# Joby Aviation, Inc. (JOBY)

> Source: Nexqual · https://nexqual.com/JOBY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Joby Aviation, Inc. (JOBY), nexqual.com/JOBY" · informational, not investment advice.

**Price:** USD 4.7 (+1.29% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 4.64 · day 4.5–4.8 · 52w 4.43–17.51 · market cap $4.68B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $116M, net income -$878M (-755.1% margin), free cash flow -$743M (SEC filings).
- 1 of 80 tracked superinvestors hold JOBY (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Hold (mean 3.18 on a 1–5 scale) (11 analysts), mean target USD 10.01 (range 4–18).
- Total return with dividends: 1Y -70.0% vs S&P 500 +14.9%; 5Y -47.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD -0.25, revenue estimate $40.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0K | $0K | $1.0M | $136K | $53.4M | $116M |
| Operating income | -$259M | -$392M | -$472M | -$597M | -$720M | -$883M |
| Net income | -$180M | -$258M | -$513M | -$608M | -$930M | -$878M |
| EPS (diluted) | -$0.61 | -$0.44 | -$0.79 | -$0.87 | -$1.13 | — |
| Free cash flow | -$228M | -$291M | -$344M | -$477M | -$564M | -$743M |
| Operating margin | — | — | -45745.5% | -438789.7% | -1346.9% | -759.2% |
| Net margin | — | — | -49714.1% | -447083.8% | -1740.5% | -755.1% |
| Revenue growth | — | — | — | -86.8% | +39183.1% | — |
| Cash + short-term investments | $1.30B | $1.06B | $1.03B | $933M | $1.41B | — |
| Total debt | — | — | — | — | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 40.3x · EV/Sales 26.8x · P/B 2.6x · FCF yield -15.87% · Earnings yield -18.75% · Net cash $1.56B · EV $3.12B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold JOBY. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.03% | $3.0M | Added +12.7% |

## Analysts
Consensus Hold (mean 3.18 on a 1–5 scale), 11 analysts; mean target USD 10.01 (low 4, high 18).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Morgan Stanley | Target lowered | Equal-Weight | $13 → $10 |
| 2026-10-09 | Barclays | Downgrade | Equal-Weight → Underweight | $6 → $4 |
| 2026-09-21 | HC Wainwright & Co. | Reiterated | Buy | $18 |
| 2026-08-06 | Needham | Target lowered | Buy | $18 → $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -70.0% | -47.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -70.1% | -12.1% |
| Volatility (annualized) | 67.2% | 70.4% |
| Max drawdown | -73.4% (Oct 2025→Oct 2026) | -74.5% (Sep 2025→Oct 2026) |

## Peers (Airports & Air Services)
CAAP (Corporacion America Airports SA) USD 24.44 -3.89% · PAC (Grupo Aeroportuario Del Pacific) USD 220.29 -0.57% · NOC (Northrop Grumman Corporation) USD 552.35 +2.42% · CP (Canadian Pacific Kansas City Li) USD 90.62 +2.86% · ITW (Illinois Tool Works Inc.) USD 279.24 +0.88% · VRT (Vertiv Holdings, LLC) USD 195.59 -7.81%

## More
Full page: https://nexqual.com/JOBY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in JOBY's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1819848/000181984826000160/joby-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Blade Urban Air Mobility | "We expect our Blade operations to support our go-to-market strategy by providing near-term operating experience and customer insights, and by contributing relationships and infrastructure that we expect to leverage as we…" |
| Partner | Toyota (TM) | "Our preparations for commercial passenger service also includes forming sector-leading relationships with partners such as Toyota, Uber, and Delta Air Lines, each of whom have invested in Joby." |
| Partner | Uber (UBER) | "Our preparations for commercial passenger service also includes forming sector-leading relationships with partners such as Toyota, Uber, and Delta Air Lines, each of whom have invested in Joby." |
| Partner | DELTA AIR LINES, INC. (DAL) | "Our preparations for commercial passenger service also includes forming sector-leading relationships with partners such as Toyota, Uber, and Delta Air Lines, each of whom have invested in Joby." |
| Partner | LLC and Allen & Company | "In December 2024, we entered into an Equity Distribution Agreement with Morgan Stanley & Co. LLC and Allen & Company LLC, as sales agents ("Equity Distribution Agreement"), through which we may offer and sell, from time …" |
| Partner | Helo Holdings | "We have also established relationships with infrastructure providers including fixed base operators and landing site partners such as Atlantic Aviation, Helo Holdings, Inc. ("HHI") and Skyports to facilitate infrastructu…" |

Other companies that name JOBY in their own reports (relationship from JOBY's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | TOYOTA MOTOR CORP/ (TM) | 20-F 2026-06-10 | "Our collaboration with Joby Aviation, Inc. ("Joby") on Joby's electric vertical take-off and landing aircraft (eVTOL)" |
| customer | AIRO Group Holdings, Inc. (AIRO) | 10-K 2026-03-31 | "We also serve as an avionics supplier for OEMs, including Robinson Helicopters, Pilatus, Honeywell, and Joby Aviation." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Passenger | $36.2M | 93.6% | — |
| Other | $2.5M | 6.4% | +16333.3% |
| Total revenue | $38.6M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $26.8M | 69.4% | +178560.0% |
| Europe | $10.4M | 27.0% | — |
| Other | $1.4M | 3.6% | — |
| Total revenue | $38.6M | 100% | — |

## Customer concentration

Period ended 2025-06-30: 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-05)

- "The company increased its full year 2026 total revenue outlook to a range of $115 million to $125 million."
- "For the second half of 2026, Joby anticipates use of cash, cash equivalents and short-term investments to be betw"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.25 | $-0.24 | +6.3% | $40.4M | 9 |
| Next quarter (ends 2026-12-31) | $-0.25 | $-0.22 | +12.0% | $19.8M | 9 |
| Current fiscal year (ends 2026-12-31) | $-0.77 | $-0.90 | -14.4% | $120.8M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.65 | $-0.59 | +8.4% | $214.6M | 2 |