A Joby Eletric air taxi performs a flying display at Al-Maktoum International Airport during the Dubai Airshow 2025 in Dubai on November 17, 2025. (Photo by Giuseppe CACACE / AFP) (Photo by GIUSEPPE CACACE/AFP via Getty Images)
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JOBY stock has declined by 16.7% in a single day. This recent decline is driven by apprehensions around Joby’s enlarged capital raise and the potential for dilution, yet significant drops like this frequently prompt a more challenging question: is this weakness a short-term issue, or does it indicate more serious problems in the fundamentals?
Before assessing its downturn resilience, let’s evaluate Joby Aviation’s current standing.
- Size: Joby Aviation is valued at $9.4 billion, with revenues of $23 million, and is currently trading at $11.14.
- Fundamentals: The revenue growth over the last 12 months has been 1934.5%, coupled with an operating margin of -2926.6%.
- Liquidity: The company exhibits a Debt to Equity ratio of 0.0 and a Cash to Assets ratio of 0.72.
- Valuation: Joby Aviation stock is presently trading at a P/S multiple of 419
- Historically, it has returned a median of -15.8% within a year following sharp declines since 2010. Refer to JOBY Dip Buy Analysis.
Investors must recognize that Joby Aviation currently generates minimal revenue and has yet to achieve profitability. Consequently, traditional financial metrics and valuation multiples are largely irrelevant. Instead, Joby’s valuation is driven almost entirely by its long-term potential in the emerging eVTOL (electric vertical takeoff and landing) market.
This brings us to an essential consideration for investors concerned about this decline: how resilient is JOBY stock should markets take a downturn? This is where our downturn resilience framework proves useful. If JOBY stock drops another 20-30% to $8 – can investors remain confident? Interestingly, the stock experienced a slightly better impact than the S&P 500 index in one of the recent economic downturns, evaluated based on (a) the extent of the stock’s fall, and (b) the speed of its recovery. Below, we explore each downturn in more detail.
2022 Inflation Shock
- JOBY stock declined by 79.7% from a high of $15.70 on 16 February 2021 to $3.18 on 27 December 2022, while the S&P 500 experienced a peak-to-trough decline of 25.4%.
- Nevertheless, the stock completely rebounded to its pre-Crisis high by 16 July 2025.
- Following this, the stock rose to a peak of $20.39 on 4 August 2025 and is currently priced at $11.14.
JOBY Stock Performance During The 2022 Inflation Shock
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2020 COVID Pandemic
- JOBY stock dropped by 4.1% from a peak of $11.84 on 28 December 2020 to $11.36 on 30 December 2020, compared to a peak-to-trough decline of 33.9% for the S&P 500.
- However, the stock completely bounced back to its pre-Crisis peak by 12 January 2021.
JOBY Stock Performance During The 2020 COVID Pandemic
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