What is Rayonier Advanced Materials' operating income?

Rayonier Advanced Materials' total operating income in 2025 was $4.10 million, based on the following breakdown: Total Gross Profit: $118.79 million Total Operating Expenses: $114.69 million

Rayonier Advanced Materials (RYAM) Financials

$7.35 -0.01 (-0.19%)

Closing price 07/2/2026 03:59 PM Eastern

Extended Trading

$7.36 +0.02 (+0.26%)

As of 07/2/2026 04:10 PM Eastern

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Annual Income Statements for Rayonier Advanced Materials

This table shows Rayonier Advanced Materials' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	55	68	311	115	-31	0.56	66	-15	-102	-39	-421
Consolidated Net Income / (Loss)	55	73	325	128	-22	0.56	66	-15	-102	-39	-421
Net Income / (Loss) Continuing Operations	55	73	323	99	-84	-38	-50	-27	-102	-42	-423
Total Pre-Tax Income	83	113	343	126	-104	-98	-83	-24	-132	-49	-95
Total Operating Income	120	143	59	148	-52	-30	-10	26	-65	39	4.10
Total Gross Profit	202	186	141	291	53	63	75	123	88	166	119
Total Revenue	941	869	940	1,957	1,431	1,344	1,408	1,717	1,643	1,630	1,466
Operating Revenue	941	869	940	1,957	1,431	1,344	1,408	1,717	1,643	1,630	1,466
Total Cost of Revenue	739	683	800	1,666	1,377	1,280	1,333	1,594	1,555	1,465	1,348
Operating Cost of Revenue	739	683	800	1,666	1,377	1,280	1,333	1,594	1,555	1,465	1,348
Total Operating Expenses	83	43	82	143	106	94	85	97	153	126	115
Selling, General & Admin Expense	48	37	80	105	81	78	76	91	76	92	84
Other Operating Expenses / (Income)	35	5.68	2.21	38	25	16	9.38	5.47	9.52	-15	9.09
Impairment Charge	-	-	-	-	-	-	0.00	0.00	62	25	0.00
Restructuring Charge	-	-	-	-	-	-	-	0.00	0.00	17	1.28
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	5.78	6.61	20
Total Other Income / (Expense), net	-37	-31	284	-21	-52	-68	-72	-50	-67	-89	-99
Interest Expense	37	26	40	55	52	63	66	66	73	86	98
Other Income / (Expense), net	0.21	-4.93	324	34	0.15	-4.51	-6.03	16	6.14	-2.97	-1.08
Income Tax Expense	28	39	19	27	-20	-61	-35	0.90	-32	-8.93	323
Other Gains / (Losses), net	-	-	-	-	0.00	-0.73	-1.59	-2.65	-1.98	-1.65	-4.87
Net Income / (Loss) Discontinued Operations	-	-	1.54	29	61	39	116	12	0.31	3.22	2.67
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	-	0.00	0.00	0.04	0.16
Basic Earnings per Share	$1.31	$1.61	$7.17	$2.27	($0.57)	$0.01	$1.05	($0.23)	($1.57)	($0.59)	($6.33)
Weighted Average Basic Shares Outstanding	42.19M	42.28M	43.42M	50.60M	63.17M	63.36M	63.74M	64.20M	65.40M	65.97M	67.01M
Diluted Earnings per Share	$1.30	$1.55	$5.81	$1.96	($0.57)	$0.01	$1.05	($0.23)	($1.57)	($0.59)	($6.33)
Weighted Average Diluted Shares Outstanding	42.19M	42.28M	43.42M	50.60M	63.17M	63.36M	63.74M	64.20M	65.40M	65.97M	67.01M
Weighted Average Basic & Diluted Shares Outstanding	42.19M	42.28M	43.42M	50.60M	63.17M	63.36M	63.74M	64.20M	65.40M	65.97M	67.01M

This table shows Rayonier Advanced Materials' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025	3/28/2026
Net Income / (Loss) Attributable to Common Shareholders	-25	-62	-1.57	11	-33	-16	-32	-363	-4.45	-21	-82
Consolidated Net Income / (Loss)	-25	-62	-1.57	11	-33	-16	-32	-363	-4.43	-21	-82
Net Income / (Loss) Continuing Operations	-27	-62	-1.57	8.17	-33	-16	-32	-366	-4.43	-21	-82
Total Pre-Tax Income	-32	-82	-1.59	7.78	-37	-19	-37	-26	-14	-17	-88
Total Operating Income	-14	-61	17	28	-17	11	-15	-1.34	9.74	11	-65
Total Gross Profit	8.73	27	37	48	44	37	24	24	34	37	-7.59
Total Revenue	369	422	388	419	401	423	353	340	353	418	319
Operating Revenue	369	422	388	419	401	423	353	340	353	418	319
Total Cost of Revenue	360	395	351	371	358	386	329	316	319	381	327
Operating Cost of Revenue	360	395	351	371	358	386	329	316	319	381	327
Total Operating Expenses	23	88	20	20	60	26	39	25	24	26	58
Selling, General & Admin Expense	21	17	21	22	23	27	23	18	24	19	19
Other Operating Expenses / (Income)	2.01	8.86	-2.02	-9.71	2.67	-2.93	2.74	5.47	-0.95	2.23	37
Other Special Charges / (Income)	-	-	0.63	1.38	2.03	-	13	1.31	1.83	4.09	1.26
Total Other Income / (Expense), net	-17	-21	-19	-20	-20	-30	-22	-25	-24	-28	-23
Interest Expense	21	22	21	21	20	23	24	24	25	26	23
Other Income / (Expense), net	3.78	0.08	2.19	0.85	0.61	-6.61	1.52	-1.13	0.62	-2.10	0.08
Income Tax Expense	-5.39	-21	-0.47	-0.85	-4.60	-3.01	-5.59	339	-10	0.03	-7.20
Other Gains / (Losses), net	-0.26	-0.39	-0.45	-0.45	-0.52	-0.23	-0.37	-0.49	-0.39	-3.62	-0.38
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	0.00	-	0.02	0.02	0.03	0.10	0.05
Basic Earnings per Share	($0.39)	($0.94)	($0.02)	$0.17	($0.49)	($0.25)	($0.49)	($5.44)	($0.07)	($0.33)	($1.22)
Weighted Average Basic Shares Outstanding	65.34M	65.40M	65.58M	65.89M	65.92M	65.97M	66.77M	67.00M	67.01M	67.01M	67.44M
Diluted Earnings per Share	($0.39)	($0.94)	($0.02)	$0.17	($0.49)	($0.25)	($0.49)	($5.44)	($0.07)	($0.33)	($1.22)
Weighted Average Diluted Shares Outstanding	65.34M	65.40M	65.58M	65.89M	65.92M	65.97M	66.77M	67.00M	67.01M	67.01M	67.44M
Weighted Average Basic & Diluted Shares Outstanding	65.34M	65.40M	65.58M	65.89M	65.92M	65.97M	66.77M	67.00M	67.01M	67.01M	67.44M

This table details how cash moves in and out of Rayonier Advanced Materials' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	35	225	-229	15	-44	27	162	-98	-78	53	-60
Net Cash From Operating Activities	202	232	130	247	42	124	233	69	136	204	24
Net Cash From Continuing Operating Activities	202	232	129	222	58	54	74	69	136	204	24
Net Income / (Loss) Continuing Operations	55	73	323	99	-84	-38	-50	-27	-102	-42	-423
Consolidated Net Income / (Loss)	55	73	325	128	-22	0.56	66	-15	-102	-39	-421
Net Income / (Loss) Discontinued Operations	-	-	1.54	29	61	39	116	12	0.31	3.22	2.67
Depreciation Expense	89	88	97	146	142	138	138	135	140	137	134
Amortization Expense	17	1.92	3.38	0.84	1.79	2.20	3.80	4.03	6.05	8.56	8.55
Non-Cash Adjustments To Reconcile Net Income	38	-8.76	-318	-23	20	25	15	-18	61	27	26
Changes in Operating Assets and Liabilities, net	2.64	77	21	-0.85	-21	-74	-34	-24	32	73	279
Net Cash From Investing Activities	-77	-87	-277	-116	53	-78	85	-94	-127	-108	-114
Net Cash From Continuing Investing Activities	-77	-87	-277	-113	-88	-66	-97	-139	-128	-108	-114
Purchase of Property, Plant & Equipment	-77	-89	-75	-129	-90	-62	-93	-138	-128	-108	-116
Acquisitions	0.00	0.00	-210	-	0.00	-4.43	-4.14	-0.38	-0.78	0.00	-2.00
Other Investing Activities, net	0.00	2.14	-	-	-	-	-	-	0.00	0.00	3.50
Net Cash From Discontinued Investing Activities	-	-	-0.09	-3.41	140	-12	183	44	1.17	0.00	0.00
Net Cash From Financing Activities	-89	80	-84	-116	-138	-19	-157	-73	-87	-42	30
Net Cash From Continuing Financing Activities	-89	80	-84	-116	-138	-19	-157	-73	-87	-42	30
Repayment of Debt	-77	-72	-737	-45	-204	-548	-160	-78	-547	-728	-514
Repurchase of Common Equity	-	0.00	-0.16	-43	-6.88	-	-	0.00	0.00	-1.19	0.00
Issuance of Debt	0.00	0.00	680	0.00	91	529	4.39	5.72	465	672	547
Issuance of Common Equity	0.01	0.39	0.01	0.45	-	-	-	0.00	0.00	16	0.00
Other Financing Activities, net	-	-	-	-	-	-0.46	-1.42	-0.43	-5.42	-0.91	-3.03
Cash Interest Paid	-	-	-	-	-	49	47	58	51	95	99
Cash Income Taxes Paid	-	-	-	-	-	1.17	-35	-15	-7.24	19	-0.51

This table details how cash moves in and out of Rayonier Advanced Materials' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025	3/28/2026
Net Change in Cash & Equivalents	-129	47	-20	60	19	-5.86	1.39	-66	6.54	-2.04	-6.35
Net Cash From Operating Activities	-1.72	54	11	88	50	55	40	-30	-18	32	32
Net Cash From Continuing Operating Activities	-1.72	54	11	88	50	55	40	-30	-18	32	32
Net Income / (Loss) Continuing Operations	-27	-62	-1.57	8.17	-33	-16	-32	-366	-4.43	-21	-82
Consolidated Net Income / (Loss)	-25	-62	-1.57	11	-33	-16	-32	-363	-4.43	-21	-82
Depreciation Expense	36	36	33	34	35	35	31	31	33	38	68
Non-Cash Adjustments To Reconcile Net Income	3.47	59	1.39	4.75	31	30	16	8.69	4.37	-3.71	6.07
Changes in Operating Assets and Liabilities, net	-15	15	-22	41	16	-2.95	24	296	-51	10	39
Net Cash From Investing Activities	-41	-32	-33	-25	-22	-28	-38	-37	-22	-17	-20
Net Cash From Continuing Investing Activities	-41	-33	-33	-25	-22	-28	-38	-37	-22	-17	-20
Purchase of Property, Plant & Equipment	-41	-32	-33	-25	-22	-28	-38	-37	-24	-17	-22
Other Investing Activities, net	-	-	-	-	-	-	0.00	-	-	-	2.00
Net Cash From Financing Activities	-86	25	0.93	-2.03	-8.87	-33	-0.72	1.63	47	-17	-18
Net Cash From Continuing Financing Activities	-86	25	0.93	-2.03	-8.87	-33	-0.72	1.63	47	-17	-18
Repayment of Debt	-387	-139	-130	-93	-19	-487	-1.66	-150	-227	-136	-172
Issuance of Debt	301	164	131	91	10	440	3.78	152	273	118	155
Other Financing Activities, net	-	-0.06	-0.45	-0.19	-0.02	-0.25	-2.84	-0.18	-	-0.01	-1.93
Cash Interest Paid	22	0.71	34	9.76	27	24	0.88	33	22	44	1.59
Cash Income Taxes Paid	0.13	0.02	-1.59	-3.17	-15	0.61	2.12	1.89	0.69	-0.96	-0.49

This table presents Rayonier Advanced Materials' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,279	1,422	2,643	2,679	2,480	2,530	2,445	2,348	2,183	2,130	1,758
Total Current Assets	328	520	647	716	574	634	776	690	575	601	568
Cash & Equivalents	101	327	96	109	64	94	253	152	76	125	75
Accounts Receivable	69	38	181	199	182	179	182	212	197	214	193
Inventories, net	125	118	302	304	251	171	231	265	207	208	238
Prepaid Expenses	32	37	67	61	61	59	51	60	75	51	62
Plant, Property, & Equipment, net	804	801	1,408	1,364	1,316	0.00	1,146	1,151	1,075	1,019	1,015
Total Noncurrent Assets	147	101	588	599	590	1,896	523	507	533	510	175
Intangible Assets	-	0.00	60	52	45	38	31	24	17	10	3.93
Noncurrent Deferred & Refundable Income Taxes	97	51	403	375	385	383	335	322	345	350	24
Other Noncurrent Operating Assets	50	50	126	120	160	1,334	156	160	170	150	147
Total Liabilities & Shareholders' Equity	1,279	1,422	2,643	2,679	2,480	2,530	2,445	2,348	2,183	2,130	1,758
Total Liabilities	1,296	1,210	1,949	1,972	1,797	1,835	1,631	1,518	1,436	1,405	1,430
Total Current Liabilities	131	127	308	370	286	293	355	354	376	400	360
Short-Term Debt	7.94	9.59	9.43	15	19	17	38	15	25	23	21
Accounts Payable	45	36	158	182	153	157	169	164	186	196	190
Accrued Expenses	47	81	140	157	114	118	147	175	164	181	149
Total Noncurrent Liabilities	1,164	1,083	1,641	1,602	1,511	1,542	1,276	1,165	1,060	1,005	1,070
Long-Term Debt	850	774	1,232	1,173	1,063	1,067	891	839	752	706	758
Asset Retirement Reserve & Litigation Obligation	145	139	151	149	160	163	160	160	160	160	173
Noncurrent Deferred & Payable Income Tax Liabilities	-	0.00	33	28	25	24	20	17	15	14	13
Noncurrent Employee Benefit Liabilities	162	162	213	234	237	250	170	120	101	77	79
Other Noncurrent Operating Liabilities	6.76	8.66	13	12	27	26	34	29	31	47	47
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	0.00	11	11
Total Equity & Noncontrolling Interests	-17	212	694	707	683	695	814	829	746	714	317
Total Preferred & Common Equity	-17	212	694	707	683	695	814	829	746	714	317
Total Common Equity	-17	212	694	707	683	695	814	829	746	714	317
Common Stock	71	243	393	400	400	406	409	419	420	426	428
Retained Earnings	22	79	377	463	422	423	489	474	373	334	-89
Accumulated Other Comprehensive Income / (Loss)	-110	-110	-76	-156	-139	-134	-84	-64	-46	-46	-23

This table presents Rayonier Advanced Materials' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/24/2022	4/1/2023	7/1/2023	9/30/2023	3/30/2024	6/29/2024	9/28/2024	3/29/2025	6/28/2025	9/27/2025	3/28/2026
Total Assets	2,336	2,310	2,306	2,176	2,135	2,197	2,159	2,118	1,755	1,796	1,667
Total Current Assets	688	662	640	518	546	635	629	573	540	591	529
Cash & Equivalents	132	169	157	27	55	114	136	130	71	77	68
Accounts Receivable	217	201	177	176	183	204	193	167	153	183	174
Inventories, net	270	237	219	243	228	225	234	212	233	254	224
Prepaid Expenses	69	54	86	73	61	74	63	63	82	75	64
Plant, Property, & Equipment, net	1,132	1,144	1,152	1,132	1,058	1,057	1,022	1,031	1,043	1,026	965
Total Noncurrent Assets	516	504	515	525	532	505	509	514	172	180	173
Intangible Assets	26	23	21	19	16	14	12	8.65	6.90	5.15	3.79
Noncurrent Deferred & Refundable Income Taxes	328	324	327	329	345	343	348	355	15	24	29
Other Noncurrent Operating Assets	162	157	167	177	171	148	148	151	150	150	140
Total Liabilities & Shareholders' Equity	2,336	2,310	2,306	2,176	2,135	2,197	2,159	2,118	1,755	1,796	1,667
Total Liabilities	1,557	1,479	1,492	1,390	1,393	1,442	1,427	1,418	1,400	1,445	1,426
Total Current Liabilities	341	321	410	334	332	377	364	405	372	376	385
Short-Term Debt	22	14	82	19	23	25	26	29	25	30	28
Accounts Payable	154	158	179	171	158	186	167	200	190	172	202
Accrued Expenses	165	149	149	144	152	166	171	176	157	174	155
Total Noncurrent Liabilities	1,216	1,158	1,082	1,056	1,061	1,065	1,063	1,013	1,028	1,068	1,041
Long-Term Debt	851	831	753	730	756	753	748	707	720	763	735
Asset Retirement Reserve & Litigation Obligation	159	159	159	159	160	160	160	172	172	172	173
Noncurrent Deferred & Payable Income Tax Liabilities	17	19	19	15	14	14	15	13	15	14	9.88
Noncurrent Employee Benefit Liabilities	159	118	121	120	99	95	94	76	76	75	77
Other Noncurrent Operating Liabilities	30	29	30	32	31	44	46	45	45	45	45
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	11	13	13	12
Total Equity & Noncontrolling Interests	780	831	814	786	742	755	733	688	342	338	229
Total Preferred & Common Equity	780	831	814	786	742	755	733	688	342	338	229
Total Common Equity	780	831	814	786	742	755	733	688	342	338	229
Common Stock	418	415	417	419	421	423	424	425	426	428	427
Retained Earnings	471	476	459	434	371	382	350	301	-62	-67	-171
Accumulated Other Comprehensive Income / (Loss)	-109	-60	-62	-67	-50	-50	-41	-38	-21	-22	-27

This table displays calculated financial ratios and metrics derived from Rayonier Advanced Materials' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	42,872,601.00	43,267,707.00	43,276,676.00	51,060,954.00	63,210,809.00	63,344,967.00	63,737,353.00	-	-	-	67,005,593.00
DEI Adjusted Shares Outstanding	42,872,601.00	43,267,707.00	43,276,676.00	51,060,954.00	63,210,809.00	63,344,967.00	63,737,353.00	-	-	-	67,005,593.00
DEI Earnings Per Adjusted Shares Outstanding	1.29	1.57	7.19	2.24	-0.49	0.01	1.04	-	-	-	-6.28
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.70%	-7.72%	8.25%	108.10%	-26.88%	-6.09%	4.74%	22.00%	-4.31%	-0.79%	-10.05%
EBITDA Growth	42.35%	1.26%	111.15%	-31.95%	-72.11%	15.38%	18.85%	44.06%	-51.98%	109.70%	-20.15%
EBIT Growth	90.51%	15.58%	176.50%	-52.53%	-128.81%	33.37%	52.74%	357.08%	-239.57%	161.76%	-91.75%
NOPAT Growth	61.86%	17.03%	-40.32%	108.76%	-131.61%	42.14%	65.60%	350.22%	-349.72%	160.49%	-89.62%
Net Income Growth	74.56%	32.63%	343.42%	-60.48%	-117.48%	102.47%	11,866.49%	-122.46%	-582.59%	61.99%	-986.40%
EPS Growth	73.33%	19.23%	274.84%	-66.27%	-129.08%	101.75%	10,400.00%	-121.90%	-582.61%	62.42%	-972.88%
Operating Cash Flow Growth	7.41%	15.16%	-44.12%	90.29%	-83.03%	197.04%	87.37%	-70.49%	98.04%	49.41%	-88.26%
Free Cash Flow Firm Growth	-22.18%	5.11%	-777.80%	121.63%	-109.74%	929.51%	-86.59%	-333.66%	160.25%	298.71%	104.59%
Invested Capital Growth	-9.41%	-9.63%	175.16%	-6.80%	-0.77%	-12.71%	-2.25%	5.47%	-5.39%	-8.23%	-22.38%
Revenue Q/Q Growth	-0.68%	-1.21%	11.53%	3.38%	-15.80%	13.79%	6.63%	7.93%	-4.50%	0.00%	-0.34%
EBITDA Q/Q Growth	34.55%	-6.27%	164.79%	-48.40%	-9.32%	3.06%	2.24%	26.70%	-46.61%	66.44%	12.38%
EBIT Q/Q Growth	92.23%	-2.08%	277.31%	-63.32%	-2.75%	-19.51%	-6.34%	344.59%	-389.63%	228.57%	334.92%
NOPAT Q/Q Growth	66.64%	2.27%	-4.53%	-17.59%	11.18%	-49.73%	-42.01%	702.74%	-644.18%	221.52%	-5.03%
Net Income Q/Q Growth	187.21%	-1.70%	685.45%	-68.74%	41.76%	-97.31%	-33.00%	64.93%	-177.85%	54.12%	-1.21%
EPS Q/Q Growth	188.89%	-8.28%	837.10%	-72.63%	44.66%	-97.92%	-31.37%	64.06%	-180.36%	53.91%	-1.28%
Operating Cash Flow Q/Q Growth	-4.92%	0.61%	-23.05%	43.15%	-62.13%	53.82%	-13.07%	103.75%	-5.04%	0.39%	-48.66%
Free Cash Flow Firm Q/Q Growth	0.00%	-14.04%	-1,228.28%	122.21%	-126.29%	448.92%	-90.36%	41.94%	72.18%	27.63%	-1.50%
Invested Capital Q/Q Growth	-6.23%	-2.94%	183.77%	-8.59%	-2.50%	-12.40%	2.31%	0.66%	-3.95%	-2.98%	-3.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.51%	21.43%	14.97%	14.88%	3.74%	4.72%	5.31%	7.17%	5.36%	10.16%	8.10%
EBITDA Margin	23.98%	26.31%	51.32%	16.78%	6.40%	7.87%	8.92%	10.54%	5.29%	11.18%	9.92%
Operating Margin	12.70%	16.50%	6.27%	7.55%	-3.67%	-2.26%	-0.74%	1.52%	-3.97%	2.42%	0.28%
EBIT Margin	12.72%	15.93%	40.69%	9.28%	-3.66%	-2.59%	-1.17%	2.47%	-3.60%	2.24%	0.21%
Profit (Net Income) Margin	5.87%	8.44%	34.56%	6.56%	-1.57%	0.04%	4.72%	-0.87%	-6.20%	-2.37%	-28.68%
Tax Burden Percent	66.68%	65.08%	94.84%	101.52%	21.52%	-0.57%	-80.14%	62.63%	76.87%	78.67%	442.44%
Interest Burden Percent	69.21%	81.37%	89.55%	69.64%	199.37%	281.70%	502.93%	-56.24%	224.07%	-134.74%	-3,153.45%
Effective Tax Rate	33.32%	34.92%	5.61%	21.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	10.24%	13.25%	4.44%	6.54%	-2.15%	-1.33%	-0.50%	1.23%	-3.07%	1.99%	0.24%
ROIC Less NNEP Spread (ROIC-NNEP)	7.26%	9.95%	38.06%	7.67%	-0.74%	1.08%	9.84%	-3.74%	-11.07%	-8.17%	-64.48%
Return on Net Nonoperating Assets (RNNOA)	-149.17%	62.07%	67.34%	11.80%	-1.08%	1.42%	9.30%	-3.04%	-9.86%	-7.25%	-80.16%
Return on Equity (ROE)	-138.92%	75.32%	71.78%	18.34%	-3.23%	0.08%	8.80%	-1.82%	-12.93%	-5.26%	-79.92%
Cash Return on Invested Capital (CROIC)	20.12%	23.37%	-88.94%	13.58%	-1.38%	12.24%	1.78%	-4.10%	2.47%	10.57%	25.44%
Operating Return on Assets (OROA)	9.27%	10.25%	18.83%	6.83%	-2.03%	-1.39%	-0.66%	1.77%	-2.61%	1.69%	0.16%
Return on Assets (ROA)	4.28%	5.43%	15.99%	4.83%	-0.87%	0.02%	2.67%	-0.62%	-4.50%	-1.80%	-21.63%
Return on Common Equity (ROCE)	-138.92%	75.31%	71.77%	18.34%	-3.23%	0.08%	8.80%	-1.82%	-12.93%	-5.23%	-78.26%
Return on Equity Simple (ROE_SIMPLE)	-322.41%	34.61%	46.84%	18.17%	-3.29%	0.08%	8.16%	-1.80%	-13.64%	-5.42%	0.00%
Net Operating Profit after Tax (NOPAT)	80	93	56	116	-37	-21	-7.31	18	-46	28	2.87
NOPAT Margin	8.47%	10.74%	5.92%	5.94%	-2.57%	-1.58%	-0.52%	1.07%	-2.78%	1.70%	0.20%
Net Nonoperating Expense Percent (NNEP)	2.99%	3.30%	-33.62%	-1.13%	-1.41%	-2.41%	-10.34%	4.96%	8.00%	10.16%	64.73%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	1.09%	-3.00%	1.91%	0.26%
Cost of Revenue to Revenue	78.49%	78.57%	85.03%	85.12%	96.26%	95.28%	94.69%	92.83%	94.64%	89.84%	91.90%
SG&A Expenses to Revenue	5.06%	4.28%	8.46%	5.36%	5.64%	5.80%	5.38%	5.33%	4.61%	5.66%	5.72%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.81%	4.93%	8.70%	7.32%	7.40%	6.98%	6.05%	5.65%	9.33%	7.73%	7.82%
Earnings before Interest and Taxes (EBIT)	120	138	383	182	-52	-35	-16	42	-59	37	3.01
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	226	229	483	328	92	106	126	181	87	182	146
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	3.00	1.23	0.76	0.36	0.59	0.45	0.74	0.35	0.76	1.25
Price to Tangible Book Value (P/TBV)	0.00	3.00	1.35	0.82	0.38	0.63	0.46	0.76	0.36	0.77	1.26
Price to Revenue (P/Rev)	0.41	0.73	0.91	0.27	0.17	0.31	0.26	0.36	0.16	0.33	0.27
Price to Earnings (P/E)	7.04	9.36	2.75	4.67	0.00	744.16	5.48	0.00	0.00	0.00	0.00
Dividend Yield	3.08%	1.91%	1.41%	2.67%	7.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	14.20%	10.68%	36.33%	21.41%	0.00%	0.13%	18.25%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.55	1.63	1.09	0.94	0.74	0.95	0.69	0.86	0.67	0.87	1.08
Enterprise Value to Revenue (EV/Rev)	1.22	1.26	2.13	0.83	0.88	1.04	0.71	0.77	0.59	0.71	0.76
Enterprise Value to EBITDA (EV/EBITDA)	5.08	4.78	4.15	4.92	13.76	13.28	7.97	7.27	11.12	6.36	7.63
Enterprise Value to EBIT (EV/EBIT)	9.57	7.89	5.23	8.89	0.00	0.00	0.00	31.05	0.00	31.74	368.17
Enterprise Value to NOPAT (EV/NOPAT)	14.38	11.71	35.96	13.89	0.00	0.00	0.00	71.90	0.00	41.93	386.83
Enterprise Value to Operating Cash Flow (EV/OCF)	5.68	4.70	15.43	6.54	30.09	11.27	4.29	19.12	7.09	5.69	46.41
Enterprise Value to Free Cash Flow (EV/FCFF)	7.32	6.64	0.00	6.69	0.00	7.20	38.27	0.00	26.25	7.90	3.70
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-50.06	3.70	1.79	1.68	1.58	1.56	1.14	1.03	1.04	1.01	2.38
Long-Term Debt to Equity	-49.60	3.65	1.78	1.66	1.56	1.53	1.09	1.01	1.01	0.98	2.31
Financial Leverage	-20.56	6.23	1.77	1.54	1.46	1.31	0.95	0.81	0.89	0.89	1.24
Leverage Ratio	-32.46	13.88	4.49	3.80	3.71	3.64	3.30	2.92	2.87	2.93	3.69
Compound Leverage Factor	-22.47	11.29	4.02	2.65	7.40	10.24	16.58	-1.64	6.44	-3.95	-116.51
Debt to Total Capital	102.04%	78.72%	64.15%	62.70%	61.31%	60.93%	53.28%	50.71%	51.02%	50.19%	70.38%
Short-Term Debt to Total Capital	0.94%	0.96%	0.49%	0.79%	1.10%	0.96%	2.16%	0.87%	1.66%	1.61%	1.89%
Long-Term Debt to Total Capital	101.09%	77.76%	63.67%	61.91%	60.21%	59.97%	51.12%	49.84%	49.36%	48.58%	68.49%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.72%	1.03%
Common Equity to Total Capital	-2.04%	21.28%	35.85%	37.30%	38.69%	39.07%	46.72%	49.29%	48.98%	49.09%	28.60%
Debt to EBITDA	3.80	3.43	2.57	3.62	11.81	10.25	7.39	4.71	8.95	4.00	5.35
Net Debt to EBITDA	3.35	2.00	2.37	3.29	11.11	9.37	5.07	3.88	8.07	3.32	4.84
Long-Term Debt to EBITDA	3.77	3.38	2.55	3.57	11.60	10.09	7.09	4.63	8.65	3.88	5.21
Debt to NOPAT	10.77	8.40	22.30	10.22	-29.46	-51.00	-127.02	46.63	-17.02	26.41	271.57
Net Debt to NOPAT	9.49	4.90	20.57	9.29	-27.71	-46.59	-87.11	38.34	-15.36	21.88	245.29
Long-Term Debt to NOPAT	10.67	8.29	22.13	10.09	-28.93	-50.19	-121.87	45.83	-16.46	25.56	264.28
Altman Z-Score	1.43	1.66	1.45	1.51	0.97	1.02	1.17	1.49	1.12	1.39	1.08
Noncontrolling Interest Sharing Ratio	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.71%	2.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.49	4.09	2.10	1.93	2.01	2.16	2.19	1.95	1.53	1.50	1.58
Quick Ratio	1.29	2.87	0.90	0.83	0.86	0.93	1.34	1.03	0.73	0.85	0.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	157	165	-1,115	241	-24	195	26	-61	37	147	300
Operating Cash Flow to CapEx	260.46%	261.80%	173.13%	191.75%	47.69%	201.19%	250.19%	49.78%	106.74%	188.63%	20.68%
Free Cash Flow to Firm to Interest Expense	4.25	6.38	-27.90	4.37	-0.45	3.08	0.39	-0.92	0.50	1.71	3.06
Operating Cash Flow to Interest Expense	5.47	9.01	3.25	4.48	0.81	1.96	3.51	1.04	1.86	2.38	0.24
Operating Cash Flow Less CapEx to Interest Expense	3.37	5.57	1.37	2.14	-0.88	0.99	2.11	-1.05	0.12	1.12	-0.94
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.73	0.64	0.46	0.74	0.55	0.54	0.57	0.72	0.73	0.76	0.75
Accounts Receivable Turnover	13.63	16.31	8.59	10.28	7.51	7.45	7.80	8.74	8.04	7.93	7.20
Inventory Turnover	5.56	5.60	3.80	5.50	4.96	6.07	6.64	6.43	6.58	7.05	6.04
Fixed Asset Turnover	1.14	1.08	0.85	1.41	1.07	0.00	0.00	1.49	1.48	1.56	1.44
Accounts Payable Turnover	13.47	16.78	8.23	9.81	8.23	8.26	8.17	9.56	8.88	7.66	6.97
Days Sales Outstanding (DSO)	26.78	22.38	42.49	35.49	48.58	49.01	46.78	41.78	45.42	46.06	50.69
Days Inventory Outstanding (DIO)	65.60	65.18	95.96	66.40	73.56	60.12	54.95	56.78	55.48	51.77	60.40
Days Payable Outstanding (DPO)	27.09	21.76	44.34	37.21	44.37	44.17	44.66	38.17	41.09	47.66	52.37
Cash Conversion Cycle (CCC)	65.29	65.80	94.10	64.69	77.77	64.96	57.07	60.39	59.81	50.17	58.71
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	740	668	1,839	1,714	1,701	1,485	1,451	1,531	1,448	1,329	1,032
Invested Capital Turnover	1.21	1.23	0.75	1.10	0.84	0.84	0.96	1.15	1.10	1.17	1.24
Increase / (Decrease) in Invested Capital	-77	-71	1,171	-125	-13	-216	-33	79	-82	-119	-297
Enterprise Value (EV)	1,146	1,092	2,002	1,614	1,261	1,403	1,001	1,315	966	1,159	1,110
Market Capitalization	389	636	856	535	243	413	364	614	265	544	395
Book Value per Share	($0.40)	$4.89	$16.03	$13.84	$10.80	$10.97	$12.78	$12.96	$11.42	$10.83	$4.72
Tangible Book Value per Share	($0.40)	$4.89	$14.65	$12.82	$10.08	$10.37	$12.28	$12.58	$11.16	$10.67	$4.67
Total Capital	841	995	1,935	1,895	1,765	1,779	1,743	1,682	1,524	1,454	1,107
Total Debt	858	783	1,242	1,188	1,082	1,084	929	853	777	730	779
Total Long-Term Debt	850	774	1,232	1,173	1,063	1,067	891	839	752	706	758
Net Debt	757	457	1,145	1,079	1,018	990	637	701	702	605	704
Capital Expenditures (CapEx)	77	89	75	129	88	62	93	138	128	108	116
Debt-free, Cash-free Net Working Capital (DFCFNWC)	103	75	252	252	243	264	167	199	149	99	154
Debt-free Net Working Capital (DFNWC)	204	402	348	361	307	358	459	350	225	224	229
Net Working Capital (NWC)	196	393	339	346	288	341	422	336	199	201	208
Net Nonoperating Expense (NNE)	24	20	-269	-12	-14	-22	-74	33	56	66	423
Net Nonoperating Obligations (NNO)	757	457	1,145	1,007	1,018	790	637	701	702	605	704
Total Depreciation and Amortization (D&A)	106	90	100	147	144	141	142	139	146	146	143
Debt-free, Cash-free Net Working Capital to Revenue	10.94%	8.69%	26.81%	12.86%	16.99%	19.65%	11.89%	11.57%	9.05%	6.07%	10.47%
Debt-free Net Working Capital to Revenue	21.70%	46.29%	37.05%	18.43%	21.46%	26.62%	32.63%	20.41%	13.66%	13.75%	15.61%
Net Working Capital to Revenue	20.85%	45.18%	36.04%	17.66%	20.10%	25.34%	29.95%	19.56%	12.12%	12.32%	14.18%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.31	$1.61	$7.17	$2.27	($0.57)	$0.01	$1.05	($0.23)	($1.57)	($0.59)	($6.33)
Adjusted Weighted Average Basic Shares Outstanding	42.87M	43.26M	51.68M	49.28M	63.17M	63.36M	63.74M	64.20M	65.40M	65.97M	67.01M
Adjusted Diluted Earnings per Share	$1.30	$1.55	$5.81	$1.96	($0.57)	$0.01	$1.05	($0.23)	($1.57)	($0.59)	($6.33)
Adjusted Weighted Average Diluted Shares Outstanding	42.87M	43.26M	51.68M	49.28M	63.17M	63.36M	63.74M	64.20M	65.40M	65.97M	67.01M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	42.87M	43.26M	51.68M	49.28M	63.17M	63.36M	63.74M	64.20M	65.40M	65.97M	67.01M
Normalized Net Operating Profit after Tax (NOPAT)	80	93	56	116	-37	-21	-7.31	18	-2.07	57	18
Normalized NOPAT Margin	8.47%	10.74%	5.92%	5.94%	-2.57%	-1.58%	-0.52%	1.07%	-0.13%	3.49%	1.23%
Pre Tax Income Margin	8.80%	12.96%	36.44%	6.46%	-7.29%	-7.31%	-5.89%	-1.39%	-8.06%	-3.02%	-6.48%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.25	5.37	9.57	3.29	-1.01	-0.55	-0.25	0.64	-0.81	0.43	0.03
NOPAT to Interest Expense	2.16	3.62	1.39	2.11	-0.71	-0.34	-0.11	0.28	-0.62	0.32	0.03
EBIT Less CapEx to Interest Expense	1.15	1.93	7.70	0.96	-2.70	-1.53	-1.65	-1.45	-2.54	-0.83	-1.15
NOPAT Less CapEx to Interest Expense	0.06	0.18	-0.48	-0.23	-2.40	-1.31	-1.51	-1.81	-2.36	-0.94	-1.15
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	21.38%	21.12%	8.15%	22.47%	-84.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	21.38%	21.12%	8.20%	55.79%	-114.91%	0.00%	0.00%	0.00%	0.00%	-3.08%	0.00%

This table displays calculated financial ratios and metrics derived from Rayonier Advanced Materials' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/30/2024	6/29/2024	9/28/2024	12/31/2024	3/29/2025	6/28/2025	9/27/2025	12/31/2025	3/28/2026
DEI Shares Outstanding	-	-	-	-	-	-	65,966,881.00	66,774,538.00	67,000,882.00	67,005,593.00	67,005,593.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	65,966,881.00	66,774,538.00	67,000,882.00	67,005,593.00	67,005,593.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-0.48	-5.44	-0.07	-0.31	-1.22
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-20.95%	-15.50%	-16.95%	8.73%	8.80%	0.00%	-9.05%	-18.85%	-12.03%	-1.17%	-9.51%
EBITDA Growth	-62.61%	-143.86%	4.21%	110.75%	-26.13%	258.50%	-66.35%	-54.09%	128.92%	18.91%	-84.66%
EBIT Growth	-131.67%	-426.35%	27.03%	1,156.18%	-51.90%	107.22%	-170.43%	-108.49%	163.97%	97.77%	-380.76%
NOPAT Growth	-132.04%	-213.83%	2.90%	792.07%	-16.34%	118.06%	-188.39%	-103.00%	157.96%	-1.97%	-332.75%
Net Income Growth	-184.78%	-1,814.70%	-197.70%	168.00%	-29.87%	74.14%	-1,935.16%	-3,288.58%	86.42%	-31.56%	-155.16%
EPS Growth	-186.67%	-1,442.86%	-200.00%	165.38%	-25.64%	73.40%	-2,350.00%	-3,300.00%	85.71%	-32.00%	-148.98%
Operating Cash Flow Growth	-103.94%	-11.78%	-78.08%	169.76%	2,995.53%	1.45%	251.67%	-134.45%	-135.69%	-41.26%	-19.38%
Free Cash Flow Firm Growth	104.07%	195.03%	618.78%	361.52%	4,277.69%	218.52%	177.68%	272.73%	145.01%	140.43%	116.07%
Invested Capital Growth	-0.85%	-5.39%	-2.78%	-4.88%	-9.14%	-8.23%	-10.93%	-27.39%	-22.04%	-22.38%	-28.27%
Revenue Q/Q Growth	-4.34%	14.60%	-8.24%	8.10%	-4.28%	5.34%	-16.55%	-4.47%	3.76%	18.34%	-23.59%
EBITDA Q/Q Growth	-13.33%	-197.07%	313.52%	19.05%	-69.62%	108.27%	-55.33%	62.43%	51.47%	8.19%	-94.24%
EBIT Q/Q Growth	-287.56%	-471.22%	131.83%	50.77%	-155.74%	127.15%	-408.74%	81.83%	519.99%	-16.08%	-850.51%
NOPAT Q/Q Growth	-123.67%	-322.17%	128.01%	161.67%	-137.60%	165.53%	-237.10%	91.13%	827.26%	10.82%	-705.22%
Net Income Q/Q Growth	-49.85%	-145.39%	97.45%	825.48%	-386.20%	51.14%	-100.59%	-1,036.64%	98.78%	-373.47%	-289.05%
EPS Q/Q Growth	-50.00%	-141.03%	97.87%	950.00%	-388.24%	48.98%	-96.00%	-1,010.20%	98.71%	-371.43%	-269.70%
Operating Cash Flow Q/Q Growth	-105.30%	3,245.55%	-79.19%	677.57%	-43.11%	10.21%	-27.87%	-176.18%	41.06%	281.37%	-1.00%
Free Cash Flow Firm Q/Q Growth	-87.23%	1,283.79%	35.33%	93.00%	21.12%	0.69%	17.98%	159.06%	-20.38%	-1.20%	6.03%
Invested Capital Q/Q Growth	1.08%	-3.95%	1.22%	-3.21%	-3.44%	-2.98%	-1.76%	-21.10%	3.68%	-3.41%	-9.22%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	2.37%	6.47%	9.48%	11.53%	10.86%	8.74%	6.82%	6.95%	9.66%	8.87%	-2.38%
EBITDA Margin	6.98%	-5.91%	13.56%	14.93%	4.74%	9.37%	5.02%	8.45%	12.33%	11.27%	0.85%
Operating Margin	-3.92%	-14.43%	4.40%	6.73%	-4.19%	2.61%	-4.28%	-0.39%	2.76%	2.58%	-20.47%
EBIT Margin	-2.89%	-14.41%	4.97%	6.93%	-4.04%	1.04%	-3.85%	-0.73%	2.94%	2.08%	-20.45%
Profit (Net Income) Margin	-6.81%	-14.58%	-0.41%	2.72%	-8.13%	-3.77%	-9.06%	-106.80%	-1.25%	-5.02%	-25.55%
Tax Burden Percent	79.25%	74.85%	98.74%	146.50%	88.90%	85.11%	85.96%	1,388.30%	30.72%	121.10%	92.28%
Interest Burden Percent	297.18%	135.15%	-8.25%	26.77%	226.49%	-425.85%	273.95%	1,060.83%	-139.11%	-199.09%	135.43%
Effective Tax Rate	0.00%	0.00%	0.00%	-10.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-3.12%	-11.14%	3.24%	8.20%	-3.32%	2.14%	-3.45%	-0.34%	2.33%	2.25%	-18.32%
ROIC Less NNEP Spread (ROIC-NNEP)	-5.17%	-13.84%	1.31%	5.23%	-6.39%	-1.48%	-6.67%	-54.46%	0.67%	-2.11%	-23.82%
Return on Net Nonoperating Assets (RNNOA)	-4.83%	-12.32%	1.17%	4.47%	-5.72%	-1.31%	-6.15%	-65.67%	0.84%	-2.62%	-32.97%
Return on Equity (ROE)	-7.94%	-23.47%	4.41%	12.67%	-9.04%	0.83%	-9.60%	-66.01%	3.17%	-0.38%	-51.28%
Cash Return on Invested Capital (CROIC)	1.41%	2.47%	-0.23%	3.55%	7.99%	10.57%	11.93%	30.47%	25.01%	25.44%	30.05%
Operating Return on Assets (OROA)	-2.21%	-10.45%	3.50%	4.92%	-3.04%	0.79%	-2.89%	-0.56%	2.18%	1.57%	-15.48%
Return on Assets (ROA)	-5.19%	-10.58%	-0.29%	1.93%	-6.11%	-2.85%	-6.80%	-82.14%	-0.93%	-3.79%	-19.35%
Return on Common Equity (ROCE)	-7.94%	-23.47%	4.41%	12.67%	-9.04%	0.82%	-9.53%	-65.25%	3.13%	-0.37%	-50.03%
Return on Equity Simple (ROE_SIMPLE)	-4.66%	0.00%	-14.16%	-10.18%	-11.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-10	-43	12	31	-12	7.71	-11	-0.94	6.82	7.55	-46
NOPAT Margin	-2.74%	-10.10%	3.08%	7.46%	-2.93%	1.82%	-3.00%	-0.28%	1.93%	1.81%	-14.33%
Net Nonoperating Expense Percent (NNEP)	2.05%	2.70%	1.93%	2.97%	3.07%	3.62%	3.22%	54.12%	1.66%	4.36%	5.50%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.80%	-	-	-	0.53%	-0.74%	-0.09%	0.60%	0.69%	-4.61%
Cost of Revenue to Revenue	97.63%	93.53%	90.52%	88.47%	89.14%	91.26%	93.18%	93.05%	90.34%	91.13%	102.38%
SG&A Expenses to Revenue	5.74%	4.04%	5.44%	5.20%	5.66%	6.32%	6.60%	5.28%	6.70%	4.57%	6.01%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	6.29%	20.88%	5.08%	4.80%	15.05%	6.14%	11.10%	7.35%	6.90%	6.28%	18.09%
Earnings before Interest and Taxes (EBIT)	-11	-61	19	29	-16	4.40	-14	-2.47	10	8.69	-65
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	26	-25	53	63	19	40	18	29	44	47	2.71
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.29	0.35	0.42	0.47	0.76	0.76	0.53	0.74	1.36	1.25	3.14
Price to Tangible Book Value (P/TBV)	0.30	0.36	0.43	0.48	0.78	0.77	0.54	0.76	1.38	1.26	3.19
Price to Revenue (P/Rev)	0.13	0.16	0.20	0.22	0.34	0.33	0.23	0.17	0.31	0.27	0.50
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.63	0.67	0.71	0.72	0.87	0.87	0.75	0.91	1.11	1.08	1.52
Enterprise Value to Revenue (EV/Rev)	0.55	0.59	0.66	0.64	0.73	0.71	0.62	0.62	0.81	0.76	1.00
Enterprise Value to EBITDA (EV/EBITDA)	5.86	11.12	12.44	8.78	10.93	6.36	7.09	8.97	9.19	7.63	11.69
Enterprise Value to EBIT (EV/EBIT)	46.70	0.00	0.00	0.00	0.00	31.74	267.40	0.00	0.00	368.17	0.00
Enterprise Value to NOPAT (EV/NOPAT)	113.55	0.00	0.00	0.00	0.00	41.93	192.28	0.00	394.00	386.83	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	6.64	7.09	10.78	6.75	5.90	5.69	4.24	8.25	25.55	46.41	87.90
Enterprise Value to Free Cash Flow (EV/FCFF)	44.58	26.25	0.00	19.75	10.41	7.90	5.95	2.53	3.90	3.70	4.24
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.95	1.04	1.05	1.03	1.06	1.01	1.05	2.10	2.26	2.38	3.17
Long-Term Debt to Equity	0.93	1.01	1.02	1.00	1.02	0.98	1.01	2.03	2.17	2.31	3.05
Financial Leverage	0.93	0.89	0.89	0.85	0.90	0.89	0.92	1.21	1.25	1.24	1.38
Leverage Ratio	2.88	2.87	2.83	2.87	2.86	2.93	2.95	3.56	3.65	3.69	4.02
Compound Leverage Factor	8.57	3.89	-0.23	0.77	6.47	-12.49	8.08	37.76	-5.08	-7.36	5.45
Debt to Total Capital	48.81%	51.02%	51.21%	50.74%	51.35%	50.19%	51.28%	67.74%	69.31%	70.38%	76.00%
Short-Term Debt to Total Capital	1.21%	1.66%	1.52%	1.63%	1.70%	1.61%	2.02%	2.30%	2.63%	1.89%	2.78%
Long-Term Debt to Total Capital	47.59%	49.36%	49.70%	49.11%	49.65%	48.58%	49.25%	65.44%	66.68%	68.49%	73.22%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.72%	0.79%	1.16%	1.15%	1.03%	1.16%
Common Equity to Total Capital	51.19%	48.98%	48.79%	49.26%	48.65%	49.09%	47.93%	31.10%	29.54%	28.60%	22.83%
Debt to EBITDA	4.60	8.95	9.34	6.69	7.06	4.00	5.30	7.10	6.13	5.35	6.26
Net Debt to EBITDA	4.44	8.07	8.69	5.71	5.82	3.32	4.37	6.43	5.53	4.84	5.70
Long-Term Debt to EBITDA	4.49	8.65	9.07	6.48	6.83	3.88	5.09	6.86	5.90	5.21	6.03
Debt to NOPAT	89.23	-17.02	-17.17	-36.88	-34.00	26.41	143.78	-47.94	262.74	271.57	-23.64
Net Debt to NOPAT	86.00	-15.36	-15.97	-31.46	-28.02	21.88	118.41	-43.39	237.24	245.29	-21.54
Long-Term Debt to NOPAT	87.01	-16.46	-16.66	-35.69	-32.88	25.56	138.11	-46.31	252.76	264.28	-22.78
Altman Z-Score	1.26	1.12	1.26	1.30	1.34	1.34	1.18	1.04	1.12	1.09	0.99
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.71%	0.79%	1.15%	1.22%	2.08%	2.45%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.55	1.53	1.64	1.69	1.73	1.50	1.41	1.45	1.57	1.58	1.37
Quick Ratio	0.61	0.73	0.71	0.84	0.91	0.85	0.73	0.60	0.69	0.75	0.63
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2.88	40	54	104	126	127	150	388	309	305	323
Operating Cash Flow to CapEx	-4.19%	166.74%	34.60%	344.06%	230.22%	194.21%	105.61%	-80.54%	-75.07%	190.59%	145.14%
Free Cash Flow to Firm to Interest Expense	0.14	1.85	2.58	4.89	6.15	5.49	6.34	16.36	12.46	11.73	13.99
Operating Cash Flow to Interest Expense	-0.08	2.52	0.54	4.12	2.43	2.38	1.68	-1.27	-0.72	1.24	1.38
Operating Cash Flow Less CapEx to Interest Expense	-2.04	1.01	-1.02	2.92	1.38	1.15	0.09	-2.86	-1.67	0.59	0.43
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.76	0.73	0.70	0.71	0.75	0.76	0.75	0.77	0.74	0.75	0.76
Accounts Receivable Turnover	8.75	8.04	8.14	8.39	8.83	7.93	9.11	8.53	7.82	7.20	8.41
Inventory Turnover	6.31	6.58	6.35	6.64	6.19	7.05	6.55	6.07	5.54	6.04	6.18
Fixed Asset Turnover	1.52	1.48	1.42	1.45	1.51	1.56	1.53	1.45	1.44	1.44	1.44
Accounts Payable Turnover	9.93	8.88	9.37	8.08	8.72	7.66	8.07	7.41	7.98	6.97	6.69
Days Sales Outstanding (DSO)	41.70	45.42	44.84	43.52	41.32	46.06	40.06	42.77	46.70	50.69	43.39
Days Inventory Outstanding (DIO)	57.84	55.48	57.52	54.97	59.01	51.77	55.68	60.16	65.85	60.40	59.09
Days Payable Outstanding (DPO)	36.75	41.09	38.96	45.17	41.87	47.66	45.24	49.27	45.75	52.37	54.56
Cash Conversion Cycle (CCC)	62.79	59.81	63.40	53.31	58.46	50.17	50.50	53.66	66.80	58.71	47.93
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,508	1,448	1,466	1,419	1,370	1,329	1,306	1,030	1,068	1,032	936
Invested Capital Turnover	1.14	1.10	1.05	1.10	1.13	1.17	1.15	1.24	1.21	1.24	1.28
Increase / (Decrease) in Invested Capital	-13	-82	-42	-73	-138	-119	-160	-389	-302	-297	-369
Enterprise Value (EV)	953	966	1,037	1,020	1,197	1,159	984	942	1,190	1,110	1,427
Market Capitalization	231	265	313	357	560	544	367	254	460	395	720
Book Value per Share	$12.02	$11.42	$11.34	$11.52	$11.12	$10.83	$10.43	$5.13	$5.05	$4.72	$3.42
Tangible Book Value per Share	$11.73	$11.16	$11.10	$11.30	$10.94	$10.67	$10.30	$5.02	$4.97	$4.67	$3.37
Total Capital	1,535	1,524	1,520	1,533	1,506	1,454	1,435	1,101	1,145	1,107	1,004
Total Debt	749	777	779	778	773	730	736	746	794	779	763
Total Long-Term Debt	730	752	756	753	748	706	707	720	763	758	735
Net Debt	722	702	724	664	637	605	606	675	717	704	695
Capital Expenditures (CapEx)	41	32	33	25	22	28	38	37	24	17	22
Debt-free, Cash-free Net Working Capital (DFCFNWC)	175	149	182	169	155	99	67	123	167	154	104
Debt-free Net Working Capital (DFNWC)	203	225	236	283	291	224	197	194	245	229	172
Net Working Capital (NWC)	184	199	213	258	265	201	168	168	214	208	144
Net Nonoperating Expense (NNE)	15	19	14	20	21	24	21	362	11	29	36
Net Nonoperating Obligations (NNO)	722	702	724	664	637	605	606	675	717	704	695
Total Depreciation and Amortization (D&A)	36	36	33	34	35	35	31	31	33	38	68
Debt-free, Cash-free Net Working Capital to Revenue	10.19%	9.05%	11.60%	10.59%	9.49%	6.07%	4.19%	8.08%	11.38%	10.47%	7.26%
Debt-free Net Working Capital to Revenue	11.77%	13.66%	15.10%	17.73%	17.83%	13.75%	12.33%	12.73%	16.62%	15.61%	12.00%
Net Working Capital to Revenue	10.69%	12.12%	13.62%	16.17%	16.26%	12.32%	10.51%	11.07%	14.57%	14.18%	10.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.39)	($0.94)	($0.02)	$0.17	($0.49)	($0.25)	($0.49)	($5.44)	($0.07)	($0.33)	($1.22)
Adjusted Weighted Average Basic Shares Outstanding	65.34M	65.40M	65.58M	65.89M	65.92M	65.97M	66.77M	67.00M	67.01M	67.01M	67.44M
Adjusted Diluted Earnings per Share	($0.39)	($0.94)	($0.02)	$0.17	($0.49)	($0.25)	($0.49)	($5.44)	($0.07)	($0.33)	($1.22)
Adjusted Weighted Average Diluted Shares Outstanding	65.34M	65.40M	65.58M	65.89M	65.92M	65.97M	66.77M	67.00M	67.01M	67.01M	67.44M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	65.34M	65.40M	65.58M	65.89M	65.92M	65.97M	66.77M	67.00M	67.01M	67.01M	67.44M
Normalized Net Operating Profit after Tax (NOPAT)	-10	-43	12	24	11	7.71	-1.36	0.14	7.96	11	-45
Normalized NOPAT Margin	-2.74%	-10.10%	3.08%	5.82%	2.83%	1.82%	-0.39%	0.04%	2.26%	2.64%	-14.05%
Pre Tax Income Margin	-8.59%	-19.48%	-0.41%	1.86%	-9.14%	-4.43%	-10.54%	-7.69%	-4.08%	-4.14%	-27.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.51	-2.83	0.92	1.37	-0.79	0.19	-0.57	-0.10	0.42	0.33	-2.82
NOPAT to Interest Expense	-0.48	-1.98	0.57	1.47	-0.57	0.33	-0.45	-0.04	0.28	0.29	-1.98
EBIT Less CapEx to Interest Expense	-2.46	-4.34	-0.64	0.17	-1.85	-1.03	-2.16	-1.69	-0.54	-0.32	-3.77
NOPAT Less CapEx to Interest Expense	-2.43	-3.49	-0.99	0.27	-1.63	-0.89	-2.04	-1.62	-0.68	-0.36	-2.93
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-3.08%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Rayonier Advanced Materials (NYSE: RYAM) showed a sharp deterioration in profitability in Q1 2026, despite remaining cash-generative on an operating basis. Revenue fell year over year, the company posted a large operating loss, and leverage remains heavy. On the other hand, operating cash flow stayed positive, which gives the business some near-term flexibility.

Operating cash flow remained positive in Q1 2026. RYAM generated $31.9 million of cash from operations, which helps offset headline accounting losses.
Depreciation continues to provide a sizable non-cash cushion. The company recorded $67.9 million of depreciation in Q1 2026, supporting cash flow even while earnings were negative.
Cash and equivalents improved from the end of Q4 2025. Cash rose to $67.9 million from $54.0 million, a modest but helpful increase.
Debt balances were trimmed slightly from late 2025 levels. Short-term debt fell to $28.0 million from $30.1 million, and long-term debt declined to $735.5 million from $763.5 million.
Working capital remains a major source of cash flow volatility. In Q1 2026, changes in operating assets and liabilities contributed $39.4 million to operating cash flow, showing that cash generation is still heavily influenced by short-term balance sheet movements.
Capital spending was relatively restrained. Q1 2026 capex was $22.0 million, lower than several prior quarters, which may help preserve liquidity.
The company still has a meaningful asset base. Total assets were $1.67 billion at quarter-end, with nearly $966 million in net property, plant and equipment.
Revenue declined sharply year over year. Q1 2026 revenue was $319.1 million, down from $352.6 million in Q1 2025.
Margins deteriorated badly. Gross profit was negative $7.6 million in Q1 2026, versus a positive $24.1 million in Q1 2025, as cost of revenue exceeded sales.
Net losses remain substantial. Q1 2026 net loss attributable to common shareholders was $81.6 million, or $1.22 per share, much worse than the $31.9 million loss in Q1 2025.
Operating losses widened materially. Operating loss reached $65.3 million in Q1 2026, compared with a $15.1 million operating loss in Q1 2025.
Interest expense remains a heavy burden. The company reported $23.1 million of interest expense in Q1 2026, which continues to pressure pre-tax results.
Balance sheet leverage is still high. Total liabilities were $1.43 billion versus $229.4 million of common equity, leaving the company with a highly leveraged capital structure.
Liquidity has weakened from a year ago. Cash and equivalents were down sharply from $129.9 million in Q1 2025 and $136.1 million in Q3 2024.

Bottom line: RYAM is still producing operating cash, but the core business is under pressure. Revenue is down, margins are weak, and losses are large, while debt service continues to absorb cash. Investors should view the stock as a turnaround story with meaningful financial risk, not a stable cash compounder.

07/05/26 12:41 AM ETAI Generated. May Contain Errors.

Rayonier Advanced Materials Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Rayonier Advanced Materials' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Rayonier Advanced Materials' net income appears to be on a downward trend, with a most recent value of -$420.51 million in 2025, falling from $55.26 million in 2015. The previous period was -$38.71 million in 2024. Find out what analysts predict for Rayonier Advanced Materials in the coming months.

Rayonier Advanced Materials' total operating income in 2025 was $4.10 million, based on the following breakdown:

Total Gross Profit: $118.79 million
Total Operating Expenses: $114.69 million

Over the last 10 years, Rayonier Advanced Materials' total revenue changed from $941.38 million in 2015 to $1.47 billion in 2025, a change of 55.8%.

Rayonier Advanced Materials' total liabilities were at $1.43 billion at the end of 2025, a 1.8% increase from 2024, and a 10.4% increase since 2015.

In the past 10 years, Rayonier Advanced Materials' cash and equivalents has ranged from $64.03 million in 2019 to $326.66 million in 2016, and is currently $75.39 million as of their latest financial filing in 2025.

Over the last 10 years, Rayonier Advanced Materials' book value per share changed from -0.40 in 2015 to 4.72 in 2025, a change of -1,281.7%.

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Financial statements for NYSE:RYAM last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Rayonier Advanced Materials (RYAM) Financials

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Rayonier Advanced Materials (RYAM) Financials

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