Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 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
9.9
Distress distance
Clean
Earnings quality
3
Forensic signals
-8.7
P / E (ttm)
-66.0%
ROE
$8.6B
Market cap
0.00%
Dividend yield
39183.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Joby Aviation, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 9.9, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+12.2%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +41% over the last 3 years to FY2025 (+12.2%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~12.2% 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 ~29%.
239% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 239% of revenue in FY2025 — about $0.15 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 12.2% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
+48.5%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +48.5% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply, and much of it is accounted for. The build is led by payables paid down 15% against +39183% in revenue. That build tracks a +39183% revenue year: net operating assets grew +64%, so the balance sheet is carrying more volume rather than getting heavier per dollar of sales — the accrual build is funding demand the company is shipping, not earnings running ahead of collection. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 45% of net operating assets, diverging from the balance-sheet accrual read.
Key fundamentals
Latest Revenue$53.4M
Revenue Growth YoY+39183.1%
Net Margin-1740.5%
Free Cash Flow-$563.8M
Return on Equity-66.0%
Debt / Equity0.50x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Joby Aviation, Inc.'s actual 10-K/10-Q/8-K filings?