Joby Aviation Inc
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Industrials : Passenger Airlines | Small Cap Growth
Company profile

Joby Aviation, Inc. is a transportation company. The Company is developing an all-electric vertical take-off and landing (eVTOL) aircraft to be used by the Company to deliver passenger and freight air transportation as a service. The Company is engaged in designing and testing a piloted all-electric aircraft, which can take off and land vertically, while cruising like a traditional airplane. The aircraft is quiet when taking off, near silent when flying overhead and is designed to transport a pilot and four passengers at speeds of up to approximately 200 miles per hour with a maximum range of approximately 150 miles on a single charge. The Company focuses on operating its aircraft on journeys ranging from 5 to 150 miles between cities and their surrounding areas. It intends to deploy eVTOL aircraft in local aerial ridesharing networks in cities around the world. It also plans to develop an application-based platform that permits consumers to directly book rides through its service.


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20 stocks of aerospace and defense companies expected to grow sales most quickly through 2025

9:13 am ET September 16, 2023 (MarketWatch)

By Philip van Doorn

Virgin Galactic leads the list, but Boeing and Airbus are also among companies expected to increase revenue much more quickly than the S&P 500.

It may seem that Elon Musk owns the space business, with SpaceX's current monopoly on flying U.S. astronauts into orbit and its near-dominance of the satellite launch industry.

But SpaceX is privately held, which means most investors cannot ride along with its success. If you believe in the revolutionary potential of various space-related industries, you will need to look elsewhere.

Background:SpaceX vs. Boeing: two titans of aerospace are locked in an astronomical dogfight

Any large aerospace contractor has dozens (or hundreds) of suppliers. And the aerospace industry is lumped in with other defense contractors in the investing world. Then there are companies tied to the space or defense industries in other areas, such as computer and software development. So below is a screen of (mostly) aerospace and defense stocks to see which companies are expected to increase revenue most rapidly through 2025, using calendar 2023 as a baseline.

A focus on expected sales growth can help you begin your own research if you wish to hold individual stocks in this space.

To develop a list of stocks to screen, we looked at the holdings of five exchange-traded funds that hold shares aerospace and defense companies:

Altogether, these funds hold 84 stocks.

For our screen on expected revenue growth, we narrowed the list to 68 companies covered by at least five analysts polled by FactSet. Then we looked at consensus estimates for calendar years, because many companies have fiscal years that don't match the calendar. The list was cut further to 63 companies for which consensus sales estimates are available through calendar 2025.

We sorted the list by expected two-year compound annual growth rates (CAGR) for sales. To put the numbers in some perspective, the S&P 500's sales per share are expected by analysts to increase at a weighted CAGR of 5.1% from 2023 through 2025.

Here are the 20 companies held by at least one of the five aerospace and defense ETFs with the highest expected sales CAGR from 2023 through 2025. Even the slowest expected revenue growth pace on the list is more than twice the expected pace of the U.S. benchmark index, and the list includes both Boeing and Airbus. The consensus annual sales estimates are in millions of dollars.

Company                                   Ticker   Two-year estimated sales CAGR through 2025  Est. 2023 sales  Est. 2024 sales  Est. 2025 sales           Held by 
Virgin Galactic Holdings Inc.              SPCE                                        178.9%               $6              $24              $47             ITA 
Rocket Lab USA Inc.                        RKLB                                         46.5%             $291             $430             $623             ITA 
Planet Labs PBC Class A                     PL                                          24.5%             $219             $266             $340             PPA 
Markforged Holding Corp.                   MKFG                                         23.4%             $107             $124             $162            ARKX 
Unity Software Inc.                          U                                          20.1%           $2,181           $2,609           $3,148            ARKX 
Teradyne Inc.                               TER                                         19.9%           $2,680           $3,267           $3,852            ARKX 
Axon Enterprise Inc.                       AXON                                         19.8%           $1,526           $1,825           $2,189        ITA, PPA, XAR 
Palantir Technologies Inc. Class A         PLTR                                         18.8%           $2,214           $2,614           $3,124             PPA 
Spirit AeroSystems Holdings Inc. Class A    SPR                                         18.6%           $6,093           $7,473           $8,565  ITA, PPA, XAR, ARKX, MISL 
Blade Air Mobility Inc. Class A            BLDE                                         18.5%             $230             $272             $323            ARKX 
UiPath Inc. Class A                                                                     18.3%           $1,257           $1,499           $1,758            ARKX 
KBR Inc.                                    KBR                                         18.0%           $7,050           $8,324           $9,821          PPA, MISL 
Heico Corp.                                 HEI                                         15.2%           $2,988           $3,620           $3,968  ITA, PPA, XAR, ARKX, MISL 
ViaSat Inc.                                VSAT                                         14.2%           $3,737           $4,409           $4,873             PPA 
Airbus SE                                 FR:AIR                                        12.8%          $68,906          $77,250          $87,613            ARKX 
Synopsys Inc.                              SNPS                                         12.7%           $5,949           $6,705           $7,553            ARKX 
Boeing Co.                                  BA                                          12.5%          $78,720          $90,743          $99,663     ITA, PPA, XAR, MISL 
AeroVironment Inc.                         AVAV                                         12.2%             $630             $730             $793  ITA, PPA, XAR, ARKX, MISL Inc.                            AMZN                                         12.1%         $569,929         $639,279         $715,819            ARKX 
JD Logistics Inc.                         HK:2618                                       11.9%          $22,841          $25,694          $28,580            ARKX 
                                                                                                                                                            Source: FactSet 

All of these companies are based in the U.S., except for Airbus, which is headquartered in the Netherlands and JD Logistics Inc. , which is based in Beijing.

Click on the tickers for more about each ETF, company or index.

Click here for Tomi Kilgore's detailed guide to the wealth of information available for free on the MarketWatch quote page

If you look at the quote pages, you will see high forward price-to-earnings ratios for many of these companies. In some cases, there is no forward P/E ratio because earnings over the next 12 months are expected to be negative.

Virgin Galactic Holdings Inc. (SPCE) tops the list with the highest expected sales growth pace because it made its first commercial space flight in June, and is ramping up launch activity. But the company is expected by analysts to post annual net losses through 2027 at least.

For this type of company, sales growth can drive a stock price. Then again, experimental technology could lead to delays and disappointment, which helps explain why a five-year chart for Virgin Glactic's stock is so painful to look at. Here's is the five-year total return, compared with those of the S&P 500 and QQQ:

Maybe the years of disappointment for Virgin Galactic are coming to an end, but investors haven't jumped back aboard, despite the company's success in 2023.

Leaving the list in the same order, here's a summary of analysts' opinions of the stocks. The industry standard is for analysts to set one-year price targets. That may be too short for a long-term speculative investment.

Company                                   Ticker   Share "buy" ratings  Share neutral ratings  Share "sell" ratings  Sept. 11 price  Cons. price target  Implied 12-month upside potential 
Virgin Galactic Holdings Inc.              SPCE                    17%                    50%                   33%           $2.06               $4.39                               113% 
Rocket Lab USA Inc.                        RKLB                    78%                    22%                    0%           $6.04               $9.83                                63% 
Planet Labs PBC Class A                     PL                     91%                     9%                    0%           $2.84               $5.44                                91% 
Markforged Holding Corp.                   MKFG                    80%                    20%                    0%           $1.28               $2.34                                83% 
Unity Software Inc.                          U                     61%                    28%                   11%          $38.02              $46.67                                23% 
Teradyne Inc.                               TER                    50%                    40%                   10%          $98.90             $122.67                                24% 
Axon Enterprise Inc.                       AXON                    92%                     8%                    0%         $213.19             $237.36                                11% 
Palantir Technologies Inc. Class A         PLTR                    17%                    33%                   50%          $15.79              $13.73                               -13% 
Spirit AeroSystems Holdings Inc. Class A    SPR                    25%                    62%                   13%          $17.84              $26.71                                50% 
Blade Air Mobility Inc. Class A            BLDE                   100%                     0%                    0%           $3.14               $7.75                               147% 
UiPath Inc. Class A                        PATH                    43%                    57%                    0%          $19.18              $19.69                                 3% 
KBR Inc.                                    KBR                    92%                     8%                    0%          $59.79              $74.27                                24% 

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September 16, 2023 09:13 ET (13:13 GMT)

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