Rayonier (RYN) Financials

$19.87 +0.05 (+0.23%)

Closing price 05/18/2026 03:59 PM Eastern

Extended Trading

$19.88 +0.01 (+0.05%)

As of 04:34 AM Eastern

Annual Income Statements for Rayonier

This table shows Rayonier's 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	46	212	149	102	59	37	153	107	173	359	474
Consolidated Net Income / (Loss)	44	218	162	117	68	30	210	123	178	369	480
Net Income / (Loss) Continuing Operations	44	218	162	117	68	30	210	123	159	341	74
Total Pre-Tax Income	43	223	183	143	81	37	225	132	160	340	75
Total Operating Income	78	256	215	170	107	74	270	166	185	364	83
Total Gross Profit	127	289	251	211	153	147	313	221	259	440	157
Total Revenue	569	816	820	816	712	859	1,110	909	788	988	484
Operating Revenue	569	816	820	816	712	859	1,110	909	788	988	484
Total Cost of Revenue	442	526	568	605	558	712	796	688	529	548	327
Operating Cost of Revenue	442	526	568	605	558	712	796	688	529	548	327
Total Operating Expenses	49	34	36	41	46	72	44	55	75	76	74
Selling, General & Admin Expense	46	43	40	42	42	51	58	65	75	74	67
Other Operating Expenses / (Income)	3.55	-9.09	-4.39	-1.14	4.53	22	-14	-9.70	-0.04	1.80	7.26
Total Other Income / (Expense), net	-35	-33	-32	-28	-26	-38	-45	-34	-25	-24	-8.74
Interest Expense	32	32	34	32	32	39	45	36	45	34	26
Interest & Investment Income	-	-	-	-	-	-	-	-	1.78	8.21	24
Other Income / (Expense), net	-3.00	-0.70	1.84	4.56	5.31	1.17	0.28	2.57	18	1.28	-6.69
Income Tax Expense	-0.86	5.06	22	25	13	7.01	15	9.39	0.29	-1.02	0.53
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	19	28	406
Net Income / (Loss) Attributable to Noncontrolling Interest	-2.22	5.80	13	15	8.57	-7.30	58	16	5.00	9.84	6.03
Basic Earnings per Share	$0.37	$1.73	$1.17	$1.58	$0.92	$0.28	$1.08	$0.73	$1.17	$2.41	$3.07
Weighted Average Basic Shares Outstanding	125.39M	122.59M	127.37M	129.49M	129.33M	142.11M	148.68M	150.49M	150.74M	158.19M	303.98M
Diluted Earnings per Share	$0.37	$1.73	$1.16	$1.58	$0.92	$0.27	$1.08	$0.73	$1.17	$2.39	$3.03
Weighted Average Diluted Shares Outstanding	125.39M	122.59M	127.37M	129.49M	129.33M	142.11M	148.68M	150.49M	150.74M	158.19M	303.98M
Weighted Average Basic & Diluted Shares Outstanding	125.39M	122.59M	127.37M	129.49M	129.33M	142.11M	148.68M	150.49M	150.74M	158.19M	303.98M
Cash Dividends to Common per Share	$1.00	$1.00	$1.00	$1.06	$1.08	$1.08	$1.08	$1.13	$1.34	$2.94	$2.49

This table shows Rayonier's 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	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	19	127	1.36	1.90	29	327	-3.42	409	43	26	-12
Consolidated Net Income / (Loss)	23	129	2.31	3.04	30	333	-3.09	414	44	26	-13
Net Income / (Loss) Continuing Operations	23	129	-4.51	-3.90	22	333	-5.59	9.77	44	26	-13
Total Pre-Tax Income	23	133	-5.50	-3.90	22	341	-5.30	9.77	44	26	-52
Total Operating Income	35	145	8.63	4.55	19	346	0.06	15	42	27	-46
Total Gross Profit	56	168	28	25	38	361	18	32	58	49	46
Total Revenue	202	467	114	100	124	726	83	107	178	117	277
Operating Revenue	202	467	114	100	124	726	83	107	178	117	277
Total Cost of Revenue	146	299	86	74	86	366	65	75	119	68	230
Operating Cost of Revenue	146	299	86	74	86	366	65	75	119	68	230
Total Operating Expenses	21	23	19	21	19	14	18	17	17	22	92
Selling, General & Admin Expense	19	20	19	21	18	17	17	17	17	16	22
Other Operating Expenses / (Income)	1.65	2.74	-0.03	0.18	0.66	-2.26	1.22	0.17	-0.31	6.18	70
Total Other Income / (Expense), net	-12	-13	-14	-8.44	3.42	-5.66	-5.36	-4.78	2.00	-0.61	-6.29
Interest Expense	13	12	8.95	9.03	9.21	7.34	6.39	6.54	6.77	6.65	14
Interest & Investment Income	-	-	1.90	1.76	1.10	-	2.88	2.33	9.81	9.29	7.16
Other Income / (Expense), net	0.53	-1.05	-7.08	-1.17	12	1.68	-1.84	-0.56	-1.04	-3.24	0.85
Income Tax Expense	0.55	3.34	-0.99	0.00	0.01	7.35	0.29	0.00	0.00	0.24	-39
Net Income / (Loss) Attributable to Noncontrolling Interest	3.50	2.29	0.95	1.13	1.68	6.07	0.34	5.48	0.52	-0.30	-0.08
Basic Earnings per Share	$0.13	$0.85	$0.01	$0.01	$0.19	$2.20	($0.02)	$2.63	$0.28	$0.18	($0.05)
Weighted Average Basic Shares Outstanding	150.74M	150.74M	150.97M	151.01M	151.01M	158.19M	157.86M	156.18M	155.50M	303.98M	302.43M
Diluted Earnings per Share	$0.13	$0.85	$0.01	$0.01	$0.19	$2.18	($0.02)	$2.63	$0.28	$0.14	($0.05)
Weighted Average Diluted Shares Outstanding	150.74M	150.74M	150.97M	151.01M	151.01M	158.19M	157.86M	156.18M	155.50M	303.98M	302.43M
Weighted Average Basic & Diluted Shares Outstanding	150.74M	150.74M	150.97M	151.01M	151.01M	158.19M	157.86M	156.18M	155.50M	303.98M	302.43M
Cash Dividends to Common per Share	$0.29	-	$0.29	$0.29	$0.29	-	$0.27	$0.27	$0.27	-	$0.26

This table details how cash moves in and out of Rayonier's 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	-110	82	15	-148	-86	18	282	-254	93	135	500
Net Cash From Operating Activities	177	204	256	310	214	204	325	269	298	262	257
Net Cash From Continuing Operating Activities	177	204	256	310	214	204	325	269	298	262	257
Net Income / (Loss) Continuing Operations	44	218	162	117	68	30	210	123	178	369	480
Consolidated Net Income / (Loss)	44	218	162	117	68	30	210	123	178	369	480
Depreciation Expense	114	115	128	144	128	165	156	147	158	140	116
Amortization Expense	4.01	2.05	0.47	0.68	0.45	0.87	1.17	0.75	0.01	0.00	-0.01
Non-Cash Adjustments To Reconcile Net Income	17	-127	-48	30	19	25	-70	25	-57	-226	-343
Changes in Operating Assets and Liabilities, net	-1.97	-4.06	15	18	-1.58	-16	27	-27	19	-21	3.42
Net Cash From Investing Activities	-166	-235	-235	-133	-219	-214	-26	-516	124	354	615
Net Cash From Continuing Investing Activities	-166	-235	-235	-133	-219	-214	-26	-516	124	354	615
Purchase of Property, Plant & Equipment	-58	-65	-71	-62	-64	-67	-76	-75	-81	-80	-57
Sale of Property, Plant & Equipment	0.00	204	95	0.00	0.00	116	240	29	240	485	4.47
Divestitures	-	-	-	-	-	-	-	-	0.00	0.00	688
Other Investing Activities, net	-111	-373	-259	-71	-155	-32	-191	-471	-34	-51	-21
Net Cash From Financing Activities	-116	114	-6.87	-194	-80	27	-16	-4.59	-329	-479	-373
Net Cash From Continuing Financing Activities	-116	114	-6.87	-325	-80	27	-16	-4.59	-329	-479	-373
Repayment of Debt	-366	-460	-100	-54	-0.13	-154	-431	-533	-150	-250	-0.78
Repurchase of Common Equity	-100	-0.69	-0.18	-2.98	-4.25	-1.61	-1.62	-4.23	-4.22	-4.18	-2.90
Payment of Dividends	-125	-123	-127	-285	-141	-146	-154	-166	-170	-201	-292
Issuance of Common Equity	2.12	1.58	157	8.59	1.26	34	237	64	-0.01	0.00	0.00
Other Financing Activities, net	-	0.00	0.00	2.03	-17	-25	-113	-23	-4.66	-25	-77
Other Net Changes in Cash	-	-0.94	0.58	-	-1.70	-0.02	-0.89	-1.97	-0.62	-1.42	1.39
Cash Income Taxes Paid	0.28	0.50	0.51	2.15	1.69	0.82	7.39	15	4.82	5.88	4.05

This table details how cash moves in and out of Rayonier's 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	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	16	99	-48	-18	-65	266	-110	660	27	-77	-161
Net Cash From Operating Activities	83	89	52	55	66	88	28	61	116	52	35
Net Cash From Continuing Operating Activities	83	89	52	55	66	88	28	61	116	52	35
Net Income / (Loss) Continuing Operations	23	129	2.31	3.04	30	333	-3.09	414	44	26	-13
Consolidated Net Income / (Loss)	23	129	2.31	3.04	30	333	-3.09	414	44	26	-13
Depreciation Expense	37	44	37	36	33	34	28	28	35	25	56
Non-Cash Adjustments To Reconcile Net Income	9.95	-90	12	11	14	-264	4.68	-394	40	6.17	23
Changes in Operating Assets and Liabilities, net	13	5.92	1.07	4.88	-12	-15	-1.72	13	-2.72	-5.28	-32
Net Cash From Investing Activities	-23	204	-24	-23	-27	429	-21	680	-15	-28	-53
Net Cash From Continuing Investing Activities	-23	204	-24	-23	-27	429	-21	680	-15	-28	-53
Purchase of Property, Plant & Equipment	-16	-28	-19	-18	-16	-27	-15	-15	-13	-15	-20
Acquisitions	-	-	-	-	-	-	0.00	-	-	-	-25
Other Investing Activities, net	-6.87	-7.82	-5.18	-5.32	-11	-29	-6.76	2.83	-3.51	-13	-7.86
Net Cash From Financing Activities	-43	-195	-75	-50	-105	-249	-116	-82	-73	-101	-143
Net Cash From Continuing Financing Activities	-43	-195	-75	-50	-105	-249	-116	-82	-73	-101	-143
Repayment of Debt	-	-150	-	-	-	-190	0.00	-	-	-	-28
Repurchase of Common Equity	-0.03	-	-0.03	-4.13	-0.00	-0.01	-0.04	-2.64	-0.01	-0.21	-1.87
Payment of Dividends	-42	-42	-72	-43	-43	-42	-110	-43	-42	-97	-81
Other Financing Activities, net	-0.70	-2.40	-2.80	-2.63	-2.24	-17	-6.00	-37	-31	-3.89	-32
Other Net Changes in Cash	-0.06	0.31	-0.96	0.06	0.76	-1.28	0.03	1.36	-	-	0.00
Cash Income Taxes Paid	0.96	0.17	1.85	1.99	1.65	0.38	6.02	0.92	-	0.02	0.01

This table presents Rayonier's 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	2,316	2,686	2,858	2,781	5,722	3,729	113	3,789	3,648	3,474	3,405
Total Current Assets	106	165	184	208	252	171	6.34	202	317	437	884
Cash & Equivalents	52	86	113	148	137	85	-	114	208	303	843
Accounts Receivable	20	21	28	26	54	49	-	43	40	21	16
Inventories, net	15	21	24	16	29	11	-	24	31	31	6.83
Prepaid Expenses	13	12	16	17	29	16	-	21	19	9.57	9.87
Other Current Assets	5.68	25	3.05	0.61	1.73	6.77	-	0.57	9.07	5.42	7.83
Plant, Property, & Equipment, net	2,139	84	104	108	208	30	0.00	27	27	17	19
Plant, Property & Equipment, gross	16	23	33	31	64	43	-	45	46	36	39
Accumulated Depreciation	9.07	9.06	9.27	7.98	19	12	-	18	19	18	21
Total Noncurrent Assets	71	2,437	2,571	2,464	5,262	3,525	107	3,560	3,304	3,020	2,502
Long-Term Investments	24	72	60	8.08	2.47	0.00	-	1.15	0.68	0.68	0.50
Other Noncurrent Operating Assets	48	2,365	2,511	2,456	5,259	3,525	107	3,559	3,303	2,591	2,502
Total Liabilities & Shareholders' Equity	2,316	2,686	2,858	2,781	5,722	3,729	1,835	3,789	3,648	3,474	3,405
Total Liabilities	954	1,189	1,166	1,126	3,620	1,736	0.00	1,803	1,688	1,642	1,154
Total Current Liabilities	59	92	69	64	302	91	0.00	95	140	389	271
Short-Term Debt	0.00	32	3.38	0.00	164	0.00	-	-	0.00	0.00	200
Accounts Payable	21	22	25	18	36	25	-	22	27	17	13
Current Deferred Revenue	-	9.10	9.72	10	23	11	-	23	19	21	19
Current Deferred & Payable Income Tax Liabilities	3.69	2.66	3.78	3.18	6.06	7.35	-	3.73	4.39	1.84	5.07
Current Employee Benefit Liabilities	7.04	9.28	9.66	10	18	12	-	13	23	15	16
Other Current Liabilities	21	12	12	16	45	29	-	28	61	281	14
Other Current Nonoperating Liabilities	6.15	5.34	5.05	5.01	10	6.33	-	5.92	7.09	53	4.52
Total Noncurrent Liabilities	895	1,097	1,097	1,063	3,317	1,645	0.00	1,708	1,548	1,253	883
Long-Term Debt	831	1,030	1,022	973	2,919	1,361	-	1,515	1,366	1,044	845
Noncurrent Deferred Revenue	-	-	-	-	-	-	-	6.90	11	11	9.60
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	-	0.08
Noncurrent Employee Benefit Liabilities	34	32	32	30	51	23	-	8.51	1.44	-	1.40
Other Noncurrent Operating Liabilities	30	35	43	60	166	161	-	177	82	11	27
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	130	-	106	82	52	40
Total Equity & Noncontrolling Interests	1,362	1,497	1,693	1,655	1,538	1,863	1,816	1,881	1,878	1,781	2,210
Total Preferred & Common Equity	1,288	1,412	1,593	1,557	1,440	1,474	1,772	1,865	1,861	1,769	2,210
Total Common Equity	1,288	1,412	1,593	1,557	1,440	1,474	1,791	1,865	1,861	1,769	2,210
Common Stock	709	710	872	884	888	1,102	1,389	1,463	1,498	1,522	1,904
Retained Earnings	613	701	707	672	583	446	402	367	338	257	281
Accumulated Other Comprehensive Income / (Loss)	-34	0.86	13	0.24	-31	-74	-	36	25	-10	24

This table presents Rayonier's 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	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	3,472	120	3,722	3,708	3,570	3,539	3,479	3,351	3,514	3,492	7,745
Total Current Assets	355	0.00	197	223	280	230	277	767	960	973	896
Cash & Equivalents	262	-	88	108	160	142	74	216	892	920	682
Accounts Receivable	37	-	50	41	40	40	49	17	16	20	54
Inventories, net	31	-	32	33	44	24	19	33	33	16	113
Prepaid Expenses	20	-	19	20	20	20	21	9.87	8.54	9.64	18
Other Current Assets	0.44	-	2.99	1.93	5.87	3.55	7.70	7.41	9.44	7.41	29
Plant, Property, & Equipment, net	28	0.00	26	26	26	26	24	18	17	18	578
Plant, Property & Equipment, gross	44	-	45	44	46	46	45	36	37	38	607
Accumulated Depreciation	17	-	19	18	20	20	20	19	19	20	28
Total Noncurrent Assets	3,089	120	3,498	3,459	3,263	3,283	3,178	2,566	2,537	2,501	6,271
Long-Term Investments	16	-	4.96	1.80	0.68	0.68	3.02	0.68	0.68	0.68	0.50
Other Noncurrent Operating Assets	3,073	120	3,399	3,457	3,263	3,282	3,175	2,566	2,536	2,500	6,271
Total Liabilities & Shareholders' Equity	3,472	1,845	3,722	3,708	3,570	3,539	3,479	3,351	3,514	3,492	7,745
Total Liabilities	1,551	11	1,806	1,806	1,655	1,659	1,612	1,368	1,159	1,167	2,376
Total Current Liabilities	112	0.00	103	111	114	116	139	283	274	283	354
Short-Term Debt	0.00	-	-	-	-	-	22	-	200	200	200
Accounts Payable	27	-	23	26	34	26	29	11	15	14	28
Current Deferred Revenue	23	-	33	24	21	34	30	18	33	26	26
Current Deferred & Payable Income Tax Liabilities	8.82	-	6.98	8.92	5.57	5.95	8.31	3.49	6.42	9.35	11
Current Employee Benefit Liabilities	11	-	7.90	10	7.90	10	11	6.42	7.84	12	39
Other Current Liabilities	36	-	24	31	35	34	30	8.11	8.00	14	37
Other Current Nonoperating Liabilities	7.18	-	7.30	11	9.91	6.30	9.05	236	4.61	7.70	12
Total Noncurrent Liabilities	1,439	11	1,703	1,695	1,541	1,543	1,472	1,085	884	884	2,022
Long-Term Debt	1,258	-	1,512	1,511	1,362	1,364	1,285	1,045	845	845	1,855
Noncurrent Deferred Revenue	-	11	11	11	15	15	14	12	12	11	14
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	-	-	-	36
Noncurrent Employee Benefit Liabilities	9.66	-	8.40	8.36	1.45	1.45	1.48	-	-	-	62
Other Noncurrent Operating Liabilities	172	-	85	79	79	78	85	13	12	12	55
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	96	-	78	70	70	59	65	58	53	46	40
Total Equity & Noncontrolling Interests	1,825	1,855	1,839	1,832	1,846	1,821	1,803	1,925	2,302	2,279	5,329
Total Preferred & Common Equity	1,813	1,841	1,825	1,816	1,831	1,807	1,787	1,915	2,302	2,279	5,329
Total Common Equity	1,813	1,820	1,825	1,816	1,831	1,807	1,787	1,915	2,302	2,279	5,329
Common Stock	1,431	1,489	1,490	1,494	1,512	1,515	1,520	1,725	1,726	1,737	5,146
Retained Earnings	384	330	311	295	297	264	244	204	545	514	156
Accumulated Other Comprehensive Income / (Loss)	-1.60	-	24	28	22	28	24	-14	31	27	27

This table displays calculated financial ratios and metrics derived from Rayonier's 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
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.75%	43.45%	0.45%	-0.42%	-12.81%	20.74%	29.15%	-18.07%	16.27%	19.50%	-50.96%
EBITDA Growth	-24.64%	93.39%	-7.23%	-7.51%	-24.55%	0.17%	76.85%	-25.87%	23.29%	41.77%	-61.99%
EBIT Growth	-16.06%	241.10%	-14.80%	-19.65%	-35.67%	-32.74%	257.40%	-37.65%	37.75%	78.03%	-79.02%
NOPAT Growth	-33.52%	215.07%	-23.99%	-26.33%	-35.81%	-32.98%	318.83%	-38.92%	33.33%	92.28%	-77.34%
Net Income Growth	-55.09%	395.60%	-25.80%	-27.39%	-42.32%	-55.99%	606.71%	-41.66%	45.36%	106.72%	30.20%
EPS Growth	-51.32%	367.57%	-32.95%	36.21%	-41.77%	-70.65%	300.00%	-32.41%	60.27%	104.27%	26.78%
Operating Cash Flow Growth	-44.71%	15.04%	25.75%	21.00%	-30.91%	-4.70%	59.23%	-17.20%	10.84%	-12.33%	-1.89%
Free Cash Flow Firm Growth	-88.04%	-125.62%	236.36%	374.92%	-1,340.75%	172.18%	82.25%	-189.07%	112.62%	152.77%	-105.61%
Invested Capital Growth	-2.32%	13.34%	6.01%	-2.95%	111.54%	-35.67%	-96.83%	3,072.77%	-5.59%	-18.84%	6.60%
Revenue Q/Q Growth	2.46%	11.95%	-1.01%	-8.27%	-19.48%	32.66%	5.36%	-1.79%	26.59%	25.78%	-62.52%
EBITDA Q/Q Growth	1.28%	14.62%	5.42%	-17.39%	-4.69%	17.43%	0.10%	3.45%	38.90%	53.74%	-65.37%
EBIT Q/Q Growth	6.92%	21.40%	9.20%	-27.05%	-14.93%	54.02%	4.40%	7.69%	73.73%	97.38%	-82.20%
NOPAT Q/Q Growth	-9.64%	20.86%	9.53%	-31.44%	-13.93%	89.42%	3.68%	7.93%	93.27%	99.65%	-80.21%
Net Income Q/Q Growth	2.58%	23.24%	11.30%	-34.67%	-10.72%	114.35%	4.53%	11.97%	112.70%	123.62%	-38.99%
EPS Q/Q Growth	2.78%	21.83%	9.43%	24.41%	-28.13%	-68.24%	-21.74%	942.86%	112.73%	125.47%	-40.24%
Operating Cash Flow Q/Q Growth	-1.44%	3.10%	13.02%	-6.16%	0.48%	8.58%	-5.39%	4.52%	11.24%	-0.62%	-12.31%
Free Cash Flow Firm Q/Q Growth	-14.07%	64.79%	902.76%	-27.06%	-3,962.54%	340.31%	256.52%	-201.41%	206.39%	102.91%	-106.79%
Invested Capital Q/Q Growth	0.59%	-0.23%	-1.16%	-0.57%	107.40%	0.29%	-98.17%	16.77%	-5.32%	-15.84%	-0.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.34%	35.48%	30.67%	25.84%	21.53%	17.08%	28.25%	24.29%	27.85%	37.86%	32.46%
EBITDA Margin	33.84%	45.63%	42.14%	39.14%	33.87%	28.10%	38.48%	34.81%	36.92%	43.80%	39.67%
Operating Margin	13.68%	31.35%	26.29%	20.84%	15.04%	8.66%	24.31%	18.24%	19.99%	31.87%	17.20%
EBIT Margin	13.15%	31.26%	26.52%	21.40%	15.79%	8.79%	24.34%	18.52%	21.95%	32.70%	15.82%
Profit (Net Income) Margin	7.73%	26.69%	19.71%	14.38%	9.51%	3.47%	18.97%	13.51%	16.89%	29.21%	99.16%
Tax Burden Percent	101.99%	97.73%	88.17%	82.30%	83.95%	80.95%	93.49%	92.90%	97.21%	98.13%	644.04%
Interest Burden Percent	57.61%	87.36%	84.32%	81.64%	71.77%	48.69%	83.37%	78.50%	79.16%	91.06%	97.32%
Effective Tax Rate	-1.99%	2.27%	11.83%	17.70%	16.05%	19.05%	6.51%	7.10%	2.79%	1.87%	0.71%
Return on Invested Capital (ROIC)	3.69%	11.04%	7.67%	5.57%	2.33%	1.40%	14.51%	8.81%	6.23%	13.62%	3.46%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.51%	7.18%	4.45%	2.87%	1.35%	0.20%	39.60%	29.36%	4.20%	11.04%	116.25%
Return on Net Nonoperating Assets (RNNOA)	-0.70%	4.20%	2.47%	1.44%	1.91%	0.29%	-3.46%	-2.35%	2.82%	5.84%	20.08%
Return on Equity (ROE)	2.99%	15.24%	10.13%	7.01%	4.24%	1.69%	11.05%	6.46%	9.05%	19.46%	23.53%
Cash Return on Invested Capital (CROIC)	6.04%	-1.47%	1.83%	8.57%	-69.27%	44.81%	202.21%	-178.97%	11.98%	34.42%	-2.93%
Operating Return on Assets (OROA)	3.14%	10.20%	7.84%	6.19%	2.64%	1.60%	14.06%	8.63%	6.24%	11.60%	2.23%
Return on Assets (ROA)	1.84%	8.71%	5.83%	4.16%	1.59%	0.63%	10.96%	6.29%	4.80%	10.36%	13.97%
Return on Common Equity (ROCE)	2.83%	14.39%	9.54%	6.60%	3.98%	1.39%	9.48%	6.21%	8.54%	18.63%	22.94%
Return on Equity Simple (ROE_SIMPLE)	3.41%	15.43%	10.14%	7.54%	4.70%	2.02%	11.88%	6.58%	9.59%	20.85%	0.00%
Net Operating Profit after Tax (NOPAT)	79	250	190	140	90	60	252	154	205	395	83
NOPAT Margin	13.95%	30.64%	23.18%	17.15%	12.63%	7.01%	22.73%	16.95%	19.43%	31.27%	17.08%
Net Nonoperating Expense Percent (NNEP)	5.21%	3.85%	3.22%	2.70%	0.98%	1.20%	-25.09%	-20.55%	2.03%	2.58%	-112.80%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.54%	6.17%	13.67%	2.53%
Cost of Revenue to Revenue	77.66%	64.52%	69.33%	74.16%	78.47%	82.92%	71.75%	75.71%	72.15%	62.14%	67.54%
SG&A Expenses to Revenue	8.04%	5.24%	4.91%	5.14%	5.85%	5.89%	5.21%	7.11%	7.07%	5.89%	13.76%
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	8.67%	4.13%	4.37%	5.00%	6.49%	8.42%	3.94%	6.05%	7.86%	5.99%	15.26%
Earnings before Interest and Taxes (EBIT)	75	255	217	175	112	76	270	168	232	413	77
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	192	372	345	319	241	241	427	316	390	553	192
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.57	1.78	2.03	1.89	2.50	2.49	3.02	2.30	2.46	2.23	1.52
Price to Tangible Book Value (P/TBV)	1.57	1.78	2.03	1.89	2.50	2.49	3.02	2.30	2.46	2.23	1.52
Price to Revenue (P/Rev)	3.57	3.08	3.95	3.60	5.06	4.27	4.88	4.72	4.33	3.12	6.95
Price to Earnings (P/E)	43.93	11.84	21.78	28.75	60.91	98.98	35.52	40.08	26.36	10.97	7.10
Dividend Yield	6.10%	4.90%	3.98%	4.67%	3.88%	4.15%	2.93%	3.92%	4.42%	12.03%	11.50%
Earnings Yield	2.28%	8.45%	4.59%	3.48%	1.64%	1.01%	2.82%	2.49%	3.79%	9.11%	14.09%
Enterprise Value to Invested Capital (EV/IC)	1.35	1.45	1.64	1.56	1.30	1.65	51.05	1.71	1.85	1.84	1.47
Enterprise Value to Revenue (EV/Rev)	5.02	4.29	5.12	4.72	9.59	6.48	4.92	6.39	5.60	3.78	7.48
Enterprise Value to EBITDA (EV/EBITDA)	14.84	9.40	12.14	12.06	28.31	23.05	12.78	18.37	15.16	8.62	18.85
Enterprise Value to EBIT (EV/EBIT)	38.20	13.72	19.30	22.06	60.73	73.65	20.20	34.52	25.51	11.55	47.26
Enterprise Value to NOPAT (EV/NOPAT)	36.01	14.00	22.07	27.53	75.93	92.42	21.63	37.73	28.80	12.08	43.78
Enterprise Value to Operating Cash Flow (EV/OCF)	16.13	17.17	16.36	12.42	31.84	27.26	16.78	21.59	19.83	18.24	14.11
Enterprise Value to Free Cash Flow (EV/FCFF)	22.02	0.00	92.51	17.89	0.00	2.89	1.55	0.00	14.98	4.78	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	0.71	0.61	0.59	2.12	0.73	0.00	0.76	0.74	0.61	0.47
Long-Term Debt to Equity	0.61	0.69	0.60	0.59	2.02	0.73	0.00	0.76	0.74	0.59	0.38
Financial Leverage	0.46	0.58	0.55	0.50	1.42	1.44	-0.09	-0.08	0.67	0.53	0.17
Leverage Ratio	1.62	1.75	1.74	1.68	2.66	2.68	1.01	1.03	1.88	1.88	1.69
Compound Leverage Factor	0.94	1.53	1.47	1.38	1.91	1.30	0.84	0.81	1.49	1.71	1.64
Debt to Total Capital	37.89%	41.50%	37.72%	37.02%	67.98%	42.30%	0.00%	43.26%	42.59%	37.71%	32.00%
Short-Term Debt to Total Capital	0.00%	1.24%	0.12%	0.00%	3.42%	0.00%	0.00%	0.00%	0.00%	0.66%	6.04%
Long-Term Debt to Total Capital	37.89%	40.26%	37.60%	37.02%	64.56%	42.30%	0.00%	43.26%	42.59%	37.05%	25.96%
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	3.36%	3.33%	3.68%	3.72%	2.03%	15.02%	2.41%	3.46%	2.89%	2.14%	1.22%
Common Equity to Total Capital	58.76%	55.17%	58.60%	59.26%	29.99%	42.68%	98.67%	53.28%	54.52%	60.15%	66.78%
Debt to EBITDA	4.31	2.85	2.97	3.04	13.54	6.05	0.00	4.79	3.72	2.01	5.51
Net Debt to EBITDA	3.92	2.43	2.47	2.55	12.96	5.70	0.00	4.42	3.19	1.38	1.12
Long-Term Debt to EBITDA	4.31	2.77	2.96	3.04	12.86	6.05	0.00	4.79	3.72	1.97	4.47
Debt to NOPAT	10.47	4.25	5.40	6.95	36.33	24.26	0.00	9.83	7.08	2.81	12.80
Net Debt to NOPAT	9.52	3.62	4.49	5.83	34.77	22.85	0.00	9.08	6.06	1.94	2.60
Long-Term Debt to NOPAT	10.47	4.12	5.38	6.95	34.51	24.26	0.00	9.83	7.08	2.76	10.38
Altman Z-Score	2.02	2.28	2.60	2.47	0.92	1.76	0.00	1.98	2.31	2.32	2.30
Noncontrolling Interest Sharing Ratio	5.46%	5.56%	5.80%	5.90%	6.12%	17.46%	14.26%	3.82%	5.57%	4.27%	2.54%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.78	1.79	2.68	3.27	0.83	1.87	0.00	2.12	2.26	1.12	3.26
Quick Ratio	1.21	1.16	2.05	2.75	0.63	1.47	0.00	1.64	1.77	0.93	3.17
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	130	-33	45	215	-2,671	1,928	3,514	-3,130	395	998	-70
Operating Cash Flow to CapEx	304.44%	0.00%	0.00%	497.55%	334.79%	0.00%	0.00%	594.04%	0.00%	0.00%	487.26%
Free Cash Flow to Firm to Interest Expense	4.09	-1.03	1.33	6.71	-84.23	49.74	78.26	-86.45	8.17	27.04	-2.66
Operating Cash Flow to Interest Expense	5.59	6.32	7.52	9.67	6.76	5.27	7.24	7.43	6.17	7.09	9.74
Operating Cash Flow Less CapEx to Interest Expense	3.75	10.63	8.22	7.73	4.74	6.53	10.90	6.18	9.45	18.06	7.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.33	0.30	0.29	0.17	0.18	0.58	0.47	0.28	0.35	0.14
Accounts Receivable Turnover	25.71	39.91	33.90	30.31	17.70	16.63	0.00	0.00	25.56	31.43	25.81
Inventory Turnover	37.22	28.67	24.97	30.38	24.96	35.95	0.00	0.00	27.86	24.77	17.35
Fixed Asset Turnover	0.26	0.73	8.69	7.68	4.50	7.21	0.00	0.00	39.00	55.66	26.95
Accounts Payable Turnover	21.19	24.03	23.93	28.04	20.55	23.32	0.00	0.00	31.34	29.83	22.04
Days Sales Outstanding (DSO)	14.19	9.15	10.77	12.04	20.62	21.95	0.00	0.00	14.28	11.61	14.14
Days Inventory Outstanding (DIO)	9.81	12.73	14.62	12.01	14.62	10.15	0.00	0.00	13.10	14.73	21.03
Days Payable Outstanding (DPO)	17.22	15.19	15.25	13.02	17.76	15.65	0.00	0.00	11.65	12.24	16.56
Cash Conversion Cycle (CCC)	6.78	6.69	10.14	11.04	17.48	16.45	0.00	0.00	15.74	14.11	18.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,123	2,406	2,551	2,476	5,237	3,369	107	3,391	3,201	2,598	2,470
Invested Capital Turnover	0.26	0.36	0.33	0.32	0.18	0.20	0.64	0.52	0.32	0.44	0.20
Increase / (Decrease) in Invested Capital	-50	283	145	-75	2,761	-1,868	-3,262	3,284	-189	-603	153
Enterprise Value (EV)	2,857	3,499	4,194	3,853	6,822	5,565	5,456	5,812	5,916	4,770	3,623
Market Capitalization	2,028	2,510	3,241	2,939	3,600	3,670	5,418	4,292	4,572	3,941	3,367
Book Value per Share	$10.41	$11.49	$12.36	$12.03	$11.14	$10.46	$12.19	$12.47	$12.34	$11.72	$14.21
Tangible Book Value per Share	$10.41	$11.49	$12.36	$12.03	$11.14	$10.46	$12.19	$12.47	$12.34	$11.72	$14.21
Total Capital	2,192	2,559	2,718	2,627	4,802	3,454	1,816	3,501	3,413	2,942	3,309
Total Debt	831	1,062	1,025	973	3,264	1,461	0.00	1,515	1,453	1,109	1,059
Total Long-Term Debt	831	1,030	1,022	973	3,100	1,461	0.00	1,515	1,453	1,090	859
Net Debt	755	904	853	816	3,124	1,376	-6.34	1,399	1,245	766	216
Capital Expenditures (CapEx)	58	-139	-24	62	64	-49	-164	45	-158	-405	53
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5.55	19	5.70	-4.06	-24	-5.08	0.00	-7.20	-31	-275	-30
Debt-free Net Working Capital (DFNWC)	46	105	118	144	114	79	6.34	107	177	68	812
Net Working Capital (NWC)	46	73	115	144	-50	79	6.34	107	177	48	612
Net Nonoperating Expense (NNE)	35	32	28	23	22	30	42	31	27	26	-398
Net Nonoperating Obligations (NNO)	761	910	858	821	3,699	1,376	-1,709	1,405	1,242	766	220
Total Depreciation and Amortization (D&A)	118	117	128	145	129	166	157	148	158	140	116
Debt-free, Cash-free Net Working Capital to Revenue	-0.98%	2.28%	0.70%	-0.50%	-3.36%	-0.59%	0.00%	-0.79%	-2.93%	-21.77%	-6.29%
Debt-free Net Working Capital to Revenue	8.13%	12.81%	14.44%	17.68%	15.96%	9.25%	0.57%	11.78%	16.72%	5.35%	167.69%
Net Working Capital to Revenue	8.13%	8.93%	14.03%	17.68%	-7.09%	9.25%	0.57%	11.78%	16.72%	3.82%	126.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.37	$1.73	$1.17	$0.79	$0.46	$0.56	$2.16	$0.73	$1.17	$2.41	$3.07
Adjusted Weighted Average Basic Shares Outstanding	122.74M	122.95M	129.08M	129.49M	129.33M	142.11M	148.68M	150.49M	150.74M	158.19M	303.98M
Adjusted Diluted Earnings per Share	$0.37	$1.73	$1.16	$0.79	$0.46	$0.54	$2.16	$0.73	$1.17	$2.39	$3.03
Adjusted Weighted Average Diluted Shares Outstanding	122.74M	122.95M	129.08M	129.49M	129.33M	142.11M	148.68M	150.49M	150.74M	158.19M	303.98M
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	122.74M	122.95M	129.08M	129.49M	129.33M	142.11M	148.68M	150.49M	150.74M	158.19M	303.98M
Normalized Net Operating Profit after Tax (NOPAT)	54	250	190	140	90	60	252	154	205	395	83
Normalized NOPAT Margin	9.57%	30.64%	23.18%	17.15%	12.63%	7.01%	22.73%	16.95%	19.43%	31.27%	17.08%
Pre Tax Income Margin	7.57%	27.31%	22.36%	17.47%	11.33%	4.28%	20.29%	14.54%	17.37%	29.77%	15.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.36	7.91	6.38	5.45	3.54	1.95	6.01	4.65	4.80	11.19	2.91
NOPAT to Interest Expense	2.50	7.75	5.58	4.36	2.83	1.55	5.62	4.25	4.25	10.70	3.14
EBIT Less CapEx to Interest Expense	0.52	12.22	7.08	3.50	1.52	3.22	9.68	3.40	8.08	22.16	0.91
NOPAT Less CapEx to Interest Expense	0.67	12.06	6.28	2.42	0.82	2.82	9.28	3.00	7.53	21.67	1.14
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	284.33%	56.41%	78.64%	242.66%	208.44%	491.36%	72.93%	134.95%	95.24%	54.36%	60.79%
Augmented Payout Ratio	511.90%	56.73%	78.75%	245.21%	214.72%	496.75%	73.70%	138.39%	97.60%	55.49%	61.40%

This table displays calculated financial ratios and metrics derived from Rayonier's 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	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	303,980,852.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	303,980,852.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.04
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.22%	90.47%	-6.13%	-16.88%	-3.27%	55.39%	-27.07%	6.92%	43.05%	-81.94%	233.79%
EBITDA Growth	-0.74%	138.06%	-16.40%	-30.82%	1.55%	102.80%	-32.59%	6.84%	18.21%	-86.66%	-56.07%
EBIT Growth	-14.87%	215.38%	-44.40%	-57.96%	12.86%	141.33%	-214.88%	314.46%	33.96%	-92.80%	-2,412.56%
NOPAT Growth	-12.31%	233.05%	172.10%	-46.33%	-20.13%	139.32%	-99.32%	356.97%	121.58%	-91.94%	-77,477.97%
Net Income Growth	-28.63%	272.99%	-68.99%	-84.11%	33.87%	157.85%	-233.78%	13,527.91%	43.58%	-92.14%	-305.64%
EPS Growth	-7.14%	269.57%	-83.33%	-92.31%	46.15%	156.47%	-300.00%	26,200.00%	47.37%	-93.58%	-150.00%
Operating Cash Flow Growth	34.64%	50.82%	-18.22%	-11.29%	-19.93%	-1.82%	-47.04%	10.23%	75.64%	-41.02%	24.85%
Free Cash Flow Firm Growth	-114.85%	110.21%	-205.61%	161.83%	172.63%	184.56%	120.12%	185.55%	109.61%	-110.36%	-777.91%
Invested Capital Growth	16.44%	-5.59%	2,852.51%	-6.84%	-8.70%	-18.84%	-19.40%	-20.78%	-19.90%	6.60%	161.93%
Revenue Q/Q Growth	-3.49%	131.87%	-64.04%	3.28%	12.32%	272.47%	-88.58%	28.48%	66.64%	-33.82%	135.58%
EBITDA Q/Q Growth	1.95%	158.20%	-74.32%	2.36%	49.64%	415.62%	-93.17%	61.91%	78.98%	-35.74%	-76.41%
EBIT Q/Q Growth	13.04%	301.71%	-92.22%	18.97%	203.45%	759.02%	-100.51%	884.30%	190.84%	-41.53%	-288.40%
NOPAT Q/Q Growth	73.49%	309.96%	-82.08%	-57.88%	158.15%	1,128.46%	-99.99%	35,117.92%	186.77%	-35.79%	-219.33%
Net Income Q/Q Growth	19.08%	468.26%	-98.22%	31.61%	903.03%	994.54%	-100.93%	13,507.03%	-89.43%	-40.10%	-147.80%
EPS Q/Q Growth	0.00%	553.85%	-98.82%	0.00%	1,800.00%	1,047.37%	-100.92%	13,250.00%	-89.35%	-50.00%	-135.71%
Operating Cash Flow Q/Q Growth	32.45%	8.26%	-41.53%	5.80%	19.56%	32.75%	-68.46%	120.18%	90.50%	-55.43%	-33.22%
Free Cash Flow Firm Q/Q Growth	-11.87%	174.74%	-1,026.09%	107.98%	31.41%	192.83%	-34.11%	9.16%	-3.19%	-119.22%	-3,237.95%
Invested Capital Q/Q Growth	-1.26%	-5.32%	-0.06%	-0.28%	-3.24%	-15.84%	-0.75%	-1.99%	-2.16%	-0.11%	173.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.76%	35.95%	20.77%	20.12%	24.51%	49.64%	21.67%	29.69%	32.90%	41.94%	16.78%
EBITDA Margin	36.14%	40.24%	28.73%	28.48%	37.94%	52.52%	31.41%	39.58%	42.51%	41.28%	4.13%
Operating Margin	17.54%	31.07%	9.64%	7.17%	14.16%	47.67%	0.07%	13.65%	23.49%	23.00%	-16.49%
EBIT Margin	17.80%	30.84%	6.67%	7.69%	20.77%	47.90%	-2.15%	13.13%	22.91%	20.24%	-16.19%
Profit (Net Income) Margin	11.28%	27.65%	1.37%	1.75%	15.61%	45.88%	-3.72%	388.22%	24.62%	22.28%	-4.52%
Tax Burden Percent	97.65%	97.48%	156.45%	85.86%	99.89%	97.84%	58.20%	4,233.87%	100.00%	99.11%	24.09%
Interest Burden Percent	64.89%	91.96%	13.14%	26.49%	75.26%	97.89%	297.31%	69.86%	107.47%	111.09%	115.95%
Effective Tax Rate	2.35%	2.52%	-56.45%	14.14%	0.11%	2.16%	0.00%	0.00%	0.00%	0.89%	0.00%
Return on Invested Capital (ROIC)	4.55%	9.71%	9.54%	1.88%	4.39%	20.31%	0.02%	5.92%	10.92%	4.61%	-1.68%
ROIC Less NNEP Spread (ROIC-NNEP)	3.59%	8.78%	19.52%	1.34%	4.60%	19.76%	-0.31%	59.75%	11.22%	4.44%	0.29%
Return on Net Nonoperating Assets (RNNOA)	2.31%	5.89%	-2.39%	0.99%	3.30%	10.47%	-0.15%	20.91%	3.66%	0.77%	0.08%
Return on Equity (ROE)	6.86%	15.60%	7.15%	2.87%	7.69%	30.78%	-0.13%	26.83%	14.58%	5.38%	-1.60%
Cash Return on Invested Capital (CROIC)	-11.81%	11.98%	-174.02%	13.26%	15.21%	34.42%	34.81%	37.02%	37.13%	-2.93%	-87.54%
Operating Return on Assets (OROA)	4.14%	8.77%	3.78%	2.14%	5.80%	16.99%	-0.77%	4.61%	8.50%	2.85%	-1.98%
Return on Assets (ROA)	2.62%	7.86%	0.78%	0.49%	4.36%	16.27%	-1.32%	136.40%	9.13%	3.14%	-0.55%
Return on Common Equity (ROCE)	6.52%	14.73%	6.92%	2.75%	7.35%	29.47%	-0.12%	26.03%	14.14%	5.24%	-1.58%
Return on Equity Simple (ROE_SIMPLE)	4.62%	0.00%	9.47%	8.71%	9.23%	0.00%	18.99%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	35	142	25	11	28	339	0.04	15	42	27	-32
NOPAT Margin	17.13%	30.28%	15.09%	6.15%	14.14%	46.64%	0.05%	13.65%	23.49%	22.79%	-11.55%
Net Nonoperating Expense Percent (NNEP)	0.96%	0.93%	-9.98%	0.54%	-0.21%	0.55%	0.33%	-53.84%	-0.29%	0.17%	-1.96%
Return On Investment Capital (ROIC_SIMPLE)	-	4.25%	-	-	-	11.72%	0.00%	0.43%	1.25%	0.82%	-0.43%
Cost of Revenue to Revenue	72.24%	64.05%	79.23%	79.88%	75.49%	50.36%	78.33%	70.31%	67.10%	58.06%	83.22%
SG&A Expenses to Revenue	9.40%	4.30%	11.29%	11.87%	9.37%	2.28%	20.13%	15.88%	9.58%	13.67%	7.83%
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	10.22%	4.88%	11.13%	12.96%	10.35%	1.97%	21.60%	16.04%	9.40%	18.94%	33.28%
Earnings before Interest and Taxes (EBIT)	36	144	11	13	40	348	-1.78	14	41	24	-45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	73	188	48	49	74	381	26	42	75	49	11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.27	2.46	2.71	2.43	2.72	2.23	2.30	1.52	1.72	1.52	1.18
Price to Tangible Book Value (P/TBV)	2.27	2.46	2.71	2.43	2.72	2.23	2.30	1.52	1.72	1.52	1.18
Price to Revenue (P/Rev)	4.93	4.33	4.75	4.35	4.84	3.12	3.58	2.83	3.02	6.95	9.24
Price to Earnings (P/E)	51.68	26.36	29.80	29.39	30.57	10.97	12.45	4.60	5.04	7.10	13.47
Dividend Yield	4.18%	4.42%	4.07%	4.61%	4.16%	12.03%	5.66%	7.06%	6.20%	11.50%	10.79%
Earnings Yield	1.94%	3.79%	3.36%	3.40%	3.27%	9.11%	8.04%	21.74%	19.84%	14.09%	7.42%
Enterprise Value to Invested Capital (EV/IC)	1.68	1.85	1.98	1.81	2.03	1.84	2.06	1.47	1.66	1.47	1.14
Enterprise Value to Revenue (EV/Rev)	6.81	5.60	6.05	5.71	6.23	3.78	4.32	3.00	3.17	7.48	11.32
Enterprise Value to EBITDA (EV/EBITDA)	20.25	15.16	16.63	16.09	17.39	8.62	9.84	6.85	7.38	18.85	43.25
Enterprise Value to EBIT (EV/EBIT)	42.61	25.51	28.39	28.20	29.91	11.55	12.99	8.86	9.51	47.26	228.36
Enterprise Value to NOPAT (EV/NOPAT)	53.53	28.80	29.74	28.20	31.63	12.08	13.82	9.42	9.80	43.78	84.98
Enterprise Value to Operating Cash Flow (EV/OCF)	21.21	19.83	22.08	20.63	23.77	18.24	22.45	15.34	14.00	14.11	29.14
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	14.98	0.00	13.15	12.72	4.78	5.29	3.52	3.97	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.84	0.74	0.75	0.77	0.75	0.61	0.53	0.45	0.46	0.47	0.38
Long-Term Debt to Equity	0.84	0.74	0.75	0.77	0.73	0.59	0.53	0.37	0.37	0.38	0.35
Financial Leverage	0.64	0.67	-0.12	0.74	0.72	0.53	0.48	0.35	0.33	0.17	0.27
Leverage Ratio	1.88	1.88	0.98	1.91	1.91	1.88	1.78	1.67	1.66	1.69	1.51
Compound Leverage Factor	1.22	1.73	0.13	0.51	1.43	1.84	5.28	1.16	1.79	1.87	1.75
Debt to Total Capital	45.63%	42.59%	43.00%	43.50%	42.75%	37.71%	34.83%	31.04%	31.33%	32.00%	27.68%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.67%	0.66%	0.00%	5.85%	5.91%	6.04%	2.69%
Long-Term Debt to Total Capital	45.63%	42.59%	43.00%	43.50%	42.07%	37.05%	34.83%	25.19%	25.42%	25.96%	24.99%
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	2.46%	2.89%	2.50%	2.20%	2.47%	2.14%	2.25%	1.56%	1.37%	1.22%	0.54%
Common Equity to Total Capital	51.91%	54.52%	54.50%	54.29%	54.79%	60.15%	62.93%	67.40%	67.31%	66.78%	71.78%
Debt to EBITDA	5.68	3.72	3.80	4.04	3.87	2.01	1.96	1.95	1.91	5.51	11.57
Net Debt to EBITDA	5.29	3.19	3.37	3.64	3.66	1.38	1.56	0.31	0.25	1.12	7.73
Long-Term Debt to EBITDA	5.68	3.72	3.80	4.04	3.81	1.97	1.96	1.58	1.55	4.47	10.45
Debt to NOPAT	15.02	7.08	6.79	7.08	7.05	2.81	2.75	2.68	2.54	12.80	22.74
Net Debt to NOPAT	13.99	6.06	6.03	6.38	6.66	1.94	2.19	0.42	0.34	2.60	15.19
Long-Term Debt to NOPAT	15.02	7.08	6.79	7.08	6.94	2.76	2.75	2.18	2.06	10.38	20.52
Altman Z-Score	1.77	2.23	2.28	2.03	2.28	2.25	2.56	2.63	2.86	2.25	1.76
Noncontrolling Interest Sharing Ratio	5.06%	5.57%	3.16%	4.32%	4.42%	4.27%	3.91%	2.99%	3.02%	2.54%	1.47%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.02	2.26	2.46	1.98	1.99	1.12	2.71	3.50	3.44	3.26	2.53
Quick Ratio	1.35	1.77	1.76	1.56	0.89	0.93	0.83	3.31	3.33	3.17	2.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-443	331	-3,066	245	322	942	621	678	656	-126	-4,208
Operating Cash Flow to CapEx	505.90%	315.83%	277.18%	306.12%	407.74%	329.95%	188.72%	410.75%	922.32%	352.35%	169.26%
Free Cash Flow to Firm to Interest Expense	-35.16	28.57	-314.63	24.95	32.10	128.34	97.07	103.57	96.92	-18.96	-294.23
Operating Cash Flow to Interest Expense	6.56	7.72	5.37	5.64	6.60	11.96	4.33	9.32	17.17	7.79	2.42
Operating Cash Flow Less CapEx to Interest Expense	5.26	5.27	3.43	3.80	4.98	8.34	2.04	7.05	15.31	5.58	0.99
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.28	0.57	0.28	0.28	0.35	0.36	0.35	0.37	0.14	0.12
Accounts Receivable Turnover	21.19	25.56	0.00	22.46	22.13	31.43	42.74	44.37	37.20	25.81	19.10
Inventory Turnover	20.01	27.86	0.00	25.50	27.74	24.77	19.87	26.67	45.73	17.35	6.72
Fixed Asset Turnover	31.06	39.00	0.00	38.42	39.85	55.66	55.73	57.01	61.06	26.95	2.28
Accounts Payable Turnover	24.30	31.34	0.00	29.57	25.99	29.83	33.54	37.64	37.16	22.04	24.72
Days Sales Outstanding (DSO)	17.23	14.28	0.00	16.25	16.49	11.61	8.54	8.23	9.81	14.14	19.11
Days Inventory Outstanding (DIO)	18.25	13.10	0.00	14.31	13.16	14.73	18.37	13.69	7.98	21.03	54.29
Days Payable Outstanding (DPO)	15.02	11.65	0.00	12.34	14.05	12.24	10.88	9.70	9.82	16.56	14.76
Cash Conversion Cycle (CCC)	20.45	15.74	0.00	18.22	15.60	14.11	16.02	12.22	7.97	18.62	58.64
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,381	3,201	3,199	3,191	3,087	2,598	2,579	2,528	2,473	2,470	6,755
Invested Capital Turnover	0.27	0.32	0.63	0.31	0.31	0.44	0.43	0.43	0.46	0.20	0.15
Increase / (Decrease) in Invested Capital	477	-189	3,091	-234	-294	-603	-621	-663	-614	153	4,176
Enterprise Value (EV)	5,689	5,916	6,331	5,770	6,257	4,770	5,322	3,722	4,096	3,623	7,681
Market Capitalization	4,116	4,572	4,963	4,392	4,859	3,941	4,410	3,501	3,910	3,367	6,268
Book Value per Share	$12.05	$12.34	$12.13	$11.97	$11.83	$11.72	$12.11	$14.58	$14.59	$14.21	$17.53
Tangible Book Value per Share	$12.05	$12.34	$12.13	$11.97	$11.83	$11.72	$12.11	$14.58	$14.59	$14.21	$17.53
Total Capital	3,499	3,413	3,360	3,328	3,262	2,942	3,043	3,416	3,386	3,309	7,424
Total Debt	1,597	1,453	1,445	1,448	1,394	1,109	1,060	1,060	1,061	1,059	2,055
Total Long-Term Debt	1,597	1,453	1,445	1,448	1,372	1,090	1,060	860	861	859	1,855
Net Debt	1,487	1,245	1,284	1,305	1,317	766	843	167	140	216	1,373
Capital Expenditures (CapEx)	16	28	19	18	16	27	15	15	13	15	20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	4.53	-31	6.29	-28	85	-275	268	-6.63	-29	-30	60
Debt-free Net Working Capital (DFNWC)	112	177	166	114	160	68	485	886	890	812	742
Net Working Capital (NWC)	112	177	166	114	138	48	485	686	690	612	542
Net Nonoperating Expense (NNE)	12	12	23	7.65	-2.87	5.54	3.13	-399	-2.00	0.60	-19
Net Nonoperating Obligations (NNO)	1,479	1,242	1,284	1,310	1,220	766	595	172	148	220	1,385
Total Depreciation and Amortization (D&A)	37	44	37	36	33	34	28	28	35	25	56
Debt-free, Cash-free Net Working Capital to Revenue	0.54%	-2.93%	0.60%	-2.77%	8.50%	-21.77%	21.78%	-0.53%	-2.26%	-6.29%	8.84%
Debt-free Net Working Capital to Revenue	13.45%	16.72%	15.89%	11.27%	15.90%	5.35%	39.33%	71.47%	68.88%	167.69%	109.32%
Net Working Capital to Revenue	13.45%	16.72%	15.89%	11.27%	13.70%	3.82%	39.33%	55.34%	53.41%	126.42%	79.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.13	$0.85	$0.01	$0.01	$0.19	$2.20	($0.02)	$2.63	$0.28	$0.18	($0.05)
Adjusted Weighted Average Basic Shares Outstanding	150.74M	150.74M	150.97M	151.01M	151.01M	158.19M	157.86M	156.18M	155.50M	303.98M	302.43M
Adjusted Diluted Earnings per Share	$0.13	$0.85	$0.01	$0.01	$0.19	$2.18	($0.02)	$2.63	$0.28	$0.14	($0.05)
Adjusted Weighted Average Diluted Shares Outstanding	150.74M	150.74M	150.97M	151.01M	151.01M	158.19M	157.86M	156.18M	155.50M	303.98M	302.43M
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	150.74M	150.74M	150.97M	151.01M	151.01M	158.19M	157.86M	156.18M	155.50M	303.98M	302.43M
Normalized Net Operating Profit after Tax (NOPAT)	35	142	11	11	28	339	0.04	10	29	27	-32
Normalized NOPAT Margin	17.13%	30.28%	6.75%	6.15%	14.14%	46.64%	0.05%	9.56%	16.45%	22.79%	-11.55%
Pre Tax Income Margin	11.55%	28.36%	0.88%	2.04%	15.63%	46.89%	-6.39%	9.17%	24.62%	22.48%	-18.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.85	12.44	1.15	1.36	4.04	47.40	-0.28	2.14	6.01	3.58	-3.13
NOPAT to Interest Expense	2.74	12.22	2.60	1.09	2.75	46.15	0.01	2.22	6.16	4.03	-2.23
EBIT Less CapEx to Interest Expense	1.55	10.00	-0.79	-0.48	2.42	43.77	-2.57	-0.13	4.15	1.37	-4.56
NOPAT Less CapEx to Interest Expense	1.44	9.77	0.67	-0.75	1.13	42.52	-2.29	-0.05	4.30	1.82	-3.66
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	202.19%	95.24%	115.42%	127.33%	121.51%	54.36%	65.66%	30.79%	30.21%	60.79%	55.78%
Augmented Payout Ratio	207.22%	97.60%	117.85%	129.99%	124.04%	55.49%	66.82%	31.14%	30.55%	61.40%	56.78%

Financials Breakdown Chart

Key Financial Trends

Here are the notable trends for Rayonier (RYN) based on the latest four years of quarterly statements provided (through Q4 2025). The focus is on income statements, cash flow, and balance sheet signals that could matter to retail investors.

Q4 2025 gross margin rose to about 41.9% (49.273 million gross profit on 117.494 million revenue), up from roughly 33% in Q3 2025, indicating improved profitability on a per-dollar basis despite lower top-line revenue.
Q4 2025 net income attributable to common shareholders was about $25.909 million, showing quarterly profitability despite revenue softness.
Q4 2025 cash flow from continuing operating activities was about $51.789 million, signaling ongoing positive operating cash generation.
Balance sheet shows solid liquidity, with cash and equivalents around $919.6 million (as of Q3 2025), combined with long-term debt around $845.1 million and short-term debt around $200.0 million, yielding a modest net debt position (~$125 million) and a strong liquidity cushion.
The company continued to pay a dividend per share of $0.2725, supporting predictable income for shareholders.
Revenue declined quarter-over-quarter in Q4 2025 versus Q3 2025, which may reflect seasonality or shifts in product mix rather than a sustained downtrend.
Interest income exceeded interest expense in Q4 2025 (net positive from financing activities), contributing modestly to quarterly earnings.
Share repurchase activity in Q4 2025 was minimal (repurchase of common equity around $0.2 million), indicating limited capital-return outlay beyond the regular dividend.
Net change in cash and equivalents for Q4 2025 was negative (~$76.8 million), largely due to financing outflows and dividend payments, which may pressure liquidity in the near term if operating cash flow declines further.
Earnings per share declined quarter-over-quarter (basic $0.18, diluted $0.14 in Q4 2025 vs Q3 2025's $0.28 in both metrics), signaling near-term earnings pressure despite positive absolute net income.

Bottom-line context: Rayonier’s latest quarter shows margin improvement and positive operating cash flow alongside a solid liquidity buffer and a steady dividend. However, topline weakness and a drop in quarterly earnings per share point to near-term earnings volatility. The balance sheet remains relatively conservative, with a modest net debt position and ample cash, which supports capacity to weather volatility and fund ongoing distributions.

05/19/26 03:07 AM ETAI Generated. May Contain Errors.

Rayonier Financials - Frequently Asked Questions

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

Rayonier's net income appears to be on an upward trend, with a most recent value of $480.41 million in 2025, rising from $43.94 million in 2015. The previous period was $368.98 million in 2024. See where experts think Rayonier is headed by visiting Rayonier's forecast page.

Rayonier's total operating income in 2025 was $83.34 million, based on the following breakdown:

Total Gross Profit: $157.28 million
Total Operating Expenses: $73.94 million

Over the last 10 years, Rayonier's total revenue changed from $568.80 million in 2015 to $484.49 million in 2025, a change of -14.8%.

Rayonier's total liabilities were at $1.15 billion at the end of 2025, a 29.7% decrease from 2024, and a 21.0% increase since 2015.

In the past 10 years, Rayonier's cash and equivalents has ranged from $0.00 in 2021 to $842.94 million in 2025, and is currently $842.94 million as of their latest financial filing in 2025.

Over the last 10 years, Rayonier's book value per share changed from 10.41 in 2015 to 14.21 in 2025, a change of 36.5%.

Related Companies

Financial statements for NYSE:RYN last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Rayonier (RYN) Financials

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Rayonier (RYN) Financials

Annual Income Statements for Rayonier

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Quarterly Metrics And Ratios for Rayonier

Financials Breakdown Chart

Key Financial Trends

Rayonier Financials - Frequently Asked Questions

When does Rayonier's financial year end?

How has Rayonier's net income changed over the last 10 years?

What is Rayonier's operating income?

How has Rayonier's revenue changed over the last 10 years?

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How has Rayonier's book value per share changed over the last 10 years?

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