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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $513M | $233M | $116M | $167M | 15.1% | 27.4% | 55.9% |
| 2024 | $403M | $178M | $74M | $58M | 10.2% | 3.5% | -4.5% |
| 2023 | $389M | $169M | $78M | $-36M | 11.4% | 54.3% | 9.6% |
| 2022 | $252M | $136M | $71M | $-211M | 11.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 252.32 | 389.28 | 402.74 | 513.25 |
| Operating Revenue | - | 252.32 | 389.28 | 402.74 | 513.25 |
| Cost Of Revenue | - | 145.90 | 235.98 | 235.52 | 292.28 |
| Gross Profit | - | 106.42 | 153.31 | 167.22 | 220.97 |
| Operating Expense | - | 44.96 | 62.57 | 71.64 | 74.74 |
| Total Expenses | - | 190.85 | 298.55 | 307.15 | 367.02 |
| Operating Income | - | 61.47 | 90.73 | 95.59 | 146.23 |
| Total Operating Income As Reported | - | 61.47 | 90.73 | 95.59 | 146.23 |
| EBITDA | - | 135.89 | 169.46 | 178.32 | 233.07 |
| Normalized EBITDA | - | 126.13 | 169.99 | 178.92 | 230.58 |
| EBIT | - | 113 | 130.68 | 131.93 | 185.60 |
| Interest Income | - | 11.56 | 15.88 | 13.50 | 13.16 |
| Interest Expense | - | 18.38 | 30.62 | 33.58 | 30.48 |
| Net Interest Income | - | -6.82 | -14.74 | -20.08 | -17.32 |
| Other Non Operating Income Expenses | - | 1.49 | 1.18 | -0.15 | -1.91 |
| Other Income Expense | - | 39.97 | 24.07 | 22.84 | 26.21 |
| Interest Income Non Operating | - | 11.56 | 15.88 | 13.50 | 13.16 |
| Interest Expense Non Operating | - | 18.38 | 30.62 | 33.58 | 30.48 |
| Net Non Operating Interest Income Expense | - | -6.82 | -14.74 | -20.08 | -17.32 |
| Pretax Income | - | 94.62 | 100.06 | 98.35 | 155.11 |
| Tax Provision | - | 24.39 | 26.01 | 25.95 | 39.23 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 2.50 | -0.14 | -0.16 | 0.63 |
| Net Income Continuous Operations | - | 70.23 | 74.05 | 72.40 | 115.88 |
| Net Income From Continuing And Discontinued Operation | - | 70.93 | 77.71 | 74.19 | 115.63 |
| Net Income From Continuing Operation Net Minority Interest | - | 70.93 | 77.71 | 74.19 | 115.63 |
| Net Income | - | 70.93 | 77.71 | 74.19 | 115.63 |
| Net Income Common Stockholders | - | 70.93 | 77.71 | 74.19 | 115.63 |
| Net Income Including Noncontrolling Interests | - | 70.23 | 74.05 | 72.40 | 115.88 |
| Normalized Income | - | 63.67 | 78.11 | 74.63 | 113.77 |
| Diluted NI Availto Com Stockholders | - | 70.93 | 77.71 | 74.19 | 115.63 |
| Basic Average Shares | - | 58.72 | 58.31 | 58.33 | 57.94 |
| Diluted Average Shares | - | 58.72 | 58.31 | 58.33 | 57.94 |
| Reconciled Depreciation | - | 22.89 | 38.78 | 46.38 | 47.47 |
| Reconciled Cost Of Revenue | - | 145.90 | 235.98 | 235.52 | 292.28 |
| Total Unusual Items | - | 9.76 | -0.53 | -0.60 | 2.49 |
| Total Unusual Items Excluding Goodwill | - | 9.76 | -0.53 | -0.60 | 2.49 |
| Minority Interests | - | 0.70 | 3.66 | 1.79 | -0.26 |
| Earnings From Equity Interest Net Of Tax | -0.86 | - | - | - | - |
| Special Income Charges | - | 9.78 | -0.53 | -0.60 | 2.49 |
| Other Special Charges | -4.80 | -9.78 | - | - | - |
| Gain On Sale Of Security | -0.32 | -0.03 | 2.59 | - | - |
| Depreciation Amortization Depletion Income Statement | - | 22.89 | 38.78 | 46.38 | 47.47 |
| Gain On Sale Of Ppe | - | - | -0.53 | -0.60 | 2.49 |
| Rent Expense Supplemental | - | 17.59 | 25.83 | 28.81 | 28.45 |
| Other Operating Expenses | - | 22.07 | 23.80 | 25.25 | 27.27 |
| Earnings From Equity Interest | - | 28.72 | 23.42 | 23.59 | 25.63 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| The St. Joe Companythis co. | JOE | $3.7B | 32.30 | 4.87 | 15.1% | 17.92 |
| Tanger Inc. | SKT | $4.2B | 36.39 | 5.91 | 16.2% | 17.38 |
| Broadstone Net Lease, Inc. | BNL | $4.0B | 41.92 | 1.39 | 3.3% | 18.16 |
| Apple Hospitality REIT, Inc. | APLE | $3.7B | 21.09 | 1.17 | 5.6% | 11.86 |
| SL Green Realty Corp. | SLG | $3.6B | -41.10 |
| - |
| - |
| - |
| - |
| - |
| 1.05 |
| -2.6% |
| 20.11 |
| Acadia Realty Trust | AKR | $3.2B | 188.23 | 1.43 | 0.8% | 23.75 |
| Blackstone Mortgage Trust, Inc. | BXMT | $3.1B | 28.40 | 0.89 | 3.1% | - |
| Cushman & Wakefield Limited | CWK | $3.1B | 35.25 | 1.59 | 4.5% | 10.21 |
| Highwoods Properties, Inc. | HIW | $3.1B | 19.71 | 1.30 | 6.6% | 10.86 |
| Peer Median | - | 31.83 | 1.35 | 3.9% | 17.38 | |