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Verdict
Quantitative factor alignment verified for current market regime.
Quant Score
Rank
#3951
Positioning
Market Dominance
Manufacturing
Aircraft
$13.8B
JoeBen Bevirt
Joby Aviation, Inc. intends to build an aerial ridesharing service. The company was founded in 2009 and is headquartered in Santa Cruz, California.
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| Stock | Rating | Score▼ | Quality | Value | Momentum | P/E | EV/EBITDA | ROE | ROA | Gross Mgn | Op Mgn | Net Mgn | Rev Growth | Div Yield | D/E | Mkt Cap | AUDIT |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$UL UNILEVER PLC | 78 | 96 | 98 | 59 | - | - | 28.5% | 8.0% | 100.0% | 100.0% | 10.4% | -4.6% | 3.3% | 0.0x | $141.8B | VS | |
$ASML ASML HOLDING NV | 77 | 89 | 86 | 83 | - | - | 46.1% | 16.6% | 51.3% | 31.9% | 26.8% | -4.0% | 1.0% | 25.0x | $272.1B | VS | |
$ESLT ELBIT SYSTEMS LTD | 76 | 81 | 87 | 85 | - | - | 10.3% | 3.1% | 24.1% | 7.2% | 4.7% | 14.3% | 0.8% | 25.0x | $11.4B | VS | |
$MT ArcelorMittal | 75 | 71 | 98 | 85 | - | - | 2.2% | 1.5% | 9.3% | 5.3% | 2.2% | -8.5% | 2.2% | 16.0x | $18.9B | VS | |
$AMAT APPLIED MATERIALS INC /DE | 75 | 85 | 87 | 84 | 20.9x | 13.6x | 35.5% | 19.8% | 48.7% | 29.2% | 24.7% | 4.4% | 0.8% | 32.0x | $181.9B | VS | |
$SIMO Silicon Motion Technology CORP | 75 | 84 | 86 | 85 | - | - | 11.8% | 8.8% | 45.9% | 11.3% | 11.1% | 25.7% | 3.7% | 0.0x | $1.8B | VS | |
$CODA Coda Octopus Group, Inc. | 74 | 83 | 90 | 79 | 16.3x | 11.9x | 7.6% | 7.0% | 66.5% | 17.1% | 15.6% | 39.0% | 0.0% | 0.0x | $115M | VS | |
$GSK GSK plc | 74 | 84 | 90 | 70 | - | - | 22.6% | 4.9% | 71.2% | 12.8% | 9.4% | 1.7% | 5.9% | 124.0x | $72.1B | VS | |
$EFXT Enerflex Ltd. | 74 | 80 | 91 | 83 | - | - | 3.0% | 1.1% | 20.9% | 7.3% | 1.3% | 3.0% | 0.9% | 67.0x | $1.2B | VS | |
$BUD Anheuser-Busch InBev SA/NV | 74 | 84 | 97 | 63 | - | - | 8.2% | 3.5% | 55.3% | 25.9% | 12.4% | 0.7% | 1.7% | 0.0x | $87.0B | VS | |
$JOBY Joby Aviation, Inc. | 37 | 34 | 37 | 47 | - | - | -106.2% | -69.7% | 0.0% | -559841.0% | -893373.6% | 80521.4% | 0.0% | 52.0x | $13.8B | ||
| SECTOR BENCH | - | - | - | - | - | 22.3x | 11.5x | -2.5% | -0.1% | 42.5% | 1.3% | -0.2% | 5.9% | 0.0% | 0.2x | - | REF |
Joby Aviation, Inc. (JOBY) receives a "Avoid" rating with a composite score of 36.6/100. It ranks #3951 out of 7,333 stocks in our coverage universe and carries a 1-star rating. Ratings are driven by a 6-factor quantitative model measuring quality, value, momentum, investment, stability, and short interest.
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YOY expansion rate
Core pricing power
Operating efficiency
Bottom-line conversion
Equity capital efficiency
Asset base utilization
Financial leverage load
Direct cash return
JoeBen Bevirt
Chief Executive Officer
Labor Force
1,420
34
29
31
Audit Verdict: Lower quality and stability scores may indicate governance concerns.
No recent insider transactions available for JOBY
In-line with peers — no strong momentum signal
Fair valuation relative to peers
Weak fundamentals — higher risk of value trap
High volatility — wider range of outcomes increases timing risk
Aggressive spending — empire-building risk, dilutive growth
Below-average composite — caution warranted
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Relative valuation derived from Manufacturing sector benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Re-calculated daily.
No analyst ratings for JOBY.
View All RatingsImproving capital utilization rates confirmed
High margin volatility — erratic forensic earnings quality
ROE proxy -106.2% (sector -2.5%)
GM 0% vs sector 43%, OM -559841% vs sector 1%
Capital turnover N/A, R&D intensity 1858.6%
Rev growth 80521%, 5yr history
Interest coverage N/A
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation and elite competitive moats.
Profit generated per dollar of shareholder equity
Efficiency of asset utilization
Pricing power and cost efficiency
Core business profitability
Bottom-line profitability
The Quality factor evaluates the persistence and magnitude of realized cash flows. Companies with scores >70 exhibit superior pricing power and structural financial resilience through diverse economic regimes.
Our uncertainty rating tracks the predictability of future cash flows and potential for permanent capital loss. Moderate visibility with standard industry cyclicality.
Our quantitative model flags Joby Aviation, Inc. with an Avoid rating, assigning a composite score of 36.6/100 and 1 out of 5 stars. Ranked #3951 of 7,333 stocks, JOBY falls in the bottom tier across key factors. Historically, stocks with this profile have faced elevated risk of underperformance and capital loss.
JOBY's quality score of 34/100 is below average, suggesting challenges with profitability or capital efficiency. The company reports a return on equity of -106.2% (sector avg: -2.5%), gross margins of 0.0% (sector avg: 42.5%), net margins of -893373.6% (sector avg: -0.2%). Investors should examine whether management is actively addressing these weaknesses or if they reflect structural industry headwinds.
With a value score of 37/100, JOBY appears somewhat expensive relative to its fundamentals. Key valuation metrics include a P/B ratio of 10.62x. Investors paying a premium here are likely betting on above-average growth or margin expansion to justify current prices.
Joby Aviation, Inc.'s investment score of 29/100 suggests limited reinvestment activity. Key growth metrics include revenue growth of 80521.4% vs. a sector average of 5.9% and a return on assets of -69.7% (sector: -0.1%). While this can be positive for mature, cash-generative businesses returning capital to shareholders, it may also signal a lack of growth opportunities or management conservatism.
JOBY is currently showing below-average momentum at 47/100, which may indicate weakening institutional interest or negative sentiment shifts. Revenue growth stands at 80521.4% year-over-year, while a beta of 1.92 reflects its sensitivity to broader market moves. Investors should note that declining momentum can precede further price weakness, though contrarian opportunities sometimes emerge at these levels.
JOBY's stability score of 31/100 signals elevated volatility and/or leverage concerns. Key stability metrics include a beta of 1.92 and a debt-to-equity ratio of 52.00x (sector avg: 0.2x). Investors should be prepared for wider-than-average price swings and consider position sizing accordingly to manage portfolio risk.
The short interest score of 45/100 for JOBY suggests somewhat elevated bearish positioning by institutional traders. Specific risk factors include high market sensitivity (beta: 1.92), elevated leverage (D/E: 52.00x). With a $13.8B market cap (large-cap), Joby Aviation, Inc. may experience above-average volatility. Investors should consider whether the short thesis has merit or if it creates a potential short-squeeze opportunity.
Joby Aviation, Inc. is a large-cap company in the Manufacturing sector, ranked #0 of 50 in its sector (100th percentile) and #3951 of 7,333 overall (46th percentile). Key comparisons include ROE of -106.2% trailing the -2.5% sector median and operating margins of -559841.0% below the 1.3% sector average. This top-quartile standing reflects exceptional competitive strength relative to Manufacturing peers.
While JOBY currently exhibits a AVOID profile, superior opportunities exist within the MANUFACTURING sector. Our model identifies several "Strong Buy" candidates with higher quality scores and more attractive valuations among direct industry competitors.
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Improvement in Investment (29) would have the largest impact on the composite score.
ROE 4183% ABOVE SECTOR MEDIAN (FAVORABLE)
Gross Margin 100% BELOW SECTOR MEDIAN
Op. Margin 43398629% BELOW SECTOR MEDIAN
AUDIT DATA AS OF SEP 30, 2025 (Q2 FY2025)
We rate Joby Aviation, Inc. (JOBY) as Avoid with a composite score of 36.6/100 at a current price of $9.74. The stock falls in the bottom quintile of our universe across key quantitative factors, and the multi-factor weakness suggests a high probability of continued underperformance.
The rating is primarily driven by strength in momentum (47th percentile) and value (37th percentile), which together account for the majority of the composite score. Offsetting weakness in investment (29th percentile) and stability (31th percentile) tempers our overall conviction. We assign a No Moat rating (29/100), Very High uncertainty, and Poor capital allocation.
Key items to watch: sustainability of the current growth rate; the path to profitability. Any material change in these dynamics could warrant a reassessment of our rating. The moat trend is stable, which suggests the competitive landscape is stable for now.
Joby Aviation, Inc. holds a top-quartile position (#0 of 50) within the Manufacturing sector, based on our composite quantitative scoring across quality, value, momentum, and stability factors. The composite score of 36.6/100 places it at rank #3951 in our full 7,333-stock universe. With a $13.8B market capitalization, Joby Aviation, Inc. operates at meaningful scale within the Manufacturing sector, providing competitive advantages in distribution, procurement, and customer reach.
Revenue is growing at 80521%, though momentum at the 47th percentile suggests the market has not yet fully recognized this trajectory. This potential disconnect between fundamental improvement and market recognition could represent an opportunity for patient investors if the growth trend persists.
The margin cascade tells an important story: gross margins of 0% (-42.5pp vs sector) narrow to operating margins of -559841% (-559842.3pp vs sector) and net margins of -893373.6%, yielding a gross-to-net conversion rate of N/A%. The significant margin erosion from gross to net suggests elevated operating expenses, high interest costs, or other structural drags that warrant monitoring.
At a current price of $9.74, Joby Aviation, Inc. is trading at a premium to fundamental value. Our value factor score of 37/100 reflects a composite assessment across multiple valuation metrics including price-to-earnings, price-to-book, EV/EBITDA, and price-to-sales ratios relative to both sector peers and the broader market. The premium valuation implies the market is pricing in significant future growth or quality improvements that are not yet fully reflected in current fundamentals.
The stock currently trades at P/B of 10.6x, P/S of 421.0x. We evaluate these multiples in the context of both absolute levels and sector-relative positioning to form our valuation view.
Revenue growth of 80521% confirms the business is expanding its addressable market — growth at this level typically supports multiple expansion and attracts institutional capital.
The Avoid rating (composite 36.6/100) reflects multi-factor weakness, and historically, stocks in this scoring range have underperformed the market by a meaningful margin.
Thin net margins of -893373.6% provide limited cushion against cost pressures, competitive pricing, or macroeconomic headwinds — even small changes in costs could swing the company to a loss.
Below-average quality (34th percentile) raises durability concerns about the fundamental profile and increases the risk of negative earnings surprises.
High beta of 1.92 means amplified losses in market selloffs — in a broad market correction, this stock would likely decline more than the index.
We assign a Very High uncertainty rating to Joby Aviation, Inc.. The stock exhibits multiple compounding risk factors: elevated market sensitivity (beta of 1.92), current negative profitability (net margin -893373.6%), below-average price stability (31th percentile). The extreme uncertainty around future cash flows makes precise valuation difficult, and the range of outcomes is exceptionally wide. Only investors with high risk tolerance and extended time horizons should consider this name.
Specific risk factors that inform our assessment include: elevated market sensitivity (beta of 1.92); current negative profitability (net margin -893373.6%); below-average price stability (31th percentile); weak quality scores (34th percentile). Each of these factors independently widens the distribution of potential outcomes, and in combination they create a risk profile that demands careful position sizing. The stability factor at the 31th percentile and quality factor at the 34th percentile provide a quantitative summary of the overall risk landscape.
We identify limited risk mitigants at this time, which contributes to our very high uncertainty assessment. Investors should monitor for improvement in balance sheet metrics, margin stability, and business predictability that could warrant a downgrade in our risk assessment over time.
We rate Joby Aviation, Inc.'s capital allocation as Poor. Key concerns include low returns on equity (-106.2%), negative profitability, weak asset returns (ROA -69.7%). Exemplary capital allocators generate ROE above 20% and maintain conservative leverage — Joby Aviation, Inc. significantly underperforms these benchmarks, raising questions about management's ability to create shareholder value.
Investors should scrutinize management's reinvestment decisions and balance sheet trajectory before committing capital. Poor capital allocation often compounds over time: overlevered balance sheets limit strategic flexibility, while low returns on capital destroy shareholder value. We would need to see sustained improvement in profitability metrics and balance sheet discipline before considering an upgrade.
In summary, Joby Aviation, Inc. receives a Avoid rating with a composite score of 36.6/100 (rank #3951 of 7,333). Our quantitative framework assigns a No Moat (29/100, trend: stable), Very High uncertainty, and Poor capital allocation. The average factor score across quality, value, momentum, stability, and investment is 36/100.
Our analysis does not support a constructive view on Joby Aviation, Inc. at this time. The combination of limited competitive advantages, very high uncertainty, and poor capital allocation suggests unfavorable risk-reward at current levels. We recommend investors avoid new positions and existing holders consider reducing exposure.
Analysis derived from Blank Capital Research quantitative terminal. For informational purposes only. No trade solicitation. Past performance not indicative of future results. Consult a qualified advisor.
We do not assign Joby Aviation, Inc. a meaningful economic moat, scoring 29/100 on our composite assessment. Current fundamentals do not demonstrate the kind of durable competitive advantages — such as superior returns on invested capital, margin superiority, or reinvestment efficiency — that would protect the company from competitive erosion over the long term. The highest-scoring pillar, growth durability, reached only 8.8/20.
The strongest moat sources are growth durability (8.8/20) and financial resilience (7.7/20). Rev growth 80521%, 5yr history. Interest coverage N/A. These pillars form the core of Joby Aviation, Inc.'s competitive identity and are the primary drivers of excess returns in our framework.
Areas of relative weakness include economic value creation (2.5/20) and margin superiority (2.7/20). ROE proxy -106.2% (sector -2.5%). Improvement in these areas could meaningfully widen the moat over time, while deterioration would be an early warning of competitive erosion.
Our moat trend assessment is Stable. Multi-year ROIC and operating margin trajectories show neither meaningful improvement nor deterioration, suggesting the competitive position is steady. We expect Joby Aviation, Inc.'s moat profile to remain largely unchanged absent a material shift in return on capital or industry dynamics.
Key profit drivers include robust top-line growth of 80521% expanding the revenue base. The margin cascade from 0% gross to -559841% operating to -893373.6% net reveals the company's cost structure and reinvestment intensity. Our analysis indicates that profit quality raises some durability concerns, with the quality factor at the 34th percentile.
The margin profile shows gross margins of 0%, operating margins of -559841%, net margins of -893373.6%. Return metrics include ROE of -106.2% and ROA of -69.7%. Relative to the Manufacturing sector, gross margins are 42.5 percentage points below the sector median of 43%, and ROE of -106.2% compares to a sector median of -2.5%.
The balance sheet reflects moderate leverage with D/E of 52%, revenue growth of 80521%. The sector median D/E is 0%, putting Joby Aviation, Inc. at higher leverage than the typical peer. Overall balance sheet health is adequate for the current business environment.
Above 50MA
37.18%
Net New Highs
+51081
Joby (JOBY) stock shows a Death Cross and is down sharply, even as Pentagon hypersonic funding and defense partnerships expand its long-term market opportunity.
Joby Aviation has partnered with Nvidia to develop autonomous flight technology using Nvidia's IGX Thor Platform alongside Joby's Superpilot system. This collaboration positions Joby to compete with rivals Archer Aviation and Boeing's Wisk in the eVTOL market. Joby's strategy of starting with piloted aircraft while developing autonomous capabilities for military and civil applications gives it a first-mover advantage and reduces the risk of being overtaken by fully autonomous competitors.
Boeing's Wisk subsidiary is developing autonomous eVTOL aircraft that could pose a significant threat to Joby Aviation and Archer Aviation in the urban air mobility space. While Wisk's Generation 6 autonomous aircraft offers potential cost advantages over piloted alternatives, it faces substantial regulatory hurdles and isn't expected to launch commercially until at least 2030. Boeing's significant debt and capital allocation priorities toward developing new aircraft may limit funding for Wisk, giving competitors a first-mover advantage.
Archer Aviation stock declined 22.9% in 2025 due to mounting losses, uncertain FAA certification path, short reports questioning misleading timelines, and competition from Joby Aviation. However, the stock has rebounded 17.8% in early 2026, driven by bullish momentum in defense-tech stocks following Archer's partnership with Anduril for military VTOL aircraft development.
Joby Aviation, an electric air taxi company, has seen its stock fall nearly 50% from highs and currently trades at a $10 billion market cap despite generating minimal revenue. The company is burning cash heavily ($532 million negative free cash flow over 12 months), faces years of losses ahead, and plans to produce only 48 vehicles annually by 2027. The analyst argues the stock looks expensive relative to its limited revenue potential and recommends investors avoid buying the dip due to minimal revenue prospects, heavy cash burn, and ongoing shareholder dilution.