2026 is the year the West's "flying taxi" moved from a prototype in a video to an aircraft the FAA is about to actually certify — Joby is on the verge of its Type Certificate and plans to start flying in Dubai late this year, while Archer became the first to close FAA Phase 3 and was picked as the official air taxi of the LA28 Olympics. But this lesson tells it straight: the whole field still has almost no revenue and is burning cash hard — and why putting one "pilot" on board is the smartest strategy, not a weakness.
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News & notes movingPiloted Western Air-Taxi OEMs
Piloted Western Air-Taxi OEMs▲2
Joby Aviation Q2 Revenue Beats at $38.64M as First Dallas EIPP Flights Target This Month
Joby Aviation reported Q2 revenue of $38.64 million against a $30.38 million consensus and raised its fiscal 2026 revenue guidance to $115 million to $125 million, with CEO JoeBen Bevirt saying the company is preparing for commercial service and targeting its first EIPP flights in Dallas-Fort Worth this month. The stock trades at $6.26, down 52.57% year-to-date and 56.49% over the past year, well below its $19.98 52-week high. Joby's FAA Stage 4 certification progress has moved from 6% to 20%, Blade seats sold rose more than 50% year-over-year in Q2, and the company counts a $250 million direct investment from Toyota, a Virgin Atlantic UK partnership, and a Dubai vertiport network among its supports. Against rival Archer Aviation, which carries a $4.02 billion market cap and posted just $5 million in Q2 revenue, Joby's $6.04 billion valuation rests on a larger revenue base. Risks include an operating margin of -1,346.92%, guided H2 2026 cash use of $385 million to $415 million, prior raises of $1.2 billion in February and $576 million in October 2025, and certification timing that could slip into 2027.
Archer Aviation Stock Soared 24.6% in August on Boeing Deal
Archer Aviation's stock surged 24.6% in August, driven by news that the company agreed to acquire three Boeing subsidiaries. The broader market also rose, with the S&P 500 gaining 2.6% and the Nasdaq Composite up 3.9%. On August 10, Archer announced a deal to purchase Boeing's Wisk Aero, SkyGrid, and Insitu units, with Boeing receiving a 16.5% stake in Archer in exchange. Insitu, which is already profitable with about $200 million in annual sales, is expected to immediately boost Archer's revenue and margins. Despite the monthly gain, Archer shares remain down roughly 24% year to date, and the stock has pulled back about 1.2% in early September amid market volatility.
Boeing announced plans to sell three of its aerospace and electric vertical takeoff and landing businesses to Archer Aviation. In exchange for the businesses and a $55 million equity investment, Boeing will receive newly issued shares and warrants in Archer, giving it nearly 20% ownership after the deal closes later this year. Boeing retains rights to use Wisk's autonomous flight technology for its commercial and defense aircraft. The divestiture removes a distraction as Boeing works to restore its commercial aircraft business, recently marked by FAA approval of the 737 MAX 7. Boeing trades at about 77 times trailing earnings, a premium to GE Aerospace's 40 times, and management targets $10 billion in annual free cash flow, below the $14 billion generated in 2018.
Archer Aviation and AEG Partner on Exclusive L.A. LIVE Vertiport
Archer Aviation and AEG are partnering to build downtown Los Angeles' first vertiport at L.A. LIVE, making Archer the exclusive air taxi partner for the district. The announcement follows Archer's second-quarter 2026 results, which showed US$5.0 million in sales and a net loss of US$263.2 million, with loss per share narrowing slightly to US$0.34 from US$0.36. The L.A. LIVE deal strengthens Archer's visibility around urban deployment and its LA28 ambitions, but does not change the near-term reality that widening net losses and ongoing certification work remain the key catalyst and main operational and funding risk. Archer's recent progress with the Midnight piloted roundtrip between Salinas and Monterey ties directly into regulatory and operational milestones that underpin future air taxi services in Los Angeles and other eIPP markets. The company's narrative projects US$716.0 million revenue and US$62.9 million earnings by 2029, requiring 622.3% yearly revenue growth and an earnings increase of about US$805 million from negative US$742.5 million today.
Joby Aviation Leads Archer in FAA Certification Race
Joby Aviation is ahead of Archer Aviation in the race for FAA certification of their electric vertical take-off and landing aircraft. Joby conducted its first FAA-conforming eVTOL flight in early March and now has five electric air taxis in the air, including its first FAA-conforming aircraft, according to CEO JoeBen Bevirt. Archer has not yet produced an FAA-conforming aircraft, though CEO Adam Goldstein said the company is actively working with the FAA on for-credit testing this year. Investors should watch for Joby to achieve FAA Type Inspection Authorization and for Archer to build and fly its own FAA-conforming eVTOL.
Archer Aviation to Acquire Three Boeing Businesses in Strategic Deal
Archer Aviation announced agreements to acquire three Boeing-owned businesses, Wisk Aero, Insitu and SkyGrid, in exchange for Boeing taking a strategic equity stake in Archer. Management expects the deal to close by the end of the year, positioning Archer as a diversified aerospace and defense platform spanning piloted air taxis, unmanned aircraft and aviation AI. Insitu is already profitable with more than $200 million in annual revenue across 35 countries, while Archer's Halo/Thunder platform with Anduril targets a total addressable market above $100 billion. Archer reported second-quarter revenue of $5 million, up 213% from the prior quarter, alongside an adjusted EBITDA loss of $177 million, and guided to a $170 million to $200 million loss range for the third quarter. The company ended the quarter with $1.6 billion in liquidity and remains the only manufacturer in the final phase of FAA type certification for its Midnight air taxi.
Joby Aviation Advances FAA Certification and Acquires Resonant Sciences
Joby Aviation is making notable progress toward Federal Aviation Administration certification of its electric vertical takeoff and landing aircraft, having completed 20% of its work in Stage 5, the final Show & Verify stage, as of July 31, while the FAA had completed about 10% of its work. The company was roughly two-thirds of the way through Stage 4 at this time last year, marking significant progress in 12 months. In August 2026, Joby announced it was acquiring Resonant Sciences, a fast-growing defense technology company with more than $100 million in trailing 12-month revenue, adding a growing defense business alongside its air taxi ambitions. Analysts at Morgan Stanley once estimated that urban air mobility could become a $9 trillion market opportunity by 2050, with human transportation accounting for roughly $3.8 trillion of that total. Joby trades at roughly 62 times sales, leaving its valuation little room for slip-ups or surprise delays.
Archer Aviation Guides to $200 Million Quarterly Loss
Archer Aviation guided to an adjusted EBITDA loss of $170 million to $200 million for the third quarter while holding $1.56 billion in cash, cash equivalents, and short-term investments at the end of June. The air taxi maker reported second-quarter sales of $5 million, mostly from operating Hawthorne Airport in Los Angeles, against a net loss of $263 million. Total operating expenses rose 61% year over year to $284 million, reflecting expanded flight testing, certification work, and production of its Midnight aircraft, plus its hybrid military aircraft and ZEE aviation AI model. Cash and investments fell by $215 million during the quarter, with $156 million used in operations. Archer also announced a deal to acquire Insitu, Wisk Aero, and SkyGrid from Boeing, with Boeing set to take a stake in Archer and invest in the company.
Archer Aviation completed a piloted roundtrip intercity flight of its all-electric Midnight aircraft in coordination with the FAA. The company also announced a technical breakthrough with its ZEE aviation foundation AI model, built to predict real-time aircraft trajectories. Management framed both milestones as progress toward commercial air taxi operations and broader use of AI in aviation safety and air traffic management. The latest quarter shows US$5 million in sales against a net loss of US$263.2 million, so execution risk and cash use remain central to the story.
Archer Aviation Reports Q2 2026 Results and Progress
Archer Aviation reported second quarter 2026 results with US$5 million in sales and a net loss of US$263.2 million, alongside progress on flight testing and FAA certification. The company also highlighted Hawthorne Airport operations and a planned acquisition of Boeing subsidiaries. Shares have gained 43.55% over the past 30 days, though the one-year total shareholder return remains down 33.76%. A widely followed valuation narrative pegs Archer's fair value at $20.04 per share versus a last close of $6.79, implying the stock is undervalued by 66.1%.
Eve Holding reports $403 million in cash and advances eVTOL transition flights
Eve Holding ended its second quarter of 2026 with $403 million in cash and total liquidity of $531 million, which management says is sufficient to fund operations through the anticipated 2028 certification without new funding. The company reported a net loss of $34 million for the quarter, with research and development expenses declining to $29 million from around $55 million in prior quarters due to favorable supplier agreements. Cash consumption was $49 million in the second quarter and $118 million for the first half of the year, keeping the company near the midpoint of its full-year guidance of $225 million to $275 million. Eve also advanced its flight campaign, completing 66 flights and beginning partial transition flights toward a full transition by year-end, while its pre-order backlog stands at approximately 2,700 aircraft valued at about $13.5 billion at list prices.
Archer Aviation Surges 11% as Boeing Deal Rally Extends on Earnings-Call Details
Archer Aviation shares surged 11% Tuesday, extending the previous day's rally as investors digested details from the company's earnings call about its deal with Boeing. Archer disclosed that Boeing's Insitu subsidiary generates more than $200 million in annual revenue and can fund Archer's operations on a self-funding basis, significantly changing the company's profile. The stock's move was company-specific, with Joby Aviation shares dropping 2% and EHang Holdings shares flat, indicating the rally is not a broad eVTOL sector move. Despite back-to-back double-digit gains, Archer Aviation remains down 10% year to date, with an analyst target of $10.50 implying meaningful upside potential.
Boeing to Take 19.75% Stake in Archer Aviation in Asset Swap
Boeing agreed to transfer Wisk Aero, Insitu, and SkyGrid to Archer Aviation in exchange for a 19.75% stake in Archer, subject to adjustments. Boeing also receives warrants to purchase up to an additional $200 million of Archer equity, the right to appoint a director to Archer's board, and continued access to Wisk technology through a collaboration agreement. Insitu generates more than $200 million in annual revenue, according to Reuters. The deal is expected to close by the end of 2026.
Joby Aviation Targets September 2026 for Texas Air Taxi Flights
Joby Aviation expects to begin eVTOL Integration Pilot Program flights in Texas in September 2026, marking a key operational test as the company works toward carrying its first passengers this year. The flights will cover routes across the Dallas-Fort Worth area over a week, progressing from pilot-only operations to nonpaying and eventually paying passengers under the eIPP framework. Joby has completed or substantially completed three of five FAA type-certification stages and was about 75% through the fourth stage at the end of the second quarter, with continued progress in the fifth and final stage. Manufacturing is scaling up, with five aircraft flying as of the second quarter, including its first FAA-conforming aircraft, and 12 more in production, while the nonconformance rate in manufacturing fell nearly 40% in the first half of 2026. Toyota and Joby formed a manufacturing joint venture in June 2026, with Toyota holding 51% and Joby 49%, and Uber plans to offer Uber Air powered by Joby through its app when service launches.
Joby Aviation Opens Texas Facility, Analysts See 19% Upside
Joby Aviation has opened a 45,000 square foot facility at Perot Field Fort Worth Alliance Airport in Texas, establishing a new operational foothold as it prepares for potential electric air taxi services. The most followed analyst narrative points to a fair value of $10.68 per share, 19.1% above the latest close of $8.64, implying the stock is undervalued. Consensus price target stands at $10.68, with the most bullish analyst at $18.00 and the most bearish at $6.00. The stock has gained 20.84% over the past week and 8.95% over the past month, though it remains down 39.83% year to date.
Archer Aviation shares jump 10.3% after ZEE AI milestone and Midnight eVTOL demo flight
Archer Aviation shares rose 10.3% after the company announced that its ZEE aviation AI model can predict aircraft movements on airport surfaces minutes ahead and that its piloted Midnight eVTOL completed a roundtrip flight between Salinas and Monterey in about nine minutes each way. The milestones suggest Archer is positioning itself not only as an electric air-taxi manufacturer but also as a potential provider of advanced aviation safety and traffic-management software. The Midnight roundtrip ties directly into Archer's White House eVTOL Integration Pilot Program work and preparations for the LA28 Olympics, both central to proving that air taxi services can operate on real city pairs at meaningful frequencies. While the ZEE news does not materially change near-term drivers yet, it could support more optimistic analyst projections that Archer could reach about US$868.1 million in revenue and US$73.8 million in earnings by 2029.
Eve Resumes eVTOL Flight Testing, Targets Full Transition by End of 2026
Eve Holding has resumed flight testing of its electric vertical takeoff and landing prototype and begun partial transition flights reaching 30 knots, with full transition targeted by the end of 2026. The company ended the second quarter with $403 million in cash and $531 million in total liquidity, which management believes can fund operations through 2028, while second-quarter cash burn was $49 million and full-year cash consumption is expected at $225 million to $275 million. New letters of intent for 46 aircraft increased Eve's stated preorder backlog to roughly 2,700 aircraft worth $13.5 billion at list prices, though only about 100 orders are currently firm. Eve also expects $100 million to $150 million in cost synergies and avoidance through its relationship with Embraer over the next three years, and plans crewed conforming-prototype flights in late 2027 with certification and entry into service in 2028.
Archer Aviation Is the Better eVTOL Stock Buy Over Joby, Analyst Says
Archer Aviation is the better buy among eVTOL stocks compared to Joby Aviation, according to an analysis by The Motley Fool. Archer, with a market cap of $3.7 billion, trades at a significantly lower valuation than Joby, which is valued north of $7.2 billion, and the analyst argues that Joby's higher valuation is not warranted at this stage. Both companies are progressing toward certification, with Joby targeting initial operations in 2026 and holding $2.5 billion in cash, while Archer has $1.8 billion in liquidity and recently completed a city-to-city test flight in California. Archer has also been named the official air taxi provider for the LA28 Games and is developing autonomous aircraft for defense and commercial use. The analyst notes that while both face ongoing losses, Archer's more modest valuation and promising opportunities make it the preferred investment.
Archer Aviation Stock Falls Over 60% From 2025 Highs
Archer Aviation shares have dropped more than 60% from their 2025 highs, returning to levels last seen shortly after the company went public in 2021 via a SPAC merger. The electric vertical take-off and landing aircraft developer is advancing its Midnight air taxi and has introduced a military-focused variant called Thunder, but it remains unprofitable and still awaits commercial regulatory approval. Competition in the eVTOL space adds further uncertainty, and the company will need significant capital to scale production even after certification. Most investors may prefer to wait until commercial approvals are secured before considering the stock.
Joby Aviation Outpaces Archer Aviation on Technology and Regulatory Progress
Joby Aviation holds technological and regulatory advantages over Archer Aviation in the emerging eVTOL market. Joby's S4 aircraft travels up to 150 miles at 200 miles per hour, outperforming Archer's Midnight which has a 100-mile range and 150 mph top speed. Joby is further along in the FAA approval process and generates more revenue through its Blade helicopter subsidiary. Analysts project Joby's revenue will reach $456.8 million by 2028, compared to Archer's $481.3 million, though Joby trades at a higher valuation of 15 times projected 2028 sales versus Archer's 7 times. Both companies have major backers, with Joby supported by Toyota, Delta Air Lines, and Uber, while Archer partners with Stellantis and United Airlines.
A Motley Fool analyst recommends buying Joby Aviation and avoiding Archer Aviation in the eVTOL sector. Joby has completed over 50,000 miles of test flights, is progressing through FAA certification, and began flying its first FAA-conforming production aircraft. The company holds partnerships with Delta Air Lines, Virgin Atlantic, and Uber Elevate, and reported approximately $1.1 billion in cash and equivalents at the end of Q1 2026. Archer Aviation, while partnered with United Airlines, Stellantis, and the U.S. military, faces execution risks and relies more on partners for commercialization, with its valuation already pricing in success. The analyst views Joby as having the strongest combination of technology, certification progress, partnerships, and financial resources among publicly traded eVTOL companies.
Archer Aviation Surges 20% After Unveiling Thunder VTOL Platform with Anduril
Archer Aviation shares jumped nearly 20% after the company and defense technology firm Anduril unveiled Thunder, a Group 5 autonomous attack rotorcraft. The stock closed at $5.31, up 19.59%, on trading volume of 95.7 million shares, about 125% above its three-month average. The hybrid-electric vertical takeoff and landing platform is designed for both commercial and defense customers, with first flight planned for 2027 and initial commercial partner announcements expected later this week. Despite the gain, Archer remains down 55% over the past year and has fallen 47% since its 2020 initial public offering.
Joby Aviation Stock Falls 47% Year to Date but Long-Term Prospects Remain Intact
Joby Aviation shares have dropped about 47% year to date, bringing its market capitalization to $7.5 billion, yet the company continues to advance its electric air-taxi certification and commercial plans. Joby is testing FAA-conforming aircraft in preparation for Type Inspection Authorization, has begun preparatory work with Toyota Motor for commercial production, and holds partnerships with Delta Air Lines and Uber Technologies. The company also acquired Blade Air Mobility's passenger business and is participating in a White House-backed eVTOL program that could enable early operations in some states before year-end. Morgan Stanley has cautioned that regulatory hurdles may be underestimated, but its base-case scenario projects the global urban air mobility market could reach $1 trillion by 2040 and $9 trillion by 2050.
Archer Aviation faces growing headwinds as revenue lags and cash burn persists
Archer Aviation continues to face significant challenges despite progress toward FAA certification and manufacturing build-out. The company reported just $1.6 million in revenue for the first quarter of 2026, alongside an adjusted EBITDA loss of $172.5 million, with management guiding for another $170 million to $200 million loss in the second quarter. Archer ended the quarter with approximately $1.8 billion in liquidity, but Wall Street expects cash burn of roughly $600 million this year and $740 million in 2027 before free cash flow potentially turns positive later in the decade. Commercialization remains dependent on FAA certification of the Midnight aircraft, and even if approved on schedule, the company must still scale manufacturing, expand infrastructure, train pilots, and prove customer demand in an unproven eVTOL market where rival Joby Aviation is also advancing.
Archer Aviation Added to Multiple Russell Value Indexes
Archer Aviation has been added to several Russell value indexes, including the Russell 2000, 2500, 3000, 3000E and Small Cap Value benchmarks. This inclusion places the company alongside more established peers in institutional portfolios and may shift how investors view its risk profile. The move does not alter Archer's core fundamentals, which remain tied to FAA certification progress for its Midnight eVTOL aircraft and the ability to manage ongoing cash burn. The company projects $716.0 million in revenue and $62.9 million in earnings by 2029, requiring 622.3% annual revenue growth and an $805.4 million earnings improvement from a current loss of $742.5 million.
Joby Aviation flies first FAA-conforming eVTOL, advancing toward certification
Joby Aviation has begun flying its first FAA-conforming production eVTOL aircraft, a major step toward obtaining Type Inspection Authorization, one of the final stages before full FAA certification for commercial operations. The company has now logged more than 50,000 miles of test flights and continues to target commercial service this year. Joby was also recently selected for the White House-backed Air Taxi Pilot Program, allowing early operations across multiple U.S. states, while preparing to launch service in Dubai where vertiports are already under construction. Despite these milestones, the stock carries a market capitalization of roughly $8.5 billion with very little revenue, leaving limited room for execution missteps as the company must still scale manufacturing, build infrastructure, and prove customer demand.
Archer Aviation nears air taxi approval ahead of 2028 Los Angeles Olympics
Archer Aviation is approaching regulatory approval for its electric vertical takeoff and landing air taxi and has been selected as the official air taxi provider for the 2028 Los Angeles Olympics. The company operates in the emerging urban air mobility sector, focusing on electric aircraft for short city and regional hops. With the Olympics on the horizon, this role provides a high-visibility use case for its aircraft, and investors will likely monitor certification progress, infrastructure build-out, and operational planning ahead of 2028. The stock currently trades at US$4.73, about 55% below the US$10.61 analyst price target, and is flagged as trading roughly 74.2% below Simply Wall St's estimated fair value, though it has fallen 30.5% over the past 30 days. Key risks include very limited revenue, ongoing losses, and recent shareholder dilution.
Joby Aviation Stock Still Looks Overvalued After Manufacturing Joint Venture
Joby Aviation's stock has fallen 37.9% year to date, yet broader valuation checks still suggest the shares lean expensive rather than clearly cheap. The company currently passes 0 of 6 valuation checks, meaning it does not screen as a clear bargain on price versus fundamentals. On a price-to-book basis, Joby Aviation trades at about 4.5 times book value, compared with an airlines industry average of roughly 1.9 times, indicating investors are paying a significant premium for its equity. The community is split, with a bull case seeing the stock as 20% undervalued and a bear case viewing it as 49% overvalued. The key question remains whether Joby Aviation can turn its technology and partnerships into scalable, profitable operations quickly enough to justify the current valuation.
Toyota forms manufacturing JV with Joby Aviation to prepare mass production of eVTOL air taxis
Joby Aviation and Toyota Motor Corporation have established the Joby Toyota Aero Manufacturing Preparation Company joint venture, with Toyota holding a 51% stake, to prepare for mass production of Joby's S4 Series electric vertical takeoff and landing air taxis in California under an exclusive manufacturing license. The alliance marks a shift in Toyota's role from a financial backer holding about 13.1% of Joby's stock to a hands-on manufacturing partner, potentially strengthening Joby's operational readiness for commercial air taxi services once regulatory approvals are in place. The joint venture directly targets the manufacturing side of Joby's scaling challenge, though the key short-term catalyst remains FAA type certification and early commercial flights. Joby also plans to start early flight operations under the White House-backed eVTOL Integration Pilot Program in multiple U.S. states once agreements are finalized, using those routes to validate operations and customer experience ahead of broader rollouts.
Archer Aviation's eVTOL progress lags behind Joby but analysts see revenue growth ahead
Archer Aviation's stock has fallen from a record high of $17.14 in February 2021 to under $5, as the company has manufactured only two test aircraft and one full-scale Midnight eVTOL, far short of earlier production targets. The Midnight carries a pilot and four passengers up to 100 miles at 150 miles per hour, but it trails Joby Aviation's S4 in speed, range, and FAA certification progress. Despite these setbacks, Archer's indicative backlog reached $6 billion at the end of 2025 with pending orders for roughly 1,200 aircraft, and its biggest investor Stellantis plans to help ramp up production after FAA certification. Analysts expect Archer's revenue to rise from $9.5 million in 2026 to $428.4 million in 2028, giving its $3.6 billion market cap a valuation of 7 times 2028 sales, compared to Joby's $8.5 billion market cap at 19 times 2028 sales. The company's early customers include United Airlines, Abu Dhabi Aviation, and Andruil, and it aims to eventually produce 650 aircraft annually with Stellantis.
Joby Aviation favored over Archer Aviation for 2026 eVTOL investment
Joby Aviation is the preferred stock pick over Archer Aviation for investors seeking exposure to the electric vertical takeoff and landing market in 2026, according to an analysis by The Motley Fool. Joby Aviation reported fiscal 2025 revenue of nearly $53.4 million, a massive leap from roughly $136,000 in 2024, driven by its move toward full commercialization and integration of aviation service segments, though it posted a net loss of approximately $930 million. Archer Aviation generated its first revenue of $300,000 in fiscal 2025 but recorded a net loss of $618.2 million, exceeding its prior-year loss. Joby Aviation trades at a price-to-sales ratio of 96.7x, well below Archer Aviation's 1,680x, and its business model of flying short, in-demand routes in major cities appears more attainable after recent testing in New York City. Both companies face significant risks, including ongoing litigation, FAA certification hurdles, and the need for substantial capital to reach profitability.
Joby Aviation Price Target Set at $11.50, Implies 30% Upside
Joby Aviation trades at $8.83, down 33% year-to-date, with a 12-month price target of $11.50 implying roughly 30% upside. The target hinges on FAA certification progress and a planned Dubai passenger launch in 2026. Q4 2025 results beat estimates with revenue of $30.84 million and EPS of negative $0.14, while a $1.2 billion raise pushed cash to $1.41 billion. CEO JoeBen Bevirt sold 322,019 shares at $10.38 in June, adding insider uncertainty, though Toyota's $500 million commitment and over $1 billion in international letters of intent support a bull case of $15 to $18. The recommendation is hold with medium confidence given binary certification risk and cash burn.
Archer Aviation Advances Midnight Aircraft Certification with Regulators
Archer Aviation is advancing toward certification of its Midnight aircraft, a key step for commercial operations. The company is working closely with regulators on certification activities while continuing flight testing, system validation, and compliance efforts. Achieving certification is expected to enable aircraft deliveries, support customer deployments, and execute commercial agreements. Archer Aviation's progress reflects its growing operational and engineering capabilities as it prepares for commercial production. The Zacks Consensus Estimate for 2026 and 2027 earnings per share suggests a year-over-year decline of 61.90% and growth of 7.51%, respectively. Archer Aviation currently holds a Zacks Rank #2 (Buy).
Zacks Prefers Archer Aviation Over Joby Aviation on Stronger Sales Outlook, Lower Valuation
Zacks Investment Research selected Archer Aviation as the better buy over Joby Aviation, citing Archer's significantly stronger sales growth outlook, more attractive valuation, and lower debt. The Zacks Consensus Estimate for Archer's 2026 sales indicates a massive rise of 4,144.67%, while Joby's 2026 sales growth is estimated at 106.22%. Archer's debt-to-capital ratio stands at 3.65% compared with Joby's 26.37%, and Archer trades at a forward price-to-book multiple of 1.75 versus Joby's 4.44. Both companies are advancing commercial electric air taxi operations, with Archer and Joby each selected for the White House eVTOL Integration Pilot Program in key U.S. markets. Archer currently carries a Zacks Rank #2 (Buy), while Joby holds a Zacks Rank #3 (Hold).
Joby Aviation shares have dropped about 30% in 2026, trading well below their 52-week high of roughly $21, even as the electric vertical takeoff and landing company advances toward Federal Aviation Administration type certification. Joby is in Stage 4 of the FAA's five-stage process and began for-credit flight testing in March 2026, putting it ahead of closest competitor Archer Aviation, which recently started its own for-credit testing. The company has also successfully piloted an eVTOL in New York City and is set to participate in the White House-backed eVTOL Integration Pilot Program in the second half of this year. Morgan Stanley has projected that the urban air mobility industry could reach $1 trillion by 2040 and $9 trillion by 2050 in its most bullish scenario, though the firm cautions that high-volume commercialization may take decades.
Archer Aviation Lacks Piloted Transition Milestone, Making Stock Too Risky
Archer Aviation has yet to demonstrate a piloted transition of its Midnight eVTOL, a key milestone that leaves the stock's future uncertain. The company has completed three of four FAA certification phases, joined the White House's eVTOL Integration Pilot Program, and was named official air taxi provider for the 2028 Olympics, but its shares are trading around $5.50, down roughly 33% from January. While Archer has shown Midnight can fly remotely and perform conventional piloted flights, it has not publicly combined vertical takeoff, forward flight, and landing in a single piloted flight. Rival Joby Aviation has already achieved piloted transition, and the longer Archer goes without it, the more nervous Wall Street may become.
Joby Aviation nears FAA approval as Dayton production ramps up and Archer legal fight intensifies
Joby Aviation is nearing key regulatory approval for its electric vertical takeoff and landing aircraft while ramping manufacturing in Dayton and engaging in legal disputes with Archer Aviation. The company is positioning its Dayton site as a core production hub, aiming to scale from a handful of eVTOL aircraft to a potential run rate of hundreds per year. Joby is also guiding toward more material revenue as operations scale in markets like Dubai and through partnerships such as Delta Air Lines. The legal disputes with Archer, including claims around trade secrets and sourcing, add regulatory and reputational risk. The stock trades at $10.0, up 3.4% over the past week but down 30.4% year to date.