JOE
ST JOE Co
Real Estate • CIK: 0000745308
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Market Cap
$3.44B
P/E (TTM)
29.7x
Rev Growth (TTM)
-2.4%
Net Margin (TTM)
29.4%
FCF Yield (TTM)
5.4%
FCF Margin (TTM)
47.5%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$187M
Q4 '25
$44M-49%
Q3 '25
$85M+187%
FCF Margin
TTM47.5%
Q4 '2534.0%-84%
Sector: 13.8%Top 25%
OCF Margin48.5%
OCF/NI1.65x
CapEx Coverage47.0x
FCF Yield5.4%
FCF Growth (2Y)+66%
Cash Conversion Cycle
20 days
DSO: 13+DIO: 7−DPO: 0
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM2.1%
Div Yield1.0%
+Buyback (TTM)1.2%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)1.0%
FCF Payout Ratio18.0%
Free Cash Flow (TTM)$186.6M
Stock Repurchases (TTM)$40.1M
Capital Return / FCF39.5%
Est. Dividends Paid (TTM)$33.6M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
–
P25MedianP75
(med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
–
Asset Turnover
0.26x
8Q: 0.26x
Leverage (1+D/E)
1.00x
D/E: 0.00x
Asset & CapEx Efficiency
Fixed Asset Turn
7.72x
8Q:6.71x
+310.4%
CapEx/Depreciation
0.09x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $393.2M | $128.9M↑214.4% | $41.0M↓68.2% | $129.1M↑37.0% | $94.2M↓9.7% | $104.3M↑5.4% | $99.0M↓11.3% | $111.6M↑27.1% | $87.8M |
Operating Income | $146.2M | $39.4M↓25.5% | $52.9M↑43.2% | $37.0M↑118.8% | $16.9M↓34.3% | $25.7M↑21.0% | $21.3M↓34.8% | $32.6M↑104.5% | $16.0M |
Net Income | $115.6M | $29.9M↓22.7% | $38.7M↑31.1% | $29.5M↑69.1% | $17.5M↓7.7% | $18.9M↑12.4% | $16.8M↓31.3% | $24.5M↑76.2% | $13.9M |
Operating Cash Flow | $190.7M | $44.4M↓48.5% | $86.2M↑177.5% | $31.1M↑7.1% | $29.0M↓2.8% | $29.8M↑7.6% | $27.7M↑21.5% | $22.8M↓17.4% | $27.6M |
Free Cash Flow | $186.6M | $43.9M↓48.5% | $85.2M↑186.8% | $29.7M↑6.7% | $27.8M↑0.9% | $27.6M↑6.4% | $25.9M↑20.7% | $21.5M↓14.8% | $25.2M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
29.7x
Volatile
8Q: 135.3x-12334%
Valuation Lenses
Earnings
29.7x
vs – sector
Cash Flow
17.8x
EV/FCF vs –
Growth-Adj
0.5xPEG
Undervalued for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
1.0%
Buyback
1.2%
Total Yield
2.1%
Market Cap$3.44B
EV$3.33B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
87/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
15.6%
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%
Earnings Quality
Cash Conversion
1.65x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover–
Working Capital
Cash Conversion Cycle20 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
58/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-2.4%
OpInc Growth YoY
53.3%
EPS Growth YoY
56.7%
FCF 3Y CAGR
65.9%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
—
Net
29.4%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+18.1 pts
FCF: 47.5% | Net: 29.4%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $136.51M
Interest Coverage
–
+Net cash position: $136.51M
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis