Rayonier Inc key statistics and ratios
In fiscal 2025, Rayonier Inc had return on equity of 23.8%, an operating margin of 17.2%, debt equal to 47.5% of equity and a current ratio of 3.26. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | — | — | 35.5% | 30.7% | 25.8% | 21.5% | 17.1% | 28.3% | 24.3% | 32.9% | 44.6% | 32.5% | 23.7% |
| 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% |
| Return on equity | 27.3% | 18.1% | 21.4% | 20.2% | 24.0% | 6.3% | 3.3% | 15.7% | 9.9% | 6.5% | 3.9% | 2.5% | 9.4% | 5.9% | 9.3% | 19.8% | 23.8% | 2.0% |
| Return on assets | 13.9% | 9.4% | 11.2% | 9.8% | 10.9% | 3.2% | 1.9% | 8.5% | 5.4% | 3.6% | 2.1% | 1.1% | 4.1% | 2.9% | 4.7% | 10.1% | 13.8% | 1.4% |
| Asset turnover | 0.52 | 0.57 | 0.58 | 0.13 | 0.19 | 0.20 | 0.24 | 0.33 | 0.30 | 0.29 | 0.25 | 0.26 | 0.30 | 0.24 | 0.21 | 0.28 | 0.14 | 0.18 |
| Current ratio | 2.91 | 2.49 | 1.93 | 1.84 | 1.88 | 1.06 | 1.78 | 1.79 | 2.68 | 3.27 | 0.83 | 1.87 | 1.95 | 2.12 | 2.26 | 1.12 | 3.26 | 3.56 |
| Debt to equity | 61.0% | 61.4% | 64.8% | 88.6% | 94.8% | 50.5% | 64.7% | 75.5% | 64.6% | 62.6% | 73.4% | 92.3% | 77.7% | 81.7% | 73.8% | 63.0% | 47.5% | 35.7% |
| Interest cover (operating income ÷ interest) | 7.8x | 5.6x | 7.0x | 0.7x | 2.7x | 2.2x | 2.5x | 7.9x | 6.3x | 5.3x | 3.4x | 1.9x | 6.0x | 4.6x | 3.8x | 10.8x | 3.2x | 1.3x |
| Effective tax rate | 12.9% | 6.5% | 10.0% | — | — | −21.4% | −2.0% | 2.3% | 11.8% | 17.7% | 16.1% | 19.0% | 6.5% | 7.1% | 0.2% | −0.3% | 0.7% | — |
| SG&A as % of revenue | 5.4% | 5.1% | 4.6% | 15.5% | 8.4% | 7.9% | 8.0% | 5.2% | 4.9% | 5.1% | 5.9% | 5.9% | 5.2% | 7.1% | 9.5% | 7.5% | 13.8% | 8.8% |
| Capital spending as % of revenue | 7.8% | 10.5% | 10.2% | 41.1% | 9.6% | 10.6% | 10.1% | 7.2% | 8.0% | 7.6% | 9.0% | 7.7% | 6.8% | 8.2% | 12.1% | 10.4% | 0.0% | 0.0% |
| Free cash flow ÷ net income | 69.0% | 164.0% | 104.3% | 104.2% | 130.0% | 258.4% | 259.7% | 68.4% | 128.3% | 242.4% | 254.2% | 371.2% | 163.3% | 181.5% | 116.9% | 44.3% | 54.1% | 413.1% |
| Dividends ÷ net income | 50.6% | 75.2% | 67.1% | 74.1% | 63.7% | 259.2% | 270.6% | 58.0% | 85.4% | 133.8% | 238.7% | 394.6% | 100.6% | 154.8% | 98.0% | 55.8% | 61.6% | 393.0% |
| Dividends and buybacks ÷ free cash flow | 74.0% | 47.5% | 67.1% | 73.8% | 51.4% | 101.0% | 187.6% | 85.2% | 66.6% | 56.4% | 96.7% | 107.5% | 62.3% | 87.4% | 85.9% | 128.7% | 114.9% | 96.2% |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 30.4% | 53.8% | 21.7% | 29.7% | 32.9% | 41.9% | 16.8% | 19.1% |
| Operating margin | 15.2% | 51.1% | 0.1% | 13.7% | 23.5% | 23.0% | −16.5% | 8.7% |
| Net margin | 23.2% | 50.3% | −4.1% | 383.6% | 24.3% | 22.1% | −4.5% | 4.8% |
| Free-cash-flow margin | 34.0% | 7.4% | — | 43.6% | 56.3% | — | — | 21.0% |
| Current ratio | 1.99 | 1.12 | 2.71 | 3.50 | 3.44 | 3.26 | 2.53 | 3.56 |
| Debt to equity | 73.2% | 59.0% | 54.5% | 45.4% | 45.9% | 47.3% | 38.6% | 35.6% |
| SG&A as % of revenue | 14.7% | 2.5% | 20.1% | 15.9% | 9.6% | 13.7% | 7.8% | 7.8% |
Moat
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.
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