Despite its big run in 2025, the aviation pioneer Ayubi Aviation (NYSE: JOB) 2026 is off to a terrible start. Not only are its shares down nearly 25% year-to-date, but they’re actually trading lower than they were five years ago:
But sometimes a sharp crash in stocks can be a buying opportunity for smart investors. With a total market cap of $9.6 billion, is Joby a buy now?
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Jobi designs and manufactures electric vertical take-off and landing (eVTOL) aircraft. Unlike helicopters, which use a single large central rotor powered by liquid fuel, eVTOLs use multiple smaller rotors powered by electric batteries, similar to small quadricopter toy drones.
The S-4, Jobi’s flagship design, has six rotors that can rotate individually to provide vertical lift or forward thrust. It is designed for up to 150 miles at a speed of 200 miles per hour for four passengers and four cargo bags and a pilot. The S-4 is still being evaluated for safety by the Federal Aviation Administration (FAA), so Jobi has not yet deployed its fleet commercially in the U.S. However, it expects to launch an air taxi service in Dubai this year and is producing about two aircraft per month at manufacturing facilities in California and Ohio.
Jobbi’s share price of less than $10 is trading more than 50% off its 2025 high, so naturally it looks compellingly priced at first glance. But appearances can be deceiving.
At its peak, the company was valued at around $17.5 billion, which roughly equated its value to equity. Southwest AirlinesA real airline with real flights, bookings, and passengers. Even now, Jobbi’s market cap is higher than that American Airlines GroupMedical helicopter transport service TransMedics Groupand ride hailing platform Lyftvalued at $8.2 billion, $5.5 billion, and $5.1 billion, respectively.
Given that Jobbi wants to operate its fleet of eVTOLs as an air taxi service via an app — Uber technologythe $158 billion company that purchased air delivery division Jobbi in 2020 — it’s a bit alarming to see that its still-unproven technology and business model are valued so much higher than companies that run similar businesses successfully. The market for passenger air taxi services is likely to be much smaller than the market for airplane flights, emergency medical transportation, or ground taxi rides.
