JOBY
Joby Aviation, Inc.
Is JOBY Halal?
Civil eVTOL transportation is broadly permissible, but March 2026 liquidity is 84.24% of assets and the conservative investment-income proxy is 73.35% of revenue, failing the examined asset-based screens.
What You Should Know
Joby Aviation's March 31, 2026 Form 10-Q reports $2,927.654M total assets, $701.056M long-term debt, $874.524M cash, $1,591.665M short-term investments, $11.498M receivables and $24.246M quarterly revenue. ZakatInvest calculates debt/assets 23.95%, cash plus identified interest-bearing securities/assets 84.24%, receivables plus cash/assets 30.26% and interest and other income, net/revenue 73.35% as a conservative upper bound because the filing says the income line consists primarily of interest earned on cash and marketable securities. Passenger revenue is disclosed separately, while other revenue includes government flight services, engineering and rental income; the filing does not quantify a universal prohibited-revenue numerator.
⚠️ Concerns
- •Cash plus identified short-term investments are 84.24% of total assets, above the examined liquidity limits
- •Interest and other income, net is 73.35% of quarterly revenue as a conservative upper bound, not a pure-interest-only figure
- •The company issued $690M principal amount of 0.75% convertible notes and took a $30.75M mortgage loan
- •Government flight services and Department of Defense contracts require dual-use and end-use review
- •Commercial certification, manufacturing, safety, cash burn and customer-demand risks remain material
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-13.
701.056 / 2,927.654
2,466.189 / 2,927.654
886.022 / 2,927.654
17.784 / 24.246
- Financial
- Fails
- Overall
- Fails
Debt/assets are 23.95% and receivables plus cash are 30.26%, but cash plus identifiable interest-bearing securities/assets are 84.24% and the conservative combined-income proxy is 73.35%, above the examined FTSE limits.
- Financial
- Fails
- Overall
- Fails
Debt/assets are 23.95% and receivables plus cash are 30.26%, but identifiable liquidity is 84.24%, above the examined MSCI total-assets limit. The combined income line is a conservative upper bound, not a pure-interest measure.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 23.95%, but identifiable liquidity is 84.24%, above the examined Malaysia SAC financial limit. This is a contextual calculation against SAC ratios, not an official classification of a U.S.-listed security.
- Financial
- Not calculated
- Overall
- Not calculated
A properly licensed and reproducible historical market-cap series is not stored, so no unsupported market-cap percentage is substituted for the filing-backed asset-based calculation.
Business-activity disclosure
Joby Aviation is developing electric vertical takeoff and landing aircraft and provides passenger, engineering, rental and government-flight services while pursuing commercial air-taxi operations. Civil aviation and clean transportation are broadly permissible activities, but the filing does not allocate government-flight, defense-related or downstream-use revenue into a school-specific prohibited-revenue numerator.
Limitation: The filing reports passenger and other revenue, with other revenue including government flight services, engineering and rental income. It does not provide a reproducible allocation for defense contracts, customer-directed flights, future eVTOL use or any universal prohibited category.
Purification
Interest and other income, net is $17.784 million, or 73.35% of quarterly revenue, but the line includes more than pure interest and is used only as a conservative upper bound. No fixed purification percentage is asserted, and screened operating revenue remains incomplete.
Inputs, assumptions and primary sources
- Inputs use Joby Aviation's March 31, 2026 Form 10-Q; amounts are USD millions.
- Debt uses $701.056 million of long-term debt: $670.306 million carrying value for the 2032 convertible notes plus a $30.750 million mortgage loan. Operating lease liabilities are excluded rather than silently treated as debt.
- Cash uses $874.524 million of cash and cash equivalents. Identifiable interest-bearing securities use $1,591.665 million of short-term investments; the filing describes the portfolio as money-market funds, term deposits, asset-backed securities, government debt securities and corporate debt securities.
- Receivables use $11.498 million of accounts and other receivables. Restricted cash, prepaid assets and other current assets are excluded.
- Total quarterly revenue was $24.246 million. Interest and other income, net was $17.784 million, and the filing says interest income consists primarily of interest earned on cash and marketable securities. It is entered as a conservative upper bound, not as a pure-interest-only numerator.
- Passenger revenue was $21.754 million and other revenue was $2.492 million; the latter includes government flight services, engineering services and rental income. The filing does not isolate a universal prohibited-revenue amount for defense or other downstream activity.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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