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JOBY, Joby Aviation Inc.
Revenue is Passenger (65%) and Other (35%).
By combining the freedom of air travel with the efficiency of our aircraft, we expect to deliver journeys that are up to 10 times faster than driving, and it is our goal to steadily drive down end-user pricing in the years following commercial launch to make the service widely accessible.
Our aircraft has been specifically designed with multiple redundancies across systems and components for enhanced safety and to achieve a considerably lower noise footprint than that of similarly sized conventional aircraft or helicopters.
The business
What it sells, where the money comes from, the kind of company it is.
Next report By 11/8 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~37 days after · the wire records it on arrival
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- An aerospace and defense contractor, working a multi-year backlog of large programs.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
- What moves the needle
- The backlog and program execution. What decides it: the order book, whether big programs are delivered on cost, and the balance between defense, which is budget-driven, and commercial, which is cycle-driven. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −49%, above 15% in 0 of 5 years). This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Passenger is 65% of revenue, with Other the other meaningful line at 35%.
- Passenger65%$35M
- Other35%$19M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2021–2025
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMJun 2026 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $0 | $0 | $1M | $136K | $53M | $116M | RevenueRevenue |
| — | — | n/m | n/m | 304% | 207% | SG&A / revenueSG&A/rev |
| — | — | n/m | n/m | n/m | 587% | R&D / revenueR&D/rev |
| ($259M) | ($392M) | ($472M) | ($597M) | ($720M) | ($883M) | Operating incomeOp. inc. |
| — | — | n/m | n/m | n/m | −759.2% | Operating marginOp. mgn |
| ($191M) | ($258M) | ($513M) | ($608M) | ($929M) | — | Pretax incomePretax |
| ($180M) | ($258M) | ($513M) | ($608M) | ($930M) | ($878M) | Net incomeNet inc. |
| Cash flow & returns | ||||||
| ($196M) | ($236M) | ($314M) | ($436M) | ($510M) | ($610M) | Operating cash flowOp. cash |
| $16M | $24M | $30M | $36M | $40M | $44M | Depreciation & amortizationD&A |
| ($58M) | ($71M) | $75M | $32M | $252M | $54M | Working capital & otherWC & other |
| $32M | $55M | $31M | $41M | $54M | $133M | CapexCapex |
| — | — | n/m | n/m | 100.9% | 114.7% | Capex / revenueCapex/rev |
| ($212M) | ($260M) | ($344M) | ($477M) | ($550M) | ($654M) | Owner earningsOwner earn. |
| — | — | n/m | n/m | n/m | −562.4% | Owner earnings marginOE mgn |
| ($228M) | ($291M) | ($344M) | ($477M) | ($564M) | ($743M) | Free cash flowFCF |
| — | — | n/m | n/m | n/m | −639.2% | Free cash flow marginFCF mgn |
| $7M | $6M | $0 | $0 | $0 | $0 | AcquisitionsAcquis. |
| ($19M) | ($631M) | $80M | $71M | ($475M) | — | Investing cash flowInv. cash |
| $1.1B | $60M | $288M | $361M | $1.0B | — | Financing cash flowFin. cash |
| $878M | ($806M) | $55M | ($4M) | $41M | — | Change in cashΔ cash |
| -57% | -30% | -45% | -66% | -49% | -38% | ROICROIC |
| -14% | -22% | -50% | -67% | -66% | -50% | Return on equityROE |
| −14% | −22% | −50% | −67% | −66% | −50% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| $1.3B | $1.1B | $1.0B | $933M | $1.4B | $2.3B | Cash & investmentsCash+inv |
| $4M | $8M | $3M | $4M | $4M | $8M | Accounts payablePayables |
| $1.3B | $1.1B | $1.1B | $970M | $1.4B | $2.3B | Current assetsCur. assets |
| $14M | $30M | $45M | $48M | $60M | $129M | Current liabilitiesCur. liab. |
| 95.2× | 35.9× | 23.4× | 20.1× | 24.1× | 18.0× | Current ratioCurr. ratio |
| $53M | $92M | $103M | $121M | $147M | — | Net PP&ENet PP&E |
| $11M | $14M | $14M | $14M | $89M | $89M | GoodwillGoodwill |
| $1.5B | $1.3B | $1.3B | $1.2B | $1.8B | $2.8B | Total assetsAssets |
| -106.8× | -3323.8× | — | — | — | -7482.3× | Interest coverageInt. cov. |
| $172M | $128M | $235M | $291M | $385M | — | Total liabilitiesTotal liab. |
| $1.3B | $1.2B | $1.0B | $912M | $1.4B | $1.8B | Shareholders’ equityEquity |
| — | — | n/m | n/m | 239.4% | 146.5% | Stock comp / revenueSBC/rev |
| Per share | ||||||
| 295M | 586M | 648M | 700M | 826M | 957M | Shares out (diluted)Shares |
| $0.00 | $0.00 | $0.00 | $0.00 | $0.06 | $0.12 | Revenue / shareRev/sh |
| $-0.61 | $-0.44 | $-0.79 | $-0.87 | $-1.13 | $-0.92 | EPS (diluted)EPS |
| $-0.72 | $-0.44 | $-0.53 | $-0.68 | $-0.67 | $-0.68 | Owner earnings / shareOE/sh |
| $-0.77 | $-0.50 | $-0.53 | $-0.68 | $-0.68 | $-0.78 | Free cash flow / shareFCF/sh |
| $0.11 | $0.09 | $0.05 | $0.06 | $0.07 | $0.14 | Cap. spending / shareCapex/sh |
| $4.47 | $1.99 | $1.60 | $1.30 | $1.71 | $1.85 | Book value / shareBVPS |
The diluted share count moved ×1.99 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
| 4-yr | 5-yr | |
|---|---|---|
| Capital spending / share | −12.2%/yr | −12.2%/yr (4-yr) |
| Book value / share | −21.4%/yr | −21.4%/yr (4-yr) |
The year, in the company's words
the filing →Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.
- Revenuen/m
“Revenue Revenue increased by $53.3 million to $53.4 million during the year ended December 31, 2025 from $0.1 million during the year ended December 31, 2024. The increase was primarily due to the passenger service revenue from our Blade offering after Blade acquisition and higher revenue from on-base operations for a DOD agency, demonstration flights, and engineering services provided to third parties.”
✓ figure matches the filed record
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned ($550M) of owner earnings, the operating cash left after the $40M it takes just to hold its position. It put $14M more into growth; free cash flow, after that spending, was ($564M).
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | ($930M) | ($608M) | ($513M) | ($258M) | ($180M) |
| Depreciation & amortizationnon-cash charge added back | +$40M | +$36M | +$30M | +$24M | +$16M |
| Stock-based compensationreal costnon-cash, but a real cost | +$128M | +$104M | +$94M | +$69M | +$27M |
| Working capital & othertiming of cash in and out, other non-cash items | +$252M | +$32M | +$75M | −$71M | −$58M |
| Cash from operations | ($510M) | ($436M) | ($314M) | ($236M) | ($196M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$40M | −$41M | −$31M | −$24M | −$16M |
| Owner earnings | ($550M) | ($477M) | ($344M) | ($260M) | ($212M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$14M | — | — | −$31M | −$16M |
| Free cash flow | ($564M) | ($477M) | ($344M) | ($291M) | ($228M) |
| Owner-earnings marginowner earnings ÷ revenue | -1030% | -350650% | -33375% | — | — |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $40M, roughly its depreciation, the rate its assets wear out). The other $14M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $128M), owner earnings is nearer ($678M).
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cash, debt-freeCash $241M + ST investments $1.2B − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $1.4B, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median -25%
What this means
The filing data didn't include the inputs for this check.
- Owner-earnings margin -1030%Consumes cashOwner earnings ($550M) = operating cash ($510M) − maintenance capex $40MIndustry peers: median -27%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -1030% of revenue this year. Treating stock comp as the real expense it is (less $128M of SBC) leaves ($678M).
- Are earnings backed by cash? ($510M)Loss, and burning cashNet income ($930M) · cash from operations ($510M)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 1.34×ExpandingCapex $54M ÷ depreciation & amortization as filed $40M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
The promise and the pay packet
- Is the buyback buying ownership, or mopping up? 239.4%Stock pay, share count unreadStock compensation $128M (fiscal 2025), 239.4% of revenue · no repurchases · the share count is not comparable across these years (a split or a first listing sits in the record), so the drift is withheld
What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.
Graham’s defensive tests · 1 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $53M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 24.09×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Earnings stability MissA profit every year (5-yr record) · 5 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record —Uninterrupted dividends · no dividend line tagged in the data
What this means
An unbroken dividend was Graham's mark of durability. This record carries no dividends-paid line in any year — common for partnerships, whose distributions file under tags the chain doesn't read — so the criterion is withheld rather than judged on silence.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.69/share (latest year $-0.94), the averaged base the calculator's gate runs on, and book value is $1.43/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2021–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 0 of 5
What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
- Operating margin −45746% (median, 3 yrs)
What this means
Over the 3 years on record the operating margin has run around −45746% — too short a record to call a through-cycle trend, but that is the level the business earns at.
- Worst year 2024 · −438789.7% op. margin
What this means
Operations went underwater in 2024, understand why before trusting the good years.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Jun 30, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$2.3B
- Other current assets$52M
- Accounts payable$8M
- Other current liabilities$121M
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2021 | JoeBen Bevirt | $404k | $404k | ($212M) |
| 2022 | JoeBen Bevirt | $8.6M | $5.4M | ($260M) |
| 2023 | JoeBen Bevirt | $4.1M | $5.0M | ($344M) |
| 2024 | JoeBen Bevirt | $3.7M | $3.7M | ($477M) |
| 2025 | JoeBen Bevirt | $3.7M | $3.7M | ($550M) |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership20.4%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- CEO pay ratio21:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
- Stock-based compensation$128M
The slice of the business handed to employees in shares in fiscal 2025, 239.4% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Acquisitions, Stock compensation, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Aerospace & Defense
The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Gross marginmedian over the record | Op. marginmedian over the record | ROICmedian over the record | Owner earn. marginmedian over the record |
|---|---|---|---|---|---|
| LOARLoar Holdings Inc. | $496M | 49% | 21.8% | 5% | — |
| TATTTAT Technologies Ltd. | $178M | 19% | 3.5% | 0% | -2% |
| VOYGVoyager Technologies Inc. | $166M | 20% | -33.6% | -25%1y | -27% |
| PKEPark Aerospace Corp. | $73M | 30% | 15.1% | 6% | 11% |
| EHEHang Holdings Limited ADS | $62M | 61% | -111.8% | -55% | -82% |
| JOBYJoby Aviation Inc. | $53M | — | — | -49% | — |
| RCATRed Cat Holdings Inc. | $41M | 16% | -406.6% | -41% | -239% |
| BETABeta Technologies Inc. | $36M | 72% | — | -100% | — |
| Group median | — | — | — | -33% | — |
The price
What a price has to assume.
What the price implies
reverse-DCFJoby Aviation Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
Enter a price to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Manual order: ← JNPR its page in the Manual JOE →
Industry order: ← HWM the Aerospace & Defense chapter KRMN →