ST JOE Co financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ST JOE Co files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Revenue	96.9	100	110	127	161	267	252	389	403	513
Cost of revenue	62.2	67.2	51.3	64.1	77.8	131	146	236	236	292
Gross profit	34.7	32.8	59	63	82.8	136	106	153	167	221
Operating expenses	93.8	96.5
Operating income	3.08	3.58	29.4	31.3	47.1	94.5	61.5	90.7	95.6	146
Interest expense	12.3	12.1	11.8	12.3	13.6	15.9	18.4	30.6	33.6	30.5
Interest income	6.6	16.4	0.55	0.32	0.35	0.87	1.08	1.72	1.65	1.42
Other non-operating income	19.5	37.8	1.46	4.86	12.1	4.27	33.2	9.33	2.76	8.88
Pre-tax income	22.6	41.4	30.9	36.2	59.2	98.7	94.6	100	98.3	155
Income tax	7.15	-17.9	-0.74	9.45	13.7	25	24.4	26	26	39.2
Net income to minority interests	-0.43	-0.34	-0.77	-0.11	0.28	-0.8	-0.7	-3.66	-1.79	0.26
Net income	15.9	59.6	32.4	26.8	45.2	74.6	70.9	77.7	74.2	116
EBITDA	11.6	12.5	38.4	41.6	59.9	113	84.4	130	142	194
EPS, basic	0.21	0.84	0.52	0.45	0.77	1.27	1.21	1.33	1.27	2.00
EPS, diluted	0.21	0.84	0.52	0.45	0.77	1.27	1.21	1.33	1.27	1.99
Shares, basic (weighted)	74.5	70.5	62.7	60	59	58.9	58.7	58.3	58.3	57.9
Shares, diluted (weighted)	74.5	70.5	62.7	60	59	58.9	58.7	58.3	58.3	58
Dividend per share			0.00	0.00	0.07	0.32	0.40	0.44	0.52	0.58

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Cash and equivalents	241	192	195	186	107	70.2	37.7	86.1	88.8	130
Receivables			0.2	0.3
Inventory				1.38	2.03	2.8	3.98	4.25	4.04	3.31
Property, plant and equipment	8.99	11.8	12	19	20.8	31.1	39.6	66	59.1	41.3
Lease right-of-use assets				0.69	0.81	0.73	0.68	0.86	4.42	2.27
Total assets	1,028	921	871	909	1,037	1,208	1,431	1,524	1,539	1,518
Accrued liabilities	2.66	2.66
Total liabilities	341	328	338	380	469	582	780	825	802	743
Total debt	55	55.6	69.4	92.5	159	223	386	454	438	391
Retained earnings	94.7	154	187	214	255	311	358	410	454	536
Treasury stock	0	0
Other comprehensive income	2.51	-1.46	-0.67	-0.34	-1.47	-0.39	2.43	1.84	1.42	0.59
Shareholders' equity	669	578	518	520	551	607	631	683	724	766
Minority interests	17.5	15	14.9	10.1	17.6	18.7	20.3	15.4	12.5	9.34
Total equity	687	593	533	530	568	626	651	698	737	776
Total liabilities and equity	1,028	921	871	909	1,037	1,208	1,431	1,524	1,539	1,518
Shares outstanding	74.3	65.9	60.7	59.4	58.9	58.9	58.3	58.4	58.3	57.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Net income	15.5	59.2	31.6	26.7	45.5	73.7	70.2	74.1	72.4	116
Depreciation and amortization	8.57	8.89	9	10.3	12.8	18.2	22.9	38.8	46.4	47.5
Stock-based compensation	0.13	0.08	0.26	0.08	0.05		0.36	0.82	1.21	1.23
Deferred income tax	29.6	-25.3	-5.04	8.38	8.52	16	4.49	-10.7	-0.8	-6.8
Change in payables	-2.38	4.73
Cash from operations	10.7	53.7	41.4	30.4	37.3	112	48.2	104	108	191
Capital expenditures	-1.3	-3.01	-2.62	-9.35	-5.69	-4.3	-7.35	-6.18	-7.75	-4.06
Purchases of investments	-358	-116	-6.92	-0.1	-58.9	-158	-97.1	-37.4	0
Sales and maturities of investments	185	14	10	7	11	117	92	79	0
Cash from investing	21	44.4	44.1	-30.4	-175	-196	-190	-99.1	-50.4	-26.2
Debt issued		1.62	16.6	23.9	69	69.3	184	122	1.1	67.8
Debt repaid	-0.5	-1.29	-1.36	-1.61	-1.94	-2.33	-20.2	-53.5	-18.2	-114
Share buybacks	-14.8	-147	-93.4	-20.8	-8.8		-20		-3.36	-40.3
Dividends paid				0	-4.12	-18.8	-23.5	-25.7	-30.3	-33.6
Cash from financing	-5.56	-149	-79.9	-9.38	59.4	48.6	112	40.8	-52.1	-124
Net change in cash	26.1	-51.2	5.62	-9.4	-78.6	-35.7	-29.1	45.5	5.55	40.2
Free cash flow	9.37	50.7	38.8	21	31.6	107	40.9	97.7	100	187
Interest paid	11.8	11.8	11.6	11.9	12.8	13.6	17.2	29.6	32.7	29.7
Income taxes paid	2.3	5.43	2.01			11.1	17.1	30.9	34.1	45.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $65.30 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.1%	Gross profit / revenue.
Operating margin	30.2%	Operating income / revenue.
EBITDA margin	38.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	30.3%	Pre-tax income / revenue.
Net margin	22.5%	Net income / revenue.
FCF margin	38.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	39.6%	Cash from operations / revenue.
Effective tax rate	25.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.2%	Net income / average total assets.
Return on invested capital (ROIC)	12.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	8.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	27.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	26.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	26.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	32.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	27.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	21.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	53.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	33.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	25.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	36.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	31.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	26.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	55.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	17.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	20.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	56.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	18.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	20.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	76.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	58.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	38.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	86.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	65.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	42.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	11.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	13.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	52.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.48x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	24.6%	Total debt / total assets.
Liabilities / assets	48.8%	Total liabilities / total assets.
Net debt	$253.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.20x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.72x	Operating income / interest expense.
Tangible book value	$764.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.36x	Revenue / average total assets.
Fixed asset turnover	15.2x	Revenue / average property, plant and equipment.
Inventory turnover	84.1x	Cost of revenue / average inventory.
Days inventory	4 days	365 x average inventory / cost of revenue.
FCF conversion	172.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.15	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.58	Revenue / diluted weighted shares.
FCF per share	$3.71	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.79	Cash from operations / diluted weighted shares.
Book value per share	$13.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.41	Tangible book value / shares outstanding.
Cash per share	$2.06	(Cash + short-term investments) / shares outstanding.
Payout ratio	29.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	16.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	29.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.72B	Share price x shares outstanding.
Enterprise value	$3.97B	Market cap + total debt - cash - short-term investments.
P/E	30.2x	Market cap / net income. Only when net income is positive.
P/S	6.79x	Market cap / revenue.
P/B	4.86x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.86x	Market cap / tangible book value, when positive.
P/FCF	17.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.1x	Market cap / cash from operations, when positive.
EV/Sales	7.25x	Enterprise value / revenue.
EV/EBIT	24.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.7%	Free cash flow / market cap.
Earnings yield	3.3%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	2.6%	(Dividends paid + share buybacks) / market cap.
PEG	1.67x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ST JOE Co's revenue in fiscal 2025?

ST JOE Co reported revenue of $513.2M for fiscal 2025, 27.4% higher than the year before.

Was ST JOE Co profitable in fiscal 2025?

Yes. Net income was $115.6M, a net margin of 22.5%.

How much free cash flow did ST JOE Co generate in fiscal 2025?

Cash from operations of $190.7M minus capital expenditures of $4.1M left free cash flow of $186.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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