Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 2026
Joby Aviation, Inc. (JOBY)
A forensic read on Joby Aviation, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.1
Altman Z-score
Watch
Earnings quality
4
Forensic signals
-74.2%
ROE
$8.7B
Market cap
Joby Aviation, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 1.1, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+48.5%Accruals ratio.Net operating assets grew +48.5% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -45% of net operating assets.
-38%Return on invested capital.Return on invested capital is -38% and slipping from -28% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+13.7%/yrShare-count dilution.Diluted share count changed +41% over the last 3 years to FY2025 (+13.7%/yr). The count is GROWING — existing holders are being diluted. That's ~13.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~41%.
239% of revStock-based comp load.Stock-based compensation ran 239% of revenue in FY2025 — about $0.15 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-1740.5%
Debt / Equity0.50x
Free Cash Flow$-563.8M
Latest Revenue$53.4M
Return on Equity-66.0%
Revenue Growth YoY+39183.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Joby Aviation, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about JOBY's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown