Joby Aviation, Inc. (JOBY)

Price$6.83Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Price checkThe shares still look expensive because today’s valuation assumes successful certification and rapid commercial scaling.

Using the supplied June share count, the market values Joby at roughly $6.9 billion. After adding about $0.7 billion of debt and subtracting $2.3 billion of cash and marketable investments, the operating business is worth about $5.3 billion. That is roughly 45 times trailing twelve-month revenue of $116.3 million and about 44 times the midpoint of 2026 guidance. Those multiples are very demanding for a company with no operating profit, so the price already assumes major future scale. MarketWatch +1

Big pictureRevenue is finally growing, but losses and cash use remain far larger than the business.

Second-quarter revenue reached $38.6 million, but operating loss was $260.9 million. In the first half, operating cash flow was negative $317.6 million and capital spending was $106.6 million, leaving roughly $424 million of negative free cash flow—cash left after running and investing in the business. Management expects another $385 million to $415 million of liquidity use in the second half. Most current revenue comes from Blade passenger operations, where demand is seasonal, while Joby’s main long-term value still depends on aircraft certification. Joby Aero, Inc. +1

Business strengthDeep liquidity and Toyota support strengthen execution, but repeated financing dilutes each shareholder’s claim.

Joby ended June with $2.3 billion of cash and marketable investments, while current assets of $2.32 billion far exceeded current liabilities of $128.9 million. That runway is valuable, and the Toyota manufacturing venture may reduce production risk as output scales. The trade-off is financing dependence: shares outstanding rose from 784.2 million at 2024 year-end to 986.5 million by June 2026, about 26%. Joby also issued $690 million of convertible debt, which can become stock under set terms, and recorded about $96 million of stock-based pay during the first half. SEC +2 Joby Aero, Inc. +2

What could change the storyCertification, paid passenger service, and defense profits could justify more value; delays would expose the premium.

The bull case needs visible commercial proof. As of July 31, Joby reported 20% completion of its work in the final certification stage, with the Federal Aviation Administration at 10%, five aircraft flying, and 12 more in production. First pilot-program flights are planned for September, with first passengers targeted in 2026. Resonant Sciences could add more than $100 million of annual revenue and positive adjusted earnings before financing, taxes, and depreciation. The bear case is simple: certification delays plus the $450 million cash purchase would consume runway while the core business still burns cash. SEC +1

AI: News

Guidance raised after quarterQuarterly sales beat expectations and guidance rose, but losses remained heavy and certification still drives the story.

On August 5, Joby reported second-quarter revenue of $38.6 million and raised 2026 guidance to $115 million to $125 million from $105 million to $115 million. Blade passenger operations supplied about $36.2 million, while operating loss reached $260.9 million. Joby also reported its strongest progress yet in the final Federal Aviation Administration certification stage. Barron’s reported the shares rose about 5.5% the next day; the reaction likely reflected the revenue beat, higher guidance, and certification progress together. SEC +1

Toyota manufacturing ventureToyota’s manufacturing venture reduced scale-up risk and signaled deeper commitment beyond earlier strategic investment.

On June 30, Joby and Toyota announced a manufacturing joint venture focused on production quality, productivity, cost, and future capacity. Toyota owns 51% and Joby 49%, giving the automaker the larger governance role. Contemporary reporting showed Joby shares up about 7% after the announcement. The venture matters because mass-producing certified aircraft consistently is a separate challenge from designing them; Toyota’s manufacturing systems could reduce that execution burden, though the venture itself did not remove Joby’s need to keep funding commercialization. Joby Aero, Inc. +1

Resonant defense acquisitionThe defense acquisition adds real revenue and profits, but commits substantial cash before air taxis are certified.

On August 11, Joby agreed to buy Resonant Sciences for about $500 million, funded with roughly $450 million in cash and $50 million in stock. Resonant generated more than $100 million of trailing twelve-month revenue, grew about 40%, and was profitable on an adjusted operating basis. Reuters reported Joby shares down 6.5% before the market opened. That move may reflect concern about cash use and strategy, but timing alone cannot prove cause. The deal also gives Joby a faster path to defense revenue. Joby Aero, Inc. +1

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$53.4M	$136,000	$1.0M	$0	$0	—
Research & development	$581.1M	$477.2M	$367.0M	$296.3M	$197.6M	$108.7M
Operating expenses	$773.0M	$596.9M	$473.1M	$392.2M	$259.1M	$132.2M
Operating income	−$719.6M	−$596.8M	−$472.1M	−$392.2M	−$259.1M	−$132.2M
Operating margin	−1,346.92%	−438,789.71%	−45,745.54%	—	—	—
EBITDA	−$679.4M	−$561.2M	−$441.6M	−$368.2M	−$243.1M	−$124.8M
EBITDA margin	−1,271.75%	−412,633.82%	−42,790.79%	—	—	—
Net income	−$929.8M	−$608.0M	−$513.0M	−$258.0M	−$180.3M	−$114.2M
Net profit margin	−1,740.46%	−447,083.82%	−49,714.15%	—	—	—
Basic EPSper basic share	-$1.13	-$0.87	-$0.79	-$0.44	-$0.61	-$1.10
Diluted EPSper diluted share	-$1.13	-$0.87	-$0.79	-$0.44	-$0.61	-$1.10

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

13.02%of listed shares

TOYOTA MOTOR CORP/128.45M shares · Jun 30, 2026

View holders

Top 20 reported holders of JOBY
Holder	% owned
TOYOTA MOTOR CORP/	13.02%128.45M shares
Bevirt JoeBen	≈9.25%91.26M shares
BAILLIE GIFFORD & CO	6.20%61.14M shares
Sciarra Paul Cahill	≈5.68%56.04M shares
BlackRock, Inc.	5.42%53.51M shares
Saluja Dipender	≈2.94%29.01M shares
Capricorn Investment Group LLC	2.89%28.47M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.80%27.58M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.70%26.66M shares
MORGAN STANLEY	1.98%19.53M shares
Thompson Michael N. Jr.	≈1.90%18.71M shares
GEODE CAPITAL MANAGEMENT, LLC	1.62%15.94M shares
STATE STREET CORP	1.60%15.75M shares
Intel Corp	1.55%15.32M shares
DELTA AIR LINES, INC.	1.48%14.59M shares
UBS Group AG	1.10%10.89M shares
BANK OF AMERICA CORP /DE/	1.09%10.79M shares
MARSHALL WACE, LLP	0.81%8.02M shares
Uber Technologies, Inc	0.72%7.14M shares
CITIGROUP INC	0.72%7.09M shares

Percentages use 986.52M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys3$250.01M disclosed value

Sells (SEC code S)292$110.17M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 16, 2026Form 4 · 10b5-1	Papadopoulos DidierPresident of Aircraft OEM	SellCommon Stock	2.0K	$9.42	$18.6K	148.5K
Jun 15, 2026Form 4 · 10b5-1	Papadopoulos DidierPresident of Aircraft OEM	SellCommon Stock	6.0K	$9.83	$59.0K	150.4K
Jun 4, 2026Form 4 · 10b5-1	Brumana RodrigoChief Financial Officer	SellCommon Stock	78.5K	$11.30	$886.9K	81.7K
Jun 2, 2026Form 4	Brumana RodrigoChief Financial Officer	SellCommon Stock	140.7K	$11.77	$1.66M	160.2K
Jun 2, 2026Form 4	DeHoff KateSee Remarks	SellCommon Stock	15.2K	$11.77	$178.9K	177.7K

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat21 days ago
Joby completes a coast-to-coast autonomous-aircraft demonstration
Joby ($JOBY) reported a 3,199-mile journey across the United States by an aircraft equipped with its autonomy system, with no control inputs from the onboard safety pilot. The converted Cessna Caravan performed taxiing, takeoffs, navigation ...
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@tickerstat29 days ago
Joby begins Texas flight demonstrations and establishes a regional operating base
Joby Aviation ($JOBY) began a North Texas flight campaign under the federal electric-air-taxi integration pilot program, working with the Texas Department of Transportation’s Project Nexus. Planned routes connect Fort Worth Alliance Airport ...
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Joby Aviation, Inc. (JOBY)

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Community posts

Joby completes a coast-to-coast autonomous-aircraft demonstration

Joby begins Texas flight demonstrations and establishes a regional operating base