conforming Aircraft and TIA Readiness
The first FAA-conforming aircraft is now ready to fly and all aircraft intended for TIA testing are in production, marking a key milestone toward flight testing with FAA pilots later this year.
Read all positive updates
Company Guidance
The company provided detailed near‑term financial and operational guidance: it ended Q4 with $1.4 billion of cash, cash equivalents and short‑term investments (having raised roughly $1.8 billion in net proceeds across Q4 and Q1, including a post‑quarter financing of ~ $1.2 billion), used $157 million of cash in Q4 and $539 million for full‑year 2025 (within guidance), and reported a Q4 GAAP net loss of $122 million (improved from a $401 million loss in Q3 driven in part by a $302 million favorable non‑cash warrant/earn‑out revaluation), Q4 revenue of $31 million (Blade $21 million; other $10 million including a ~$8 million one‑time demo), total operating expenses of $238 million (vs. $204 million in Q3) and an adjusted EBITDA loss of $154 million (vs. $133 million). For 2026 the company is guiding first‑half cash use of $340–370 million (excluding ~ $33 million for the one‑time purchase of a 728,000 sq ft Ohio production facility), expects full‑year revenue of $105–150 million (vast majority from Blade) with Q2+Q3 typically ~60–65% of annual revenue and a Q3 seasonality peak, plans to scale production (targeting to double to ~4 aircraft/month by 2027), will add a second full‑motion simulator this year, invested ~ $40 million in property & equipment in Q4 (including a $3 million FAA‑qualified simulator), and highlighted operational milestones including the first FAA‑conforming aircraft ready to fly, an 18‑point increase on the FAA side of Stage 4, TIA aircraft in production, plans to carry first passengers in the UAE this year, and anticipation that the DOT will select at least five eIPP locations enabling cargo, medical and eventual passenger operations.Joby Aviation Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
24
Negative
| 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
Negative
8.38
Price Trends
9.80
Negative
12.15
Negative
13.70
Negative
Market Momentum
-0.49
Negative
41.55
Neutral
51.77
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 8.38 is below the 20-day moving average (MA) of 9.02, below the 50-day MA of 9.80, and below the 200-day MA of 13.70, indicating a bearish trend. The MACD of -0.49 indicates Negative momentum. The RSI at 41.55 is Neutral, neither overbought nor oversold. The STOCH value of 51.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JOBY.
Joby Aviation Risk Analysis
Joby Aviation disclosed 57 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
50 Neutral | $8.45B | -11.73 | -91.52% | ― | 1934.50% | -92.33% | |
49 Neutral | $214.18M | -6.36 | 6.23% | ― | ― | ― | |
47 Neutral | $940.42M | -5.44 | -225.72% | ― | ― | -33.69% | |
47 Neutral | $4.15B | -7.59 | -37.76% | ― | ― | 11.14% | |
44 Neutral | $253.77M | 1.54 | -174.08% | ― | ― | ― | |
44 Neutral | $94.70M | -0.37 | 110.96% | ― | -8.51% | 82.15% |
* Industrials Sector Average
JOBY
Joby Aviation
8.63
2.37
37.86%
EVTL
Vertical Aerospace
2.48
-0.91
-26.84%
EVEX
Eve Holding
2.70
-0.77
-22.19%
ACHR
Archer Aviation
5.58
-1.85
-24.90%
FLYX
flyExclusive
2.27
-0.73
-24.33%
SRFM
Surf Air Mobility, Inc.
1.23
-1.25
-50.40%
Joby Aviation Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Joby Aviation Expands Infrastructure with Major Ohio Facility Acquisition
Positive
Mar 12, 2026
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 rela...
Business Operations and StrategyPrivate Placements and Financing
Joby Aviation completes equity and convertible notes financing
Positive
Feb 2, 2026
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...
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.