Rayonier Financials
This page shows Rayonier (RYN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Rayonier has an operating margin of 17.2%, meaning the company retains $17 of operating profit per $100 of revenue. This results in a moderate score of 60/100, indicating healthy but not exceptional operating efficiency. This is down from 36.9% the prior year.
Rayonier's revenue declined 51% year-over-year, from $987.9M to $484.5M. This contraction results in a growth score of 0/100.
Rayonier carries a low D/E ratio of 0.38, meaning only $0.38 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.
Rayonier's current ratio of 3.26 indicates adequate short-term liquidity, earning a score of 63/100. The company can meet its near-term obligations, though with limited headroom.
Rayonier's ROE of 21.5% shows moderate profitability relative to equity, earning a score of 59/100. This is up from 20.3% the prior year.
Rayonier scores 3.76, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($6.4B) relative to total liabilities ($1.2B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Rayonier passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Rayonier generates $0.54 in operating cash flow ($256.7M OCF vs $474.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Rayonier earns $3.2 in operating income for every $1 of interest expense ($83.3M vs $26.4M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Rayonier generated $484.5M in revenue in fiscal year 2025. This represents a decrease of 51.0% from the prior year.
Rayonier reported $474.4M in net income in fiscal year 2025. This represents an increase of 32.1% from the prior year.
Rayonier earned $3.03 per diluted share (EPS) in fiscal year 2025. This represents an increase of 26.8% from the prior year.
Cash & Balance Sheet
Rayonier held $842.9M in cash against $845.3M in long-term debt as of fiscal year 2025.
Rayonier paid $2.49 per share in dividends in fiscal year 2025. This represents a decrease of 15.3% from the prior year.
Rayonier had 302M shares outstanding in fiscal year 2025. This represents an increase of 93.7% from the prior year.
Margins & Returns
Rayonier's gross margin was 32.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 12.1 percentage points from the prior year.
Rayonier's operating margin was 17.2% in fiscal year 2025, reflecting core business profitability. This is down 19.7 percentage points from the prior year.
Rayonier's net profit margin was 97.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 61.6 percentage points from the prior year.
Rayonier's ROE was 21.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.2 percentage points from the prior year.
Capital Allocation
Rayonier spent $2.9M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 30.7% from the prior year.
RYN Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $117.5M-33.8% | $177.5M+66.6% | $106.5M+28.5% | $82.9M-87.3% | $650.5M+424.1% | $124.1M+24.6% | $99.6M-12.4% | $113.7M |
| Cost of Revenue | $68.2M-42.7% | $119.1M+59.0% | $74.9M+15.3% | $65.0M-78.4% | $300.8M+248.5% | $86.3M+16.2% | $74.3M-13.7% | $86.1M |
| Gross Profit | $49.3M-15.6% | $58.4M+84.6% | $31.6M+76.0% | $18.0M-94.9% | $349.7M+825.7% | $37.8M+49.1% | $25.3M-8.1% | $27.6M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $16.1M-5.5% | $17.0M+0.5% | $16.9M+1.4% | $16.7M+0.7% | $16.6M-9.3% | $18.3M-11.3% | $20.6M+8.6% | $19.0M |
| Operating Income | $27.0M-35.2% | $41.7M+186.8% | $14.5M+24552.5% | $59K-100.0% | $332.1M+1663.5% | $18.8M+314.2% | $4.5M-47.3% | $8.6M |
| Interest Expense | $6.6M-1.8% | $6.8M+3.5% | $6.5M+2.3% | $6.4M+10.7% | $5.8M-37.3% | $9.2M+2.0% | $9.0M-7.3% | $9.7M |
| Income Tax | $236K | $0 | $0-100.0% | $291K+809.8% | -$41K-510.0% | $10K | $0+100.0% | -$991K |
| Net Income | $25.9M-40.0% | $43.2M-89.4% | $408.7M+12036.6% | -$3.4M-101.0% | $327.1M+1037.5% | $28.8M+1411.2% | $1.9M+40.2% | $1.4M |
| EPS (Diluted) | N/A | $0.28-89.4% | $2.63+13250.0% | $-0.02 | N/A | $0.19+1800.0% | $0.010.0% | $0.01 |
RYN Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.4B-2.5% | $3.5B-0.6% | $3.5B+4.9% | $3.4B-3.5% | $3.5B-0.1% | $3.5B-1.7% | $3.5B-0.9% | $3.6B |
| Current Assets | $883.8M-9.2% | $972.9M+1.4% | $959.9M+25.1% | $767.4M+75.6% | $436.9M+57.7% | $277.1M+20.5% | $230.0M-17.8% | $279.9M |
| Cash & Equivalents | $842.9M-8.3% | $919.6M+3.1% | $892.3M+312.6% | $216.2M-28.6% | $303.1M+483.4% | $51.9M-56.8% | $120.2M-15.4% | $142.1M |
| Inventory | $6.8M-57.8% | $16.2M-51.5% | $33.4M+0.4% | $33.3M+7.9% | $30.9M+65.5% | $18.7M-21.9% | $23.9M-45.1% | $43.5M |
| Accounts Receivable | $9.1M-32.8% | $13.6M+18.1% | $11.5M+10.2% | $10.4M+30.1% | $8.0M-78.5% | $37.2M+18.3% | $31.4M-11.1% | $35.3M |
| Goodwill | N/A | N/A | N/A | N/A | $7.0M | N/A | N/A | N/A |
| Total Liabilities | $1.2B-1.5% | $1.2B+0.1% | $1.2B-15.6% | $1.4B-15.8% | $1.7B+0.8% | $1.7B-2.3% | $1.7B-0.4% | $1.7B |
| Current Liabilities | $271.3M-4.0% | $282.6M+3.0% | $274.3M-3.0% | $282.8M-27.2% | $388.7M+178.7% | $139.5M+20.1% | $116.1M+2.1% | $113.8M |
| Long-Term Debt | $845.3M0.0% | $845.1M0.0% | $844.9M-19.1% | $1.0B0.0% | $1.0B-18.7% | $1.3B-5.8% | $1.4B+0.1% | $1.4B |
| Total Equity | $2.2B-3.0% | $2.3B-1.0% | $2.3B+20.2% | $1.9B+8.2% | $1.8B-1.0% | $1.8B-1.1% | $1.8B-1.3% | $1.8B |
| Retained Earnings | $280.9M-45.4% | $514.2M-5.7% | $545.1M+167.0% | $204.2M-20.6% | $257.3M+5.5% | $243.9M-7.6% | $264.0M-11.0% | $296.5M |
RYN Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $51.8M-55.4% | $116.2M+90.5% | $61.0M+120.2% | $27.7M-68.5% | $87.8M+32.7% | $66.2M+19.6% | $55.3M+5.8% | $52.3M |
| Capital Expenditures | N/A | $16.3M | N/A | N/A | $21.9M-8.8% | $24.0M | N/A | N/A |
| Free Cash Flow | N/A | $99.9M | N/A | N/A | $65.9M+56.4% | $42.2M | N/A | N/A |
| Investing Cash Flow | -$27.8M-80.9% | -$15.4M-102.3% | $679.7M+3270.6% | -$21.4M-105.0% | $428.9M+1665.2% | -$27.4M-17.1% | -$23.4M+2.7% | -$24.0M |
| Financing Cash Flow | -$100.8M-37.2% | -$73.5M+10.5% | -$82.1M+29.5% | -$116.5M+53.3% | -$249.4M-137.9% | -$104.8M-109.7% | -$50.0M+33.4% | -$75.1M |
| Dividends Paid | $96.7M+127.0% | $42.6M+0.5% | $42.4M-61.6% | $110.4M+160.0% | $42.5M+0.1% | $42.4M-0.2% | $42.5M-41.2% | $72.3M |
| Share Buybacks | $213K+2942.9% | $7K-99.7% | $2.6M+6847.4% | $38K+216.7% | $12K+200.0% | $4K-99.9% | $4.1M+13229.0% | $31K |
RYN Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.9%+9.0pp | 32.9%+3.2pp | 29.7%+8.0pp | 21.7%-32.1pp | 53.8%+23.3pp | 30.4%+5.0pp | 25.4%+1.2pp | 24.3% |
| Operating Margin | 23.0%-0.5pp | 23.5%+9.8pp | 13.7%+13.6pp | 0.1%-51.0pp | 51.0%+35.9pp | 15.2%+10.6pp | 4.6%-3.0pp | 7.6% |
| Net Margin | 22.1%-2.3pp | 24.3%-359.3pp | 383.6%+387.8pp | -4.1%-54.4pp | 50.3%+27.1pp | 23.2%+21.3pp | 1.9%+0.7pp | 1.2% |
| Return on Equity | 1.2%-0.7pp | 1.9%-15.8pp | 17.8%+17.9pp | -0.2%-18.7pp | 18.5%+16.9pp | 1.6%+1.5pp | 0.1%+0.0pp | 0.1% |
| Return on Assets | 0.8%-0.5pp | 1.2%-10.4pp | 11.6%+11.7pp | -0.1%-9.5pp | 9.4%+8.6pp | 0.8%+0.8pp | 0.1%0.0pp | 0.0% |
| Current Ratio | 3.26-0.2 | 3.44-0.1 | 3.50+0.8 | 2.71+1.6 | 1.12-0.9 | 1.990.0 | 1.98-0.5 | 2.46 |
| Debt-to-Equity | 0.38+0.0 | 0.370.0 | 0.37-0.2 | 0.55-0.0 | 0.59-0.1 | 0.72-0.0 | 0.75+0.0 | 0.74 |
| FCF Margin | N/A | 56.3% | N/A | N/A | 10.1%-23.8pp | 34.0% | N/A | N/A |
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Frequently Asked Questions
What is Rayonier's annual revenue?
Rayonier (RYN) reported $484.5M in total revenue for fiscal year 2025. This represents a -51.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Rayonier's revenue growing?
Rayonier (RYN) revenue declined by 51% year-over-year, from $987.9M to $484.5M in fiscal year 2025.
Is Rayonier profitable?
Yes, Rayonier (RYN) reported a net income of $474.4M in fiscal year 2025, with a net profit margin of 97.9%.
How much debt does Rayonier have?
As of fiscal year 2025, Rayonier (RYN) had $842.9M in cash and equivalents against $845.3M in long-term debt.
What is Rayonier's gross margin?
Rayonier (RYN) had a gross margin of 32.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Rayonier's operating margin?
Rayonier (RYN) had an operating margin of 17.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Rayonier's net profit margin?
Rayonier (RYN) had a net profit margin of 97.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Rayonier pay dividends?
Yes, Rayonier (RYN) paid $2.49 per share in dividends during fiscal year 2025.
What is Rayonier's return on equity (ROE)?
Rayonier (RYN) has a return on equity of 21.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Rayonier's operating cash flow?
Rayonier (RYN) generated $256.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Rayonier's total assets?
Rayonier (RYN) had $3.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Rayonier's current ratio?
Rayonier (RYN) had a current ratio of 3.26 as of fiscal year 2025, which is generally considered healthy.
What is Rayonier's debt-to-equity ratio?
Rayonier (RYN) had a debt-to-equity ratio of 0.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Rayonier's return on assets (ROA)?
Rayonier (RYN) had a return on assets of 13.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Rayonier's Altman Z-Score?
Rayonier (RYN) has an Altman Z-Score of 3.76, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Rayonier's Piotroski F-Score?
Rayonier (RYN) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Rayonier's earnings high quality?
Rayonier (RYN) has an earnings quality ratio of 0.54x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Rayonier cover its interest payments?
Rayonier (RYN) has an interest coverage ratio of 3.2x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Rayonier?
Rayonier (RYN) scores 55 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.