NYSE : RYN
Rayonier Inc. — Financial statements
Real Estate · REIT - Specialty · United States
Last price 19.14 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 5.73B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Other Revenue | 968.29M | 484.49M | 987.93M | 788.37M | 924.55M | 1.11B |
| Total Revenue | 968.29M | 484.49M | 987.93M | 788.37M | 924.55M | 1.11B |
| Property Expenses | 728.01M | 320.16M | 547.58M | 528.92M | 687.55M | 796.12M |
| Selling, General & Administrative | 85.49M | 66.69M | 74.44M | 74.80M | 64.67M | 57.79M |
| Other Operating Expenses | 325.00K | -314.00K | 6.55M | 2.04M | 314.00K | 99.00K |
| Total Operating Expenses | 814.00M | 386.71M | 628.58M | 605.76M | 752.54M | 854.00M |
| Operating Income | 154.29M | 97.78M | 359.35M | 182.61M | 172.01M | 255.59M |
| Interest Expense | -44.63M | -26.35M | -33.76M | -45.14M | -36.21M | -44.91M |
| Interest & Investment Income | 31.09M | 24.29M | 8.21M | 1.78M | 2.32M | |
| Currency Exchange Gain (Loss) | -5.25M | 6.82M | ||||
| Other Non-Operating Income | -3.07M | -4.92M | -645.00K | -375.00K | -19.00K | |
| EBT Excluding Unusual Items | 137.69M | 90.81M | 333.16M | 138.87M | 132.87M | 217.49M |
| Merger & Restructuring Charges | -88.21M | -6.30M | ||||
| Gain (Loss) on Sale of Investments | 7.58M | |||||
| Gain (Loss) on Sale of Assets | 110.00K | -51.00K | 13.00K | 37.00K | 40.00K | 75.00K |
| Asset Writedown | -9.33M | -7.05M | -729.00K | |||
| Total Legal Settlements | -1.70M | 8.00M | 20.70M | |||
| Other Unusual Items | -200.00K | |||||
| Pretax Income | 40.26M | 74.59M | 339.84M | 159.61M | 132.18M | 225.15M |
| Income Tax Expense | -36.37M | 527.00K | -1.02M | 293.00K | 9.39M | 14.66M |
| Earnings From Continuing Operations | 76.62M | 74.07M | 340.86M | 159.31M | 122.79M | 210.49M |
| Earnings From Discontinued Operations | 406.35M | 28.12M | 19.18M | |||
| Net Income to Company | 76.62M | 480.41M | 368.98M | 178.50M | 122.79M | 210.49M |
| Minority Interest in Earnings | -819.00K | -6.03M | -9.84M | -5.00M | -15.71M | -57.94M |
| Net Income | 75.80M | 474.38M | 359.15M | 173.49M | 107.08M | 152.55M |
| Net Income to Common | 75.80M | 474.38M | 359.15M | 173.49M | 107.08M | 152.55M |
| Basic Shares Outstanding | 216.69M | 154.76M | 148.84M | 148.05M | 146.21M | 140.81M |
| Diluted Shares Outstanding | 221.73M | 158.71M | 152.10M | 151.07M | 150.15M | 145.30M |
| EPS (Basic) | 0.35 | 3.07 | 2.41 | 1.17 | 0.73 | 1.08 |
| EPS (Diluted) | 0.35 | 3.07 | 2.39 | 1.17 | 0.73 | 1.08 |
| Dividend Per Share | 1.06 | 1.09 | 1.14 | 1.14 | 1.12 | 1.08 |
| Operating Margin | 15.93% | 20.18% | 36.37% | 23.16% | 18.61% | 23.04% |
| Profit Margin | 7.83% | 97.91% | 36.35% | 22.01% | 11.58% | 13.75% |
| EBITDA | 340.47M | 204.23M | 473.21M | 319.18M | 319.35M | 411.31M |
| EBITDA Margin | 35.16% | 42.15% | 47.90% | 40.49% | 34.54% | 37.07% |
| D&A For Ebitda | 186.18M | 106.45M | 113.85M | 136.56M | 147.34M | 155.72M |
| EBIT | 154.29M | 97.78M | 359.35M | 182.61M | 172.01M | 255.59M |
| EBIT Margin | 15.93% | 20.18% | 36.37% | 23.16% | 18.61% | 23.04% |
| Effective Tax Rate | 0.71% | 0.18% | 7.10% | 6.51% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 6.39B | 2.33B | 2.42B | 3.13B | 3.36B | 3.03B |
| Cash & Equivalents | 411.76M | 842.94M | 303.06M | 207.70M | 114.25M | 362.17M |
| Accounts Receivable | 51.50M | 9.10M | 8.01M | 28.65M | 27.84M | |
| Other Receivables | 13.73M | 7.17M | 13.27M | 11.52M | 14.70M | 30.02M |
| Investment In Debt and Equity Securities | 129.99M | 25.44M | 49.35M | 50.77M | 72.78M | 11.48M |
| Goodwill | 7.82M | 7.86M | 8.46M | |||
| Other Intangible Assets | 3.26M | 4.49M | 5.43M | 5.79M | 3.12M | |
| Restricted Cash | 19.37M | 6.34M | ||||
| Other Current Assets | 204.19M | 23.14M | 93.19M | 63.35M | 45.59M | 52.90M |
| Trading Asset Securities | 1.40M | 5.74M | ||||
| Deferred Long-Term Charges | 854.00K | 1.10M | ||||
| Other Long-Term Assets | 264.94M | 157.91M | 563.31M | 139.81M | 144.44M | 134.31M |
| Total Assets | 7.46B | 3.40B | 3.47B | 3.65B | 3.79B | 3.64B |
| Current Portion of Long-Term Debt | 199.98M | 124.97M | ||||
| Current Portion of Leases | 10.84M | 2.62M | ||||
| Long-Term Debt | 1.86B | 845.36M | 1.04B | 1.37B | 1.51B | 1.26B |
| Long-Term Leases | 25.45M | 13.67M | 16.26M | 87.68M | 88.76M | 93.42M |
| Accounts Payable | 30.85M | 12.78M | 16.91M | 26.56M | 22.10M | 23.45M |
| Accrued Expenses | 55.81M | 20.26M | 20.55M | 29.75M | 18.48M | 20.86M |
| Current Income Taxes Payable | 14.41M | 5.07M | 1.84M | 4.39M | 3.73M | 12.45M |
| Current Unearned Revenue | 48.52M | 19.26M | 20.90M | 19.01M | 22.76M | 17.80M |
| Other Current Liabilities | 30.79M | 11.32M | 328.51M | 60.56M | 28.25M | 32.20M |
| Long-Term Unearned Revenue | 13.16M | 9.60M | 10.70M | 11.29M | 6.89M | |
| Other Long-Term Liabilities | 28.75M | 14.55M | 181.97M | 81.31M | 88.64M | 92.94M |
| Total Liabilities | 2.21B | 1.15B | 1.64B | 1.69B | 1.80B | 1.69B |
| Common Stock | 5.15B | 1.90B | 1.52B | 1.50B | 1.46B | 1.39B |
| Retained Earnings | 24.95M | 280.87M | 257.25M | 338.24M | 366.64M | 402.31M |
| Comprehensive Income & Other | 36.96M | 24.49M | -10.43M | 24.65M | 35.81M | -19.60M |
| Total Common Equity | 5.21B | 2.21B | 1.77B | 1.86B | 1.87B | 1.77B |
| Minority Interest | 38.53M | 40.46M | 63.06M | 98.72M | 121.08M | 177.62M |
| Shareholders' Equity | 5.25B | 2.25B | 1.83B | 1.96B | 1.99B | 1.95B |
| Total Liabilities & Equity | 7.46B | 3.40B | 3.47B | 3.65B | 3.79B | 3.64B |
| Total Debt | 1.89B | 1.06B | 1.06B | 1.45B | 1.60B | 1.48B |
| Net Cash (Debt) | -1.48B | -217.28M | -757.61M | -1.24B | -1.49B | -1.11B |
| Net Cash Per Share | -6.67 | -1.37 | -4.98 | -8.21 | -9.92 | -7.67 |
| Filing Date Shares Outstanding | 297.57M | 302.30M | 156.10M | 148.64M | 147.30M | 145.29M |
| Total Common Shares Outstanding | 298.61M | 161.43M | 148.54M | 148.30M | 147.26M | 145.30M |
| Book Value Per Share | 17.45 | 13.69 | 11.91 | 12.55 | 12.67 | 12.19 |
| Tangible Book Value | 5.21B | 2.21B | 1.76B | 1.85B | 1.85B | 1.76B |
| Tangible Book Value Per Share | 17.45 | 13.67 | 11.88 | 12.46 | 12.57 | 12.11 |
| Land | 23.72M | 5.58M | 5.58M | 6.45M | 6.45M | 6.40M |
| Buildings | 106.26M | 24.49M | 24.49M | 31.25M | 31.02M | 31.17M |
| Construction In Progress | 9.99M | 2.39M | 779.00K | 1.84M | 653.00K | 460.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 75.80M | 474.38M | 359.15M | 173.49M | 107.08M | 152.55M |
| Depreciation & Amortization | 186.18M | 106.45M | 113.85M | 136.56M | 147.34M | 155.72M |
| Gain (Loss) on Sale of Assets | -291.08M | -105.08M | -16.61M | -44.78M | ||
| Gain (Loss) on Sale of Investments | -55.20M | |||||
| Asset Writedown | 9.33M | 7.05M | 729.00K | |||
| Stock-Based Compensation | 26.36M | 11.00M | 14.23M | 14.00M | 12.36M | 9.28M |
| Change in Accounts Receivable | -10.49M | 6.60M | -2.83M | 4.40M | -9.11M | 17.24M |
| Change in Accounts Payable | 9.74M | -1.99M | 571.00K | 1.50M | 1.14M | -1.59M |
| Change in Other Net Operating Assets | -34.63M | -17.90M | -22.97M | -1.26M | -9.94M | -5.85M |
| Other Operating Activities | 52.08M | 66.20M | 59.22M | 50.26M | 40.54M | 98.25M |
| Net Cash from Discontinued Operations | -395.38M | 29.44M | 23.97M | |||
| Operating Cash Flow | 313.14M | 256.66M | 261.59M | 298.38M | 269.19M | 325.11M |
| Acquisition of Real Estate Assets | -94.25M | -72.49M | -110.67M | -101.92M | -547.04M | -267.60M |
| Sale of Real Estate Assets | 364.00K | 4.47M | 484.80M | 239.94M | 29.50M | 54.68M |
| Net Sale / Acq. of Real Estate Assets | -93.88M | -68.02M | 374.13M | 138.01M | -517.54M | -212.92M |
| Cash Acquisition | -24.77M | |||||
| Other Investing Activities | 6.18M | 683.07M | -20.12M | -13.92M | 1.18M | 186.67M |
| Investing Cash Flow | -112.47M | 615.05M | 354.01M | 124.09M | -516.36M | -26.25M |
| Long-Term Debt Issued | 656.84M | 446.38M | ||||
| Long-Term Debt Repaid | -250.00M | -150.00M | -531.84M | -420.00M | ||
| Net Debt Issued (Repaid) | -229.57M | -250.00M | -150.00M | 125.00M | 26.38M | |
| Issuance of Common Stock | 75.00K | 64.19M | 236.75M | |||
| Repurchase of Common Stock | -139.91M | -73.44M | -18.87M | -4.22M | -4.22M | -1.62M |
| Common Dividends Paid | -243.27M | -169.66M | -170.77M | -169.99M | -165.71M | -153.51M |
| Other Financing Activities | -2.49M | -5.87M | -9.43M | -4.74M | -23.84M | -124.31M |
| Foreign Exchange Rate Adjustments | 1.39M | -1.42M | -621.00K | -1.97M | -889.00K | |
| Net Cash Flow | -470.67M | 500.24M | 134.83M | 92.97M | -253.73M | 281.66M |
| Levered Free Cash Flow | 111.03M | -113.56M | 464.86M | 187.19M | -299.43M | 53.81M |
| Unlevered Free Cash Flow | 138.92M | -97.09M | 485.96M | 215.41M | -276.80M | 81.88M |
| Cash Interest Paid | 24.91M | 23.31M | 35.20M | 45.54M | 35.72M | 42.67M |
| Cash Income Tax Paid | 546.00K | 254.00K | 277.00K | 216.00K | 15.13M | 7.39M |
| Change in Working Capital | -36.62M | -13.05M | -23.22M | 5.17M | -22.24M | 9.30M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.80B | 3.33B | 3.88B | 4.95B | 4.82B | 5.77B |
| Enterprise Value | 7.28B | 3.52B | 5.28B | 6.53B | 6.01B | 7.05B |
| Last Close Price | 19.38 | 20.85 | 22.67 | 26.34 | 24.91 | 29.59 |
| PE Ratio | 55.40 | 7.02 | 10.79 | 28.55 | 45.05 | 37.83 |
| PS Ratio | 5.99 | 6.88 | 3.92 | 6.28 | 5.22 | 5.20 |
| PB Ratio | 1.11 | 1.48 | 2.12 | 2.53 | 2.43 | 2.96 |
| P/OCF Ratio | 18.52 | 12.98 | 14.82 | 16.60 | 17.92 | 17.75 |
| EV/Sales Ratio | 7.52 | 7.26 | 5.34 | 8.28 | 6.51 | 6.36 |
| EV/EBITDA Ratio | 21.38 | 17.22 | 11.15 | 20.45 | 18.83 | 17.15 |
| EV/EBIT Ratio | 47.17 | 35.97 | 14.69 | 35.75 | 34.97 | 27.60 |
| Debt / Equity Ratio | 0.36 | 0.47 | 0.58 | 0.74 | 0.81 | 0.76 |
| Debt / EBITDA Ratio | 5.48 | 5.11 | 2.22 | 4.49 | 4.87 | 3.50 |
| Net Debt / Equity Ratio | 0.28 | 0.10 | 0.41 | 0.63 | 0.75 | 0.57 |
| Net Debt / EBITDA Ratio | 4.35 | 1.06 | 1.60 | 3.89 | 4.66 | 2.71 |
| Asset Turnover | 0.18 | 0.14 | 0.28 | 0.21 | 0.25 | 0.30 |
| Inventory Turnover | 9.17 | 16.98 | 17.69 | 19.32 | 26.32 | 40.70 |
| Quick Ratio | 2.49 | 3.17 | 0.83 | 1.81 | 1.65 | 1.69 |
| Current Ratio | 3.56 | 3.26 | 1.12 | 2.26 | 2.12 | 1.95 |
| Return on Equity (ROE) | 2.02% | 3.63% | 17.98% | 8.08% | 6.24% | 10.68% |
| Return on Assets (ROA) | 1.76% | 1.78% | 6.31% | 3.07% | 2.90% | 4.34% |
| Return on Invested Capital (ROIC) | 2.11% | 3.13% | 11.40% | 5.21% | 4.55% | 6.88% |
| Earnings Yield | 1.80% | 14.24% | 9.27% | 3.50% | 2.22% | 2.64% |
| Dividend Yield | 5.37% | 5.28% | 4.37% | 3.41% | 3.44% | 2.72% |
| Payout Ratio | 297.30% | 35.76% | 47.55% | 97.98% | 154.75% | 100.63% |
| Buyback Yield / Dilution | -43.02% | -4.35% | -0.68% | -0.61% | -3.34% | -6.10% |
| Total Shareholder Return | -37.65% | 0.93% | 3.69% | 2.80% | 0.10% | -3.38% |