Joby Aviation
JOBY on NYSE. Joby Aviation sells electric air taxi flights and aircraft to passengers and distributors. Market value $5.7bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-13.00 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$5.78 a share, at its 1-year low
Over the past year the price has ranged from $5.72 to $19.98.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $0 | $0 | $1m | $136,000 | $53m |
| Operating margin | |||||
| Operating margin | n/a | n/a | -45745.5% | -438789.7% | -1346.9% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.62bn | 0.70bn | 0.77bn | 0.91bn | 0.99bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 59% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $39 million last quarter, up 257493% on a year ago.
- A loss of $245 million, compared with a loss of $325 million a year ago.
- It loses 759 cents on each $1 of sales, compared with 650733 cents a year earlier.
- Over the past 12 months it spent $743 million more cash than it brought in, compared with $501 million a year earlier.
- 22% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $28,000 |
| December 2024 | $55,000 |
| March 2025 | $0 |
| June 2025 | $15,000 |
| September 2025 | $23m |
| December 2025 | $31m |
| March 2026 | $24m |
| June 2026 | $39m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$144m |
| December 2024 | -$246m |
| March 2025 | -$82m |
| June 2025 | -$325m |
| September 2025 | -$401m |
| December 2025 | -$122m |
| March 2026 | -$110m |
| June 2026 | -$245m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
3 long-term investors we follow own it, up from 2 last quarter. 526 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| ValueWorksCharles Lemonides | $23m | 4.8% | Added |
| Polen CapitalDan Davidowitz | $3m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $394,915 | <0.1% | New |
Largest holders overall
- Toyota Motor$1.1bn
- Baillie Gifford$545mCut
- BlackRock$477mAdded
- Capricorn Investment Group$254m
- Vanguard Portfolio Management$246mAdded
- Vanguard Capital Management$238mAdded
- Morgan Stanley$174mAdded
- Geode Capital Management$142mAdded
- State Street$140mAdded
- Intel$137m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- TOYOTA MOTOR CORP/Strategic holder13.1%−2.2 ptsSince 29 June 2026
What they said
Item 4 is hereby amended and supplemented as follows: On June 29, 2026, and in furtherance of the goals outlined in the Collaboration Agreement, TMC, Joby Aero, Inc., a Delaware corporation and wholly owned subsidiary of Joby ("Joby Aero"), and Joby Toyota Aero Manufacturing…
Read the filing - Sciarra Paul CahillInsider or founder5.7%Since 14 May 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: 10b5-1 Trading Plan On May 14, 2026, the Reporting Person entered into a trading plan (the "2026 Trading Plan") pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, pursuant to…
Read the filing - BAILLIE GIFFORD & COPassive investor5.4%−1.4 ptsSince 31 December 2025
- BlackRock, Inc.Passive investor5.1%Since 30 June 2026
- Dipender SalujaPassive investorat least 3.4%(filed with 7 related holders)Since 14 August 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
TOYOTA MOTOR CORP/ Strategic holder | 13.1%−2.2 pts | 29 June 2026 | What they saidItem 4 is hereby amended and supplemented as follows: On June 29, 2026, and in furtherance of the goals outlined in the Collaboration Agreement, TMC, Joby Aero, Inc., a Delaware corporation and wholly owned subsidiary of Joby ("Joby Aero"), and Joby Toyota Aero Manufacturing… Read the filing |
Sciarra Paul Cahill Insider or founder | 5.7% | 14 May 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: 10b5-1 Trading Plan On May 14, 2026, the Reporting Person entered into a trading plan (the "2026 Trading Plan") pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, pursuant to… Read the filing |
BAILLIE GIFFORD & CO Passive investor | 5.4%−1.4 pts | 31 December 2025 | |
BlackRock, Inc. Passive investor | 5.1% | 30 June 2026 | |
Dipender Saluja Passive investor | at least 3.4% (filed with 7 related holders) | 14 August 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $14,564 of shares on the open market. 9 sold $53m, $47m of it under preset trading plans.
- Bowles GregoryChief Policy OfficerSoldunder a preset trading plan
- Date
- 5 October 2026
- Shares
- 5,302
- Price
- $5.78
- Value
- $30,646
- Bevirt JoeBenCEO and Chief Architect, DirectorSold
- Date
- 2 October 2026
- Shares
- 15,789
- Price
- $5.95
- Value
- $93,945
- Allison EricChief Product OfficerSold
- Date
- 2 October 2026
- Shares
- 9,331
- Price
- $5.95
- Value
- $55,519
- Novikov SergeySee RemarksSold
- Date
- 2 October 2026
- Shares
- 2,965
- Price
- $5.95
- Value
- $17,642
- Brumana RodrigoChief Financial OfficerSold
- Date
- 2 October 2026
- Shares
- 2,601
- Price
- $5.95
- Value
- $15,476
- Bowles GregoryChief Policy OfficerSold
- Date
- 2 October 2026
- Shares
- 7,663
- Price
- $5.95
- Value
- $45,595
- Simi Bonny WPresident of OperationsSold
- Date
- 2 October 2026
- Shares
- 10,890
- Price
- $5.95
- Value
- $64,796
- DeHoff KateSee RemarksSold
- Date
- 2 October 2026
- Shares
- 9,575
- Price
- $5.95
- Value
- $56,971
- Sciarra Paul CahillDirectorSoldunder a preset trading plan
- Date
- 2 October 2026
- Shares
- 62,500
- Price
- $6.09
- Value
- $380,625
- Bowles GregoryChief Policy OfficerSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 6,138
- Price
- $6.35
- Value
- $38,976
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 5 October 2026 | Bowles Gregory Chief Policy Officer | Sold under a preset trading plan | 5,302 | $5.78 | $30,646 |
| 2 October 2026 | Bevirt JoeBen CEO and Chief Architect, Director | Sold | 15,789 | $5.95 | $93,945 |
| 2 October 2026 | Allison Eric Chief Product Officer | Sold | 9,331 | $5.95 | $55,519 |
| 2 October 2026 | Novikov Sergey See Remarks | Sold | 2,965 | $5.95 | $17,642 |
| 2 October 2026 | Brumana Rodrigo Chief Financial Officer | Sold | 2,601 | $5.95 | $15,476 |
| 2 October 2026 | Bowles Gregory Chief Policy Officer | Sold | 7,663 | $5.95 | $45,595 |
| 2 October 2026 | Simi Bonny W President of Operations | Sold | 10,890 | $5.95 | $64,796 |
| 2 October 2026 | DeHoff Kate See Remarks | Sold | 9,575 | $5.95 | $56,971 |
| 2 October 2026 | Sciarra Paul Cahill Director | Sold under a preset trading plan | 62,500 | $6.09 | $380,625 |
| 21 September 2026 | Bowles Gregory Chief Policy Officer | Sold under a preset trading plan | 6,138 | $6.35 | $38,976 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 11 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On March 2, 2026, the Audit Committee (the “ Audit Committee ”) of the Board of Directors of Joby Aviation, Inc. (the “ Company ”) approved the dismissal of Deloitte & Touche LLP (“ Deloitte ”) as the Company’s independent registered public accounting firm, effective immediately.”
From an 8-K filed 6 March 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.