Rayonier Advanced Materials Inc.
RYAM NYSE Pulp Mills Financials FY2016–FY2025
Last close · Oct 23, 2026
$6.70
1.9%
Revenue
Total sales reported in the income statement.
$1.5B
10.1%
vs prior year
Operating margin
Operating income as a share of revenue.
0.3%
2.1 pts
Net income
Profit after all expenses, interest and tax.
−$421M
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
0.3%
2.0 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$452M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$2.11 EPS (TTM)
What Rayonier Advanced Materials Inc. does
No business description yet.
- Legal name
- RAYONIER ADVANCED MATERIALS INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 5, 2026
- Accession · CIK
- 0001597672-26-000010
0001597672
Revenue and margins
Rayonier Advanced Materials Inc. had $1.5B of revenue in fiscal 2025, down 10.1% on the year before.
FY16
Revenue $869M
FY17
Revenue $940M
FY18
Revenue $2.0B
FY19
Revenue $1.4B
FY20
Revenue $1.3B
FY21
Revenue $1.4B
FY22
Revenue $1.7B
FY23
Revenue $1.6B
FY24
Revenue $1.6B
FY25
Revenue $1.5B
Q3 '23
Revenue $369M
Q4 '23
Revenue $422M
Q1 '24
Revenue $388M
Q2 '24
Revenue $419M
Q3 '24
Revenue $401M
Q4 '24
Revenue $423M
Q1 '25
Revenue $353M
Q2 '25
Revenue $340M
Q3 '25
Revenue $353M
Q4 '25
Revenue $418M
Q1 '26
Revenue $319M
Q2 '26
Revenue $376M
FY16
Gross 21.4%
Operating 16.5%
Net 8.4%
FCF 16.5%
FY17
Gross 15.0%
Operating 6.3%
Net 34.6%
FCF 5.8%
FY18
Gross 14.9%
Operating 7.6%
Net 6.6%
FCF 6.0%
FY19
Gross 3.7%
Operating −3.7%
Net −1.6%
FCF −3.4%
FY20
Gross 4.7%
Operating −2.3%
Net 0.0%
FCF 4.6%
FY21
Gross 5.3%
Operating −0.7%
Net 4.7%
FCF 9.8%
FY22
Gross 7.2%
Operating 1.5%
Net −0.9%
FCF —
FY23
Gross 5.4%
Operating −4.0%
Net −6.2%
FCF —
FY24
Gross 10.2%
Operating 2.4%
Net −2.4%
FCF —
FY25
Gross 8.1%
Operating 0.3%
Net −28.7%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross 2.4%
Operating −3.9%
Net −6.8%
FCF —
Q4 '23
Gross 6.5%
Operating −14.4%
Net −14.6%
FCF —
Q1 '24
Gross 9.5%
Operating 4.4%
Net −0.4%
FCF —
Q2 '24
Gross 11.5%
Operating 6.7%
Net 2.7%
FCF —
Q3 '24
Gross 10.9%
Operating −4.2%
Net −8.1%
FCF —
Q4 '24
Gross 8.7%
Operating 2.6%
Net −3.8%
FCF —
Q1 '25
Gross 6.8%
Operating −4.3%
Net −9.1%
FCF —
Q2 '25
Gross 7.0%
Operating −0.4%
Net −106.8%
FCF —
Q3 '25
Gross 9.7%
Operating 2.8%
Net −1.3%
FCF —
Q4 '25
Gross 8.9%
Operating 2.6%
Net −5.0%
FCF —
Q1 '26
Gross −2.4%
Operating −20.5%
Net −25.6%
FCF —
Q2 '26
Gross 6.1%
Operating −1.7%
Net −8.7%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $73.3M
FY17
Net income $325M
FY18
Net income $128M
FY19
Net income −$22.5M
FY20
Net income $0.6M
FY21
Net income $66.4M
FY22
Net income −$14.9M
FY23
Net income −$102M
FY24
Net income −$38.7M
FY25
Net income −$421M
Q3 '23
Net income −$25.1M
Q4 '23
Net income −$61.6M
Q1 '24
Net income −$1.6M
Q2 '24
Net income $11.4M
Q3 '24
Net income −$32.6M
Q4 '24
Net income −$16.0M
Q1 '25
Net income −$32.0M
Q2 '25
Net income −$363M
Q3 '25
Net income −$4.5M
Q4 '25
Net income −$21.1M
Q1 '26
Net income −$81.6M
Q2 '26
Net income −$32.8M
FY16
Diluted EPS $1.55
FY17
Diluted EPS $5.81
FY18
Diluted EPS $1.96
FY19
Diluted EPS −$0.57
FY20
Diluted EPS $0.01
FY21
Diluted EPS $1.05
FY22
Diluted EPS −$0.23
FY23
Diluted EPS −$1.57
FY24
Diluted EPS −$0.59
FY25
Diluted EPS −$6.33
Q3 '23
Diluted EPS −$0.39
Q4 '23
Diluted EPS −$0.94
Q1 '24
Diluted EPS −$0.02
Q2 '24
Diluted EPS $0.17
Q3 '24
Diluted EPS −$0.49
Q4 '24
Diluted EPS −$0.25
Q1 '25
Diluted EPS −$0.49
Q2 '25
Diluted EPS −$5.44
Q3 '25
Diluted EPS −$0.07
Q4 '25
Diluted EPS −$0.33
Q1 '26
Diluted EPS −$1.22
Q2 '26
Diluted EPS −$0.49
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 14.0%
Return on equity 34.6%
Return on assets 5.2%
FY17
Return on capital 3.0%
Return on equity 71.8%
Return on assets 16.0%
FY18
Return on capital 6.5%
Return on equity 18.3%
Return on assets 4.8%
FY19
Return on capital −2.4%
Return on equity −3.2%
Return on assets −0.9%
FY20
Return on capital −1.4%
Return on equity 0.1%
Return on assets 0.0%
FY21
Return on capital −0.5%
Return on equity 8.8%
Return on assets 2.7%
FY22
Return on capital 1.3%
Return on equity −1.8%
Return on assets −0.6%
FY23
Return on capital −3.6%
Return on equity −12.9%
Return on assets −4.5%
FY24
Return on capital 2.4%
Return on equity −5.3%
Return on assets −1.8%
FY25
Return on capital 0.3%
Return on equity −81.6%
Return on assets −21.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $144M
FY17
Free cash flow $54.8M
FY18
Free cash flow $118M
FY19
Free cash flow −$48.6M
FY20
Free cash flow $61.2M
FY21
Free cash flow $138M
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $232M
Capital spending $88.7M
FY17
Cash from operations $130M
Capital spending $75.0M
FY18
Cash from operations $247M
Capital spending $129M
FY19
Cash from operations $41.9M
Capital spending $90.5M
FY20
Cash from operations $124M
Capital spending $63.3M
FY21
Cash from operations $233M
Capital spending $95.2M
FY22
Cash from operations $68.8M
Capital spending —
FY23
Cash from operations $136M
Capital spending —
FY24
Cash from operations $204M
Capital spending —
FY25
Cash from operations $23.9M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations −$1.7M
Capital spending —
Q4 '23
Cash from operations $54.1M
Capital spending —
Q1 '24
Cash from operations $11.3M
Capital spending —
Q2 '24
Cash from operations $87.6M
Capital spending —
Q3 '24
Cash from operations $49.8M
Capital spending —
Q4 '24
Cash from operations $54.9M
Capital spending —
Q1 '25
Cash from operations $39.6M
Capital spending —
Q2 '25
Cash from operations −$30.2M
Capital spending —
Q3 '25
Cash from operations −$17.8M
Capital spending —
Q4 '25
Cash from operations $32.3M
Capital spending —
Q1 '26
Cash from operations $31.9M
Capital spending —
Q2 '26
Cash from operations $5.0M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Rayonier Advanced Materials Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 1.6%.
FY16
Dividends $11.8M
Buybacks $0.0M
FY17
Dividends $12.7M
Buybacks $0.2M
FY18
Dividends $15.1M
Buybacks $42.8M
FY19
Dividends $8.6M
Buybacks $6.9M
FY20
Dividends $0.0M
Buybacks $0.5M
FY21
Dividends $0.0M
Buybacks $1.4M
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.05B
FY17
Diluted shares 0.06B
FY18
Diluted shares 0.07B
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.06B
FY21
Diluted shares 0.06B
FY22
Diluted shares 0.06B
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.07B
FY25
Diluted shares 0.07B
Balance sheet
Cash, debt and the ratios that show how comfortably Rayonier Advanced Materials Inc. can carry it.
FY16
Cash $327M
Debt $783M
FY17
Cash $96.2M
Debt $1.2B
FY18
Cash $109M
Debt $1.2B
FY19
Cash $64.0M
Debt $1.1B
FY20
Cash $93.7M
Debt $1.1B
FY21
Cash $253M
Debt $969M
FY22
Cash $152M
Debt $855M
FY23
Cash $75.8M
Debt $779M
FY24
Cash $125M
Debt $731M
FY25
Cash $75.4M
Debt $779M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $253M | $152M | $75.8M | $125M | $75.4M |
| Debt incl. finance leases | $969M | $855M | $779M | $731M | $779M |
| Net debt / EBITDA | 5.6x | 4.4x | 9.4x | 3.4x | 5.1x |
| Debt / equity | 1.2x | 1.0x | 1.0x | 1.0x | 2.5x |
| Interest coverage | −0.2x | 0.4x | −0.9x | 0.5x | 0.0x |
| Current ratio | 2.2x | 1.9x | 1.5x | 1.5x | 1.6x |
| Quick ratio | 1.5x | 1.2x | 1.0x | 1.0x | 0.9x |
| Total assets | $2.4B | $2.3B | $2.2B | $2.1B | $1.8B |
| Total liabilities | $1.6B | $1.5B | $1.4B | $1.4B | $1.4B |
| Shareholders' equity | $814M | $829M | $746M | $714M | $317M |
| Net debt (− = net cash) | $715M | $703M | $703M | $606M | $704M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Current ratio rose | — | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| F-score | — / 3 | 4 / 9 | 5 / 9 | 5 / 9 | 7 / 9 | 8 / 9 | 5 / 9 | 4 / 9 | 6 / 9 | 4 / 9 |
| Accruals ratio | −11.2% | 9.6% | −4.5% | −2.5% | −4.9% | −6.7% | −3.5% | −10.5% | −11.2% | −22.9% |
| Altman Z'' | 2.85 | 1.83 | 2.16 | 1.57 | 1.75 | 2.28 | 2.25 | 1.50 | 1.78 | 0.86 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $869M | $940M | $2.0B | $1.4B | $1.3B | $1.4B | $1.7B | $1.6B | $1.6B | $1.5B |
| Gross profit | $186M | $141M | $291M | $53.5M | $63.4M | $74.7M | $123M | $88.2M | $166M | $119M |
| Research and development | — | — | — | $6.0M | $7.0M | $7.0M | $7.0M | $6.0M | $5.0M | $7.0M |
| Operating income | $143M | $59.0M | $148M | −$52.5M | −$30.4M | −$10.4M | $26.1M | −$65.3M | $39.5M | $4.1M |
| Interest expense | $34.6M | $40.0M | $55.9M | $52.0M | $55.5M | $66.4M | $66.2M | $73.8M | $85.7M | $98.0M |
| Pretax income | $113M | $343M | $126M | −$148M | −$98.2M | −$82.9M | −$23.8M | −$132M | −$49.2M | −$95.0M |
| Income tax | $39.3M | $19.2M | $27.0M | −$20.4M | −$60.9M | −$34.7M | $0.9M | −$32.3M | −$8.9M | $323M |
| Net income | $73.3M | $325M | $128M | −$22.5M | $0.6M | $66.4M | −$14.9M | −$102M | −$38.7M | −$421M |
| Net income to common | $67.9M | $311M | $115M | −$31.0M | $0.6M | $66.4M | −$14.9M | −$102M | −$39.0M | −$422M |
| Diluted EPS | $1.55 | $5.81 | $1.96 | −$0.57 | $0.01 | $1.05 | −$0.23 | −$1.57 | −$0.59 | −$6.33 |
| Diluted shares | 0.05B | 0.06B | 0.07B | 0.05B | 0.06B | 0.06B | 0.06B | 0.07B | 0.07B | 0.07B |
| Cash flow | ||||||||||
| Cash from operations | $232M | $130M | $247M | $41.9M | $124M | $233M | $68.8M | $136M | $204M | $23.9M |
| Capital expenditure | $88.7M | $75.0M | $129M | $90.5M | $63.3M | $95.2M | — | — | — | — |
| Free cash flow | $144M | $54.8M | $118M | −$48.6M | $61.2M | $138M | — | — | — | — |
| Depreciation and amortization | $88.3M | $96.6M | $146M | $142M | $138M | $138M | $135M | $140M | $137M | $134M |
| Stock-based compensation | $7.2M | $9.0M | $13.0M | $6.5M | $6.4M | $5.1M | $9.7M | $6.5M | $7.1M | $5.5M |
| Acquisitions | $0.0M | $210M | $0.0M | $0.0M | — | — | — | — | — | — |
| Share buybacks | $0.0M | $0.2M | $42.8M | $6.9M | $0.5M | $1.4M | — | — | — | — |
| Dividends paid | $11.8M | $12.7M | $15.1M | $8.6M | $0.0M | $0.0M | — | — | — | — |
| Dividends and buybacks | $11.8M | $12.9M | $57.8M | $15.4M | $0.5M | $1.4M | — | — | — | — |
| Balance sheet | ||||||||||
| Cash and short-term investments | $327M | $96.2M | $109M | $64.0M | $93.7M | $253M | $152M | $75.8M | $125M | $75.4M |
| Total debt | $783M | $1.2B | $1.2B | $1.1B | $1.1B | $966M | $853M | $777M | $730M | $779M |
| Finance lease liabilities | — | — | — | $2.8M | $2.5M | $2.1M | $1.8M | $1.4M | $0.9M | $0.5M |
| Current assets | $520M | $647M | $716M | $574M | $634M | $776M | $690M | $575M | $601M | $568M |
| Current liabilities | $127M | $308M | $370M | $286M | $293M | $355M | $354M | $376M | $400M | $360M |
| Inventory | $118M | $302M | $304M | $251M | $171M | $231M | $265M | $207M | $208M | $238M |
| Property and equipment, net | $801M | $1.4B | $1.4B | $1.3B | $1.2B | $1.1B | $1.2B | $1.1B | $1.0B | $1.0B |
| Intangible assets | $0.0M | $59.9M | $52.5M | $45.5M | $38.4M | $31.4M | $24.4M | $17.4M | $10.4M | $3.9M |
| Total assets | $1.4B | $2.6B | $2.7B | $2.5B | $2.5B | $2.4B | $2.3B | $2.2B | $2.1B | $1.8B |
| Total liabilities | $1.2B | $1.9B | $2.0B | $1.8B | $1.8B | $1.6B | $1.5B | $1.4B | $1.4B | $1.4B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | — | — | — | — | — | — |
| Shareholders' equity | $212M | $694M | $707M | $683M | $695M | $814M | $829M | $746M | $714M | $317M |
| Margins | ||||||||||
| Gross margin | 21.4% | 15.0% | 14.9% | 3.7% | 4.7% | 5.3% | 7.2% | 5.4% | 10.2% | 8.1% |
| Operating margin | 16.5% | 6.3% | 7.6% | −3.7% | −2.3% | −0.7% | 1.5% | −4.0% | 2.4% | 0.3% |
| EBITDA margin | 26.7% | 16.5% | 15.0% | 6.3% | 8.0% | 9.1% | 9.4% | 4.5% | 10.8% | 9.4% |
| Net margin | 8.4% | 34.6% | 6.6% | −1.6% | 0.0% | 4.7% | −0.9% | −6.2% | −2.4% | −28.7% |
| FCF margin | 16.5% | 5.8% | 6.0% | −3.4% | 4.6% | 9.8% | — | — | — | — |
| Returns | ||||||||||
| Return on capital | 14.0% | 3.0% | 6.5% | −2.4% | −1.4% | −0.5% | 1.3% | −3.6% | 2.4% | 0.3% |
| Return on capital employed | 11.1% | 2.5% | 6.4% | −2.4% | −1.4% | −0.5% | 1.3% | −3.6% | 2.3% | 0.3% |
| Return on equity | 34.6% | 71.8% | 18.3% | −3.2% | 0.1% | 8.8% | −1.8% | −12.9% | −5.3% | −81.6% |
| Return on assets | 5.2% | 16.0% | 4.8% | −0.9% | 0.0% | 2.7% | −0.6% | −4.5% | −1.8% | −21.6% |
| Return on tangible equity | 32.1% | 49.1% | 17.5% | −4.9% | 0.1% | 8.5% | −1.9% | −14.0% | −5.5% | −135.1% |
| Growth | ||||||||||
| Revenue growth | — | 8.3% | 108.1% | −26.9% | −6.1% | 4.7% | 22.0% | −4.3% | −0.8% | −10.1% |
| Net income growth | — | 343.4% | −60.5% | −117.5% | — | 11,866.5% | −122.5% | — | — | — |
| EPS growth | — | 274.8% | −66.3% | −129.1% | — | 10,400.0% | −121.9% | — | — | — |
| FCF growth | — | −61.8% | 115.5% | −141.1% | — | 125.6% | — | — | — | — |
| Share count change | — | 18.6% | 17.0% | −16.6% | 16.0% | 0.6% | 0.4% | 1.9% | 1.0% | 1.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.0x | 7.4x | 3.7x | 11.4x | 9.4x | 5.6x | 4.4x | 9.4x | 3.4x | 5.1x |
| Debt / equity | 3.7x | 1.8x | 1.7x | 1.6x | 1.6x | 1.2x | 1.0x | 1.0x | 1.0x | 2.5x |
| Interest coverage | 4.1x | 1.5x | 2.6x | −1.0x | −0.5x | −0.2x | 0.4x | −0.9x | 0.5x | 0.0x |
| Current ratio | 4.1x | 2.1x | 1.9x | 2.0x | 2.2x | 2.2x | 1.9x | 1.5x | 1.5x | 1.6x |
| Quick ratio | 3.2x | 1.1x | 1.1x | 1.1x | 1.6x | 1.5x | 1.2x | 1.0x | 1.0x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 10.2% | 8.0% | 6.6% | 6.3% | 4.7% | 6.8% | — | — | — | — |
| Stock comp / revenue | 0.8% | 1.0% | 0.7% | 0.5% | 0.5% | 0.4% | 0.6% | 0.4% | 0.4% | 0.4% |
| Payouts / FCF | 8.2% | 23.4% | 49.0% | — | 0.7% | 1.0% | — | — | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 4.0 | 5.0 | 5.0 | 7.0 | 8.0 | 5.0 | 4.0 | 6.0 | 4.0 |
| Altman Z'' | 2.9 | 1.8 | 2.2 | 1.6 | 1.7 | 2.3 | 2.2 | 1.5 | 1.8 | 0.9 |
| Accruals ratio | −11.2% | 9.6% | −4.5% | −2.5% | −4.9% | −6.7% | −3.5% | −10.5% | −11.2% | −22.9% |
Source: SEC EDGAR XBRL filings (CIK 0001597672). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.