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Rayonier Inc (RYN) stock

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NYSE: RYN NYSE Timber REITs Next results ~November 4, 2026

C Fundamentals grade

Rayonier Inc is a US-listed company in the timber REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$19

Valuation models combined (2)

Base case. Range ~$19–$19. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Rayonier Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 6 sales by directors and officers, last 12 monthsInsider trades
  • Funds227 adding, 206 cuttingOf 45 active managers that changed their stake, 17 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Rayonier files

Where Rayonier stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $968m, up 0.4% on a year earlier, faster than -29.1% a quarter earlier. That puts it 19 of 22 for growth among the real estate investment trusts companies we cover. The diluted share count is up 41.8% on a year earlier, which dilutes existing holders. Our valuation models combined value is $17.94 a share, against a share price of $18.95.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Where it stands out: change in growth rate of +29.6pp ranks 1 of 168 real estate companies we cover. Where it lags: change in share count of 41.8% ranks 148 of 152 real estate companies we cover.

Current signal Balance sheet growing far ahead of sales: Total assets grew 112% year over year while revenue grew 0% — the balance sheet is expanding 112 points faster than the business it supports.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 29.6 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Margins narrowing. Operating margin is down 32.0 points on a year ago.
  • Share dilution. Diluted shares rose 41.8% in a year.
  • High earnings multiple. The shares trade at 59 times the last 12 months' earnings, so expectations are demanding.
  • Gross margin slipping. Gross margin is down 21.6 points on a year ago.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 13.4% over 90 days.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$0.10 against an average estimate of $0.10: beat by 0.7%
Revenue
$396m, up 272.1% on a year earlier
Share reaction
-2.3% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
harvest volumes 12.2 to 12.5 (full-year); harvest volumes 3.1 to 3.3 (the third quarter)
Next report
November 4, 2026; average EPS estimate $0.10

Rayonier's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.1%
  • 1 week+6.4%
  • 1 month+11.7%
  • This year-3.2%
  • 1 year-3.9%
  • 5 years-29.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$968M
Operating margin
6.0%
Net margin
7.8%
EPS (TTM, diluted)
$0.34

Growth

Revenue growth
+0.4%
Change in growth rate
+29.6 pts
Share count change
+41.8%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Dividend
  2. Announcement
  3. Announcement
  4. Announcement
  5. Results
  6. Guidance
  7. Leadership
  8. Dividend
  9. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Rayonier Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Rayonier Inc as an equity reit, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.67 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$19 ~$16–$23 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. — Does not apply: no positive funds from operations in the latest twelve months
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$19 ~$16–$23 Included
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$19 ~$19–$19 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Rayonier Inc with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

47 /100

Moderate moat

How hard Rayonier's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Cash operating profit has been a median 4.7% of total assets over 9 years.

  • Pricing power 3 / 20

    Gross margin has been a median 23.9%, moving by 8.4 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median 19.7%; its worst year was 6.0%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 21.7% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 55.0% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $407m and EPS of $0.10 (range $0.06 to $0.14) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.42 −26% $1.5bn +212%
Next $0.57 +34% $1.6bn +9%

Next year's EPS estimate has moved −13.4% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −9.3% on 90 days ago. In the last 30 days, 0 analysts raised Rayonier Inc's forecast and 1 cut it.

Consensus EPS forecast Rayonier Inc, last 90 days
$0.40 $0.50 $0.60 $0.70 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.47 Current fiscal year, 60 days ago: $0.42 Current fiscal year, 30 days ago: $0.42 Current fiscal year, 7 days ago: $0.43 Current fiscal year, Now: $0.42 $0.42 Next fiscal year, 90 days ago: $0.66 Next fiscal year, 60 days ago: $0.61 Next fiscal year, 30 days ago: $0.61 Next fiscal year, 7 days ago: $0.63 Next fiscal year, Now: $0.57 $0.57

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.47$0.66
60 days ago $0.42$0.61
30 days ago $0.42$0.61
7 days ago $0.43$0.63
Now $0.42$0.57

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.10 $0.10 +0.7%
Mar 2026 $0.03 $0.07 +114.2%
Dec 2025 $0.11 $0.20 +74.4%
Sept 2025 $0.22 $0.32 +47.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • harvest volumes · Southern Timber full-year 12.2m to 12.5m Maintained
    “In our Southern Timber segment, we expect to achieve full-year harvest volumes of 12.2 to 12.5 million tons, with anticipated harvest volumes of 3.1 to 3.3 million tons in the third quarter.” source
  • harvest volumes · Northwest Timber full-year 2m to 2.2m Maintained
    “In our Northwest Timber segment, we expect to achieve full-year harvest volumes of 2.0 to 2.2 million tons, with anticipated harvest volumes of approximately 600,000 tons in the third quarter.” source
  • Adjusted EBITDA contribution · Real Estate the full year $180m to $200m Non-GAAP Maintained
    “For the full year, we continue to expect an Adjusted EBITDA contribution from our Real Estate segment of $180 to $200 million.” source
  • harvest volumes · Southern Timber the third quarter 3.1m to 3.3m
    “In our Southern Timber segment, we expect to achieve full-year harvest volumes of 12.2 to 12.5 million tons, with anticipated harvest volumes of 3.1 to 3.3 million tons in the third quarter.” source
  • harvest volumes · Northwest Timber the third quarter about 600,000
    “In our Northwest Timber segment, we expect to achieve full-year harvest volumes of 2.0 to 2.2 million tons, with anticipated harvest volumes of approximately 600,000 tons in the third quarter.” source
  • lumber shipments · Wood Products the 11 months of contribution in 2026 about 1.1bn Maintained
    “In our Wood Products segment, we continue to expect lumber shipments to total approximately 1.1 billion board feet for the 11 months of contribution in 2026.” source
Show 2 more items
  • lumber shipments · Wood Products the third quarter 320m to 330m
    “We further expect lumber shipments in the third quarter of approximately 320 to 330 million board feet.” source
  • Adjusted EBITDA contribution · Real Estate the third quarter $25m to $35m Non-GAAP
    “Based on our current transaction pipeline and sales closed quarter-to-date, we expect an Adjusted EBITDA contribution in the third quarter of $25 to $35 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

6 analysts, Oct 2026
Buy233%
Hold467%
Sell00%

Monthly trend

  1. Oct 2026246
  2. Sep 2026246
  3. Aug 2026246

Counts of recommendations published by analysts covering Rayonier Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.0%
of tradable shares
Days to cover
3.76
at average volume
Short interest, 1 month
+8%
to October 15, 2026
Held by institutions
93%
of shares
Held by insiders
1.0%
of shares
Employees
285
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −3.9%

$20.98 on October 31, 2025 to $20.17

ThenNowEffect
Revenue (last 12 months) $964m $968m +0.4%
Net margin 79.0% 7.8% −90.1%
P/E multiple 4.3x 58.7x +1268.7%
Share count 156m 221m −29.5%

Biggest factor: p/e multiple.

Last 3 years −12.9%

$23.15 on November 3, 2023 to $20.17

ThenNowEffect
Revenue (last 12 months) $829m $968m +16.9%
Net margin 9.8% 7.8% −19.9%
P/E multiple 43.1x 58.7x +36.2%
Share count 151m 221m −31.7%

Biggest factor: share count.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
RYN+42%−16%+6%−14%−8%−3%
Industry peers (median)——————
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
RYN67%50%42%50%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
RYN−12%−33%−31%−20%−21%−24%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 50% from July 6, 2018 to March 12, 2020. Getting back needed a 99% gain, reached on April 16, 2021, 400 days after the low.

Price behaviour

52-week range
$17.99 – $23.73
From 52-week high
−15.0%
vs 50-day average
+4.0%
vs 200-day average
−1.7%
Volatility (1 year)
25%
Beta vs S&P 500
0.18

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±3.8%
After a week
5 up, 7 down
typical move ±4.7%
After a month
6 up, 6 down
typical move ±6.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −2.3% −0.4% −1.9% −7.3%
May 6, 2026 −1.4% +1.1% −3.3% +1.3%
February 11, 2026 +0.3% −1.6% +0.5% −10.0%
November 5, 2025 +2.9% −0.7% +1.6% −1.3%
August 6, 2025 +8.0% +0.7% +12.1% +12.0%
April 30, 2025 −3.8% +0.7% −4.3% −3.3%
February 5, 2025 +2.5% +0.8% −1.5% +6.2%
November 6, 2024 −0.1% +3.3% −5.0% −0.7%
August 7, 2024 −5.1% +1.6% −6.2% −0.6%
May 1, 2024 −0.8% +0.6% −0.1% +1.2%
January 31, 2024 +4.9% −0.3% +6.6% +11.8%
November 1, 2023 +13.2% +3.0% +13.0% +24.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Rayonier Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Rayonier Inc
$400M $600M $800M $1B $1.2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $834.9M Revenue (TTM), FY23 Q4: $788.4M Revenue (TTM), FY24 Q1: $723M Revenue (TTM), FY24 Q2: $613.8M Revenue (TTM), FY24 Q3: $536.3M Revenue (TTM), FY24 Q4: $987.9M Revenue (TTM), FY25 Q1: $957.1M Revenue (TTM), FY25 Q2: $964M Revenue (TTM), FY25 Q3: $1B Revenue (TTM), FY25 Q4: $484.5M Revenue (TTM), FY26 Q1: $678.4M Revenue (TTM), FY26 Q2: $968.3M $968.3M

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $834.9M
FY23 Q4 $788.4M
FY24 Q1 $723M
FY24 Q2 $613.8M
FY24 Q3 $536.3M
FY24 Q4 $987.9M
FY25 Q1 $957.1M
FY25 Q2 $964M
FY25 Q3 $1B
FY25 Q4 $484.5M
FY26 Q1 $678.4M
FY26 Q2 $968.3M
Revenue growth, TTM YoY Rayonier Inc
-100% -50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -9.8% Revenue growth, TTM YoY, FY23 Q4: -13.3% Revenue growth, TTM YoY, FY24 Q1: -16.5% Revenue growth, TTM YoY, FY24 Q2: -25.9% Revenue growth, TTM YoY, FY24 Q3: -35.8% Revenue growth, TTM YoY, FY24 Q4: 25.3% Revenue growth, TTM YoY, FY25 Q1: 32.4% Revenue growth, TTM YoY, FY25 Q2: 57.1% Revenue growth, TTM YoY, FY25 Q3: 89.7% Revenue growth, TTM YoY, FY25 Q4: -51.0% Revenue growth, TTM YoY, FY26 Q1: -29.1% Revenue growth, TTM YoY, FY26 Q2: 0.4% 0.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -9.8%
FY23 Q4 -13.3%
FY24 Q1 -16.5%
FY24 Q2 -25.9%
FY24 Q3 -35.8%
FY24 Q4 25.3%
FY25 Q1 32.4%
FY25 Q2 57.1%
FY25 Q3 89.7%
FY25 Q4 -51.0%
FY26 Q1 -29.1%
FY26 Q2 0.4%
Operating margin (TTM) Rayonier Inc
0% 10% 20% 30% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 13.2% Operating margin (TTM), FY23 Q4: 23.4% Operating margin (TTM), FY24 Q1: 25.3% Operating margin (TTM), FY24 Q2: 27.2% Operating margin (TTM), FY24 Q3: 28.1% Operating margin (TTM), FY24 Q4: 36.9% Operating margin (TTM), FY25 Q1: 37.1% Operating margin (TTM), FY25 Q2: 37.9% Operating margin (TTM), FY25 Q3: 38.2% Operating margin (TTM), FY25 Q4: 17.2% Operating margin (TTM), FY26 Q1: 5.5% Operating margin (TTM), FY26 Q2: 6.0% 6.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 13.2%
FY23 Q4 23.4%
FY24 Q1 25.3%
FY24 Q2 27.2%
FY24 Q3 28.1%
FY24 Q4 36.9%
FY25 Q1 37.1%
FY25 Q2 37.9%
FY25 Q3 38.2%
FY25 Q4 17.2%
FY26 Q1 5.5%
FY26 Q2 6.0%
FCF margin (TTM) Rayonier Inc
15% 20% 25% 30% FY22 Q1 FY22 Q4 FY23 Q3 FY24 Q4 FCF margin (TTM), FY22 Q1: 21.5% FCF margin (TTM), FY22 Q2: 21.5% FCF margin (TTM), FY22 Q3: 19.5% FCF margin (TTM), FY22 Q4: 21.4% FCF margin (TTM), FY23 Q1: 23.7% FCF margin (TTM), FY23 Q2: 20.0% FCF margin (TTM), FY23 Q3: 22.6% FCF margin (TTM), FY23 Q4: 25.7% FCF margin (TTM), FY24 Q1: 26.4% FCF margin (TTM), FY24 Q2: 30.0% FCF margin (TTM), FY24 Q3: 29.8% FCF margin (TTM), FY24 Q4: 16.3% 16.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY22 Q1 21.5%
FY22 Q2 21.5%
FY22 Q3 19.5%
FY22 Q4 21.4%
FY23 Q1 23.7%
FY23 Q2 20.0%
FY23 Q3 22.6%
FY23 Q4 25.7%
FY24 Q1 26.4%
FY24 Q2 30.0%
FY24 Q3 29.8%
FY24 Q4 16.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1,169 1,315 1,421 379 660 604 569 816 820 816 712 859 1,110 909 788 988 484 968
Gross profit — — — — — — — 289 251 211 153 147 313 221 259 440 157 230
EBITDA 568 425 490 117 226 218 191 407 361 314 235 275 518 321 434 — — —
Operating income 410 282 357 32 109 98 78 256 215 170 107 74 270 166 185 364 83 58
Net income 313 218 276 279 372 99 46 212 149 102 59 37 153 107 173 359 474 76
Diluted EPS $2.60 $1.79 $2.20 $2.17 $2.86 $0.76 $0.37 $1.73 $1.16 $0.79 $0.46 $0.27 $1.08 $0.73 $1.17 $2.39 $3.03 $0.34
Growth (year on year)
Revenue −8.1% +12.6% +8.0% −73.4% +74.2% −8.5% −5.8% +43.4% +0.5% −0.4% −12.8% +20.7% +29.1% −18.1% −13.3% +25.3% −51.0% +0.4%
EBITDA +43.9% −25.1% +15.2% −76.2% +93.3% −3.2% −12.3% +112.5% −11.2% −13.1% −25.1% +16.8% +88.6% −38.0% +35.0% — — —
Operating income +80.8% −31.1% +26.7% −91.0% +238.9% −9.5% −20.9% +228.8% −15.8% −21.1% −37.1% −30.5% +262.7% −38.5% +11.4% +97.1% −77.1% −84.2%
Net income +110.3% −30.4% +26.8% +1.0% +33.4% −73.3% −53.5% +359.2% −29.8% −31.3% −42.2% −37.3% +311.4% −29.8% +62.0% +107.0% +32.1% −90.0%
Diluted EPS +39.0% −31.2% +22.9% −1.4% +31.8% −73.4% −51.3% +367.6% −32.9% −31.9% −41.8% −41.3% +300.0% −32.4% +60.3% +104.3% +26.8% −93.0%
Margins
Gross margin — — — — — — — 35.5% 30.7% 25.8% 21.5% 17.1% 28.3% 24.3% 32.9% 44.6% 32.5% 23.7%
EBITDA margin 48.6% 32.3% 34.5% 30.8% 34.2% 36.2% 33.7% 49.9% 44.1% 38.5% 33.1% 32.0% 46.7% 35.4% 55.1% — — —
Operating margin 35.0% 21.4% 25.1% 8.5% 16.5% 16.3% 13.7% 31.3% 26.3% 20.8% 15.0% 8.7% 24.3% 18.2% 23.4% 36.9% 17.2% 6.0%
Net margin 26.7% 16.5% 19.4% 73.6% 56.4% 16.5% 8.1% 26.0% 18.2% 12.5% 8.3% 4.3% 13.7% 11.8% 22.0% 36.4% 97.9% 7.8%
Free-cash-flow margin 18.5% 27.1% 20.3% 76.7% 73.3% 42.5% 21.1% 17.8% 23.3% 30.4% 21.1% 16.0% 22.5% 21.4% 25.7% 16.1% 53.0% 32.3%
Cash flow
Cash from operations 307 495 432 446 547 320 177 204 256 310 214 204 325 269 298 262 257 313
Capital spending 92 138 145 156 63 64 57 59 65 62 64 67 76 75 96 103 0 0
Free cash flow 216 357 288 290 484 257 120 145 191 248 150 138 249 194 203 159 257 313
Stock-based pay 16 15 16 15 12 8 4 5 5 6 7 8 9 12 14 14 11 26
Free cash flow after stock pay 200 342 272 275 472 249 115 140 186 241 143 130 240 182 189 145 246 287
Balance sheet
Cash 75 349 79 281 200 162 52 86 113 148 69 85 362 114 208 303 843 412
Total debt 700 768 857 1,274 1,575 752 834 1,065 1,028 975 1,057 1,361 1,376 1,523 1,373 1,115 1,050 1,860
Net debt (negative = net cash) 625 419 779 993 1,376 590 782 980 916 827 988 1,276 1,014 1,409 1,165 812 207 1,448
Diluted shares 120m 122m 125m 129m 130m 131m 126m 123m 128m 130m 130m 137m 145m 150m 151m 152m 159m 221m
Returned to shareholders
Dividends 158 164 185 207 237 258 125 123 127 137 141 146 154 166 170 201 292 298
Buybacks 1 6 8 8 11 2 100 1 0 3 4 2 2 4 4 4 3 3
Total returned 160 170 193 214 248 259 225 124 127 140 145 148 155 170 174 205 295 301

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$3.5M
Dividends (TTM)
$298M
Buybacks, last 3 fiscal years
$11.3M
Diluted share count
+41.8%
year over year
Dividend payout ratio
393%
of net income paid out
Sales & admin spending
8.8%
of revenue
Days sales outstanding
19 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in timber reits
Last 12 months unless stated RYN REXR SHO DOUG MAC DEI Median
Revenue, last 12 months $968m $978m $1.0bn $1.0bn $1.0bn $1.0bn $713m
Revenue growth, last 12 months 0.4% −2.0% 7.3% −2.7% 1.3% 0.8% 5.2%
Revenue growth, 3-year average 5.3% 8.5% −0.2% 1.2% 5.1% −0.2% 4.2%
Revenue growth, latest quarter 272.1% −5.6% 6.7% 4.5% −0.0% 1.6% 5.5%
Gross margin 23.7% — — — — 63.2% 51.6%
Operating margin 6.0% 73.3% −147.0% 3.5% — 19.2% 19.2%
Operating margin, 3-year average 23.7% 72.6% −39.7% −2.7% — 25.5% 18.4%
Net margin 7.8% −47.1% 4.2% 2.5% −16.8% −2.3% 7.8%
Cash from operations / revenue 32.3% 52.3% 19.8% −1.7% 30.5% 38.3% 29.0%
Free-cash-flow margin 16.3% 26.8% 9.8% −1.9% −4.4% 17.8% 9.7%
Free-cash-flow margin, 3-year average 21.1% 19.3% 6.0% −2.3% −2.4% 20.9% 8.9%
Stock pay / revenue 2.7% 8.0% 0.9% 0.7% 2.2% 2.1% 1.7%
Change in share count 41.8% −1.8% −6.0% 1.4% 8.5% 0.0% 0.6%

Median of all 168 companies we cover in timber reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

168 real estate companies
Measure Company Peer median Rank
Revenue growth Growth 0.4% 5.3% 121 of 168
Change in growth rate Growth +29.6pp +0.1pp 1 of 168
Operating margin Profitability 6.0% 14.8% 66 of 103
Net margin Profitability 7.8% 7.8% 83 of 167
Stock pay as % of revenue Cash generation 2.7% 1.8% 98 of 143
Long-term debt as % of assets Balance sheet 24.9% 42.4% 29 of 129
Change in share count Balance sheet 41.8% 0.6% 148 of 152

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Southern Timber $228M 47.3% ▼ 9.3%
Real Estate $171M 35.4% ▼ 72.7%
Pacific Northwest Timber $83.6M 17.3% ▼ 22.6%
Products and services
Line of business Revenue YoY
Timber $258M ▼ 12.4%
Delivered Wood $172M ▼ 8.8%
Total Real Estate $171M ▼ 72.7%
Sawtimber $166M ▼ 12.2%
Stumpage $86.5M ▼ 18.7%
Pulpwood $85.8M ▼ 14.5%
Stumpage Pay As Cut $82.5M ▼ 15.3%
Nontimber $53.8M ▼ 17.3%
Non Strategic Timberland $53.5M ▲ 8670.5%
Rural $48.6M ▼ 33.4%
Improved Development $47.2M ▲ 53.3%
License Revenue Primarily From Hunting $22M ▼ 0.6%
Other Non Timber Revenue $18.6M ▼ 6.3%
Real Estate Other $16.8M ▲ 20.3%
Land Based Solutions $11.3M ▼ 22.2%
Hardwood $6.2M ▲ 24.5%
Unimproved Development $5.1M ▼ 59.0%
Stumpage Lump Sum $4M ▼ 55.5%
Trading $1.8M ▼ 78.7%

These categories overlap or exclude eliminations, so shares aren't shown.

From Rayonier Inc's 10-K filed February 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6B
Institutions reporting
456
Shares held vs prior quarter
▲ 7.1%
Positions opened / closed
71 / 64

Top buyers and sellers, Q2 2026: 227 institutions bought and 206 sold ; the biggest buyer was Atlas Frm LLC (+3.5M shares) and the biggest seller Caisse De Depot Et Placement Du Quebec (−1.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $617M 29.0M 10.4% ▲ 0.6%
Vanguard Portfolio Management LLC $525M 24.6M 8.8% ▼ 2.1%
Cohen & Steers, Inc. $467M 21.9M 7.8% ▲ 1.1%
Norges Bank $373M 17.5M 6.2% —
Price T Rowe Associates Inc $346M 16.3M 5.8% ▲ 0.2%
Vanguard Capital Management LLC $283M 13.3M 4.7% ▼ 0.2%
Legal & General Group PLC $214M 10.0M 3.6% ▲ 2.9%
Southeastern Asset Management Inc $202M 9.5M 3.4% ▼ 11.8%
Fuller & Thaler Asset Management, Inc. $198M 9.3M 3.3% ▲ 0.1%
State Street Corp $194M 9.1M 3.3% ▲ 2.6%
Geode Capital Management, LLC $128M 6.0M 2.1% ▲ 2.9%
Charles Schwab Investment Management Inc $109M 5.1M 1.8% ▲ 0.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Rayonier Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $4.1M 6 trades by 5 insiders · 90% under pre-set plans
Net ▼ $4.1M net selling
Insider Date Trade Shares Price Value
Daniels Ryan M. SVP, Wood Products October 2, 2026 Sell 14 $18.22 $255
Daniels Ryan M. SVP, Wood Products September 30, 2026 Sell pre-set plan 887 $18.56 $16,463
Bridwell Mark R EVP, GC and Secretary September 10, 2026 Sell 5,318 $20.19 $107,370
Wasechek Wayne EVP and CFO April 20, 2026 Sell pre-set plan 2,920 $21.17 $61,816
Cremers Eric J Executive Chairman February 27, 2026 Sell pre-set plan 169,200 $21.44 $3.6M
Corr Christopher T SVP, Real Estate Development November 19, 2025 Sell 14,255 $21.12 $301,066

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 11, 2026
  • November 5, 2025
  • August 6, 2025
  • April 30, 2025

Recent SEC filings

Data status

When each part of this page on Rayonier Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Rayonier Inc in brief

What does Rayonier Inc do?
Rayonier Inc is a US-listed company in the timber REITs industry. Its financial year ends in December.
What is Rayonier Inc's stock ticker?
Rayonier Inc trades under the ticker RYN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Rayonier Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Rayonier Inc reported revenue of $968M, 0.4% higher than a year earlier, according to its SEC filings.
Who are Rayonier Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Cohen & Steers, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Rayonier Inc buying back stock, and does it pay a dividend?
Rayonier Inc spent $3.5M on share repurchases over the trailing twelve months, and its diluted share count still rose 41.8% over the year.
What is Rayonier Inc's market cap?
On November 2, 2026, Rayonier Inc's market capitalisation was about $4.4B, with a price-to-earnings ratio of 58.7 and net debt of $1.4B. Market figures come from third-party market data and may be delayed.
Does Rayonier Inc pay a dividend?
Yes: Rayonier Inc paid $298M in dividends over the trailing twelve months and a payout ratio of 393.0%.
Who are Rayonier Inc's competitors?
In our Timber REITs peer group, the companies closest to Rayonier Inc are Rexford Industrial Realty, Inc., Sunstone Hotel Investors, Inc., Douglas Elliman Inc., Macerich Co and Douglas Emmett Inc. The side-by-side comparison below sets their revenue, margins and growth against Rayonier Inc's.
Are insiders buying or selling Rayonier Inc stock?
Over the last 12 months, Rayonier Inc's directors and officers reported 0 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.
When is Rayonier Inc's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Rayonier Inc announces its own schedule.