Rayonier Inc. REIT (RYN)
NYSE:RYN
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Rayonier
(NYSE:RYN)
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Rating:60Neutral
Price Target:
$22.50
â–²(6.13% Upside)
Action:ReiteratedDate:03/02/26
The score is driven primarily by decent but not fully reliable fundamentals (improving leverage and positive operating cash flow, but volatile revenue and uneven free cash flow). Technicals are a meaningful drag due to a broad downtrend, while valuation is mixed (very high yield but elevated P/E). Earnings call commentary modestly supports the outlook via merger synergies and strong Real Estate/CAD, tempered by pulpwood headwinds and integration uncertainty.
Positive Factors
Improved Balance Sheet / Manageable Leverage
Post-merger leverage metrics and pro forma net debt inside target provide durable financial flexibility. Lower leverage supports dividend sustainability, capacity for opportunistic buybacks and M&A, and reduces refinancing risk across the multi-year integration window.
Negative Factors
Revenue Volatility and Uneven Free Cash Flow
Large swings in revenue and intermittent free cash flow undermine reliable earnings visibility for a REIT model. This lumpy top line complicates capital allocation, makes distributions and buyback planning harder, and increases reliance on asset sales to smooth results.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Balance Sheet / Manageable Leverage
Post-merger leverage metrics and pro forma net debt inside target provide durable financial flexibility. Lower leverage supports dividend sustainability, capacity for opportunistic buybacks and M&A, and reduces refinancing risk across the multi-year integration window.
Read all positive factors
Rayonier (RYN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.44B
Dividend Yield12.79%
Average Volume (3M)2.90M
Price to Earnings (P/E)32.5
Beta (1Y)0.41
Revenue Growth8.88%
EPS Growth131.78%
CountryUS
Employees424
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)0.20
Shares Outstanding302,298,340
10 Day Avg. Volume1,948,126
30 Day Avg. Volume2,898,027
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 Cap0.54
Enterprise Value/Revenue7.25
Enterprise Value/Gross Profit22.32
Enterprise Value/Ebitda16.21
Forecast
1Y Price Target
$26.00Price Target Upside22.64% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.4
Revenue Forecast (FY)$1.30B
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 generates revenue primarily through the sale of timber and the management of its forest resources, which includes harvesting and selling logs to lumber mills and other manufacturers. The Forest Resources segment is a significant revenue d...
Rayonier Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 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
62
Positive
Balance Sheet
68
Positive
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 484.50M | 1.26B | 1.06B | 909.07M | 1.11B |
| Gross Profit | 157.30M | 478.16M | 294.36M | 220.79M | 313.48M |
| EBITDA | 216.50M | 553.20M | 390.19M | 315.73M | 425.78M |
| Net Income | 474.40M | 359.15M | 173.49M | 107.08M | 152.55M |
Balance Sheet | |||||
| Total Assets | 3.40B | 3.47B | 3.65B | 3.79B | 3.64B |
| Cash, Cash Equivalents and Short-Term Investments | 842.90M | 323.16M | 207.70M | 114.25M | 362.17M |
| Total Debt | 1.07B | 1.19B | 1.45B | 1.60B | 1.46B |
| Total Liabilities | 1.15B | 1.64B | 1.69B | 1.80B | 1.69B |
| Stockholders Equity | 2.21B | 1.77B | 1.86B | 1.87B | 1.77B |
Cash Flow | |||||
| Free Cash Flow | 206.70M | 159.06M | 202.87M | -264.10M | 70.00M |
| Operating Cash Flow | 256.70M | 261.59M | 298.38M | 269.20M | 325.10M |
| Investing Cash Flow | 615.10M | 354.01M | 124.09M | -516.40M | -26.30M |
| Financing Cash Flow | -372.90M | -479.36M | -328.87M | -4.60M | -16.30M |
Rayonier Technical Analysis
Positive
21.20
Price Trends
21.29
Negative
21.59
Negative
22.18
Negative
Market Momentum
0.02
Negative
55.42
Neutral
77.99
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 21.2 is above the 20-day moving average (MA) of 20.48, below the 50-day MA of 21.29, and below the 200-day MA of 22.18, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 55.42 is Neutral, neither overbought nor oversold. The STOCH value of 77.99 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
21.20
-1.26
-5.61%
WY
Weyerhaeuser
24.64
-0.60
-2.37%
Rayonier Corporate Events
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...
Executive/Board Changes
Rayonier Appoints New Executive Vice President and CFO
Positive
Feb 5, 2026
On February 2, 2026, following the effective time of a previously announced merger, Rayonier appointed Wayne Wasechek as its Executive Vice President and Chief Financial Officer, marking a key change in the company’s post-merger leadership t...
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsPrivate Placements and Financing
Rayonier Restructures Credit Facilities After PotlatchDeltic Merger
Neutral
Feb 3, 2026
On January 30, 2026, Rayonier Inc. and several affiliated borrowers, including entities tied to the recently combined PotlatchDeltic operations, entered into a Second Amended and Restated Credit Agreement that consolidates and updates prior credit...
M&A TransactionsShareholder Meetings
Rayonier Shareholders Approve PotlatchDeltic Merger Share Issuance
Positive
Jan 27, 2026
On January 27, 2026, Rayonier shareholders approved the issuance of new common shares needed to complete the company’s merger with PotlatchDeltic, with sufficient votes cast at a special meeting to render an adjournment proposal unnecessary;...
Legal ProceedingsM&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
Rayonier advances PotlatchDeltic merger amid disclosure suits
Neutral
Jan 16, 2026
Rayonier and PotlatchDeltic, which agreed on October 13, 2025 to merge PotlatchDeltic into a Rayonier subsidiary, have moved their all-stock transaction forward with an effective registration statement and joint proxy materials filed on December 2...
M&A Transactions
Rayonier Announces Merger with PotlatchDeltic Corporation
Neutral
Dec 10, 2025
On October 13, 2025, Rayonier Inc., a North Carolina-based company, announced a merger agreement with PotlatchDeltic Corporation, a Delaware corporation, to combine in an all-stock merger-of-equals transaction. This merger is expected to create a ...
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.