Rayonier Inc. (RYN)
NYSE:RYN
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Rayonier
(NYSE:RYN)
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Rating:74Outperform
Price Target:
$23.50
â–²(10.23% Upside)
Action:Upgraded
Date:06/01/26
RYN scores well on valuation (low P/E and very high dividend yield) and a constructive earnings outlook driven by merger execution, synergy targets, and improved cash generation. The overall score is tempered by financial volatility across periods and only mixed technicals, with the stock still below longer-term moving averages.
Positive Factors
Merger synergies & scale
The PotlatchDeltic merger delivers immediate scale and a quantified $40M synergy target within two years. Realizing these cost and organizational efficiencies should sustainably boost adjusted EBITDA margins, reduce per-unit costs, and enhance long-term capital allocation and cash available for shareholders.
Negative Factors
Earnings and cash volatility
Historical swings in revenue, margins and free cash flow (including a sharp negative FCF in 2022) indicate underlying cyclical exposure. Such volatility complicates multi-period forecasting, raises the probability of uneven dividend coverage, and makes capital allocation outcomes more uncertain over the medium term.
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Positive Factors
Negative Factors
Merger synergies & scale
The PotlatchDeltic merger delivers immediate scale and a quantified $40M synergy target within two years. Realizing these cost and organizational efficiencies should sustainably boost adjusted EBITDA margins, reduce per-unit costs, and enhance long-term capital allocation and cash available for shareholders.
Read all positive factors
Rayonier (RYN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.63B
Dividend Yield12.79%
Average Volume (3M)2.67M
Price to Earnings (P/E)7.3
Beta (1Y)0.38
Revenue Growth-42.41%
EPS Growth-82.14%
CountryUS
Employees424
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)3.03
Shares Outstanding300,747,220
10 Day Avg. Volume2,378,487
30 Day Avg. Volume2,674,038
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)1.52
Price to Sales (P/S)6.92
P/FCF Ratio16.21
Enterprise Value/Market Cap0.70
Enterprise Value/Revenue6.84
Enterprise Value/Gross Profit43.71
Enterprise Value/Ebitda22.53
Forecast
1Y Price Target
$24.00Price Target Upside12.57% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)0.45
Revenue Forecast (FY)$1.46B
Rayonier Business Overview & Revenue Model
Company Description
Rayonier functions as a prominent real estate investment trust focused on timberland, possessing substantial holdings in some of the most fertile softwood growing regions across the United States and New Zealand. By the close of 2020, its extensiv...
How the Company Makes Money
Rayonier primarily makes money by generating cash flow from timberland ownership and land transactions. (1) Timber revenue: The company sells timber through a mix of standing timber (stumpage) sales and delivered log/wood sales, with revenue deter...
Rayonier Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call communicated a largely positive operational and strategic narrative driven by the successful and timely merger close, strong adjusted EBITDA growth, substantial real estate momentum (including solar demand), improved cash generation and a healthy balance sheet. Notable near-term challenges were highlighted — including a GAAP loss, pulpwood pricing pressure driven by mill closures and weather-related supply shocks, recent wildfire acreage damage, diesel cost inflation, and lumber price volatility — but management provided detailed segment guidance and emphasized progress toward $40M of synergies and capital allocation flexibility. On balance, the positives (merger execution, large EBITDA uplift, real estate strength, cash/CAD improvement and clear guidance) materially outweigh the headwinds and uncertainties called out on the call.Positive Updates
Merger Closed Ahead of Schedule with Clear Synergy Targets
Merger with PotlatchDeltic closed Jan 30; management expects $40 million of annual run-rate synergies within 24 months with at least half (~$20M) achieved in the first year. Integration progress described as strong with cost-saving and organizational optimization underway.
Negative Updates
GAAP Loss in Q1
Reported GAAP loss of $12 million (−$0.05 per share) for the quarter, although pro forma adjusted net income was $17 million (+$0.07 per share) after merger-related adjustments.
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Q1-2026 Updates
Positive
Negative
Merger Closed Ahead of Schedule with Clear Synergy Targets
Merger with PotlatchDeltic closed Jan 30; management expects $40 million of annual run-rate synergies within 24 months with at least half (~$20M) achieved in the first year. Integration progress described as strong with cost-saving and organizational optimization underway.
Read all positive updates
Company Guidance
The company reiterated segment-level 2026 guidance: Southern Timber harvests of 12.1–12.6 million tons for the year and 2.9–3.1 million tons in Q2 (Q2 sawtimber and pulpwood prices expected roughly stable vs Q1, but full‑year/quarter pine prices lower than prior‑year Rayonier stand‑alone due to geographic mix); Northwest Timber harvests of 2.0–2.3 million tons for the year and ~500,000 tons in Q2 (Q2 sawtimber prices expected higher than Q1 and full‑year sawlog pricing expected above prior‑year stand‑alone, with Idaho sales more indexed to lumber); Wood Products shipments of ~1.1 billion board feet for 11 months, Q2 shipments of 310–320 million board feet, quarter‑to‑date lumber price of $505/MBF on ~125 million board feet (Q2 Wood Products adjusted EBITDA expected to be higher than Q1); Real Estate adjusted EBITDA of $25–35 million in Q2 and $180–200 million for the full year (Q1 real estate revenue was $60 million on ~7,700 acres at ~$7,300/acre, rural sales $49 million on ~7,650 acres at ~$6,500/acre, one solar sale ~2,200 acres for ~$23 million, ~80,000 acres under option with ~35,000 acres maturing by end of 2028). Management also reiterated synergy targets of $40 million annual run‑rate within 24 months (at least half in year one) and highlighted Q1 liquidity metrics of $90 million CAD, $682 million cash, ~$2.1 billion debt and net debt to enterprise value of 18%, plus a $31 million share repurchase (1.5 million shares at $20.98) with ~$198 million remaining authorization.Rayonier Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 678.37M | 484.50M | 1.26B | 1.06B | 909.07M | 1.11B |
| Gross Profit | 106.20M | 157.30M | 478.16M | 294.36M | 220.79M | 313.48M |
| EBITDA | 206.06M | 216.50M | 553.20M | 390.19M | 315.73M | 425.78M |
| Net Income | 465.39M | 474.40M | 359.15M | 173.49M | 107.08M | 152.55M |
Balance Sheet | ||||||
| Total Assets | 7.75B | 3.40B | 3.47B | 3.65B | 3.79B | 3.64B |
| Cash, Cash Equivalents and Short-Term Investments | 682.02M | 842.90M | 323.16M | 207.70M | 114.25M | 362.17M |
| Total Debt | 2.09B | 1.07B | 1.19B | 1.45B | 1.60B | 1.46B |
| Total Liabilities | 2.38B | 1.15B | 1.64B | 1.69B | 1.80B | 1.69B |
| Stockholders Equity | 5.33B | 2.21B | 1.77B | 1.86B | 1.87B | 1.77B |
Cash Flow | ||||||
| Free Cash Flow | 205.18M | 206.70M | 159.06M | 202.87M | -264.10M | 70.00M |
| Operating Cash Flow | 263.58M | 256.70M | 261.59M | 298.38M | 269.20M | 325.10M |
| Investing Cash Flow | 583.48M | 615.10M | 354.01M | 124.09M | -516.40M | -26.30M |
| Financing Cash Flow | -399.23M | -372.90M | -479.36M | -328.87M | -4.60M | -16.30M |
Rayonier Technical Analysis
Positive
21.32
Price Trends
20.85
Positive
21.20
Positive
21.89
Positive
Market Momentum
0.14
Negative
66.15
Neutral
56.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RYN, the sentiment is Positive. The current price of 21.32 is above the 20-day moving average (MA) of 20.67, above the 50-day MA of 20.85, and below the 200-day MA of 21.89, indicating a bullish trend. The MACD of 0.14 indicates Negative momentum. The RSI at 66.15 is Neutral, neither overbought nor oversold. The STOCH value of 56.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RYN.
Rayonier Risk Analysis
Rayonier disclosed 21 risk factors in its most recent earnings report. Rayonier reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Rayonier Peers Comparison
UnderperformOutperform
Sector (65)
RYN
Rayonier
21.92
1.06
5.08%
WY
Weyerhaeuser
24.85
-0.94
-3.63%
Rayonier Corporate Events
Business Operations and StrategyShareholder Meetings
Rayonier Shareholders Endorse Board, Pay and Auditor Slate
Positive
May 14, 2026
At its 2026 Annual Meeting of Shareholders held on May 14, 2026, Rayonier Inc. reported that investors approved all ten director nominees to serve on the board until the 2027 annual meeting, reflecting broad support for the company’s current...
Business Operations and StrategyExecutive/Board Changes
Rayonier Appoints Interim Wood Products Senior Vice President
Neutral
Mar 12, 2026
On March 5, 2026, Rayonier’s Executive Vice President, Wood Products, Ashlee Townsend Cribb, tendered her resignation effective March 20, 2026, to become CEO of a privately owned specialty wood products manufacturer that Rayonier does not vi...
Business Operations and StrategyM&A Transactions
Rayonier Highlights Strategy and PotlatchDeltic Merger Synergies
Positive
Mar 2, 2026
On March 2, 2026, Rayonier Inc. posted a first-quarter 2026 investor presentation outlining its strategy as a leading land resources REIT focused on optimizing portfolio value by deploying timberlands, wood products, real estate projects, and land...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.