JOBY Industrials

Joby Aviation, Inc.

$4.85+0.83%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Industrials
Industry: Airports & Air Services
Country: United States
Market cap: 4.8B USD
Enterprise value: 3.0B USD
Full-time employees: 2,559

Overall health

Strength: growing faster than most peersgrowing faster than peers
Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 2.66 vs a peer median of 0.64)bigger price swings (beta 2.66 vs peers 0.64)

Ranks #1,405 of 2,308 industrials companies (bottom 40%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 59% from December 2022 to August 2026.
Joby Aviation had 59% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Joby Aviation had 59% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 239% of revenue in 2025.
Joby Aviation paid employees $128M in stock in 2025, 239% of its $53M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -759%).
More volatile share price. Beta 2.66: tends to move more than the market.
Joby Aviation's shares have swung more with the market than most peers' (beta 2.66, above the market's 1.0).

StockQuotient Score

46/ 100

Oct 5 46 → Nov 4 46

Valuation

Is the price right?

9/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-18.3%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.28Sector median: 0.0377 · MAD: 0.0294

EBITDA yield-25.9%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.64Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield-15.5%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield36.8%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

92/100

Strong

2/3 inputs reported · Partial data

Since last quarter: ▲ Stronger

12-month revenue up 49.7%

Why

Stronger than most peers on:

▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.28Sector median: 0.0709 · MAD: 0.2481

3-year revenue growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0421 · MAD: 0.0625

Revenue growth118568.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.55Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

0/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-759.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -5.28Sector median: 0.0773 · MAD: 0.0507

Return on assets-31.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.56Sector median: 0.0311 · MAD: 0.0241

Return on invested capital-37.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.78Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin34.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity-49.7%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 84 → 83

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta2.66

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.49Sector median: 0.6440 · MAD: 0.2745

Current ratio17.98×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score 6.75Sector median: 1.6180 · MAD: 0.5360

Debt / equity0.40×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.01Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Joby Aviation

Is Joby Aviation getting weaker?: Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 46/100 since Oct 28, 2026.
How is Joby Aviation valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -18.3% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -18.3% vs peers 3.8% (weaker than 100% of peers).
Is Joby Aviation growing?: Yes, faster than most of its peers. Growth scores 92/100 against 2,459 industrials peers. Revenue growth 118568.4% vs a peer median of 4.4% (stronger than 95% of peers).Revenue growth 118568.4% vs peers 4.4% (stronger than 95% of peers).
How profitable is Joby Aviation?: Less profitable than most of its peers. Profitability scores 0/100 against 2,459 industrials peers. Operating margin -759.2% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -759.2% vs peers 7.7% (weaker than 100% of peers).
How risky is Joby Aviation?: Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 17.98× vs a peer median of 1.62× (stronger than 95% of peers).Current ratio 17.98× vs peers 1.62× (stronger than 95% of peers). Beta 2.66 vs a peer median of 0.64 (weaker than 100% of peers).Beta 2.66 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: Joby Aviation is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	77.7M USD	116.3M USD	+49.7%
Net income (12 months)	−957.4M USD	−878.2M USD	−8.3%
Operating margin	-1017.0%	-759.2%	+257.8 pts
Free cash flow (12 months)	−660.2M USD	−743.3M USD	+12.6%
Debt	701.1M USD	701.9M USD	+0.1%
Cash	874.5M USD	629.9M USD	−28.0%
Shares outstanding	983.6M	989.1M	+0.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Airports & Air Services companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	—	—	-45745.5%	-438789.7%	-1346.9%	▲ >999 pts
Net margin	—	—	-49714.1%	-447083.8%	-1740.5%	▲ >999 pts
Return on assets (ROA)	-12.1%	-20.0%	-40.4%	-50.5%	-51.8%	▼ 1.3 pts
Return on equity (ROE)	-13.7%	-22.2%	-49.6%	-66.6%	-66.0%	▲ 0.7 pts
Free cash flow margin	—	—	-33374.8%	-350650.0%	-1055.3%	▲ >999 pts
Current ratio	95.22×	35.90×	23.39×	20.14×	24.09×	▲ 20%
Interest coverage	-106.80×	-3323.75×	—	—	—	—

JOBY price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 2.66 vs a peer median of 0.64)bigger price swings (beta 2.66 vs peers 0.64)

Ranks #1,405 of 2,308 industrials companies (bottom 40%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 59% from December 2022 to August 2026.

Joby Aviation had 59% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Joby Aviation had 59% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 239% of revenue in 2025.

Joby Aviation paid employees $128M in stock in 2025, 239% of its $53M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -759%).

More volatile share price. Beta 2.66: tends to move more than the market.

Joby Aviation's shares have swung more with the market than most peers' (beta 2.66, above the market's 1.0).

Questions investors ask about Joby Aviation

Is Joby Aviation getting weaker?

Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 46/100 since Oct 28, 2026.

How is Joby Aviation valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 9/100 against 2,459 industrials peers. Earnings yield -18.3% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -18.3% vs peers 3.8% (weaker than 100% of peers).

Is Joby Aviation growing?

Yes, faster than most of its peers. Growth scores 92/100 against 2,459 industrials peers. Revenue growth 118568.4% vs a peer median of 4.4% (stronger than 95% of peers).Revenue growth 118568.4% vs peers 4.4% (stronger than 95% of peers).

How profitable is Joby Aviation?

Less profitable than most of its peers. Profitability scores 0/100 against 2,459 industrials peers. Operating margin -759.2% vs a peer median of 7.7% (weaker than 100% of peers).Operating margin -759.2% vs peers 7.7% (weaker than 100% of peers).

How risky is Joby Aviation?

Lower risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 17.98× vs a peer median of 1.62× (stronger than 95% of peers).Current ratio 17.98× vs peers 1.62× (stronger than 95% of peers). Beta 2.66 vs a peer median of 0.64 (weaker than 100% of peers).Beta 2.66 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

77.7M USD

116.3M USD

+49.7%

Net income (12 months)

−957.4M USD

−878.2M USD

−8.3%

Operating margin

-1017.0%

-759.2%

+257.8 pts

Free cash flow (12 months)

−660.2M USD

−743.3M USD

+12.6%

Debt

701.1M USD

701.9M USD

+0.1%

Cash

874.5M USD

629.9M USD

−28.0%

Shares outstanding

983.6M

989.1M

+0.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

—

-45745.5%

-438789.7%

-1346.9%

▲ >999 pts

Net margin

—

-49714.1%

-447083.8%

-1740.5%

▲ >999 pts

Return on assets (ROA)

-12.1%

-20.0%

-40.4%

-50.5%

-51.8%

▼ 1.3 pts

Return on equity (ROE)

-13.7%

-22.2%

-49.6%

-66.6%

-66.0%

▲ 0.7 pts

Free cash flow margin

—

-33374.8%

-350650.0%

-1055.3%

▲ >999 pts

Current ratio

95.22×

35.90×

23.39×

20.14×

24.09×

▲ 20%

Interest coverage

-106.80×

-3323.75×

—