RYN Real Estate

Rayonier Inc.

$19.62-2.73%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Real Estate
Industry: REIT - Specialty
Country: United States
Market cap: 5.9B USD
Enterprise value: 7.1B USD
Full-time employees: 285

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
About average: growth

Ranks #424 of 632 real estate companies (bottom 34%)

See how it ranks against its peers

Worth knowing

Profit growing, cash flow isn't. Profit +343% since 2022 (an unusually weak year for profit), operating cash flow −4.7%.Profit +343% since 2022, operating cash flow −4.7%.
Rayonier's reported profit rose 343% since 2022, but the cash its operations generate changed −4.7%. When profit and cash diverge like this, it's worth understanding why (for example, customers paying more slowly or gains that aren't cash).Rayonier's reported profit rose 343% since 2022, but the cash its operations generate changed −4.7%. When profit and cash diverge like this, it's worth understanding why.
Stock pay outran buybacks. Stock-based pay expense $39M vs $11M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Rayonier recorded $39M of stock-based pay expense and spent $11M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Rayonier recorded $39M of stock-based pay expense and spent $11M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Cash flow well above reported profit. Free cash flow is 3.2× reported profit.
Free cash flow is 3.2× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

StockQuotient Score

43/ 100

Oct 5 43 → Nov 4 43

Valuation

Is the price right?

14/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ EBITDA yield
▼ Earnings yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.3%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.84Sector median: 0.0535 · MAD: 0.0484

EBITDA yield2.3%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -1.50Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield4.2%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.52Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield89.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

48/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 42.7%

Why

Mixed versus peers:

▲ 3-yr revenue
▼ EPS growth
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-94.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -2.64Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth24.9%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 2.84Sector median: 0.0378 · MAD: 0.0744

Revenue growth0.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.27Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

23/100

Weak▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Score 22 → 23

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ ROIC
▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin6.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.92Sector median: 0.2683 · MAD: 0.2257

Return on assets1.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.82Sector median: 0.0211 · MAD: 0.0134

Return on invested capital0.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.38Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin23.7%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity1.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.90

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.45Sector median: 0.7490 · MAD: 0.3270

Current ratio3.56×

SEC filings · latest balance sheetReported value33% base weight · Z-score 3.28Sector median: 1.1950 · MAD: 0.7210

Debt / equity0.36×

SEC filings · latest balance sheetReported value33% base weight · Z-score 1.15Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Rayonier

Is Rayonier getting weaker?: Its latest SEC filing (Aug 7, 2026) showed no major changes. Its overall score is unchanged at 43/100 since Oct 28, 2026.
How is Rayonier valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 14/100 against 762 real estate peers. EBITDA yield 2.3% vs a peer median of 5.4% (weaker than 80% of peers).EBITDA yield 2.3% vs peers 5.4% (weaker than 80% of peers).
Is Rayonier growing?: At about the same pace as its peers. Growth scores 48/100 against 762 real estate peers. 3-year revenue growth 24.9% vs a peer median of 3.8% (stronger than 92% of peers).3-year revenue growth 24.9% vs peers 3.8% (stronger than 92% of peers). Earnings per share growth -94.8% vs a peer median of 11.2% (weaker than 100% of peers).Earnings per share growth -94.8% vs peers 11.2% (weaker than 100% of peers).
How profitable is Rayonier?: Less profitable than most of its peers. Profitability scores 23/100 against 762 real estate peers. Return on invested capital 0.7% vs a peer median of 3.4% (weaker than 81% of peers).Return on invested capital 0.7% vs peers 3.4% (weaker than 81% of peers).
How risky is Rayonier?: Lower risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 3.56× vs a peer median of 1.20× (stronger than 88% of peers).Current ratio 3.56× vs peers 1.20× (stronger than 88% of peers). Beta 0.90 vs a peer median of 0.75 (weaker than 62% of peers).Beta 0.90 vs peers 0.75 (weaker than 62% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	678.4M USD	968.3M USD	+42.7%
Net income (12 months)	465.4M USD	75.8M USD	−83.7%
Operating margin	5.5%	6.0%	+0.4 pts
Debt	2.1B USD	1.9B USD	−9.9%
Cash	681.7M USD	411.8M USD	−39.6%
Shares outstanding	300.7M	297.6M	−1.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Specialty companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	28.3%	24.3%	32.9%	44.6%	32.5%	▼ 12 pts
Operating margin	24.3%	18.2%	23.4%	36.9%	17.2%	▼ 20 pts
Net margin	13.7%	11.8%	22.0%	36.4%	97.9%	▲ 62 pts
Return on assets (ROA)	4.2%	2.8%	4.8%	10.3%	13.9%	▲ 3.6 pts
Return on equity (ROE)	8.6%	5.7%	9.3%	20.3%	21.5%	▲ 1.2 pts
Free cash flow margin	22.5%	21.4%	25.7%	16.1%	—	—
Current ratio	1.95×	2.12×	2.26×	1.12×	3.26×	▲ 190%
Quick ratio	1.83×	1.87×	2.04×	1.04×	3.23×	▲ 209%
Debt to equity	0.77×	0.81×	0.73×	0.59×	0.48×	▼ 20%
Interest coverage	6.01×	4.58×	3.82×	10.79×	3.16×	▼ 71%

RYN price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquidity and less debt relative to equitylower risk: more liquidity and less debt vs equity

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

About average: growth

Ranks #424 of 632 real estate companies (bottom 34%)

See how it ranks against its peers

Worth knowing

Profit growing, cash flow isn't. Profit +343% since 2022 (an unusually weak year for profit), operating cash flow −4.7%.Profit +343% since 2022, operating cash flow −4.7%.

Rayonier's reported profit rose 343% since 2022, but the cash its operations generate changed −4.7%. When profit and cash diverge like this, it's worth understanding why (for example, customers paying more slowly or gains that aren't cash).Rayonier's reported profit rose 343% since 2022, but the cash its operations generate changed −4.7%. When profit and cash diverge like this, it's worth understanding why.

Stock pay outran buybacks. Stock-based pay expense $39M vs $11M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years Rayonier recorded $39M of stock-based pay expense and spent $11M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Rayonier recorded $39M of stock-based pay expense and spent $11M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

Cash flow well above reported profit. Free cash flow is 3.2× reported profit.

Free cash flow is 3.2× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Questions investors ask about Rayonier

Is Rayonier getting weaker?

Its latest SEC filing (Aug 7, 2026) showed no major changes. Its overall score is unchanged at 43/100 since Oct 28, 2026.

How is Rayonier valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 14/100 against 762 real estate peers. EBITDA yield 2.3% vs a peer median of 5.4% (weaker than 80% of peers).EBITDA yield 2.3% vs peers 5.4% (weaker than 80% of peers).

Is Rayonier growing?

At about the same pace as its peers. Growth scores 48/100 against 762 real estate peers. 3-year revenue growth 24.9% vs a peer median of 3.8% (stronger than 92% of peers).3-year revenue growth 24.9% vs peers 3.8% (stronger than 92% of peers). Earnings per share growth -94.8% vs a peer median of 11.2% (weaker than 100% of peers).Earnings per share growth -94.8% vs peers 11.2% (weaker than 100% of peers).

How profitable is Rayonier?

Less profitable than most of its peers. Profitability scores 23/100 against 762 real estate peers. Return on invested capital 0.7% vs a peer median of 3.4% (weaker than 81% of peers).Return on invested capital 0.7% vs peers 3.4% (weaker than 81% of peers).

How risky is Rayonier?

Lower risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 3.56× vs a peer median of 1.20× (stronger than 88% of peers).Current ratio 3.56× vs peers 1.20× (stronger than 88% of peers). Beta 0.90 vs a peer median of 0.75 (weaker than 62% of peers).Beta 0.90 vs peers 0.75 (weaker than 62% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

678.4M USD

968.3M USD

+42.7%

Net income (12 months)

465.4M USD

75.8M USD

−83.7%

Operating margin

5.5%

6.0%

+0.4 pts

Debt

2.1B USD

1.9B USD

−9.9%

Cash

681.7M USD

411.8M USD

−39.6%

Shares outstanding

300.7M

297.6M

−1.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

28.3%

24.3%

32.9%

44.6%

32.5%

▼ 12 pts

Operating margin

24.3%

18.2%

23.4%

36.9%

17.2%

▼ 20 pts

Net margin

13.7%

11.8%

22.0%

36.4%

97.9%

▲ 62 pts

Return on assets (ROA)

4.2%

2.8%

4.8%

10.3%

13.9%

▲ 3.6 pts

Return on equity (ROE)

8.6%

5.7%

9.3%

20.3%

21.5%

▲ 1.2 pts

Free cash flow margin

22.5%

21.4%

25.7%

16.1%

—

Current ratio

1.95×

2.12×

2.26×

1.12×

3.26×

▲ 190%

Quick ratio

1.83×

1.87×

2.04×

1.04×

3.23×

▲ 209%

Debt to equity

0.77×

0.81×

0.73×

0.59×

0.48×

▼ 20%

Interest coverage

6.01×

4.58×

3.82×

10.79×

3.16×

▼ 71%