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.
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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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