The St. Joe Company is a landowner and developer in Northwest Florida, turning its 170,000 acres into residential communities, hotels, golf courses, and commercial rentals.
Money comes from selling developed building lots to homebuilders (Residential) and leasing commercial space (Commercial). Gross margins averaged 81.77% in the trailing twelve months, though revenue is lumpy and not recurring.
Its moat is its 170,000-acre land bank in a high-growth region, which competitors like D.R. Horton and Lennar cannot easily replicate. However, the moat is eroding because rising interest rates slow housing demand and reduce the value of undeveloped land.
