Rayonier Inc. (RYN)
NYSE:RYN
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Rayonier
(NYSE:RYN)
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Rating:65Neutral
Price Target:
$21.50
▲(0.84% Upside)
Action:Reiterated
Date:05/15/26
The score is driven primarily by a solid but volatile financial profile (rebounding TTM results and improved leverage, tempered by inconsistent margins/FCF and weaker cash-to-earnings coverage). Technicals are a meaningful drag due to a clear downtrend versus key moving averages and negative MACD. Valuation is mixed—an unusually high dividend yield helps, but a negative P/E reflects earnings volatility. Earnings call commentary adds modest support from merger synergies and strong Real Estate/CAD, balanced by near-term timber/pulpwood headwinds and integration uncertainty.
Positive Factors
Scale & Diversification from Merger
The PotlatchDeltic merger materially increases scale to ~4M acres and adds wood products and regional diversification. Scale and $40M targeted run-rate synergies improve resilience to regional timber cycles, broaden revenue sources, and strengthen long-term operational flexibility.
Negative Factors
Pulpwood Pricing Pressure
Sharp pulpwood price declines materially reduce Southern Timber realizations and cash flow. Given mill closures and elevated regional supply, pulpwood weakness appears structural in some markets, pressuring margins and making timber cash flows less reliable over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & Diversification from Merger
The PotlatchDeltic merger materially increases scale to ~4M acres and adds wood products and regional diversification. Scale and $40M targeted run-rate synergies improve resilience to regional timber cycles, broaden revenue sources, and strengthen long-term operational flexibility.
Read all positive factors
Rayonier (RYN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.17B
Dividend Yield12.79%
Average Volume (3M)2.39M
Price to Earnings (P/E)―
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. Volume2,921,713
30 Day Avg. Volume2,389,773
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 Cap0.74
Enterprise Value/Revenue6.72
Enterprise Value/Gross Profit42.94
Enterprise Value/Ebitda22.13
Forecast
1Y Price Target
$24.00Price Target Upside12.57% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)0.41
Revenue Forecast (FY)$1.47B
Rayonier Business Overview & Revenue Model
Company Description
Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of December 31, 2020, Rayonier owned or leased under long-ter...
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:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
Overall the call conveyed a cautiously positive outlook. Key strategic highlights include a successfully closed merger (ahead of schedule), record Real Estate results, improved full-year adjusted EBITDA (+8% YoY), stronger CAD (+41%), a solid balance sheet and clear synergy targets. Near-term operating challenges were also emphasized—notably weaker Q4 EBITDA relative to an exceptionally strong prior-year quarter, significant pulpwood pricing pressure (pulpwood -27% YoY in Q4), lower Pacific Northwest harvest volumes (-26% YoY) and ongoing integration/transaction costs. Management expects lumber price momentum and Real Estate strength to help offset timber/pulpwood headwinds as synergies and diversification from the merger take effect.Positive Updates
Merger with PotlatchDeltic Closed Ahead of Schedule
Merger closed January 30, 2026 creating a combined company with ~4 million acres, diversified timberland portfolio, real estate platform and wood products manufacturing. Management expects $40 million run-rate synergies by end of year 2 (with ~$20 million run rate in year 1) and plans a new company name/ticker in Q1.
Negative Updates
Q4 Adjusted EBITDA Decline Versus Prior Year
Q4 adjusted EBITDA was $62 million versus $95 million in the prior year quarter, a decline of ~35% largely because 2024 had exceptionally concentrated real estate closings.
Read all updates
Q4-2025 Updates
Positive
Negative
Merger with PotlatchDeltic Closed Ahead of Schedule
Merger closed January 30, 2026 creating a combined company with ~4 million acres, diversified timberland portfolio, real estate platform and wood products manufacturing. Management expects $40 million run-rate synergies by end of year 2 (with ~$20 million run rate in year 1) and plans a new company name/ticker in Q1.
Read all positive updates
Company Guidance
The company provided limited 2026 guidance reflecting the pro rata PotlatchDeltic contribution beginning Jan. 31: Southern Timber harvests of 12.1–12.6 million tons (higher sustainable yield) with regional pine stumpage expected to trend modestly above Q4 levels but below Rayonier’s prior-year stand‑alone realizations; Pacific Northwest Timber harvests of 2.0–2.3 million tons with full‑year log pricing expected higher than legacy Rayonier (noting ~75% of Idaho sawtimber indexed to lumber); Wood Products shipments of ~1.1 billion board feet for 11 months in 2026 with the segment expected to be slightly positive to adjusted EBITDA in Q1; Real Estate adjusted EBITDA of $30–35 million in Q1 and $180–200 million for the full year; pro forma net debt of roughly $1.3–1.4 billion post-close; run‑rate synergies targeted at $40 million by end of year 2 (≈$20 million run rate in year 1); and ~ $230 million remaining on the share repurchase authorization with the dividend yield above 4.5%.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
Neutral
21.32
Price Trends
20.66
Negative
21.43
Negative
22.11
Negative
Market Momentum
-0.22
Positive
46.50
Neutral
65.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RYN, the sentiment is Neutral. The current price of 21.32 is above the 20-day moving average (MA) of 20.55, above the 50-day MA of 20.66, and below the 200-day MA of 22.11, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 46.50 is Neutral, neither overbought nor oversold. The STOCH value of 65.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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
20.36
-0.60
-2.86%
WY
Weyerhaeuser
23.66
-0.72
-2.95%
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.