Independence Realty Trust vs Rayonier
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The short version
- Independence Realty Trust is the larger business, with $658M of revenue in fiscal 2025 against $485M for Rayonier.
- Independence Realty Trust grew revenue faster (2.8%, against −51.0%).
- Rayonier earned a higher return on the capital invested in it (3.4%, against 2.3%).
| Latest fiscal year | IRT · FY25 | RYN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.5B | $4.8B |
| Revenue | $658M | $485M |
| Free cash flow | — | — |
| Net income | $56.6M | $474M |
| Growth | ||
| Revenue growth | 2.8% | −51.0% |
| 5-year growth | 25.4% | −10.8% |
| Share count change | 4.1% | 4.4% |
| Profitability | ||
| Gross margin | — | 32.5% |
| Operating margin | — | 17.2% |
| Net margin | 8.6% | 97.9% |
| FCF margin | — | — |
| Return on capital | 2.3% | 3.4% |
| Return on equity | 1.6% | 23.8% |
| Balance sheet | ||
| Net debt | $2.3B | $202M |
| Net debt / EBITDA | 6.0x | — |
| Dividends and buybacks | $184M | $295M |
| Valuation & quality | ||
| P/E | 83.1x | — |
| Piotroski F-score | — | 4 |
Revenue
FY16
IRT $153M
RYN $816M
FY17
IRT $161M
RYN $820M
FY18
IRT $191M
RYN $816M
FY19
IRT $203M
RYN $712M
FY20
IRT $212M
RYN $859M
FY21
IRT $250M
RYN $1.1B
FY22
IRT $629M
RYN $909M
FY23
IRT $661M
RYN $788M
FY24
IRT $640M
RYN $988M
FY25
IRT $658M
RYN $485M
IRT
RYN
Operating margin
FY16
IRT 25.9%
RYN 31.4%
FY17
IRT 28.2%
RYN 26.3%
FY18
IRT 27.1%
RYN 20.8%
FY19
IRT —
RYN 15.0%
FY20
IRT —
RYN 8.7%
FY21
IRT —
RYN 24.3%
FY22
IRT —
RYN 18.2%
FY23
IRT —
RYN 23.4%
FY24
IRT —
RYN 36.9%
FY25
IRT —
RYN 17.2%
IRT
RYN
Free cash flow
FY16
IRT −$18.2M
RYN $145M
FY17
IRT $40.0M
RYN $191M
FY18
IRT $67.9M
RYN $248M
FY19
IRT $74.8M
RYN $150M
FY20
IRT $74.9M
RYN $138M
FY21
IRT $52.1M
RYN $249M
FY22
IRT —
RYN $194M
FY23
IRT —
RYN $203M
FY24
IRT —
RYN $159M
FY25
IRT —
RYN —
IRT
RYN
Return on capital
FY16
IRT 2.4%
RYN 10.8%
FY17
IRT 3.4%
RYN 7.5%
FY18
IRT 3.4%
RYN 5.5%
FY19
IRT 5.3%
RYN 3.6%
FY20
IRT 3.2%
RYN —
FY21
IRT 2.0%
RYN —
FY22
IRT 3.2%
RYN 5.1%
FY23
IRT 0.9%
RYN 5.8%
FY24
IRT 1.9%
RYN 13.1%
FY25
IRT 2.3%
RYN 3.4%
IRT
RYN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.