JOBY Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About JOBY Interactive Breakdown Better Bets vs. JOBY Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Joby Aviation (JOBY)

    Market Price (11/5/2026): $5.27 | Market Cap: $5.3 BilSector: Industrials | Industry: Airport Services

    Joby Aviation (JOBY)

    Market Price (11/5/2026): $5.27
    Market Cap: $5.3 Bil
    Sector: Industrials
    Industry: Airport Services

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -31%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 118568%

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -58%

    Megatrend and thematic drivers
    Megatrends include Advanced Aviation & Space. Themes include Advanced Air Mobility.

    Weak multi-year price returns
    2Y Excs Rtn is -29%, 3Y Excs Rtn is -84%

    Meaningful short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -883 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -759%

    Expensive valuation multiples
    P/SPrice/Sales ratio is 42x

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 146%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -524%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -639%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -22%

    Key risks
    JOBY key risks include [1] delays in its unprecedented FAA aircraft certification process and [2] a substantial annual cash burn of approximately $500 million.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -31%
    1 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 118568%
    2 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -58%
    3 Megatrend and thematic drivers
    Megatrends include Advanced Aviation & Space. Themes include Advanced Air Mobility.
    4 Weak multi-year price returns
    2Y Excs Rtn is -29%, 3Y Excs Rtn is -84%
    5 Meaningful short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15%
    6 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -883 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -759%
    7 Expensive valuation multiples
    P/SPrice/Sales ratio is 42x
    8 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 146%
    9 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -524%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -639%
    10 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -22%
    11 Key risks
    JOBY key risks include [1] delays in its unprecedented FAA aircraft certification process and [2] a substantial annual cash burn of approximately $500 million.

    JOBY in ETFs

    Weight = JOBY's share of each fund

    VTI0.01%
    ITOT0.00%
    IWM0.11%
    VB0.05%
    ARKX2.2%
    ARKQ1.4%
    ROBO1.0%
    IYT0.44%
    +10 more covered ETFs

    Valuation & Metrics

    FYE: 12/31JOBY [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$116.3 Mil—
    FY 2026 Sales$122.6 Mil—
    FY 2027 Sales$215.3 Mil—
    FY 2026 Sales Growth5.4%—
    FY 2027 Sales Growth75.6%8.6%
    EARNINGS
    LTM Net Income (GAAP) [3]$-878.2 Mil—
    FY 2026 Net Income (Non-GAAP)$-739.4 Mil—
    FY 2027 Net Income (Non-GAAP)$-745.4 Mil—
    FY 2027 Net Income Growth—13.3%
    FY 2026 EPS (Non-GAAP)$-0.89—
    FY 2027 EPS (Non-GAAP)$-0.92—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S42.83.1
    FY 2027 P/S24.4—
    FY 2026 P/E—18.0
    FY 2027 P/E——

    [1] JOBY forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    JOBYS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.1
    Rev Chg Q257,493.3%8.9%
    Rev Chg LTM118,568.4%8.4%
    Rev Chg 3Y Avg59,238.7%6.1%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.9
    CFO LTM ($ Bil)-0.6
    Net Inc LTM ($ Bil)-0.9
    Op Mgn LTM-759.2%18.7%
    CFO/Rev LTM-524.5%21.5%
    Net Inc Mgn-755.1%13.4%
    VALUATIONVERY HIGH
    P/S44.03.2
    P/CFO-8.415.1
    P/FCF-6.920.3
    P/E-5.822.8
    STABILITYVERY GOOD
    Debt/Equity0.150.19
    Cash/Assets0.820.07

    AI Analysis | Feedback

    MetricValueDateSource
    Total Patents26712312023Link
    Annual Production Capacity (Marina, CA facility)247212025Link
    Potential Annual Production Capacity (Dayton, OH facility)5007162025Link
    Number of Aircraft in Flight Test Fleet67212025Link
    Total Flights Conducted in 2025 (as of Q3)over 60011052025Link
    Number of FAA Conforming Parts Produced (Year-to-Date vs. 2024)15x more than all of 202411062025Link
    Total Cumulative Test Miles Flownmore than 30,0006302023Link

    Price Chart

    null
    Upcoming
    11/04/2026Earnings ReleaseRev: $55 Mil (A) vs. $38 Mil (E)
    EPS: -0.22 (A) vs. $-0.25 (E)
    2/24/2027Earnings ReleaseRev: $20 Mil (E)
    EPS: $-0.26 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 11/4/2026

    Joby Aviation (JOBY) stock has lost about 30% since 7/31/2026 because of the following key factors:

    1. Joby Aviation experienced an analyst downgrade and price target reduction. In early October 2026, Barclays initiated coverage on Joby Aviation with an "Underweight" rating and lowered its price target from $6 to $4. This downgrade was reportedly based on concerns that Joby's lead in FAA certification might not guarantee market dominance, citing insufficient payload and manufacturing capacity.

    2. The company faced a significant legal setback. A federal jury in Tampa, Florida, awarded Aerosonic approximately $116.9 million in early October 2026. The jury found Joby liable for breaching a non-disclosure agreement, awarding $68 million, and for misappropriating trade secrets related to air data probes, awarding $48 million. This substantial financial obligation is a significant overhang and could impact future capital needs.

    Show more
    Updated on 11/4/2026

    Joby Aviation (JOBY) stock has lost about 30% since 7/31/2026 because of the following key factors:

    1. Joby Aviation experienced an analyst downgrade and price target reduction. In early October 2026, Barclays initiated coverage on Joby Aviation with an "Underweight" rating and lowered its price target from $6 to $4. This downgrade was reportedly based on concerns that Joby's lead in FAA certification might not guarantee market dominance, citing insufficient payload and manufacturing capacity.

    2. The company faced a significant legal setback. A federal jury in Tampa, Florida, awarded Aerosonic approximately $116.9 million in early October 2026. The jury found Joby liable for breaching a non-disclosure agreement, awarding $68 million, and for misappropriating trade secrets related to air data probes, awarding $48 million. This substantial financial obligation is a significant overhang and could impact future capital needs.

    3. Investor concerns grew over dilution risk and substantial cash burn. Joby Aviation's outstanding shares have increased from 604 million in 2022 to 986.52 million, raising investor apprehension about potential further dilution. The company reported ending fiscal Q3 2026 (September 30, 2026) with $2.2 billion in cash and short-term investments but anticipated using between $385 million and $415 million in cash during the second half of 2026, underscoring significant ongoing capital consumption for its pre-revenue core eVTOL business.

    4. A broader sell-off impacted the eVTOL sector. Joby's stock decline coincided with a wider downturn across the electric vertical takeoff and landing (eVTOL) industry. Peers such as Archer Aviation and Ehang also experienced notable drops in their stock values during this period, indicating a sector-wide reevaluation by investors rather than solely company-specific issues for Joby.

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    Stock Movement Drivers

    Fundamental Drivers

    The -29.4% change in JOBY stock from 7/31/2026 to 11/4/2026 was primarily driven by a -51.5% change in the company's P/S Multiple.
    (LTM values as of)731202611042026Change
    Stock Price ($)7.155.05-29.4%
    Change Contribution By: 
    Total Revenues ($ Mil)7811649.7%
    P/S Multiple86.942.1-51.5%
    Shares Outstanding (Mil)944970-2.7%
    Cumulative Contribution-29.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/4/2026
    ReturnCorrelation
    JOBY-29.4% 
    Market (SPY)2.6%56.6%
    Sector (XLI)-5.8%26.0%

    Fundamental Drivers

    The -45.0% change in JOBY stock from 4/30/2026 to 11/4/2026 was primarily driven by a -72.7% change in the company's P/S Multiple.
    (LTM values as of)430202611042026Change
    Stock Price ($)9.195.05-45.0%
    Change Contribution By: 
    Total Revenues ($ Mil)53116117.7%
    P/S Multiple154.042.1-72.7%
    Shares Outstanding (Mil)895970-7.7%
    Cumulative Contribution-45.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/4/2026
    ReturnCorrelation
    JOBY-45.0% 
    Market (SPY)7.0%60.9%
    Sector (XLI)-2.7%38.7%

    Fundamental Drivers

    The -70.9% change in JOBY stock from 10/31/2025 to 11/4/2026 was primarily driven by a -100.0% change in the company's P/S Multiple.
    (LTM values as of)1031202511042026Change
    Stock Price ($)17.345.05-70.9%
    Change Contribution By: 
    Total Revenues ($ Mil)0116118568.4%
    P/S Multiple140,984.542.1-100.0%
    Shares Outstanding (Mil)797970-17.8%
    Cumulative Contribution-70.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/4/2026
    ReturnCorrelation
    JOBY-70.9% 
    Market (SPY)13.4%59.1%
    Sector (XLI)10.2%43.1%

    Fundamental Drivers

    The -4.2% change in JOBY stock from 10/31/2023 to 11/4/2026 was primarily driven by a null change in the company's P/S Multiple.
    (LTM values as of)1031202311042026Change
    Stock Price ($)5.275.05-4.2%
    Change Contribution By: 
    Total Revenues ($ Mil)01169.2233720368547763E17%
    P/S Multiple∞42.1 
    Shares Outstanding (Mil)637970-34.4%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2023 to 11/4/2026
    ReturnCorrelation
    JOBY-4.2% 
    Market (SPY)89.7%42.6%
    Sector (XLI)79.2%41.6%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    JOBY Return-37%-54%99%22%62%-62%-56%
    Peers Return-23%-30%89%0%-9%-41%-45%
    S&P 500 Return27%-19%24%23%16%11%102%

    Monthly Win Rates [3]
    JOBY Win Rate33%42%50%42%58%27% 
    Peers Win Rate42%44%56%36%44%30% 
    S&P 500 Win Rate75%42%67%75%67%36% 

    Max Drawdowns [4]
    JOBY Max Drawdown-59%-57%-52%-36%-48%-72% 
    Peers Max Drawdown-49%-61%-35%-56%-43%-54% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: ACHR, EVEX, BA.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 11/4/2026 (YTD)

    How Low Can It Go

    EventJOBYS&P 500
    2025 US Tariff Shock
      % Loss-29.8%-18.8%
      % Gain to Breakeven42.4%23.1%
      Time to Breakeven50 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-37.7%-9.5%
      % Gain to Breakeven60.6%10.5%
      Time to Breakeven396 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-10.7%-6.7%
      % Gain to Breakeven12.0%7.1%
      Time to Breakeven3 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-51.5%-24.5%
      % Gain to Breakeven106.1%32.4%
      Time to Breakeven495 days427 days

    Compare to ACHR, EVEX, BA

    In The Past

    Joby Aviation's stock fell -29.8% during the 2025 US Tariff Shock. Such a loss loss requires a 42.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventJOBYS&P 500
    2025 US Tariff Shock
      % Loss-29.8%-18.8%
      % Gain to Breakeven42.4%23.1%
      Time to Breakeven50 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-37.7%-9.5%
      % Gain to Breakeven60.6%10.5%
      Time to Breakeven396 days24 days
    2022 Inflation Shock & Fed Tightening
      % Loss-51.5%-24.5%
      % Gain to Breakeven106.1%32.4%
      Time to Breakeven495 days427 days

    Compare to ACHR, EVEX, BA

    In The Past

    Joby Aviation's stock fell -29.8% during the 2025 US Tariff Shock. Such a loss loss requires a 42.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Joby Aviation (JOBY)

    Joby Aviation, Inc. is an innovative air mobility company focused on developing and operating an electric vertical takeoff and landing (eVTOL) aircraft. Its core mission is to establish a new form of air transportation, leveraging electric propulsion for quiet, efficient, and sustainable flight within urban and regional environments.

    The company is vertically integrated, meaning it designs, manufactures, and intends to operate its own proprietary eVTOL aircraft. Joby's primary service will be an aerial ridesharing operation, offering on-demand air transportation as a service. This service aims to provide a fast and convenient alternative to traditional ground transportation, catering to individuals and businesses looking for efficient travel solutions over congested areas or between nearby cities.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Joby Aviation:

    • Uber for the skies
    • Tesla for flying taxis

    AI Analysis | Feedback

    ```html
    • Electric Vertical Takeoff and Landing (eVTOL) Aircraft: Joby Aviation designs and builds electric aircraft optimized for quiet, emission-free flight.
    • Aerial Ridesharing Service: The company intends to operate these aircraft to provide a convenient air transportation service, similar to a ride-hailing service but in the air.
    ```

    AI Analysis | Feedback

    Joby Aviation (JOBY) sells primarily to other companies and government entities through strategic partnerships and contracts as it develops and prepares to launch its aerial ridesharing service. Its major customers and key strategic partners include:

    • U.S. Air Force: Joby has significant contracts with the U.S. Air Force through the AFWERX Agility Prime program for aircraft development and testing.
    • Delta Air Lines (DAL): Joby has a multi-year, multi-market partnership with Delta Air Lines. Delta made an equity investment in Joby, and the partnership aims to offer Joby's air taxi service to Delta customers, beginning with New York and Los Angeles.
    • ANA Holdings Inc. (TYO: 9202): Joby has a partnership with Japan's largest airline group, ANA Holdings, to bring aerial ridesharing to Japan.

    AI Analysis | Feedback

    • Honeywell (HON)
    • Safran S. A. (SAF.PA)
    • Aethon Aerofab

    AI Analysis | Feedback

    ```html

    JoeBen Bevirt, Founder and Chief Executive Officer

    JoeBen Bevirt founded Joby Aviation in 2009 and has led the company since its inception. He is a serial entrepreneur who co-founded Velocity11 in 1999, a company focused on high-performance robotic laboratory systems, which was later acquired by Agilent Technologies. In 2005, he also founded Joby Inc., known for developing consumer products such as the Gorillapod flexible camera tripod.

    Matthew Field, Chief Financial Officer

    Matthew Field was appointed Chief Financial Officer of Joby Aviation, effective March 5, 2021. Before joining Joby, he served as the Chief Financial Officer for North America at Ford Motor Company, where he managed the financial operations of a $100 billion revenue division for over two decades. His tenure at Ford also included a role as CFO at Lincoln Motor Co., a subsidiary. Prior to his time at Ford, he worked at Goldman Sachs and the Board of Governors of the Federal Reserve System.

    Bonny Simi, President of Operations

    Bonny Simi serves as Joby Aviation's President of Operations. Her background includes several operational and strategic roles at JetBlue, where she founded and led JetBlue Technology Ventures. She is also an accomplished pilot and a three-time Olympian in the sport of Luge.

    Didier Papadopoulos, President of Aircraft OEM

    Didier Papadopoulos is Joby Aviation's President of Aircraft OEM, joining in 2021. He previously served as the Vice President of Aviation Systems, Programs and Business Development at Garmin International. His aviation career began at CAE, where he developed flight simulators for commercial and business aviation.

    Eric Allison, Chief Product Officer

    Eric Allison is Joby Aviation's Chief Product Officer. He previously led the Elevate team at Uber. His expertise spans aerospace research, electric propulsion, energy storage, vehicle autonomy, and composite structures, and he served as CEO of Zee Aero, where he led the development of the autonomous air taxi vehicle, Cora.

    ```

    AI Analysis | Feedback

    The key risks for Joby Aviation (JOBY) are primarily centered around its pre-revenue status, the complex regulatory environment for novel aircraft, and the emerging competitive landscape for urban air mobility.

    1. Regulatory Hurdles, Certification Delays, and Safety Concerns: Joby Aviation's ability to commence widespread commercial operations hinges on obtaining full Federal Aviation Administration (FAA) certification for its electric vertical takeoff and landing (eVTOL) aircraft, which is a complex and unprecedented process. Any delays in this certification, which has already seen anticipated timelines slip, could push back commercial launch dates and revenue generation significantly. Furthermore, as a new technology, eVTOLs face rigorous safety evaluations, and any accidents or technical failures during testing or early operations could impact public trust and further delay regulatory approvals.
    2. Financial Sustainability, Cash Burn, and Need for Additional Capital: As a pre-revenue company, Joby Aviation has incurred significant losses and continues to burn substantial amounts of cash to fund its aircraft development, manufacturing ramp-up, and the establishment of an operational network. The company will require additional capital in the future, which could lead to further equity raises and dilution of existing shareholders' interests. The long path to profitability for this capital-intensive industry poses an ongoing financial risk.
    3. Intense Competition and Market Adoption Uncertainty: Joby Aviation operates in a rapidly evolving and increasingly competitive advanced air mobility market, with numerous other companies (such as Archer Aviation and Lilium) also developing eVTOL aircraft and vying for market share. There are also ongoing legal disputes with competitors, which introduce reputational and legal risks. Beyond competition, the successful adoption of aerial ridesharing as a service depends on factors like establishing adequate infrastructure (e.g., vertiports), consumer acceptance of the technology, and the ability to offer services at a price point that is both attractive to customers and economically viable for Joby.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    The addressable market for Joby Aviation's main products and services, primarily electric vertical takeoff and landing (eVTOL) aircraft for aerial ridesharing, falls under the broader categories of the global eVTOL aircraft market and the global Urban Air Mobility (UAM) market.

    The global Urban Air Mobility (UAM) sector's annual total addressable market is projected to reach $1 trillion globally by 2040, and expand to $9 trillion by 2050, as adoption and use cases grow. Another projection indicates the global UAM market size, which includes air taxi services, was valued at USD 4.54 billion in 2024 and is estimated to reach USD 97.4 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 36.70% from 2025-2033. Similarly, the global UAM market is expected to grow from USD 3,580.2 million in 2023 to USD 29,188.5 million by 2030, with a CAGR of 35% from 2024 to 2030.

    Focusing on the eVTOL aircraft segment, which Joby Aviation manufactures, the global market size was estimated at USD 1.35 billion in 2023 and is projected to reach USD 28.6 billion by 2030, growing at a CAGR of 54.9% from 2024 to 2030. Other estimates for the global eVTOL aircraft market include reaching USD 30,519 million by 2030, growing at a CAGR of 18.3% from 2022 to 2030. Furthermore, the global eVTOL aircraft market size is projected to surpass approximately USD 216.02 billion by 2035, representing a CAGR of 51.87% between 2026 and 2035.

    Specifically for the air taxi market, the global market size was valued at USD 1.75 billion in 2025 and is projected to grow to USD 6.17 billion by 2034, exhibiting a CAGR of 14.35% during the forecast period. Another report indicates the global air taxi market size was USD 2.50 billion in 2025 and is expected to reach USD 14.26 billion by 2035, growing at a CAGR of 19.02% from 2026-2035.

    AI Analysis | Feedback

    Here are 3-5 expected drivers of future revenue growth for Joby Aviation (JOBY) over the next 2-3 years:

    1. Commercial Launches and Market Expansion: Joby Aviation is poised to launch its electric air taxi services in key markets, with a commercial rollout anticipated in Dubai by 2026, where the company holds a six-year exclusive access agreement. Similar commercial operations are also planned for the U.S. under the eVTOL Pilot Program (eIPP), which involves testing nationwide operations and establishing vertiports. These launches represent the direct monetization of its core air transportation as a service.
    2. Increased Manufacturing Capacity: To support its planned commercialization, Joby Aviation is significantly expanding its manufacturing capabilities. This includes the acquisition of a large production facility in Ohio, with the strategic goal of doubling aircraft production to four aircraft per month by 2027. This ramp-up in manufacturing is critical for scaling operations and delivering the volume of aircraft necessary to meet anticipated demand for its aerial ridesharing service.
    3. Revenue from Blade's Passenger Business and Strategic Partnerships: The recent acquisition of Blade's passenger business is already contributing to Joby's revenue and is expected to further accelerate its expansion in urban air mobility markets by providing access to existing terminals and a established customer base. Beyond Blade, Joby has also secured strategic partnerships, such as those with the U.S. Department of Defense for aircraft delivery and Uber for air taxi services in Dubai, which are expected to generate revenue and facilitate market entry and customer adoption.

    AI Analysis | Feedback

    Share Issuance

    • In October 2025, Joby Aviation completed an underwritten public offering of common stock, generating gross proceeds of approximately $591.0 million.
    • Joby announced in January 2026 its intention to raise $1.2 billion through concurrent public offerings, including the issuance of over 52 million shares of common stock.
    • A proposal was made in April 2025 to amend the Certificate of Incorporation to double the authorized shares of common stock from 1.4 billion to 2.8 billion.

    Inbound Investments

    • Toyota Motor Corporation made an additional strategic investment of $500 million in Joby Aviation, with the first $250 million tranche closing in May 2025, bringing Toyota's total investment to $894 million.
    • Joby secured over $1 billion in additional funding and commitments during the fourth quarter of 2024.
    • As of Q4 2025, Joby strengthened its balance sheet, reporting $1.4 billion in cash and short-term investments, further boosted by an additional net $1.2 billion received in February 2026.

    Outbound Investments

    • Joby Aviation completed the acquisition of Blade Air Mobility's passenger business in early 2025 to expand its operational capabilities and market access in key urban corridors.

    Capital Expenditures

    • Joby forecasted capital outgoings for 2025 to be as high as $540 million, primarily focused on eVTOL aircraft development.
    • In Q4 2025, Joby Aviation invested $13.8 million in capital expenditures, contributing to long-term assets and infrastructure.
    • Significant capital is being allocated to manufacturing expansion, including an agreement to acquire a manufacturing facility in the Dayton, Ohio area (over 700,000 square feet) to support plans to double production capacity to four aircraft per month by 2027.

    Peer Outperformance in Airport Services

    null
    Share of Airport Services constituents that JOBY has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    —
    insufficient peer history
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
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    Median price return by industry across the Industrials sector, ranked by 5Y. Airport Services is JOBY's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Construction & Engineering 29 -12.8%78.4%144.7% FIX 1084% · STRL 944% · AGX 620%
    Marine Transportation 5 28.7%38.5%123.2% MATX 149% · KEX 123%
    Construction Machinery & Heavy Transportation Equipment 13 12.2%58.9%107.9% ALSN 278% · WAB 230% · CAT 216%
    Aerospace & Defense 54 -7.4%61.7%59.6% ATI 980% · FTAI 885% · HWM 598%
    Industrial Machinery & Supplies & Components 71 6.3%50.5%38.7% CRS 887% · MLI 333% · SYM 274%
    Trading Companies & Distributors 19 17.2%41.9%38.4% DXPE 356% · AIT 215% · URI 202%
    Rail Transportation 7 37.9%59.1%33.8% CSX 57% · UNP 46% · NSC 34%
    Diversified Support Services 33 21.0%37.1%28.3% CXW 235% · OPLN 162% · CACI 120%
    Building Products 34 -3.2%12.5%21.7% MOD 793% · GFF 380% · TT 142%
    Cargo Ground Transportation 16 33.7%17.8%7.7% XPO 276% · R 265% · ARCB 26%
    Office Services & Supplies 10 29.7%26.2%3.1% TILE 170% · PBI 166% · HNI 48%
    Industrial Conglomerates 17 23.0%-3.6%1.0% CSW 125% · CSL 83% · DD 74%
    Electrical Components & Equipment 39 -5.2%68.2%-2.8% POWL 1633% · VRT 667% · BE 564%
    Data Processing & Outsourced Services 6 -14.9%3.1%-12.6% EXLS 60% · BR 21% · MMS -12%
    Security & Alarm Services 9 -49.8%13.7%-19.8% BCO 70%
    Research & Consulting Services 13 4.9%-16.9%-20.8% HURN 224% · FCN 35% · BAH 11%
    Agricultural & Farm Machinery 16 17.3%-6.1%-21.8% BLBD 184% · DE 106% · TTC 19%
    Environmental & Facilities Services 29 -29.1%25.0%-25.8% GEO 210% · CLH 173% · RSG 96%
    Passenger Airlines 11 10.5%55.1%-28.2% LTM 3048% · UAL 136% · DAL 126%
    Air Freight & Logistics 12 -23.0%-5.0%-37.3% FDX 86% · EXPD 60% · CHRW 57%
    Human Resource & Employment Services 22 21.6%-6.2%-42.7% ADP 50% · FA 22% · PAYX 13%
    Passenger Ground Transportation 3 -13.2%46.3%-53.7% UBER 54% · CAR -54% · LYFT -62%
    Airport Services ← 4 -48.6%-62.5%-86.1% JOBY -48%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Should You Buy Joby Stock For The Flights It Already Sells?09/15/2026
    2Joby Aviation Stock Slides 17% In A Single Day, Wait For A Dip To Buy The Stock01/30/2026
    3Would You Still Hold Joby Aviation Stock If It Fell Another 30%?01/30/2026
    4Joby Stock (+12%): Vertiport Deal + Mfg. Ramp Ignites Chase01/06/2026
    5Joby Aviation Earnings Notes12/29/2026
    6Is 20.2% Fall In Joby Aviation (JOBY) Stock A Buying Opportunity?10/29/2025
    7Day 7 of Loss Streak for Joby Aviation Stock with -20% Return (vs. 78% YTD) [8/21/2025]08/22/2025
    8Day 6 of Loss Streak for Joby Aviation Stock with -18% Return (vs. 81% YTD) [8/20/2025]08/21/2025
    9ARTICLES 
    10Does The Move In Joby Stock Change Anything?11/03/2026
    11What’s Going To Happen With Joby Aviation Stock Soon?10/25/2026
    12How Big Could Joby Aviation Stock’s Next Fall Be?10/20/2026
    13Should You Trim Or Add To Your Joby Aviation Position Now?10/16/2026
    14What Just Happened To Joby Stock?10/13/2026
    Title
    0DASHBOARDS
    1Should You Buy Joby Stock For The Flights It Already Sells?
    2Joby Aviation Stock Slides 17% In A Single Day, Wait For A Dip To Buy The Stock
    3Would You Still Hold Joby Aviation Stock If It Fell Another 30%?
    4Joby Stock (+12%): Vertiport Deal + Mfg. Ramp Ignites Chase
    5Joby Aviation Earnings Notes
    6Is 20.2% Fall In Joby Aviation (JOBY) Stock A Buying Opportunity?
    7Day 7 of Loss Streak for Joby Aviation Stock with -20% Return (vs. 78% YTD) [8/21/2025]
    8Day 6 of Loss Streak for Joby Aviation Stock with -18% Return (vs. 81% YTD) [8/20/2025]
    9ARTICLES
    10Does The Move In Joby Stock Change Anything?
    11What’s Going To Happen With Joby Aviation Stock Soon?
    12How Big Could Joby Aviation Stock’s Next Fall Be?
    13Should You Trim Or Add To Your Joby Aviation Position Now?
    14What Just Happened To Joby Stock?

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    Peer Comparisons

    Peers to compare with:

    Financials

    JOBYACHREVEXBAMedian
    NameJoby Avi.Archer A.Eve Boeing  
    Mkt Price5.314.131.69177.474.72
    Mkt Cap5.23.20.6140.74.2
    Rev LTM1167094,91362
    Op Inc LTM-883-943-222-165-553
    FCF LTM-743-681-2117-446
    FCF 3Y Avg-548-513-160-4,564-531
    CFO LTM-610-540-1954,012-368
    CFO 3Y Avg-476-419-153-1,651-448

    Growth & Margins

    JOBYACHREVEXBAMedian
    NameJoby Avi.Archer A.Eve Boeing  
    Rev Chg LTM118,568.4%--17.5%59,292.9%
    Rev Chg 3Y Avg---8.2%8.2%
    Rev Chg Q257,493.3%--3.9%128,748.6%
    QoQ Delta Rev Chg LTM49.7%263.2%-1.0%49.7%
    Op Inc Chg LTM-38.4%-66.5%-18.8%98.0%-28.6%
    Op Inc Chg 3Y Avg-29.0%-29.6%-29.1%-95.7%-29.3%
    Op Mgn LTM-759.2%-13,666.7%--0.2%-759.2%
    Op Mgn 3Y Avg-233,956.4%---6.6%-116,981.5%
    QoQ Delta Op Mgn LTM257.8%30,538.6%-5.2%257.8%
    CFO/Rev LTM-524.5%-7,831.9%-4.2%-524.5%
    CFO/Rev 3Y Avg-164,003.8%---2.5%-82,003.1%
    FCF/Rev LTM-639.2%-9,869.6%-0.0%-639.2%
    FCF/Rev 3Y Avg-182,830.8%---6.0%-91,418.4%

    Valuation

    JOBYACHREVEXBAMedian
    NameJoby Avi.Archer A.Eve Boeing  
    Mkt Cap5.23.20.6140.74.2
    P/S44.3467.9-1.544.3
    P/Op Inc-5.8-3.4-2.7-852.6-4.6
    P/EBIT-5.8-3.4-3.013.7-3.2
    P/E-5.9-4.0-2.818.4-3.4
    P/CFO-8.4-6.0-3.035.1-4.5
    Total Yield-17.9%-24.8%-36.2%5.5%-21.4%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-8.6%-21.3%-19.1%-3.9%-13.9%
    D/E0.10.00.50.30.2
    Net D/E-0.3-0.4-0.10.2-0.2

    Returns

    JOBYACHREVEXBAMedian
    NameJoby Avi.Archer A.Eve Boeing  
    1M Rtn-8.1%-12.5%-0.6%-7.9%-8.0%
    3M Rtn-31.9%-20.6%-36.5%-26.1%-29.0%
    6M Rtn-49.5%-35.6%-47.8%-22.8%-41.7%
    12M Rtn-64.0%-56.8%-57.5%-10.4%-57.2%
    3Y Rtn-14.9%-24.5%-77.3%-9.0%-19.7%
    1M Excs Rtn-4.8%-8.0%2.0%-3.3%-4.0%
    3M Excs Rtn-33.6%-19.2%-33.7%-21.7%-27.6%
    6M Excs Rtn-52.4%-38.3%-50.6%-25.6%-44.5%
    12M Excs Rtn-78.5%-70.9%-69.6%-23.7%-70.2%
    3Y Excs Rtn-82.7%-93.8%-159.6%-84.5%-89.2%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/6/20265/6/20262/27/202611/6/20258/7/20255/8/20252/27/202511/6/20248/8/20245/8/20242/27/202411/6/2023
    Key Financials Quarterly            
    Total Revenue3924312300000010
    Ebitda-249-223-196-171-158-154-140-148-136-137-120-120
    Operating Income-261-234-207-182-168-163-150-157-144-146-128-128
    Net Income-245-110-122-401-325-82-246-144-123-95-1152
    EPS-0.25-0.12-0.14-0.48-0.41-0.11-0.34-0.21-0.18-0.14-0.170.00
    Key Financials TTM            
    Total Revenue TTM11678532300011110
    Ebitda TTM-839-748-679-624-600-578-561-541-513-486-442-416
    Operating Income TTM-883-790-720-663-638-614-597-575-547-518-472-445
    Net Income TTM-878-957-930-1,055-797-596-608-477-331-494-513-465
    Growth Rates Quarterly            
    Total Revenue Growth257493.3%-55965.5%80521.4%-46.4%-100.0%-94.7%-----
    EBITDA Growth-57.5%-44.4%-39.4%-16.0%-16.6%-12.2%-16.9%-22.8%-25.0%-48.3%-26.7%-32.6%
    Operating Income Growth-55.4%-43.1%-38.0%-15.9%-16.3%-11.9%-16.9%-22.3%-24.4%-46.3%-26.5%-32.0%
    Net Income Growth24.4%-33.4%50.7%-178.9%-163.3%12.9%-114.0%-9534.6%56.9%16.6%-71.9%101.9%
    Margins Quarterly            
    EBITDA Margin-644.5%-918.1%-634.7%-759.5%-1054073.3%--255269.1%-527828.6%-484292.9%-549560.0%-11637.7%-
    Operating Income Margin-675.2%-963.4%-670.6%-804.8%-1119093.3%--272500.0%-559625.0%-515310.7%-583588.0%-12426.6%-
    Net Income Margin-635.2%-453.5%-394.1%-1777.4%-2164493.3%--447776.4%-513850.0%-440328.6%-378348.0%-11153.4%-
    Cash & Debt            
    Total Cash2,2642,4661,4089789918139337108259241,0321,113
    Total Debt74874837463132343230313130
    Net Debt / (Cash)-1,516-1,718-1,371-933-960-781-899-678-795-893-1,002-1,083
    Cash Flows Quarterly            
    FCF from Operations-173-144-153-139-107-111-120-110-99-107-83-80
    Cash Flows TTM            
    FCF from Operations TTM-610-543-510-477-448-441-436-399-369-342-314-284
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-30.8%-29.8%-29.3%-27.7%-30.5%-32.4%-32.0%-36.6%-36.9%-41.0%-40.1%-43.4%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-26.0%-25.2%-25.5%-25.2%-29.0%-30.5%-31.9%-33.6%-34.9%-36.4%-36.9%-38.4%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Services segment530100
    Total530100


    Net Income by Segment
    $ Mil20252024
    Services segment-930-608
    Total-930-608


    Assets by Segment
    $ Mil202220212020
    Single segment1,2931,488497
    Total1,2931,488497


    Price Behavior

    Price Behavior
    Market Price$5.05 
    Market Cap ($ Bil)4.9 
    First Trading Date11/09/2020 
    Distance from 52W High-69.1% 
       50 Days200 Days
    DMA Price$5.79$8.47
    DMA Trenddowndown
    Distance from DMA-12.7%-40.4%
     3M1YR
    Volatility44.7%66.4%
    Downside Capture392.62435.30
    Upside Capture94.47242.07
    Correlation (S&P 500)47.3%59.6%
    JOBY Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta1.231.882.453.353.072.11
    Up Beta-4.801.833.744.552.761.82
    Down Beta0.481.321.572.742.461.43
    Up Capture4%95%141%293%488%4026%
    Bmk +ve Days12182862130427
    Stock +ve Days6162547110346
    Down Capture291%295%302%263%187%113%
    Bmk -ve Days10253664121325
    Stock -ve Days13243676137394

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with JOBY
    JOBY-69.2%66.4%-1.50-
    Sector ETF (XLI)10.8%17.4%0.4243.1%
    Equity (SPY)13.2%12.9%0.6859.4%
    Gold (GLD)1.0%28.8%0.0333.2%
    Commodities (DBC)35.9%21.2%1.34-12.3%
    Real Estate (VNQ)14.3%14.1%0.705.9%
    Bitcoin (BTCUSD)-28.2%43.4%-0.6540.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with JOBY
    JOBY-11.4%77.6%0.17-
    Sector ETF (XLI)12.1%17.6%0.5140.2%
    Equity (SPY)12.5%17.2%0.5543.3%
    Gold (GLD)17.3%19.1%0.7312.1%
    Commodities (DBC)8.0%19.6%0.292.7%
    Real Estate (VNQ)1.8%18.9%-0.0131.9%
    Bitcoin (BTCUSD)5.5%51.5%0.2926.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with JOBY
    JOBY-7.5%76.0%0.15-
    Sector ETF (XLI)13.4%20.1%0.5837.9%
    Equity (SPY)15.4%18.0%0.7341.3%
    Gold (GLD)11.9%16.5%0.5911.8%
    Commodities (DBC)7.4%18.1%0.334.1%
    Real Estate (VNQ)5.7%20.7%0.2329.7%
    Bitcoin (BTCUSD)61.0%66.2%1.0122.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10152026
    Short Interest: Shares Quantity143.2 Mil
    Short Interest: % Change Since 930202612.5%
    Average Daily Volume24.8 Mil
    Days-to-Cover Short Interest5.8 days
    Basic Shares Quantity969.9 Mil
    Short % of Basic Shares14.8%

    Returns Analyses

    Earnings Returns History

    Updated 11/4/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/5/20265.5%2.1%-11.9%
    5/5/202621.2%20.9%28.3%
    2/25/20261.0%0.4%-7.7%
    11/5/20251.6%10.8%3.4%
    8/6/2025-8.9%-6.0%-28.9%
    5/7/20253.6%11.7%26.5%
    2/26/20253.1%1.5%1.1%
    11/6/2024-0.6%23.9%58.6%
    ...
    SUMMARY STATS   
    # Positive13148
    # Negative7612
    Median Positive5.5%9.8%24.6%
    Median Negative-2.2%-7.2%-9.5%
    Max Positive21.2%24.2%58.6%
    Max Negative-8.9%-13.9%-31.0%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/5/20265.5%2.1%-11.9%
    5/5/202621.2%20.9%28.3%
    2/25/20261.0%0.4%-7.7%
    11/5/20251.6%10.8%3.4%
    8/6/2025-8.9%-6.0%-28.9%
    5/7/20253.6%11.7%26.5%
    2/26/20253.1%1.5%1.1%
    11/6/2024-0.6%23.9%58.6%
    8/7/20245.9%1.0%-2.9%
    5/7/2024-8.9%0.4%-4.1%
    2/21/2024-2.3%-8.4%-16.6%
    11/1/202313.1%3.9%22.8%
    8/2/2023-0.6%-4.5%-10.1%
    5/3/20233.9%9.3%38.8%
    2/22/20230.7%10.3%-10.1%
    11/2/2022-2.2%-13.9%-8.8%
    8/11/20226.3%-3.7%-5.2%
    5/12/202220.3%23.5%9.0%
    3/24/202212.2%24.2%-0.4%
    11/12/2021-2.0%-10.8%-31.0%
    SUMMARY STATS   
    # Positive13148
    # Negative7612
    Median Positive5.5%9.8%24.6%
    Median Negative-2.2%-7.2%-9.5%
    Max Positive21.2%24.2%58.6%
    Max Negative-8.9%-13.9%-31.0%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/06/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/08/202510-Q
    12/31/202402/27/202510-K
    09/30/202411/06/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/08/202410-Q
    12/31/202302/27/202410-K
    09/30/202311/06/202310-Q
    06/30/202308/04/202310-Q
    03/31/202305/05/202310-Q
    12/31/202203/01/202310-K
    09/30/202211/04/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/06/202610-Q
    12/31/202502/27/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/08/202510-Q
    12/31/202402/27/202510-K
    09/30/202411/06/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/08/202410-Q
    12/31/202302/27/202410-K
    09/30/202311/06/202310-Q
    06/30/202308/04/202310-Q
    03/31/202305/05/202310-Q
    12/31/202203/01/202310-K
    09/30/202211/04/202210-Q
    06/30/202208/12/202210-Q
    03/31/202205/13/202210-Q
    12/31/202103/28/202210-K
    09/30/202111/15/202110-Q
    06/30/202108/13/202110-Q

    Recent Forward Guidance

    Updated 11/4/2026

    Latest: Q3 2026 Earnings Reported 11/4/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 RevenueReported135.00 Mil137.50 Mil140.00 Mil14.6% RaisedGuidance: 120.00 Mil for 2026
    H2 2026 Use of Cash, Cash Equivalents and Short-Term InvestmentsReported385.00 Mil400.00 Mil415.00 Mil   

    null

    Insider Activity

    Updated 11/3/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Sciarra, Paul Cahill Sciarra Management TrustSell110320264.9762,500310,625276,222,943Form
    2Dehoff, KateSee RemarksDirectSell101420265.098,27942,1401,002,547Form
    3Allison, EricChief Product OfficerDirectSell101420265.0927,593140,4483,792,661Form
    4Bowles, GregoryChief Policy OfficerDirectSell100620265.785,30230,6461,119,609Form
    5Bevirt, JoebenCEO and Chief ArchitectDirectSell100520265.9515,78993,9451,514,388Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Sciarra, Paul Cahill Sciarra Management TrustSell110320264.9762,500310,625276,222,943Form
    2Dehoff, KateSee RemarksDirectSell101420265.098,27942,1401,002,547Form
    3Allison, EricChief Product OfficerDirectSell101420265.0927,593140,4483,792,661Form
    4Bowles, GregoryChief Policy OfficerDirectSell100620265.785,30230,6461,119,609Form
    5Bevirt, JoebenCEO and Chief ArchitectDirectSell100520265.9515,78993,9451,514,388Form
    6Allison, EricChief Product OfficerDirectSell100520265.959,33155,5194,279,026Form
    7Novikov, SergeySee RemarksDirectSell100520265.952,96517,642289,652Form
    8Brumana, RodrigoChief Financial OfficerDirectSell100520265.952,60115,476673,986Form
    9Bowles, GregoryChief Policy OfficerDirectSell100520265.957,66345,5951,184,086Form
    10Simi, Bonny WPresident of OperationsDirectSell100520265.9510,89064,7961,439,442Form
    11Dehoff, KateSee RemarksDirectSell100520265.959,57556,9711,125,609Form
    12Sciarra, Paul Cahill Sciarra Management TrustSell100220266.0962,500380,625338,850,992Form
    13Bowles, GregoryChief Policy OfficerDirectSell92320266.356,13838,9761,207,580Form
    14Bevirt, JoebenCEO and Chief ArchitectJoby TrustSell91720266.19606,6673,755,269354,113,664Form
    15Brumana, RodrigoChief Financial OfficerDirectSell90320266.898,89861,307763,626Form
    16Sciarra, Paul Cahill Sciarra Management TrustSell90320266.6862,500417,500372,096,421Form
    17Brumana, RodrigoChief Financial OfficerDirectSell90320266.7737,831256,116810,565Form
    18Bowles, GregoryChief Policy OfficerDirectSell82520267.234,57533,0771,388,059Form
    19Bowles, GregoryChief Policy OfficerDirectSell82520267.343,53125,9181,442,758Form
    20Bevirt, JoebenCEO and Chief ArchitectJoby TrustSell81820267.87596,6674,695,769454,996,526Form
    21Sciarra, Paul Cahill Sciarra Management TrustSell81420267.9662,500497,500443,893,834Form
    22Bevirt, JoebenCEO and Chief ArchitectJoby TrustSell71720267.75596,6664,624,162452,683,010Form
    23Dehoff, KateSee RemarksDirectSell71420267.7314,240110,0751,392,784Form
    24Allison, EricChief Product OfficerDirectSell71420267.5327,932210,3285,349,282Form
    25Dehoff, KateSee RemarksDirectSell71420267.538,38163,1091,463,975Form
    26Bowles, GregoryChief Policy OfficerDirectSell70620269.104,72442,9881,719,318Form
    27Simi, Bonny WPresident of OperationsDirectSell70620268.927,83269,8612,066,648Form
    28Bowles, GregoryChief Policy OfficerDirectSell70620268.925,15846,0091,727,447Form
    29Brumana, RodrigoChief Financial OfficerDirectSell70620268.922,60123,201750,520Form
    30Dehoff, KateSee RemarksDirectSell70620268.929,57585,4091,665,676Form
    31Bevirt, JoebenCEO and Chief ArchitectDirectSell70620268.9215,788140,8292,137,865Form
    32Allison, EricChief Product OfficerDirectSell70620268.929,33083,2246,108,229Form
    33Papadopoulos, DidierPresident of Aircraft OEMDirectSell70620268.9212,939115,4161,432,730Form
    34Papadopoulos, DidierPresident of Aircraft OEMDirectSell61620269.421,97518,6041,398,446Form
    35Papadopoulos, DidierPresident of Aircraft OEMDirectSell61620269.835,99958,9701,478,727Form
    36Brumana, RodrigoChief Financial OfficerDirectSell608202611.3078,489886,926923,142Form
    37Brumana, RodrigoChief Financial OfficerDirectSell603202611.77140,7161,656,2271,885,354Form
    38Dehoff, KateSee RemarksDirectSell603202611.7715,201178,9162,091,929Form
    39Sciarra, Paul Cahill Sciarra Management TrustSell603202612.0083,3341,000,008669,936,684Form
    40Sciarra, Paul Cahill Sciarra Management TrustSell601202612.02416,6665,008,325672,054,920Form
    41Bowles, GregoryChief Policy OfficerDirectSell526202611.474,60252,7852,091,199Form
    42Bowles, GregoryChief Policy OfficerDirectSell526202610.743,48637,4402,007,532Form
    43Bevirt, JoebenCEO and Chief ArchitectJoby TrustSell515202610.38322,0193,342,557612,496,573Form
    44Bevirt, JoebenCEO and Chief ArchitectJoeBen Bevirt 2020 Descendants TrustSell515202610.3899,0001,027,620328,825,965Form
    45Allison, EricChief Product OfficerDirectSell508202610.0074,844748,4406,760,080Form
    46Bevirt, JoebenCEO and Chief ArchitectDirectSell41720269.0339,963360,8662,030,152Form
    47Bevirt, JoebenCEO and Chief ArchitectJoby TrustSell41720269.03322,0182,907,823535,744,446Form
    48Bevirt, JoebenCEO and Chief ArchitectJoeBen Bevirt 2020 Descendants TrustSell41720269.0399,000893,970286,953,552Form
    49Dehoff, KateSee RemarksDirectSell41420268.7314,295124,7951,427,940Form
    50Dehoff, KateSee RemarksDirectSell41420268.208,31068,1421,458,468Form
    51Allison, EricChief Product OfficerDirectSell41420268.2027,698227,1246,156,986Form
    52Bowles, GregoryChief Policy OfficerDirectSell40920268.873573,1671,589,956Form
    53Allison, EricChief Product OfficerDirectSell40920268.878267,3276,430,759Form
    54Brumana, RodrigoChief Financial OfficerDirectSell40920268.875665,02063,979Form
    55Simi, Bonny WPresident of OperationsDirectSell40920268.875264,6661,937,137Form
    56Papadopoulos, DidierPresident of Aircraft OEMDirectSell40920268.878267,3271,286,673Form
    57Dehoff, KateSee RemarksDirectSell40920268.876675,9161,508,858Form
    58Bevirt, JoebenCEO and Chief ArchitectDirectSell40920268.879868,7462,348,652Form
    59Papadopoulos, DidierPresident of Aircraft OEMDirectSell40720268.763,39429,7311,263,928Form
    60Bowles, GregoryChief Policy OfficerDirectSell40720268.764,72041,3471,563,397Form
    61Papadopoulos, DidierPresident of Aircraft OEMDirectSell40320268.1512,965105,6651,203,576Form
    62Bevirt, JoebenCEO and Chief ArchitectDirectSell40320268.1515,823128,9572,150,475Form
    63Simi, Bonny WPresident of OperationsDirectSell40320268.157,69662,7221,772,421Form
    64Allison, EricChief Product OfficerDirectSell40320268.159,35076,2025,902,442Form
    65Brumana, RodrigoChief Financial OfficerDirectSell40320268.151,83914,98850,742Form
    66Bowles, GregoryChief Policy OfficerDirectSell40320268.155,16742,1111,492,998Form
    67Dehoff, KateSee RemarksDirectSell40320268.159,59478,1911,381,286Form
    68Papadopoulos, DidierPresident of Aircraft OEMDirectSell31720269.852,59425,5511,335,079Form
    69Papadopoulos, DidierPresident of Aircraft OEMDirectSell31720269.944,23142,0561,373,062Form
    70Papadopoulos, DidierPresident of Aircraft OEMDirectSell31120269.901,17211,6031,294,168Form
    71Dehoff, KateSee RemarksDirectSell31120269.901,43314,1871,588,980Form
    72Bowles, GregoryChief Policy OfficerDirectSell31120269.901,07510,6421,701,404Form
    73Brumana, RodrigoChief Financial OfficerDirectSell311202610.251,15911,88030,955Form
    74Bevirt, JoebenCEO and Chief ArchitectDirectSell311202610.253,23833,1902,552,742Form
    75Simi, Bonny WPresident of OperationsDirectSell311202610.251,72717,7021,511,506Form
    76Papadopoulos, DidierPresident of Aircraft OEMDirectSell311202610.251,91519,6291,351,934Form
    77Allison, EricChief Product OfficerDirectSell311202610.252,35124,0987,333,629Form
    78Dehoff, KateSee RemarksDirectSell311202610.252,19322,4781,659,844Form
    79Bowles, GregoryChief Policy OfficerDirectSell311202610.251,17212,0131,772,574Form
    80Bowles, GregoryChief Policy OfficerDirectSell22420269.6211,530110,9191,638,863Form
    81Bowles, GregoryChief Policy OfficerDirectSell22420269.573,55133,9831,740,687Form
    82Bevirt, JoebenCEO and Chief ArchitectDirectSell21720269.9163,636630,6332,437,919Form
    83Bevirt, JoebenCEO and Chief ArchitectJoby TrustSell21720269.91386,1823,827,064591,145,513Form
    84Bevirt, JoebenCEO and Chief ArchitectJoeBen Bevirt 2020 Descendants TrustSell21720269.91121,0001,199,110315,899,108Form
    85Papadopoulos, DidierPresident of Aircraft OEMDirectSell21720269.746,36662,0051,252,058Form
    86Dehoff, KateSee RemarksDirectSell21720269.888,53984,3651,579,585Form
    87Bevirt, JoebenCEO and Chief ArchitectDirectSell21720269.8814,456142,8253,059,263Form
    88Bowles, GregoryChief Policy OfficerDirectSell21720269.884,46444,1041,721,936Form
    89Papadopoulos, DidierPresident of Aircraft OEMDirectSell21720269.8810,382102,5741,332,950Form
    90Allison, EricChief Product OfficerDirectSell21720269.889,81596,9727,047,088Form
    91Simi, Bonny WPresident of OperationsDirectSell21720269.888,65285,4821,427,097Form
    92Dehoff, KateSee RemarksDirectSell21120269.9116,235160,8891,480,247Form
    93Papadopoulos, DidierPresident of Aircraft OEMDirectSell211202610.148168,2741,183,592Form
    94Dehoff, KateSee RemarksDirectSell211202610.551,07611,3521,747,122Form
    95Bowles, GregoryChief Policy OfficerDirectSell211202610.558168,6091,735,095Form
    96Allison, EricChief Product OfficerDirectSell211202610.551,52616,0997,427,580Form
    97Brumana, RodrigoChief Financial OfficerDirectSell211202610.555105,38014,844Form
    98Bevirt, JoebenCEO and Chief ArchitectDirectSell211202610.551,59016,7743,105,245Form
    99Simi, Bonny WPresident of OperationsDirectSell211202610.551,20212,6811,363,967Form
    100Papadopoulos, DidierPresident of Aircraft OEMDirectSell211202610.551,33314,0631,240,058Form
    101Bevirt, JoebenCEO and Chief ArchitectJoeBen Bevirt 2020 Descendants TrustSell211202610.62121,0001,285,020339,816,657Form
    102Bevirt, JoebenCEO and Chief ArchitectJoby TrustSell211202610.62386,1824,101,253637,599,270Form
    103Dehoff, KateSee RemarksDirectSell203202610.488,19485,8731,715,807Form
    104Bowles, GregoryChief Policy OfficerDirectSell114202614.725,38379,2382,394,561Form
    105Papadopoulos, DidierPresident of Aircraft OEMDirectSell114202614.5380411,6821,674,016Form
    106Dehoff, KateSee RemarksDirectSell114202614.7228,260415,9872,198,712Form
    107Bowles, GregoryChief Policy OfficerDirectSell114202614.8389413,2582,492,285Form
    108Papadopoulos, DidierPresident of Aircraft OEMDirectSell114202614.841,36720,2861,721,663Form
    109Dehoff, KateSee RemarksDirectSell114202614.847,092105,2452,636,014Form
    110Simi, Bonny WPresident of OperationsDirectSell114202614.841,23218,2831,887,425Form
    111Allison, EricChief Product OfficerDirectSell114202614.8421,493318,95610,426,643Form
    112Bevirt, JoebenCEO and Chief ArchitectDirectSell114202614.831,63024,1734,323,761Form
    113Brumana, RodrigoChief Financial OfficerDirectSell114202614.835237,75610,351Form
    114Papadopoulos, DidierPresident of Aircraft OEMDirectSell105202615.846,429101,8641,801,805Form
    115Simi, Bonny WPresident of OperationsDirectSell105202613.85110,1731,525,7751,732,692Form
    116Dehoff, KateSee RemarksDirectSell105202613.5110,484141,6392,238,553Form
    117Allison, EricChief Product OfficerDirectSell105202613.515,44773,5899,019,114Form
    118Bowles, GregoryChief Policy OfficerDirectSell105202613.514,19456,6612,247,307Form
    119Bevirt, JoebenCEO and Chief ArchitectDirectSell105202613.5123,552318,1883,901,877Form
    120Papadopoulos, DidierPresident of Aircraft OEMDirectSell105202613.5111,650157,3921,623,186Form
    121Thompson, Michael N JR Child 1Buy102202613.245507,2827,282Form
    122Thompson, Michael N JR Child 2Buy102202613.245507,2827,282Form
    123Allison, EricChief Product OfficerDirectSell102202613.2532,448429,9368,744,735Form
    124Papadopoulos, DidierPresident of Aircraft OEMDirectSell1216202514.081,97927,8641,433,048Form
    125Papadopoulos, DidierPresident of Aircraft OEMDirectSell1216202514.995,98789,7451,555,332Form
    126Bowles, GregoryChief Policy OfficerDirectSell1125202513.723,93153,9332,182,646Form
    127Bowles, GregoryChief Policy OfficerDirectSell1125202513.314,60461,2792,169,743Form

    Investor Activity (13F)

    Updated Nov 5, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Toyota Motor Corp/$1.1 Bil43.5%5Hold13F
    Capricorn Investment Group LLC$244.9 Mil40.7%7Hold13F
    Delta Air Lines, Inc.$120.5 Mil31.9%3ADD +32.1%13F
    Intel Corp$126.5 Mil26.9%3Hold13F
    Valueworks LLC$19.7 Mil5.4%35Hold13F
    Allen Operations LLC$12.9 Mil1.9%36Hold13F
    Uber Technologies, Inc$59.0 Mil1.6%7Hold13F
    Lingotto Investment Management LLP$30.9 Mil0.6%34ADD +19.3%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Delta Air Lines, Inc.$120.5 Mil31.9%3ADD +32.1%13F
    Lingotto Investment Management LLP$30.9 Mil0.6%34ADD +19.3%13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Toyota Motor Corp/$1.1 Bil43.5%5Hold13F
    Capricorn Investment Group LLC$244.9 Mil40.7%7Hold13F
    Intel Corp$126.5 Mil26.9%3Hold13F
    Delta Air Lines, Inc.$120.5 Mil31.9%3ADD +32.1%13F
    Uber Technologies, Inc$59.0 Mil1.6%7Hold13F
    Lingotto Investment Management LLP$30.9 Mil0.6%34ADD +19.3%13F
    Valueworks LLC$19.7 Mil5.4%35Hold13F
    Allen Operations LLC$12.9 Mil1.9%36Hold13F

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    Industry Resources

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