Joby Aviation, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Passenger was 65% and Other was 35% of revenue.

In the fiscal year to Dec 2025, United States was 67% and Japan was 15% of revenue; United States fell from 100% in the fiscal year to Dec 2023.

Quarters: Joby Aviation, Inc.'s SEC filings, named by the month they end. Fiscal years: Joby Aviation, Inc.'s annual reports to the SEC.

How it makes money

The company loses $1740.5 for every $100 of revenue. Operating expenses exceed all of gross profit.

Each margin is that line of the income statement divided by revenue. Fiscal year: Joby Aviation, Inc.'s annual reports to the SEC.

How long can the cash last?

Joby Aviation had $2.2B in cash and short-term investments at the end of Sep 2026. It burned $784M over the last four quarters (operating cash flow minus capital spending), so at that pace the cash lasts about 11 quarters. Its diluted share count is up 41% from two years earlier.

From Joby Aviation, Inc.'s SEC filings: cash and cash equivalents plus short-term investments (none where none is filed) at each quarter end; free cash flow is operating cash flow minus capital spending; shares are each quarter's diluted weighted average as filed, since the stock's listing and its latest split (a 10-K gives no fourth-quarter figure). Shown while the last four quarters' operating cash flow and net income are both negative.

Customers and suppliers

In its latest annual report Joby Aviation buys from Toyota; sells to Toyota; two customers it does not name account for 14% and 12% of its revenue. Since then its 8-K filings name Toyota as a partner (Jun 30, 2026), JTAMPC as a partner (Jun 30, 2026).

Their suppliers

FuelCell Energy FCELto Toyota

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Suppliers

Toyota TM

 

JOBYJoby Aviation

Customers

Unnamed customer 14%

Unnamed customer 12%

Toyota TM

Their customers

B

Berkshire Hathaway BRK-Bfrom Toyota

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Joby Aviation's 10-K for the year to Dec 2025 gives two customers' shares of its revenue: Customer A (14%) and Customer B (12%).

From Joby Aviation, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Partners

Toyota TMinvested in Joby Aviation · Invests capital and collaborates on aircraft manufacturingNearly $650 million invested as of December 31, 2025

Delta DALinvested in Joby Aviation · Invests and offers airport transportation booking access$60 million invested in October 2022; warrants could expand total investment to $200 million

Uber UBERinvested in Joby Aviation · Invests and integrates aerial and ground transportation

AANA AirlinesGlobal partnership in Japan

AALJExplores Middle East distribution and operations

AAtlantic AviationFacilitates infrastructure development in key markets

HHHIFacilitates landing infrastructure development

SSkyportsFacilitates landing infrastructure development

L3Harris Technologies LHXDevelops turbine-electric autonomous aircraft for defense

Toyota TMJoint venture to manufacture S4 Series aircraft · 8-K, Jun 30, 202651% ownership interest in JTAMPC at initial capital contribution

JJTAMPCJoint venture to manufacture S4 Series aircraft · 8-K, Jun 30, 2026Joby's 49% ownership interest at initial capital contribution

Changes since the previous annual report (10-K filed Feb 27, 2025)

AALJNamed for the first time, as a partner

L3Harris Technologies LHXNamed for the first time, as a partner

Toyota TMNow also a customer

Only the companies Joby Aviation names in its 10-K filed Feb 27, 2026 (SEC) and in the 8-Ks it filed since, each with its date. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 36.5x, above the peer median of 4.0x. Revenue is up 144% from a year ago.

Above the peer median of 4.0x. The market pays more per $1 of revenue than for peers.

Yahoo Finance's Airports & Air Services list is another business, so Joby Aviation's peers here are the companies on this site in its StockFit industry group, Aerospace & Defense, closest to it in market value.

Joby Aviation, Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $8.84, 66% above the current price; 36% of 11 analysts rate it a buy; earnings beat estimates in 2 of the last 4 quarters.

Buy or Strong Buy: 4 analysts (36%). Sell or Strong Sell: 4.

Over the past year the average of the analysts' latest price targets went from $14.00 to $9.80 (−30%), while JOBY went from $14.79 to $5.34 (−64%). In the past three months targets were cut 4 times and never raised. 2 upgrades and 1 downgrade over the year; the latest: Canaccord Genuity moved it to Buy from Hold on Nov 5, 2026.

The day after each of these reports the stock moved +5.2% (Dec 2025, missed); +18.7% (Mar 2026, beat); +3.3% (Jun 2026, missed); +9.3% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.28 a share, against a loss of $0.22 a year earlier, and revenue of $20M, down 34% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $197M, up 43% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $145M exceeds operating cash flow of −$639M, leaving free cash flow of −$784M. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings.

Financial health

Current ratio 24.1, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 5 funds whose copy leaves JOBY out (on the exchange, not in the app yet): Baillie Gifford &, Polen Capital Management, Norges Bank, Swiss National Bank, Canada Pension Plan Investment Board.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 7 held JOBY at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 1 cut and 1 sold all. The largest of them is Baillie Gifford &, 54.79M shares worth $332M at Sep 30, 2026, 10.4% fewer than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of JOBY at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $15K and sold $52.3M of JOBY on the open market in the 12 months to Nov 12, 2026. 86% of the sales were made under 10b5-1 plans, set up in advance. The largest was JoeBen Bevirt (CEO and Chief Architect; director), who sold $33.6M in 22 sales.

From the Form 4s filed with the SEC about Joby Aviation, Inc. (138 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 165 other transactions (grants, option exercises and gifts).