Why Is Joby Aviation Stock Falling?
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Joby Aviation (JOBY) stock fell 9.2% on Thursday, November 12, 2026, while the S&P 500 lost 0.3%. The company had no earnings report from November 9 to 12 and no SEC filing on November 12, and Archer Aviation and Eve, two of the companies on its peer list, fell by similar amounts the same day. So what was going on in the market that Thursday, and where does Joby’s own business stand?
What Were Markets Doing The Day Joby Aviation Fell?
Technology stocks faced pressure. Nvidia shares dropped on Thursday over a leadership crisis, and several analysts downgraded the stock that day. Global AI stocks fell as the Nvidia crisis deepened a selloff across the sector, and the Nasdaq Composite index lost 0.4% during the session.
Away from the market, Joby’s own business remains at an early stage. The company reported $55.1 million in revenue during the third quarter of fiscal 2026, mostly from its Blade passenger business, against an operating loss of $278 million. It ended the quarter with about $2.2 billion in cash, cash equivalents and short-term investments. That total included about $128 million raised by selling shares through its at-the-market equity program. Joby is paying for its losses from this cash, topped up by share sales, while it works toward certifying its electric air taxi.
Did Joby Aviation Fall On Its Own?
No. Joby moved with two of the companies on its peer list: Archer Aviation fell 10.9% and Eve fell 8.3% over the same session. Boeing, the third company on that list, fell only 1.7%.
Industrial stocks as a whole dropped far less than Joby. XLI, the SPDR fund for the Industrials sector that Joby belongs to, lost 0.9% that day. Joby shared this drop with Archer Aviation and Eve, not with industrial stocks broadly.
Where Joby Aviation Stock Stands After A Hard Year
A fall this large is uncommon for Joby but not rare: the stock had three falls at least this large in the prior 365 days. Its latest move of this size in either direction came on November 6, 2026, when it rose 11.9%.
Over the past twelve months, the stock lost 67.3%, compared with a 12.2% gain for the S&P 500. Its highest close of the past year was $16.30 on November 12, 2025, and its lowest was $4.61 on October 14, 2026. From that low, the stock gained 15.8% in the month to November 12, so Thursday’s fall came after a rebound.
Joby is priced at 35.1 times its sales, compared with 3.2 times for the S&P 500. Joby has no profit to price, while the index trades at 21.9 times earnings. The company’s next report covers the fourth quarter of fiscal 2026, and its full-year revenue, which management guided to $135 million to $140 million on November 4, is the figure to watch. Management expects its purchase of Resonant Sciences to close before then, which could change the revenue it reports.
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