Can Joby Aviation Stock Recover If Markets Fall?
Joby Aviation (JOBY) stock is down 16.7% in a day. The recent slide reflects concerns over Joby’s upsized capital raise and potential dilution, but sharp drops like this often raise a tougher question: is the weakness temporary, or a sign of deeper cracks in the story?
Before judging its downturn reslience, let’s look at where Joby Aviation stands today.
- Size: Joby Aviation is a $9.4 Bil company with $23 Mil in revenue currently trading at $11.14.
- Fundamentals: Last 12 month revenue growth of 1934.5% and operating margin of -2926.6%.
- Liquidity: Has Debt to Equity ratio of 0.0 and Cash to Assets ratio of 0.72
- Valuation: Joby Aviation stock is currently trading at P/E multiple of -8.9 and P/EBIT multiple of -14.2
- Has returned (median) -15.8% within a year following sharp dips since 2010. See JOBY Dip Buy Analysis.
These metrics point to a Strong operational performance, alongside Very High valuation – making the stock Relatively Expensive. For details, see Buy or Sell JOBY Stock
That brings us to the key consideration for investors worried about this fall: how resilient is JOBY stock if markets turn south? This is where our downturn resilience framework comes in. Suppose JOBY stock falls another 20-30% to $8 – can investors comfortably hold on? Turns out, the stock saw an impact slightly better than the S&P 500 index during various economic downturns, based on (a) how much the stock fell and, (b) how quickly it recovered. Below, we dive deeper into each such downturn.
2022 Inflation Shock
- JOBY stock fell 79.7% from a high of $15.70 on 16 February 2021 to $3.18 on 27 December 2022 vs. a peak-to-trough decline of 25.4% for the S&P 500.
- However, the stock fully recovered to its pre-Crisis peak by 16 July 2025
- Since then, the stock increased to a high of $20.39 on 4 August 2025 , and currently trades at $11.14
| JOBY | S&P 500 | |
|---|---|---|
| % Change from Pre-Recession Peak | -79.7% | -25.4% |
| Time to Full Recovery | 932 days | 464 days |
2020 Covid Pandemic
- JOBY stock fell 4.1% from a high of $11.84 on 28 December 2020 to $11.36 on 30 December 2020 vs. a peak-to-trough decline of 33.9% for the S&P 500.
- However, the stock fully recovered to its pre-Crisis peak by 12 January 2021
| JOBY | S&P 500 | |
|---|---|---|
| % Change from Pre-Recession Peak | -4.1% | -33.9% |
| Time to Full Recovery | 13 days | 148 days |
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