JOEST JOE Co

Land Subdividers & Developers (no Cemeteries)

Revenue: $513M; 27% YoY
Operating margin: 28.5%; 20% YoY
EBITDA: $194M; 36% YoY
Market cap: $4.0B
Employees: 906; $566K revenue each
Net debt / EBITDA: 1.3×; $244M net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
165% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
39% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$566K · 40th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 41st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$82M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$267M	$252M	$389M	$403M	$513M	27%
Operating income	$94M	$61M	$91M	$96M	$146M	53%
Net income	$75M	$71M	$78M	$74M	$116M	56%
Operating cash flow	$112M	$48M	$104M	$108M	$191M	77%
Capex	$4M	$7M	$6M	$8M	$4M	48%
Stock-based comp	—	$364K	$820K	$1M	$1M	1.9%
Buybacks	—	$20M	—	$3M	$40M	1097%
Dividends	$19M	$23M	$26M	$30M	$34M	11%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jan 31, 2014	DEFM14A	AgReserves Inc.	$565000000.00	30%
Dec 11, 2013	PREM14A	AgReserves Inc.	$14.25	25.1%

13D filers

Filed	Filer	Form	Stake	Intent
Jun 23, 2026	FAIRHOLME CAPITAL MANAGEMENT LLC	SCHEDULE 13D/A	85.7%	Passive
May 7, 2026	FAIRHOLME CAPITAL MANAGEMENT LLC	SCHEDULE 13D/A	79.2%	Passive
Sep 2, 2025	FAIRHOLME CAPITAL MANAGEMENT LLC	SCHEDULE 13D/A	93.1%	Passive
Mar 7, 2025	FAIRHOLME CAPITAL MANAGEMENT LLC	SCHEDULE 13D/A	66.1%	Passive
Oct 23, 2024	FAIRHOLME CAPITAL MANAGEMENT LLC	SC 13D/A	32.9%	Passive
Jul 30, 2024	FAIRHOLME CAPITAL MANAGEMENT LLC	SC 13D/A	33.3%	Passive
May 7, 2024	FAIRHOLME CAPITAL MANAGEMENT LLC	SC 13D/A	—	Passive
Aug 18, 2023	FAIRHOLME CAPITAL MANAGEMENT LLC	SC 13D/A	36.2%	Passive
Aug 2, 2023	FAIRHOLME CAPITAL MANAGEMENT LLC	SC 13D/A	37.3%	Passive
May 6, 2022	BERKOWITZ BRUCE R	SC 13D/A	38.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $82M · 27
Net: −$82M

Pay vs performance

No pay-versus-performance disclosure yet.