# St Joe (JOE.US)

Canonical: https://gigainvestors.com/s/JOE

Analysis as of: 2026-10-16T07:29:32.360Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $67.75 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.02×

- FY2018: 0.27×

- FY2019: 0.25×

- FY2020: 0.29×

- FY2021: 0.35×

- FY2022: 0.24×

- FY2023: 0.23×

- FY2024: 0.24×

- FY2025: 0.28×

- LTM to Jun 2026: 0.30×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 4.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 5.1%

- ROIC, second-lowest year: 0.4%

- Typical minus recent gross margin: 4.4 pp

- Typical gross margin (annual median): 45.9%

- Recent gross margin (lower of latest and 3-year median): 41.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 33.9%

- ROIC including acquisitions, ten-year median: 1.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.2%

- FY2017: 0.4%

- FY2018: 5.2%

- FY2019: 3.8%

- FY2020: 4.9%

- FY2021: 8.3%

- FY2022: 4.1%

- FY2023: 5.5%

- FY2024: 5.4%

- FY2025: 9.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $16M

- Net income, five-year total: $413M

- Return on incremental invested capital: 29.6%

- Working capital / revenue, annual change: -32.3 pp

- Working capital / revenue, change between three-year averages: -216.3 pp

- Working capital / revenue, final three-year average: 6.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -0.63×

- FY2022: -2.33×

- FY2023: -0.04×

- FY2024: 0.98×

- FY2025: 1.38×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 0.4% vs 5.5%

- Per-share earnings: 0.21 to 1.33 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -4.1%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: $2.0B

- Cumulative retained earnings: $441M

- Diluted shares, 10-year annual growth: -4.1%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 25.7%

- Per-share value change: $1.12

- Per-share value, starting three-year median: $0.21

- Per-share value, ending three-year median: $1.33

- Buybacks concentrated in cheaper years (correlation): 0.62

- Average buyback yield: 3.7%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $14M

- Cumulative net income, 10 years: $593M

- ROIC, first three-year median: 0.4%

- ROIC, last three-year median: 5.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.21

- FY2017: $0.90

- FY2018: $0.53

- FY2019: $0.45

- FY2020: $0.77

- FY2021: $1.27

- FY2022: $1.21

- FY2023: $1.33

- FY2024: $1.27

- FY2025: $1.99

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 0.76×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.65×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.3%

- FY2017: 0.4%

- FY2018: -1.0%

- FY2019: -0.4%

- FY2020: 0.8%

- FY2021: -3.1%

- FY2022: 1.6%

- FY2023: -1.7%

- FY2024: -2.2%

- FY2025: -4.9%

## Holders

- [Bruce Berkowitz](https://gigainvestors.com/fairx): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 45% since Oct 2023 · sales +6.7%

Story as of 2026-10-16T09:58:59.876Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +6.7%; source https://www.sec.gov/Archives/edgar/data/745308/000110465926019676/joe-20251231x10k.htm; observed 2026-02-25.

- FY2017: $99M 

- FY2018: $110M 

- FY2019: $127M 

- FY2020: $161M 

- FY2021: $267M 

- FY2022: $252M 

- FY2023: $389M 

- FY2024: $403M 

- FY2025: $513M 

- FY2026: $548M 

### Gross margin · FY2025

gross margin 93%; source https://www.sec.gov/Archives/edgar/data/745308/000110465926019676/joe-20251231x10k.htm; observed 2026-02-25.

- FY2016: 35.9% 

- FY2017: 32.8% 

- FY2018: 53.5% 

- FY2019: 49.6% 

- FY2020: 51.6% 

- FY2021: 50.8% 

- FY2022: 42.2% 

- FY2023: 39.4% 

- FY2024: 41.5% 

- FY2025: 93.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate diversified; annual sales are USD 513.3 million.

- Source: https://www.sec.gov/Archives/edgar/data/745308/000110465926019676/joe-20251231x10k.htm (filed 2026-02-25); FY2025: revenue 513324000; grossProfit 477514000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JOE.US: The St. Joe Company, together with its subsidiaries, operates as a real estate development, asset management, and operating company in the United States. It operates through three segments: Residential, Hospitality, and Commercial. The Residential segment engages in the development of communities into homesites for sale to homebuilders and on a limited basis to retail customers. This segment primarily sells developed homesites, completed homes, parcels of entitled or undeveloped land or homesites, and a homesite residual on homebuilder, as well as offers marketing services. Its Hospitality segment owns and operates a private membership club, golf courses, beach clubs, retail outlets, marinas, and other entertainment assets. This segment also engages in the hotel, food and beverage, and gulf-front vacation rental operations, as well as provides management services. The Commercial segment engages in leasing of commercial property, multi-family, a senior living community, and other assets. This segment also involved in the planning, development, entitlement, management, and sale of commercial and rural land holdings for retail, office, hotel, senior living, multi-family, self-storage, and industrial uses; and grows and sells pulpwood, sawtimber, and other forest products, as well as operates real estate brokerage, title insurance agency and insurance agency business. The St. Joe Company was incorporated in 1936 and is based in Panama City Beach, Florida.

### Why customers stay

Margins ranged from 39.4% to 93% during 2023–25; it earns 5.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2023: grossProfit / revenue = 39.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: grossProfit / revenue = 41.5%.

- Source: https://www.sec.gov/Archives/edgar/data/745308/000110465926019676/joe-20251231x10k.htm (filed 2026-02-25); FY2025: grossProfit / revenue = 93%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); 10-year return on capital observations [[2016,0.001956784783467445],[2017,0.0036963883071987965],[2018,0.05248397364376235],[2019,0.03830729921642216],[2020,0.049383863358659526],[2021,0.08255412836491989],[2022,0.040659035465594955],[2023,0.054597406501004996],[2024,0.0536750066460831],[2025,0.09034257234011997]]; median 0.05093391850121094. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 4.9% of cash earnings; earns 29.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2016: growth capex 0; upkeep 2899000; owner earnings 21572000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2017: growth capex 255507.0646011196; upkeep 31149492.93539888; owner earnings 37235507.06460112. Growth capex / owner earnings = 0.006861919837907186.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2018: growth capex 998227.8816392273; upkeep 24378772.118360773; owner earnings 17019227.881639227. Growth capex / owner earnings = 0.058652947629671305.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); FY2024: growth capex 2000735.07326141; upkeep 47933264.92673859; cash acquisitions 1734000; owner earnings 72640735.07326141. Growth capex plus acquisitions / owner earnings = 0.05141378414597214.

- Source: https://www.sec.gov/Archives/edgar/data/745308/000110465926019676/joe-20251231x10k.htm (filed 2026-02-25); FY2025: growth capex 0; upkeep 4058000; cash acquisitions 7823000; owner earnings 159040000. Growth capex plus acquisitions / owner earnings = 0.04918888329979879.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Incremental return on capital 0.2959832339370416, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Dividend observations: [[2016,600000],[2017,2330000],[2018,400000],[2019,1116000],[2020,4122000],[2021,18844000],[2022,23497000],[2023,25664000],[2024,30347000],[2025,33618000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/745308/000110465926019676/joe-20251231x10k.htm (filed 2026-02-25); FY2025: cash repurchases 40269000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); JOE.US SharesStats.PercentInsiders = 0.356 percentage points; cache date 2026-10-16.

### What the price says

The price is 7.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-25); Closing price 67.75 USD; reporting-to-trading FX 1; FY2025 annual sales per share 8.856531518599331; price multiple 7.649721548183993. FY2025 cash earnings/share 2.7439643825693665. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $17.70 per share

- 2016-11: $20.80 per share

- 2016-12: $19.00 per share

- 2017-01: $16.85 per share

- 2017-02: $16.55 per share

- 2017-03: $17.05 per share

- 2017-04: $17.50 per share

- 2017-05: $17.65 per share

- 2017-06: $18.75 per share

- 2017-07: $18.05 per share

- 2017-08: $18.85 per share

- 2017-09: $18.85 per share

- 2017-10: $17.80 per share

- 2017-11: $18.80 per share

- 2017-12: $18.05 per share

- 2018-01: $18.80 per share

- 2018-02: $17.60 per share

- 2018-03: $18.85 per share

- 2018-04: $17.25 per share

- 2018-05: $17.80 per share

- 2018-06: $17.95 per share

- 2018-07: $17.65 per share

- 2018-08: $17.20 per share

- 2018-09: $16.80 per share

- 2018-10: $15.19 per share

- 2018-11: $15.00 per share

- 2018-12: $13.17 per share

- 2019-01: $15.56 per share

- 2019-02: $15.54 per share

- 2019-03: $16.49 per share

- 2019-04: $17.04 per share

- 2019-05: $15.93 per share

- 2019-06: $17.28 per share

- 2019-07: $19.24 per share

- 2019-08: $17.98 per share

- 2019-09: $17.13 per share

- 2019-10: $18.55 per share

- 2019-11: $19.00 per share

- 2019-12: $19.83 per share

- 2020-01: $21.01 per share

- 2020-02: $19.67 per share

- 2020-03: $16.78 per share

- 2020-04: $18.30 per share

- 2020-05: $19.25 per share

- 2020-06: $19.42 per share

- 2020-07: $20.61 per share

- 2020-08: $23.21 per share

- 2020-09: $20.63 per share

- 2020-10: $27.04 per share

- 2020-11: $33.01 per share

- 2020-12: $42.45 per share

- 2021-01: $44.50 per share

- 2021-02: $50.33 per share

- 2021-03: $42.90 per share

- 2021-04: $45.79 per share

- 2021-05: $46.77 per share

- 2021-06: $44.61 per share

- 2021-07: $45.27 per share

- 2021-08: $46.27 per share

- 2021-09: $42.10 per share

- 2021-10: $47.02 per share

- 2021-11: $48.01 per share

- 2021-12: $52.05 per share

- 2022-01: $48.51 per share

- 2022-02: $54.03 per share

- 2022-03: $59.24 per share

- 2022-04: $53.21 per share

- 2022-05: $50.49 per share

- 2022-06: $39.56 per share

- 2022-07: $42.02 per share

- 2022-08: $38.20 per share

- 2022-09: $32.03 per share

- 2022-10: $35.53 per share

- 2022-11: $38.43 per share

- 2022-12: $38.65 per share

- 2023-01: $47.10 per share

- 2023-02: $42.83 per share

- 2023-03: $41.61 per share

- 2023-04: $41.10 per share

- 2023-05: $46.51 per share

- 2023-06: $48.34 per share

- 2023-07: $63.48 per share

- 2023-08: $61.74 per share

- 2023-09: $54.33 per share

- 2023-10: $46.64 per share

- 2023-11: $51.43 per share

- 2023-12: $60.18 per share

- 2024-01: $55.20 per share

- 2024-02: $53.87 per share

- 2024-03: $57.97 per share

- 2024-04: $57.20 per share

- 2024-05: $56.60 per share

- 2024-06: $54.70 per share

- 2024-07: $61.68 per share

- 2024-08: $59.37 per share

- 2024-09: $58.31 per share

- 2024-10: $51.70 per share

- 2024-11: $51.08 per share

- 2024-12: $44.93 per share

- 2025-01: $48.10 per share

- 2025-02: $47.97 per share

- 2025-03: $46.95 per share

- 2025-04: $42.32 per share

- 2025-05: $44.71 per share

- 2025-06: $47.70 per share

- 2025-07: $50.50 per share

- 2025-08: $50.46 per share

- 2025-09: $49.48 per share

- 2025-10: $56.78 per share

- 2025-11: $60.33 per share

- 2025-12: $59.37 per share

- 2026-01: $66.19 per share

- 2026-02: $72.17 per share

- 2026-03: $62.80 per share

- 2026-04: $64.57 per share

- 2026-05: $63.63 per share

- 2026-06: $62.63 per share

- 2026-07: $62.24 per share

- 2026-08: $66.10 per share

- 2026-09: $65.78 per share

- 2026-10: $67.75 per share

## Annual estimated value (USD per share)

- FY2016: low $4.80 per share, central $5.01 per share, high $5.30 per share

- FY2017: low $6.56 per share, central $7.06 per share, high $7.74 per share

- FY2018: low $7.81 per share, central $8.43 per share, high $9.25 per share

- FY2019: low $6.63 per share, central $7.12 per share, high $7.77 per share

- FY2020: low $7.16 per share, central $7.79 per share, high $8.63 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/745308/000110465926019676/joe-20251231x10k.htm); period 2025-12-31, filed 2026-02-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.