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what it is
Joby builds electric air taxis and plans to run the flights itself.
how it gets paid
Last year Joby Aviation made $53M in revenue. aircraft development and certification was the main engine at $22M, or 42% of sales.
why it's growing
Revenue grew 39183.1% last year. The stock took a hit in late january when joby raised $1.2 billion through equity and convertible notes.
what just happened
Joby posted $23M of revenue and beat EPS by 30%.
At a glance
B balance sheet — gets the job done, barely
xvary composite: 29/100 — weak
-$0.65 fy2026 eps est
$50M fy2026 rev est
n/a operating margin
What they do
Joby builds electric air taxis and plans to run the flights itself.
Joby is vertically integrated, which means it builds the aircraft and plans to operate the fleet itself. You are not buying a plane maker that ships boxes and walks away. You are buying a 4-seat aircraft that claims 200 mph and 100 miles per charge, while rivals still need regulators to bless the whole category.
How they make money
$53M
annual revenue · their business grew +39183.1% last year
aircraft development and certification
$22M
service launch prep
$13M
defense applications
$10M
partnerships and other
$8M
The products that matter
develops and sells eVTOL aircraft
Aircraft to third parties
$53M · effectively all reported revenue
This is effectively the whole reported business today. At $53M in annual revenue, the story is still about proving demand and certification, not harvesting mature profits.
pre-scale
future air-taxi network
Commercial service rollout
not yet the revenue driver
The valuation assumes an operating network arrives next. This snapshot does not show enough segment data to pretend that business is proven already.
watch certification
capital-intensive scale-up
Manufacturing build-out
-$0.65 eps est
The current earnings estimate is still negative, which tells you the business is funding development and scale before it earns like a mature manufacturer.
execution risk
Key numbers
$53M
annual revenue
That is tiny next to a roughly $10B market cap. You are paying for certification and scale, not earnings.
$21
VL target
's 18-month target is about 99% above the $10.56 price.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. The business is still losing far more than it sells. That is a cash burn problem in plain English.
1.75
beta
A 1.75 beta means the stock tends to move about 75% more than the market.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in JOBY 3 years ago → it's now worth $22,660.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
Joby posted $23M of revenue and beat EPS by 30%.
The quarter showed real revenue, but not real scale. Revenue was $23M, and EPS came in at -$0.14 versus -$0.20 expected.
$0.023B
revenue
-$0.14
eps
n/a
n/a
the number that mattered
The $23M quarter matters because it beat the street on EPS, but it is still tiny beside a roughly $10B valuation.
-
joby aviation is making progress on its road to profitability.the company powered on its first type inspection authorization aircraft late last year, entering the final stage of faa certification after a decade of regulatory work. five tia aircraft are now in production simultaneously, and the company produced 15 times more faa-conforming parts in 2025 than in all of 2024, evidence that manufacturing is keeping pace with the certification.
-
the stock took a hit in late january when joby raised $1.2 billion through equity and convertible notes.
-
while the capital raise extended the runway, it triggered a 17% single-day drop due to dilution concerns.
-
the balance sheet should now support operations through type certification without another raise, though management has not ruled one out.it pointed to the upper end of its $500 million to $540 million full-year cash-use target, suggesting discipline even as spending ramps up.
-
at the september quarter’s burn rate of $147 million, post-raise liquidity of roughly $1.5 billion provides about two years of runway.
source: company earnings report, 2026
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What could go wrong
the #1 risk is certifying and commercializing an eVTOL fleet before valuation patience runs out.
med
Certification and launch timing
You own a company built around aircraft approval and service launch. With only $53M of annual revenue, delays hit the thesis before they even have time to show up cleanly in reported sales.
This risk touches essentially 100% of the commercialization story.
med
A $10B market cap on $53M of revenue leaves no room for sloppiness
That is roughly 189x trailing sales. The separate 142x forward sales reference says the same thing in a friendlier accent: the stock already assumes a lot goes right.
Multiple compression can hurt you even if the technology keeps working.
med
Losses and financing still matter
FY2026 EPS is still estimated at -$0.65 and trailing P/E is n/a because there are no profits to value. The February indenture filing is a quiet reminder that capital is still part of the story.
More financing before commercial traction is visible can dilute you.
med
Volatility can overwhelm fundamentals in the short run
Beta is 1.75 and price stability is 5/100. This is what a long-duration story stock looks like when sentiment turns into price action.
Expect swings that are much larger than the market.
At $53M of annual revenue against a ~$10B market cap, small execution misses can hit sentiment far harder than the income statement.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings report
The key question is whether FY2026 still points to roughly $50M revenue and a -$0.65 EPS loss, or whether commercialization timing slips again.
valuation
revenue versus market cap
$53M of trailing revenue against a ~$10B market cap is the gap that defines the stock. If revenue does not inflect, the story gets harder to defend.
trading
volatility and price behavior
Beta 1.75 and price stability 5/100 mean headline flow can move the shares much faster than fundamentals do.
risk
certification and financing milestones
The February indenture filing and the lack of a trailing P/E tell you this story still needs both capital and operational proof.
Analyst rankings
short-term outlook
bottom 5%
outlook rank 5 — the lowest rating — significant underperformance expected.
risk profile
below average
risk rank 4 — more volatile than most — brace for bigger swings.
chart momentum
top 20%
momentum rank 2 — analysts expect above-average price performance in the year ahead.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 279 buyers vs. 145 sellers in 3q2025. total institutional holdings: 0.5B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$8
$34
$11
current price
$21
target midpoint · +99% from current · 3-5yr high: $45 (+325% · 42% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive