Rayonier Inc. (RYN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.1	$0.1	0.0%	—	$396.5M	—
Q4 25	$0.11	$0.2	+81.8%	—	$117.5M	—
Q3 25	$0.22	$0.32	+45.5%	—	$177.5M	—
Q2 25	$0.02	$0.06	+200.0%	—	$106.5M	—
Q1 25	$0.08	-$0.02	-125.0%	—	$82.9M	—
Q4 24	$0.2	$0.27	+35.0%	—	$726.3M	—
Q3 24	$0.13	$0.12	-7.7%	—	$195M	—
Q2 24	$0.14	$0.02	-85.7%	—	$173.6M	—
Q1 24	$0.04	$0.05	+25.0%	—	$168.1M	—
Q4 23	$0.15	$0.17	+13.3%	—	$467.4M	—
Q3 23	$0.11	$0.13	+18.2%	—	$201.6M	—
Q2 23	$0.09	$0.05	-44.4%	—	$208.9M	—
Q1 23	$0.11	$0.01	-90.9%	—	$179.1M	—
Q4 22	$0.12	$0.11	-8.3%	—	$245.4M	—
Q3 22	$0.11	$0.15	+36.4%	—	$195.3M	—
Q2 22	$0.16	$0.16	0.0%	—	$246.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.07	—	—	$484.5M	—
FY24	—	$2.41	—	—	$1.3B	—
FY23	—	$1.17	—	—	$1.1B	—
FY22	—	$0.73	—	—	$909.1M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$815.9M	$819.6M	$816.1M	$711.6M	$859.2M	$1.1B	$909.1M	$1.1B	$1.3B	$484.5M
YoY change	+43.4%	+0.45%	-0.42%	-12.8%	+20.7%	+29.1%	-18.1%	+16.3%	+19.5%	-61.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	815.9M	819.6M	816.1M	711.6M	859.2M	1.1B	909.1M	1.1B	1.3B	484.5M
Cost of revenue	526.4M	568.3M	605.3M	558.4M	712.4M	796.1M	688.3M	762.6M	784.8M	327.2M
Gross profit	289.5M	251.3M	210.9M	153.2M	146.7M	313.5M	220.8M	294.4M	478.2M	157.3M
Gross margin	35.5%	30.7%	25.8%	21.5%	17.1%	28.3%	24.3%	27.9%	37.9%	32.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	42.8M	40.2M	42M	41.6M	50.6M	57.8M	64.7M	74.8M	74.4M	66.7M
Operating expenses	33.3M	39.2M	41.8M	43.2M	51.1M	58.2M	65.2M	74.7M	75.1M	66.5M
Operating income	256.2M	212.1M	169M	110M	95.7M	255.3M	155.6M	219.7M	403.1M	90.8M
Operating margin	31.4%	25.9%	20.7%	15.5%	11.1%	23%	17.1%	20.8%	31.9%	18.7%
Non-operating income, net	-440K	3.4M	1M	-3M	-21.3M	14.5M	10.3M	-8.4M	-623K	-14.1M
Pretax income	222.8M	183.3M	142.6M	80.6M	36.8M	225.1M	132.2M	183.6M	376M	74.6M
Income tax	5.1M	21.7M	25.2M	12.9M	7M	14.7M	9.4M	5.1M	7M	527K
Net income	217.8M	161.6M	117.3M	67.7M	29.8M	210.5M	122.8M	178.5M	369M	480.4M
Net margin	26.7%	19.7%	14.4%	9.51%	3.47%	19%	13.5%	16.9%	29.2%	99.2%
EBITDA	371.4M	341.5M	317.7M	243.6M	261.1M	411.4M	320.9M	398.6M	554.7M	214.9M
EPS	1.73	1.17	0.79	0.46	0.28	1.08	0.73	1.17	2.41	3.07
Diluted EPS	1.73	1.16	0.79	0.46	0.27	1.08	0.73	1.17	2.39	3.03

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	201.6M	467.4M	168.1M	173.6M	195M	726.3M	82.9M	106.5M	177.5M	117.5M	276.8M	396.5M
Cost of revenue	145.6M	299.4M	133.2M	138.7M	147.2M	365.8M	65M	74.9M	119.1M	68.2M	230.3M	320.8M
Gross profit	56M	168M	34.9M	34.9M	47.8M	360.5M	18M	31.6M	58.4M	49.3M	46.5M	75.7M
Gross margin	27.8%	36%	20.8%	20.1%	24.5%	49.6%	21.7%	29.7%	32.9%	41.9%	16.8%	19.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	18.9M	20.1M	19M	20.6M	19.1M	15M	16.7M	16.9M	17M	16.1M	21.7M	30.7M
Operating expenses	19M	20.1M	19M	20.6M	19.1M	15.6M	16.8M	17.1M	16.7M	16M	21.7M	41M
Operating income	36.9M	147.9M	16M	14.3M	28.6M	344.9M	1.2M	14.5M	41.7M	33.3M	24.7M	34.6M
Operating margin	18.3%	31.7%	9.49%	8.24%	14.7%	47.5%	1.4%	13.7%	23.5%	28.3%	8.94%	8.73%
Non-operating income, net	-1.6M	-2.7M	252K	-1.9M	-1M	1.3M	-2.9M	-561K	-1M	-9.5M	-69.5M	-478K
Pretax income	23.3M	132.6M	1.5M	3.5M	30.5M	340.5M	-5.3M	9.8M	43.7M	26.4M	-51.9M	22.1M
Income tax	547K	3.3M	-832K	500K	35K	7.3M	291K	0	0	236K	-39.4M	2.8M
Net income	22.7M	129.2M	2.3M	3M	30.4M	333.2M	-3.1M	413.6M	43.7M	26.2M	-12.5M	19.2M
Net margin	11.3%	27.6%	1.37%	1.75%	15.6%	45.9%	-3.72%	388.2%	24.6%	22.3%	-4.52%	4.85%
EBITDA	74.4M	190.8M	53M	51.3M	75M	381M	30M	44.5M	85.3M	55M	89M	109.4M
EPS	0.13	0.86	0.01	0.01	0.19	2.2	-0.02	2.63	0.28	0.17	-0.05	0.06
Diluted EPS	0.13	0.85	0.01	0.01	0.19	2.15	-0.02	2.63	0.28	0.16	-0.05	0.06

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.3B	4B	3.6B	4.2B	3.9B	5.7B	4.8B	4.9B	3.9B	3.4B	5.6B
Enterprise value	4.2B	4.9B	4.4B	5.3B	5.3B	6.8B	6.3B	6.2B	4.7B	3.6B	7.1B
Shares outstanding	122.6M	127.4M	129M	129.3M	133.9M	140.8M	146.2M	148M	148.8M	154.8M	154.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	15	24.9	30.5	62.6	132.1	27	39.2	27.7	10.5	6.97	40.8
P/S	4	4.92	4.38	5.95	4.58	5.12	5.3	4.68	3.08	6.92	5.81
P/B	2.18	2.38	2.16	2.75	1.97	2.92	2.43	2.52	2.12	1.49	1.08
EV/EBITDA	11.4	14.5	13.8	21.8	20.3	16.5	19.7	15.5	8.56	16.6	21
EV/Sales	5.19	6.03	5.39	7.46	6.18	6.11	6.94	5.86	3.76	7.36	7.37
Earnings yield	6.68%	4.01%	3.28%	1.6%	0.76%	3.7%	2.55%	3.61%	9.5%	14.3%	2.45%
FCF yield	-6.98%	-1.44%	5.32%	0.19%	2.87%	1.23%	-5.48%	4.1%	4.09%	6.17%	1.97%
PEG	—	—	—	—	—	—	—	—	—	—	-0.42

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	35.5%	30.7%	25.8%	21.5%	17.1%	28.3%	24.3%	27.9%	37.9%	32.5%	19.1%
Operating margin	31.4%	25.9%	20.7%	15.5%	11.1%	23%	17.1%	20.8%	31.9%	18.7%	11.8%
Net margin	26.7%	19.7%	14.4%	9.51%	3.47%	19%	13.5%	16.9%	29.2%	99.2%	7.83%
ROE	14.5%	9.54%	7.09%	4.4%	1.49%	10.8%	6.18%	9.11%	20.1%	21.3%	2.02%
ROA	8.11%	5.65%	4.22%	2.37%	0.8%	5.79%	3.24%	4.89%	10.6%	14.1%	1.76%
ROIC	10.1%	7.18%	5.61%	3.53%	2.3%	7.83%	4.16%	6.66%	14.7%	3.66%	2.01%
Return on tangible assets	8.16%	5.69%	4.24%	2.38%	0.8%	5.83%	3.26%	4.93%	10.7%	14.1%	1.03%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.79	2.68	3.27	0.83	1.87	1.95	2.12	2.26	1.12	3.26	3.56
Quick ratio	1.56	2.33	3.02	0.74	1.76	1.83	1.87	2.04	1.04	3.23	2.91
Debt / equity	0.71	0.61	0.59	0.75	0.73	0.75	0.81	0.74	0.65	0.47	0.36
Debt / assets	0.4	0.36	0.35	0.4	0.39	0.4	0.42	0.4	0.34	0.31	0.25
Net debt / EBITDA	2.63	2.67	2.59	4.42	5.27	2.67	4.64	3.13	1.55	1.01	4.26
Interest coverage	7.76	6.38	5.45	3.54	1.95	6.01	4.65	4.8	11.2	3.83	1.9
Effective tax rate	2.27%	11.8%	17.7%	16.1%	19%	6.51%	7.1%	2.79%	1.87%	0.71%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.66	6.43	6.32	5.5	6.42	7.88	6.22	7.14	8.49	3.13	4.47
EPS (basic)	1.73	1.17	0.79	0.46	0.28	1.08	0.73	1.17	2.41	3.07	3.07
EPS (diluted)	1.73	1.16	0.79	0.46	0.27	1.08	0.73	1.17	2.39	3.03	0.46
Book value per share	12.2	13.3	12.8	11.9	14.9	13.8	13.6	13.2	12.3	14.5	17.5
FCF per share	-1.86	-0.46	1.47	0.06	0.84	0.5	-1.81	1.37	1.07	1.34	0.82
Cash per share	0.7	0.88	1.15	0.53	0.63	2.57	0.78	1.4	2.17	5.45	1.38
Capex per share	0.05	0.05	0	1.1	0.18	1.27	3.14	0.09	3.26	0.32	0.21

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.77%	0.74%	0%	20%	2.87%	16.1%	50.4%	1.33%	38.4%	10.3%	6.54%
Capex / operating cash flow	1.89%	1.97%	0%	70.7%	13.2%	44.9%	179.2%	3.81%	88.7%	19.5%	20.2%
Payout ratio	56.4%	78.6%	116.6%	208.4%	491.4%	72.9%	135%	95.2%	54.4%	61.5%	231.5%
Dividend yield	3.77%	3.15%	3.83%	3.33%	3.72%	2.7%	3.44%	3.44%	5.16%	8.82%	5.53%

Yield

5.53%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.26

ex-dividend Sep 16, 2026

Payout ratio

232%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 16, 2026	$0.26
Jun 16, 2026	$0.26
Mar 17, 2026	$0.26

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$201.6M	$467.4M	$168.1M	$173.6M	$195M	$726.3M	$82.9M	$106.5M	$177.5M	$117.5M	$276.8M	$396.5M
YoY change	+3.22%	+90.5%	-6.13%	-16.9%	-3.27%	+55.4%	-50.7%	-38.6%	-8.96%	-83.8%	+233.8%	+272.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	85.9M	112.7M	148.4M	68.7M	84.5M	362.2M	114.3M	207.7M	323.2M	842.9M
Receivables	20.7M	27.7M	26.2M	27.1M	49.1M	30M	27.8M	28.7M	27M	9.1M
Inventory	21.4M	24.1M	15.7M	14.5M	10.6M	28.5M	23.7M	31M	32.3M	6.8M
Total current assets	164.8M	183.5M	207.9M	126M	170.6M	451.4M	202.4M	317M	436.9M	883.8M
Property, plant & equipment	6M	-240K	248K	99.1M	108.4M	100.3M	93.3M	91.2M	74.8M	10.3M
Goodwill & intangibles	17.4M	17.6M	16.6M	17.2M	17.9M	23.1M	27.3M	26.5M	23.7M	6.5M
Total assets	2.7B	2.9B	2.8B	2.9B	3.7B	3.6B	3.8B	3.6B	3.5B	3.4B
Accounts payable	22.3M	25.1M	18M	18.2M	24.8M	23.4M	22.1M	26.6M	26.1M	12.8M
Short-term debt	31.7M	3.4M	—	82M	—	125M	—	—	19.4M	200M
Total current liabilities	92M	68.5M	63.5M	151.2M	91.1M	231.7M	95.3M	140.3M	388.7M	271.3M
Long-term debt	1B	1B	972.6M	1.1B	1.5B	1.3B	1.6B	1.5B	1.2B	859M
Total liabilities	1.2B	1.2B	1.1B	1.3B	1.7B	1.7B	1.8B	1.7B	1.6B	1.2B
Shareholders' equity	1.5B	1.7B	1.7B	1.5B	2B	1.9B	2B	2B	1.8B	2.3B
Total debt	1.1B	1B	972.6M	1.1B	1.5B	1.5B	1.6B	1.5B	1.2B	1.1B
Net debt	976M	912.7M	824.2M	1.1B	1.4B	1.1B	1.5B	1.2B	862.4M	216M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	107.8M	207.7M	159.9M	141.9M	74.2M	323.2M	216.2M	892.3M	919.6M	842.9M	681.7M	411.8M
Receivables	31.4M	28.7M	35.3M	31.4M	37.2M	27M	10.4M	11.5M	13.6M	9.1M	41.1M	51.5M
Inventory	33.1M	31M	43.5M	23.9M	18.7M	32.3M	33.3M	33.4M	16.2M	6.8M	113.2M	125.3M
Total current assets	222.9M	317M	279.9M	230M	277.1M	436.9M	767.4M	959.9M	972.9M	883.8M	895.7M	681.2M
Property, plant & equipment	88.6M	91.2M	85.7M	86M	86.8M	74.8M	11.3M	11M	11.7M	10.3M	498.4M	490.2M
Goodwill & intangibles	—	26.5M	—	—	—	23.7M	—	—	—	6.5M	—	—
Total assets	3.7B	3.6B	3.6B	3.5B	3.5B	3.5B	3.4B	3.5B	3.5B	3.4B	7.7B	7.5B
Accounts payable	26M	26.6M	34.1M	25.8M	29.3M	26.1M	11.4M	14.8M	13.6M	12.8M	28.5M	30.9M
Short-term debt	—	—	—	—	22M	19.4M	—	200M	200M	200M	200M	—
Total current liabilities	110.6M	140.3M	113.8M	116.1M	139.5M	388.7M	282.8M	274.3M	282.6M	271.3M	354.1M	191.2M
Long-term debt	1.6B	1.5B	1.4B	1.4B	1.4B	1.2B	1.1B	860.4M	860.7M	859M	1.9B	1.9B
Total liabilities	1.8B	1.7B	1.7B	1.7B	1.6B	1.6B	1.4B	1.2B	1.2B	1.2B	2.4B	2.2B
Shareholders' equity	1.9B	2B	1.9B	1.9B	1.9B	1.8B	2B	2.4B	2.3B	2.3B	5.4B	5.3B
Total debt	1.6B	1.5B	1.4B	1.4B	1.4B	1.2B	1.1B	1.1B	1.1B	1.1B	2.1B	1.9B
Net debt	1.5B	1.2B	1.3B	1.3B	1.3B	862.4M	843.7M	168.1M	141.1M	216M	1.4B	1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	217.8M	161.6M	117.3M	67.7M	29.8M	210.5M	122.8M	178.5M	369M	480.4M
Depreciation & amortization	115.1M	127.6M	144.1M	128.2M	165M	155.7M	147.3M	158.2M	140.2M	106.5M
Stock-based compensation	5.1M	5.4M	6.4M	6.9M	8M	9.3M	12.4M	14M	14.2M	11M
Change in working capital	-9.6M	-6.7M	-2.2M	-7.9M	-12.9M	9.3M	-22.2M	5.2M	-23.2M	-13.3M
Operating cash flow	333.5M	309.1M	285.9M	201.2M	186.4M	398.9M	255.9M	369.3M	546.7M	256.7M
Capital expenditure	-6.3M	-6.1M	0	-142.3M	-24.7M	-179.1M	-458.5M	-14.1M	484.8M	-50M
Investing cash flow	199M	88.8M	-3.4M	-148.6M	-140.7M	62.2M	-427.9M	228.6M	482.4M	-48.2M
Dividends paid	-122.8M	-127.1M	-136.8M	-141.1M	-146.3M	-153.5M	-165.7M	-170M	-200.6M	-295.6M
Share repurchases	-690K	-176K	-3M	-12.7M	-4.8M	-1.6M	-4.2M	-4.3M	-18.9M	-73.4M
Financing cash flow	112.8M	-11.6M	-202.3M	-80.9M	25.6M	-22.2M	-7.2M	-328.9M	-479.4M	-372.9M
Net change in cash	645.4M	386.3M	80.1M	-28.3M	71.3M	438.9M	-179.1M	269M	549.7M	-164.4M
Free cash flow	-227.7M	-58.1M	190.2M	8M	113M	70M	-264.2M	202.9M	159.1M	206.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	22.7M	129.2M	2.3M	3M	30.4M	333.2M	-3.1M	413.6M	43.7M	26.2M	-12.5M	19.2M
Depreciation & amortization	37M	44M	37.1M	36.1M	33.5M	33.6M	27.8M	28.2M	34.8M	15.6M	56.2M	70.4M
Stock-based compensation	3.4M	3.8M	3.2M	4.9M	3.9M	2.2M	2.3M	3.6M	2.6M	2.5M	15.4M	5.9M
Change in working capital	5.1M	-2.6M	170K	6.8M	-8.8M	-21.4M	-9.4M	14.4M	-9.4M	-8.6M	1.3M	-19.9M
Operating cash flow	82.6M	182.9M	46.6M	55.3M	65.8M	378.9M	27.7M	61M	116.2M	51.8M	34.6M	110.6M
Capital expenditure	—	—	0	—	—	—	—	-17.5M	-5.5M	-15M	-20.4M	-22.4M
Investing cash flow	1.8M	236.5M	302K	-681K	1.4M	-3.5M	-2.7M	677M	-5.3M	-17.6M	-52.6M	-17.4M
Dividends paid	-42.4M	-42.4M	-72.3M	-43.2M	-42.6M	-42.5M	-110.4M	-42.8M	-42.1M	-100.2M	-81.1M	-78M
Share repurchases	-29K	1K	-31K	-4.1M	-4K	-14.7M	-2.7M	-37.6M	-30.1M	-3.1M	-32.1M	-74.6M
Financing cash flow	-43.1M	-194.8M	-75.1M	-50M	-44.8M	-249.4M	-116.5M	-82.1M	-73.5M	-100.8M	-142.8M	-354.3M
Net change in cash	41.3M	224.6M	-28.2M	4.7M	22.4M	126M	-91.5M	655.8M	37.4M	-66.6M	-160.9M	-261.1M
Free cash flow	61.6M	61M	33.4M	33.6M	46.3M	42.1M	15.7M	43.5M	110.7M	36.8M	14.2M	88.2M

Date	Ratio
Jun 30, 2014	1339:1000
Aug 25, 2011	3:2
Oct 18, 2005	3:2
Nov 12, 2003	1187:1000
Jun 13, 2003	3:2

Rayonier Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history