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ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. Joby Aviation's annualized return on capital (ROC %) for the quarter that ended in Mar. 2026 was -223.58%.
As of today (2026-07-29), Joby Aviation's WACC % is 24.91%. Joby Aviation's ROC % is -230.16% (calculated using TTM income statement data).
Joby Aviation earns returns that do not match up to its cost of capital. It will destroy value as it grows.
Joby Aviation (STU:8TQ) ROC % Explanation
ROC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROIC %. The reason book values of debt and equity are used is because the book values are the capital the company received when issuing the debt or receiving the equity investments.
There are four key components to this definition. The first is the use of operating income or EBIT rather than net income in the numerator. The second is the tax adjustment to this operating income or EBIT, computed as a hypothetical tax based on an effective or marginal tax rate. The third is the use of book values for invested capital, rather than market values. The final is the timing difference; the capital invested is from the end of the prior year whereas the operating income or EBIT is the current year's number.
Why is ROC % important?
Because it costs money to raise capital. A firm that generates higher returns on investment than it costs the company to raise the capital needed for that investment is earning excess returns. A firm that expects to continue generating positive excess returns on new investments in the future will see its value increase as growth increases, whereas a firm that earns returns that do not match up to its cost of capital will destroy value as it grows.
As of today, Joby Aviation's WACC % is 24.91%. Joby Aviation's ROC % is -230.16% (calculated using TTM income statement data).
Joby Aviation earns returns that do not match up to its cost of capital. It will destroy value as it grows.
Be Aware
Like ROE % and ROA %, ROC % is calculated with only 12 months of data. Fluctuations in the company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Joby Aviation ROC % Related Terms
Joby Aviation ROC % Historical Data
* Premium members only.
The historical data trend for Joby Aviation's ROC % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Note:
The Operating Income data used here is four times the quarterly (Mar. 2026) data.
The tax rate is limited to between 0% and 100%.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Joby Aviation (STU:8TQ) has a ROC % of -223.58% as of Mar. 2026. Return on capital is the ratio of current-period net income to average two-period capital. View historical data on Joby Aviation and its competitors.
Is Joby Aviation's ROC % too high?
Joby Aviation's current ROC % is -223.58%. Overall, Joby Aviation has a GF Score™ of 30/100, reflecting its overall financial health beyond just this single metric.
How does Joby Aviation's ROC % compare to CAAP and ASLE?
Joby Aviation's ROC % of -223.58% can be compared against companies in the Transportation industry. The industry median ROC % is 4.69. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC % for a Transportation company?
The median ROC % among Transportation companies is 4.69, based on 990 companies in the industry. Companies in the top quartile (top 25%) have a ROC % significantly above this median, while those in the bottom quartile fall well below. However, ROC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC % mean?
A high ROC % can signal that a stock is expensive relative to its fundamentals. Return on capital is the ratio of current-period net income to average two-period capital. View historical data on Joby Aviation and its competitors. For the Transportation industry, the median ROC % is 4.69 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Joby Aviation's current ROC % is -223.58%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Joby Aviation stock overvalued right now?
Joby Aviation (STU:8TQ) has a current ROC % of -223.58%. The current ROC % is -223.58%. Joby Aviation's overall GF Score™ is 30/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC % calculated?
ROC % is calculated from a company's financial statements. For Joby Aviation (STU:8TQ), the current ROC % is -223.58% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Joby Aviation Inc is a transportation company developing an all-electric, vertical take-off and landing (eVTOL) air taxi for commercial passenger service. Its Joby eVTOL aircraft is designed to transport a pilot and up to four passengers or an expected payload of up to 1,000 pounds at speeds of up to 200 mph. The aircraft is optimized for urban routes, with a target range of up to 100 miles on a single charge. The company is also developing an app-based platform that will help consumers to book rides directly through its service. It has one operating and reportable segment, air transportation and related services. The company's revenue consists of passenger revenue, which includes revenue generated from the transportation of passengers via helicopter or fixed wing aircraft.
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