ST JOE Co key statistics and ratios

In fiscal 2025, ST JOE Co had return on equity of 15.5%, an operating margin of 28.5% and debt equal to 51.7% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

ST JOE Co: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	—	—	—	—	—	—	35.4%	35.8%	32.8%	53.5%	49.6%	—	—	42.2%	39.4%	41.5%	43.1%	46.1%
Operating margin	−151.4%	−51.8%	−266.2%	1.5%	0.6%	73.1%	−5.9%	3.2%	3.6%	26.7%	24.6%	29.3%	35.4%	24.4%	23.3%	23.7%	28.5%	32.0%
Net margin	−94.0%	−36.0%	−227.3%	4.3%	3.8%	57.9%	−1.7%	16.4%	59.6%	29.4%	21.1%	28.2%	27.9%	28.1%	20.0%	18.4%	22.5%	22.3%
Free-cash-flow margin	34.9%	15.1%	−8.4%	16.2%	9.7%	46.8%	19.2%	9.7%	50.7%	35.2%	16.6%	19.7%	40.3%	16.2%	25.1%	24.9%	36.4%	33.9%
Return on equity	−14.5%	−4.1%	−46.7%	1.1%	0.9%	53.1%	−0.2%	2.4%	9.6%	5.9%	5.2%	8.4%	12.9%	11.5%	11.8%	10.5%	15.5%	15.8%
Return on assets	−11.6%	−3.3%	−38.6%	0.9%	0.8%	41.2%	−0.2%	1.6%	6.1%	3.6%	3.0%	4.6%	6.6%	5.4%	5.3%	4.8%	7.6%	8.0%
Asset turnover	0.12	0.09	0.17	0.21	0.20	0.71	0.09	0.10	0.10	0.12	0.14	0.17	0.24	0.19	0.26	0.26	0.34	0.36
Debt to equity	6.4%	6.3%	9.8%	6.5%	7.9%	6.6%	8.3%	8.3%	9.7%	13.7%	18.2%	29.3%	37.4%	62.0%	67.2%	61.1%	51.7%	47.8%
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	0.8x	0.4x	59.6x	n/m	0.3x	0.3x	2.5x	2.5x	3.5x	6.0x	3.3x	3.0x	2.8x	4.8x	6.2x
Effective tax rate	—	—	—	6.0%	−9.2%	22.1%	—	31.6%	−43.2%	−2.4%	26.1%	23.1%	25.3%	25.8%	26.0%	26.4%	25.3%	25.5%
Capital spending as % of revenue	1.8%	1.3%	1.7%	0.3%	2.7%	0.4%	2.4%	1.3%	3.0%	2.4%	7.4%	3.5%	1.6%	2.9%	1.6%	1.9%	0.8%	0.8%
Free cash flow ÷ net income	—	—	—	375.3%	255.3%	80.8%	—	58.9%	85.1%	119.9%	78.6%	70.0%	144.2%	57.6%	125.7%	135.1%	161.4%	151.7%
Dividends ÷ net income	—	—	—	—	—	—	—	—	—	—	0.0%	9.1%	25.3%	33.1%	33.0%	40.9%	29.1%	30.2%
Dividends and buybacks ÷ free cash flow	—	—	—	—	0.0%	0.0%	>999%	158.2%	290.8%	240.6%	99.1%	40.8%	17.5%	106.4%	26.3%	33.6%	39.6%	63.8%

US$ thousands unless shown otherwise. Fiscal quarters.

ST JOE Co: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	42.3%	37.8%	42.9%	44.4%	45.4%	38.3%	46.2%	51.6%
Operating margin	24.7%	17.9%	28.6%	32.9%	30.6%	18.4%	34.5%	39.4%
Net margin	18.1%	18.5%	22.9%	24.0%	23.2%	14.1%	25.5%	23.6%
Free-cash-flow margin	26.5%	29.6%	23.0%	52.9%	34.0%	40.6%	27.0%	36.4%
Debt to equity	60.4%	59.7%	57.8%	52.5%	51.0%	49.7%	48.4%	47.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 5 checks passed · September 30, 2026

Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $118m of cash against $362m of debt.
Debt below 40% of shareholders' equity Debt is 47% of equity.
Debt burden no higher than five years ago Debt to equity moved from 42% to 47% over five years.
A year's operating cash flow covers at least 20% of debt $188m of operating cash flow against $362m of debt.
Operating profit covers interest at least five times over Operating income of $174m against $28m of interest.

From ST JOE Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

65 /100

Moderate moat

How hard ST JOE's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 7 / 20

Net income has been a median 5.5% of total assets over 10 years.
Durability 11 / 20

Operating margin has been a median 25.5%; its worst year was 5.3%.
Cash conversion 20 / 20

Free cash flow was positive in 10 of 10 years, at a median 30.3% of revenue.
Discipline 18 / 20

The diluted share count fell 2.7% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (70 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from ST JOE Co's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to ST JOE Co.