ST JOE Co
$70.36
−0.70 (−0.99%) · delayed · Nov 13, 2026
Five-year price
52w $55.61 to $75.66
- Market cap
- $4.0B
- Enterprise value
- $4.2B
- P/E
- 35.4×
- 46.0× on 3y avg EPS
- EV / EBIT
- 29.0×
- FCF yield
- 4.7%
- ROIC
- 10.6%
- Debt / equity
- 0.51
- Piotroski F
- 8/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
67
- ○ROIC > 12% (5y avg)5y avg ROIC 7.5%
- ○ROE > 15% (5y avg)5y avg ROE 12.0%
- ●Stable operating marginsMargin volatility 4.6% (σ, 5y)
- ●Earnings convert to cashFCF / net income 125% (5y avg)
- ●Growing revenueRevenue CAGR 5y 26.2%
- ●Shrinking share countDiluted shares -1.8% over 5y
Value
0
- ○P/E below 15P/E 35.4
- ○EV/EBIT below 12EV/EBIT 29.0
- ○FCF yield above 6%FCF yield 4.7%
- ○Price below Graham NumberGraham Number $24.64
- ○P/B below 3P/B 5.2
Safety
50
- ○Debt / equity below 0.5D/E 0.51
- ●Debt payable in < 4 yrs of earningsNet debt $0.3B
- ○Interest coverage > 8xCoverage 4.8x
- –Current ratio > 1.5Current ratio n/a
- ●Piotroski F-score ≥ 6F-score 8/9
Graham Defensive
33
- ○Adequate size (revenue > $2B)Revenue $0.5B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 192%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 46.0
- ○P/E × P/B ≤ 22.5Product 238.7
Valuation lab
What do you have to believe?
At $70.36, the market is pricing in about 7.3% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $262M · 57M shares · 5y revenue CAGR 26.2%
Intrinsic value
$189.74
Price
$70.36
Margin of safety
63%
What the price implies
The market is paying for 7.3% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 97 | 100 | 110 | 127 | 161 | 267 | 252 | 389 | 403 | 513 |
| Gross profit | — | — | — | — | — | — | 106 | 153 | 167 | 221 |
| Operating income | 3 | 4 | 29 | 31 | 47 | 94 | 61 | 91 | 96 | 146 |
| Operating margin | 3.2% | 3.6% | 26.7% | 24.6% | 29.3% | 35.4% | 24.4% | 23.3% | 23.7% | 28.5% |
| Pre-tax income | 23 | 41 | 31 | 36 | 59 | 99 | 95 | 100 | 98 | 155 |
| Income tax | 7 | (18) | (1) | 9 | 14 | 25 | 24 | 26 | 26 | 39 |
| Net income | 16 | 60 | 32 | 27 | 45 | 75 | 71 | 78 | 74 | 116 |
| EPS (diluted) | 0.21 | 0.84 | 0.52 | 0.45 | 0.77 | 1.27 | 1.21 | 1.33 | 1.27 | 1.99 |
| Diluted shares | — | — | — | 60 | 59 | 59 | 59 | 58 | 58 | 58 |
Who owns it