Rayonier Advanced Materials Inc.
RYAM Basic Materials Chemicals
Rayonier Advanced Materials Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.5 billion, down 10.1% from fiscal 2024. In the quarter to June 2026, revenue grew 10.6%, EPS grew 91.0%, free cash flow grew 69.9% and total debt rose 3.90%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Rayonier Advanced Materials Inc. (RYAM) Piotroski F-score
Rayonier Advanced Materials Inc.'s Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, down from 6 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | (3.00) |
| FY2024 | 6 | 2.00 |
| FY2023 | 4 | (1.00) |
| FY2022 | 5 | (3.00) |
| FY2021 | 8 | 2.00 |
| FY2020 | 6 | 2.00 |
| FY2019 | 4 | (1.00) |
| FY2018 | 5 | 2.00 |
| FY2017 | 3 | (3.00) |
| FY2016 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (21.73%) | (1.81%) | Fail | 0 |
| Positive operating cash flow | 23.91m | 203.61m | Pass | 1 |
| Rising return on assets | (21.73%) | (1.81%) | Fail | 0 |
| Cash flow above net income | 446.41m | 242.61m | Pass | 1 |
| Falling long-term leverage | 0.39 | 0.33 | Fail | 0 |
| Rising current ratio | 1.58 | 1.50 | Pass | 1 |
| No new shares issued | 66,782,300 | 65,748,800 | Fail | 0 |
| Rising gross margin | 8.10% | 10.16% | Fail | 0 |
| Rising asset turnover | 0.75 | 0.76 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| LXU Lsb Industries Inc. compare | 9 |
| ASIX AdvanSix compare | 6 |
| GPRE Green Plains, Inc. compare | 5 |
| WLKP Westlake Chemical Partners LP compare | 4 |
| VHI Valhi, Inc. compare | 4 |
| BAK Braskem S.A. compare | 4 |
| RYAM Rayonier Advanced Materials Inc. | 3 |
| ASPI ASP Isotopes Inc. compare | 3 |
| TROX Tronox Holdings PLC compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover