What is Rayonier's earnings per share (EPS)?

Rayonier (RYN) reported diluted earnings per share of $3.03 for fiscal year 2025. This represents a 26.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Rayonier Financials

RYN

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

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).

Rhea AI RYN FY2025 2026-06-11

FY2025 looks like a balance-sheet reset, with cash rebuilt from investing inflows rather than stronger underlying operations.

From FY2024 to FY2025, core operations weakened as revenue fell to $484.5M and operating margin compressed to 17.2%. Yet net income reached $474.4M while investing cash inflow was $615.1M, indicating balance-sheet monetization rather than stronger recurring operations drove the year’s headline profit.

The company is meaningfully less debt-dependent than a year ago: cash rose to $842.9M while long-term debt fell to $845.3M. That reset also fits the lower interest burden, showing management used the year’s cash events to reduce financing drag rather than simply pile up cash.

Despite the unusual profit mix, operating cash generation stayed steady at $256.7M, which suggests the day-to-day business did not collapse even as reported sales shrank. But dividends paid were $292.1M, so shareholder distributions exceeded internally generated operating cash and leaned on the year’s non-operating cash sources.

Financial Health Signals

Financial health score pending refresh

We are recalculating Rayonier's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Altman Z-Score Safe

3.71

Rayonier scores 3.71, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($6.3B) relative to total liabilities ($1.2B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

5/9

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.

Earnings Quality Mixed

0.54x

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.

Interest Coverage Adequate

3.2x

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

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Earnings & Revenue

Revenue

$484.5M

YoY-51.0%

5Y CAGR-10.8%

10Y CAGR-1.6%

Rayonier generated $484.5M in revenue in fiscal year 2025. This represents a decrease of 51.0% from the prior year.

EBITDA

N/A

Net Income

$474.4M

YoY+32.1%

5Y CAGR+66.5%

10Y CAGR+26.2%

Rayonier reported $474.4M in net income in fiscal year 2025. This represents an increase of 32.1% from the prior year.

EPS (Diluted)

$3.03

YoY+26.8%

5Y CAGR+62.2%

10Y CAGR+23.4%

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

Free Cash Flow

N/A

Cash & Debt

$842.9M

YoY+178.1%

5Y CAGR+58.4%

10Y CAGR+32.2%

Rayonier held $842.9M in cash against $845.3M in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.49

YoY-15.3%

5Y CAGR+18.2%

10Y CAGR+9.6%

Rayonier paid $2.49 per share in dividends in fiscal year 2025. This represents a decrease of 15.3% from the prior year.

Shares Outstanding

302M

YoY+93.7%

5Y CAGR+17.0%

10Y CAGR+9.4%

Rayonier had 302M shares outstanding in fiscal year 2025. This represents an increase of 93.7% from the prior year.

Margins & Returns

Gross Margin

32.5%

YoY-12.1pp

5Y CAGR+15.4pp

10Y CAGR+10.1pp

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.

Operating Margin

17.2%

YoY-19.7pp

5Y CAGR+8.5pp

10Y CAGR+3.5pp

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.

Net Margin

97.9%

YoY+61.6pp

5Y CAGR+93.6pp

10Y CAGR+89.8pp

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.

Return on Equity

21.5%

YoY+1.2pp

5Y CAGR+18.9pp

10Y CAGR+17.9pp

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

R&D Spending

N/A

Share Buybacks

$2.9M

YoY-30.7%

5Y CAGR+12.5%

10Y CAGR-29.8%

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.

Capital Expenditures

N/A

RYN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$484.5M-51.0%	$987.9M+25.3%	$788.4M+36.6%	$577.2M-48.0%	$1.1B+29.1%	$859.2M
Cost of Revenue	$327.2M-40.2%	$547.6M+3.5%	$528.9M+34.8%	$392.3M-50.7%	$796.1M+11.7%	$712.4M
Gross Profit	$157.3M-64.3%	$440.3M+69.7%	$259.5M+40.3%	$184.9M-41.0%	$313.5M+113.7%	$146.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$66.7M-10.4%	$74.4M-0.5%	$74.8M+15.5%	$64.7M+12.0%	$57.8M+14.1%	$50.6M
Operating Income	$83.3M-77.1%	$364.1M+97.1%	$184.7M+36.4%	$135.4M-49.8%	$269.8M+262.7%	$74.4M
Interest Expense	$26.4M-21.9%	$33.8M-30.2%	$48.3M+33.5%	$36.2M-19.4%	$44.9M+15.8%	$38.8M
Income Tax	$527K+151.6%	-$1.0M-448.8%	$293K-90.6%	$3.1M-78.8%	$14.7M+109.2%	$7.0M
Net Income	$474.4M+32.1%	$359.1M+107.0%	$173.5M+62.0%	$107.1M-29.8%	$152.6M+311.4%	$37.1M
EPS (Diluted)	$3.03+26.8%	$2.39+104.3%	$1.17+60.3%	$0.73-32.4%	$1.08+300.0%	$0.27

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$276.8M+135.6%	$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
Cost of Revenue	$230.3M+237.6%	$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
Gross Profit	$46.5M-5.7%	$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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$21.7M+34.9%	$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
Operating Income	-$45.7M-268.9%	$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
Interest Expense	$14.3M+115.1%	$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
Income Tax	-$39.4M-16807.6%	$236K	$0	$0-100.0%	$291K+809.8%	-$41K-510.0%	$10K	$0
Net Income	-$12.4M-148.0%	$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
EPS (Diluted)	$-0.05	N/A	$0.28-89.4%	$2.63+13250.0%	$-0.02	N/A	$0.19+1800.0%	$0.01

RYN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.4B-2.0%	$3.5B-4.7%	$3.6B-3.7%	$3.8B+4.2%	$3.6B-2.5%	$3.7B
Current Assets	$883.8M+102.3%	$436.9M+37.8%	$317.0M+56.6%	$202.4M-55.2%	$451.4M+164.7%	$170.6M
Cash & Equivalents	$842.9M+178.1%	$303.1M+68.7%	$179.7M+57.3%	$114.3M-68.5%	$362.2M+328.6%	$84.5M
Inventory	$6.8M-77.9%	$30.9M+5.8%	$29.2M+23.0%	$23.7M-16.8%	$28.5M+169.2%	$10.6M
Accounts Receivable	$9.1M+13.7%	$8.0M-38.8%	$13.1M-53.0%	$27.8M-7.3%	$30.0M-38.8%	$49.1M
Goodwill	N/A	$7.0M-10.9%	$7.8M-0.5%	$7.9M-7.0%	$8.5M-5.4%	$8.9M
Total Liabilities	$1.2B-29.9%	$1.7B-4.6%	$1.8B-7.1%	$1.9B+3.2%	$1.9B-17.3%	$2.3B
Current Liabilities	$271.3M-30.2%	$388.7M+177.1%	$140.3M+47.2%	$95.3M-58.9%	$231.7M+154.3%	$91.1M
Long-Term Debt	$845.3M-19.1%	$1.0B-19.2%	$1.3B-14.6%	$1.5B+21.9%	$1.2B-8.7%	$1.4B
Total Equity	$2.2B+24.9%	$1.8B-4.9%	$1.9B-0.3%	$1.9B+5.3%	$1.8B+20.2%	$1.5B
Retained Earnings	$280.9M+9.2%	$257.3M-23.9%	$338.2M-7.7%	$366.6M-8.9%	$402.3M-9.9%	$446.3M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$7.7B+127.5%	$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
Current Assets	$895.7M+1.4%	$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
Cash & Equivalents	$681.7M-19.1%	$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
Inventory	$113.2M+1557.0%	$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
Accounts Receivable	$41.1M+352.1%	$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
Goodwill	N/A	N/A	N/A	N/A	N/A	$7.0M	N/A	N/A
Total Liabilities	$2.4B+102.2%	$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
Current Liabilities	$354.1M+30.5%	$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
Long-Term Debt	$1.9B+119.4%	$845.3M0.0%	$845.1M0.0%	$844.9M-19.1%	$1.0B0.0%	$1.0B-18.7%	$1.3B-5.8%	$1.4B
Total Equity	$5.3B+141.2%	$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
Retained Earnings	$156.2M-44.4%	$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

RYN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$256.7M-1.9%	$261.6M-12.3%	$298.4M+10.8%	$269.2M-17.2%	$325.1M+59.2%	$204.2M
Capital Expenditures	N/A	$84.8M+7.6%	$78.8M+5.4%	$74.8M-1.5%	$76.0M+14.2%	$66.5M
Free Cash Flow	N/A	$176.7M-19.5%	$219.5M+12.9%	$194.4M-22.0%	$249.1M+81.0%	$137.7M
Investing Cash Flow	$615.1M+73.7%	$354.0M+185.3%	$124.1M+124.0%	-$516.4M-1866.9%	-$26.3M+87.7%	-$213.6M
Financing Cash Flow	-$372.9M+22.2%	-$479.4M-45.8%	-$328.9M-7066.6%	-$4.6M+71.9%	-$16.3M-160.4%	$27.0M
Dividends Paid	$292.1M+45.6%	$200.6M+18.0%	$170.0M+2.6%	$165.7M+7.9%	$153.5M+4.9%	$146.3M
Share Buybacks	$2.9M-30.7%	$4.2M-0.9%	$4.2M-0.2%	$4.2M+161.3%	$1.6M+0.7%	$1.6M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$34.6M-33.2%	$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
Capital Expenditures	N/A	N/A	$16.3M	N/A	N/A	$21.9M-8.8%	$24.0M	N/A
Free Cash Flow	N/A	N/A	$99.9M	N/A	N/A	$65.9M+56.4%	$42.2M	N/A
Investing Cash Flow	-$53.1M-90.7%	-$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
Financing Cash Flow	-$142.8M-41.7%	-$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
Dividends Paid	$81.1M-16.1%	$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
Share Buybacks	$1.0M+372.3%	$213K+2942.9%	$7K-99.7%	$2.6M+6847.4%	$38K+216.7%	$12K+200.0%	$4K-99.9%	$4.1M

RYN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	32.5%-12.1pp	44.6%+11.7pp	32.9%+0.9pp	32.0%+3.8pp	28.2%+11.2pp	17.1%
Operating Margin	17.2%-19.7pp	36.9%+13.4pp	23.4%-0.0pp	23.5%-0.9pp	24.3%+15.7pp	8.7%
Net Margin	97.9%+61.6pp	36.4%+14.3pp	22.0%+3.5pp	18.6%+4.8pp	13.8%+9.4pp	4.3%
Return on Equity	21.5%+1.2pp	20.3%+11.0pp	9.3%+3.6pp	5.7%-2.9pp	8.6%+6.1pp	2.5%
Return on Assets	13.9%+3.6pp	10.3%+5.6pp	4.8%+1.9pp	2.8%-1.4pp	4.2%+3.2pp	1.0%
Current Ratio	3.26+2.1	1.12-1.1	2.26+0.1	2.12+0.2	1.95+0.1	1.87
Debt-to-Equity	0.38-0.2	0.59-0.1	0.69-0.1	0.81+0.1	0.70-0.2	0.92
FCF Margin	N/A	17.9%-10.0pp	27.9%-5.8pp	33.7%+11.2pp	22.4%+6.4pp	16.0%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	16.8%-25.2pp	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%
Operating Margin	-16.5%-39.5pp	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%
Net Margin	-4.5%-26.5pp	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%
Return on Equity	-0.2%-1.4pp	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%
Return on Assets	-0.2%-0.9pp	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%
Current Ratio	2.53-0.7	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
Debt-to-Equity	0.35-0.0	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
FCF Margin	N/A	N/A	56.3%	N/A	N/A	10.1%-23.8pp	34.0%	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.

Does Rayonier buy back shares?

Yes, Rayonier (RYN) spent $2.9M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Rayonier have outstanding?

Rayonier (RYN) had 302M shares outstanding as of fiscal year 2025.

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 3.71, 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 to 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.