Latest Ratios: P/E Ratio -7.2x · 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 | $8.0B | $10.9B | $5.7B | $4.3B | $2.0B | $4.3B | $7.0B |
| Enterprise Value | $7.8B | $10.7B | $5.5B | $4.1B | $1.8B | $3.4B | $6.9B |
| P/E Ratio → | -7.19 | — | — | — | — | — | — |
| P/S Ratio | 149.43 | 204.14 | 41833.32 | 4174.99 | — | — | — |
| P/B Ratio | 4.76 | 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 | — | — | — | — | -3323.75 | -106.80 | -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 |
Liquidity and certification delays
According to current market data, Joby trades at a price-to-sales ratio of 162.50, a valuation multiple that appears to price in a dominant future market share rather than the current pre-commercial status of its eVTOL platform compared to traditional aerospace and industrial transportation peers.
The extreme P/S multiple suggests that investors are valuing the company as a high-growth technology platform rather than an industrial manufacturer. This valuation warrants caution, as it implies a level of future revenue certainty that is not yet supported by the company's milestone-dependent, project-based income stream.
Based on reported figures, Joby's ROIC has consistently remained in negative territory, reaching -11.5% in 2026Q1, which indicates that the company is currently destroying rather than compounding invested capital as it navigates the capital-intensive phase of FAA type certification and prototype manufacturing infrastructure development.
The persistent negative returns on capital are a structural feature of the current development phase, where R&D and certification costs vastly outweigh revenue generation. Investors should monitor whether the company can achieve a positive inflection in ROIC once it transitions from prototype assembly to high-rate commercial production.
As reported in financial statements, Joby's asset turnover ratio remains negligible at 0.01, reflecting a business model that has yet to deploy its capital into revenue-generating assets, contrasting sharply with established aerospace manufacturers that rely on high asset utilization to drive their operational efficiency.
The lack of meaningful asset turnover is expected for a pre-revenue firm, but it highlights the significant execution risk involved in scaling production. The company's ability to optimize its cash conversion cycle will be a critical indicator of its transition from a research-focused entity to a commercial operator.
Based on the 2026Q1 data, Joby’s debt-to-equity ratio has risen to 0.38, signaling a shift toward utilizing debt to bridge the funding gap as the company accelerates its capital-intensive certification and manufacturing ramp-up, which increases the firm's sensitivity to interest rate fluctuations and refinancing risks.
While the current leverage level is not yet critical, the trend of increasing debt in a pre-revenue environment warrants close monitoring. The company's ability to service this debt will depend entirely on its success in reaching commercial milestones, as it currently lacks the operational cash flow to support traditional debt obligations.
The most commonly misapplied metric for Joby is the P/E ratio, which is fundamentally irrelevant for a pre-revenue company and obscures the true economic risk by focusing on accounting losses that are heavily influenced by non-cash stock-based compensation and massive R&D capitalization.
Analysts should instead prioritize the cash burn rate and the liquidity runway, as these metrics provide a more accurate picture of the company's survival timeline. Relying on earnings-based multiples in this context may lead to a dangerous underestimation of the dilution risk inherent in the current funding model.
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Quick answers to the most common questions about buying JOBY stock.
Joby Aviation, Inc.'s current P/E ratio is -7.2x. 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 -7.2x. 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.