Joby Aviation, Inc. (JOBY)
NYSE:JOBY
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Joby Aviation
(NYSE:JOBY)
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Rating:52Neutral
Price Target:
$11.00
▲(19.31% Upside)
Action:Reiterated
Date:05/09/26
The score is held back most by very large ongoing losses and substantial cash burn despite strong revenue growth, with valuation also constrained by a negative P/E and no dividend support. Offsetting factors include improving near-term technical momentum and a generally positive earnings-call outlook driven by certification/manufacturing milestones and a strong liquidity position.
Positive Factors
Strong liquidity runway
A ~$2.5B cash balance (including ~$1.3B net proceeds raised) materially extends runway for certification, manufacturing scale and planned H1 capex ($340–$370M). This reduces near-term financing urgency and supports multi‑quarter execution of capital‑intensive milestones.
Negative Factors
Sustained heavy cash burn
Large negative operating and free cash flow and a nearly $1B TTM net loss indicate persistent burn as Joby funds certification and scale. Continued negative cash generation will require further financing or material commercial revenue to avoid dilution or constrained execution over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity runway
A ~$2.5B cash balance (including ~$1.3B net proceeds raised) materially extends runway for certification, manufacturing scale and planned H1 capex ($340–$370M). This reduces near-term financing urgency and supports multi‑quarter execution of capital‑intensive milestones.
Read all positive factors
Joby Aviation (JOBY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.91B
Dividend YieldN/A
Average Volume (3M)28.75M
Price to Earnings (P/E)―
Beta (1Y)2.20
Revenue Growth69873.87%
EPS Growth-36.83%
CountryUS
Employees2,029
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)-1.15
Shares Outstanding983,642,800
10 Day Avg. Volume34,298,607
30 Day Avg. Volume28,750,658
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 Cap0.99
Enterprise Value/Revenue125.74
Enterprise Value/Gross Profit1.12K
Enterprise Value/Ebitda-9.31
Forecast
1Y Price Target
$11.79Price Target Upside27.83% Upside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)-0.84
Revenue Forecast (FY)$114.09M
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:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call highlighted strong operational and technical progress (eIPP selection, landmark demonstration flights, infrastructure partnerships, manufacturing ramp, SR3 audit completion and a robust cash position). Financially, revenue remains small and sequentially down, operating expenses and adjusted EBITDA losses widened as Joby invests heavily in certification, manufacturing and commercial readiness; cash burn continues but is supported by a $2.5B balance sheet and recent $1.3B net capital raises. Execution risks remain (certification completion, supply chain and pilot training) and no large aircraft sales were announced. On balance, the substantial programmatic, operational and certification milestones materially outweigh near-term financial headwinds and execution risks, supporting an overall positive outlook.Positive Updates
Selection for White House-backed eIPP Program
Selected as part of 5 applications covering 11 states (including Texas, New York and Florida) to participate in the DOT/FAA eIPP pilot program; program enables faster collaboration via OTA agreements and paves the way for Joby to begin community operations this year ahead of FAA type certification.
Negative Updates
Low Revenue Base and Sequential Decline
Q1 revenue was $24 million (primarily Blade), down $7 million sequentially (~23% decline from Q4's implied $31M) due to absence of one‑time Japan demonstration revenue; revenue remains modest relative to investment and scale-up needs.
Read all updates
Q1-2026 Updates
Positive
Negative
Selection for White House-backed eIPP Program
Selected as part of 5 applications covering 11 states (including Texas, New York and Florida) to participate in the DOT/FAA eIPP pilot program; program enables faster collaboration via OTA agreements and paves the way for Joby to begin community operations this year ahead of FAA type certification.
Read all positive updates
Company Guidance
On guidance, Joby reiterated first‑half 2026 capital spend guidance of $340–$370 million (excluding a one‑time Ohio purchase) and said it ended Q1 with approximately $2.5 billion in cash, cash equivalents and short‑term investments (including ~$1.3 billion of net proceeds raised in Q1); Q1 cash use totaled about $195 million (or ~$163 million excluding the $32 million net Ohio purchase—a $62 million gross purchase, roughly half financed). Financials/guidance included Q1 revenue of $24 million (down $7 million sequentially) and full‑year revenue guidance of $105–$115 million; GAAP Q1 net loss of $110 million (improved $12 million from Q4’s $122 million); total operating expenses of $258 million (vs. $238 million in Q4); and an adjusted EBITDA loss of $179 million (vs. $154 million in Q4). Production and certification pacing metrics: parts for nine FAA conforming aircraft (five slated for TIA flight testing), composites output at 2.5x year‑over‑year, adding a third shift to composites layup and automated fiber placement, ongoing monthly technician training, completion of the FAA SR3 audit, and operational timelines calling for OTA/eIPP agreements to begin in Q3 with operations ramping in the back half of the year (passenger demos possible later this year); additionally, a turbine‑electric transition flight of 148 miles at 2,400 kg MTOW was completed.Joby Aviation Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
58
Neutral
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 77.67M | 53.42M | 136.00K | 1.03M | 0.00 | 0.00 |
| Gross Profit | 8.72M | -16.06M | 69.00K | 832.00K | 0.00 | 0.00 |
| EBITDA | -1.05B | -888.38M | -561.18M | -441.60M | -368.21M | -243.15M |
| Net Income | -957.39M | -929.84M | -608.03M | -513.05M | -258.04M | -180.32M |
Balance Sheet | ||||||
| Total Assets | 2.93B | 1.80B | 1.20B | 1.27B | 1.29B | 1.49B |
| Cash, Cash Equivalents and Short-Term Investments | 2.47B | 1.41B | 932.85M | 1.03B | 1.06B | 1.30B |
| Total Debt | 735.55M | 60.74M | 31.21M | 30.66M | 27.32M | 2.39M |
| Total Liabilities | 969.94M | 385.36M | 291.10M | 235.07M | 128.24M | 171.60M |
| Stockholders Equity | 1.96B | 1.41B | 912.36M | 1.03B | 1.16B | 1.32B |
Cash Flow | ||||||
| Free Cash Flow | -661.19M | -563.81M | -476.88M | -344.43M | -290.81M | -228.09M |
| Operating Cash Flow | -544.30M | -509.89M | -436.27M | -313.83M | -235.93M | -195.75M |
| Investing Cash Flow | -1.01B | -475.42M | 70.76M | 80.30M | -630.79M | -18.74M |
| Financing Cash Flow | 2.31B | 1.03B | 361.11M | 288.24M | 60.46M | 1.09B |
Joby Aviation Technical Analysis
Negative
9.22
Price Trends
9.28
Positive
10.67
Negative
13.04
Negative
Market Momentum
0.35
Negative
53.31
Neutral
35.54
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 9.22 is below the 20-day moving average (MA) of 9.74, below the 50-day MA of 9.28, and below the 200-day MA of 13.04, indicating a neutral trend. The MACD of 0.35 indicates Negative momentum. The RSI at 53.31 is Neutral, neither overbought nor oversold. The STOCH value of 35.54 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 58 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% | |
53 Neutral | $4.39B | -4.55 | -38.99% | ― | ― | 11.41% | |
52 Neutral | $9.91B | -17.72 | -74.18% | ― | 69873.87% | -36.83% | |
52 Neutral | $1.00B | ― | -258.98% | ― | ― | -33.98% | |
50 Neutral | $230.22M | -2.37 | 6.87% | ― | 14.51% | 28.04% | |
50 Neutral | $117.46M | ― | 140.66% | ― | -3.24% | 35.57% | |
44 Neutral | $303.04M | 0.51 | 230.18% | ― | ― | ― |
* Industrials Sector Average
JOBY
Joby Aviation
10.07
3.44
51.89%
EVTL
Vertical Aerospace
2.38
-2.79
-53.97%
EVEX
Eve Holding
2.85
-1.45
-33.72%
ACHR
Archer Aviation
5.78
-5.04
-46.58%
FLYX
flyExclusive
2.44
-0.32
-11.59%
SRFM
Surf Air Mobility, Inc.
1.17
-1.28
-52.24%
Joby Aviation Corporate Events
Business Operations and StrategyExecutive/Board Changes
Joby Aviation Announces Upcoming Resignation of Aircraft OEM President
Neutral
Apr 22, 2026
Joby Aviation, Inc., a developer and manufacturer of advanced aircraft for the emerging air mobility market, relies heavily on executive leadership to drive its aircraft development and commercialization strategy. Stability and continuity in its e...
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...
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.