Rayonier Inc. (RYN) vs SBA Communications Corporation (SBAC)

Rayonier Inc. and SBA Communications Corporation are both Reit Specialty companies. SBA Communications Corporation is the larger, with a market value of $17.6B against $5.7B — 3.1× the size. SBA Communications Corporation trades at the lower P/E: 17.8× against 41.0×. SBA Communications Corporation grew revenue faster over the last twelve months: 5.36% against 0.44%. SBA Communications Corporation has the higher net margin (34.5% vs 7.83%) and the higher return on invested capital (11.0% vs 0.54%). Both pay a dividend; Rayonier Inc. yields more (3.45% vs 1.59%). Across the 21 metrics below, SBA Communications Corporation leads on 15 and Rayonier Inc. on 6.

Valuation

Metric RYN SBAC Reit Specialty median
P/E 41.04 17.85 26.27
P/S 5.86 6.14 5.86
P/B 1.09 n/m 2.19
Price to free cash flow n/m 13.09 14.62
EV/EBITDA 39.71 17.55 16.22
EV/Sales 7.56 10.45 8.93
Earnings yield 2.44% 5.60% 3.43%
Free cash flow yield (8.25%) 7.64% 5.37%

Profitability

Metric RYN SBAC Reit Specialty median
Gross margin 23.73% 75.18% 67.43%
Operating margin 5.96% 47.65% 21.38%
Net margin 7.83% 34.51% 16.14%
Free cash flow margin (48.37%) 46.89% 31.07%
Return on equity 2.02% (20.71%) 4.76%
Return on assets 1.38% 8.80% 3.29%
Return on invested capital 0.54% 11.04% 4.19%

Growth

Metric RYN SBAC Reit Specialty median
Revenue growth (TTM) 0.44% 5.36% 5.36%
EPS growth (last fiscal year) 26.78% 41.21% —
Revenue growth, 5-year CAGR (10.83%) 6.21% 6.70%
Net income growth, 5-year CAGR 66.49% 112.87% 0.00%

Health

Metric RYN SBAC Reit Specialty median
Debt to equity 0.36 (2.75) 0.62
Current ratio 3.56 0.17 0.70
Net debt to EBITDA 1.07 7.52 4.47

Dividend

Metric RYN SBAC Reit Specialty median
Dividend yield 3.45% 1.59% 3.88%
Payout ratio 2.11 0.67 1.14

Size

Metric RYN SBAC Reit Specialty median
Market cap 5.74b 17.62b 8.48b

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