Joby Aviation (JOBY) just reported first quarter 2026 results, pairing US$24.25 million in sales and a US$109.95 million net loss with fresh progress toward final FAA certification and real world New York City eVTOL trial flights.

At a share price of US$8.68, Joby’s 30 day share price return of 2.12% contrasts with a 90 day share price decline of 16.38% and a year to date share price decline of 39.55%. At the same time, the 1 year total shareholder return of 36.48% reflects how optimistic investors have been over a longer period, as FAA milestones, New York City eVTOL flights and new vertiport partnerships have kept the story in focus.

If this kind of early stage air mobility story interests you, it could be a good moment to broaden your research and look at 34 robotics and automation stocks

After a sharp year to date pullback, but with a 1 year total return above 30% and analyst targets still sitting above the current price, the key question is whether Joby is still mispriced or if markets already reflect future growth.

Most Popular Narrative: 29% Undervalued

With Joby Aviation trading at $8.68 against a narrative fair value of $12.14, the current price sits well below what this widely followed framework implies.

The company is investing heavily ahead of broad commercial adoption, including scaling manufacturing with Toyota, building out facilities in Marina and Dayton, and preparing global operations. This could keep cash use high and delay earnings leverage if real air taxi demand or pricing power falls short of expectations, pressuring future net margins.

Want to see how that level of spending is expected to pay off? The narrative leans on rapid revenue expansion, improving margins and a future earnings multiple far above industry norms. Curious which specific growth and profitability assumptions support a fair value that sits well above today’s share price?

Result: Fair Value of $12.14 (UNDERVALUED)

However, a Q3 2025 revenue figure of US$23 million and roughly US$1.55b in liquidity could support faster ecosystem build out and extend Joby’s funding runway.

Next Steps

Balancing those risks and potential rewards can feel like a close call, so it helps to move quickly and weigh the data yourself using the 1 key reward and 2 important warning signs

Looking for more investment ideas?

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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.