Rayonier (RYN) AI Stock Analysis

• Market Cap: $6.54B
• Dividend Yield: 12.79%
• Average Volume (3M): 3.42M
• Price to Earnings (P/E): 48.4
• Beta (1Y): 0.41
• Revenue Growth: 8.88%
• EPS Growth: 131.78%
• Country: US
• Employees: 424
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Specialty
• EPS (TTM): 0.20
• Shares Outstanding: 302,298,340
• 10 Day Avg. Volume: 3,256,703
• 30 Day Avg. Volume: 3,420,779
• PEG Ratio: -0.09
• Price to Book (P/B): 1.52
• Price to Sales (P/S): 6.92
• P/FCF Ratio: 16.21
• Enterprise Value/Market Cap: 0.57
• Enterprise Value/Revenue: 7.63
• Enterprise Value/Gross Profit: 23.51
• Enterprise Value/Ebitda: 17.08
• 1Y Price Target: $27.75
• Price Target Upside: 29.13% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 0.43
• Revenue Forecast (FY): $811.96M

• Rating: 63 Neutral
• Price Target: $25.00 ▲(16.33% Upside)
• Action: Downgraded Date: 02/18/26
• Date: Action: Downgraded 02/18/26

The score is driven primarily by steady but not fully dependable financial performance (improving leverage and positive operating cash flow, offset by revenue and free-cash-flow volatility). Earnings-call outlook is supportive due to merger-driven diversification and synergy targets, while technical signals are mixed and valuation is held back by a high P/E despite a very high dividend yield.

Positive Factors

Merger-driven scale & synergies

The PotlatchDeltic merger materially increases scale and geographic diversification to roughly 4 million acres while targeting $40M run-rate synergies. Greater scale reduces concentration risk, improves sustainable yield and operating flexibility, and enhances long-term cash generation and pricing leverage.

Record Real Estate cash generation

Record real estate EBITDA and robust 2026 guidance reflect a durable, cash‑generative development and land‑sale pipeline. This sizeable, recurring contribution diversifies earnings away from cyclical timber markets, smoothing CAD and supporting capital allocation priorities like dividends and reinvestment over the medium term.

Improved liquidity & leverage

Strong year‑end liquidity and modest pro‑forma net debt leave leverage well inside the company's mid‑cycle target. This balance‑sheet flexibility supports dividends, remaining buyback capacity, and merger integration costs without forcing near‑term asset sales or heavy refinancing risk, strengthening resilience across cycles.

Negative Factors

Top-line volatility

A roughly 62% revenue decline demonstrates significant top‑line volatility that undermines predictability of margins and cash flows. For a timber/real‑estate REIT, volatile harvest volumes and lumpy land transactions make earnings, free cash flow and distributions harder to underwrite reliably over the medium term.

Pulpwood & mill demand headwinds

Structural pulpwood pressure—mill closures, elevated salvage supply and regionally concentrated pricing weakness—compresses stumpage realizations in Southern markets. Persistent lower pulpwood prices and demand shifts can meaningfully reduce timber segment cash generation and margins for multiple years.

Volatile free cash flow

Recurrent free‑cash‑flow variability, including a large negative year and recent declines, constrains predictable capital allocation. Volatile FCF limits the company’s ability to reliably fund capex, sustain special payouts, or accelerate buybacks without increasing leverage, reducing medium‑term financial visibility.

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-term agreements approximately 2.7 million acres of timberlands located in the U.S. South (1.73 million acres), U.S. Pacific Northwest (507,000 acres) and New Zealand (417,000 acres). The Company also acts as the managing member in a private equity timber fund business with three funds comprising approximately 141,000 acres. On a look-through basis, the Company's ownership in the timber fund business equates to approximately 17,000 acres.

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 driver, capitalizing on long-term contracts and market demand for timber products. Additionally, the Real Estate segment contributes to earnings through land sales and leasing activities, often developing land for residential and commercial projects. The company also benefits from partnerships with other firms in the timber and real estate sectors, enhancing its market reach and operational efficiency. Furthermore, Rayonier's strategic focus on sustainability and responsible land management positions it favorably in an increasingly eco-conscious market, potentially driving additional revenue through green initiatives and certifications.

Rayonier Financial Statement Overview

Summary

Solid underlying profitability and steady operating cash generation with improving leverage, but confidence is tempered by sharp revenue volatility (notably the 2025 drop) and uneven free-cash-flow consistency.

Income Statement

Profitability metrics look strong on the surface with healthy operating and EBITDA margins in recent years, and net margin spikes in 2025 (likely influenced by one-time items). However, the core concern is top-line volatility: revenue fell sharply in 2025 after solid growth in 2023–2024, which raises questions around earnings durability. Overall, margins are generally resilient, but revenue trajectory is inconsistent.

Balance Sheet

Leverage appears manageable for a REIT, with debt-to-equity improving meaningfully from 2020–2023 levels to a lower level in 2024 and especially 2025. Equity remains sizable relative to assets, and returns on equity are strong in 2024–2025. The main weakness is that the capital structure has historically carried higher leverage, and the sharp earnings swing in 2025 makes balance-sheet strength harder to underwrite purely off headline profitability.

Cash Flow

Operating cash flow is consistently positive across the period, supporting the underlying cash-generating profile. Free cash flow is positive in most years but has shown volatility, including a large negative year in 2022 and modest declines in 2024–2025. Cash conversion versus reported earnings is generally decent, but the variability in free cash flow suggests uneven reinvestment needs and/or working-capital/cycle sensitivity.

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

• Technical Analysis Sentiment: Negative
• Last Price: 21.49
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RYN, the sentiment is Negative. The current price of 21.49 is below the 20-day moving average (MA) of 22.51, below the 50-day MA of 22.60, and below the 200-day MA of 22.54, indicating a bearish trend. The MACD of -0.27 indicates Positive momentum. The RSI at 37.89 is Neutral, neither overbought nor oversold. The STOCH value of 17.81 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RYN.

Rayonier Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
RYN	63 Neutral	$6.54B	48.42	23.75%	12.79%	8.88%	131.78%
WY	53 Neutral	$17.94B	55.58	3.38%	3.57%	-1.64%	-37.58%

Rayonier Corporate Events

Rayonier Appoints New Executive Vice President and CFO

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 team. Under his new management arrangement, Rayonier set Mr. Wasechek’s annual base salary at $535,000 and made him eligible for an annual cash incentive award targeted at 100% of base salary, as well as annual long-term incentive awards with a target grant-date fair value of $975,000, highlighting the company’s commitment to competitively compensating its finance leadership in the wake of the transaction.

The most recent analyst rating on (RYN) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on Rayonier stock, see the RYN Stock Forecast page.

Rayonier Restructures Credit Facilities After PotlatchDeltic Merger

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 and term loan arrangements into $1.8095 billion of senior unsecured credit facilities. The package comprises a $200 million revolving credit facility maturing in 2030 and $1.6095 billion in term loans with staggered maturities through 2035, all cross‑guaranteed among the borrowers and further backed by key PotlatchDeltic subsidiaries, with interest rates tied to SOFR benchmarks and leverage-based margins, plus the option—at lenders’ discretion—to upsize the revolver and add incremental term loans, subject to leverage limits and customary covenants. The agreement embeds leverage and interest coverage covenants, standard restrictions on dividends, liens, timber and timberland dispositions and other corporate actions, and provides for potential patronage refunds from Farm Credit system lenders, collectively shaping Rayonier’s capital structure and financial flexibility following its merger of equals with PotlatchDeltic, which closed on January 30, 2026. In a leadership development following the merger’s completion, the company disclosed that Executive Vice President and Chief Resource Officer Douglas M. Long will retire effective February 13, 2026, signaling an early management transition in the combined organization.

The most recent analyst rating on (RYN) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on Rayonier stock, see the RYN Stock Forecast page.

Rayonier Shareholders Approve PotlatchDeltic Merger Share Issuance

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; on the same day, both companies disclosed that their respective stockholders had cleared all merger-related proposals. The stock-and-cash transaction, expected to close after the market close on January 30, 2026 subject to customary conditions, will see each PotlatchDeltic share converted into 1.8185 Rayonier shares plus $0.61 in cash, leaving existing Rayonier investors with about 54% of the enlarged timber REIT and former PotlatchDeltic holders with 46%, with the combined company initially retaining the Rayonier name and NYSE ticker before rebranding later in the first quarter of 2026.

The most recent analyst rating on (RYN) stock is a Buy with a $27.00 price target. To see the full list of analyst forecasts on Rayonier stock, see the RYN Stock Forecast page.

Rayonier advances PotlatchDeltic merger amid disclosure suits

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 23, 2025, ahead of special shareholder meetings set for January 27, 2026. Following the merger announcement, three shareholder lawsuits and multiple demand letters in Washington and New York courts have challenged the adequacy of disclosures in the joint proxy statement/prospectus; while both companies maintain the claims are without merit and that existing disclosures comply with securities laws, they are voluntarily issuing detailed supplemental valuation and financial-analysis disclosures—covering Morgan Stanley and BofA Securities’ DCF assumptions, comparable company sets, analyst price targets, and projected synergies—to moot the claims, reduce costs and delay risk, and keep the planned transaction on track for completion.

The most recent analyst rating on (RYN) stock is a Buy with a $26.00 price target. To see the full list of analyst forecasts on Rayonier stock, see the RYN Stock Forecast page.

Rayonier Announces Merger with PotlatchDeltic Corporation

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 significant impact on both companies’ operations and industry positioning, as it involves the consolidation of their financial information and resources.

The most recent analyst rating on (RYN) stock is a Buy with a $24.50 price target. To see the full list of analyst forecasts on Rayonier stock, see the RYN Stock Forecast page.

Rayonier Revises 2024 Financial Statements Post-Sale

Rayonier Inc. announced revisions to its 2024 financial statements following the sale of its 77% interest in a New Zealand joint venture on June 30, 2025. The company’s New Zealand operations are now classified as discontinued operations, and its reportable segments have been realigned, with the Trading segment’s activities now included in the Southern Timber and Pacific Northwest Timber segments. These changes reflect the company’s strategic shift and compliance with SEC requirements.

The most recent analyst rating on (RYN) stock is a Hold with a $24.00 price target. To see the full list of analyst forecasts on Rayonier stock, see the RYN Stock Forecast page.