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): $8.44
Market Cap: $566.6 Mil
Sector: Materials
Industry: Commodity Chemicals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include Advanced Materials, and Circular Economy & Recycling. Themes include Nanomaterials, Specialty Chemicals for Performance, Show more.

Not profitable at operating income level
Op 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 significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 123%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 35x

Weak revenue growth
Rev 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 generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.9%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -87%

Key risks
RYAM 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.

0 Megatrend and thematic drivers
Megatrends include Advanced Materials, and Circular Economy & Recycling. Themes include Nanomaterials, Specialty Chemicals for Performance, Show more.
1 Not profitable at operating income level
Op 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%
2 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 123%
3 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 35x
4 Weak revenue growth
Rev 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%
5 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.9%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -87%
7 Key risks
RYAM 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.

RYAM in ETFs

Weight = RYAM's share of each fund

VTI0.00%
ITOT0.00%
IWM0.02%
FNDA0.06%
AVUV0.03%
IWN0.03%
VTWO0.01%
DFAS0.01%
+2 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/23/2026

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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Updated on 7/23/2026

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)33120267232026Change
Stock Price ($)11.078.44-23.8%
Change Contribution By: 
Total Revenues ($ Mil)1,4631,429-2.3%
P/S Multiple0.50.4-21.8%
Shares Outstanding (Mil)6767-0.2%
Cumulative Contribution-23.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/23/2026
ReturnCorrelation
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)123120257232026Change
Stock Price ($)5.898.4443.3%
Change Contribution By: 
Total Revenues ($ Mil)1,4681,429-2.6%
P/S Multiple0.30.447.4%
Shares Outstanding (Mil)6767-0.2%
Cumulative Contribution43.3%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/23/2026
ReturnCorrelation
RYAM43.3% 
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)63020257232026Change
Stock Price ($)3.858.44119.2%
Change Contribution By: 
Total Revenues ($ Mil)1,5951,429-10.4%
P/S Multiple0.20.4148.0%
Shares Outstanding (Mil)6667-1.4%
Cumulative Contribution119.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/23/2026
ReturnCorrelation
RYAM119.2% 
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)63020237232026Change
Stock Price ($)4.288.4497.2%
Change Contribution By: 
Total Revenues ($ Mil)1,8321,429-22.0%
P/S Multiple0.20.4163.1%
Shares Outstanding (Mil)6567-3.9%
Cumulative Contribution97.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/23/2026
ReturnCorrelation
RYAM97.2% 
Market (SPY)72.4%35.4%
Sector (XLB)28.1%34.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
RYAM Return-12%68%-58%104%-29%53%38%
Peers Return15%-16%25%12%-28%2%1%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
RYAM Win Rate58%58%50%58%17%57% 
Peers Win Rate58%50%48%53%42%60% 
S&P 500 Win Rate75%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

EventRYAMS&P 500
2025 US Tariff Shock
  % Loss-49.2%-18.8%
  % Gain to Breakeven96.7%23.1%
  Time to Breakeven144 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-44.1%-9.5%
  % Gain to Breakeven78.8%10.5%
  Time to Breakeven197 days24 days
2023 SVB Regional Banking Crisis
  % Loss-50.9%-6.7%
  % Gain to Breakeven103.8%7.1%
  Time to Breakeven434 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-56.5%-24.5%
  % Gain to Breakeven129.9%32.4%
  Time to Breakeven126 days427 days
2020 COVID-19 Crash
  % Loss-65.9%-33.7%
  % Gain to Breakeven193.2%50.9%
  Time to Breakeven61 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-56.4%-12.2%
  % Gain to Breakeven129.1%13.9%
  Time to Breakeven244 days62 days

Compare to CE, EMN, IP, PKG, GPK

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

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EventRYAMS&P 500
2025 US Tariff Shock
  % Loss-49.2%-18.8%
  % Gain to Breakeven96.7%23.1%
  Time to Breakeven144 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-44.1%-9.5%
  % Gain to Breakeven78.8%10.5%
  Time to Breakeven197 days24 days
2023 SVB Regional Banking Crisis
  % Loss-50.9%-6.7%
  % Gain to Breakeven103.8%7.1%
  Time to Breakeven434 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-56.5%-24.5%
  % Gain to Breakeven129.9%32.4%
  Time to Breakeven126 days427 days
2020 COVID-19 Crash
  % Loss-65.9%-33.7%
  % Gain to Breakeven193.2%50.9%
  Time to Breakeven61 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-56.4%-12.2%
  % Gain to Breakeven129.1%13.9%
  Time to Breakeven244 days62 days

Compare to CE, EMN, IP, PKG, GPK

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)

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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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AI Analysis | Feedback

Here are 1-3 brief analogies for Rayonier Advanced Materials (RYAM):

  • DuPont for wood-based specialty materials.

  • International Paper for specialty pulps and paperboard.

AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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AI Analysis | Feedback

Scott M. Sutton, President and Chief Executive Officer
  • 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.
Marcus J. Moeltner, Chief Financial Officer and Senior Vice President, Finance
  • 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.
James L. Posze, Senior Vice President Human Resources
  • Serves as Senior Vice President Human Resources, and has also been listed as Chief Administrative Officer and Senior Vice President, Human Resources.
R. Colby Slaughter, VP, General Counsel and Corporate Secretary
  • Holds the position of Vice President, General Counsel and Corporate Secretary.
Christian Ribeyrolle, President, France Business and Vice President, Biomaterials
  • Serves as President, France Business and Vice President, Biomaterials.

AI Analysis | Feedback

The key risks to Rayonier Advanced Materials (RYAM) are:

  1. 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.
  2. 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.
  3. 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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

Rayonier Advanced Materials (RYAM) is expected to drive future revenue growth over the next two to three years through several key strategies:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

AI Analysis | Feedback

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.

Better Bets vs. Rayonier Advanced Materials (RYAM)

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Peer Comparisons

Peers to compare with:

Financials

RYAMCEEMNIPPKGGPKMedian
NameRayonier.Celanese Eastman .Internat.Packagin.Graphic . 
Mkt Price8.4447.3567.9237.91233.9010.9942.63
Mkt Cap0.65.27.820.220.73.36.5
Rev LTM1,4299,4928,63924,9669,2168,6538,935
Op Inc LTM-427688332151,235702735
FCF LTM-84878498553702153526
FCF 3Y Avg-3978532460697-74496
CFO LTM161,1851,0002,5971,5489021,092
CFO 3Y Avg1151,3941,1651,8251,3718841,268

Growth & Margins

RYAMCEEMNIPPKGGPKMedian
NameRayonier.Celanese Eastman .Internat.Packagin.Graphic . 
Rev Chg LTM-10.4%-5.5%-7.7%39.5%7.9%-0.2%-2.8%
Rev Chg 3Y Avg-7.7%-1.5%-5.4%9.5%3.7%-3.5%-2.5%
Rev Chg Q-9.5%-2.2%-4.9%13.4%10.6%1.7%-0.2%
QoQ Delta Rev Chg LTM-2.3%-0.5%-1.3%2.9%2.5%0.4%-0.1%
Op Inc Chg LTM-191.1%-21.5%-41.2%-51.5%-1.0%-33.9%-37.5%
Op Inc Chg 3Y Avg3,736.9%-10.9%-8.1%-47.1%-2.3%-14.4%-9.5%
Op Mgn LTM-2.9%8.1%9.6%0.9%13.4%8.1%8.1%
Op Mgn 3Y Avg-0.0%9.5%12.1%2.3%13.8%11.1%10.3%
QoQ Delta Op Mgn LTM-3.6%0.1%-1.3%0.9%-0.6%-1.7%-0.9%
CFO/Rev LTM1.1%12.5%11.6%10.4%16.8%10.4%11.0%
CFO/Rev 3Y Avg7.3%13.7%12.9%9.3%16.1%9.9%11.4%
FCF/Rev LTM-5.9%9.2%5.8%2.2%7.6%1.8%4.0%
FCF/Rev 3Y Avg-0.4%9.6%5.9%2.5%8.3%-0.9%4.2%

Valuation

RYAMCEEMNIPPKGGPKMedian
NameRayonier.Celanese Eastman .Internat.Packagin.Graphic . 
Mkt Cap0.65.27.820.220.73.36.5
P/S0.40.50.90.82.20.40.7
P/Op Inc-13.66.89.393.816.84.68.0
P/EBIT-11.6-12.511.6-8.119.25.4-1.3
P/E-1.2-4.719.4-6.028.011.95.3
P/CFO34.94.47.87.813.43.67.8
Total Yield-83.2%-20.8%10.1%-11.8%5.7%12.4%-3.0%
Dividend Yield0.0%0.3%4.9%4.9%2.2%4.0%3.1%
FCF Yield 3Y Avg6.3%12.1%5.9%2.8%3.9%-0.5%4.9%
D/E1.32.50.70.50.21.81.0
Net D/E1.22.10.60.40.21.70.9

Returns

RYAMCEEMNIPPKGGPKMedian
NameRayonier.Celanese Eastman .Internat.Packagin.Graphic . 
1M Rtn4.6%-1.6%-2.2%3.7%0.5%7.4%2.1%
3M Rtn-13.4%-27.4%-4.5%14.7%9.5%17.8%2.5%
6M Rtn-1.6%-1.2%0.8%-7.1%8.3%-26.9%-1.4%
12M Rtn91.4%-20.6%-10.6%-26.6%16.2%-51.7%-15.6%
3Y Rtn70.2%-59.8%-11.4%34.0%82.4%-50.9%11.3%
1M Excs Rtn-------
3M Excs Rtn-------
6M Excs Rtn-------
12M Excs Rtn-------
3Y Excs Rtn-------

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Cellulose specialties862    
Cellulose Commodities313    
Paperboard179228219250208
High-Yield Pulp113127136160136
Biomaterials31    
Corporate and Eliminations-31    
Eliminations -26-25-28-28
High Purity Cellulose 1,3021,3131,3361,091
Total1,4661,6301,6431,7171,408


Operating Income by Segment
$ Mil20252024202320222021
Cellulose specialties160    
Biomaterials6    
Paperboard-731373713
High-Yield Pulp-30-8-3167
Cellulose Commodities-55    
Corporate and Eliminations-70    
Corporate -60-58-59-50
High Purity Cellulose 76-423120
Total439-6526-10


Assets by Segment
$ Mil20252024202320222021
Property, plant and equipment, net1,015    
Cellulose specialties206215   
Shared/Corporate1521,506   
Other assets147    
Cellulose Commodities73188   
Paperboard5594106113114
Biomaterials4878   
High-Yield Pulp3550445138
Deferred tax assets24    
Intangible assets, net4    
Corporate  523530713
High Purity Cellulose  1,5101,6541,579
Total1,7582,1302,1832,3482,445


Price Behavior

Price Behavior
Market Price$8.44 
Market Cap ($ Bil)0.6 
First Trading Date06/16/2014 
Distance from 52W High-28.2% 
   50 Days200 Days
DMA Price$8.24$8.14
DMA Trendupdown
Distance from DMA2.5%3.7%
 3M1YR
Volatility53.4%72.8%
Downside Capture201.62146.74
Upside Capture98.37196.66
Correlation (SPY)31.0%33.7%
RYAM Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta1.261.591.642.191.991.54
Up Beta2.582.262.702.552.641.23
Down Beta0.431.250.932.011.761.68
Up Capture34%64%22%294%347%566%
Bmk +ve Days11244067140429
Stock +ve Days6183160127368
Down Capture180%219%233%163%133%110%
Bmk -ve Days10172358112321
Stock -ve Days15233264116365

[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
RYAM93.6%72.6%1.18-
Sector ETF (XLB)11.0%17.6%0.4428.8%
Equity (SPY)18.5%12.7%1.0634.1%
Gold (GLD)17.6%28.1%0.5715.7%
Commodities (DBC)35.2%19.1%1.45-2.9%
Real Estate (VNQ)11.6%13.9%0.5515.1%
Bitcoin (BTCUSD)-45.1%42.9%-1.2833.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RYAM
RYAM4.1%69.9%0.35-
Sector ETF (XLB)6.1%19.0%0.2137.8%
Equity (SPY)12.6%17.1%0.5735.0%
Gold (GLD)16.8%18.4%0.749.0%
Commodities (DBC)9.8%19.5%0.3914.1%
Real Estate (VNQ)2.6%18.9%0.0329.3%
Bitcoin (BTCUSD)15.8%53.4%0.4719.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
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%0.4239.2%
Equity (SPY)14.9%17.9%0.7134.4%
Gold (GLD)11.2%16.1%0.574.5%
Commodities (DBC)7.4%17.9%0.3317.7%
Real Estate (VNQ)4.9%20.7%0.2027.5%
Bitcoin (BTCUSD)58.7%66.2%0.9913.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity4.2 Mil
Short Interest: % Change Since 6152026-8.8%
Average Daily Volume1.3 Mil
Days-to-Cover Short Interest3.2 days
Basic Shares Quantity67.1 Mil
Short % of Basic Shares6.2%

Earnings Returns History

Updated 7/22/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/5/20265.7%1.0%-8.0%
3/3/202616.5%16.2%18.9%
11/4/2025-8.9%-7.7%-3.5%
8/5/20250.8%23.8%47.8%
5/6/2025-6.6%-4.7%-8.5%
3/5/2025-17.6%-27.2%-30.2%
11/5/202420.9%18.1%5.3%
8/6/202430.1%30.8%36.4%
...
SUMMARY STATS   
# Positive141513
# Negative10911
Median Positive7.4%16.2%18.9%
Median Negative-13.6%-11.9%-13.5%
Max Positive34.2%66.0%131.5%
Max Negative-23.3%-29.6%-30.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/5/20265.7%1.0%-8.0%
3/3/202616.5%16.2%18.9%
11/4/2025-8.9%-7.7%-3.5%
8/5/20250.8%23.8%47.8%
5/6/2025-6.6%-4.7%-8.5%
3/5/2025-17.6%-27.2%-30.2%
11/5/202420.9%18.1%5.3%
8/6/202430.1%30.8%36.4%
5/7/20241.8%12.3%40.0%
2/27/2024-21.2%-17.7%9.9%
11/7/20231.6%12.5%14.4%
8/8/2023-23.1%-29.6%-29.9%
5/9/2023-16.6%-21.5%-19.7%
2/27/202322.0%13.2%-10.0%
11/1/202234.2%66.0%77.0%
8/3/20226.7%24.8%5.2%
5/3/20227.8%-7.8%-30.0%
2/23/20227.0%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%
11/4/202021.7%22.8%131.5%
8/4/20205.4%9.7%13.8%
SUMMARY STATS   
# Positive141513
# Negative10911
Median Positive7.4%16.2%18.9%
Median Negative-13.6%-11.9%-13.5%
Max Positive34.2%66.0%131.5%
Max Negative-23.3%-29.6%-30.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202503/05/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202403/06/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/29/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/01/202310-K
09/30/202211/02/202210-Q
06/30/202208/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202503/05/202610-K
09/30/202511/05/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202403/06/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/29/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/10/202310-Q
12/31/202203/01/202310-K
09/30/202211/02/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202103/01/202210-K
09/30/202111/04/202110-Q
06/30/202108/05/202110-Q
03/31/202105/06/202110-Q
12/31/202003/01/202110-K
09/30/202011/05/202010-Q
06/30/202008/06/202010-Q
03/31/202005/07/202010-Q
12/31/201903/02/202010-K
09/30/201911/07/201910-Q
06/30/201908/07/201910-Q

Recent Forward Guidance

Updated 7/12/2026

Latest: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 EBITDA      
2026 Free Cash Flow      

Prior: Q4 2025 Earnings Reported 3/3/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Free Cash Flow      
2026 EBITDA      
2026 Capital Expenditures      

Insider Activity

Updated 6/30/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Bloomquist, Delyle WPresident and CEODirectBuy81420254.7153,533252,0872,540,774Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Bloomquist, Delyle WPresident and CEODirectBuy81420254.7153,533252,0872,540,774Form

Investor Activity (13F)

Updated Jul 24, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active 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 ManagerValue% of PortfolioTotal PositionsQoQFiling
Aip, LLC$37.6 Mil14.0%3ADD +1227.5%13F
Condire Management, LP$70.4 Mil6.8%19Hold13F
Irenic Capital Management LP$15.0 Mil1.4%42New13F
Maple Rock Capital Partners Inc.$36.1 Mil1.2%44New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Maple Rock Capital Partners Inc.$36.1 Mil1.2%44New13F
Irenic Capital Management LP$15.0 Mil1.4%42New13F
Aip, LLC$37.6 Mil14.0%3ADD +1227.5%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Condire Management, LP$70.4 Mil6.8%19Hold13F
Aip, LLC$37.6 Mil14.0%3ADD +1227.5%13F
Maple Rock Capital Partners Inc.$36.1 Mil1.2%44New13F
Irenic Capital Management LP$15.0 Mil1.4%42New13F
Core Cache Last Updated: 7/23/2026