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Rayonier Inc.

RYN Real Estate Reit Specialty

Rayonier Inc.’s revenue for fiscal 2025 (year ended December 2025) was $484.5 million, down 51.0% from fiscal 2024.

Revenue
+272.2%
EPS
−97.7%
Free cash flow
−88.7%
Total debt
+77.6%

Quarter to June 2026, against a year earlier

19.38 0.24 +1.25%
Market cap
$5.7B
P/E
42.2×
Fwd P/E
72.7×
Dividend yield
5.43%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • Southern Timber
  • Real Estate
  • Pacific Northwest Timber

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 3.81
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — 1 — — — — 2 1 —
Insider Ownership 3.40%

Capital & Financial Ratios $m

Size
Market Cap 5,730.00
Revenue ttm 968.29
Net income ttm 76.62
Free cash flow ttm (468.32)
Net debt Q 1,443.51
Valuation
P/E 42.15 (above 35: high)
Forward P/E 72.70 (above 35: high)
Price / sales 6.02
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.12
Financial health
Current ratio Q 3.56
Debt / equity Q 0.36
Interest coverage Q 2.05
Growth
Revenue growth Q +272.15% (above 0%: growing)
Operating income growth Q +137.99% (above 0%: growing)
EPS, this year −25.49% (below 0%: weak)
EPS, next year A +33.59% (at or above 15%: strong)
Revenue, next year A +211.67% (at or above 10%: strong)
EPS, past 5 yrs +62.19% (at or above 15%: strong)
EPS, next 5 yrs A +7.28%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.7×, against a ten-year median of 6.2×; over the ten years it ranged from 3.5× in 2025 to 11.2× in 2024.
P/E against its own 10 years 58.72%
10-year low 10-year high
P/S against its own 10 years 82.26%
10-year low 10-year high
P/B against its own 10 years 3.27%
10-year low 10-year high
EV/Sales against its own 10 years 85.68%
10-year low 10-year high

Dividends

Yield
5.43%
Annual rate
1.05
Payout ratio
233.9%
Growth, 2016–24
+1.65%/yr
  1. 1.00 ’16
  2. 1.00 ’17 +0%
  3. 1.06 ’18 +6%
  4. 1.08 ’19 +2%
  5. 1.08 ’20 +0%
  6. 1.08 ’21 +0%
  7. 1.13 ’22 +4%
  8. 1.14 ’23 +1%
  9. 1.14 ’24 +0%
  10. 1.37 ’25e +20%
  11. 1.08 ’26e −21%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 208 322 843 412
Receivables 40 21 16 65
Inventory 31 31 7 125
Other 34 12 14 59
317 437 884 681
2023 2024 2025 Q'26
Payables 27 17 13 31
ST’ Debt — 19 200 —
Other 39 9 14 42
140 389 271 191

Compound Annual Growth %

10y 5y 3y
Sales (1.59%) (10.83%) (18.92%)
Cash Flow 3.78% 4.68% (1.58%)
Earnings 26.24% 66.49% 64.24%
Book Value 4.96% 3.48% 5.52%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.06 Actual 0.10

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.23 0.32 Beat by 0.09
Q4 FY25 0.12 0.20 Beat by 0.08
Q1 FY26 0.06 0.07 Beat by 0.01
Q2 FY26 0.06 0.10 Beat by 0.04
Q3 FY26 0.10 — Reports 4 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.05) 0.06 — — —
’25 (0.02) 2.63 0.28 0.16 3.03
’24 0.01 0.01 0.19 2.15 2.39
’23 0.06 0.13 0.13 0.85 1.17
’22 0.20 0.16 0.14 0.22 0.73
’21 0.08 0.41 0.53 0.06 1.08
’20 0.20 0.01 (0.01) 0.07 0.27
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 277 396 — — —
’25 83 107 178 117 484
’24 114 100 124 650 988
’23 179 209 202 199 788
’22 222 246 195 245 909
’21 191 291 365 262 1,110
’20 259 196 199 206 859
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 35 111 — — —
’25 28 61 116 52 257
’24 52 55 66 88 262
’23 64 62 83 89 298
’22 50 99 61 59 269
’21 54 111 113 48 325
’20 29 53 55 66 204
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 10 83 — — —
’25 9 734 101 (662) 182
’24 28 33 41 539 641
’23 37 37 62 297 434
’22 28 81 39 33 181
’21 5 156 145 (163) 143
’20 128 38 38 19 222
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 816 820 816 712 859 1,110 909 788 988 484 968 (5.6%) 1,510 1,638 1,709 +52.2%
Gross margin, % 35.48 30.67 25.84 21.53 17.08 28.25 24.29 32.91 44.57 32.46 23.73 (3.0) pt
EBT 223 183 143 81 37 225 132 160 340 75 40 (11.4%)
EBT margin, % 27.31 22.36 17.47 11.33 4.28 20.29 14.54 20.25 34.40 15.40 4.16 (11.9) pt
Net income 218 162 117 68 30 210 123 178 369 480 77 +9.2%
Per share, $
Per share, $ Revenue 6.66 6.43 6.32 5.51 6.42 7.88 6.22 5.33 6.64 3.13 3.22 (8.0%)
Earnings 1.73 1.17 0.79 0.46 0.28 1.08 0.73 1.17 2.41 3.07 0.46 +6.6%
Cash flow 1.66 2.01 2.40 1.66 1.53 2.31 1.84 2.02 1.76 1.66 1.04 0.0%
Capex 1.11 0.11 (1.00) (1.65) 0.13 (1.29) (0.61) 0.91 2.55 (0.49) (2.60) n/m
Free cash flow 2.78 2.12 1.40 0.01 1.66 1.02 1.24 2.93 4.31 1.17 (1.56) (9.1%)
Book value 12.21 13.29 12.82 11.90 13.91 12.89 12.86 12.68 11.96 14.28 17.33 +1.8%
Shares, m 123 127 129 129 134 141 146 148 149 155 216 +2.6%
Valuation, ×
Valuation, × P/E 15.62 27.56 35.05 72.80 104.93 37.37 45.47 28.83 10.83 7.08 42.15 38.6
P/S 4.06 4.97 4.38 5.95 4.58 5.12 5.34 6.39 3.93 6.92 6.02 5.2
P/B 2.21 2.41 2.16 2.75 2.11 3.13 2.58 2.68 2.18 1.52 1.12 2.4
EV/Sales 5.26 6.08 5.39 7.34 6.07 6.02 6.89 7.87 4.68 7.33 7.72 6.3
EV/FCF 12.61 18.43 24.36 4,473.74 23.49 46.66 34.65 14.30 7.22 19.57 (15.96) 467.5
Cash, $m
Cash, $m Operating cash flow 204 256 310 214 204 325 269 298 262 257 313 +2.6%
Capex 136 14 (129) (213) 18 (182) (89) 135 379 (75) (781) n/m
Free cash flow 340 270 181 1 222 143 181 434 641 182 (468) (6.7%)
Balance, $m
Balance, $m Working capital 73 115 144 (25) 79 220 107 177 48 612 490 +26.7%
Net debt 976 913 824 986 1,285 999 1,408 1,158 741 202 1,444 (16.0%)
Shareholders’ equity 1,497 1,693 1,655 1,538 1,863 1,816 1,881 1,878 1,781 2,210 5,212 +4.4%
Returns, %
Returns, % ROA 8.48 5.37 3.63 2.10 1.13 4.14 2.88 4.67 10.09 13.79 1.38 +5.3 pt
ROIC 6.46 5.17 4.29 2.65 1.48 5.99 3.15 3.80 9.02 2.16 0.54 (4.3) pt
ROE 14.83 9.33 6.11 3.70 2.18 8.29 5.79 9.23 19.64 23.78 2.02 +9.0 pt
People
People Employees 315 334 349 353 413 406 419 438 424 285 — (1.1%)
Revenue/emp, $m 2.59 2.45 2.34 2.02 2.08 2.73 2.17 1.80 2.33 1.70 — (4.6%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Business profile

Updated

Rayonier is a timberland real estate investment trust, or REIT. It owns and manages forests, sells timber to customers that make products such as lumber and paper, and sells land for uses that can be more valuable than growing trees. It also makes wood products following its merger with PotlatchDeltic.

The company was founded in 1926. Its executive offices are in Wildlight, Florida, and Mark D. McHugh is president and chief executive officer. Rayonier has signed a lease for a new corporate headquarters in Atlanta, which it expects to open in early 2027.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Southern Timber 228 47.12%
Real Estate 171 35.33%
Pacific Northwest Timber 84 17.25%
Gross margin 32.46%
Operating margin 17.20%
Pre-tax margin 15.40%

Revenue by segment since 2009

Rayonier Inc. vs peers in Reit Specialty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SBAC SBA Communications Corporation $19.6B 20.1× 24.3× +2.33% (above 0%: growing) −10.95% (below 0%: shrinking) +11.32% (above 0%: growing) 75.39% 49.19% Compare
LAMR Lamar Advertising Company $16.2B 28.7× 26.7× +6.46% (above 0%: growing) +3.95% (above 0%: growing) +8.91% (above 0%: growing) 68.51% 33.72% Compare
WY Weyerhaeuser Company $14.2B 30.9× 43.9× −0.90% (below 0%: shrinking) +91.67% (above 0%: growing) +29.41% (above 0%: growing) 16.66% 11.94% Compare
GLPI Gaming and Leisure Properties, Inc. $11.5B 11.4× 12.0× +9.03% (above 0%: growing) +45.45% (above 0%: growing) −42.77% (below 0%: shrinking) 100.00% 77.21% Compare
RYN Rayonier Inc. $5.7B 42.2× 72.7× +272.15% (above 0%: growing) −97.72% (below 0%: shrinking) −88.66% (below 0%: shrinking) 19.08% 8.73%
OUT OUTFRONT Media Inc. $5.7B 22.9× 22.4× +13.54% (above 0%: growing) +340.00% (above 0%: growing) +167.78% (above 0%: growing) 52.90% 22.22% Compare
EPR EPR Properties $4.5B 18.3× 18.8× +10.11% (above 0%: growing) −12.09% (below 0%: shrinking) −498.03% (below 0%: shrinking) 92.16% 54.59% Compare
FRMI Fermi Inc. $1.8B — (loss-making) — — n/m −414.49% (below 0%: shrinking) — 0.00% Compare
BXDC Blackstone Digital Infrastructure Trust Inc. $1.6B — — — — — — 0.00% Compare
Median of peers $8.6B 21.5× 23.4× +7.75% +24.70% +8.91% 71.95% 27.97%

All 19 Reit Specialty stocks →

From the latest earnings call

Updated

  • CEO Mark McHugh said pulpwood markets had generally stabilized, while lumber prices benefited from supply constraints and transportation challenges.
  • McHugh said Rayonier was on track for its merger synergy targets and was identifying potential data center sites, although those opportunities would take time to materialize.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 94.16%
Held by the ten largest 57.37%
Holder Shares Stake Change
Vanguard 40.18m 13.50% −529.57k
BlackRock 29.02m 9.75% +163.37k
COHEN & STEERS, INC. 21.94m 7.37% +245.12k
T. Rowe Price 18.12m 6.09% +191.04k
Norges Bank 17.51m 5.88% +17.51m
Legal & General 10.04m 3.37% +285.10k
SOUTHEASTERN ASSET MANAGEMENT INC/TN/ 9.49m 3.19% −1.27m
FULLER & THALER ASSET MANAGEMENT, INC. 9.30m 3.13% +11.41k
State Street 9.14m 3.07% +232.53k
Geode Capital Management 6.00m 2.02% +170.94k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 1 April 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group, Inc.100 Vanguard Boulevard Malvern, PA 6.90%
BlackRock, Inc.50 Hudson YardsNew York, NY 5.70%
Cohen & Steers, Inc.1166 Avenue of the Americas, 5.40%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Rayonier Inc. (RYN) Latest News

28 Oct

Impact 3 · · Zacks

8 Oct

Impact 3 · · Simply Wall St.

5 Oct

Impact 3 · · Insider Monkey

28 Sep

Impact 3 · · Simply Wall St.

13 Aug

Impact 3 · · The Motley Fool transcript

9 Aug

Impact 3 · · MarketBeat transcript

6 Aug

Impact 3 · · Moby transcript

5 Aug

Impact 3 ·
Impact 3 ·

3 Aug

Impact 3 ·

30 Jul

Impact 3 ·

6 Jun

Impact 3 · · Insider Monkey

1 Jun

Impact 3 · · The Motley Fool transcript

28 May

Impact 4 · · MT Newswires

18 May

Impact 3 · · Insider Monkey

6 May

Impact 4 · · Zacks
Impact 3 · · Business Wire

29 Apr

Impact 3 · · Zacks

3 Apr

Impact 3 · · Simply Wall St.

9 Mar

Impact 4 · · Insider Monkey

2 Mar

Impact 3 ·

26 Feb

Impact 3 · · MT Newswires
Impact 3 ·

16 Feb

Impact 5 · · Insider Monkey

13 Feb

Impact 4 · · MarketBeat transcript

12 Feb

Impact 4 · · GuruFocus.com transcript
Impact 4 · · Moby transcript

11 Feb

Impact 4 · · Zacks
Impact 4 · · Business Wire
Impact 3 · · Associated Press Finance
stockrow.com/RYN · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com