15.5 times its analysts-projected 2028 sales is what Joby Aviation (NYSE: JOBY) currently trades at, a 7-point premium over Archer Aviation (NYSE: ACHR) at 8.5 times the same estimate. Analysts project Joby's revenue at $53 million in 2025, climbing to $435 million by 2028; Archer's is projected to rise from less than $1 million to $512 million over the same period. The larger Archer revenue figure arrives with the cheaper multiple, but the case for Joby's premium rests on aircraft specs, FAA certification standing, and a business model that retains more margin in-house.
The aircraft case
Joby's S4 and Archer's Midnight carry identical payloads: one pilot, four passengers. The performance specs diverge sharply. The S4 flies up to 150 miles on a single charge at a maximum speed of 200 miles per hour; the Midnight's range caps at 100 miles with a 150-miles-per-hour ceiling. Propulsion architecture explains much of that gap. The S4 uses single-tilt-rotor propellers for both lifting and cruising, making it lighter and more energy efficient, while the Midnight runs separate propeller sets for each phase of flight. Joby is also developing a hydrogen-powered eVTOL variant; Archer has no equivalent program.
| Metric | Joby (JOBY) | Archer (ACHR) |
|---|---|---|
| Aircraft | S4 | Midnight |
| Range (reported) | 150 mi | 100 mi |
| Top speed (reported) | 200 mph | 150 mph |
| 2025 revenue (projected) | $53M | <$1M |
| 2028 revenue (projected) | $435M | $512M |
| 2028 sales multiple (reported) | 15.5x | 8.5x |
Business model and FAA certification
The pricing power split begins with the business model. Joby is building a vertically integrated "transportation as a service" network: it plans to manufacture, own, and operate its own fleet using primarily first-party components. Archer is targeting an OEM role, selling aircraft to other operators and relying heavily on third-party suppliers. An OEM structure naturally compresses pricing power relative to a direct operator.
On FAA certification, Joby holds a more advanced position in the agency's multi-stage process. Both companies plan to launch initial commercial flights in the United States and the UAE. Uber (NYSE: UBER) plans to integrate Joby's S4 into its Uber Air service, a distribution arrangement that could accelerate Joby's commercial ramp past Archer's pace.
Backer profiles separate the two further. Toyota, Delta Air Lines, and Uber support Joby. Stellantis and United Airlines back Archer.
Archer's projected $512 million in 2028 revenue tops Joby's $435 million, but it arrives through third-party OEM sales rather than a first-party operator margin. That model difference, layered on top of a 50-mile range deficit and Joby's more advanced FAA standing, is what the 7-point multiple gap is pricing.