Rayonier Advanced Materials (RYAM)
Market Price (7/24/2026): $8.44 | Market Cap: $566.6 MilSector: Materials | Industry: Commodity Chemicals
Rayonier Advanced Materials (RYAM)
Market Price (7/24/2026): $8.44Market Cap: $566.6 MilSector: MaterialsIndustry: Commodity Chemicals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Advanced Materials, and Circular Economy & Recycling. Themes include Nanomaterials, Specialty Chemicals for Performance, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -42 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.9% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 123% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 35x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -10%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.7%, Rev Chg QQuarterly Revenue Change % is -9.5% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.9% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -87% Key risksRYAM key risks include [1] significant import tariffs impacting a substantial portion of its revenue and [2] a high debt burden coupled with challenging financial performance. |
| Megatrend and thematic driversMegatrends include Advanced Materials, and Circular Economy & Recycling. Themes include Nanomaterials, Specialty Chemicals for Performance, Show more. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -42 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.9% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 123% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 35x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -10%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.7%, Rev Chg QQuarterly Revenue Change % is -9.5% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.9% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -87% |
| Key risksRYAM key risks include [1] significant import tariffs impacting a substantial portion of its revenue and [2] a high debt burden coupled with challenging financial performance. |
Qualitative Assessment
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Rayonier Advanced Materials (RYAM) stock has lost about 25% since 3/31/2026 because of the following key factors:
1. Poor Fiscal Q1 2026 Financial Results. Rayonier Advanced Materials reported a net loss of $81 million, or $(1.22) per diluted share, for fiscal Q1 2026 (ended March 28, 2026), significantly missing analyst consensus estimates of -$0.62 per share. This loss widened from $32 million in the prior-year quarter. A notable factor contributing to this was a $41 million non-cash charge resulting from the decision to permanently cease dissolving wood pulp production at its Temiscaming High Purity Cellulose (HPC) plant.
2. High Leverage and Financial Vulnerability. As of March 28, 2026, Rayonier Advanced Materials carried total debt of $763 million and net secured debt of $705 million, with a covenant net secured leverage ratio of 4.3 times. Management acknowledged entering 2026 with "negative free cash flow and elevated debt," which raised concerns about the company's financial flexibility.
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Rayonier Advanced Materials (RYAM) stock has lost about 25% since 3/31/2026 because of the following key factors:
1. Poor Fiscal Q1 2026 Financial Results. Rayonier Advanced Materials reported a net loss of $81 million, or $(1.22) per diluted share, for fiscal Q1 2026 (ended March 28, 2026), significantly missing analyst consensus estimates of -$0.62 per share. This loss widened from $32 million in the prior-year quarter. A notable factor contributing to this was a $41 million non-cash charge resulting from the decision to permanently cease dissolving wood pulp production at its Temiscaming High Purity Cellulose (HPC) plant.
2. High Leverage and Financial Vulnerability. As of March 28, 2026, Rayonier Advanced Materials carried total debt of $763 million and net secured debt of $705 million, with a covenant net secured leverage ratio of 4.3 times. Management acknowledged entering 2026 with "negative free cash flow and elevated debt," which raised concerns about the company's financial flexibility.
3. Weakness in Key Business Segments and Commodity Pricing. The company's Paperboard & High Yield Pulp segment recorded negative adjusted EBITDA margins of (9%) in fiscal Q1 2026. This was primarily driven by increased competitive activity from new U.S. capacity and continued oversupply of high-yield pulp in Asia. Additionally, while the Cellulose Specialties segment achieved a 17% increase in average sales price year-over-year, this was offset by lower volumes and softer global commodity pricing in its Cellulose Commodities component.
4. Strategic Review Uncertainty and Leadership Transition. In April 2026, Rayonier Advanced Materials announced a comprehensive review of strategic and financial alternatives, including potential sale, merger, or capital restructuring. This decision was influenced by "unsolicited indications of interest" and public pressure from activist investor Mill Pond Capital, which urged a sale of the company in mid-June. The appointment of Daniel M. Krawczyk as the new CEO in June 2026 amidst this strategic uncertainty and activist engagement contributed to investor apprehension and stock volatility.
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Stock Movement Drivers
Fundamental Drivers
The -23.8% change in RYAM stock from 3/31/2026 to 7/23/2026 was primarily driven by a -21.8% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7232026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.07 | 8.44 | -23.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,463 | 1,429 | -2.3% |
| P/S Multiple | 0.5 | 0.4 | -21.8% |
| Shares Outstanding (Mil) | 67 | 67 | -0.2% |
| Cumulative Contribution | -23.8% |
Market Drivers
3/31/2026 to 7/23/2026| Return | Correlation | |
|---|---|---|
| RYAM | -23.8% | |
| Market (SPY) | 13.5% | 33.1% |
| Sector (XLB) | 0.6% | 34.6% |
Fundamental Drivers
The 43.3% change in RYAM stock from 12/31/2025 to 7/23/2026 was primarily driven by a 47.4% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7232026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.89 | 8.44 | 43.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,468 | 1,429 | -2.6% |
| P/S Multiple | 0.3 | 0.4 | 47.4% |
| Shares Outstanding (Mil) | 67 | 67 | -0.2% |
| Cumulative Contribution | 43.3% |
Market Drivers
12/31/2025 to 7/23/2026| Return | Correlation | |
|---|---|---|
| RYAM | 43.3% | |
| Market (SPY) | 8.5% | 33.6% |
| Sector (XLB) | 11.4% | 23.6% |
Fundamental Drivers
The 119.2% change in RYAM stock from 6/30/2025 to 7/23/2026 was primarily driven by a 148.0% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7232026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.85 | 8.44 | 119.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,595 | 1,429 | -10.4% |
| P/S Multiple | 0.2 | 0.4 | 148.0% |
| Shares Outstanding (Mil) | 66 | 67 | -1.4% |
| Cumulative Contribution | 119.2% |
Market Drivers
6/30/2025 to 7/23/2026| Return | Correlation | |
|---|---|---|
| RYAM | 119.2% | |
| Market (SPY) | 20.5% | 34.4% |
| Sector (XLB) | 16.2% | 29.9% |
Fundamental Drivers
The 97.2% change in RYAM stock from 6/30/2023 to 7/23/2026 was primarily driven by a 163.1% change in the company's P/S Multiple.| (LTM values as of) | 6302023 | 7232026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.28 | 8.44 | 97.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,832 | 1,429 | -22.0% |
| P/S Multiple | 0.2 | 0.4 | 163.1% |
| Shares Outstanding (Mil) | 65 | 67 | -3.9% |
| Cumulative Contribution | 97.2% |
Market Drivers
6/30/2023 to 7/23/2026| Return | Correlation | |
|---|---|---|
| RYAM | 97.2% | |
| Market (SPY) | 72.4% | 35.4% |
| Sector (XLB) | 28.1% | 34.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RYAM Return | -12% | 68% | -58% | 104% | -29% | 53% | 38% |
| Peers Return | 15% | -16% | 25% | 12% | -28% | 2% | 1% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| RYAM Win Rate | 58% | 58% | 50% | 58% | 17% | 57% | |
| Peers Win Rate | 58% | 50% | 48% | 53% | 42% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| RYAM Max Drawdown | -53% | -63% | -72% | -27% | -57% | -40% | |
| Peers Max Drawdown | -19% | -35% | -22% | -25% | -42% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CE, EMN, IP, PKG, GPK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/23/2026 (YTD)
How Low Can It Go
| Event | RYAM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -49.2% | -18.8% |
| % Gain to Breakeven | 96.7% | 23.1% |
| Time to Breakeven | 144 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -44.1% | -9.5% |
| % Gain to Breakeven | 78.8% | 10.5% |
| Time to Breakeven | 197 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -50.9% | -6.7% |
| % Gain to Breakeven | 103.8% | 7.1% |
| Time to Breakeven | 434 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -56.5% | -24.5% |
| % Gain to Breakeven | 129.9% | 32.4% |
| Time to Breakeven | 126 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -65.9% | -33.7% |
| % Gain to Breakeven | 193.2% | 50.9% |
| Time to Breakeven | 61 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -56.4% | -12.2% |
| % Gain to Breakeven | 129.1% | 13.9% |
| Time to Breakeven | 244 days | 62 days |
In The Past
Rayonier Advanced Materials's stock fell -49.2% during the 2025 US Tariff Shock. Such a loss loss requires a 96.7% gain to breakeven.
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| Event | RYAM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -49.2% | -18.8% |
| % Gain to Breakeven | 96.7% | 23.1% |
| Time to Breakeven | 144 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -44.1% | -9.5% |
| % Gain to Breakeven | 78.8% | 10.5% |
| Time to Breakeven | 197 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -50.9% | -6.7% |
| % Gain to Breakeven | 103.8% | 7.1% |
| Time to Breakeven | 434 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -56.5% | -24.5% |
| % Gain to Breakeven | 129.9% | 32.4% |
| Time to Breakeven | 126 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -65.9% | -33.7% |
| % Gain to Breakeven | 193.2% | 50.9% |
| Time to Breakeven | 61 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -56.4% | -12.2% |
| % Gain to Breakeven | 129.1% | 13.9% |
| Time to Breakeven | 244 days | 62 days |
In The Past
Rayonier Advanced Materials's stock fell -49.2% during the 2025 US Tariff Shock. Such a loss loss requires a 96.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Rayonier Advanced Materials (RYAM)
Rayonier Advanced Materials (RYAM) is a global producer of cellulose-based materials, primarily derived from wood pulp. The company specializes in transforming natural resources into a diverse portfolio of products used across various industries worldwide. RYAM operates through three main segments: High Purity Cellulose, Paperboard, and High-Yield Pulp.
The High Purity Cellulose segment is a cornerstone of RYAM's business, manufacturing cellulose specialties that are high-value natural polymers. These materials serve as critical raw ingredients for sophisticated consumer products such as liquid crystal displays, impact-resistant plastics, pharmaceuticals, cosmetics, and specialty rayon yarn for tires. Additionally, this segment produces commodity viscose pulp for textiles and non-woven applications like wipes, along with absorbent fluff fibers used in hygiene products such as baby diapers and feminine care items.
Beyond cellulose, RYAM's Paperboard segment supplies materials for packaging, printing documents, brochures, and various tags and tickets. Its High-Yield Pulp segment further contributes to the production of paperboard, packaging products, and printing and writing papers. With a strong international presence, Rayonier Advanced Materials serves a broad array of markets including consumer goods, healthcare, textiles, and industrial sectors across the United States, China, Canada, Japan, Europe, Latin America, and other Asian countries.
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Here are 1-3 brief analogies for Rayonier Advanced Materials (RYAM):
DuPont for wood-based specialty materials.
International Paper for specialty pulps and paperboard.
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- Cellulose Specialty Products: Natural polymers used as raw materials for a wide range of consumer products including LCDs, impact-resistant plastics, food thickeners, pharmaceuticals, and rayon yarn.
- Commodity Viscose Pulp: Used in woven applications like rayon textiles for clothing and non-woven applications such as baby wipes and personal care wipes.
- Absorbent Fluff Fibers: Serve as an absorbent medium in disposable baby diapers, feminine hygiene products, incontinence pads, and industrial towels.
- Paperboards: Manufactured for packaging, printing documents, brochures, book covers, file folders, tags, and tickets.
- High-Yield Pulps: Utilized in the production of paperboard, packaging products, printing and writing papers, and various other paper products.
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Rayonier Advanced Materials Inc. (RYAM) primarily sells its products to **other companies (B2B)**, as its offerings consist of cellulose specialty products, commodity pulps, and absorbent materials that serve as raw materials or intermediate goods for the manufacture of a wide range of end-use products.
Based on the provided background information, specific names of major customer companies are not disclosed. However, the description details the applications of RYAM's products, allowing for the identification of the **types of companies** that constitute its major customer base. These include:
- Specialty Consumer and Industrial Product Manufacturers: This category encompasses companies that use RYAM's cellulose specialties as raw materials for products such as liquid crystal displays, impact-resistant plastics, thickeners for food products, pharmaceuticals, cosmetics, cigarette filters, food casings, paints, lacquers, and high-tenacity rayon yarn for tires and industrial hoses.
- Textile and Hygiene Product Manufacturers: These customers utilize RYAM's commodity viscose pulp for both woven applications (e.g., rayon textiles for clothing) and non-woven applications (e.g., baby wipes, cosmetic and personal wipes, industrial wipes, mattress ticking). They also purchase absorbent materials (fluff fibers) for disposable baby diapers, feminine hygiene products, incontinence pads, and other absorbent non-woven fabrics.
- Paper, Packaging, and Printing Companies: RYAM supplies paperboards and high-yield pulps to manufacturers for various applications including packaging, printing documents, brochures, promotional materials, paperback books, catalog covers, file folders, tags, tickets, and other paper products.
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- Appointed President and Chief Executive Officer of Rayonier Advanced Materials on January 5, 2026.
- Previously served as Chairman, President, and Chief Executive Officer of Olin Corporation from August 2020 to March 2024, where he led a significant transformation of the company.
- Served as Chief Executive Officer and President of Prince International Corporation from December 2019 to July 2020, leading a rapid turnaround of a highly leveraged global specialty materials business.
- Held senior executive roles at Celanese Corporation from 2013 to 2019, including Chief Operating Officer and Executive Vice President, with responsibilities spanning all businesses, commercial teams, manufacturing, supply chain, procurement, mergers and acquisitions, and research and development.
- His earlier career included serving as President of Chemtura AgroSolutions and holding various senior leadership positions at Albemarle Corporation over an 18-year period.
- Became Chief Financial Officer and Senior Vice President, Finance of RYAM in July 2019.
- Rejoined Tembec Inc. in May 2008 as VP Corporate Development and moved to RYAM's headquarters in January 2018 following RYAM's acquisition of Tembec Inc.
- Prior to rejoining Tembec, he was VP, Finance for Grant Forest Products Inc. from 2005 to 2008.
- His professional experience also includes various roles at Tembec Inc. from 2000 to 2004, such as Director, Business Planning, and VP, Business Analysis and Control, and multiple positions with Kimberly-Clark Corporation in different international locations.
- He has a strong background in evaluating acquisitions, divestitures, and strategic transactions, as well as implementing working capital reduction programs.
- Serves as Senior Vice President Human Resources, and has also been listed as Chief Administrative Officer and Senior Vice President, Human Resources.
- Holds the position of Vice President, General Counsel and Corporate Secretary.
- Serves as President, France Business and Vice President, Biomaterials.
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The key risks to Rayonier Advanced Materials (RYAM) are:
- Trade Restrictions and Competitive Pressures: Rayonier Advanced Materials faces significant challenges from trade restrictions, particularly the 125% tariff imposed by China on U.S.-sourced cellulose commodities, which impacts a substantial portion of its revenue. The company also contends with competitive pressures from subsidized imports, notably from China in ethers and from Brazil and Norway in specialty cellulose. These factors can lead to reduced market access and increased operating costs.
- High Leverage and Financial Health Concerns: The company carries a substantial debt burden, including $700 million of senior secured debt due in 2029, resulting in significant annual interest expenses. Rayonier Advanced Materials has reported negative free cash flow, and its financial health metrics indicate potential financial distress. Management has made achieving positive free cash flow in 2026 a critical objective, underscoring the severity of this risk.
- Operational Disruptions and Market Volatility: Rayonier Advanced Materials' production facilities are vulnerable to unexpected operational issues, such as equipment failures and weather-related events. Additionally, its paperboard and high-yield pulp segments are susceptible to market volatility driven by global oversupply, new capacity additions, and intense competitive pricing pressures, leading to demand uncertainty and potential erosion of profit margins.
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The following clear emerging threats have been identified for Rayonier Advanced Materials:
- Evolution of Nicotine Delivery Products: The increasing adoption of alternative nicotine delivery systems such as e-cigarettes and heated tobacco products poses a threat to RYAM's cellulose specialty products used in traditional cigarette filters. These alternative products often employ different filtration mechanisms or do not require the traditional cellulose acetate filters, potentially reducing demand for a significant application of RYAM's materials.
- Shift in Display Technology: RYAM's cellulose specialty products are utilized in the manufacturing of liquid crystal displays (LCDs). The accelerating market transition from LCDs to newer display technologies like Organic Light-Emitting Diodes (OLEDs) and MicroLEDs, which may not require or use the same cellulose specialty materials, presents an emerging threat to demand in this specific end-use application.
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Rayonier Advanced Materials (RYAM) operates in several addressable markets for its key products and services:
- High Purity Cellulose (Cellulose Specialties): The global specialty cellulose market was valued at approximately $5.7 billion in 2024 and is projected to reach an estimated $8.9 billion by 2034, growing at a compound annual growth rate (CAGR) of around 4.5% from 2025 to 2034. North America is anticipated to hold the largest share of this market, accounting for approximately 38% of total revenue in 2024, while Asia-Pacific is the largest volume market with an estimated 44% share in 2024.
- Commodity Viscose Pulp: The global viscose staple fiber market, which utilizes viscose pulp, was valued at USD 12.11 billion in 2024 and is projected to grow to USD 15.29 billion by 2032, exhibiting a CAGR of 3.5% during the forecast period. In terms of volume, the market is estimated at 6.51 million tons in 2026, with projections reaching 8.35 million tons by 2031. Asia-Pacific is the largest market for viscose, with China accounting for approximately 70% of global viscose production. The dissolving pulp market, a key input for viscose fiber, was valued at USD 5.92 billion in 2024 and is expected to reach USD 7.86 billion by 2033.
- Absorbent Materials (Fluff Pulp): The global fluff pulp market was valued at USD 13.87 billion in 2025 and is expected to reach USD 28.12 billion by 2033, demonstrating a CAGR of 5.40% during the forecast period. Another estimate indicates the market will reach a volume of 8.62 million air dried tonnes, valued at $11.5 billion by 2029. North America held the largest revenue share in the fluff pulp market at 40.01% in 2025. Asia-Pacific represents over 38% of global fluff pulp consumption.
- Paperboard: The global paperboard packaging market was estimated at USD 191.23 billion in 2025 and is projected to increase to approximately USD 282.38 billion by 2035, growing at a CAGR of 3.97% from 2026 to 2035. Another report estimates the global paperboard market size at USD 426.92 billion in 2024, expected to rise to USD 533.48 billion by 2033. Asia Pacific led the global paperboard packaging market with a 40% share in 2025.
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Rayonier Advanced Materials (RYAM) is expected to drive future revenue growth over the next two to three years through several key strategies:
- Stronger Pricing and Enriched Product Mix in High Purity Cellulose (HPC): The company anticipates an ongoing focus on its value-over-volume strategy within its cellulose specialties business, leading to mid-single-digit percentage price increases in 2025 and a significant pricing reset in 2026, targeting an 18% average price increase over 2025 for 85% of this business. This is coupled with efforts to enrich its product mix, moving away from lower-margin commodity sales, which has already contributed to a substantial increase in HPC segment EBITDA.
- Growth in Biomaterials and New Product Commercializations: RYAM is making significant progress in its biomaterials strategy, with its Tartas bioethanol facility becoming operational and expected to contribute to EBITDA, growing from $3 million-$4 million in 2024 to $8 million-$10 million in 2025. Further strategic investments in green energy and renewable markets, such as the Altamaha Green Energy project, are projected to contribute over $50 million annually to EBITDA. The company also emphasizes new product commercializations across its portfolio to drive future growth.
- Ongoing Cost Reduction Initiatives and Productivity Enhancements: Sustained efforts to decrease costs for key inputs and logistics, along with improved productivity, have been highlighted as crucial for financial performance. Specific actions, such as cost reductions from the indefinite suspension of operations at the Temiscaming HPC plant, are expected to positively impact adjusted EBITDA and improve profitability.
- Strategic Portfolio Management and Reduced Commodity Exposure: RYAM is actively managing its portfolio to maximize contribution profit by leveling up and down market segment categories and reducing exposure to lower-margin commodity sales. For instance, non-fluff commodity exposure dropped significantly in 2024. This shift towards higher-value specialty products enhances overall revenue quality and profitability.
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Share Repurchases
- From June 29, 2025, to September 27, 2025, Rayonier Advanced Materials repurchased 0 shares for US$0 under its existing buyback program.
- As of September 27, 2025, the company had an unused authorization of $60 million under a $100 million common stock share buyback program authorized in January 2018; however, the company has not repurchased shares under this program since 2018 and does not expect to utilize the remaining authorization in the future.
- The company reported $1 million in net cash outflows from financing activities during the three months ended March 29, 2025, which included the repurchase of common stock and repayment of long-term debt.
Share Issuance
- In November 2024, Swen Capital Partners provided €30 million in preferred equity for a 20% stake in RYAM's newly formed subsidiary, RYAM BioNova S.A.S.
- In February 2026, investment firm American Industrial Partners (AIP) acquired a 5.07% stake in RYAM by purchasing 3.4 million shares for approximately $25.4 million, after its acquisition proposal was rejected.
Inbound Investments
- In November 2024, RYAM raised €67 million in green capital, including €37 million in secured term loans and €30 million in preferred equity from Swen Capital Partners, for a 20% stake in its new subsidiary, RYAM BioNova S.A.S.
- Swen Capital Partners' investment in BioNova reflects a valuation greater than $160 million for the new entity, with proceeds earmarked for biomaterials projects such as a second-generation bioethanol plant and a prebiotics project.
Outbound Investments
- In April 2021, RYAM sold its lumber and newsprint businesses, including six lumber mills and one newsprint mill, to GreenFirst Forest Products for approximately US$214 million.
- The sale consideration was approximately 85% cash and 15% common shares of GreenFirst, and RYAM retained an estimated $110 million in softwood lumber duties.
- In October 2023, RYAM announced a strategic review of its Temiscaming site, including the potential sale of its non-core Paperboard and High-Yield Pulp businesses, with expected proceeds intended for debt reduction.
Capital Expenditures
- For the full year 2024, net capital expenditures totaled $108 million, with $33 million dedicated to strategic capital spending, including investment in the 2G bioethanol plant in France and ERP implementation.
- In the first quarter of 2025, RYAM used $38 million in investing activities for net capital expenditures, which included $8 million for strategic capital spending.
- For the full year 2025, maintenance capital expenditure is projected to remain at $85 million, primarily driven by planned maintenance outages at HPC facilities. For 2026, capital expenditure will be prioritized and reduced relative to 2025, focusing on essential maintenance and high-return projects.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 42.63 |
| Mkt Cap | 6.5 |
| Rev LTM | 8,935 |
| Op Inc LTM | 735 |
| FCF LTM | 526 |
| FCF 3Y Avg | 496 |
| CFO LTM | 1,092 |
| CFO 3Y Avg | 1,268 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.8% |
| Rev Chg 3Y Avg | -2.5% |
| Rev Chg Q | -0.2% |
| QoQ Delta Rev Chg LTM | -0.1% |
| Op Inc Chg LTM | -37.5% |
| Op Inc Chg 3Y Avg | -9.5% |
| Op Mgn LTM | 8.1% |
| Op Mgn 3Y Avg | 10.3% |
| QoQ Delta Op Mgn LTM | -0.9% |
| CFO/Rev LTM | 11.0% |
| CFO/Rev 3Y Avg | 11.4% |
| FCF/Rev LTM | 4.0% |
| FCF/Rev 3Y Avg | 4.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cellulose specialties | 862 | ||||
| Cellulose Commodities | 313 | ||||
| Paperboard | 179 | 228 | 219 | 250 | 208 |
| High-Yield Pulp | 113 | 127 | 136 | 160 | 136 |
| Biomaterials | 31 | ||||
| Corporate and Eliminations | -31 | ||||
| Eliminations | -26 | -25 | -28 | -28 | |
| High Purity Cellulose | 1,302 | 1,313 | 1,336 | 1,091 | |
| Total | 1,466 | 1,630 | 1,643 | 1,717 | 1,408 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cellulose specialties | 160 | ||||
| Biomaterials | 6 | ||||
| Paperboard | -7 | 31 | 37 | 37 | 13 |
| High-Yield Pulp | -30 | -8 | -3 | 16 | 7 |
| Cellulose Commodities | -55 | ||||
| Corporate and Eliminations | -70 | ||||
| Corporate | -60 | -58 | -59 | -50 | |
| High Purity Cellulose | 76 | -42 | 31 | 20 | |
| Total | 4 | 39 | -65 | 26 | -10 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Property, plant and equipment, net | 1,015 | ||||
| Cellulose specialties | 206 | 215 | |||
| Shared/Corporate | 152 | 1,506 | |||
| Other assets | 147 | ||||
| Cellulose Commodities | 73 | 188 | |||
| Paperboard | 55 | 94 | 106 | 113 | 114 |
| Biomaterials | 48 | 78 | |||
| High-Yield Pulp | 35 | 50 | 44 | 51 | 38 |
| Deferred tax assets | 24 | ||||
| Intangible assets, net | 4 | ||||
| Corporate | 523 | 530 | 713 | ||
| High Purity Cellulose | 1,510 | 1,654 | 1,579 | ||
| Total | 1,758 | 2,130 | 2,183 | 2,348 | 2,445 |
Price Behavior
| Market Price | $8.44 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 06/16/2014 | |
| Distance from 52W High | -28.2% | |
| 50 Days | 200 Days | |
| DMA Price | $8.24 | $8.14 |
| DMA Trend | up | down |
| Distance from DMA | 2.5% | 3.7% |
| 3M | 1YR | |
| Volatility | 53.4% | 72.8% |
| Downside Capture | 201.62 | 146.74 |
| Upside Capture | 98.37 | 196.66 |
| Correlation (SPY) | 31.0% | 33.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.26 | 1.59 | 1.64 | 2.19 | 1.99 | 1.54 |
| Up Beta | 2.58 | 2.26 | 2.70 | 2.55 | 2.64 | 1.23 |
| Down Beta | 0.43 | 1.25 | 0.93 | 2.01 | 1.76 | 1.68 |
| Up Capture | 34% | 64% | 22% | 294% | 347% | 566% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 6 | 18 | 31 | 60 | 127 | 368 |
| Down Capture | 180% | 219% | 233% | 163% | 133% | 110% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 15 | 23 | 32 | 64 | 116 | 365 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RYAM | |
|---|---|---|---|---|
| RYAM | 93.6% | 72.6% | 1.18 | - |
| Sector ETF (XLB) | 11.0% | 17.6% | 0.44 | 28.8% |
| Equity (SPY) | 18.5% | 12.7% | 1.06 | 34.1% |
| Gold (GLD) | 17.6% | 28.1% | 0.57 | 15.7% |
| Commodities (DBC) | 35.2% | 19.1% | 1.45 | -2.9% |
| Real Estate (VNQ) | 11.6% | 13.9% | 0.55 | 15.1% |
| Bitcoin (BTCUSD) | -45.1% | 42.9% | -1.28 | 33.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RYAM | |
|---|---|---|---|---|
| RYAM | 4.1% | 69.9% | 0.35 | - |
| Sector ETF (XLB) | 6.1% | 19.0% | 0.21 | 37.8% |
| Equity (SPY) | 12.6% | 17.1% | 0.57 | 35.0% |
| Gold (GLD) | 16.8% | 18.4% | 0.74 | 9.0% |
| Commodities (DBC) | 9.8% | 19.5% | 0.39 | 14.1% |
| Real Estate (VNQ) | 2.6% | 18.9% | 0.03 | 29.3% |
| Bitcoin (BTCUSD) | 15.8% | 53.4% | 0.47 | 19.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RYAM | |
|---|---|---|---|---|
| RYAM | -5.0% | 74.2% | 0.27 | - |
| Sector ETF (XLB) | 9.8% | 20.6% | 0.42 | 39.2% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 34.4% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 4.5% |
| Commodities (DBC) | 7.4% | 17.9% | 0.33 | 17.7% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 27.5% |
| Bitcoin (BTCUSD) | 58.7% | 66.2% | 0.99 | 13.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/22/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | 5.7% | 1.0% | -8.0% |
| 3/3/2026 | 16.5% | 16.2% | 18.9% |
| 11/4/2025 | -8.9% | -7.7% | -3.5% |
| 8/5/2025 | 0.8% | 23.8% | 47.8% |
| 5/6/2025 | -6.6% | -4.7% | -8.5% |
| 3/5/2025 | -17.6% | -27.2% | -30.2% |
| 11/5/2024 | 20.9% | 18.1% | 5.3% |
| 8/6/2024 | 30.1% | 30.8% | 36.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 13 |
| # Negative | 10 | 9 | 11 |
| Median Positive | 7.4% | 16.2% | 18.9% |
| Median Negative | -13.6% | -11.9% | -13.5% |
| Max Positive | 34.2% | 66.0% | 131.5% |
| Max Negative | -23.3% | -29.6% | -30.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | 5.7% | 1.0% | -8.0% |
| 3/3/2026 | 16.5% | 16.2% | 18.9% |
| 11/4/2025 | -8.9% | -7.7% | -3.5% |
| 8/5/2025 | 0.8% | 23.8% | 47.8% |
| 5/6/2025 | -6.6% | -4.7% | -8.5% |
| 3/5/2025 | -17.6% | -27.2% | -30.2% |
| 11/5/2024 | 20.9% | 18.1% | 5.3% |
| 8/6/2024 | 30.1% | 30.8% | 36.4% |
| 5/7/2024 | 1.8% | 12.3% | 40.0% |
| 2/27/2024 | -21.2% | -17.7% | 9.9% |
| 11/7/2023 | 1.6% | 12.5% | 14.4% |
| 8/8/2023 | -23.1% | -29.6% | -29.9% |
| 5/9/2023 | -16.6% | -21.5% | -19.7% |
| 2/27/2023 | 22.0% | 13.2% | -10.0% |
| 11/1/2022 | 34.2% | 66.0% | 77.0% |
| 8/3/2022 | 6.7% | 24.8% | 5.2% |
| 5/3/2022 | 7.8% | -7.8% | -30.0% |
| 2/23/2022 | 7.0% | 17.7% | 29.3% |
| 11/2/2021 | -6.2% | -11.9% | -26.7% |
| 8/3/2021 | -6.4% | 0.8% | -1.0% |
| 5/4/2021 | -23.3% | -6.7% | -13.5% |
| 2/24/2021 | -10.7% | 12.9% | 0.3% |
| 11/4/2020 | 21.7% | 22.8% | 131.5% |
| 8/4/2020 | 5.4% | 9.7% | 13.8% |
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 13 |
| # Negative | 10 | 9 | 11 |
| Median Positive | 7.4% | 16.2% | 18.9% |
| Median Negative | -13.6% | -11.9% | -13.5% |
| Max Positive | 34.2% | 66.0% | 131.5% |
| Max Negative | -23.3% | -29.6% | -30.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/05/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 03/05/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/06/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 08/07/2019 | 10-Q |
Recent Forward Guidance
Updated 7/12/2026Latest: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EBITDA | |||||||
| 2026 Free Cash Flow | |||||||
Prior: Q4 2025 Earnings Reported 3/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Free Cash Flow | |||||||
| 2026 EBITDA | |||||||
| 2026 Capital Expenditures | |||||||
Insider Activity
Updated 6/30/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bloomquist, Delyle W | President and CEO | Direct | Buy | 8142025 | 4.71 | 53,533 | 252,087 | 2,540,774 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bloomquist, Delyle W | President and CEO | Direct | Buy | 8142025 | 4.71 | 53,533 | 252,087 | 2,540,774 | Form |
Investor Activity (13F)
Updated Jul 24, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Commodity Chemicals Resources |
| ChemAnalyst |
| S&P Global Commodity Insights - Chemicals |
| Reuters Events: Downstream |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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