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RAYONIER INC

RYN Clue Score63
United States Fiscal year ends December CIK 0000052827
$18.98 +2.04% Close, 9 Oct 2026
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Price $18.98 −48.42% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 11 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue815.9Operating income255.8Net income212.0EPS, diluted1.73Fiscal year 2017Revenue819.6 +0.5%Operating income215.5Net income148.8 −29.8%EPS, diluted1.16 −32.9%Fiscal year 2018Revenue816.1 −0.4%Operating income170.1Net income102.2 −31.3%EPS, diluted0.79 −31.9%Fiscal year 2019Revenue711.6 −12.8%Operating income107.0Net income59.1 −42.2%EPS, diluted0.46 −41.8%Fiscal year 2020Revenue858.5 +20.7%Operating income74.4Net income37.1 −37.3%EPS, diluted0.27 −41.3%Fiscal year 2021Revenue1,108.4 +29.1%Operating income269.8Net income152.6 +311.4%EPS, diluted1.08 +300.0%Fiscal year 2022Revenue907.8 −18.1%Operating income165.8Net income107.1 −29.8%EPS, diluted0.73 −32.4%Fiscal year 2023Revenue787.0 −13.3%Operating income184.7Net income173.5 +62.0%EPS, diluted1.17 +60.3%Fiscal year 2024Revenue986.4 +25.3%Operating income364.1Net income359.1 +107.0%EPS, diluted2.39 +104.3%Fiscal year 2025Revenue483.0 −51.0%Operating income83.3Net income474.4 +32.1%EPS, diluted3.03 +26.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 815.9 819.6 816.1 711.6 858.5 1,108.4 907.8 787.0 986.4 483.0
Growth +0.5% −0.4% −12.8% +20.7% +29.1% −18.1% −13.3% +25.3% −51.0%
Operating income 255.8 215.5 170.1 107.0 74.4 269.8 165.8 184.7 364.1 83.3
Net income 212.0 148.8 102.2 59.1 37.1 152.6 107.1 173.5 359.1 474.4
Growth −29.8% −31.3% −42.2% −37.3% +311.4% −29.8% +62.0% +107.0% +32.1%
EPS, diluted 1.73 1.16 0.79 0.46 0.27 1.08 0.73 1.17 2.39 3.03
Growth −32.9% −31.9% −41.8% −41.3% +300.0% −32.4% +60.3% +104.3% +26.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin31.3%Net margin26.0%Free cash flow margin17.8%Fiscal year 2017Operating margin26.3%Net margin18.2%Free cash flow margin23.3%Fiscal year 2018Operating margin20.8%Net margin12.5%Free cash flow margin30.4%Fiscal year 2019Operating margin15.0%Net margin8.3%Free cash flow margin21.1%Fiscal year 2020Operating margin8.7%Net margin4.3%Free cash flow margin16.0%Fiscal year 2021Operating margin24.3%Net margin13.8%Free cash flow margin22.5%Fiscal year 2022Operating margin18.3%Net margin11.8%Free cash flow margin21.4%Fiscal year 2023Operating margin23.5%Net margin22.0%Free cash flow margin25.8%Fiscal year 2024Operating margin36.9%Net margin36.4%Free cash flow margin16.1%Fiscal year 2025Operating margin17.3%Net margin98.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 31.3% 26.3% 20.8% 15.0% 8.7% 24.3% 18.3% 23.5% 36.9% 17.3%
Net margin 26.0% 18.2% 12.5% 8.3% 4.3% 13.8% 11.8% 22.0% 36.4% 98.2%
Free cash flow margin 17.8% 23.3% 30.4% 21.1% 16.0% 22.5% 21.4% 25.8% 16.1% n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow203.8Capital expenditure−58.7Free cash flow145.1Buybacks−0.7Dividends paid−122.8Fiscal year 2017Operating cash flow256.3Capital expenditure−65.3Free cash flow190.9 +31.6%Buybacks−0.2Dividends paid−127.1Fiscal year 2018Operating cash flow310.1Capital expenditure−62.3Free cash flow247.8 +29.8%Buybacks−3.0Dividends paid−136.8Fiscal year 2019Operating cash flow214.3Capital expenditure−64.0Free cash flow150.3 −39.4%Buybacks−4.3Dividends paid−141.1Fiscal year 2020Operating cash flow204.2Capital expenditure−66.5Free cash flow137.7 −8.4%Buybacks−1.6Dividends paid−146.3Fiscal year 2021Operating cash flow325.1Capital expenditure−76.0Free cash flow249.1 +81.0%Buybacks−1.6Dividends paid−153.5Fiscal year 2022Operating cash flow269.2Capital expenditure−74.8Free cash flow194.4 −22.0%Buybacks−4.2Dividends paid−165.7Fiscal year 2023Operating cash flow298.4Capital expenditure−95.5Free cash flow202.9 +4.4%Buybacks−4.2Dividends paid−170.0Fiscal year 2024Operating cash flow261.6Capital expenditure−102.5Free cash flow159.1 −21.6%Buybacks−4.2Dividends paid−200.6Fiscal year 2025Operating cash flow256.7Buybacks−2.9Dividends paid−292.1
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 203.8 256.3 310.1 214.3 204.2 325.1 269.2 298.4 261.6 256.7
Capital expenditure −58.7 −65.3 −62.3 −64.0 −66.5 −76.0 −74.8 −95.5 −102.5 n/a
Free cash flow 145.1 190.9 247.8 150.3 137.7 249.1 194.4 202.9 159.1 n/a
Growth +31.6% +29.8% −39.4% −8.4% +81.0% −22.0% +4.4% −21.6%
Buybacks −0.7 −0.2 −3.0 −4.3 −1.6 −1.6 −4.2 −4.2 −4.2 −2.9
Dividends paid −122.8 −127.1 −136.8 −141.1 −146.3 −153.5 −165.7 −170.0 −200.6 −292.1

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash85.9Total debt1,061.9Net cash (debt)−976.0Shareholders’ equity1,411.6Debt to equity0.75Fiscal year 2017Cash112.7Total debt1,025.4Net cash (debt)−912.7Shareholders’ equity1,593.0Debt to equity0.64Fiscal year 2018Cash148.4Total debt972.6Net cash (debt)−824.2Shareholders’ equity1,556.9Debt to equity0.62Fiscal year 2019Cash68.7Total debt1,055.1Net cash (debt)−986.4Shareholders’ equity1,440.0Debt to equity0.73Fiscal year 2020Cash84.5Total debt1,360.5Net cash (debt)−1,276.0Shareholders’ equity1,474.1Debt to equity0.92Fiscal year 2021Cash362.2Total debt1,367.8Net cash (debt)−1,005.6Shareholders’ equity1,771.8Debt to equity0.77Fiscal year 2022Cash114.3Total debt1,514.7Net cash (debt)−1,400.5Shareholders’ equity1,865.4Debt to equity0.81Fiscal year 2023Cash207.7Total debt1,365.8Net cash (debt)−1,158.1Shareholders’ equity1,860.5Debt to equity0.73Fiscal year 2024Cash303.1Total debt1,044.4Net cash (debt)−741.3Shareholders’ equity1,769.3Debt to equity0.59Fiscal year 2025Cash842.9Total debt1,045.3Net cash (debt)−202.4Shareholders’ equity2,209.7Debt to equity0.47
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 85.9 112.7 148.4 68.7 84.5 362.2 114.3 207.7 303.1 842.9
Total debt 1,061.9 1,025.4 972.6 1,055.1 1,360.5 1,367.8 1,514.7 1,365.8 1,044.4 1,045.3
Net cash (debt) −976.0 −912.7 −824.2 −986.4 −1,276.0 −1,005.6 −1,400.5 −1,158.1 −741.3 −202.4
Shareholders’ equity 1,411.6 1,593.0 1,556.9 1,440.0 1,474.1 1,771.8 1,865.4 1,860.5 1,769.3 2,209.7
Debt to equity 0.75 0.64 0.62 0.73 0.92 0.77 0.81 0.73 0.59 0.47

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
815.9 819.6 816.1 711.6 858.5 1,108.4 907.8 787.0 986.4 483.0
Growth +0.5% −0.4% −12.8% +20.7% +29.1% −18.1% −13.3% +25.3% −51.0%
526.4 568.3 605.3 558.4 712.4 796.1 688.3 528.9 547.6 327.2
42.8 40.2 42.0 41.6 50.6 57.8 64.7 74.8 74.4 66.7
255.8 215.5 170.1 107.0 74.4 269.8 165.8 184.7 364.1 83.3
Growth −15.8% −21.1% −37.1% −30.5% +262.7% −38.5% +11.4% +97.1% −77.1%
222.8 183.3 142.6 80.6 36.8 225.1 132.2 159.6 339.8 74.6
5.1 21.7 25.2 12.9 7.0 14.7 9.4 0.3 −1.0 0.5
212.0 148.8 102.2 59.1 37.1 152.6 107.1 173.5 359.1 474.4
Growth −29.8% −31.3% −42.2% −37.3% +311.4% −29.8% +62.0% +107.0% +32.1%
Per share
1.73 1.17 0.79 0.46 0.28 1.08 0.73 1.17 2.41 3.07
1.73 1.16 0.79 0.46 0.27 1.08 0.73 1.17 2.39 3.03
Growth −32.9% −31.9% −41.8% −41.3% +300.0% −32.4% +60.3% +104.3% +26.8%
122.6 127.4 129.0 129.3 133.9 140.8 146.2 148.0 148.8 154.8
122.8 127.8 129.7 129.6 136.9 145.3 150.2 151.1 152.1 158.7
Growth +4.1% +1.5% −0.1% +5.7% +6.1% +3.3% +0.6% +0.7% +4.3%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 10.9% a year over five years, and earnings per share grew 62.2% a year.
  • The diluted share count rose 15.9% in five years, which is dilution.
  • Operating margin is up 8.6 points on five years ago, at 17.3%.
  • Profitable in every one of the 10 years on file.