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Joby Aviation
(NYSE:JOBY)
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Rating:49Neutral
Price Target:
$6.50
▼(-9.97% Downside)
Action:Reiterated
Date:08/17/26
The score is held back primarily by weak financial performance—large losses and heavy cash burn despite improving revenue. Technicals are also muted with the stock below key longer-term moving averages. Offsetting factors include a relatively constructive earnings call with raised revenue guidance and visible certification/manufacturing progress, plus corporate actions that support long-term scaling (Toyota JV) but add dilution risk (ATM facility).
Positive Factors
Revenue growth and guidance
Revenue momentum is becoming more tangible as Blade demand supports sequential growth and higher full-year guidance. Continued commercial activity provides an operating base while Joby advances its larger air-taxi opportunity, improving prospects for future scale and customer adoption.
Negative Factors
Deep losses and negative margins
Joby’s revenue growth has not yet translated into sustainable profitability because its cost base remains far ahead of current scale. Persistent operating losses leave the business dependent on future commercialization success and make margin improvement a substantial execution requirement.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and guidance
Revenue momentum is becoming more tangible as Blade demand supports sequential growth and higher full-year guidance. Continued commercial activity provides an operating base while Joby advances its larger air-taxi opportunity, improving prospects for future scale and customer adoption.
Read all positive factors
Joby Aviation (JOBY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.77B
Dividend YieldN/A
Average Volume (3M)29.15M
Price to Earnings (P/E)―
Beta (1Y)2.45
Revenue Growth118568.37%
EPS Growth7.33%
CountryUS
Employees2,559
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)-0.99
Shares Outstanding989,124,200
10 Day Avg. Volume22,597,889
30 Day Avg. Volume29,153,446
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$11.50Price Target Upside59.28% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)-0.89
Revenue Forecast (FY)$121.50M
Joby Aviation Business Overview & Revenue Model
Company Description
Joby Aviation, Inc. is a vertically integrated air mobility firm specializing in the development of electric vertical takeoff and landing (eVTOL) aircraft. These innovative vehicles are designed to provide on-demand air transportation, with the ul...
How the Company Makes Money
Joby is in a pre-commercialization stage for large-scale passenger service and aircraft sales, so its long-term model centers on generating revenue from (1) operating an air taxi service using its eVTOL aircraft and (2) selling aircraft and associ...
Joby Aviation Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call communicated strong commercial and operational momentum — notably Blade's outperformance, an upward revision to revenue guidance, a healthy cash balance, meaningful manufacturing quality improvements, multiple strategic partnerships (Toyota, Atoms, ASI), and clear certification progress — all of which point to tangible progress toward commercialization. At the same time, the company is incurring elevated operating expenses, meaningful GAAP losses driven in part by noncash revaluations, and is increasing cash deployment in the back half of 2026 while manufacturing scale and aircraft availability remain constraints. Overall, the positive indicators around demand, partnerships, cash runway and certification progress materially outweigh the near-term financial drag and execution challenges.Positive Updates
eIPP Program Launch and Passenger Timeline
Confirmed first eIPP flights in Texas beginning next month with a staged progression from pilot-only flights to carrying nonpaying and then paying passengers; company continues to target carrying first passengers this year (2026).
Negative Updates
Increased GAAP Loss and Quarter-to-Quarter Volatility
Q2 GAAP net loss was $245 million versus $110 million in the prior quarter (increase of ~$135M, roughly +123%), driven largely by a $108 million noncash unfavorable change in the fair value of warrants and earn-out shares; fair value revaluations introduce material noncash volatility quarter-to-quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
eIPP Program Launch and Passenger Timeline
Confirmed first eIPP flights in Texas beginning next month with a staged progression from pilot-only flights to carrying nonpaying and then paying passengers; company continues to target carrying first passengers this year (2026).
Read all positive updates
Company Guidance
Management gave detailed near‑term financial and operational guidance: Joby ended Q2 with ~$2.3 billion in cash and reported Q2 cash use of ~$202 million (Q1: $195M); excluding the one‑time Ohio purchase, H1 2026 cash use was ~$365M (within prior guidance of $340–$370M) and they now expect H2 2026 cash use of $385–$415M. They raised full‑year revenue guidance to $115–$125M (from $105–$115M) with $63M already recognized in H1 and Q2 revenue of $39M (up $14M sequentially); Blade drove momentum (H1 Blade revenue +32% YoY, Q2 seats sold >50% YoY, Hamptons revenue +40% YoY, ~4,500 seats sold at Monaco). CapEx was ~$29M in Q2 (vs $78M in Q1), H1 CapEx totaled $107M (including $62M for Ohio and $15M for Hollister) and H2 CapEx is expected to be below the H1 pace but elevated versus prior years. Operationally they have 5 aircraft flying including their first FAA‑conforming ship, 12 more in production with 2 slated for delivery this year, and a ~40% reduction in manufacturing nonconformance in the first six months; Toyota’s $250M direct investment is expected to close later this year or early next. On the P&L, Q2 operating expenses were $300M (Q1: $258M), GAAP net loss was $245M (Q1: $110M, driven by a $108M noncash warrants/earn‑out revaluation) and adjusted EBITDA loss was $197M (Q1: $179M).Joby Aviation Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
62
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 116.30M | 53.42M | 136.00K | 1.03M | 0.00 | 0.00 |
| Gross Profit | 28.81M | -16.06M | 69.00K | 832.00K | 0.00 | 0.00 |
| EBITDA | -834.62M | -888.38M | -572.33M | -482.42M | -233.84M | -172.49M |
| Net Income | -878.15M | -929.84M | -608.03M | -513.05M | -258.04M | -180.32M |
Balance Sheet | ||||||
| Total Assets | 2.75B | 1.80B | 1.20B | 1.27B | 1.29B | 1.49B |
| Cash, Cash Equivalents and Short-Term Investments | 2.26B | 1.41B | 932.85M | 1.03B | 1.06B | 1.30B |
| Total Debt | 735.43M | 60.74M | 31.21M | 30.66M | 27.32M | 2.39M |
| Total Liabilities | 985.45M | 385.36M | 291.10M | 235.07M | 128.24M | 171.60M |
| Stockholders Equity | 1.77B | 1.41B | 912.36M | 1.03B | 1.16B | 1.32B |
Cash Flow | ||||||
| Free Cash Flow | -966.63M | -563.81M | -476.88M | -344.43M | -290.81M | -228.09M |
| Operating Cash Flow | -755.32M | -509.89M | -436.27M | -313.83M | -235.93M | -195.75M |
| Investing Cash Flow | -1.62B | -475.42M | 70.76M | 80.30M | -630.79M | -18.74M |
| Financing Cash Flow | 3.30B | 1.03B | 361.11M | 288.24M | 60.46M | 1.09B |
Joby Aviation Technical Analysis
Negative
7.22
Price Trends
7.60
Negative
8.76
Negative
10.28
Negative
Market Momentum
-0.34
Positive
32.97
Neutral
16.11
Positive
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 7.22 is below the 20-day moving average (MA) of 7.27, below the 50-day MA of 7.60, and below the 200-day MA of 10.28, indicating a bearish trend. The MACD of -0.34 indicates Positive momentum. The RSI at 32.97 is Neutral, neither overbought nor oversold. The STOCH value of 16.11 is Positive, 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $3.69B | 9.36 | 15.02% | 1.91% | 9.10% | 1.55% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
49 Neutral | $6.77B | -6.48 | -58.25% | ― | 118568.37% | 7.33% | |
49 Neutral | $119.44M | -1.43 | 7.78% | 2.36% | 16.15% | 32.19% | |
48 Neutral | $77.86M | -0.29 | 182.56% | ― | 3.14% | 48.61% | |
46 Neutral | $11.23M | -0.18 | -270.63% | ― | -67.20% | ― | |
44 Neutral | $160.34M | -0.48 | 67.57% | ― | -5.96% | 9.82% |
* Industrials Sector Average
JOBY
Joby Aviation
6.42
-6.84
-51.58%
SKYW
SkyWest
96.06
-12.08
-11.17%
UP
Wheels Up Experience
4.04
-38.16
-90.43%
FLYX
flyExclusive
1.14
-3.13
-73.30%
SOAR
Volato Group
0.21
-1.16
-84.64%
SRFM
Surf Air Mobility, Inc.
0.61
-3.34
-84.46%
Joby Aviation Corporate Events
Executive/Board Changes
Joby Aviation Names Sergey Novikov Principal Accounting Officer
Neutral
Sep 9, 2026
On September 2, 2026, Joby Aviation, Inc. appointed Sergey Novikov as its Principal Accounting Officer, effective immediately, reflecting a leadership transition in the company’s finance function. Novikov, 57, has served as the company’...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Joby Aviation Expands Defense Platform With Strix Acquisition
Positive
Aug 11, 2026
On August 8, 2026, Joby Aviation agreed to acquire Strix Holdings, the parent of defense technology firm Resonant Sciences, for approximately $500 million in a cash-and-stock deal, with closing targeted for the first half of 2027 subject to regula...
Business Operations and StrategyDelistings and Listing Changes
Joby Aviation Highlights Imminent Expiration of Outstanding Warrants
Neutral
Jul 28, 2026
On July 28, 2026, Joby Aviation reminded investors that its outstanding JOBY WS warrants, representing the right to buy one share of common stock at an exercise price of $11.50, will expire on August 10, 2026. The New York Stock Exchange plans to ...
Business Operations and StrategyPrivate Placements and Financing
Joby Aviation, Toyota launch joint venture for eVTOL manufacturing
Positive
Jun 30, 2026
On June 29, 2026, Joby Aero, a subsidiary of Joby Aviation, and Toyota Motor Corporation formed a Delaware joint venture, Joby Toyota Aero Manufacturing Preparation Company, to manufacture Joby’s S4 Series eVTOL aircraft, with Toyota owning ...
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.