Joby Aviation, Inc. (NYSE: JOBY)

Sector: Industrials Industry: Airports & Air Services CIK: 0001819848
Market Cap 7.86 Bn
P/B 8.77
P/E -7.46
P/S 347.21
ROIC (Qtr) -71.19
Div Yield % 0.00
Rev 1y % (Qtr) 80,521.43
Total Debt (Qtr) 36.35 Mn
Debt/Equity (Qtr) 0.04
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About

Joby Aviation, Inc., often recognized by its ticker symbol JOBY, is a trailblazer in the aerospace industry, specifically focusing on the development of an all-electric vertical take-off and landing (eVTOL) air taxi. Their mission is to revolutionize how the world connects by providing a new form of clean, fast, quiet, and convenient aerial transportation service. The company's primary business activity revolves around the design, manufacturing, and operation of an eVTOL aircraft, intended for aerial ridesharing. Joby Aviation operates in the United...

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Investment thesis

Bull case

  • Healthy cash reserves of 979.16M provide 115.56x coverage of short-term debt 8.47M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 1.25B provides 34.52x coverage of total debt 36.35M, indicating robust asset backing and low credit risk.
  • Cash reserves of 979.16M provide robust 13.08x coverage of current liabilities 74.86M, indicating strong short-term solvency.
  • Strong cash position of 979.16M provides 18.49x coverage of other current liabilities 52.97M, indicating excellent liquidity.
  • Tangible assets of 1.25B provide robust 23.69x coverage of other current liabilities 52.97M, indicating strong asset backing.

Bear case

  • Investment activities of (255.53M) provide weak support for R&D spending of 542.22M, which is -0.47x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of (477.22M) shows concerning coverage of stock compensation expenses of 108.11M, with a -4.41 ratio indicating potential earnings quality issues.
  • Free cash flow of (532.75M) provides weak coverage of capital expenditures of 55.53M, with a -9.59 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (1.05B) show weak coverage of depreciation charges of 38.57M, with a -27.35 ratio indicating high capital intensity and potential reinvestment needs.
  • High financing cash flow of 789.11M relative to working capital of 943.74M, which is 0.84x suggests concerning dependence on external funding for operational needs.

Peer comparison

Companies in the Airports & Air Services
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 JOBY Joby Aviation, Inc. 7.86 Bn -7.46 347.21 0.04 Bn
2 CAAP Corporacion America Airports S.A. 4.65 Bn 25.43 2.42 1.13 Bn
3 UP Wheels Up Experience Inc. 0.49 Bn -1.39 0.65 0.47 Bn
4 ASLE AerSale Corp 0.33 Bn 56.62 0.98 0.16 Bn
5 SOAR Volato Group, Inc. 0.00 Bn 0.03 0.01 0.00 Bn
6 OMAB Central North Airport Group 0.00 Bn 0.00 0.00 -
7 PAC Pacific Airport Group 0.00 Bn 0.00 0.00 -
8 ASR Southeast Airport Group 0.00 Bn 0.00 0.00 -

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 5.05 1.49
EV to Cash from Ops. EV/CFO -14.46 28.33
EV to Debt EV to Debt 189.86 39.50
EV to EBIT EV/EBIT -6.54 6.02
EV to EBITDA EV/EBITDA -11.06 1.99
EV to Free Cash Flow [EV/FCF] EV/FCF -12.95 -14.29
EV to Market Cap EV to Market Cap 0.88 -3.17
EV to Revenue EV/Rev 304.78 61.98
Price to Book Value [P/B] P/B 8.77 2.31
Price to Earnings [P/E] P/E -7.46 14.65
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 0.00
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 0.00
Dividend per Basic Share Div per Share (Qtr) 0.00 0.00
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 0.00
Interest Coverage Int. cover (Qtr) 0.00 0.91
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -67.94 -106.28
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 37.77 -10.09
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.00
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -121.15 141.36
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -15.39 30.70
EBIT Growth (1y) % EBIT 1y % (Qtr) -121.49 13.57
EBT Growth (1y) % EBT 1y % (Qtr) -121.49 40.13
EPS Growth (1y) % EPS 1y % (Qtr) -91.43 216.02
FCF Growth (1y) % FCF 1y % (Qtr) -23.27 5.95
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 1,346.08 315.30
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.02 1.12
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.00
Cash Ratio Cash Ratio (Qtr) 13.08 3.00
Current Ratio Curr Ratio (Qtr) 13.61 4.21
Debt to Equity Ratio Debt/Equity (Qtr) 0.04 0.14
Interest Cover Ratio Int Coverage (Qtr) 0.00 0.91
Times Interest Earned Times Interest Earned (Qtr) 0.00 0.91
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -4,488.00 -888.16
EBIT Margin % EBIT Margin % (Qtr) -4,658.29 -927.43
EBT Margin % EBT Margin % (Qtr) -4,658.29 -933.83
Gross Margin % Gross Margin % (Qtr) 55.40 29.60
Net Profit Margin % Net Margin % (Qtr) -4,657.20 -934.96