Latest Ratios: P/E Ratio -5.3x · EV/EBITDA N/A · ROE -80.1%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $5.9B | $10.9B | $5.7B | $4.3B | $2.0B | $4.3B | $7.0B |
| Enterprise Value | $5.7B | $10.7B | $5.5B | $4.1B | $1.8B | $3.4B | $6.9B |
| P/E Ratio → | -5.27 | — | — | — | — | — | — |
| P/S Ratio | 109.55 | 204.14 | 41833.32 | 4174.99 | — | — | — |
| P/B Ratio | 3.49 | 7.74 | 6.24 | 4.17 | 1.68 | 3.28 | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 200.77 | 40594.95 | 4007.01 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | -30.1% | -30.1% | 50.7% | 80.6% | — | — | — |
| Operating Margin | -1346.9% | -1346.9% | -438789.7% | -45745.5% | — | — | — |
| Net Profit Margin | -1740.5% | -1740.5% | -447083.8% | -49714.1% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -80.1% | -80.1% | -62.5% | -46.7% | -20.8% | -34.9% | — |
| ROA | -62.0% | -62.0% | -49.2% | -40.0% | -18.6% | -18.2% | -23.0% |
| ROIC | -54.7% | -54.7% | -55.8% | -37.1% | -41.7% | -6789.5% | — |
| ROCE | -49.8% | -49.8% | -50.2% | -38.0% | -28.7% | -26.4% | -27.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.03 | 0.03 | 0.02 | 0.00 | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.13 | -0.18 | -0.17 | -0.10 | -0.72 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -2185.03 | -77.67 | -531.07 |
Net cash position: cash ($241M) exceeds total debt ($61M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 24.09 | 24.09 | 20.14 | 23.39 | 35.90 | 95.22 | 56.36 |
| Quick Ratio | 24.09 | 24.09 | 20.14 | 23.39 | 35.90 | 95.22 | 56.36 |
| Cash Ratio | 23.46 | 23.46 | 19.38 | 22.87 | 34.99 | 93.79 | 55.71 |
| Asset Turnover | — | 0.03 | 0.00 | 0.00 | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 48.77 | 43059.26 | 1647.81 | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $826M | $700M | $648M | $586M | $591M | $604M |
Includes 30+ ratios · 6 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying JOBY stock.
Joby Aviation, Inc.'s current P/E ratio is -5.3x. This places it at the 50th percentile of its historical range.
Joby Aviation, Inc.'s return on equity (ROE) is -80.1%. The historical average is -49.0%.
Based on historical data, Joby Aviation, Inc. is trading at a P/E of -5.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Joby Aviation, Inc. has -30.1% gross margin and -1346.9% operating margin.
Key Metrics
Top Statement Risk
Liquidity runway and dilution risk
Metrics are mathematically derived from official filings.
Premium Priced for Future Scale
Joby trades at 145.8x trailing sales and 4.64x book, per reported figures, implying the market capitalizes a distant commercial ramp despite minimal current revenue.
The P/S multiple of 145.8x is extreme even for a pre-revenue eVTOL peer, as Archer trades at a fraction of that on a relative basis. This valuation appears to embed expectations of a winner-takes-most outcome in urban air mobility, with little room for execution missteps. Given the negative earnings, traditional P/E and EV/EBITDA are meaningless, so investors should focus on the implied revenue growth required to justify the current enterprise value.
Margins Distorted by Pre-Commercial Costs
Gross margin swung from -649.9% in 2025Q2 to 26.8% in 2026Q2, as reported in financial statements, reflecting milestone-based revenue that barely covers direct costs.
The extreme volatility in gross margin underscores that current revenue is contract-driven and not indicative of commercial unit economics. Operating margin of -6.8% in 2026Q2 is an improvement from prior quarters but remains deeply negative, with R&D expenses dominating the cost structure. The true earning power will only emerge when production scales, but the current data suggests that even the early revenue streams are not yet self-sustaining.
Capital Efficiency Decaying with Scale-Up
ROIC improved to -10.6% in 2026Q2 from -20.5% in 2025Q3, per reported figures, but remains deeply negative as invested capital grows faster than returns.
The improvement in ROIC is largely a function of a larger capital base rather than operational progress, as the company continues to burn cash. ROE of -13.2% and ROA of -8.6% in 2026Q2 indicate that the company is not generating returns on any measure, and the trend suggests that returns will remain negative until commercial operations begin. The capital-intensive nature of the business means that returns will hinge on achieving high asset turnover, which is currently near zero.
Working Capital Swings Reflect Contract Timing
DSO fell to 28 days in 2026Q2 from 35 days in 2026Q1, as per financial statements, while DPO remained low, indicating limited supplier leverage.
The cash conversion cycle is not calculable due to missing inventory data, but the working capital swings are driven by milestone-based contract payments. The low DPO suggests that Joby is not using supplier financing to conserve cash, which is typical for a company with limited purchasing power. As production ramps, efficiency metrics will become more meaningful, but currently they reflect the lumpy nature of government and defense contracts.
Debt Raise Adds Refinancing Risk
Debt-to-equity jumped to 0.42 in 2026Q2 from 0.03 in 2024Q1, as reported in financial statements, with $735M in total debt.
The strategic shift to debt financing provides a cash buffer but introduces fixed obligations that the company may struggle to service given negative operating cash flow. Interest coverage is not calculable due to missing data, but with operating losses of $260.9M in 2026Q2, the debt service burden appears significant. Investors should monitor the terms of the debt and the company's ability to refinance or repay as it approaches commercial scale.
Liquidity Buffer Masks Cash Burn
Current ratio stands at 17.98 in 2026Q2, per reported figures, but quarterly operating cash burn of -$317.6M suggests the buffer may be consumed quickly.
The high current ratio is driven by a large cash balance, but the rapid burn rate means that liquidity could deteriorate faster than the ratio suggests. With cash of $629.9M and quarterly operating losses of $317.6M, the company has roughly two quarters of runway without additional financing. The quick ratio equals the current ratio, indicating no reliance on inventory, but the lack of revenue diversification amplifies the risk of a liquidity crunch.
Misapplied P/S Multiple
The price-to-sales ratio is commonly misapplied to Joby, as reported revenue is milestone-based and not recurring, obscuring the true growth trajectory.
Investors often use P/S to value high-growth companies, but for Joby, revenue is not yet a reliable indicator of future commercial demand. The revenue spikes are tied to government contracts and may not be repeatable, making the P/S multiple misleading. A more appropriate metric would be the enterprise value to invested capital or a discounted cash flow model based on projected unit economics, which would better capture the long-term potential.