The St. Joe Company (JOE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-115.8%

-$10.90

vs $69.05 price

Levered DCF

-$29.22

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.63

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	29.69×	35.38×	45.25×	31.94×	40.98×	55.13×	44.07×	25.33×
P/B	4.47×	3.62×	5.14×	3.6×	5.05×	4.55×	2.29×	1.55×
P/S	6.67×	6.51×	9.01×	9×	11.48×	15.6×	9.36×	7.49×
EV / EBITDA	13.82×	17.99×	23.94×	20.61×	25.61×	31.75×	21.68×	16.96×
Gross margin	93.0%	41.5%	39.4%	42.2%	50.8%	51.6%	49.6%	53.5%
Operating margin	28.5%	23.7%	23.3%	24.4%	35.4%	29.3%	24.6%	26.7%
Net margin	22.5%	18.4%	20.0%	28.1%	27.9%	28.2%	21.1%	29.4%
Current ratio	2.17×	1.5×	1.49×	1.04×	2.23×	5.47×	9.04×	13.13×
Debt / equity	0.75×	0.93×	0.93×	0.9×	0.67×	0.61×	0.52×	0.46×
Interest coverage	1.9×	2.85×	2.96×	3.34×	5.96×	3.47×	2.55×	2.49×
Dividend yield	1.0%	1.2%	0.7%	1.0%	0.6%	0.2%	0.0%	0.0%
Payout ratio	29.1%	40.9%	33.0%	33.1%	25.3%	9.1%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.1%	10.2%	11.4%	11.2%	12.3%	8.2%	5.2%	6.1%
Return on invested capital	7.6%	4.8%	4.7%	3.5%	6.3%	3.6%	2.6%	3.4%
Return on assets	7.6%	4.8%	5.1%	5.0%	6.2%	4.4%	2.9%	3.7%
Free cash flow yield	5.5%	2.2%	-1.0%	-9.3%	-1.4%	-3.4%	-3.7%	1.9%
Earnings yield	3.4%	2.8%	2.2%	3.1%	2.4%	1.8%	2.3%	3.9%
Enterprise value	$3.9B	$3.2B	$4.1B	$2.8B	$3.4B	$2.7B	$1.3B	$877.1M
Net debt / EBITDA	1.58×	3.29×	3.23×	3.91×	2.53×	2.68×	1.44×	0.99×
Cash conversion cycle (days)	-112	10	19	-130	-77	-36	-5	-181