# The St. Joe Company (JOE)

> Source: Nexqual · https://nexqual.com/JOE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The St. Joe Company (JOE), nexqual.com/JOE" · informational, not investment advice.

**Price:** USD 69.45 (+1.49% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 68.43 · day 68.57–70.05 · 52w 48.82–73.54 · market cap $3.95B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $548M, net income $123M (22.5% margin), free cash flow $212M (SEC filings).
- Valuation: P/E 32.1x (avg 36.8x at the last 3 fiscal year-ends), EV/EBITDA 19.9x, net debt $253M.
- 1 of 80 tracked superinvestors hold JOE (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $65.6M; 6 not under a Rule 10b5-1 plan ($65.6M); 0 by opportunistic insiders, 6 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +39.5% vs S&P 500 +14.9%; 5Y +56.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $267M | $252M | $389M | $403M | $513M | $548M |
| Gross profit | — | $106M | $153M | $167M | $221M | — |
| Operating income | $94.5M | $61.5M | $90.7M | $95.6M | $146M | $165M |
| Net income | $74.6M | $70.9M | $77.7M | $74.2M | $116M | $123M |
| EPS (diluted) | $1.27 | $1.21 | $1.33 | $1.27 | $1.99 | — |
| Free cash flow | $107M | $40.9M | $97.7M | $100M | $187M | $212M |
| Gross margin | — | 42.2% | 39.4% | 41.5% | 43.1% | — |
| Operating margin | 35.4% | 24.4% | 23.3% | 23.7% | 28.5% | 30.2% |
| Net margin | 27.9% | 28.1% | 20.0% | 18.4% | 22.5% | 22.5% |
| Revenue growth | +66.3% | -5.5% | +54.3% | +3.5% | +27.4% | — |
| Cash + short-term investments | $70.2M | $37.7M | $86.1M | $88.8M | $130M | — |
| Total debt | $223M | $386M | $454M | $438M | $391M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 32.1x · P/S 7.2x · EV/EBITDA 19.9x · EV/Sales 7.7x · P/FCF 18.6x · P/B 5.2x · FCF yield 5.37% · Earnings yield 3.11% · Dividend yield (paid, TTM) 0.90% · Buyback yield (TTM) 1.57% · Net debt $253M · EV $4.21B
P/E at fiscal year-ends: Dec 2025 29.8x, Dec 2024 35.3x, Dec 2023 45.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold JOE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bruce Berkowitz | Fairholme Capital | 76.43% | $1.14B | Reduced -5.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-18 | Berkowitz Bruce R |  | 140,400 | $9.2M | 0.9% | No | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-06-12…2026-06-16 | Berkowitz Bruce R |  | 184,700 | $12.1M | 1.2% | No | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-06-09…2026-06-10 | Berkowitz Bruce R |  | 59,700 | $3.9M | 0.4% | No | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-06-04…2026-06-08 | Berkowitz Bruce R |  | 121,700 | $7.9M | 0.8% | No | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-05-08…2026-05-11 | Berkowitz Bruce R |  | 115,700 | $7.6M | 0.7% | No | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
| 2026-05-05…2026-05-07 | Berkowitz Bruce R |  | 377,800 | $24.8M | 2.4% | No | Routine (sold in Aug each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +39.5% | +56.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +39.6% | +9.3% |
| Volatility (annualized) | 29.8% | 32.2% |
| Max drawdown | -17.8% (Mar 2026→Jul 2026) | -47.3% (Mar 2022→Sep 2022) |

## Peers (Real Estate - Diversified)
VTMX (Corporacion Inmobiliaria Vesta,) USD 35.79 -1.13% · WPC (W. P. Carey Inc. REIT) USD 64.54 +3.15% · SUI (Sun Communities, Inc.) USD 119.86 +2.92% · KIM (Kimco Realty Corporation (HC)) USD 23.59 +3.83% · LAMR (Lamar Advertising Company) USD 157.51 +1.57% · INVH (Invitation Homes Inc.) USD 27.53 +2.69%

## More
Full page: https://nexqual.com/JOE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in JOE's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/745308/000110465926019676/joe-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Pier Park Crossings | "In addition, with our JV partners we own Pier Park North, Pier Park Crossings, Pier Park Crossings Phase II, Watersound Origins Crossings and Mexico Beach Crossings." |
| Partner | Pier Park Crossings Phase II | "In addition, with our JV partners we own Pier Park North, Pier Park Crossings, Pier Park Crossings Phase II, Watersound Origins Crossings and Mexico Beach Crossings." |
| Partner | Origins Crossings | "In addition, with our JV partners we own Pier Park North, Pier Park Crossings, Pier Park Crossings Phase II, Watersound Origins Crossings and Mexico Beach Crossings." |
| Partner | Mexico Beach Crossings | "In addition, with our JV partners we own Pier Park North, Pier Park Crossings, Pier Park Crossings Phase II, Watersound Origins Crossings and Mexico Beach Crossings." |
| Partner | Pier Park TPS | "Through separate unconsolidated JVs, other commercial properties that are operated by our JV partners include a 124-room TownePlace Suites by Marriott (Pier Park TPS JV), a 121-room" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Hospitality | $78.9M | 49.7% | +10.9% |
| Residential Real Estate | $52.8M | 33.3% | +38.7% |
| Commercial | $21.6M | 13.6% | +17.0% |
| Total revenue | $158.8M | 100% | — |
The lines above cover 96.6% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Hospitality | $74.2M | 46.7% | +8.0% |
| Real Estate | $69.6M | 43.8% | +58.8% |
| Sale Of Vacation Rental Properties | $3.6M | 2.3% | — |
| Total revenue | $158.8M | 100% | — |
The lines above cover 92.8% of total revenue.

## Company outlook (8-K filed 2026-07-29)

- "Excluding the Pigeon Creek and SouthWood community contracts due to their scale and timing, the remaining 1,104 residential homesites under contract are expected to result in revenue of approximately $109.2 million, plus residuals, at closing of the homesites over the next several years."
- "By comparison, as of June 30, 2025, the Company had 1,209 residential homesites under contract, with an expected revenue of approximately $121.7 million, plus residuals."
- "There were 183 homes under contract as of June 30, 2026, with an average sales price of approximately $629,000, which are expected to result in sales value of approximately $115.1 million at completion. ​ Hospitality ​ Hospitality revenue increased by 8% to a quarterly record of $74.2 million in the second quarter of 2026, as compared to $68.8 million in the second quarter of 2025."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter (ends 2019-06-30) | — | — | — | $0 | — |
| Current fiscal year (ends 2019-12-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±7.1%; last 8 reports averaged ±4.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 31.0% | ±7.1% |
| 2026-12-18 | 56 | 29.7% | ±9.4% |
| 2027-03-19 | 147 | 31.5% | ±15.9% |
| 2027-06-17 | 237 | 31.5% | ±20.0% |