A Business at a Glance
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RAYONIER INC
RYN
$6.8B
Mkt Cap
$21.58
+1.27%
RAYONIER INC (RYN) has a current P/E ratio of 7.1, compared to its historical median P/E of 23.7. The stock is currently considered Fair based on its historical valuation range.
RAYONIER INC (RYN) has a 5-year average return on invested capital (ROIC) of 9.9%. This is below average and may indicate limited pricing power.
RAYONIER INC (RYN) has a market capitalization of $6.8B. It is classified as a mid-cap stock.
Yes, RAYONIER INC (RYN) pays a dividend with a trailing twelve-month yield of 4.32%. The company also returns capital through share buybacks, with a buyback yield of 0.04%.
Based on historical P/E analysis, RAYONIER INC (RYN) appears fair. The current P/E of 7.1 is 70% below its historical median of 23.7. The estimated fair value CAGR (P/E method) is 25.8%.
RAYONIER INC (RYN) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
RAYONIER INC (RYN) reported annual revenue of $484 million in its most recent fiscal year, based on SEC EDGAR filings.
Rayonier is a leading timberland real estate investment trust operating through an UPREIT structure that owns or leases approximately 2.0 million acres of productive softwood timberlands in the U.S. South and Pacific Northwest. The company generates revenues and cash flows primarily from three core segments: Southern Timber, Pacific Northwest Timber, and Real Estate, with operations conducted substantially through its Operating Partnership while maintaining REIT status to avoid federal income taxes on timber harvest operations and other qualifying activities. The timber segments derive income from harvest operations and log sales, with the Real Estate segment pursuing higher and better use land sales and development opportunities including rural properties and improved development projects such as Wildlight and Heartwood. Following the January 2026 merger with PotlatchDeltic, the combined company significantly expanded its timberland portfolio and added a Wood Products segment with lumber manufacturing operations; the company expects to achieve $40 million in annual run-rate synergies within 24 months of closing. The business model emphasizes long-term value creation through active timberland management, opportunistic land dispositions, and emerging land-based solutions including solar leasing, carbon capture and storage, and carbon offset opportunities, with geographic diversification providing exposure to distinct timber markets and pricing dynamics.
【Merger integration and synergy execution】 Management is advancing integration initiatives following the January 2026 PotlatchDeltic merger and remains on track to achieve $40 million in annual run-rate synergies within 24 months, with at least half expected by the end of the first year. In timber markets, the company expects some stabilization in pulpwood pricing as supply-demand conditions normalize, though full-year 2026 average pine sawtimber realizations for the combined company are anticipated to be lower than standalone Rayonier levels due to geographic mix, while Pacific Northwest log pricing is expected to benefit from improving demand conditions and a higher mix of saw timber. The Real Estate segment is experiencing continued momentum with a strong pipeline of rural and improved development land sale opportunities, and the company expects solar land sales and leases to become increasingly meaningful contributors to cash flow in the years ahead as capital flows into AI and data center infrastructure. Management remains optimistic about long-term demand for land-based solutions including carbon capture and storage and carbon offset opportunities, though acknowledges near-term challenges in timber and wood products markets.
| Metric | Target | Period |
|---|---|---|
| Wood Products lumber shipments | approximately 1.1 billion board feet | FY2026 (11 months post-merger) |
| Real Estate segment adjusted EBITDA | $180–$200 million | FY2026 |
| Annual run-rate synergies | $40 million | within 24 months of merger closing (by January 2028) |
Wood Products lumber shipments (FY2026 (11 months post-merger)): “we continue to expect lumber shipments to total approximately 1.1 billion board feet for the 11 months of contribution in 2026”
Real Estate segment adjusted EBITDA (FY2026): “For the full year, we continue to expect adjusted EBITDA contribution from our Real Estate segment of $180 million-$200 million”
Annual run-rate synergies (within 24 months of merger closing (by January 2028)): “We continue to expect $40 million of annual run rate synergies within 24 months of closing, with at least half of that achieved by the end of the first year”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 484M | 484M | 988M | 788M | 909M | 1.1B |
| Net Income | 474M | 474M | 359M | 173M | 107M | 153M |
| EPS | $1.52 | $1.52 | $1.20 | $0.59 | $0.37 | $0.54 |
| Free Cash Flow | 251M | 251M | 159M | 203M | 194M | 249M |
| ROIC | 15.5% | 16.2% | 13.2% | 5.9% | 5.1% | 9.1% |
| Gross Margin | 28.1% | 28.1% | 42.7% | 1.3% | 7.2% | 5.9% |
| Debt/Equity | 0.47 | 0.47 | 0.59 | 0.73 | 0.81 | 0.77 |
| Dividends/Share | $0.93 | $1.25 | $0.67 | $0.67 | $0.56 | $0.54 |
| Operating Income | 83M | 83M | 364M | 185M | 166M | 270M |
| Operating Margin | 17.2% | 17.2% | 36.9% | 23.4% | 18.2% | 24.3% |
| ROE | 21.5% | 23.8% | 19.8% | 9.3% | 5.9% | 9.4% |
| Shares Outstanding | 313M | 313M | 301M | 297M | 293M | 283M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 604M | 569M | 816M | 820M | 816M | 712M | 859M | 1.1B | 909M | 788M | 988M | 484M | 484M |
| Gross Margin | 19.8% | 2.4% | 17.0% | 12.9% | 8.2% | 3.5% | 17.1% | 5.9% | 7.2% | 1.3% | 42.7% | 28.1% | 28.1% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 48M | 46M | 43M | 40M | 42M | 42M | 51M | 58M | 65M | 75M | 74M | 67M | 67M |
| EBIT | 98M | 78M | 256M | 215M | 170M | 107M | 74M | 270M | 166M | 185M | 364M | 83M | 83M |
| Op. Margin | 16.3% | 13.7% | 31.3% | 26.3% | 20.8% | 15.0% | 8.7% | 24.3% | 18.2% | 23.4% | 36.9% | 17.2% | 17.2% |
| Net Income | 99M | 46M | 212M | 149M | 102M | 59M | 37M | 153M | 107M | 173M | 359M | 474M | 474M |
| Net Margin | 16.5% | 8.1% | 26.0% | 18.2% | 12.5% | 8.3% | 4.3% | 13.7% | 11.8% | 22.0% | 36.4% | 97.9% | 97.9% |
| Non-Recurring | 0 | 0 | 85K | -68K | 7K | 56K | 17M | 75K | 40K | 37K | 1.2M | 8.1M | 8.1M |
| Returns on Capital | |||||||||||||
| ROIC | 3.8% | 3.8% | 11.2% | 7.8% | 5.7% | 3.7% | 2.3% | 9.1% | 5.1% | 5.9% | 13.2% | 16.2% | 15.5% |
| ROE | 6.3% | 3.3% | 15.7% | 9.9% | 6.5% | 3.9% | 2.5% | 9.4% | 5.9% | 9.3% | 19.8% | 23.8% | 21.5% |
| ROA | 3.2% | 1.9% | 8.5% | 5.4% | 3.6% | 2.1% | 1.1% | 4.1% | 2.9% | 4.7% | 10.1% | 13.8% | 13.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 320M | 177M | 204M | 256M | 310M | 214M | 204M | 325M | 269M | 298M | 262M | 257M | 257M |
| Free Cash Flow | 257M | 120M | 145M | 191M | 248M | 150M | 138M | 249M | 194M | 203M | 159M | 251M | 251M |
| Owner Earnings | 193M | 59M | 48M | 105M | 160M | 79M | -4.2M | 67M | 101M | 35M | 229M | 225M | 225M |
| CapEx | 64M | 57M | 59M | 65M | 62M | 64M | 67M | 76M | 75M | 96M | 103M | 5.4M | 5.4M |
| Maint. CapEx | 120M | 114M | 151M | 146M | 144M | 128M | 200M | 249M | 156M | 249M | 18M | 21M | 21M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84M | 0 | 0 |
| D&A | 120M | 114M | 151M | 146M | 144M | 128M | 200M | 249M | 156M | 249M | 18M | 21M | 21M |
| CapEx/OCF | 19.9% | 32.3% | 28.8% | 25.5% | 20.1% | 1.7% | 1.6% | 1.6% | 1.6% | 2.5% | 2.9% | 2.1% | 2.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 258M | 125M | 123M | 127M | 137M | 141M | 146M | 154M | 166M | 170M | 201M | 292M | 292M |
| Dividend Yield | 5.2% | 3.3% | 3.2% | 2.6% | 2.3% | 2.7% | 2.7% | 2.0% | 2.0% | 2.3% | 2.6% | 4.1% | 4.3% |
| Share Buybacks | 1.9M | 100M | 690K | 176K | 3.0M | 4.3M | 1.6M | 1.6M | 4.2M | 4.2M | 4.2M | 2.9M | 2.9M |
| Buyback Yield | 0.1% | 5.7% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% |
| Stock-Based Comp | 7.9M | 4.5M | 5.1M | 5.4M | 6.4M | 6.9M | 8.0M | 9.3M | 12M | 14M | 14M | 11M | 11M |
| Debt Repayment | 1.3B | 364M | 458M | 100M | 54M | 0 | 152M | 420M | 532M | 150M | 250M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 590M | 779M | 976M | 913M | 824M | 976M | 1.3B | 1.0B | 1.4B | 1.2B | 741M | 202M | 202M |
| Cash & Equiv. | 162M | 52M | 86M | 113M | 148M | 69M | 85M | 362M | 114M | 208M | 303M | 843M | 843M |
| Long-Term Debt | 622M | 831M | 1.0B | 1.0B | 973M | 973M | 1.4B | 1.2B | 1.5B | 1.4B | 1.0B | 845M | 845M |
| Debt/Equity | 0.50 | 0.64 | 0.75 | 0.64 | 0.62 | 0.73 | 0.92 | 0.77 | 0.81 | 0.73 | 0.59 | 0.47 | 0.47 |
| Interest Coverage | 2.2 | 2.5 | 7.9 | 6.3 | 5.3 | 3.4 | 1.9 | 6.0 | 4.6 | 3.8 | 10.8 | 3.2 | 3.2 |
| Equity | 1.5B | 1.3B | 1.4B | 1.6B | 1.6B | 1.4B | 1.5B | 1.8B | 1.9B | 1.9B | 1.8B | 2.2B | 2.2B |
| Total Assets | 2.5B | 2.3B | 2.7B | 2.9B | 2.8B | 2.9B | 3.7B | 3.6B | 3.8B | 3.6B | 3.5B | 3.4B | 3.4B |
| Total Liabilities | 878M | 954M | 1.2B | 1.2B | 1.1B | 1.3B | 1.9B | 1.8B | 1.9B | 1.8B | 1.7B | 1.2B | 1.2B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 791M | 613M | 701M | 707M | 672M | 583M | 446M | 402M | 367M | 338M | 257M | 281M | 281M |
| Working Capital | 12M | 46M | 73M | 115M | 144M | -25M | 79M | 220M | 107M | 177M | 48M | 612M | 612M |
| Current Assets | 214M | 106M | 165M | 184M | 208M | 126M | 171M | 451M | 202M | 317M | 437M | 884M | 884M |
| Current Liabilities | 202M | 59M | 92M | 69M | 64M | 151M | 91M | 232M | 95M | 140M | 389M | 271M | 271M |
| Per Share Data | |||||||||||||
| EPS | 0.38 | 0.19 | 0.87 | 0.58 | 0.40 | 0.23 | 0.14 | 0.54 | 0.37 | 0.59 | 1.20 | 1.52 | 1.52 |
| Owner EPS | 0.74 | 0.24 | 0.19 | 0.41 | 0.62 | 0.31 | -0.02 | 0.24 | 0.34 | 0.12 | 0.76 | 0.72 | 0.72 |
| Book Value | 5.69 | 5.16 | 5.76 | 6.21 | 6.02 | 5.60 | 5.37 | 6.27 | 6.36 | 6.27 | 5.89 | 7.06 | 7.06 |
| Cash Flow/Share | 1.23 | 0.71 | 0.83 | 1.00 | 1.20 | 0.83 | 0.74 | 1.15 | 0.92 | 1.01 | 0.87 | 0.82 | 1.58 |
| Dividends/Share | 1.02 | 0.50 | 0.50 | 0.50 | 0.53 | 0.54 | 0.54 | 0.54 | 0.56 | 0.67 | 0.67 | 1.25 | 0.93 |
| Shares Out. | 261.4M | 249.5M | 245.1M | 256.6M | 258.8M | 257.0M | 274.7M | 282.5M | 293.4M | 296.6M | 300.5M | 313.1M | 313.1M |
| Valuation | |||||||||||||
| P/E Ratio | 22.1 | 37.8 | 9.7 | 18.0 | 23.9 | 50.0 | 80.2 | 28.1 | 34.9 | 23.6 | 9.8 | 7.2 | 14.2 |
| P/FCF | 17.1 | 29.1 | 28.4 | 28.1 | 19.7 | 39.4 | 43.2 | 34.4 | 38.5 | 40.3 | 44.2 | 27.1 | 26.9 |
| EV/EBIT | 103.9 | 31.8 | 11.6 | 16.2 | 18.3 | 36.2 | 56.0 | 18.7 | 30.3 | 23.9 | 20.8 | 35.6 | 83.5 |
| Price/Book | 1.5 | 1.4 | 1.5 | 1.7 | 1.6 | 2.1 | 2.0 | 2.4 | 2.0 | 2.2 | 4.0 | 1.5 | 3.1 |
| Price/Sales | 4.1 | 3.5 | 2.4 | 2.9 | 3.6 | 3.7 | 3.1 | 3.4 | 4.6 | 3.5 | 7.9 | 7.4 | 13.9 |
| FCF Yield | 11.7% | 6.9% | 7.0% | 7.1% | 10.2% | 5.1% | 4.6% | 5.8% | 5.2% | 5.0% | 2.2% | 7.4% | 3.7% |
| Market Cap | 2.2B | 1.7B | 2.1B | 2.7B | 2.4B | 3.0B | 3.0B | 4.3B | 3.7B | 4.1B | 7.1B | 3.4B | 6.8B |
| Avg. Price | 18.78 | 15.15 | 15.72 | 18.80 | 22.99 | 20.52 | 19.38 | 26.85 | 28.72 | 24.89 | 25.77 | 22.86 | 21.58 |
| Year-End Price | 16.80 | 13.97 | 16.80 | 20.91 | 18.87 | 23.02 | 21.66 | 30.31 | 25.49 | 27.58 | 23.41 | 21.78 | 21.58 |
RAYONIER INC passes 6 of 9 quality checks, suggesting mixed fundamentals.
RAYONIER INC trades at 7.1x trailing earnings, compared to its 15-year median P/E of 23.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 26.0x vs a median of 36.4x. The company's 5-year average ROIC is 9.9% with a gross margin of 17.0%. Total shareholder yield (dividends) is 4.4%. At current prices, the estimated annualized return to fair value is -1.3%.
RAYONIER INC (RYN) has a net profit margin of 97.9%. This is a strong margin indicating high profitability.
RAYONIER INC (RYN) generated $251 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
RAYONIER INC (RYN) has a debt-to-equity ratio of 0.47. This indicates a conservatively financed balance sheet.
RAYONIER INC (RYN) reported earnings per share (EPS) of $1.51 in its most recent fiscal year.
RAYONIER INC (RYN) has a return on equity (ROE) of 23.8%. This indicates the company generates strong returns for shareholders.
RAYONIER INC (RYN) has a 5-year average gross margin of 17.0%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for RAYONIER INC (RYN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
RAYONIER INC (RYN) has a book value per share of $7.06, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is advancing integration initiatives following the January 2026 PotlatchDeltic merger and remains on track to achieve $40 million in annual run-rate synergies within 24 months, with at least half expected by the end of the first year. In timber markets, the company expects some stabilization in pulpwood pricing as supply-demand conditions normalize, though full-year 2026 average pine sawtimber realizations for the combined company are anticipated to be lower than standalone Rayonier levels due to geographic mix, while Pacific Northwest log pricing is expected to benefit from improving demand conditions and a higher mix of saw timber. The Real Estate segment is experiencing continued momentum with a strong pipeline of rural and improved development land sale opportunities, and the company expects solar land sales and leases to become increasingly meaningful contributors to cash flow in the years ahead as capital flows into AI and data center infrastructure. Management remains optimistic about long-term demand for land-based solutions including carbon capture and storage and carbon offset opportunities, though acknowledges near-term challenges in timber and wood products markets.
Based on recent SEC filings and earnings calls, RAYONIER INC (RYN) has provided the following forward guidance: Wood Products lumber shipments: approximately 1.1 billion board feet (FY2026 (11 months post-merger)); Real Estate segment adjusted EBITDA: $180–$200 million (FY2026); Annual run-rate synergies: $40 million (within 24 months of merger closing (by January 2028)).