JOBYJoby Aviation, Inc.
Aircraft
- Revenue
- $53M
- 39183% YoY
- Operating margin
- -1346.9%
- 100% YoY
- EBITDA
- −$679M
- 21% YoY
- Market cap
- $4.8B
- Employees
- 2,559
- $21K revenue each
- Net debt / EBITDA
- —
- $72M net debt
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 6 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$4M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes239% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo3% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 3 of 4
- Low revenue per employeeYes$21K · 2nd pctBottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$4.8B market capMarket cap $500M–$5B
Catalysts 2 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingYes−$52M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $1M | $136K | $53M | 39183% |
| Operating income | −$259M | −$392M | −$472M | −$597M | −$720M | 21% |
| Net income | −$180M | −$258M | −$513M | −$608M | −$930M | 53% |
| Operating cash flow | −$196M | −$236M | −$314M | −$436M | −$510M | 17% |
| Capex | $32M | $55M | $31M | $41M | $54M | 33% |
| Stock-based comp | $27M | $69M | $94M | $104M | $128M | 22% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 30, 2026 | TOYOTA MOTOR CORP/ | SCHEDULE 13D/A | 13.1% | Active |
| May 18, 2026 | Sciarra Paul Cahill | SCHEDULE 13D/A | 5.7% | Passive |
| Aug 18, 2025 | TIF Partners, LLC | SCHEDULE 13D/A | 2.5% | Passive |
| May 27, 2025 | TOYOTA MOTOR CORP/ | SCHEDULE 13D/A | 15.3% | Passive |
| Oct 2, 2024 | TOYOTA MOTOR CORP/ | SC 13D/A | 11.0% | Passive |
| Mar 11, 2024 | Bevirt JoeBen | SC 13D/A | 13.6% | Passive |
Insider trading
- Open-market buys, 12 mo
- $15K · 2
- Open-market sells, 12 mo
- $52M · 128
- Net
- −$52M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $4M | $4M | 132 | 68 |
| FY2024 | $4M | $4M | 81 | 60 |
| FY2023 | $4M | $5M | 66 | 54 |
| FY2022 | $9M | $5M | 33 | 32 |
| FY2021 | $404K | $404K | 73 | 69 |