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Joby Aviation

JOBY NYSE Aerospace & Defense Financials FY2020–FY2025

Joby Aviation's revenue rose 39183.1% to $53 million in fiscal 2025. Its operating margin was −1,346.9%, up from −438,789.7% a year earlier. Free cash flow was −$564 million. The diluted share count rose 18.1%.

Last close · Oct 23, 2026

$4.76

1.3%
Value it Compare
Revenue Total sales reported in the income statement.
$53.4M
53,300.0% vs prior year
Operating margin Operating income as a share of revenue.
−1,346.9%
437,442.8 pts
Net income Profit after all expenses, interest and tax.
−$930M
Free cash flow Cash from operations minus capital spending.
−$564M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$4.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

About these figures. Joby Aviation's filings don't tag its borrowings in the SEC's structured data, so debt and the ratios built on it are left blank.

What Joby Aviation does

No business description yet.

Legal name
Joby Aviation, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001819848-26-000160
0001819848

Revenue and margins

Joby Aviation had $53.4M of revenue in fiscal 2025, up 39,183.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$564M in fiscal 2025, −1,055.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Joby Aviation returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 18.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Joby Aviation yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 826.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Joby Aviation can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.3B$1.1B$1.0B$933M$1.4B
Interest coverage −106.8x−3,323.8x———
Current ratio 95.2x35.9x23.4x20.1x24.1x
Quick ratio 95.2x35.9x23.4x20.1x24.1x
Total assets $1.5B$1.3B$1.3B$1.2B$1.8B
Total liabilities $172M$128M$235M$291M$385M
Shareholders' equity $1.3B$1.2B$1.0B$912M$1.4B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$14.6M

6 insiders

Of sales under plans

99%

$14.4M

DateInsiderTradeSharesPriceValueFiling
Oct 13, 2026 Eric AllisonChief Product Officer Sold 27,593 $5.09 $0.1M Form 4
Oct 13, 2026 Kate DeHoffSee Remarks Sold 8,279 $5.09 $0.0M Form 4
Sep 21, 2026 Gregory BowlesChief Policy Officer Sold plan 6,138 $6.35 $0.0M Form 4
Sep 15, 2026 JoeBen BevirtCEO and Chief Architect, Director Sold plan 606,667 $6.19 $3.8M Form 4
Sep 3, 2026 Rodrigo BrumanaChief Financial Officer Sold plan 8,898 $6.89 $0.1M Form 4
Sep 2, 2026 Paul Cahill SciarraDirector Sold plan 62,500 $6.68 $0.4M Form 4
Sep 2, 2026 Rodrigo BrumanaChief Financial Officer Sold plan 37,831 $6.77 $0.3M Form 4
Aug 25, 2026 Gregory BowlesChief Policy Officer Sold plan 4,575 $7.23 $0.0M Form 4
Aug 24, 2026 Gregory BowlesChief Policy Officer Sold plan 3,531 $7.34 $0.0M Form 4
Aug 17, 2026 JoeBen BevirtCEO and Chief Architect, Director Sold plan 596,667 $7.87 $4.7M Form 4
Aug 13, 2026 Paul Cahill SciarraDirector Sold plan 62,500 $7.96 $0.5M Form 4
Jul 15, 2026 JoeBen BevirtCEO and Chief Architect, Director Sold plan 596,666 $7.75 $4.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✕ ✕ ✕
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score — / 9— / 9— / 9
Accruals ratio −15.6%−13.9%−28.0%
Altman Z'' 4.14−0.051.15

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Joby Aviation JOBY $4.6B 39,183.1% −1,346.9% −1,055.3% — — —
Intuitive Machines LUNR $1.7B −7.9% −41.5% −26.6% — — 3 Compare →
Planet Labs PL $4.8B 25.9% −30.9% 18.7% −70.1% — 3 Compare →
Kratos Defense & Security Solutions KTOS $7.4B 18.5% 1.9% −10.2% 1.2% — 4 Compare →
Hexcel HXL $6.1B −0.5% 9.1% 8.3% 6.5% 35.9x 6 Compare →

6 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY20FY21FY22FY23FY24FY25
Income statement
Revenue — $0.0M $0.0M $1.0M $0.1M $53.4M
Research and development $109M $198M $296M $367M $477M $581M
Operating income −$132M −$259M −$392M −$472M −$597M −$720M
Interest expense $0.2M $2.4M $0.1M — — —
Pretax income −$114M −$191M −$258M −$513M −$608M −$929M
Income tax $0.0M −$10.5M $0.1M $0.1M $0.1M $1.3M
Net income −$114M −$180M −$258M −$513M −$608M −$930M
Diluted EPS −$1.10 −$0.61 −$0.44 −$0.79 −$0.87 −$1.13
Diluted shares 0.10B 0.29B 0.59B 0.65B 0.70B 0.83B
Cash flow
Cash from operations −$106M −$196M −$236M −$314M −$436M −$510M
Capital expenditure $23.7M $32.3M $54.9M $30.6M $40.6M $53.9M
Free cash flow −$130M −$228M −$291M −$344M −$477M −$564M
Depreciation and amortization $7.4M $15.9M $24.0M $30.5M $35.6M $40.2M
Stock-based compensation $7.2M $26.9M $69.1M $93.6M $104M $128M
Acquisitions $0.0M $6.9M $5.7M $0.0M $0.0M $3.5M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $446M $1.3B $1.1B $1.0B $933M $1.4B
Finance lease liabilities $0.0M $0.0M $1.3M $6.0M $6.4M $9.7M
Current assets $451M $1.3B $1.1B $1.1B $970M $1.4B
Current liabilities $8.0M $13.8M $30.2M $45.1M $48.1M $60.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $34.1M $53.2M $92.1M $103M $121M $147M
Total assets $497M $1.5B $1.3B $1.3B $1.2B $1.8B
Total liabilities $12.1M $172M $128M $235M $291M $385M
Shareholders' equity −$283M $1.3B $1.2B $1.0B $912M $1.4B
Margins
Operating margin — — — −45,745.5% −438,789.7% −1,346.9%
EBITDA margin — — — −42,790.8% −412,633.8% −1,271.8%
Net margin — — — −49,714.2% −447,083.8% −1,740.5%
FCF margin — — — −33,374.8% −350,650.0% −1,055.3%
Returns
Return on capital employed — −26.4% −28.7% −38.0% −50.2% −49.8%
Return on equity — −34.9% −20.8% −46.7% −62.5% −80.1%
Return on assets — −18.2% −18.6% −40.0% −49.2% −62.0%
Growth
Revenue growth — — — — −86.8% 39,183.1%
Share count change — 183.7% 98.6% 10.7% 8.0% 18.1%
Financial health
Interest coverage −531.1x −106.8x −3,323.8x — — —
Current ratio 56.4x 95.2x 35.9x 23.4x 20.1x 24.1x
Quick ratio 56.4x 95.2x 35.9x 23.4x 20.1x 24.1x
Capital allocation
Capex / revenue — — — 2,964.8% 29,865.4% 100.9%
Stock comp / revenue — — — 9,073.3% 76,798.5% 239.4%
Quality scores
Altman Z'' −22.4 11.6 11.0 4.1 −0.1 1.2
Accruals ratio — 1.6% −1.6% −15.6% −13.9% −28.0%

Source: SEC EDGAR XBRL filings (CIK 0001819848). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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