Joby Aviation, Inc.

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Сильный индекс, без изменений. Рынок на стороне быков.

Strong index, flat. The market is on the bulls' side.

Средний индекс, значительно упал. Увеличился отток средств из лонгов.

Medium index, significantly down. The outflow of funds from longs has increased.

Key Points
Archer Aviation is trading in the red, but big opportunities are in its future.
FAA type certification, plus an established defense business, will make Archer a much more valuable company than it is today.
On the surface, Archer Aviation (NYSE: ACHR) stock has been a disappointment this year. The eVTOL stock (electric vertical takeoff and landing) currently trades at about $5 a share, and has traded in the red for most of the year. It closed 2025 at about $7.50 a share; it has spent much of 2026 below $7.
But, honestly, what else should we have expectd? This is a company earning almost zero revenue last year; an aviation hopeful whose aircraft, Midnight, lacked -- and still lacks -- regulatory approval for commercial flights; and a high-flying, speculative stock whose valuation depended on faith, hope, and a whole lot of things going right.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
Still, a lot could change in three years. And if Archer executes on its ambitions, I think this stock could gain more than 50% in that time span.
What Archer could look like in three years
Archer Aviation is a pioneer in the nascent eVTOL industry. It, along with Joby Aviation (NYSE: JOBY), is trying to become the first U.S. company to offer air taxi services -- essentially a new mode of aerial transportation that would shuttle you through the air instead of on the ground. The vision for Archer is to transform the congested urban commute by replacing hour-long car rides with 10- to 20-minute zero-emission flights.
As mentioned above, Archer doesn't have the regulatory green light to offer air taxi services commercially. By 2029, however, I expect that Archer will have received FAA type certification and will have started commercial operations.
I don't think that's overly optimistic either. Thing is, Archer has completed three of the FAA's four certification phases and is now working through the final one. Meanwhile, its Midnight aircraft have been completing piloted test flights in California, including trips between cities. Add to that the federal government's enthusiastic push to bring eVTOLs to a major city near you, and I think Archer has a shot at getting Midnight certified in 36 months.
On top of that, Archer has opportunities now that could make it a formidable business in three years. Take, for instance, its defense plans. In August, Archer announced plans to acquire three Boeing subsidiaries, including Insitu, a profitable drone manufacturer generating more than $200 million in annual revenue.
That's right: Archer, who barely eked out $300,000 in 2025, could be generating not insignificant revenue soon. Assuming the deal closes, Archer could enter 2029 with a strong defense business alongside its passenger enterprise.
So how much could a $5,000 investment be worth?
Of course, revenue growth doesn't necessarily translate into stock growth. Dilution, for example, could eat into returns, even if Archer grows into a bigger business.
Indeed, given that Archer lost about $260 million in the second quarter alone, I wouldn't be surprised if the company needed to raise even more capital over the next three years. Toss in the additional shares Archer plans to issue for its Boeing acquisition, and dilution could become a major headwind.
Still, I think Archer has a good shot at hitting $8 a share by October 2029. That would imply 60% upside from here, turning $5,000 into $8,000. This assumes that Archer gets FAA type certification and expands its defense business, both of which, I think, will make it a much more valuable company than it is today.
That isn't, of course, a guarantee, and there are plenty of risks that could kill Archer's plans. Only go into Archer if you have an appetite for risk and can stomach the losses should the company fail to realize its ambitions.
Should you buy stock in Archer Aviation right now?
Before you buy stock in Archer Aviation, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Archer Aviation wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $380,795!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,390,634!*
Now, it’s worth noting Stock Advisor’s total average return is 946% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of October 13, 2026.
Steven Porrello has positions in Archer Aviation and Joby Aviation. The Motley Fool has positions in and recommends Boeing. The Motley Fool has a disclosure policy.

Prediction: Here's What a $5,000 Investment in Archer Aviation Will Be Worth in 3 Years

Key Points
Joby has been making progress towards FAA certification, but it hasn't obtained approval for its air taxi just yet.
If it obtains approval, however, that could light a fire under the stock.
Joby is a risky stock to own, and it's likely to be highly volatile for the foreseeable future.
What's wrong with Joby Aviation (NYSE:JOBY) stock? That's the question many investors are likely asking right now, with the stock plummeting more than 60% already in 2026. Last year, the stock was soaring, and there was plenty of optimism surrounding its future.
Today, however, investors appear to be much more cautious around the company, which hopes to one day be a leader in the electric vertical takeoff and landing (eVTOL) market. It hasn't obtained approval for its air taxi yet, but it has been making progress.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Joby's stock hit a new 52-week low on Tuesday, falling to less than $5. Given its promising growth potential, is it a no-brainer buy at this price point?
Image source: Getty Images.
Have investors gotten frustrated?
Joby has been nearing FAA certification for its air taxi, but investors have been left waiting. Earlier this year, the company announced it had been selected as a partner for the White House's eVTOL Integration Pilot Program (eIPP), which the company hoped may have "the potential to significantly accelerate Joby's path to commercial service."
When the company released its most recent quarterly results in August, it stated it was in the final stage of FAA Type Certification. Despite all the test flights and progress, investors may be discouraged that the company has not yet launched commercial operations at this point. It has been demonstrating the effectiveness of its air taxis with test flights, but alas, investors may be eagerly awaiting the green light for when commercial operations actually commence.
Could Joby's stock take off before the end of 2026?
Joby's stock is now trading around multi-year lows, levels it has been at since 2024. At a market cap of around $5 billion, it could make for an intriguing investment right now, given the potential for it to soar if its aircraft obtains approval from regulators, hopefully before the end of the year -- but that's by no means a guarantee.
Its inclusion in the eIPP should, however, give investors reason for some cautious optimism that Joby will inevitably commence operations. While there's no certainty as to when that might happen, once it does, the excitement around the stock could return, potentially making Joby a hot buy again.
Unfortunately, there's still a lot of risk with Joby's stock, because while it may have some enticing growth opportunities ahead, even if it does commence commercial operations, it may still be a long time before it has a path to profitability and is generating significant revenue.
For investors who are willing to be patient and who are comfortable with the risk, it may be worth buying. But for more risk-averse investors, this may be a stock more suitable to put on a watch list.
Should you buy stock in Joby Aviation right now?
Before you buy stock in Joby Aviation, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Joby Aviation wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $380,795!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,390,634!*
Now, it’s worth noting Stock Advisor’s total average return is 946% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of October 13, 2026.
David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Joby Aviation Stock: Is It a No-Brainer Buy at $5?

Key Points
Joby Aviation performed test flights of its electric vertical take-off and landing aircraft across Texas in September.
It's working through FAA type certification and aims to begin commercial operations in the coming years.
The challenge is that Joby is burning significant cash as it works through certification and scales its business.
In September, Joby Aviation's (NYSE: JOBY) flying air taxis took flight in Texas as part of the Federal Aviation Administration's Electric Infrastructure and Operations Pilot Program (eIPP), demonstrating routes over major regional infrastructure.
Joby's electric vertical take-off and landing (eVTOL) aircraft promises to change the way we travel and is inching closer to becoming widely available to the public. But is Joby Aviation stock worth investing in right now? Let's dive into the stock -- and its bull and bear cases -- to find out.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
The bull case for Joby Aviation
eVTOL aircraft have become possible thanks to advances in batteries, electric motors, and other flight-enabling technologies. According to estimates from Morgan Stanley, the urban air mobility market could become a trillion-dollar industry by 2040 and be worth $9 trillion by 2050.
Joby Aviation is one of the top companies developing eVTOL aircraft and is racing toward commercial operation as it progresses through the fifth and final stage of FAA type certification. This certification determines whether its eVTOL is airworthy and is a crucial milestone for Joby to scale up and begin commercial services.
Joby is also part of the White House-backed eVTOL Integration Pilot Program (eIPP), which spans 11 states. Through eIPP oversight, operations will transition from pilot-only flights to non-paying passengers and eventually paying passengers. On Sept. 10, Joby kicked off a week of demonstration flights across the Dallas-Fort Worth region, including direct flights to major urban hubs and Dallas-Fort Worth International Airport.
After acquiring Blade Urban Air Mobility, Joby is beginning to generate revenue. Blade provides chartered helicopter and jet flights to customers. Joby spent $125 million to acquire the company, gaining an established customer base and a decade of air-charter experience across key markets. Blade generated $36.2 million in revenue in the second quarter.
The bear case for Joby Aviation
Joby has made significant progress, but must still work through the final stages of FAA type certification. Once Joby proves the airworthiness of its aircraft, it must prove it can manufacture and operate them at scale. Joby's in-house manufacturing requires more capital and labor than rival Archer Aviation's contract manufacturing approach. Joby has 12 aircraft in production but expects to deliver two in 2026.
Joby is burning substantial capital. During the second quarter, the eVTOL developer reported a net loss of $245 million, and it projects cash burn of $385 million to $415 million in the second half of this year. Since its founding, Joby has accumulated a deficit of $3.1 billion.
Even after its eVTOL aircraft are approved, commercial adoption rates remain uncertain. While eVTOLs can reduce travel times, consumer concerns could delay widespread public adoption.
Is Joby Aviation stock right for you?
Joby Aviation is an early-stage company developing a new method of transportation. Last year, the stock reached nearly $20 per share, and today it is down 70% from that high. Right now, Joby is a high-risk, narrative-driven stock, as investors look for it to achieve FAA certification and begin performing more passenger flights.
If you believe in the future of flying taxis and Joby Aviation's role in it, and don't mind the extreme price swings, Joby stock could be for you. But if you do decide to buy, expect significant volatility and make sure your investment is part of a broadly diversified portfolio.
Should you buy stock in Joby Aviation right now?
Before you buy stock in Joby Aviation, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Joby Aviation wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $379,123!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,396,103!*
Now, it’s worth noting Stock Advisor’s total average return is 933% — a market-crushing outperformance compared to 212% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 30, 2026.
Courtney Carlsen has positions in Joby Aviation and Morgan Stanley. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Joby Aviation: Bull vs. Bear

Key Points
Joby Aviation just completed a fully autonomous flight across the United States.
Archer Aviation just showcased its "air taxi" service between California airports.
Although these two eVTOL makers are advancing their technology, they still aren't generating material revenues.
Joby Aviation (NYSE: JOBY) and Archer Aviation (NYSE: ACHR) are looking to upend the aviation industry. That's a tall task, given the sector's highly regulated and capital-intensive nature. But they are making material strides toward that goal, as they each advance their electric vertical takeoff and landing (eVTOL) technology.
From a business perspective, things are going well. But what about from a finance perspective? Neither one generates material revenue, so both are burning through cash at a rapid rate as they build their aerospace businesses. It looks like Joby may have more room to run, at least for now.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
Joby and Archer: Lots of money out, little money in
In the second quarter of 2026, Joby Aviation reported $38.6 million in revenues. Archare Aviation reported just $5 million. That's not a lot of revenue when you consider the spending these two companies are doing as they build their businesses.
Joby's cost of revenue was $28.3 million, resulting in a small gross profit. However, selling, general, and administrative (SG&A) costs were $76.5 million. And then research and development expenses were nearly $195 million. When all was said and done, the company's loss from operations was roughly $260 million.
Archer's story is no better. The $5 million in revenue it produced cost $4.3 million to generate, leaving a small gross profit. However, SG&A costs came in at nearly $94 milloin in the second quarter. Research and development costs totalled $186 million. All in, Archer's loss from operations was $279 million.
As start-ups, it isn't surprising that Archer and Joby are bleeding cash. But investors have to understand that the cash supporting these businesses is limited. At the end of the second quarter, Joby had roughly $2.2 billion in cash and investments. Archer Aviation had about $1.5 billion.
Joby has an edge, but don't get too excited
From a pure numbers perspective, Joby has more room to run. If it continues to loss $260 million each quarter, the $2.2 billion in cash could last another two years or so. Joby's $1.5 billion in cash at a roughly $280 million quarterly loss would last only a little over a year.
That's if nothing changes, which is highly unlikely. After all, Joby just successfully showcased its autonomous flight technology with a cross-country flight. And Archer just showed off its tech with manned flights between local California airports, basically proving it can operate an air taxi service. At this point, there's a strong reason to believe both will be able to bring their eVTOLs to market.
This helps explain why aviation giant Boeing (NYSE: BA), among other companies, is partnering with Archer. And why Joby is working with Virgin Atlantic and Delta (NYSE: DAL). Basically, neither Joby nor Archer is flying solo here, which suggests that more capital will be relatively easy to raise when it is needed.
Almost there, but not quite
Archer Aviation and Joby Aviation are high-risk stocks that only the most aggressive of growth investors should consider. But they are both making material progress as businesses, even as they continue to burn through cash at a rapid clip. That's pretty normal for a start-up.
The big difference here is that each of these eVTOL companies is working with major partners that could be important sources of capital. In other words, investors should monitor cash burn as it occurs, but it is highly likely to be replenished before there's any risk to either company's business. That said, if either company fails to replace its cash balances in a timely fashion, it might be time to ditch the aircraft maker.
Should you buy stock in Joby Aviation right now?
Before you buy stock in Joby Aviation, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Joby Aviation wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $373,352!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,406,241!*
Now, it’s worth noting Stock Advisor’s total average return is 933% — a market-crushing outperformance compared to 212% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 29, 2026.
Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Boeing. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.

Joby and Archer Each Burn Roughly $200 Million a Quarter. Here's Which One Runs Out of Cash First

Key Points
Pentagon priorities are shifting toward hybrid and autonomous aircraft.
Archer's Thunder platform is designed specifically for military missions.
Archer's Boeing deal could significantly expand its defense business.
The Pentagon has spent years testing electric vertical takeoff and landing (eVTOL) aircraft, and two of the biggest beneficiaries have been Archer Aviation (NYSE: ACHR) and Joby Aviation (NYSE: JOBY). But if I'm looking for the eVTOL stock with the stronger defense opportunity today, I'm going with Archer. Let me explain.
Archer's contract with the U.S. Air Force's Agility Prime program is valued at up to $142 million. The company delivered its first Midnight aircraft to the Air Force in 2024 after receiving a military airworthiness assessment from the Department of Defense. The military has been evaluating Midnight for missions including personnel transport, logistics, medical evacuation, and intelligence and surveillance.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
That said, Joby has also collected plenty of defense money. Its Air Force contract reached a potential value of $131 million, with plans to provide as many as nine aircraft. Joby has operated aircraft at Edwards Air Force Base and continues working with the Air Force on autonomous flight technology. So why give Archer the edge?
The Pentagon's priorities are changing
Joby disclosed that the Department of Defense shifted the Agility Prime program toward hybrid aircraft and autonomous flight technologies in 2025 and reduced the scope of Joby's existing contract. Joby is responding by developing autonomous capabilities and pursuing additional government contracts, including work with L3Harris.The company also agreed to acquire defense contractor Resonant Sciences for approximately $500 million. Resonant already works on active national security programs and brings expertise in areas including advanced sensing, electronic warfare, communications, autonomous systems, and low-observability aircraft technology. It also generated more than $100 million in revenue over the previous 12 months.
Once that acquisition closes, Resonant will become Joby's dedicated defense business, giving it an established defense operation that can be combined with Joby's hybrid aircraft and autonomous-flight technology.Archer, meanwhile, has already built its defense strategy around that shift.
The company partnered with defense technology company Anduril to develop a new autonomous hybrid-electric VTOL platform. In July, the companies unveiled Thunder, a Group 5 autonomous aircraft designed specifically for military missions.
Unlike Archer's all-electric Midnight air taxi, Thunder uses a hybrid-electric powertrain to provide greater range and endurance. It's also autonomous and designed to carry configurable payloads depending on the mission. Archer's defense ambitions are getting even bigger, too.
In August, Archer announced a deal to acquire Boeing's Insitu, Wisk Aero, and SkyGrid businesses. Insitu alone generates more than $200 million in annual revenue, while the three businesses would significantly expand Archer's aerospace, defense, and autonomous-flight capabilities. Of course, none of this means Archer is about to become the next Lockheed Martin.
The $142 million Air Force contract represents a maximum potential value, not guaranteed revenue, and Thunder is still a new platform that will have to prove itself. Joby shouldn't be counted out, either. Its relationship with the military goes back years, and its autonomous technology could produce additional defense contracts. But right now, Archer has the cleaner alignment with where Pentagon spending appears to be heading: autonomy, hybrid propulsion, longer range, and uncrewed military aircraft. And that gives Archer the edge in the battle for defense dollars.
Should you buy stock in Archer Aviation right now?
Before you buy stock in Archer Aviation, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Archer Aviation wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $383,680!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,382,954!*
Now, it’s worth noting Stock Advisor’s total average return is 937% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 26, 2026.
Jeff Siegel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Boeing and Lockheed Martin. The Motley Fool has a disclosure policy.

The Pentagon Is Buying eVTOLs. Here's Which Stock Wins the Defense Money.

Key Points
Joby Aviation has launched flight demonstrations of its eVTOL aircraft in three major locations this year.
The demonstrations at the Dallas-Fort Worth airport have given the FAA valuable real-world data.
Joby aims to put passengers in the air before the end of 2026 -- a milestone that would please investors.
Joby Aviation (NYSE: JOBY) is on a roll. Or should I say ... gaining altitude?
Puns aside, Joby kicked off its long-awaited electric air taxi demonstrations across Dallas-Fort Worth, Texas, this month, including routes into the airspace of Dallas-Fort Worth International Airport. This follows demonstrations that Joby has conducted in other major areas, namely the San Francisco Bay Area and New York City.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
These flights are not, to be sure, commercial. Joby isn't booking revenue from them.
At the same time, they serve a major purpose for the electric vertical takeoff and landing (eVTOL) industry. The Dallas-Fort Worth airport is one of the country's busiest hubs, making it an ideal testing ground for whether eVTOLs can coexist with other aircraft in a crowded sky. This, in turn, will give the Federal Aviation Administration (FAA) valuable data to help it create safety rules that eVTOL companies need to start flying paying passengers.
That said, Joby has not set a firm date for launching commercial eVTOL services. The company stated in its second-quarter shareholder letter that it continues to "target carrying our first passengers in 2026." Whether those will be paying passengers or not has not been specified. But if Joby does carry riders in 2026 -- paying or not -- it would be a clear signal that commercial eVTOL services could be near.
Should you buy stock in Joby Aviation right now?
Before you buy stock in Joby Aviation, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Joby Aviation wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $386,781!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,379,943!*
Now, it’s worth noting Stock Advisor’s total average return is 936% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 25, 2026.
Steven Porrello has positions in Joby Aviation. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Joby Aviation Is Flying Routes Across Dallas-Fort Worth. Here's How Close It Is to Paying Passengers.

Key Points
Stocks of companies in the electric vertical takeoff and landing business are burning cash as profit expectations are pushed further into the future.
Both Joby and Archer aimed for commercial operations in 2025, but neither achieved that goal.
It's no secret that this has been a brutal year for electric vertical takeoff and landing (eVTOL) investors, with stocks of all the leading players, including Joby Aviation (NYSE: JOBY) and Archer Aviation (NYSE: ACHR), down sharply. Here's a look at why, and what could lead eVTOL stocks to come back into favor.
A difficult 2026 for eVTOL stocks
Without a doubt, the key to regaining some of the ground lost in the chart below is Federal Aviation Administration certification, followed by the launch of commercial operations. I will return to this point in a moment, but first, it's worth noting that the disappointing share price performance this year isn't solely due to FAA certification.
Missed AI’s "Act 1"? Act 2 Could Be 15x Bigger. Most investors think they missed the AI boat because they didn't buy Nvidia in 2005. But according to our analysts, we’re only at the end of "Act 1"—the R&D phase. "Act 2" is the global rollout. Continue »
Certification in itself is critical, but any further delay in profitability may increase cash-burn rates for money-losing companies, which may well have to raise capital amid rising interest rates, with investor appetite waning.
Not just a certification issue
In addition, expectations for the commercial viability of a key part of eVTOL's business model, providing passenger transportation to airports, were called into question.
Delta Air Lines has partnered with Joby Aviation, and United Airlines has partnered with Archer Aviation. As such, investors were disappointed in March when United's chief executive officer, Scott Kirby, reportedly made negative remarks about the potential for eVTOLs to fly into congested airports.
The subject matter came up again recently at the Morgan Stanley Annual Laguna Conference, where, according to S&P Global Market Intelligence, United Airlines Chief Financial Officer Michael Leskinen noted that "air traffic control is a really difficult problem," particularly at the kind of congested airports where eVTOL passengers will get the most utility. However, he said United would continue to work toward solutions on the matter, noting: "How we evolve that into congested airspace is something that's going to take a few more years."
This kind of commentary is a concern because airport shuttles are widely believed to be relatively easy and early revenue generators for eVTOL companies.
FAA certification timelines
To be sure, there's still a powerful case for eVTOL stocks, and the sell-off is arguably creating a good buying opportunity. That case will inevitably be strengthened should Joby or Archer achieve certification for their eVTOLs, because profit timelines appear to have been pushed back.
For example, in February 2024, Joby's CEO JoeBen Bevirt said the company's accomplishments "kept us moving steadily toward our goal of launching commercial passenger operations in 2025." To be fair, that assumption included a potential launch in Dubai. However, Joby does not yet have a commercial passenger operation in service in the U.S. or Dubai, let alone FAA certification.
Archer's management told investors that "the goal of the company is to commence commercial operations in 2025" at a Barclays investor conference in May 2024. Like Joby, Archer doesn't yet have a commercial passenger service in operation.
To be clear, neither company is responsible for making decisions on behalf of the FAA or other regulatory bodies, and delays are part and parcel of the aviation world. Still, if investors have priced commercial operations into their assumptions, then they would likely have been disappointed by events.
Why FAA certification matters
Achieving FAA certification is likely to change the narrative around the companies, shifting them from unprofitable, cash-burning, speculative investments operating under regulatory uncertainty to growth companies on the cusp of scaling operations and production in line with end-market growth.
Certification will also de-risk their business models, create order opportunities, and increase their ability to raise capital if necessary. It's the one major catalyst both Joby and Archer Aviation can deliver on, and the good news is they are both making progress to that end.
Should you buy stock in Joby Aviation right now?
Before you buy stock in Joby Aviation, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Joby Aviation wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $384,839!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,385,657!*
Now, it’s worth noting Stock Advisor’s total average return is 936% — a market-crushing outperformance compared to 213% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of September 25, 2026.
Lee Samaha has no position in any of the stocks mentioned. The Motley Fool recommends Barclays Plc and Delta Air Lines. The Motley Fool has a disclosure policy.

The eVTOL Trade Has Been Deflating for Months. Here's the 1 Catalyst That Could Reverse It.

Key Points
Archer recently transformed its business by acquiring defense-focused subsidiaries from Boeing.
Joby maintains a significant lead in revenue generation and vertical integration with major partners.
Which of these electric aviation pioneers is the better buy for long-term investors in 2026?
The race for electric vertical takeoff and landing supremacy is heating up as Archer Aviation (NYSE:ACHR) and Joby Aviation (NYSE:JOBY) move closer to full commercialization in 2026.
While both companies are developing electric air taxis to revolutionize urban travel, they are taking distinct paths toward profitability and scale. This comparison examines their financial health, strategic partnerships, and the risks facing these high-growth industrial players.
The case for Archer Aviation
Archer focuses on its Midnight aircraft, targeting both commercial passenger journeys and a robust expansion into defense stocks. The company recently strengthened its position by acquiring subsidiaries from Boeing (NYSE:BA), including Wisk Aero and Insitu, which added an established defense business across dozens of countries.
In FY 2025, the company recorded revenue of nearly $300,000 as it began its initial operations. This period resulted in a net loss of approximately $618.2 million, which was an increase from the $536.8 million net loss reported in the prior year. The net margin for the period was nearly -206,066.7%, reflecting the high costs of development relative to early-stage sales.
As of its December 2025 balance sheet, Archer maintains a debt-to-equity ratio of approximately 0.1x. This ratio compares the total debt of the business to its shareholder equity, suggesting a relatively low reliance on borrowed funds. The current ratio is roughly 19.9x, indicating a strong ability to cover short-term obligations, though free cash flow was negative $511.7 million.
The case for Joby Aviation
Joby is building a vertically integrated aerial ridesharing platform that will integrate directly into the booking apps of its partners. The company has secured deep manufacturing and financial support from Toyota and Delta Air Lines (NYSE:DAL) to build its network. Its acquisition of the Blade Urban Air Mobility platform has also provided an established base of charter customers and existing airport relationships.
During FY 2025, Joby generated revenue of approximately $53.4 million, representing growth of nearly 39,183.1% over the prior fiscal year. Despite this rapid growth, the company reported a net loss of roughly $929.8 million for the year. The net margin was approximately -1,740.5%, as the company continues to invest heavily in its flight test programs and infrastructure.
As of the December 2025 balance sheet, the company carries a debt-to-equity ratio of 0.0x, meaning it has essentially no total debt. Its current ratio of approximately 24.1x shows a substantial cushion of liquid assets to meet near-term costs. Free cash flow for the period was nearly negative $563.8 million as Joby continues building its large-scale manufacturing facility in Ohio.
Risk profile comparison
Archer faces significant risks from its history of operating losses, which total approximately $2.3 billion since the company was founded. Achieving FAA type certification for the Midnight aircraft remains a critical hurdle that could be delayed by technical or regulatory challenges. The company also relies on third-party suppliers and faces the difficult task of scaling high-volume manufacturing while managing complex government defense contracts.
Joby continues to face financial pressure from persistent net losses and the massive capital requirements needed to build its national vertiport network. Execution risk is high as the company finishes the final stages of regulatory compliance for its air carrier operations. Furthermore, Joby depends heavily on the ongoing support of strategic partners like Toyota and Delta Air Lines to realize its commercial goals.
Valuation comparison
Joby currently appears cheaper on a relative basis when comparing the P/S ratio, which measures market value against sales over the past twelve months. Neither company has a Forward P/E because future earnings estimates remain negative for both businesses.
Metric
Archer Aviation
Joby Aviation
P/S ratio
618.1x
52.0x
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
I'd go with Joby Aviation, though Archer makes this closer than the conventional wisdom around these two companies implies. Archer completed a significant FAA certification milestone in May 2026, and Boeing's backing and a United Airlines partnership add commercial credibility that most eVTOL rivals cannot match. For investors comfortable with early-stage risk, Archer is a legitimate contender.
But Joby is further along in the certification process overall, currently deep into the FAA's final verification phase. Its operational test flights in Texas are integrating with commercial airspace in ways that bring revenue-generating passenger service closer. The Toyota manufacturing partnership adds decades of large-scale manufacturing discipline that a start-up building complex aircraft cannot easily develop on its own timeline. And Delta Air Lines as an anchor investor means Joby has a major airline with skin in the game.
Both companies still have a lot to prove, and true passenger service for either is still likely a year or two away. But Joby seems to have more of the critical pieces in place right now, giving it a stronger early advantage.
Should you buy stock in Archer Aviation right now?
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Sara Appino has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Boeing. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.

Archer Aviation vs. Joby Aviation: Which eVTOL Stock Is a Better Buy in 2026?

Key Points
Joby has made impressive progress in 2026, including making a strategic acquisition and conducting flight demonstrations of its electric vertical takeoff and landing (eVTOL) aircraft.
The stock has tanked this year, and plenty of risks remain.
Joby Aviation (NYSE: JOBY) is aiming for the skies.
If you've ever missed a flight or an important meeting because you got stuck in city traffic, you might understand the problem Joby is trying to solve. In a nutshell, it wants to introduce a new form of transportation, one that can soar through the air like a helicopter, but with far less noise and downwash, and powered by batteries.
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Never has Joby been closer to its dream of operating electric vertical takeoff and landing (eVTOL) aircraft than it is today. Yet its stock has tanked in 2026: Shares have lost more than half their value year to date, and are trading about 67% lower than their 52-week high.
The company has made impressive progress in 2026. But has it done enough to become a stock you can buy with confidence?
The biggest changes in Joby in 2026
Joby has manifestly become a different company. Not fundamentally different (it is still designing eVTOLs), but developmentally, it has advanced so much in 2026 that one might even argue that it's slightly ahead of what was expected of it.
A list of advancements would have to include its flight demonstrations in New York and Texas, its updated manufacturing alliance with Toyota, its agreement to acquirement defense technology company Resonant Sciences for about $500 million, and its testing of conforming aircraft as it progresses through the FAA's fifth and final stage for Type Inspection Authorization.
Joby also generated about $36 million in revenue last quarter, mainly through its passenger helicopter business, Blade. It's sitting on about $2.3 billion in cash and short-term investments, and it expects to use roughly $400 million or so in the second half of 2026.
None of these points changes the fact that Joby still lacks the regulatory approval to operate its air taxi service commercially, nor that it's burning through about $200 million each quarter.
Should you buy Joby below $7?
Joby is no longer a wildly speculative stock. That's good news for shareholders. The stock is less risky, and the company is manifestly more advanced in its aviation technology, despite the stock price having a rough year.
As far as whether or not you should buy Joby now, I would consider two things.
The first is how Joby looks as a long-term investment opportunity. I would not expect much from this stock over the next five years. That's not because Joby's eVTOL won't get FAA type certification, or anything like that. It's because, even with certification, Joby will need time to scale up its eVTOL fleet. It will also need time for consumers to try the service, trust the aircraft, and build air taxis into their travel habits. Again, I don't see any of this happening soon.
The nature of aviation itself might impose a ceiling on Joby's growth. Joby's eVTOLs will carry a maximum of four passengers, and even if we assume maximum utilization on each flight, certain uncontrollable factors like weather and maintenance could still interrupt flight schedules. And if an eVTOL has an accident, whether due to technological failures or human error, that could set back consumer adoption of such platforms for years.
If you have time and an appetite for the unknown, Joby stock might be an opportunity at $7 per share. Otherwise, you might want to look elsewhere for your next growth stock.
Should you buy stock in Joby Aviation right now?
Before you buy stock in Joby Aviation, consider this:
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Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $389,154!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,406,303!*
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Steven Porrello has positions in Joby Aviation. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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Joby Aviation: Is It Finally Time to Buy Below $7?

Key Points
General Electric is now a pure-play aerospace powerhouse focused on commercial and military propulsion systems.
Joby Aviation is pioneering the electric vertical take-off and landing market with high-profile strategic partners.
Can an established industrial giant or a high-growth aviation disruptor better serve your long-term investment goals?
The aviation landscape is shifting as decarbonization and urban mobility take flight. Should you back the legacy power of GE Aerospace (NYSE:GE) or the disruptive potential of Joby Aviation (NYSE:JOBY)?
GE Aerospace has reinvented itself as a specialized aerospace leader, focusing on jet engines and defense systems. Joby Aviation is a younger rival aiming to revolutionize short-distance travel with its all-electric air taxis. Both companies offer investors a distinct choice between proven industrial stability and speculative high-growth potential.
The case for GE Aerospace
GE Aerospace has transitioned into a specialized engine manufacturer, making it a prominent name among defense stocks and commercial aviation providers. In its latest annual report, filed for the fiscal year ended Dec. 31, 2025, the company detailed its focus on jet and turboprop engines for commercial and military aircraft. The business serves customers in roughly 120 countries and manages a massive installed base of engines that generates recurring service revenue.
In FY 2025, revenue reached nearly $45.9 billion, representing growth of approximately 18.5% over the $38.7 billion recorded in FY 2024. The company reported net income of close to $8.7 billion for the same period. This indicates a net margin of roughly 19%, which measures how much profit a company keeps for every dollar of sales.
As of its December 2025 balance sheet, GE Aerospace reported a debt-to-equity ratio of 1.1x. This ratio compares a company's total debt to its shareholder equity, showing how much it relies on borrowed money. The current ratio, which measures the ability to pay short-term obligations, was 1.0x, and the company generated roughly $7.3 billion in free cash flow, which is the cash remaining after a company pays for its operations and capital investments.
The case for Joby Aviation
Joby Aviation is building an all-electric vertical take-off and landing service to transform urban transportation in markets like New York City and Southern Europe. In its latest annual report, filed for the fiscal year ended Dec. 31, 2025, the company reported having over 2,500 employees. It has secured strategic manufacturing support from Toyota Motor Corporation and maintains defense contracts with L3Harris Technologies (NYSE:LHX).
In FY 2025, revenue reached approximately $53.4 million, representing a sharp increase from the $136,000 reported in FY 2024. Despite this growth, Joby recorded a net loss of nearly $929.8 million as it continues to invest heavily in aircraft development and manufacturing. Its net margin was approximately -1,740.5%, reflecting the high costs of scaling an early-stage transportation company.
As of its December 2025 balance sheet, the current ratio stood at close to 24.1x, indicating significant liquidity for near-term expenses. The company has a debt-to-equity ratio of 0.0x, as its total liabilities are minimal compared to its equity. Free cash flow was roughly negative $563.8 million for the fiscal year, and the company relies on equity tranches and strategic investments to fund its ongoing operations.
Risk profile comparison
GE Aerospace faces risks related to supply chain constraints that could slow down engine production and delivery. Economic downturns frequently impact the commercial aviation sector, potentially reducing demand for new aircraft and maintenance services. The company also operates in a highly competitive defense environment where government budget shifts can impact multi-year contracts.
Joby faces significant regulatory hurdles as it seeks final FAA type certification for its aircraft. Any delays in securing these authorizations could postpone the commercial launch of its air-taxi service. The company also competes with rivals like Archer Aviation (NYSE:ACHR) and faces the challenge of building out the necessary infrastructure for its urban networks, such as landing pads. Financial risks include dependencies on investment tranches from Toyota Motor Corporation.
Valuation comparison
GE Aerospace trades on its Forward P/E, which compares price to future earnings estimates, while Joby Aviation is valued by its P/S ratio, measuring price against sales.
Metric
General Electric
Joby Aviation
Forward P/E
39.7x
n/a
P/S ratio
7.1x
112.7x
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
Both of these stocks are compelling investments and offer investors two ways to invest in the future of aviation. As with many other investment choices, it comes down to whether you prefer proven returns or a greater opportunity for long-term upside. Here's why.
GE Aerospace is an established, profitable company with a long history of producing equipment for commercial air travel and military defense, a sector with steady demand. It already has an enormous number of engines in use, which generates recurring service revenue. The company rewards its investors with steady earnings and dividends. But its shares trade at a premium, and its business is vulnerable to supply chain issues.
Joby is more of a speculative investment because its core product isn't in widespread use yet. It is developing electric verticle takeoff and landing aircraft for air taxi service. The company has been making meaningful progress toward commercializing this product, but it's awaiting FAA certification -- and even then, its success depends on consumer adoption of its vehicles. In the meantime, it's burning cash on product development and manufacturing.
So, while neither stock is risk-free, GE remains the more proven business and offers the best balance of earnings versus risk. Joby's future appears bright, but I would only consider a small, speculative position in a diverse portfolio.
Should you buy stock in GE Aerospace right now?
Before you buy stock in GE Aerospace, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and GE Aerospace wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $387,158!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,365,749!*
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Pamela Kock has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends GE Aerospace and L3Harris Technologies. The Motley Fool has a disclosure policy.

Indicator	Feb 26	Mar 26	Jun 26	Aug 26	Sep 26	TTM	Median
P/E	—	0.00	0.00	0.00	—	0.00	24.96
Price/Sales	335.33	82.60	63.71	48.86	43.21	43.21	1.40
P/B	9.81	4.14	4.98	—	3.38	3.38	2.35
P/FCF	—	0.00	0.00	0.00	0.00	0.00	18.03

Indicator	Feb 26	Mar 26	Jun 26	Aug 26	Sep 26	TTM	Median
ROE	—	0.00	0.00	—	—	0.00	14.69
ROA	—	0.00	0.00	—	—	0.00	6.05
ROI	—	0.00	0.00	—	—	0.00	8.73
Net Worth	8.50	7.79	8.65	6.63	—	6.63	1.16
Quick Ratio	—	0.00	0.00	—	—	0.00	1.16
Current Ratio	—	22.06	17.98	—	—	17.98	1.59

Indicator	Feb 26	Mar 26	Jun 26	Aug 26	Sep 26	TTM	Median
Net Profit Margin	—	0.00	0.00	—	—	0.00	7.68
Operating Margin	—	0.00	0.00	—	—	0.00	10.44
Gross Margin	—	38.46	34.19	—	—	34.19	32.69
Return on tangible equity	—	0.00	0.00	—	—	0.00	24.78

Indicator	Feb 26	Mar 26	Jun 26	Aug 26	Sep 26	TTM	Median
EPS	-0.20	—	—	-0.25	—	-0.25	0.76
EPS Forecast	-0.20	—	—	-0.23	—	-0.23	0.67
Revenue	—	24.00M	39.00M	—	—	39.00M	187.00M
Gross Profit	—	5.00M	10.00M	—	—	10.00M	—
EBITDA	—	—	—	—	—	-148.00M	—

Joby Aviation, Inc.

Recent quarterly and TTM performance

Valuation

Debts

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Revenue