St. Joe

JOE · NYSE · Real Estate · Financials, fiscal 2016 to 2025

JOE · Last close · November 6, 2026

$69.97

St. Joe's revenue rose 27.4% to $513 million in fiscal 2025. Its operating margin was 28.5%, up from 23.7% a year earlier. Free cash flow was $187 million, up 86.2%. It paid out $74 million in dividends and buybacks, 40% of free cash flow. The diluted share count fell 0.7%.

The St. Joe Company Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001104659-26-019676 Updated November 5, 2026

Revenue

$513M

27.4%

Operating margin

28.5%

4.8 pts

Net income

$116M

55.9%

Free cash flow

$187M

86.2%

Return on capital

10.3%

3.7 pts

Market cap

$4.0B

Nov 6 close

P/E

33.2x

On $2.11 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What St. Joe does

St. Joe is a real estate development, asset management and operating company in Northwest Florida. At the end of 2025 it owned 165,000 acres of land there, and approximately 87% of its real estate is in Bay, Gulf and Walton counties. It was incorporated in Florida in 1936.

It reports three segments. In residential, it develops and sells homesites, mainly to homebuilders and on a limited basis to retail customers, and a joint venture is building homes in the Latitude Margaritaville Watersound community. Hospitality runs the Watersound Club, which offers members golf courses and a beach club, along with other hospitality operations. In commercial, it owns, develops and leases property such as multi-family, senior living, self-storage, medical, office and retail space.

Part of its land lies in the Bay-Walton Sector Plan, which gives it the legal right to develop over 170,000 homes and over 22 million square feet of retail, commercial and industrial space. At the start of 2026 it had 906 full-time and 225 part-time and seasonal employees.

Its biggest risks, as it describes them

Homesite sales can swing sharply from one period to the next.
Failing to lease new commercial properties on the terms it expects.
Geographic concentration in Northwest Florida.
Hospitality costs rising or its ability to charge prices being limited.
Insurance that is renewed yearly and may become costlier or harder to get.

From St. Joe's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 28.4% a year and net income 24.7% a year, as buybacks cut the share count by 22%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	70	38	86	89	130
Debt incl. finance leases	223	386	454	438	392
Net debt (negative means net cash)	153	348	368	349	262
Net debt to EBITDA	1.4x	4.1x	2.8x	2.5x	1.4x
Debt to equity	0.4x	0.6x	0.7x	0.6x	0.5x
Interest coverage	6.0x	3.3x	3.0x	2.9x	4.8x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project St. Joe's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open St. Joe's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought St. Joe shares on the open market, and 2 insiders sold $82.3 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 18, 2026	Bruce R Berkowitz10% owner	Sold	140,400	$65.71	$9.2 million	Form 4
Jun 16, 2026	Bruce R Berkowitz10% owner	Sold	26,700	$65.03	$1.7 million	Form 4
Jun 15, 2026	Bruce R Berkowitz10% owner	Sold	94,200	$65.59	$6.2 million	Form 4
Jun 12, 2026	Bruce R Berkowitz10% owner	Sold	63,800	$65.25	$4.2 million	Form 4
Jun 10, 2026	Bruce R Berkowitz10% owner	Sold	29,200	$65.13	$1.9 million	Form 4
Jun 9, 2026	Bruce R Berkowitz10% owner	Sold	30,500	$65.10	$2.0 million	Form 4
Jun 8, 2026	Fairholme Funds Inc10% owner	Sold	29,000	$65.12	$1.9 million	Form 4
Jun 5, 2026	Fairholme Funds Inc10% owner	Sold	33,600	$65.18	$2.2 million	Form 4
Jun 4, 2026	Fairholme Funds Inc10% owner	Sold	59,100	$65.09	$3.8 million	Form 4
May 11, 2026	Fairholme Funds Inc10% owner	Sold	29,200	$65.49	$1.9 million	Form 4
May 8, 2026	Fairholme Funds Inc10% owner	Sold	86,500	$66.09	$5.7 million	Form 4
May 7, 2026	Bruce R Berkowitz10% owner	Sold	25,000	$65.33	$1.6 million	Form 4

The latest 12 of 27 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	79.4%	28.4%	63.8%
Altman Z''	—	—	—
Accruals ratio	−1.8%	−2.2%	−4.9%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	—	—	—
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put St. Joe side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

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Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
St. Joe	FY25	27.4%	28.5%	36.4%	10.3%	1.4x	—
JBG Smith	FY25	−8.9%	—	—	—	—	—	Compare
Global Net Lease	FY25	−13.1%	22.4%	38.2%	5.0%	−0.6x	—	Compare
Rayonier	FY25	−51.0%	17.2%	—	3.4%	—	4	Compare
CareTrust REIT	FY25	60.8%	—	—	9.3%	1.5x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	97	100	110	127	161	267	252	389	403	513
Revenue growth	−6.8%	3.3%	10.2%	15.2%	26.3%	66.3%	−5.5%	54.3%	3.5%	27.4%
Gross profit	35	33	59	63	—	—	106	153	167	221
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	3	4	29	31	47	94	62	91	96	146
Net income	16	60	32	27	45	75	71	78	74	116
Diluted EPS (US$)	0.21	0.84	0.52	0.45	0.77	1.27	1.21	1.33	1.27	1.99
Diluted shares (millions)	74	70	63	60	59	59	59	58	58	58
Cash flow
Cash from operations	11	54	41	30	37	112	48	104	108	191
Capital expenditure	1	3	3	9	6	4	7	6	8	4
Free cash flow	9	51	39	21	32	108	41	98	100	187
Dividends paid	0	0	0	0	4	19	24	26	30	34
Share buybacks	15	147	93	21	9	0	20	0	3	40
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	0	0	0	0	0	—	0	1	1	1
Balance sheet at fiscal year end
Cash and short-term investments	241	192	195	186	107	70	38	86	89	130
Debt incl. finance leases	55	56	69	93	159	223	386	454	438	392
Total assets	1,028	921	871	909	1,037	1,208	1,431	1,524	1,539	1,518
Total liabilities	341	328	338	380	469	582	780	825	802	743
Shareholders' equity	669	578	518	520	551	607	631	683	724	766
Margins and ratios
Gross margin	35.8%	32.8%	53.5%	49.6%	—	—	42.2%	39.4%	41.5%	43.0%
Operating margin	3.2%	3.6%	26.7%	24.6%	29.3%	35.4%	24.4%	23.3%	23.7%	28.5%
Net margin	16.4%	59.6%	29.4%	21.1%	28.1%	27.9%	28.1%	20.0%	18.4%	22.5%
Free cash flow margin	9.7%	50.7%	35.2%	16.6%	19.7%	40.3%	16.2%	25.1%	24.9%	36.4%
Rule of 40 (growth + FCF margin)	2.9%	54.0%	45.4%	31.8%	46.0%	106.6%	10.7%	79.4%	28.4%	63.8%
Return on capital	0.4%	0.8%	6.8%	5.5%	6.8%	10.1%	5.1%	6.5%	6.5%	10.3%
Return on equity	2.4%	9.6%	5.9%	5.2%	8.4%	12.9%	11.5%	11.8%	10.5%	15.5%
Return on assets	1.6%	6.1%	3.6%	3.0%	4.6%	6.6%	5.4%	5.3%	4.8%	7.6%
Net debt to EBITDA	−16.0x	−10.9x	−3.3x	−2.2x	0.9x	1.4x	4.1x	2.8x	2.5x	1.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: St. Joe's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with St. Joe.