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Side-by-side financial comparison of Alexandria Real Estate Equities (ARE) and ST JOE Co (JOE). Click either name above to swap in a different company.
Alexandria Real Estate Equities is the larger business by last-quarter revenue ($754.4M vs $128.9M, roughly 5.9× ST JOE Co). ST JOE Co runs the higher net margin — 23.2% vs -143.3%, a 166.5% gap on every dollar of revenue. On growth, ST JOE Co posted the faster year-over-year revenue change (23.5% vs -4.4%). Over the past eight quarters, ST JOE Co's revenue compounded faster (21.2% CAGR vs -1.0%).
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office real estate investment trust (REIT), is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech campuses in AAA innovation cluster locations, with a total market capitalization of $31.9 billion as of December 31, 2020, and an asset base in North America of 49.7 million square feet (SF). The asset base in North America includes 31.9...
The St. Joe Company is a land development company headquartered in Panama City Beach, Florida. Founded in 1936 and until 1966 known as St. Joe Paper Company, the company still operates a forestry division but is primarily engaged in real estate development and asset management. The company's land holdings are concentrated in Northwest Florida with the vast majority located in Bay and Walton counties. Of the 110,500 acres The St. Joe Company owns that fall within the Bay-Walton Sector Plan, 53...
ARE vs JOE — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $754.4M | $128.9M |
| Net Profit | $-1.1B | $29.9M |
| Gross Margin | — | 45.4% |
| Operating Margin | — | 30.6% |
| Net Margin | -143.3% | 23.2% |
| Revenue YoY | -4.4% | 23.5% |
| Net Profit YoY | -1636.5% | 58.2% |
| EPS (diluted) | $-6.35 | $0.51 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $754.4M | $128.9M | ||
| Q3 25 | $751.9M | $161.1M | ||
| Q2 25 | $762.0M | $129.1M | ||
| Q1 25 | $758.2M | $94.2M | ||
| Q4 24 | $788.9M | $104.3M | ||
| Q3 24 | $791.6M | $99.0M | ||
| Q2 24 | $766.7M | $111.6M | ||
| Q1 24 | $769.1M | $87.8M |
| Q4 25 | $-1.1B | $29.9M | ||
| Q3 25 | $-232.8M | $38.7M | ||
| Q2 25 | $-107.0M | $29.5M | ||
| Q1 25 | $-8.9M | $17.5M | ||
| Q4 24 | $-62.2M | $18.9M | ||
| Q3 24 | $167.9M | $16.8M | ||
| Q2 24 | $46.7M | $24.5M | ||
| Q1 24 | $170.5M | $13.9M |
| Q4 25 | — | 45.4% | ||
| Q3 25 | — | 44.4% | ||
| Q2 25 | — | 42.9% | ||
| Q1 25 | — | 37.8% | ||
| Q4 24 | — | 42.3% | ||
| Q3 24 | — | 39.4% | ||
| Q2 24 | — | 44.6% | ||
| Q1 24 | — | 39.0% |
| Q4 25 | — | 30.6% | ||
| Q3 25 | — | 32.9% | ||
| Q2 25 | — | 28.6% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | — | 24.7% | ||
| Q3 24 | — | 21.5% | ||
| Q2 24 | — | 29.2% | ||
| Q1 24 | — | 18.2% |
| Q4 25 | -143.3% | 23.2% | ||
| Q3 25 | -31.0% | 24.0% | ||
| Q2 25 | -14.0% | 22.9% | ||
| Q1 25 | -1.2% | 18.5% | ||
| Q4 24 | -7.9% | 18.1% | ||
| Q3 24 | 21.2% | 17.0% | ||
| Q2 24 | 6.1% | 22.0% | ||
| Q1 24 | 22.2% | 15.9% |
| Q4 25 | $-6.35 | $0.51 | ||
| Q3 25 | $-1.38 | $0.67 | ||
| Q2 25 | $-0.64 | $0.51 | ||
| Q1 25 | $-0.07 | $0.30 | ||
| Q4 24 | $-0.38 | $0.32 | ||
| Q3 24 | $0.96 | $0.29 | ||
| Q2 24 | $0.25 | $0.42 | ||
| Q1 24 | $0.97 | $0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $549.1M | $129.6M |
| Total DebtLower is stronger | $12.4B | $391.2M |
| Stockholders' EquityBook value | $15.5B | $766.3M |
| Total Assets | $34.1B | $1.5B |
| Debt / EquityLower = less leverage | 0.80× | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $549.1M | $129.6M | ||
| Q3 25 | $579.5M | $126.1M | ||
| Q2 25 | $520.5M | $88.2M | ||
| Q1 25 | $476.4M | $94.5M | ||
| Q4 24 | $552.1M | $88.8M | ||
| Q3 24 | $562.6M | $82.7M | ||
| Q2 24 | $561.0M | $86.7M | ||
| Q1 24 | $722.2M | $89.8M |
| Q4 25 | $12.4B | $391.2M | ||
| Q3 25 | $13.6B | $399.0M | ||
| Q2 25 | $13.3B | $427.3M | ||
| Q1 25 | $13.1B | $434.8M | ||
| Q4 24 | $12.2B | $437.8M | ||
| Q3 24 | $12.7B | $443.3M | ||
| Q2 24 | $12.4B | $447.4M | ||
| Q1 24 | $12.2B | $452.0M |
| Q4 25 | $15.5B | $766.3M | ||
| Q3 25 | $16.6B | $760.7M | ||
| Q2 25 | $17.2B | $738.8M | ||
| Q1 25 | $17.5B | $727.9M | ||
| Q4 24 | $17.9B | $724.3M | ||
| Q3 24 | $18.2B | $716.4M | ||
| Q2 24 | $18.3B | $708.1M | ||
| Q1 24 | $18.4B | $690.4M |
| Q4 25 | $34.1B | $1.5B | ||
| Q3 25 | $37.4B | $1.5B | ||
| Q2 25 | $37.6B | $1.5B | ||
| Q1 25 | $37.6B | $1.5B | ||
| Q4 24 | $37.5B | $1.5B | ||
| Q3 24 | $38.5B | $1.5B | ||
| Q2 24 | $37.8B | $1.6B | ||
| Q1 24 | $37.7B | $1.5B |
| Q4 25 | 0.80× | 0.51× | ||
| Q3 25 | 0.82× | 0.52× | ||
| Q2 25 | 0.77× | 0.58× | ||
| Q1 25 | 0.75× | 0.60× | ||
| Q4 24 | 0.68× | 0.60× | ||
| Q3 24 | 0.70× | 0.62× | ||
| Q2 24 | 0.68× | 0.63× | ||
| Q1 24 | 0.66× | 0.65× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $312.4M | $44.4M |
| Free Cash FlowOCF − Capex | — | $43.9M |
| FCF MarginFCF / Revenue | — | 34.0% |
| Capex IntensityCapex / Revenue | — | 0.4% |
| Cash ConversionOCF / Net Profit | — | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | — | $186.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $312.4M | $44.4M | ||
| Q3 25 | $433.5M | $86.2M | ||
| Q2 25 | $460.2M | $31.1M | ||
| Q1 25 | $207.9M | $29.0M | ||
| Q4 24 | $274.2M | $29.8M | ||
| Q3 24 | $477.4M | $27.7M | ||
| Q2 24 | $411.8M | $22.8M | ||
| Q1 24 | $341.2M | $27.6M |
| Q4 25 | — | $43.9M | ||
| Q3 25 | — | $85.2M | ||
| Q2 25 | — | $29.7M | ||
| Q1 25 | — | $27.8M | ||
| Q4 24 | — | $27.6M | ||
| Q3 24 | — | $25.9M | ||
| Q2 24 | — | $21.5M | ||
| Q1 24 | — | $25.2M |
| Q4 25 | — | 34.0% | ||
| Q3 25 | — | 52.9% | ||
| Q2 25 | — | 23.0% | ||
| Q1 25 | — | 29.6% | ||
| Q4 24 | — | 26.5% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 19.3% | ||
| Q1 24 | — | 28.7% |
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | — | 1.48× | ||
| Q3 25 | — | 2.23× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 1.66× | ||
| Q4 24 | — | 1.58× | ||
| Q3 24 | 2.84× | 1.65× | ||
| Q2 24 | 8.82× | 0.93× | ||
| Q1 24 | 2.00× | 1.98× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARE
| Reportable Segment Aggregation Before Other Operating Segment | $707.2M | 94% |
| Other | $21.7M | 3% |
JOE
| Residential Real Estate Segment | $57.2M | 44% |
| Hospitality Segment | $47.4M | 37% |
| Commercial | $20.5M | 16% |
| Sjbb Llc | $2.8M | 2% |
