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Joby Aviation (JOBY)
NYSE:JOBY
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Joby Aviation
(NYSE:JOBY)
40Underperform
Positive Factors
Aircraft Certification
Joby continues to progress toward aircraft certification as it remains focused on the testing and analysis phase.
Financial Strength
The company's financial strength with over $900M in cash and short-term investments and an additional $500M in commitment from Toyota.
Negative Factors
Cash Burn and Production Delays
Cash burn is expected to increase with further manufacturing expansions as Joby increases its production rate for parts.
Joby Aviation (JOBY) vs. S&P 500 (SPY)
Market Cap
$4.75B
Dividend YieldN/A
Average Volume (3M)12.27M
Price to Earnings (P/E)―
Beta (1Y)2.66
Revenue Growth-86.82%
EPS Growth-7.68%
CountryUS
Employees1,777
SectorIndustrials
Sector Strength72
IndustryTransportation
Share Statistics
EPS (TTM)-0.86
Shares Outstanding787,816,900
10 Day Avg. Volume13,488,293
30 Day Avg. Volume12,272,721
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)35625.54
Price to Cash Flow (P/CF)-10.10
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$8.36Price Target Upside38.64% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
Joby Aviation Business Overview & Revenue Model
Company DescriptionReinvent Technology Partners is a blank check company.
How the Company Makes MoneyJoby Aviation plans to generate revenue primarily through its aerial ridesharing services, utilizing its fleet of eVTOL aircraft to offer on-demand urban air transportation. The company's revenue model involves charging passengers for flights, similar to how ridesharing companies operate on the ground. Additionally, Joby may explore partnerships with ridesharing platforms, infrastructure providers, and governments to expand its market reach and integrate its services into existing transportation networks. Significant factors contributing to Joby's earnings include the development and commercialization of its aircraft, regulatory approvals, and the establishment of operational infrastructure for its services.
Joby Aviation Financial Statement Overview
Summary
Joby Aviation is facing significant financial challenges, with substantial losses and cash flow deficits. The income statement reflects an inability to generate revenue and cover costs, while the balance sheet shows some stability but potential risks if liabilities increase. Cash flow analysis reveals inefficiencies and reliance on external financing. The overall financial health of the company is weak, necessitating strategic changes to improve revenue generation and cost management.Income Statement
Joby Aviation's income statement shows persistent challenges, as evidenced by significant net losses and negative EBIT margins over the years. The company has not generated any significant revenue in most years, indicating difficulties in achieving sales growth. The absence of gross profit and negative EBIT and EBITDA margins reflect an ongoing struggle to cover operating expenses without a revenue base. These factors contribute to a very low score, highlighting substantial operational risks.10
Very Negative
Balance Sheet
The balance sheet of Joby Aviation shows a relatively strong equity position compared to its liabilities, highlighted by a positive stockholders' equity. The debt-to-equity ratio is relatively low, indicating manageable debt levels. However, the company's equity ratio has been declining, suggesting potential risk if liabilities continue to grow or equity diminishes. Overall, the balance sheet shows some stability but raises concerns about future leverage and asset management.40
Negative
Cash Flow
Joby Aviation's cash flow statement reveals challenges, with consistent negative operating and free cash flows. This indicates that the company is not generating sufficient cash from its operations to cover its expenses, relying instead on financing activities. The negative free cash flow growth rate and poor operating cash flow to net income ratio illustrate inefficiencies in cash management and operational sustainability, leading to a low score.20
Very Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 136.00K | 1.03M | 0.00 | 0.00 | 0.00 | Gross Profit |
| 69.00K | 832.00K | -24.00M | -15.94M | -7.40M | EBIT |
| -596.75M | -472.09M | -392.20M | -259.09M | -132.24M | EBITDA |
| -596.75M | -441.60M | -233.84M | -172.49M | -106.48M | Net Income Common Stockholders |
| -608.03M | -513.05M | -258.04M | -180.32M | -114.16M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 932.85M | 1.03B | 1.06B | 1.30B | 445.92M | Total Assets |
| 1.20B | 1.27B | 1.29B | 1.49B | 497.25M | Total Debt |
| 31.21M | 30.66M | 27.32M | 2.39M | 2.64M | Net Debt |
| -168.42M | -173.36M | -118.78M | -953.17M | -74.69M | Total Liabilities |
| 291.10M | 235.07M | 128.24M | 171.60M | 780.42M | Stockholders Equity |
| 912.36M | 1.03B | 1.16B | 1.32B | -283.17M |
| Cash Flow | Free Cash Flow | |||
| -476.88M | -344.43M | -290.81M | -228.09M | -129.21M | Operating Cash Flow |
| -436.27M | -313.83M | -235.93M | -195.75M | -105.90M | Investing Cash Flow |
| 70.76M | 80.30M | -630.79M | -18.74M | -393.16M | Financing Cash Flow |
| 361.11M | 288.24M | 60.46M | 1.09B | 69.22M |
Joby Aviation Technical Analysis
Negative
6.03
Price Trends
7.89
Negative
7.28
Negative
6.31
Negative
Market Momentum
-0.44
Positive
32.16
Neutral
22.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JOBY, the sentiment is Negative. The current price of 6.03 is below the 20-day moving average (MA) of 6.95, below the 50-day MA of 7.89, and below the 200-day MA of 6.31, indicating a bearish trend. The MACD of -0.44 indicates Positive momentum. The RSI at 32.16 is Neutral, neither overbought nor oversold. The STOCH value of 22.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JOBY.
Joby Aviation Risk Analysis
Joby Aviation disclosed 49 risk factors in its most recent earnings report. Joby Aviation reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Joby Aviation Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $8.16B | 12.85 | 0.64% | 3.04% | 3.83% | -15.83% | |
56 Neutral | $227.89M | ― | -20.73% | ― | 12.04% | -30.50% | |
46 Neutral | $2.32B | ― | -38.29% | ― | ― | 2.40% | |
43 Neutral | $3.69B | ― | -95.88% | ― | ― | 17.43% | |
40 Underperform | $4.75B | ― | -62.47% | ― | -86.82% | -7.68% | |
37 Underperform | $1.10B | ― | -74.78% | ― | ― | -23.79% |
* Industrials Sector Average
Performance Comparison
JOBY
Joby Aviation
6.03
0.68
12.71%
NKLAQ
Nikola
0.12
-19.03
-99.37%
BLDE
Blade Air Mobility
2.91
0.20
7.38%
QS
QuantumScape
4.24
-1.64
-27.89%
EVEX
Eve Holding
3.70
-1.52
-29.12%
ACHR
Archer Aviation
6.81
1.67
32.49%
Joby Aviation Earnings Call Summary
Earnings Call Date: Feb 26, 2025 | % Change Since: -10.00% | Next Earnings Date: May 7, 2025
Earnings Call Sentiment Positive
Joby Aviation is demonstrating strong advancements in certification, manufacturing, and funding, positioning itself well for future operations, despite facing financial challenges and uncertainties in certification timelines.Highlights
Record Progress on Type Certification
Joby Aviation made record progress on Stage 4 of type certification, setting a strong foundation for upcoming TIA flight testing within the next 12 months.
Significant New Funding
Joby secured over $1 billion in additional funding and commitments, including $500 million from Toyota, indicating robust investor confidence.
Expansion into Dubai
Joby plans to deliver an aircraft to Dubai by mid-year to demonstrate readiness for passenger operations, marking a significant step in international expansion.
Strong Manufacturing and Delivery
Joby is the only eVTOL company with multiple aircraft deliveries from a production line, having delivered four aircraft from its Marina facility.
Robust Balance Sheet
Joby ended the year with $933 million in cash and short-term investments, with expected inflows from Toyota bringing it to over $1.4 billion.
Lowlights
Increased Net Loss
Joby reported a net loss of $246 million for Q4 2024, an increase of $102 million compared to the previous quarter, largely due to non-cash losses related to warrant revaluation.
Higher Cash Burn Anticipated
Joby expects a 2025 cash usage between $500 million and $540 million, reflecting increased R&D and capital expenditures.
FAA Certification Timeline
The timeline for FAA certification remains a crucial step, with TIA flight testing expected within 12 months, but final passenger operations in the U.S. might be pushed to 2027.
Company Guidance
During Joby Aviation's fourth quarter 2024 conference call, the company provided a comprehensive update on its financial health and strategic progress. Joby reported cash and short-term investments totaling $933 million, bolstered by net proceeds from equity offerings totaling $350 million. The company anticipates additional funding from Toyota, with two $250 million investment tranches expected in 2025, which would bring their cash reserves to over $1.4 billion. Joby recorded a net loss of $246 million for the quarter, including $97 million in non-cash losses related to derivative liabilities. The adjusted EBITDA loss was $119 million, reflecting increased expenses in manufacturing and certification. Looking ahead, Joby projects its 2025 cash usage to be between $500 million and $540 million to support its ambitious manufacturing and certification goals, including expanding its Marina and Ohio facilities. The company is on track to advance its FAA certification process, with TIA flight testing expected within the next 12 months, and aims to commence passenger operations in Dubai by late 2025 or early 2026.Joby Aviation Corporate Events
Executive/Board Changes
Joby Aviation CFO Matthew Field to Resign
Neutral
Dec 2, 2024
Joby Aviation’s Chief Financial Officer, Matthew Field, is set to resign on December 13, 2024, to move closer to family in the Midwest. CEO JoeBen Bevirt will temporarily take over financial responsibilities, supported by Controller Sergei Novikov. Field will assist in the transition as the company searches for a permanent CFO.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.