What Just Happened To Joby Stock?

Joby Aviation (JOBY) stock fell 68.4% in the twelve months to October 12, 2026, while the S&P 500 returned 20.5%. The decline stretched across the entire year as the company continued preparing to carry its first air taxi passengers. So was the fall about Joby’s own business, or about the price investors had been paying for it?

Two Of Joby’s Drops Came With A Reported Reason

The decline played out across the year, punctuated by three major catalysts. On December 1, 2025, Goldman Sachs initiated coverage with a Sell rating, citing valuation concerns. Then, on January 13, 2026, shares fell 7% amid broader rate-cut recalibrations. Most recently, on October 6, 2026, a federal jury ordered Joby to pay $116.9 million in damages in a trade-secrets dispute with supplier Aerosonic. Joby announced plans to challenge the verdict, but the ruling triggered an 8% drop to a new 52-week low on October 9, capping an 11% five-day slide.

Joby did not fall alone over the full year either. Archer Aviation, a rival air taxi stock, fell 60.8% over the same twelve months.

How Joby’s Price Compares With What It Sells Today

Even after the steep decline, Joby stock costs 42.9 times its sales over the past twelve months, compared with 3.1 for the S&P 500. The company reports a loss, leaving no earnings to measure the price against.

Revenue for fiscal Q2 2026 was $39 million, driven almost entirely by the commercial passenger division Joby acquired from Blade Air Mobility for up to $125 million in August 2025. The net loss for that quarter reached $245 million, more than six times its revenue. That loss included a $108 million noncash change in the fair value of warrants and earn-out shares.

The current share price appears to assume large future sales, which would have to come mostly from electric air taxis. Joby had yet to fly them with passengers as of its August 5, 2026 earnings call, though the company stated it was still targeting its first passengers in 2026. Joby had five air taxis flying at the time and 12 more in production.

What Has The Fall Left Unchanged At Joby?

The falling stock price did not change the cash Joby last reported or the timetable it last provided. The company ended fiscal Q2 2026 with about $2.3 billion in cash and short-term investments, having used about $202 million in that quarter. It has since committed part of that cash, agreeing to buy defense technology company Resonant Sciences for about $500 million, mostly in cash.

Over a longer stretch, Joby’s share count is one metric that has changed. The count rose 52.3% over the past three years, meaning each share now represents a smaller stake in the company.

Looking ahead, Joby expects to use $385 million to $415 million of cash in the second half of 2026. That cash use, along with whether the first passengers have flown, will be the key details to watch in the company’s next quarterly report.

Does This Mean You Should Act On JOBY?

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