Joby Aviation (JOBY) AI Stock Analysis

• Market Cap: $15.45B
• Dividend Yield: N/A
• Average Volume (3M): 49.46M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.14
• Revenue Growth: -90.97%
• EPS Growth: -120.32%
• Country: US
• Employees: 2,029
• Sector: Industrials
• Sector Strength: 72
• Industry: Airlines, Airports & Air Services
• EPS (TTM): -0.41
• Shares Outstanding: 886,481,500
• 10 Day Avg. Volume: 63,648,394
• 30 Day Avg. Volume: 49,456,215
• 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: 0.48
• Enterprise Value/Revenue: 75.98K
• Enterprise Value/Gross Profit: -767.49
• Enterprise Value/Ebitda: -9.83
• 1Y Price Target: $15.25
• Price Target Upside: -5.28% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 6

• Rating: 55 Neutral
• Price Target: $18.00 ▲(11.80% Upside)

Joby Aviation's overall stock score reflects a mix of financial challenges and strategic progress. The most significant factor is the company's weak financial performance, marked by substantial losses and cash flow deficits. However, positive developments in certification, strategic acquisitions, and manufacturing expansion provide optimism for future growth. Technical indicators suggest moderate momentum, but valuation remains a concern due to negative earnings.

Positive Factors

Certification Progress

Advancing in certification is crucial for Joby to commercialize its eVTOL aircraft, enabling regulatory approval and market entry, which is a key milestone for future operations and revenue generation.

Manufacturing Expansion

Increasing production capacity is vital for scaling operations and meeting anticipated demand, positioning Joby to capitalize on market opportunities in urban air mobility.

Strategic Acquisition

Acquiring Blade's passenger business enhances Joby's infrastructure and customer base, accelerating its transition to commercial operations and strengthening its competitive position.

Negative Factors

Persistent Net Losses

Ongoing net losses highlight financial instability, posing risks to sustainability and necessitating continued reliance on external financing, which could impact long-term growth.

High Operating Expenses

Rising operating expenses strain financial resources, potentially limiting investment in growth initiatives and impacting profitability, which is critical for long-term viability.

Negative Cash Flow

Negative cash flow highlights inefficiencies and operational challenges, necessitating external funding, which could constrain strategic flexibility and long-term financial health.

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 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 Financial Statement Overview

Summary

Joby Aviation faces significant financial challenges with persistent net losses and negative cash flows. 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.

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	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

• Technical Analysis Sentiment: Negative
• Last Price: 16.10
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 16.1 is below the 20-day moving average (MA) of 16.94, above the 50-day MA of 15.61, and above the 200-day MA of 10.63, indicating a neutral trend. The MACD of 0.17 indicates Positive momentum. The RSI at 45.48 is Neutral, neither overbought nor oversold. The STOCH value of 33.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	$15.45B	―	-88.93%	―	-90.97%	-120.32%
SRTA	53 Neutral	$425.63M	―	-8.39%	―	6.70%	63.35%
SRFM	45 Neutral	$207.71M	―	―	―	-3.95%	85.63%
FLYX	44 Neutral	$314.11M	―	―	―	―	―
SOAR	44 Neutral	$16.03M	―	―	―	-9.49%	97.34%
UP	40 Neutral	$1.12B	―	―	―	-20.21%	88.09%

Joby Aviation Corporate Events

Joby Aviation Announces Major Public Stock Offering

On October 7, 2025, Joby Aviation entered into an underwriting agreement with Morgan Stanley for a public offering of 30,500,000 shares of common stock at $16.85 per share, potentially raising approximately $500.5 million. The proceeds are intended to support certification, manufacturing, and preparation for commercial operations, enhancing the company’s market positioning in the emerging urban air mobility sector.

The most recent analyst rating on (JOBY) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Joby Aviation stock, see the JOBY Stock Forecast page.

Joby Aviation Files Prospectus for Share Resale

On August 29, 2025, Joby Aviation, Inc. filed prospectus supplements with the U.S. Securities and Exchange Commission for the resale of shares related to its acquisition of Strata Critical Medical, Inc., and a stock purchase agreement with Toyota Motor Corporation. The filings involve the resale of 5,325,585 shares from the Strata acquisition and 49,701,790 shares from the Toyota agreement, impacting Joby’s financial and operational strategies.

The most recent analyst rating on (JOBY) stock is a Hold with a $13.50 price target. To see the full list of analyst forecasts on Joby Aviation stock, see the JOBY Stock Forecast page.

Joby Aviation Completes Acquisition of Blade Air Mobility

On August 29, 2025, Joby Aviation announced the completion of its acquisition of Blade Air Mobility’s passenger business. This strategic move provides Joby with Blade’s established network and customer base in key markets, positioning the company for a faster entry into commercial service with its electric air taxis. The acquisition will allow Joby to continue Blade’s passenger operations as a wholly-owned subsidiary, enhancing its market presence and operational capabilities.

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’s Earnings Call Highlights Progress and Challenges

Joby Aviation’s recent earnings call conveyed an overall positive sentiment, highlighting significant strides in certification, strategic acquisitions, and partnerships. The company also emphasized its robust financial standing. However, concerns were raised regarding the increased net loss and the substantial work still required to achieve full certification.

Joby Aviation’s Q2 2025: Progress in eVTOL and Strategic Expansion

Joby Aviation, Inc. is a company specializing in the development of electric vertical takeoff and landing (eVTOL) aircraft, primarily operating within the advanced air mobility sector and known for its innovative approach to urban air transportation.

Joby Aviation Acquires Blade’s Passenger Business

On August 1, 2025, Joby Aviation entered into an Equity Purchase Agreement to acquire Blade Air Mobility’s passenger business for up to $125 million. This acquisition, announced on August 4, 2025, is expected to accelerate Joby’s commercialization efforts by providing access to Blade’s infrastructure and customer base, particularly in key urban markets like New York City and Southern Europe. The transaction will allow Joby to leverage Blade’s operational expertise as it prepares to launch its air taxi service in Dubai, while also becoming Blade’s preferred VTOL partner for organ transport, enhancing Joby’s position in the air mobility sector.

The most recent analyst rating on (JOBY) stock is a Buy with a $9.00 price target. To see the full list of analyst forecasts on Joby Aviation stock, see the JOBY Stock Forecast page.

Joby Aviation Partners with L3Harris on Hybrid VTOL

On August 1, 2025, Joby Aviation announced a collaboration with L3Harris Technologies to explore defense applications for a new class of gas turbine hybrid VTOL aircraft. This aircraft is designed for low-altitude missions and can be optionally piloted, allowing for both crewed and autonomous operations. The partnership leverages Joby’s commercial aircraft development and manufacturing capabilities with L3Harris’ expertise in platform missionization. Flight testing is anticipated to begin in fall 2025, with operational demonstrations planned for 2026, highlighting the potential impact on defense operations and innovation in vertical lift technology.

The most recent analyst rating on (JOBY) stock is a Buy with a $9.00 price target. To see the full list of analyst forecasts on Joby Aviation stock, see the JOBY Stock Forecast page.