JOBY vs KTOS: How Joby Aviation and Kratos Defense & Security Solutions Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. JOBY and KTOS share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined JOBY and KTOS exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Joby Aviation designs and intends to manufacture and operate electric vertical takeoff and landing (eVTOL) aircraft, small piloted air taxis built to carry a few passengers quietly over congested cities. Its plan is to make money as a vertically integrated transportation-as-a-service business: build its own aircraft (with manufacturing practices borrowed from partner and investor Toyota), then sell rides directly to passengers, distributed through partners like Uber and the Blade passenger business it acquired. Until its own aircraft enters revenue service, nearly all reported revenue comes from that acquired Blade helicopter operation rather than from eVTOL flights.

Full JOBY guide

Kratos Defense & Security Solutions (KTOS) is a defense technology company that specializes in affordable, high-performance systems the U.S. military wants to buy in volume. Its two segments are Unmanned Systems, home to the XQ-58 Valkyrie collaborative combat aircraft and other tactical drones and target drones, and Kratos Government Solutions, which spans hypersonic systems (Erinyes, Dark Fury), solid rocket motors, turbine and jet engines, microwave electronics, C5ISR, space, training and cyber. The common thread is being the low-cost, fast-to-field alternative to legacy prime contractors, which lines up with Pentagon demand for attritable, mass-producible hardware.

Full KTOS guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• JOBY drivers: Lead in FAA certification; Strategic backers and balance sheet.
• KTOS drivers: Valkyrie and collaborative combat aircraft; Hypersonics, rockets and engines.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Joby is effectively pre-revenue on its core product: the bulk of its reported revenue comes from the acquired Blade helicopter business, not its own eVTOL aircraft, and it posted a net loss of roughly $110 million in Q1 2026. For KTOS, valuation is the dominant risk: with a triple-digit price-to-earnings ratio, the stock prices in years of sustained growth and any stumble can drive a sharp derating.

Pick JOBY if you believe its drivers more; KTOS if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the JOBY and KTOS guides.

JOBY. For a pre-commercial company, the most important figures are cash and burn rather than earnings: roughly $2.5 billion of liquidity against a few hundred million of cash use per half-year implies several years of runway, but no clear path to profitability yet. The reported revenue largely reflects the acquired Blade helicopter operation, not Joby's own air taxis, so traditional valuation multiples are not very meaningful. At a market cap near $9 billion against minimal core revenue, the stock prices in a commercial future that still depends on FAA certification and scale.

KTOS. As of the March 2026 quarter, Kratos posted about $371 million in Q1 revenue, up roughly 23 percent year over year, and raised full-year 2026 guidance toward $1.7 to $1.76 billion. Net income remains small, so with a market cap around $10 billion the price-to-earnings ratio sits in the hundreds and price-to-sales is roughly 7 times. The valuation reflects growth and backlog expectations far more than current earnings.

Headline figures (approximate, 2026-05-06): JOBY shows cash & short-term investments ~$2.5 billion (Q1 2026), revenue (q1 2026) ~$24 million (mostly acquired Blade passenger business, not eVTOL), fy2026 revenue guidance ~$105 to $115 million, net loss (q1 2026) ~$110 million; KTOS shows revenue (q1 2026) ~$371M, revenue (ttm) ~$1.4B, fy2026 revenue guidance ~$1.7B to $1.76B, adjusted ebitda (fy2025) ~$120M.

JOBY and KTOS are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined JOBY and KTOS exposure against your real portfolio. It is not an investment adviser.