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    Joby Aviation (JOBY) Valuation Check After Recent Share Price Momentum And High Price To Book Multiple

    Simply Wall St·01/07/2026 07:15:33
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    What recent performance says about Joby Aviation

    With no single headline event driving trade, Joby Aviation (JOBY) has still drawn attention after a 1 day return of 1.6% and a roughly 23% move over the past week.

    Shares have also recorded a month return of about 6.8%, while the past 3 months show a 6.2% decline. Year to date, the stock’s total return stands near 13.5%, with a 1 year total return of about 58.7%.

    See our latest analysis for Joby Aviation.

    At a share price of $16.30, Joby Aviation’s sharp 7 day share price return of 23.3% sits against a mixed recent patch but a very large 3 year total shareholder return. This suggests momentum has recently picked up as investors reassess growth potential and risk around its electric air mobility plans.

    If Joby’s moves in electric air transport have caught your interest, this could be a good moment to see what else is happening across high growth tech and AI stocks for fresh ideas beyond a single stock.

    With Joby Aviation now trading around $16.30 and showing a very large 3 year total return, the key question is simple: are you looking at a stock still mispriced for its electric air ambitions, or has the market already baked in much of the future growth potential?

    Price-to-Book of 16.6x: Is it justified?

    At a last close of $16.30, Joby Aviation is trading on a P/B of 16.6x, which is a steep premium to both its peers and the broader North American airlines group.

    P/B compares a company’s market value to the accounting value of its net assets, so a higher multiple often reflects strong expectations for future value creation relative to the current balance sheet.

    For Joby, that premium sits against several factors in the data. The company is currently unprofitable, reports a loss of $1,054.58m against revenue of $22.64m, and is forecast to remain unprofitable over the next 3 years. At the same time, revenue is forecast to grow 54.3% per year, which is faster than both 20% per year and the US market’s 10.5% per year. The combination suggests the market is placing a high value on potential future revenue growth while accepting current losses and dilution over the past year.

    Compared to the peer average P/B of 1.9x and the North American airlines industry average of 1.5x, Joby’s 16.6x is not just higher; it is an outlier. That gap indicates investors are pricing Joby very differently from more traditional airlines, with expectations that its electric vertical takeoff and landing business model could justify a much richer valuation than asset based benchmarks imply today.

    See what the numbers say about this price — find out in our valuation breakdown.

    Result: Price-to-book of 16.6x (OVERVALUED)

    However, that story can change quickly if revenue growth underwhelms versus expectations or if ongoing losses of around US$1,054.58m continue to pressure sentiment and future funding options.

    Find out about the key risks to this Joby Aviation narrative.

    Build Your Own Joby Aviation Narrative

    If you see the story differently or want to test your own assumptions against the same numbers, you can put together a custom view in minutes: Do it your way.

    A great starting point for your Joby Aviation research is our analysis highlighting 1 key reward and 3 important warning signs that could impact your investment decision.

    Looking for more investment ideas?

    If Joby has you thinking bigger about your portfolio, do not stop here. Use these pre filtered ideas to spot fresh opportunities before everyone else notices.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.