ST JOE
JOE on NYSE. ST JOE develops land into homesites and sells them to homebuilders. Market value $3.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Capital spending looks too small to be complete, so we leave free cash flow out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Real estate stocks on the list
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 24.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 79 of 100. Price score: 45 of 100. Our list needs 70 on quality and 60 on price.
$65.98 a share, 42% above its 1-year low
Over the past year the price has ranged from $46.37 to $73.54.
Dividend: 0.9% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $267m | $252m | $389m | $403m | $513m |
| Operating margin | |||||
| Operating margin | 35.4% | 24.4% | 23.3% | 23.7% | 28.5% |
| Debt to equity | |||||
| Debt to equity | 0.37 | 0.61 | 0.66 | 0.60 | 0.51 |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.06bn | 0.06bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positive2 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)8 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.51× equity
- Revenue growth, five yearsStrong, 26.2% a year
- Buying back its own sharesYes, 2% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $159 million last quarter, up 23% on a year ago.
- Profit: $40 million, up 37% on a year ago.
- It keeps 30 cents of each $1 of sales as operating profit, up from 24 cents a year earlier.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $254 million more than cash, down from $340 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $99m |
| December 2024 | $104m |
| March 2025 | $94m |
| June 2025 | $129m |
| September 2025 | $161m |
| December 2025 | $129m |
| March 2026 | $99m |
| June 2026 | $159m |
| Quarter to | Amount |
|---|---|
| September 2024 | $17m |
| December 2024 | $19m |
| March 2025 | $17m |
| June 2025 | $30m |
| September 2025 | $39m |
| December 2025 | $30m |
| March 2026 | $14m |
| June 2026 | $40m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
6 long-term investors we follow own it, unchanged from 6 last quarter. 320 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $29m
- Share of fund
- 0.3%
- Royce & AssociatesChuck Royce
- Value
- $5m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Fairholme Capital ManagementBruce Berkowitz | $1.1bn | 76.4% | Cut |
| Select Equity GroupGeorge Loening | $84m | 0.4% | Added |
| Horizon KineticsMurray Stahl | $37m | 0.4% | Added |
| GAMCO InvestorsMario Gabelli | $29m | 0.3% | |
| Royce & AssociatesChuck Royce | $5m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $232,357 | <0.1% | Cut |
Largest holders overall
- Fairholme Capital Management$1.1bnCut
- BlackRock$385mAdded
- Vanguard Portfolio Management$246mAdded
- Vanguard Capital Management$113m
- State Street$97mAdded
- Dimensional Fund Advisors LP$85mAdded
- Select Equity Group$84mAdded
- Geode Capital Management$75mAdded
- Praetorian PR$42m
- FMR$41m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Bruce R. BerkowitzPassive investorat least 31.7%−1.1 pts(filed with 2 related holders)Since 18 June 2026
What they said
No material changes from the Schedule 13D amendment filed by the Reporting Persons on October 23, 2024.
Read the filing - Vanguard Portfolio ManagementPassive investor6.7%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Bruce R. Berkowitz Passive investor | at least 31.7%−1.1 pts (filed with 2 related holders) | 18 June 2026 | What they saidNo material changes from the Schedule 13D amendment filed by the Reporting Persons on October 23, 2024. Read the filing |
Vanguard Portfolio Management Passive investor | 6.7% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.