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Rayonier

RYN NYSE Timber REITs Financials FY2016–FY2025

Rayonier's revenue fell 51.0% to $484 million in fiscal 2025. Its operating margin was 17.2%, down from 36.9% a year earlier. It paid out $295 million in dividends and buybacks. The diluted share count rose 4.3%.

Last close · Oct 23, 2026

$18.65

0.4%
Value it Compare
Revenue Total sales reported in the income statement.
$485M
51.0% vs prior year
Operating margin Operating income as a share of revenue.
17.2%
19.7 pts
Net income Profit after all expenses, interest and tax.
$474M
32.1%
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.
3.4%
9.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
—

About these figures. Capital spending for 2025 is not tagged in Rayonier's filings, so free cash flow and its margin are left blank for that year.

What Rayonier does

No business description yet.

Legal name
RAYONIER INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000052827-26-000036
0000052827

Revenue and margins

Rayonier had $485M of revenue in fiscal 2025, down 51.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 6.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
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.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Rayonier returned $295M to shareholders in fiscal 2025. The diluted share count rose 4.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Rayonier yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$202M and divides by 158.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today — · peers 32.0x · sector 28.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably Rayonier can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $362M$114M$208M$303M$843M
Debt incl. finance leases $1.4B$1.5B$1.4B$1.0B$1.0B
Net debt / EBITDA 1.9x4.4x2.7x——
Debt / equity 0.8x0.8x0.7x0.6x0.5x
Interest coverage 6.0x4.6x3.8x10.8x3.2x
Current ratio 2.0x2.1x2.3x1.1x3.3x
Quick ratio 1.8x1.9x2.0x1.0x3.2x
Total assets $3.6B$3.8B$3.6B$3.5B$3.4B
Total liabilities $1.8B$1.9B$1.8B$1.7B$1.2B
Shareholders' equity $1.8B$1.9B$1.9B$1.8B$2.2B
Net debt (− = net cash) $1.0B$1.4B$1.2B$741M$202M

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

$4.1M

4 insiders

Of sales under plans

90%

$3.7M

DateInsiderTradeSharesPriceValueFiling
Sep 10, 2026 Mark R BridwellEVP, GC and Secretary Sold 5,318 $20.19 $0.1M Form 4
Apr 20, 2026 Wayne WasechekEVP and CFO Sold plan 2,920 $21.17 $0.1M Form 4
Feb 27, 2026 Eric J CremersExecutive Chairman, Director Sold plan 169,200 $21.44 $3.6M Form 4
Nov 19, 2025 Christopher T CorrSVP, Real Estate Development Sold 14,255 $21.12 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
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 7 / 96 / 94 / 9
Accruals ratio −3.4%2.7%6.3%
Altman Z'' 2.072.143.56

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Rayonier RYN $4.8B −51.0% 17.2% — 3.4% — 4
Weyerhaeuser WY $14.1B −3.1% 10.6% — 5.1% 29.5x 4 Compare →
CareTrust REIT CTRE $8.6B 60.8% — — 9.3% 22.9x — Compare →
Independence Realty Trust IRT $3.5B 2.8% — — 2.3% 83.1x — Compare →
Agree Realty ADC $8.3B 16.4% 47.4% 70.2% — 34.4x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $816M $820M $816M $712M $859M $1.1B $909M $788M $988M $485M
Gross profit $290M $251M $211M $153M $147M $314M $221M $260M $440M $157M
Operating income $256M $216M $170M $107M $74.4M $270M $166M $185M $364M $83.3M
Interest expense $32.2M $34.1M $32.1M $31.7M $38.8M $44.9M $36.2M $48.3M $33.8M $26.4M
Pretax income $223M $183M $143M $80.6M $36.8M $225M $132M $160M $340M $74.6M
Income tax $5.1M $21.7M $25.2M $12.9M $7.0M $14.7M $9.4M $0.3M −$1.0M $0.5M
Net income $212M $149M $102M $59.1M $37.1M $153M $107M $174M $359M $474M
Diluted EPS $1.73 $1.16 $0.79 $0.46 $0.27 $1.08 $0.73 $1.17 $2.39 $3.03
Diluted shares 0.12B 0.13B 0.13B 0.13B 0.14B 0.15B 0.15B 0.15B 0.15B 0.16B
Cash flow
Cash from operations $204M $256M $310M $214M $204M $325M $269M $298M $262M $257M
Capital expenditure $58.7M $65.3M $62.3M $64.0M $66.5M $76.0M $74.8M $95.5M $103M —
Free cash flow $145M $191M $248M $150M $138M $249M $194M $203M $159M —
Depreciation and amortization $151M $146M $144M $128M $200M $249M $156M $249M — —
Stock-based compensation $5.1M $5.4M $6.4M $6.9M $8.0M $9.3M $12.4M $14.0M $14.2M $11.0M
Acquisitions $0.9M $0.0M $0.0M $0.0M $231M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.7M $0.2M $3.0M $4.2M $1.6M $1.6M $4.2M $4.2M $4.2M $2.9M
Dividends paid $123M $127M $137M $141M $146M $154M $166M $170M $201M $292M
Dividends and buybacks $124M $127M $140M $145M $148M $155M $170M $174M $205M $295M
Balance sheet
Cash and short-term investments $85.9M $113M $148M $68.7M $84.5M $362M $114M $208M $303M $843M
Total debt $1.1B $1.0B $973M $1.1B — $1.4B $1.5B $1.4B $1.0B $1.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $165M $184M $208M $126M $171M $451M $202M $317M $437M $884M
Current liabilities $92.0M $68.5M $63.5M $151M $91.1M $232M $95.3M $140M $389M $271M
Inventory $21.4M $24.1M $15.7M $14.5M $10.6M $28.5M $23.7M $31.0M $30.9M $6.8M
Property and equipment, net $14.0M $23.4M $22.8M $22.3M $30.4M $29.6M $27.2M $27.0M $17.4M $18.5M
Total assets $2.7B $2.9B $2.8B $2.9B $3.7B $3.6B $3.8B $3.6B $3.5B $3.4B
Total liabilities $1.2B $1.2B $1.1B $1.3B $1.9B $1.8B $1.9B $1.8B $1.7B $1.2B
Shareholders' equity $1.4B $1.6B $1.6B $1.4B $1.5B $1.8B $1.9B $1.9B $1.8B $2.2B
Margins
Gross margin 35.5% 30.7% 25.8% 21.5% 17.1% 28.3% 24.3% 32.9% 44.6% 32.5%
Operating margin 31.4% 26.3% 20.8% 15.0% 8.7% 24.3% 18.2% 23.4% 36.9% 17.2%
EBITDA margin 49.9% 44.1% 38.5% 33.1% 32.0% 46.7% 35.4% 55.1% — —
Net margin 26.0% 18.2% 12.5% 8.3% 4.3% 13.8% 11.8% 22.0% 36.4% 97.9%
FCF margin 17.8% 23.3% 30.4% 21.1% 16.0% 22.5% 21.4% 25.7% 16.1% —
Returns
Return on capital 10.8% 7.5% 5.5% 3.6% — — 5.1% 5.8% 13.1% 3.4%
Return on capital employed 10.6% 8.0% 6.2% 3.9% 2.3% 7.7% 4.7% 5.1% 11.1% 2.7%
Return on equity 15.7% 9.9% 6.5% 3.9% 2.6% 9.4% 5.9% 9.3% 19.8% 23.8%
Return on assets 8.5% 5.4% 3.6% 2.1% 1.1% 4.1% 2.9% 4.7% 10.1% 13.8%
Growth
Revenue growth 43.4% 0.5% −0.4% −12.8% 20.7% 29.2% −18.1% −13.3% 25.3% −51.0%
Net income growth 359.2% −29.8% −31.3% −42.2% −37.3% 311.4% −29.8% 62.0% 107.0% 32.1%
EPS growth 367.6% −33.0% −31.9% −41.8% −41.3% 300.0% −32.4% 60.3% 104.3% 26.8%
FCF growth 21.0% 31.6% 29.8% −39.4% −8.4% 81.0% −22.0% 4.4% −21.6% —
Share count change −2.5% 4.1% 1.5% −0.1% 5.7% 6.1% 3.3% 0.6% 0.7% 4.4%
Financial health
Net debt / EBITDA 2.4x 2.5x 2.6x 4.2x — 1.9x 4.4x 2.7x — —
Debt / equity 0.8x 0.6x 0.6x 0.7x — 0.8x 0.8x 0.7x 0.6x 0.5x
Interest coverage 7.9x 6.3x 5.3x 3.4x 1.9x 6.0x 4.6x 3.8x 10.8x 3.2x
Current ratio 1.8x 2.7x 3.3x 0.8x 1.9x 2.0x 2.1x 2.3x 1.1x 3.3x
Quick ratio 1.6x 2.3x 3.0x 0.7x 1.8x 1.8x 1.9x 2.0x 1.0x 3.2x
Capital allocation
Capex / revenue 7.2% 8.0% 7.6% 9.0% 7.7% 6.9% 8.2% 12.1% 10.4% —
Stock comp / revenue 0.6% 0.7% 0.8% 1.0% 0.9% 0.8% 1.4% 1.8% 1.4% 2.3%
Payouts / FCF 85.2% 66.6% 56.4% 96.7% 107.5% 62.3% 87.4% 85.9% 128.7% —
Quality scores
Piotroski F-score 7.0 5.0 5.0 4.0 — — 4.0 7.0 6.0 4.0
Altman Z'' 3.0 3.1 3.1 2.1 1.7 2.3 1.8 2.1 2.1 3.6
Accruals ratio 0.3% −3.9% −7.4% −5.5% −5.1% −4.7% −4.4% −3.4% 2.7% 6.3%

Source: SEC EDGAR XBRL filings (CIK 0000052827). Data updated October 18, 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.

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