Joby Aviation JOBY
NYSE · Aircraft · $5.0B$5.30+4.95%Nov 5 close · Databento
JOBY Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing
Nov 5, 2026CLOSE $5.301D +4.95%3M −39.84%SMA20 $4.89SMA50 $5.75RSI(14) 52.2
5.30
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 52.2
Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.
The numbers
fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via DatabentoMarket cap$5.0B
Enterprise value$4.8B
Revenue$53.4M +39183.1%
True FCF (ex-SBC)$-691.7M −18.2%
Rule of 4038127.8%
ROIC-61.7%
True FCF Yield-13.8%
EPS, diluted$-1.13 −29.9%
Modern Valuation (EOD)
Market Cap$5.0B
Enterprise Value$4.8B
EV / True FCF—
EV / FCF—
EV / Gross Profit—
EV / EBIT—
EV / Sales88.97
P / E (GAAP)—
P / FCF—
P / Oper. CF—
P / Book3.54
Owner & Cash Yields
True FCF Yield-13.8%
FCF Yield-11.3%
Owner Earn. Yield-21.5%
Earnings Yield-18.6%
Shareholder Yield—
Buyback Yield—
Dividend Yield—
Dividend / sh$0.00
Payout Ratio—
FCF / sh$-0.55
EPS (diluted)$-1.13
Compounder & Returns
Rule of 4038127.8%
ROIC-61.7%
Cash ROIC (CROIC)-48.3%
GP / Assets—
ROE-66.0%
ROA-51.8%
Gross Margin—
Oper. Margin-1346.9%
Net Margin-1740.5%
FCF Margin-1055.3%
True FCF Margin-1294.7%
Quality & Dilution
Cash Conversion—
Accrual Ratio−23.4%
SBC % of FCF—
SBC % of Rev239.4%
Reinvest. Rate—
Sales Growth Y/Y+39183.1%
Sales 3Y CAGR—
EPS Growth Y/Y−29.9%
FCF Growth Y/Y−18.2%
FCF 3Y CAGR—
Share Change Y/Y+18.1%
Balance Sheet & Scale
Revenue (FY)$53.4M
Gross Profit (FY)—
Oper. Income (FY)$-719.6M
GAAP Net Income$-929.8M
True FCF (ex-SBC)$-691.7M
Cash & Equiv$241.7M
Total Debt—
Net Cash (Debt)$241.7M
Net Cash % MCap+4.8%
Debt / FCF (yrs)0.0y
Current Ratio24.091.02B sh
Price & Technicals (EOD)
Perf Week+4.33%
Perf Month−7.83%
Perf Quarter−38.66%
Perf Half Y−47.05%
Perf YTD−42.01%
SMA 20 Dist+8.45%$4.89
SMA 50 Dist−7.81%$5.75
SMA 100 Dist−23.20%$6.90
Window High−56.91%$12.30
Window Low+14.97%$4.61
RSI (14) · Vol52.259%v
Income Distribution & Cash Flow ConversionHow every dollar of JOBY revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
Where Every $100 of Revenue Goes (FY2025)
Cost of Revenue (COGS)$0 ($0.0 / $100)
R&D Reinvestment$581.1M ($100.0 / $100)
SG&A & Other OpEx$191.9M ($154.9 / $100)
Tax & Non-Operating$210.3M ($100.0 / $100)
Net Profit Kept$-929.8M ($0.0 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2025)
GAAP Net Income$-929.8M (-1740.5% margin)
Operating Cash Flow (OCF)$-509.9M(-954.4% of rev)
Less: Capital Expenditures−$53.9M(100.9% of rev)
Standard Free Cash Flow (FCF)$-563.8M(-1055.3% margin)
Less: Stock-Based Comp (SBC)−$127.9M
True FCF (Owner Cash ex-SBC)$-691.7M(-1294.7% of rev)
Revenue by fiscal year
Operating leverage — margins
GrossOperatingNet
| Line Item (USD) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY Δ | 4Y CAGR | Trend |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | $0 | $0 | $1.0M | $136,000 | $53.4M | +39183.1% | — | |
| Research & Development (R&D) | $197.6M | $296.3M | $367.0M | $477.2M | $581.1M | +21.8% | +31.0% | |
| Selling, General & Admin (SG&A) | $61.5M | $95.9M | $105.9M | $119.7M | $162.6M | +35.9% | +27.5% | |
| Total Operating Expenses | $259.1M | $392.2M | $473.1M | $596.9M | $773.0M | +29.5% | +31.4% | |
| Operating Income (EBIT) | $-259.1M | $-392.2M | $-472.1M | $-596.8M | $-719.6M | −20.6% | — | |
| Interest Expense | $2.4M | $118,000 | — | — | $118,000 | — | −53.0% | |
| Income Tax Expense | $-10.5M | $92,000 | $139,000 | $129,000 | $1.3M | +913.2% | — | |
| GAAP Net Income | $-180.3M | $-258.0M | $-513.0M | $-608.0M | $-929.8M | −52.9% | — | |
| Diluted EPS | $-0.61 | $-0.44 | $-0.79 | $-0.87 | $-1.13 | −29.9% | — | |
| Diluted Shares | 294.9M | 585.5M | 647.9M | 699.8M | 826.2M | +18.1% | +29.4% | |
| Balance Sheet | ||||||||
| Cash & Equivalents | $956.3M | $150.1M | $204.8M | $200.4M | $241.7M | +20.6% | −29.1% | |
| Total Current Assets | $1.3B | $1.1B | $1.1B | $969.6M | $1.4B | +49.1% | +2.3% | |
| Total Assets | $1.5B | $1.3B | $1.3B | $1.2B | $1.8B | +49.2% | +4.8% | |
| Total Current Liabilities | $13.8M | $30.2M | $45.1M | $48.1M | $60.0M | +24.7% | +44.3% | |
| Total Debt (Short + Long Term) | $702.6M | $702.6M | $702.6M | $702.6M | $0 | −100.0% | — | |
| Total Liabilities | $171.6M | $128.2M | $235.1M | $291.1M | $385.4M | +32.4% | +22.4% | |
| Stockholders' Equity | $1.3B | $1.2B | $1.0B | $912.4M | $1.4B | +54.5% | +1.7% | |
| Net Cash / (Net Debt) | $253.8M | $-552.5M | $-497.8M | $-502.2M | $241.7M | +148.1% | −1.2% | |
| Invested Capital | $1.1B | $1.7B | $1.5B | $1.4B | $1.2B | −17.4% | +2.4% | |
| Cash Flow & Capital Allocation | ||||||||
| Operating Cash Flow (OCF) | $-195.7M | $-235.9M | $-313.8M | $-436.3M | $-509.9M | −16.9% | — | |
| Depreciation & Amortization (D&A) | $15.9M | $24.0M | $30.5M | $35.6M | $40.2M | +12.9% | +26.0% | |
| Stock-Based Compensation (SBC) | $26.9M | $69.1M | $93.6M | $104.4M | $127.9M | +22.4% | +47.6% | |
| Capital Expenditures (CapEx) | $32.3M | $54.9M | $30.6M | $40.6M | $53.9M | +32.7% | +13.6% | |
| Free Cash Flow (FCF) | $-228.1M | $-290.8M | $-344.4M | $-476.9M | $-563.8M | −18.2% | — | |
| True FCF (ex-SBC Owner Cash) | $-255.0M | $-359.9M | $-438.1M | $-581.3M | $-691.7M | −19.0% | — | |
Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.
On the Wire
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