JOBY Joby Aviation

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Industrials

· How we analyze

About the company

Joby Aviation, based in California, is developing an electric air taxi that takes off and lands vertically and is designed to carry four passengers. The company plans to operate the flights itself; partners include Toyota and Delta. Certification by aviation authorities is underway. As of Oct 16, 2026

Fact sheet (from the annual report) Aircraft manufacturing · Santa Cruz, USA

Joby has been designing and testing an electric, vertical take-off air taxi with a pilot for many years. The aircraft is being developed for one pilot and several passengers. The aircraft is currently going through the certification process of the FAA aviation authority in the United States. Joby plans to build, operate and sell the aircraft itself; reservations are also to become possible through the partners Uber and Delta Air Lines. Joby also acquired H2FLY, a developer of hydrogen-powered flight, in 2021 and parts of an autonomy division in 2024.

Automatically summarized from SEC annual report (10-K, filed Feb 27, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 17, 2026

What the methods say about Joby Aviation

Calculated automatically by fixed rules – not investment advice, check for yourself. How we analyze

Price performance at a glance

Last 30 trading days
  • Today +6.8%
  • 7 days +7.7%
  • 30 days −20.7%
  • 1 year −69.3%
Day range (last trading day)
−4.2%Price at 78% of the range+1.2%
52-week range
−11.6%Price at 4% of the range+249.4%
Distance from the all-time high
−76.1%

Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.

Fundamental analysis

Joby Aviation · Sector Industrials · amounts in USD

Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Feb 27, 2026.

Quality checks

Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.

Fiscal year to Dec 31, 2025

Quality 1 of 7 met · 1 without data

  • no data: Gross margin above 40% not stated in the SEC filings
  • not met: Operating margin above 15% −1,346.9%
  • not met: Net margin above 10% −1,740.5%
  • not met: Return on equity above 15% −66.0%
  • not met: Free cash flow margin above 10% −1,055.3%
  • not met: Profit in each of the last 5 fiscal years 0 of 5
  • not met: Free cash flow positive in each of the last 3 fiscal years 0 of 3
  • met: Equity ratio above 30% 78.5%
Operating margin

−1,346.9% Fiscal year 2025

Rank 1 of 100: higher than 1% of 192 peers (All). weak.

Rank 5 of 100: higher than 5% of 28 peers (Sector). weak.

Median Industrials: 10.4%

Operating income divided by revenue: what the core business earns before interest and taxes.

Net margin

−1,740.5% Fiscal year 2025

Rank 1 of 100: higher than 1% of 237 peers (All). weak.

Rank 4 of 100: higher than 4% of 34 peers (Sector). weak.

Median Industrials: 12.9%

Profit after all costs, interest and taxes divided by revenue.

Return on equity

−66.0% Fiscal year 2025

Rank 4 of 100: higher than 4% of 218 peers (All). weak.

Rank 2 of 100: higher than 2% of 32 peers (Sector). weak.

Median Industrials: 26.3%

Net income divided by equity at fiscal year end.

Return on assets

−51.8% Fiscal year 2025 (total assets at year end)

Rank 3 of 100: higher than 3% of 238 peers (All). weak.

Rank 4 of 100: higher than 4% of 34 peers (Sector). weak.

Median Industrials: 7.5%

Net income divided by total assets at fiscal year end.

Equity ratio

78.5% Fiscal year 2025

Rank 94 of 100: higher than 94% of 239 peers (All). strong.

Rank 96 of 100: higher than 96% of 34 peers (Sector). strong.

Median Industrials: 33.2%

Equity as a share of total assets. Usually low for banks.

Free cash flow margin

−1,055.3% Fiscal year 2025

Rank 2 of 100: higher than 2% of 213 peers (All). weak.

Rank 5 of 100: higher than 5% of 32 peers (Sector). weak.

Median Industrials: 10.5%

Free cash flow divided by revenue.

Free cash flow

−563.8M USD Fiscal year 2025

Operating cash flow minus capital expenditure on property and equipment.

Growth no criteria with data · 7 without data

  • no data: Over 3 years, revenue grew by more than 5% per year no comparable figures over 3 years
  • no data: Over 5 years, revenue grew by more than 5% per year no comparable figures over 5 years
  • no data: Over 10 years, revenue grew by more than 5% per year no comparable figures over 10 years
  • no data: Over 3 years, EPS grew by more than 5% per year not computable (loss in the first or last year, or figures missing)
  • no data: Over 5 years, EPS grew by more than 5% per year not computable (loss in the first or last year, or figures missing)
  • no data: Revenue rose in at least 4 of the last 5 fiscal years fewer than 6 fiscal years reported
  • no data: Revenue rose in the last fiscal year not stated in the SEC filings

Dividend 0 of 1 met · 6 without data

  • not met: Pays a dividend no dividend per share reported for the last fiscal year
  • no data: Payout ratio at most 60% of earnings pays no dividend
  • no data: Dividend paid in each of the last 5 fiscal years pays no dividend
  • no data: Dividend per share never lowered in the last 5 fiscal years pays no dividend
  • no data: Dividend per share higher than 5 years ago pays no dividend
  • no data: Free cash flow per share covers the dividend pays no dividend
  • no data: Dividends paid over the last 5 years covered by free cash flow pays no dividend

Financial strength 3 of 5 met · 1 without data

  • not met: Piotroski F-Score at least 7 of 9 2 of 6 · 3 without data
  • met: Long-term debt no higher than equity 0.00
  • met: Current assets cover current liabilities 24.09
  • met: Positive equity 1.4B USD
  • no data: In 5 years, share count up by at most 5% no comparable share count 5 years ago
  • not met: Free cash flow positive in the last fiscal year −563.8M USD
Piotroski F-Score

2 of 6 Fiscal year 2025

No rank: not all 9 criteria have data.

Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.

Debt / equity

0.00 at fiscal year end

Rank 98 of 100: lower than 98% of 199 peers (All). strong.

Rank 98 of 100: lower than 98% of 32 peers (Sector). strong.

Median Industrials: 0.62

Long-term financial debt divided by equity.

Liquidity (current ratio)

24.09 at fiscal year end

Rank 98 of 100: higher than 98% of 215 peers (All). strong.

Rank 98 of 100: higher than 98% of 33 peers (Sector). strong.

Median Industrials: 1.22

Current assets divided by current liabilities.

Change in share count

+41.1% in 3 years

No rank: too few peers or not computed yet.

Change in diluted share count. Negative = share buybacks, positive = new shares.

The 9 criteria of the Piotroski F-Score
  • not met: Profit in the last fiscal year (positive return on assets)
  • not met: Positive operating cash flow
  • not met: Return on assets higher than the prior year
  • met: Operating cash flow higher than net income
  • no data: Long-term debt relative to total assets fell
  • met: Liquidity (current assets / current liabilities) rose
  • not met: No additional shares (diluted share count did not rise)
  • no data: Gross margin higher than the prior year
  • no data: Revenue relative to total assets higher than the prior year

Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.

Price-based criteria (P/E, dividend yield) are shown to signed-in users.

Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock. Rank 0–100 against the 239 stocks we cover and against the sector (from 5 peers); the stronger side is always on the right.

In short

  • Light red: Loss in the last fiscal year.
  • Light green: Debt not higher than usual in the sector.
  • Light red: Profit in 0 of 6 fiscal years.

Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.

RevenueNet income Net margin (below) in USD
  1. Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue not available · Net income −114.2M USD · Net margin not available
  2. Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 0.0 USD · Net income −180.3M USD · Net margin not available
  3. Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 0.0 USD · Net income −258.0M USD · Net margin not available
  4. Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 1.0M USD · Net income −513.1M USD · Net margin −49,714.1%
  5. Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 136.0K USD · Net income −608.0M USD · Net margin −447,083.8%
  6. Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 53.4M USD · Net income −929.8M USD · Net margin −1,740.5%

Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 53.4M USD · Net income −929.8M USD · Net margin −1,740.5%

Figures over time

Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.

Money flow in fiscal year 2025

Of 100 USD of revenue, no profit was left.

Operating loss: −1,346.9% of revenue

Money flow as a table
Fiscal year 2025, amounts in USD, share of revenue
ItemAmountof revenue
Revenue53.4M USD100.0%
Cost of revenue and operating expenses773.0M USD1,446.9%

Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.

Returns

Return on equity fell in 4 years from −13.7% to −66.0%.

Return on equityReturn on assets
  1. Fiscal year 2020: Return on equity not available · Return on assets not available
  2. Fiscal year 2021: Return on equity −13.7% · Return on assets −12.1%
  3. Fiscal year 2022: Return on equity −22.2% · Return on assets −20.0%
  4. Fiscal year 2023: Return on equity −49.6% · Return on assets −40.4%
  5. Fiscal year 2024: Return on equity −66.6% · Return on assets −50.5%
  6. Fiscal year 2025: Return on equity −66.0% · Return on assets −51.8%

Equity and long-term debt

The equity ratio fell in 4 years from 88.5% to 78.5%.

EquityLong-term debt in USD Long-term debt, depending on the filing, includes the current portion or leases.
  1. Fiscal year 2020: Equity not available · Long-term debt not available
  2. Fiscal year 2021: Equity 1.3B USD · Long-term debt not available
  3. Fiscal year 2022: Equity 1.2B USD · Long-term debt not available
  4. Fiscal year 2023: Equity 1.0B USD · Long-term debt not available
  5. Fiscal year 2024: Equity 912.4M USD · Long-term debt not available
  6. Fiscal year 2025: Equity 1.4B USD · Long-term debt 0.0 USD

Liquidity (current ratio)

The current ratio fell in 4 years from 95.22 to 24.09.

Current ratio
  1. Fiscal year 2020: Current ratio not available
  2. Fiscal year 2021: Current ratio 95.22
  3. Fiscal year 2022: Current ratio 35.90
  4. Fiscal year 2023: Current ratio 23.39
  5. Fiscal year 2024: Current ratio 20.14
  6. Fiscal year 2025: Current ratio 24.09

Cash flow

Free cash flow fell in 5 years from −129.2M USD to −563.8M USD.

Operating cash flowCapital expenditureFree cash flow in USD
  1. Fiscal year 2020: Operating cash flow −105.9M USD · Capital expenditure 23.3M USD · Free cash flow −129.2M USD
  2. Fiscal year 2021: Operating cash flow −195.7M USD · Capital expenditure 32.3M USD · Free cash flow −228.1M USD
  3. Fiscal year 2022: Operating cash flow −235.9M USD · Capital expenditure 54.9M USD · Free cash flow −290.8M USD
  4. Fiscal year 2023: Operating cash flow −313.8M USD · Capital expenditure 30.6M USD · Free cash flow −344.4M USD
  5. Fiscal year 2024: Operating cash flow −436.3M USD · Capital expenditure 40.6M USD · Free cash flow −476.9M USD
  6. Fiscal year 2025: Operating cash flow −509.9M USD · Capital expenditure 53.9M USD · Free cash flow −563.8M USD

Share count

The share count rose in 4 years by 180.2% – more new shares were issued than repurchased (dilution).

Diluted share count
  1. Fiscal year 2020: Diluted share count not available
  2. Fiscal year 2021: Diluted share count 294.9M
  3. Fiscal year 2022: Diluted share count 585.5M
  4. Fiscal year 2023: Diluted share count 647.9M
  5. Fiscal year 2024: Diluted share count 699.8M
  6. Fiscal year 2025: Diluted share count 826.2M

From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.

Dividends and share repurchases

How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.

Dividend per share
none pays no dividend

Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.

Valuation over time

Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users.

Sector comparison

Joby Aviation next to 8 stocks of the sector Industrials we cover that are closest in revenue. Click a column header to sort the table.

Sector comparison JOBY, sector Industrials; last row: sector median
Symbol Revenue (FY) Growth 5 yrsGross marginOp. marginNet marginROEEquity ratioFCF marginPiotroski
VRT Vertiv 10.2B USD +18.5%36.3%17.9%13.0%33.8%32.3%18.5%6/9
HWM Howmet Aerospace 8.3B USD +9.4%34.2%24.8%18.3%28.2%47.9%17.3%8/9
LYFT Lyft 6.3B USD +21.7%–−3.0%45.0%86.9%36.3%––
RUN Sunrun 3.0B USD +26.2%–−4.3%15.2%14.4%13.9%––
RKLB Rocket Lab 601.8M USD +76.5%34.4%−38.0%−32.9%−11.5%74.1%−53.5%6/9
RDW Redwire 335.4M USD –5.2%−68.5%−67.6%−21.4%73.1%−56.9%4/9
EOSE Eos Energy Enterprises 114.2M USD +249.5%−125.9%−227.0%−849.1%–−252.9%−232.0%5/9
JOBY Joby Aviation this stock 53.4M USD ––−1,346.9%−1,740.5%−66.0%78.5%−1,055.3%–
ACHR Archer Aviation 300.0K USD –33.3%−243,100.0%−206,066.7%−28.1%89.3%−170,566.7%–
Median of the sector 34 symbols 24.1B USD +9.2%35.4%10.4%12.9%26.3%33.2%9.7%6/9

Growth 5 yrs = revenue growth per year over 5 fiscal years · Op. margin = operating margin · ROE = return on equity · FCF = free cash flow · Piotroski = F-Score (only with all 9 criteria).

Figures of the last fiscal year from SEC annual reports (peers as of Oct 28, 2026). Median across all companies of the sector we cover (from 5 stocks; several share classes of one company count once). Signed-in users also see P/E, P/S and dividend yield in the comparison. Describes the reported figures – not investment advice.

Key figures with traffic lights

Each light follows a simple, disclosed rule. The comparison is with the sector median of all 90 symbols in the Industrials sector on our list (current members of the S&P 500 and other lists).

Revenue growth

Light gray: not computable

– per year, last 3 years

Sector Industrials: median +5.6% (86 symbols)

What does this mean? There was a loss in the first or last year. An annual growth rate cannot be calculated meaningfully then.

Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.

Net income (total)

Light gray: not computable

– per year, last 5 years

Sector Industrials: median +10.0% (66 symbols)

per share: not computable (loss in the first or last year)

What does this mean? There was a loss in the first or last year. An annual growth rate cannot be calculated meaningfully then.

Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.

Net margin

Light red: Loss

−1,740.5% last fiscal year

Sector Industrials: median 11.1% (88 symbols)

What does this mean? Of every 100 USD in revenue there was no profit but a loss of 1,740.46 USD.

Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.

Debt / equity

Light green: lower than sector

0.40 latest balance sheet

Sector Industrials: median 0.58 (77 symbols)

What does this mean? For every 1 USD of equity there is 0.40 USD of financial debt – no more than the median company in the sector (0.58). More debt amplifies good and bad years alike.

Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.

Payout ratio

Light gray: none found

– Dividend / earnings per share

Sector Industrials: median 35% (65 symbols)

What does this mean? The loaded SEC filings of the last two fiscal years contain no dividend per share. Either the company pays none, or it reports it under a different tag.

Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.

Profitable years

Light red: 6 loss years

0 of 6 fiscal years with a profit

What does this mean? In 0 of the last 6 fiscal years the bottom line showed a profit. 6 years ended with a loss.

Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).

Last fiscal year and 13F

Information, not a trading signal · Source: SEC EDGAR
Revenue (FY)
53.4M USD
Revenue vs. prior year
+39,183.1%
Net income (FY)
−929.8M USD
Net income vs. prior year
–
EPS (FY)
-1.13 USD
13F funds with a position
–
Funds vs. prior quarter
–
Shares held vs. prior quarter
–
Fiscal year to Dec 31, 2025 · 10-K filed Feb 27, 2026 · Balance sheet Jun 30, 2026 (filed Aug 6, 2026) · Price-based figures (P/E, P/S, dividend yield, market cap) only when logged in. · Values as first reported; debt = reported financial debt (US GAAP: long-term). 13F: reporting date Jun 30, 2026, 9 tracked funds have filed (latest Aug 14, 2026), filed with up to 45 days of delay. Stock positions only; comparison with Mar 31, 2026 only across funds that filed for both quarters.
All figures as a table
Fiscal years (amounts in USD, per share in USD)
YearEndRevenueNet income MarginEarnings per shareDividend per sharePayout
2025Dec 31, 2025 53.4M−929.8M −1,740.5% −1.13 0.00 –
2024Dec 31, 2024 136.0K−608.0M −447,083.8% −0.87 0.00 –
2023Dec 31, 2023 1.0M−513.1M −49,714.1% −0.79 0.00 –
2022Dec 31, 2022 0.0−258.0M – −0.44 0.00 –
2021Dec 31, 2021 0.0−180.3M – −0.61 0.00 –
2020Dec 31, 2020 –−114.2M – −1.10 0.00 –
Quarters (amounts in USD, per share in USD)
QuarterEndRevenueNet income MarginEarnings per shareDividend per sharePayout
Q2/26Jun 30, 2026 38.6M−245.4M −635.2% −0.25 – –
Q1/26Mar 31, 2026 24.2M−110.0M −453.5% −0.12 – –
Q4/25*Dec 31, 2025 30.8M−121.5M −394.1% – – –
Q3/25Sep 30, 2025 22.6M−401.2M −1,777.4% −0.48 – –
Q2/25Jun 30, 2025 15.0K−324.7M −2,164,493.3% −0.41 – –
Q1/25Mar 31, 2025 0.0−82.4M – −0.11 – –
Q4/24*Dec 31, 2024 55.0K−246.3M −447,776.4% – – –
Q3/24Sep 30, 2024 28.0K−143.9M −513,850.0% −0.21 – –
Q2/24Jun 30, 2024 28.0K−123.3M −440,328.6% −0.18 – –
Q1/24Mar 31, 2024 25.0K−94.6M −378,348.0% −0.14 – –
Q4/23*Dec 31, 2023 1.0M−115.1M −11,153.4% – – –
Q3/23Sep 30, 2023 0.01.5M – 0.00 – –

* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.

How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.

Insiders

All insider transactions
Insider purchases and sales on the market over 3, 6 and 12 months
PeriodPurchasesSalesNet
3 months $00 people $10.7M8 people −$10.7M
6 months $00 people $30.4M9 people −$30.4M
12 months $14.6K1 person $52.0M9 people −$52.0M

Latest transactions

  • Oct 13, 2026 DeHoff Kate Officer Open-market sale 8,279 shares · $42.1K · SEC
  • Oct 13, 2026 Allison Eric Officer Open-market sale 27,593 shares · $140.4K · SEC
  • Oct 5, 2026 Bowles Gregory Officer Open-market sale · 10b5-1 plan 5,302 shares · $30.6K · SEC
  • Oct 2, 2026 Bevirt JoeBen Chief executive (CEO), Director Open-market sale 15,789 shares · $93.9K · SEC
  • Oct 2, 2026 Allison Eric Officer Open-market sale 9,331 shares · $55.5K · SEC
  • Oct 2, 2026 Novikov Sergey Officer Open-market sale 2,965 shares · $17.6K · SEC

Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.

Trend score -100

Price vs. EMA 50-15
Price vs. EMA 200-15
EMA 50 vs. EMA 200-20
ADX (trend strength)-15
Highs and lows-20
Relative strength-15

Volatility and trend strength

ADX 14 (trend strength)48.7
Rel. strength 60 d−32.8%

ATR and moving averages as price values only when logged in.

More stocks from Industrials

All symbols in this sector

News

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