Joby Aviation (JOBY -3.24%), a developer of electric vertical takeoff and landing (eVTOL) aircraft, went public through a merger with a special purpose acquisition company (SPAC) five years ago. It started trading at $10.62, but it now trades at about $7 per share.
Image source: Joby Aviation.
Why could Joby be a multibagger stock?
Joby's stock hasn't taken off yet because the FAA hasn't fully approved its first commercial flights. But when it does, its shipments of S4 eVTOLs -- which carry a single pilot and four passengers for up to 150 miles at up to 200 miles per hour -- could skyrocket.
NYSE: JOBY
Key Data Points
Joby's backers include Toyota (TM +1.48%), which will manufacture the S4; Delta Air Lines (DAL -2.89%), which will use the S4 for last-mile "airport-to-home" flights; and Uber (UBER +0.91%), which will integrate its air taxi flights into its new Uber Air service. Over the long term, it plans to become a vertically integrated "transportation as a service" business that manufactures, owns, and operates its own air taxi network.
Once the FAA fully approves its first flights, analysts expect its revenue to surge from $53 million (mainly from its Blade Air Mobility helicopter services) to $435 million in 2028. Joby's stock might seem expensive at 18 times its 2028 sales, but Fortune Business Insights expects the global eVTOL market to expand at a 36.8% CAGR from 2026 to 2034. As an early mover in this nascent growth market, Joby could generate a tenbagger gain (or more) over the long term.
