JOBY EV/EBITDA Analysis

JOBY’s current EV/EBITDA of -6.8x means the company’s enterprise value (total market value plus debt minus cash) is negative relative to its earnings before interest, taxes, depreciation, and amortization — essentially, the company has negative EBITDA, so the ratio is negative.

Among sector peers, the median EV/EBITDA is 13.6x, placing JOBY at the 6th percentile, meaning 94% of peers have a higher (more positive) ratio. The metric has been increasing over the last eight quarters, with a year-over-year change of +43.5% and a quarter-over-quarter change of +11.9%, indicating the negative EBITDA is shrinking relative to enterprise value. A negative EV/EBITDA combined with an upward trend suggests JOBY remains unprofitable but is moving closer to positive EBITDA, reducing the severity of the valuation risk. However, the ratio is still far below the sector median, so the improvement does not yet signal a turnaround. This metric supports the overall CAUTIOUS verdict because a negative EV/EBITDA highlights ongoing operating losses, even as the trend shows gradual improvement.

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