Joby Aviation, Inc. (JOBY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-94.6%

$0.26

vs $4.91 price

Levered DCF

-$0.15

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.31

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	-11.68×	-9.34×	-8.42×	-7.61×	-24.33×	-60.84×
P/B	7.74×	6.24×	4.17×	1.68×	3.28×	-24.65×
P/S	204.14×	41,833.32×	4,174.99×	0×	0×	0×
EV / EBITDA	-12.07×	-9.65×	-8.57×	-7.88×	-19.51×	-55.32×
Gross margin	-30.1%	50.7%	80.6%	0.0%	0.0%	0.0%
Operating margin	-1346.9%	-438789.7%	-45745.5%	0.0%	0.0%	0.0%
Net margin	-1740.5%	-447083.8%	-49714.1%	0.0%	0.0%	0.0%
Current ratio	24.09×	20.14×	23.39×	35.9×	95.22×	56.36×
Debt / equity	0.04×	0.03×	0.03×	0.02×	0×	-0.01×
Interest coverage	0×	0×	0×	-3,323.75×	-106.8×	-531.07×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-66.0%	-66.6%	-49.6%	-22.2%	-13.7%	40.3%
Return on invested capital	-41.3%	-51.4%	-38.4%	-31.0%	-16.6%	-27.0%
Return on assets	-51.8%	-50.5%	-40.4%	-20.0%	-12.1%	-23.0%
Free cash flow yield	-5.2%	-8.4%	-8.0%	-14.8%	-5.3%	-1.9%
Earnings yield	-8.5%	-10.7%	-11.9%	-13.2%	-4.2%	-1.6%
Enterprise value	$10.7B	$5.5B	$4.1B	$1.8B	$3.4B	$6.9B
Net debt / EBITDA	0.2×	0.29×	0.36×	0.51×	5.53×	0.6×
Cash conversion cycle (days)	30	19,846	-3,838	0	0	0