Joby (JOBY) vs. Archer (ACHR): Which Stock Is Closer to First FAA Approval after March’s Massive Milestones?

The race for the skies has taken a clear turn this month. After a tough 2025 marked by stock swings and slow regulatory progress, March 2026 has brought real, measurable wins for the two leaders in the eVTOL space — Archer Aviation ACHR -2.50% ▼ and Joby Aviation JOBY -3.10% ▼ . Both companies have hit major milestones within days of each other, and Wall Street is now starting to compare who is actually closer to commercial launch.

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Using TipRanks’ Stock Comparison Tool, we compared the two stocks to see who currently has the edge.

Archer Aviation (NYSE:ACHR) Stock

Archer has made strong progress on the regulatory front this month, which is key to getting its aircraft approved. The stock was down about 27% in 2025, mainly due to cash burn concerns, but the sentiment seems to be improving lately.

• The “100%” Milestone: On March 2, the company became the first eVTOL player to secure FAA acceptance for 100% of its “Means of Compliance” (MOC). In simple terms, this means Archer now has a clear and complete roadmap for how it will prove its Midnight aircraft is safe. Joby, in comparison, has been stuck at around 97% on this step for a long time.

• Testing & Certification: With the regulatory groundwork now in place, Archer is moving ahead with piloted test flights and expects to begin “for-credit” FAA test flights (TIA) later this year. Additionally, Archer was selected for the White House’s eVTOL Integration Pilot Program (eIPP), focusing on early operations in Texas, Florida, and New York.

• Strong Liquidity: Financially, Archer looks well prepared. It ended 2025 with about $2 billion in liquidity, giving it enough room to push toward its first commercial flights.

Is Archer Aviation Stock a Good Buy?

Recently, Canaccord Genuity analyst Austin Moeller kept a Buy rating on Archer with a price target of $13, implying about 120% upside from current levels. He said the company’s “asset-light” model, where it sells aircraft to partners like United Airlines UAL -3.18% ▼ instead of only running its own taxi service, helps reduce risk for investors in 2026.

Overall, Wall Street analysts remain highly optimistic about the company’s prospects. Based on six recent ratings, Archer Aviation boasts a “Strong Buy” consensus with an average ACHR stock price target of $13.20. This implies about 124% upside from the current price.

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Joby Aviation (NYSE:JOBY) Stock

While Archer is ahead on regulatory progress, Joby is moving faster on actual flying and testing, with the stock up about 53% in 2025.

• The Conforming Flight: On March 11, 2026, Joby flew its first FAA-conforming aircraft (N547JX), built on its production line. This allows the company to enter Stage 4 testing, where FAA pilots test the aircraft for certification credit. In short, Joby is currently closer to the final testing phase.

• Expanding Presence: The company is also expanding beyond testing. It was selected for the White House’s eVTOL Integration Pilot Program, allowing it to operate in up to 10 states, including New York and Texas.

• Production Scaling: Joby is also scaling manufacturing. It is increasing capacity in California and building a large facility in Dayton, Ohio, that could eventually produce up to 500 aircraft per year.

Is Joby Aviation Stock a Buy?

Meanwhile, top analyst Moeller kept a Hold rating on Joby with a $15.50 price target. While he sees strong progress, especially with Joby’s first FAA-conforming aircraft now flying and moving toward for-credit test flights, he believes much of this progress is already reflected in the stock. He said upcoming milestones like FAA test flights and pilot program launches could support the stock, but for now, the risk-reward looks balanced.

According to TipRanks, JOBY stock has received a Hold consensus rating, with two Buys, four Holds, and two Sells assigned in the last three months. The average stock price target for Joby is $13.25, suggesting a potential upside of 40.06% from the current level.

Who Has the Edge Right Now?

Archer leads on the regulatory side, with full compliance approval and stronger Wall Street support. ACHR stock has a Strong Buy rating and about 125% upside based on analyst price targets.

In contrast, Joby has a Hold rating with a more modest 40% upside. However, Joby is ahead in actual testing. Its aircraft is already in the for-credit flight stage, putting it closer to final approval.

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