AST SpaceMobile vs. Joby Aviation: Which Technology Stock Is a Better Buy in 2026?

Investors seeking exposure to the next generation of transportation and communication face a choice between AST SpaceMobile (NASDAQ:ASTS) and Joby Aviation (NYSE:JOBY) in today's evolving market.

AST SpaceMobile aims to eliminate cellular dead zones using a space-based network that connects directly to standard smartphones. Joby Aviation is focused on transforming urban travel with its all-electric vertical takeoff and landing aircraft. Both companies represent high-growth investments in nascent industries, where massive potential for scale meets significant technical and regulatory hurdles.

The case for AST SpaceMobile

AST SpaceMobile builds a space-based cellular broadband network designed to work directly with standard, unmodified smartphones. The company has partnered with over 50 mobile network operators, serving nearly 3 billion combined subscribers across strategic markets such as the United States, Europe, and Japan. Its goal is to eliminate connectivity gaps globally by providing satellite-to-phone service without the need for additional terrestrial hardware.

In FY 2025, the company’s revenue reached nearly $70.9 million, a significant increase from approximately $4.4 million in the previous year. Despite sales growth, the company reported a net loss of approximately $341.9 million for the period. This resulted in a net margin of approximately -482.2%, a metric that shows the loss per dollar of revenue.

On its December 2025 balance sheet, the company reported a debt-to-equity ratio of 1.2x, which measures total debt relative to shareholder equity. The current ratio, which compares current assets to current liabilities to assess short-term liquidity, stood at a robust 16.4x. However, the company reported negative free cash flow of roughly $1.1 billion, representing the cash left after paying for capital expenditures. It is common for high-growth tech stocks to burn cash as they build out expensive global infrastructure.

The case for Joby Aviation

Joby Aviation is developing all-electric vertical takeoff and landing aircraft intended for urban air-taxi services. The company is targeting major international markets, including Dubai, London, and New York City, to provide quiet, zero-emission transportation options. By manufacturing its own aircraft and operating the service, the company hopes to control the entire passenger experience from booking to landing.

For FY 2025, revenue was approximately $53.4 million, a massive increase compared to the nearly $136,000 reported in FY 2024. The company recorded a net loss of approximately $929.8 million during the same period, as it continued to invest in its flight testing programs. This led to a net margin of roughly -1,740.5%, reflecting the high research and development costs in the aviation sector.

According to its December 2025 balance sheet, the company maintains a debt-to-equity ratio of 0.0x, indicating it holds no debt relative to its equity. The current ratio is approximately 24.1x, suggesting a strong ability to cover short-term obligations with its available cash and assets. Free cash flow was negative at roughly $563.8 million, which is the cash remaining after the business pays for its capital investments.

Risk profile comparison

AST SpaceMobile faces significant regulatory risks, including the need for federal approvals and uncertainties surrounding satellite licensing and frequency usage. The company operates in a crowded field against formidable competitors like Amazon (NASDAQ:AMZN), which is developing its own satellite internet constellation. Execution risks remain high as the business attempts to deploy a complex satellite network while managing a history of substantial net losses since its inception.

Joby Aviation must navigate strict certification processes with aviation authorities, where any delays could postpone the commercial launch of its air-taxi service. Safety is a primary concern, as any incident involving a prototype aircraft could damage public perception of the entire emerging industry. Furthermore, the company relies on third-party suppliers worldwide for critical components, leaving it vulnerable to disruptions that could delay its high-volume manufacturing schedule.

Valuation comparison

Joby Aviation appears to be the more affordable option based on sales multiples, while AST SpaceMobile carries a significantly higher valuation relative to its current revenue.

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Which stock would I buy in 2026?

Both companies are developing new technologies that could significantly change their respective industries, and for that reason alone, many investors may find them exciting. But one appears to have a clearer path to commercialization in the near term and, hopefully, returns for investors.

AST SpaceMobile’s low-Earth-orbit satellite network is designed to provide broadband connectivity for smartphones, enabling cellular and internet access in areas not well served by standard networks. The company has already signed agreements with dozens of mobile network operators, which gives it immediate access to a potentially massive customer base. It’s still highly speculative, and trades at a high valuation relative to its current revenue. But as additional satellites are deployed, commercial revenue is expected to grow.

Joby Aviation’s product is an electric vertical takeoff and landing (eVTOL) aircraft. Toyota (NYSE:TM), Delta Air Lines (NYSE:DAL), and other major companies have partnered with the company, and FAA certification is in the works. But the certification is not guaranteed, and building this new transportation system will still require substantial capital and years of development.

So, neither company is a sure bet right now. But AST SpaceMobile already has partnerships, and potentially a shorter path to earning meaningful revenue. Joby could deliver enormous returns if its air mobility service succeeds, but investors may need to wait quite some time for that to happen. Therefore, AST SpaceMobile is my choice in this pairing.

Pamela Kock has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AST SpaceMobile and Amazon. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.