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Joby Aviation (JOBY) Stock Fundamentals, Analysis & Risk Signals

Health score, competitive moat, risk signals, and key metrics at a glance.

NYSE•Industrials•Airports & Air Services
C
AverageMetricSide Score: 44/100
ProfitabilityProfit0/30
GrowthGrowth15/25
Balance SheetBalance25/25
Cash QualityCash4/20
Price & Volume
Market Cap $8.01B

Joby Aviation, Inc., an air mobility company, engages in research, develop, test, manufacture, and sale of electric vertical takeoff and landing aircraft in the United States, Japan, Europe, and internationally. The company offers facilitation of passenger transportation via helicopter or fixed wing aircraft. It is also involved in the provision of government flight services, customer demonstration, and engineering services; and exhibition activities. Joby Aviation, Inc. was founded in 2009 and is headquartered in Santa Cruz, California.

Moat Signals

Competitive analysis based on 23 quarters of fundamental data

Pricing Power

Weak Moat

Operating margins are under pressure, averaging -2041358621.0%. The business may lack pricing power or face rising costs.'

Competitive Advantage

Weak Moat

ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.

Cash Generation

Weak Moat

Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.

Demand Durability

Moderate Moat

Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.

Risk Signals

Data-driven red flags and warnings across 23 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Leverage Risk

Healthy

Limited debt-to-equity data available.

Revenue Decline

Healthy

Revenue is stable or growing over recent quarters — demand appears durable.

Cash Burn

Red Flag

The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Share Dilution

Red Flag

Shares outstanding increased 36.9% — significant dilution, likely from stock compensation or capital raises.

Metrics at a Glance

as of March 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$77.67M
69873.9%
Q. Revenue
$24.25M
TTM EBITDA
$-747.87M
29.4%
TTM Op. Income
$-789.89M
28.6%
Q. Op. Income
$-233.58M
TTM Net Income
$-957.39M
60.7%
Q. Net Income
$-109.95M
EPS
$-0.12
Shares Out.
$943.50M
23.0%
$77.67M in TTM revenue grew 69873.9% YoY, reaching $24.25M last quarter. TTM EBITDA of $-747.87M and TTM operating income of $-789.89M shows growth is flowing through. However, net income is negative at $957.39M — growth is not yet reaching the bottom line. Revenue is growing at a healthy pace — a signal to hold.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
-918.1%
Op. Margin
-963.4%
100.0%
Net Margin
-453.5%
100.0%
Op. margin of -963.4% is up 16328399036.6% YoY — cost efficiency is improving. Net margin at -453.5%.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
P/S Ratio
103.1x
P/B Ratio
4.1x
P/S of 103.1x and P/B of 4.1x. A high P/S suggests growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$2.93B
Cash
$874.52M
Long-Term Debt
$701.06M
Book Value
$1.96B
D/E Ratio
0.4
Debt/EBITDA
N/A
With $2.93B in assets and $701.06M in long-term debt, the D/E of 0.4and book value of $1.96B — shows a conservative capital structure — the company has a strong financial cushion to weather downturns.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$-144.44M
Free Cash Flow
$-222.36M
76.6%
FCF Margin
-286.3%
FCF / Net Income
2.0
FCF of $-222.36M on $-144.44M in operating cash flow. The FCF / Net Income ratio of 0.2x indicates partial cash conversion — earnings quality needs attention.

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