RYN · Rayonier Inc · Financials

$21.50 +0.19 (+0.89%) At close · Nov 13 Play latest call Q3 2026 earnings call transcript

S&P 400 member Russell 1000 member Rebalance outlook locked

Market Cap

$6.47B

300.75M

Volume · Nov 13 1.98M Avg daily vol (3M) 3.61M

Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.

Pull these statements through the financial statements API or MCP →

Revenue

$484.49M -51%

FY2025

Net Income

$474.38M +32.1%

FY2025

Gross Margin

32.46% -12.1pp

FY2025

Operating Margin

17.2% -19.7pp

FY2025

Diluted EPS

$3.03 +26.8%

FY2025

Operating Cash Flow

$256.66M -1.9%

FY2025

Chart any reported metric, KPI or segment over time — the full statement history lives here

Income Statement Balance Sheet Cash Flow Adjusted All Metrics

Annual Quarterly

Line Item	3Y	5Y	10Y	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Revenue	-18.9%	-10.8%	-1.6%	$1.36B	$484.49M	$987.93M	$788.37M	$909.07M	$1.11B	$859.15M	$711.56M	$816.14M	$819.6M	$815.92M	$568.8M	$603.52M	$659.72M	$378.61M	$1.42B	$1.32B	$1.17B	$1.27B
Noninterest Income	—	—	—	—	—	—	—	—	—	—	—	—	—	$2.3M	$1.19M	$0	$0	—	—	—	—	—
Rental Income	+4.3%	+19.1%	-22.8%	$1.44M	$1.45M	$1.49M	$1.41M	$1.28M	$1.15M	$605K	$0	$1.09M	$1.08M	$1.04M	$19.22M	$17.57M	$19.48M	$15.94M	$13.07M	$12.14M	$13.58M	—
Cost of Revenue	-22.0%	-14.4%	-3.0%	$1B	$327.21M	$547.58M	$528.92M	$688.28M	$796.12M	$712.44M	$558.35M	$605.26M	$568.25M	$526.44M	$441.72M	$483.86M	$530.77M	$305.48M	$1.01B	$990.1M	$914.77M	$991.89M
Gross Profit	-10.7%	+1.4%	+2.2%	$351.59M	$157.28M	$440.35M	$259.46M	$220.79M	$313.48M	$146.72M	$153.21M	$210.88M	$251.34M	$289.48M	$127.08M	$119.66M	$128.95M	$73.13M	$414.66M	$325.13M	$253.8M	$279.15M
Gross Margin	—	—	—	—	32.46%	44.57%	32.91%	24.29%	28.25%	17.08%	21.53%	25.84%	30.67%	35.48%	22.34%	19.83%	19.55%	19.32%	29.18%	24.72%	21.72%	21.96%
Selling, General & Administrative	+1.0%	+5.7%	+3.8%	$94.77M	$66.69M	$74.44M	$74.8M	$64.67M	$57.79M	$50.65M	$41.65M	$41.95M	$40.25M	$42.79M	$45.75M	$47.88M	$55.43M	$58.63M	$65.25M	$67.1M	$62.63M	$64.5M
Depreciation & Amortization	—	—	—	—	—	$113.85M	$249.36M	$155.67M	$248.51M	$200.37M	$128.24M	$144.12M	$146M	$151.15M	$113.71M	$119.98M	$116.85M	$84.63M	$132.55M	$143.41M	$158.37M	$168.24M
Restructuring Charges	—	-42.2%	—	$0	$1.11M	$1.14M	$0	$0	—	$17.2M	—	—	—	—	—	—	—	—	—	—	—	—
Total Costs & Expenses	-18.6%	-12.6%	-2.0%	$1.19B	$401.15M	$623.82M	$603.68M	$743.25M	$839.82M	$784.77M	$604.53M	$646.07M	$604.11M	$560.14M	$491.02M	$505.23M	$567.72M	$347.1M	$1.07B	$1.05B	$756.23M	$1.04B
Operating Income	-20.5%	+2.3%	+0.7%	$162.89M	$83.34M	$364.11M	$184.7M	$165.82M	$269.78M	$74.39M	$107.03M	$170.07M	$215.49M	$255.78M	$77.78M	$98.29M	$108.66M	$32.06M	$357.29M	$281.95M	$409.51M	$226.44M
Operating Margin	—	—	—	—	17.2%	36.86%	23.43%	18.24%	24.31%	8.66%	15.04%	20.84%	26.29%	31.35%	13.68%	16.29%	16.47%	8.47%	25.14%	21.44%	35.04%	17.81%
EBITDA	—	—	—	—	—	$477.96M	$434.06M	$321.49M	$518.28M	$274.76M	$235.26M	$314.19M	$361.49M	$406.92M	$191.49M	$218.27M	$225.51M	$116.69M	$489.84M	$425.36M	$567.88M	$394.68M
Interest Expense	-10.0%	-7.4%	-1.8%	$54.52M	$26.35M	$33.76M	$48.34M	$36.21M	$44.91M	$38.77M	$31.72M	$32.07M	$34.07M	$32.25M	$31.7M	$44.25M	$40.94M	$42.83M	$50.78M	$50.46M	$52.44M	$50.73M
Interest Income	—	—	—	$25.28M	$24.29M	$8.21M	$1.78M	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Non-Operating Income	—	—	—	-$5.44M	-$6.69M	$1.28M	$18.28M	$2.57M	$280K	$1.17M	$5.31M	$4.56M	$1.84M	-$698K	-$3M	-$9.2M	$2.44M	$482K	$843K	$1.32M	$1.81M	$2.31M
Gain on Sales of Real Estate	—	—	—	—	—	—	—	$11.48M	—	$28.66M	$0	$0	$66.99M	$143.93M	$0	$0	—	—	—	—	—	—
Equity in Earnings of Unconsolidated Entities	—	—	—	—	—	—	—	—	—	—	—	—	—	—	$0	$0	$562K	$550K	$4.09M	$1.03M	-$2.83M	-$715K
Pretax Income	-17.4%	+15.2%	+5.6%	$128.21M	$74.59M	$339.84M	$159.61M	$132.18M	$225.15M	$36.79M	$80.62M	$142.57M	$183.26M	$222.83M	$43.08M	$44.84M	$70.16M	-$10.29M	$307.36M	$232.8M	$358.88M	—
Income Tax	-61.7%	-40.4%	—	-$28.63M	$527K	-$1.02M	$293K	$9.39M	$14.66M	$7.01M	$12.94M	$25.24M	$21.68M	$5.06M	-$859K	-$9.6M	-$35.69M	-$27.06M	$30.69M	$15.22M	$46.34M	$29.44M
Net Income	+64.2%	+66.5%	+26.2%	$155.88M	$474.38M	$359.15M	$173.49M	$107.08M	$152.55M	$37.08M	$59.11M	$102.22M	$148.84M	$211.97M	$46.17M	$99.34M	$371.9M	$278.69M	$276.01M	$217.59M	$312.54M	$148.58M
Net Margin	—	—	—	—	97.91%	36.35%	22.01%	11.78%	13.75%	4.32%	8.31%	12.52%	18.16%	25.98%	8.12%	16.46%	56.37%	73.61%	19.42%	16.54%	26.75%	11.69%
Net Income Attributable to Noncontrolling Interests	—	—	—	—	—	—	—	—	—	—	$8.57M	$15.11M	$12.74M	$5.8M	-$2.22M	-$1.49M	$1.9M	$0	$0	—	—	—
Comprehensive Income	+46.5%	—	+40.1%	$196.61M	$508.14M	$323.74M	$161.53M	$161.49M	$206.83M	-$5.6M	$27.66M	$89.04M	$161.4M	$242.89M	$17.49M	$140.65M	$435.14M	$282.75M	$230.92M	$228.97M	$331.1M	$75.93M
EPS (Basic) USD/shares	+61.4%	+61.4%	+23.6%	$0.60	$3.07	$2.41	$1.17	$0.73	$1.08	$0.28	$0.46	$0.79	$1.17	$1.73	$0.37	$0.78	$2.96	$2.27	$2.27	$1.81	$2.63	$1.89
EPS (Diluted) USD/shares	+60.7%	+62.2%	+23.4%	$0.56	$3.03	$2.39	$1.17	$0.73	$1.08	$0.27	$0.46	$0.79	$1.16	$1.73	$0.37	$0.76	$2.86	$2.17	$2.20	$1.79	$2.60	$1.87
Shares Outstanding (Basic Avg) shares	+1.9%	+2.9%	+2.1%	—	154.76M	148.84M	148.05M	146.21M	140.81M	133.87M	129.26M	129.04M	127.37M	122.59M	125.39M	126.46M	125.72M	122.71M	121.66M	120.24M	118.58M	—
Shares Outstanding (Diluted Avg) shares	+1.9%	+3.0%	+2.3%	—	158.71M	152.1M	151.07M	150.15M	145.3M	136.94M	129.6M	129.69M	127.81M	122.81M	125.9M	131.04M	130.11M	128.7M	125.39M	121.87M	120.03M	—

Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative.

Capital Returned to Shareholders

Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2008–FY2025: $167.11M in buybacks, $3.15B in dividends.

Debt Profile

Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.

Read debt and covenant terms in your AI or your code through MCP and the API →

Reported debt balances

Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.

Reported balance	As of	Amount	Source
Current portion of long-term debt	2026-09-30	USD 138,750,000	10-Q filed 2026-11-06
Finance lease liabilities	2026-09-30	USD 12,777,000	10-Q filed 2026-11-06
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Current finance lease liabilities USD 5,359,000 Noncurrent finance lease liabilities USD 7,418,000
Noncurrent debt carrying amount	2026-09-30	USD 1,716,739,000	10-Q filed 2026-11-06
Operating lease liabilities	2026-09-30	USD 28,110,000	10-Q filed 2026-11-06
Related accounting measures — not additional borrowing Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year. Current operating lease liabilities USD 4,485,000 Noncurrent operating lease liabilities USD 23,625,000

Instrument and agreement coverage is incomplete. Additional filings are awaiting review.

Covenants

Covenant terms have not yet been verified for this profile.

The balance figures do not establish whether covenants apply or whether the company complies with them.

Loans, facilities and notes

The instrument breakdown is not yet verified. Read the debt note in the linked report for borrowing terms and maturity conditions.

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue

5.87×

Peer median 10.35×

EV/EBIT

48.87×

Peer median 24.48×

P/E (TTM)

—

Peer median 28.53×

Price/Sales (TTM)

4.77×

Peer median 6.40×

Price/Book

1.24×

Peer median 2.11×

EV/Adj. EBITDA (TTM)

18.77×

Peer median 14.51×

Peer medians compare against the 12 similar-size REIT - Specialty companies (of 20 listed).

EV/Adj. EBITDA uses the company-stated “Adjusted EBITDA”, extracted from the reconciliation in its SEC filings — the company's own non-GAAP definition, not an XBRL-tagged figure.

Valuation over time computed as of each quarter's filing date

EV/Adj. EBITDA uses the company-stated “Adjusted EBITDA”, extracted from the reconciliation in its SEC filings as it existed at each sample date — the company's own non-GAAP definition, not an XBRL-tagged figure. Each point's tooltip names its TTM or fiscal-year basis.

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Segment (USD)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Southern Timber Segment	$228,309,000	$251,642,000	$265,134,000	$264,201,000	$204,441,000	$191,831,000	$194,111,000	$169,995,000
Real Estate Segment	$172,612,000	$628,268,000	$389,963,000	$138,008,000	$189,868,000	$229,345,000	$74,887,000	$138,575,000
Pacific Northwest Timber Segment	$83,564,000	$108,019,000	$133,276,000	$162,237,000	$143,021,000	$120,809,000	$85,414,000	$109,832,000
Elimination Segment	—	-$232,000	-$468,000	-$402,000	-$3,657,000	-$3,676,000	-$155,000	-$92,000
New Zealand Timber Segment	—	$238,624,000	$235,481,000	$274,076,000	$281,158,000	$202,315,000	$241,861,000	$249,014,000
Timber Funds Portion Attributable To Noncontrolling Interests	—	—	—	—	$159,100,000	$22,700,000	—	—
Timber Funds Segment	—	—	$0	$0	$199,402,000	$29,557,000	$0	$0
Trading Segment	—	$29,631,000	$43,684,000	$70,952,000	$95,364,000	$88,973,000	$115,438,000	$148,814,000

By Geography (USD)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
United States	$484,485,000	$987,929,000	$788,373,000	$576,780,000	$732,995,000	$567,998,000	$354,395,000	$390,396,000
New Zealand	—	—	—	$332,292,000	$376,602,000	$291,156,000	$357,161,000	$425,742,000

By Product & Service (USD)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Timber	$258,115,000	$294,622,000	$344,482,000	$715,650,000	$729,501,000	$594,899,000	$587,895,000	$640,347,000
Delivered Wood	$171,608,000	$188,190,000	$231,858,000	$607,891,000	$642,603,000	$514,315,000	—	—
Total Real Estate	$171,162,000	$626,779,000	$388,549,000	$136,731,000	$188,716,000	$228,740,000	$74,887,000	$138,575,000
Sawtimber	$166,168,000	$189,362,000	$232,758,000	$515,251,000	$564,502,000	$449,178,000	$439,473,000	$499,966,000
Stumpage	$86,507,000	$106,432,000	$112,624,000	$107,759,000	$86,898,000	$80,584,000	—	—
Pulpwood	$85,764,000	$100,293,000	$107,445,000	$183,183,000	$160,328,000	$143,291,000	$143,163,000	$136,947,000
Stumpage Pay As Cut	$82,480,000	$97,377,000	$109,583,000	$98,967,000	$69,239,000	$70,415,000	—	—
Nontimber	$53,758,000	$65,039,000	$53,928,000	$55,414,000	$190,228,000	$34,910,000	$48,774,000	$37,216,000
Non-Strategic Timberland	$53,500,000	$610,000	$3,347,000	$11,400,000	$44,000	$19,255,000	$1,338,000	$75,281,000
Rural	$48,581,000	$72,913,000	$99,665,000	$59,485,000	$43,088,000	$67,152,000	$47,647,000	$46,280,000
Improved Development	$47,160,000	$30,754,000	$30,707,000	$35,413,000	$51,713,000	$14,498,000	$5,882,000	$8,336,000
License Revenue Primarily from Hunting	$21,971,000	$22,106,000	$24,474,000	$22,545,000	$19,531,000	$18,932,000	$19,348,000	$17,395,000
Other Non Timber Revenue	$18,646,000	$19,909,000	$13,973,000	—	—	—	—	—
Real Estate Other	$16,841,000	$14,001,000	$12,516,000	-$38,000	-$3,532,000	$283,000	$544,000	$57,000
Land Based Solutions	$11,336,000	$14,568,000	$5,344,000	$1,074,000	—	—	—	—
Hardwood	$6,183,000	$4,967,000	$4,279,000	$17,216,000	$4,671,000	$2,430,000	$5,259,000	$3,433,000
Unimproved Development	$5,080,000	$12,400,000	$114,000	—	$37,500,000	$8,426,000	$19,476,000	$8,621,000
Stumpage Lump Sum	$4,027,000	$9,055,000	$3,041,000	$8,792,000	$17,659,000	$10,169,000	—	—
Trading	$1,805,000	$8,456,000	$10,137,000	—	—	—	—	—
Agency Fee Income	—	$1,273,000	$1,361,000	$1,256,000	$1,399,000	$1,160,000	$677,000	$652,000
Conservation Easement	—	$1,101,000	—	—	$3,855,000	$3,099,000	—	—
Fund II Timberland Dispositions	—	—	—	—	$156,752,000	—	—	—
Non Strategic Timberlands	—	—	—	—	—	—	$19,133,000	$98,872,000
Other Non-Timber Carbon Credit Revenue	—	$42,871,000	$38,060,000	$30,539,000	—	—	—	—
Other Non Timber Carbon Revenue	—	—	$43,199,000	$31,454,000	$12,546,000	$14,818,000	$28,749,000	$19,169,000
Real Estate Large Dispositions	—	$495,000,000	$242,200,000	$30,471,000	$56,048,000	$116,027,000	—	—

Segment Operating Income

Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.

By Segment (USD)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Real Estate Segment	$62,325,000	$335,122,000	$156,605,000	$58,495,000	$112,540,000	$71,951,000	$38,665,000	$76,240,000
Southern Timber Segment	$61,104,000	$77,903,000	$76,335,000	$96,616,000	$66,111,000	$41,247,000	$57,804,000	$44,245,000
Pacific Northwest Timber Segment	$1,919,000	-$6,296,000	-$8,668,000	$15,192,000	$6,827,000	-$9,979,000	-$12,427,000	$8,137,000
New Zealand Timber Segment	—	$33,470,000	$26,045,000	$30,621,000	$51,513,000	$29,984,000	$48,035,000	$62,754,000
Timber Funds Portion Attributable To Noncontrolling Interests	—	—	—	—	$45,600,000	$11,600,000	—	—
Timber Funds Segment	—	—	$0	$0	$63,219,000	-$13,195,000	$0	$0
Trading Segment	—	-$55,000	$492,000	$382,000	$144,000	-$462,000	$8,000	$953,000

Operating Margin by Segment (%)

Component	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Southern Timber Segment	26.8%	31%	28.8%	36.6%	32.3%	21.5%	29.8%	26%
Real Estate Segment	36.1%	53.3%	40.2%	42.4%	59.3%	31.4%	51.6%	55%
Pacific Northwest Timber Segment	2.3%	-5.8%	-6.5%	9.4%	4.8%	-8.3%	-14.5%	7.4%
New Zealand Timber Segment	—	14%	11.1%	11.2%	18.3%	14.8%	19.9%	25.2%
Timber Funds Portion Attributable To Noncontrolling Interests	—	—	—	—	28.7%	51.1%	—	—
Timber Funds Segment	—	—	—	—	31.7%	-44.6%	—	—
Trading Segment	—	-0.2%	1.1%	0.5%	0.2%	-0.5%	0%	0.6%

Key facts CIK 52827 CUSIP 754907103 13F (30d) 410 filings 374 filers Visit website Investor relations