The St. Joe Co (The St. Joe Co) Beneish M-Score

: -1.65 (As of Today)

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The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Warning Sign:

Beneish M-Score -1.65 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for The St. Joe Co's Beneish M-Score or its related term are showing as below:

JOE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84 Med: -2.28 Max: 4.45
Current: -1.65

During the past 13 years, the highest Beneish M-Score of The St. Joe Co was 4.45. The lowest was -2.84. And the median was -2.28.

The St. Joe Co Beneish M-Score Historical Data

The historical data trend for The St. Joe Co's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

The St. Joe Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-2.64

-2.20

-2.36

-2.84

-1.65

The St. Joe Co Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score																-2.84	-2.62	-2.08	-1.80	-1.65

Competitive Comparison

For the Real Estate - Diversified subindustry, The St. Joe Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

The St. Joe Co Beneish M-Score Distribution

For the Real Estate industry and Real Estate sector, The St. Joe Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where The St. Joe Co's Beneish M-Score falls into.

The St. Joe Co Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of The St. Joe Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.458

0.528 * 1.0736

0.404 * 0.9603

0.892 * 1.5428

0.115 * 0.987

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6149

4.679 * -0.034656

0.327 * 1.0117

-1.65

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $53.5 Mil.
Revenue was 86.738 + 101.39 + 128.167 + 72.991 = $389.3 Mil.
Gross Profit was 39.551 + 35.375 + 55.533 + 24.347 = $154.8 Mil.
Total Current Assets was $160.6 Mil.
Total Assets was $1,523.5 Mil.
Property, Plant and Equipment(Net PPE) was $66.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $38.8 Mil.
Selling, General, & Admin. Expense(SGA) was $15.8 Mil.
Total Current Liabilities was $108.0 Mil.
Long-Term Debt & Capital Lease Obligation was $628.2 Mil.
Net Income was 13.185 + 19.409 + 34.727 + 10.39 = $77.7 Mil.
Non Operating Income was 4.29 + 9.934 + 7.532 + 4.906 = $26.7 Mil.
Cash Flow from Operations was 11.563 + 39.357 + 33.757 + 19.172 = $103.8 Mil.

Total Receivables was $23.8 Mil.
Revenue was 61.624 + 57.576 + 68.25 + 64.871 = $252.3 Mil.
Gross Profit was 26.661 + 21.67 + 28.486 + 30.906 = $107.7 Mil.
Total Current Assets was $123.1 Mil.
Total Assets was $1,430.8 Mil.
Property, Plant and Equipment(Net PPE) was $40.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $22.9 Mil.
Selling, General, & Admin. Expense(SGA) was $16.7 Mil.
Total Current Liabilities was $123.4 Mil.
Long-Term Debt & Capital Lease Obligation was $560.0 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(53.538 / 389.286)	/	(23.801 / 252.321)
	=	0.137529	/	0.094328
	=	1.458

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(107.723 / 252.321)	/	(154.806 / 389.286)
	=	0.426928	/	0.397666
	=	1.0736

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (160.642 + 66.907) / 1523.53)	/	(1 - (123.093 + 40.316) / 1430.839)
	=	0.850644	/	0.885795
	=	0.9603

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	389.286	/	252.321
	=	1.5428

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(22.888 / (22.888 + 40.316))	/	(38.776 / (38.776 + 66.907))
	=	0.362129	/	0.366909
	=	0.987

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(15.8 / 389.286)	/	(16.656 / 252.321)
	=	0.040587	/	0.066011
	=	0.6149

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((628.227 + 108.031) / 1523.53)	/	((560.029 + 123.427) / 1430.839)
	=	0.483258	/	0.477661
	=	1.0117

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(77.711 - 26.662	-	103.849)	/	1523.53
	=	-0.034656

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The St. Joe Co has a M-score of -1.65 signals that the company is likely to be a manipulator.

The St. Joe Co Beneish M-Score Related Terms

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The St. Joe Co (The St. Joe Co) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » The St. Joe Co (NYSE:JOE) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

JOE:Germany

Address

130 Richard Jackson Boulevard, Suite 200, Panama City Beach, FL, USA, 32407

Website

https://www.joe.com

The St. Joe Co is a real estate development, asset management, and operating company and it has three operating segments; the Residential segment plans and develops residential communities and sells homesites to homebuilders or retail consumers, the Hospitality segment features a private membership club (the Watersound Club), hotel operations, food and beverage operations, golf courses, beach clubs, retail outlets, gulf-front vacation rentals, management services, marinas, and other entertainment assets, and Commercial segment include leasing of commercial property, multi-family, senior living, self-storage, and other assets and it also oversees the planning, development, entitlement, management, and sale of commercial and rural land holdings.

Executives

Fairholme Funds Inc	10 percent owner	5966 S DIXIE HWY, SUITE 300, SOUTH MIAMI FL 33143
Jorge Luis Gonzalez	officer: Sr Vice President-Development	133 SOUTH WATERSOUND PARKWAY, WATERSOUND FL 32461
Marek Bakun	officer: Chief Financial Officer	133 SOUTH WATERSOUND PARKWAY, WATERSOUND FL 32413
Elizabeth J Walters	officer: SVP, GC & Corporate Secretary	133 SOUTH WATERSOUND PARKWAY, WATERSOUND FL 32641
Rhea Goff	officer: SVP & Chief Admin. Officer	133 S WATERSOUND PARKWAY, WATERSOUND FL 32461
Howard S Frank	director
Kenneth Borick	officer: SVP, General Counsel	133 SOUTH WATERSOUND PARKWAY, WATERSOUND FL 32413
Cesar L Alvarez	director	C/O PEDIATRIX MEDICAL GROUP, LEGAL DEPT 1301- CONCORD TERRACE, SUNRISE FL 33323
Patrick Wayne Murphy	officer: SVP, Operations	133 SOUTH WATERSOUND PARKWAY, WATERSOUND FL 32413
Fairholme Capital Management Llc	10 percent owner	5966 S DIXIE HWY, SUITE 300, SOUTH MIAMI FL 33143
James S Hunt	director	300 N. BEACH STREET, DAYTONA BEACH FL 32114
Susan D Mermer	officer: Chief Accounting Officer	133 SOUTH WATERSOUND PARKWAY, WATERSOUND FL 32413
Vito S Portera	director	133 SOUTH WATERSOUND PARKWAY, WATERSOUND FL 32413
David Harrelson	officer: Vice President, Timberland	133 SOUTH WATERSOUND PARKWAY, WATERSOUND FL 32413
Joanne Kay Viard	officer: Chief Accounting Officer	133 S. WATERSOUND PARKWAY, WATERSOUND FL 32413