Detailed financial statements for The St. Joe Company (JOE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
The St. Joe Company, along with its affiliated entities, functions as a real estate development, asset management, and operational enterprise, primarily located in Northwest Florida. Its business activities are organized into three primary divisions: Residential, Hospitality, and Commercial. The Residential segment focuses on conceptualizing and constructing various-sized residential communities for either professional homebuilders or direct consumers.
Analysis Summary
The St. Joe Company reported revenue of $513.3M in the most recent fiscal year, growing at a 5-year CAGR of 26.2%. Net income reached $115.6M, with a 20.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 81.8%, operating margin 30.2%, net margin 22.5%.
At the current price of $66.21, JOE trades at a P/E of 30.55 and an ROE of 15.09%. Market capitalisation stands at $3.8B.
Balance sheet quality for JOE: current ratio of 2.2, net debt of $443.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $186.6M represents 161% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $95.7M | $98.8M | $110.3M | $127.1M | $160.6M | $267.0M | $252.3M | $389.3M | $402.7M | $513.3M |
| Cost of Revenue | $61.3M | $66.4M | $51.3M | $64.1M | $77.8M | $131.3M | $146.6M | $236.0M | $235.5M | $35.8M |
| Gross Profit | $34.4M | $32.4M | $59.0M | $63.0M | $82.8M | $135.7M | $106.4M | $153.3M | $167.2M | $477.5M |
| Research & Development | $0 | $0 | $0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $23.1M | $20.4M | $20.6M | 0 | 0 | 0 | $14.4M | $23.8M | $25.2M | $6.6M |
| Operating Expenses | $31.7M | $29.3M | $29.6M | $31.7M | $35.7M | $41.2M | $45.0M | $62.6M | $71.6M | $331.3M |
| Operating Income | $1.9M | $2.3M | $29.4M | $31.3M | $47.1M | $94.5M | $61.5M | $90.7M | $95.6M | $146.3M |
| EBITDA | $12.0M | $13.2M | $38.5M | $58.8M | $86.2M | $132.8M | $135.9M | $169.5M | $178.3M | $279.6M |
| Interest Expense | $12.3M | $12.2M | $11.8M | $12.3M | $13.6M | $15.9M | $18.4M | $30.6M | $33.6M | $77.1M |
| Pre-tax Income | $22.6M | $41.3M | $30.9M | $36.2M | $59.1M | $98.7M | $94.6M | $100.1M | $98.3M | $155.1M |
| Income Tax | $7.1M | -$17.9M | -$700,000 | $9.4M | $13.7M | $25.0M | $24.4M | $26.0M | $26.0M | $39.2M |
| Net Income | $15.9M | $59.5M | $32.4M | $26.8M | $45.2M | $74.6M | $70.9M | $77.7M | $74.2M | $115.6M |
| EPS | $0.21 | $0.84 | $0.52 | $0.45 | $0.77 | $1.27 | $1.21 | $1.33 | $1.27 | $2.00 |
| EPS (Diluted) | $0.21 | $0.84 | $0.52 | $0.45 | $0.77 | $1.27 | $1.21 | $1.33 | $1.27 | $2.00 |
| Shares Outstanding (Diluted) | $74.5M | $70.5M | $62.7M | $60.0M | $59.0M | $58.9M | $58.7M | $58.3M | $58.3M | $57.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $161.1M | $128.9M | $99.0M | $158.8M |
| Gross Profit | $118.6M | $218.1M | $37.9M | $73.4M |
| Operating Income | $52.9M | $39.4M | $18.2M | $54.8M |
| EBITDA | $73.4M | $57.8M | $36.3M | $73.6M |
| Net Income | $38.7M | $29.9M | $13.9M | $40.5M |
| EPS | $0.67 | $0.52 | $0.24 | $0.71 |
| EPS (Diluted) | $0.67 | $0.52 | $0.24 | $0.71 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $241.1M | $192.1M | $195.2M | $185.7M | $106.8M | $70.2M | $37.7M | $86.1M | $88.8M | $129.6M |
| Short-term Investments | 0 | 0 | $9.0M | $53,000 | $48.1M | $89.0M | $40.6M | 0 | 0 | 0 |
| Receivables | $9.5M | $20.9M | $29.5M | $27.7M | $32.5M | $36.8M | $23.8M | $53.1M | $43.3M | $42.0M |
| Inventory | $314.6M | $332.6M | -$29.0M | $1.4M | $2.0M | $2.8M | $4.0M | $4.2M | $4.0M | $3.3M |
| Total Current Assets | $416.8M | $303.4M | $204.2M | $230.5M | $210.4M | $205.9M | $123.1M | $160.6M | $88.8M | $186.8M |
| Property, Plant & Equipment | $9.0M | $11.8M | $12.0M | $19.7M | $21.7M | $31.9M | $40.3M | $66.9M | $63.5M | $43.6M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $1.03B | $921.0M | $871.0M | $909.2M | $1.04B | $1.21B | $1.43B | $1.52B | $1.54B | $1.52B |
| Accounts Payable | $4.4M | $7.5M | $10.1M | $16.2M | $25.4M | $48.6M | $69.9M | $24.3M | $22.8M | $17.2M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | $4.7M | $4.7M | $4.7M | $55.4M | 0 |
| Total Current Liabilities | $12.2M | $15.6M | $15.6M | $25.5M | $38.5M | $92.5M | $118.8M | $108.0M | $59.3M | $86.1M |
| Long-term Debt | $231.3M | $232.1M | $246.2M | $269.6M | $336.2M | $400.6M | $563.7M | $627.1M | $612.9M | $570.0M |
| Total Liabilities | $341.1M | $328.4M | $337.9M | $379.6M | $469.2M | $582.1M | $779.7M | $825.0M | $801.8M | $742.8M |
| Retained Earnings | $94.7M | $154.3M | $187.4M | $214.2M | $255.2M | $310.9M | $358.3M | $410.4M | $454.2M | $536.2M |
| Total Equity | $686.8M | $592.6M | $533.1M | $519.5M | $550.6M | $607.4M | $630.8M | $683.1M | $724.3M | $766.3M |
| Total Debt | $231.3M | $232.1M | $246.2M | $270.4M | $337.3M | $406.4M | $569.4M | $632.9M | $675.4M | $572.7M |
| Net Debt | -$9.8M | $40.0M | $42.0M | $84.7M | $182.5M | $247.3M | $491.0M | $546.8M | $586.6M | $443.1M |
| Working Capital | $404.6M | $287.8M | $188.6M | $205.0M | $171.9M | $113.4M | $4.3M | $52.6M | $29.5M | $100.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $126.1M | $129.6M | $136.3M | $117.3M |
| Total Assets | $1.53B | $1.52B | $1.52B | $1.51B |
| Total Liabilities | $763.0M | $742.8M | $743.4M | $735.4M |
| Total Equity | $760.7M | $766.3M | $765.9M | $764.5M |
| Total Debt | $581.1M | $572.7M | $562.0M | $551.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $15.5M | $59.2M | $31.6M | $26.7M | $45.5M | $74.6M | $70.2M | $74.1M | $72.4M | $115.9M |
| Depreciation & Amortization | $8.6M | $8.9M | $9.0M | $34.8M | $30.8M | $18.2M | $22.9M | $38.8M | $46.4M | $47.5M |
| Stock-based Compensation | $131,000 | $76,000 | $263,000 | $77,000 | $45,000 | 0 | $364,000 | $820,000 | $1.2M | $1.2M |
| Change in Working Capital | -$35.9M | $19.5M | $3.2M | $4.6M | -$5.9M | $1.1M | $17.7M | $12.1M | $234,000 | $4.8M |
| Operating Cash Flow | $12.9M | $55.8M | $41.4M | $30.4M | $37.3M | $111.8M | $48.2M | $103.8M | $108.0M | $190.7M |
| Capital Expenditure | -$2.9M | -$31.4M | -$25.4M | -$74.2M | -$121.8M | -$153.5M | -$259.2M | -$140.0M | -$49.9M | -$4.1M |
| Acquisitions | -$1.6M | $787,000 | -$22.8M | -$64.9M | -$116.1M | -$9.9M | -$2.5M | -$2.3M | $88,000 | $4.6M |
| Stock Repurchased | -$14.8M | -$147.4M | -$93.4M | -$20.8M | -$8.8M | 0 | -$20.0M | 0 | -$3.4M | -$40.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | -$4.1M | -$18.8M | -$23.5M | -$25.7M | -$30.3M | -$33.6M |
| Free Cash Flow | $10.0M | $24.4M | $16.0M | -$43.8M | -$84.4M | -$41.7M | -$210.9M | -$36.1M | $58.1M | $186.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $86.2M | $44.4M | $42.2M | $43.9M |
| Capital Expenditure | -$1.0M | -$535,000 | -$7.6M | $7.6M |
| Free Cash Flow | $85.2M | $43.9M | $34.7M | $51.5M |
| Dividends Paid | -$694,000 | -$24.1M | -$9.2M | -$9.1M |
| Stock-based Compensation | 0 | $922,000 | $327,000 | $343,000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +3.2% | +11.6% | +15.2% | +26.3% | +66.3% | -5.5% | +54.3% | +3.5% | +27.5% | |
| Net Income Growth (YoY) | +274.2% | -45.5% | -17.4% | +68.8% | +64.9% | -4.9% | +9.6% | -4.5% | +55.9% | |
| EPS Growth (YoY) | +300.0% | -38.1% | -13.5% | +71.1% | +64.9% | -4.7% | +9.9% | -4.5% | +57.5% | |
| Shares Change (YoY) | -5.3% | -11.1% | -4.4% | -1.6% | -0.2% | -0.3% | -0.7% | +0.0% | -1.2% | |
| FCF Growth (YoY) | +144.2% | -34.1% | -373.1% | -92.7% | +50.6% | -405.8% | +82.9% | +260.8% | +221.5% | |
| Gross Margin | 35.9% | 32.8% | 53.5% | 49.6% | 51.6% | 50.8% | 42.2% | 39.4% | 41.5% | 93.0% |
| Operating Margin | 2.0% | 2.3% | 26.7% | 24.6% | 29.3% | 35.4% | 24.4% | 23.3% | 23.7% | 28.5% |
| EBITDA Margin | 12.5% | 13.3% | 34.9% | 46.2% | 53.7% | 49.7% | 53.9% | 43.5% | 44.3% | 54.5% |
| Net Margin | 16.6% | 60.2% | 29.4% | 21.1% | 28.2% | 27.9% | 28.1% | 20.0% | 18.4% | 22.5% |
| FCF Margin | 10.4% | 24.7% | 14.5% | -34.5% | -52.6% | -15.6% | -83.6% | -9.3% | 14.4% | 36.4% |
| Effective Tax Rate | 31.4% | -43.3% | -2.3% | 26.1% | 23.1% | 25.3% | 25.8% | 26.0% | 26.4% | 25.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.13 | $0.35 | $0.26 | $-0.73 | $-1.43 | $-0.71 | $-3.59 | $-0.62 | $1.00 | $3.24 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.07 | $0.32 | $0.40 | $0.44 | $0.52 | $0.58 |
| Shares Outstanding (Basic) | $74.5M | $70.5M | $62.7M | $60.0M | $59.0M | $58.9M | $58.7M | $58.3M | $58.3M | $57.6M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 15.09% |
| Return on Invested Capital | 7.63% |
| Return on Assets | 7.61% |
| Gross Margin | 81.77% |
| Operating Margin | 30.18% |
| Net Margin | 22.46% |
Financial Health
| Debt / Equity | 0.72 |
| Current Ratio | 1.86 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 90.48 | 21.49 | 25.33 | 44.07 | 55.13 | 40.98 | 31.94 | 45.25 | 35.38 | 29.68 |
| P/B | 2.06 | 2.15 | 1.55 | 2.29 | 4.55 | 5.05 | 3.60 | 5.14 | 3.62 | 4.47 |
| P/S | 14.78 | 12.89 | 7.49 | 9.36 | 15.60 | 11.48 | 9.00 | 9.01 | 6.51 | 6.67 |
| Gross Margin | 35.9% | 32.8% | 53.5% | 49.6% | 51.6% | 50.8% | 42.2% | 39.4% | 41.5% | 93.0% |
| Operating Margin | 2.0% | 2.3% | 26.7% | 24.6% | 29.3% | 35.4% | 24.4% | 23.3% | 23.7% | 28.5% |
| Net Margin | 16.6% | 60.2% | 29.4% | 21.1% | 28.2% | 27.9% | 28.1% | 20.0% | 18.4% | 22.5% |
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Explore sector: Real Estate · Real Estate - Development
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