undamentalytics Newsletter

Real Estate Development stocks

14 US-listed companies in real estate development, with $2.8bn of combined revenue in their latest fiscal years. Forestar Group Inc. is the largest ($1.7bn). The fastest grower with at least $100m of revenue in both years is ST JOE Co, up 27.4%. The median company grew 10.1% with a net margin of 10.1%.

Companies14
Combined revenue$2.8bn
Median revenue growth10.1%
Median net margin10.1%
Median return on equity10.0%
#CompanyRevenueGrowthNet marginROEFiscal year
1 Forestar Group Inc.FOR $1.7bn 10.1% 10.1% 10.0% 2025
2 ST JOE CoJOE $513m 27.4% 22.5% 15.5% 2025
3 Seaport Entertainment Group Inc.SEG $130m 18.3% −89.5% −22.9% 2025
4 Lead Real Estate Co., LTDLRE $126m −0.8% 4.5% 18.5% 2025
5 Five Point Holdings, LLCFPH $110m −53.8% 64.5% 3.2% 2025
6 Murano Global Investments plcMRNO $60m 48.4% −24.8% −7.8% 2025
7 Amrep Corp.AXR $53m 6.3% 19.5% 7.6% 2026
8 Logistic Properties Of The AmericasLPA $50m 14.3% 20.9% 4.3% 2025
9 Tejon Ranch CoTRC $50m 18.4% 0.2% 0.0% 2025
10 Sky Harbour Group CorpSKYH $28m 86.6% 68.3% 11.3% 2025
11 Calibercos Inc.CWD $20m −60.7% −108.5% — 2025
12 Maui Land & Pineapple Co IncMLP $19m 68.2% −54.4% −31.9% 2025
13 Belpointe Prep, LLCOZ $9m 243.4% −435.9% — 2025
14 Alset Inc.AEI $4m −78.8% −1060.5% −46.9% 2025

Medians cover companies with at least $100m of revenue (growth: in both years). Growth is the latest fiscal year against the year before and includes acquisitions.

Other real estate industries

Figures from each company's latest annual report filed with the SEC (10-K or 20-F), as reported, with the fiscal year shown. Not investment advice. How we read filings: methodology.