Rayonier (RYN)


Market Price (11/13/2026): $21.31 | Market Cap: $6.3 BilSector: Real Estate | Industry: Timber REITs

Rayonier (RYN)


Market Price (11/13/2026): $21.31
Market Cap: $6.3 Bil
Sector: Real Estate
Industry: Timber REITs

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

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, Dividend Yield is 5.3%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29%

Low stock price volatility
Vol 12M is 27%

Megatrend and thematic drivers
Megatrends include Sustainable Resource Management, and Sustainable Consumption. Themes include Green Building Materials, Resource Efficiency Solutions, Show more.

Weak multi-year price returns
2Y Excs Rtn is -49%, 3Y Excs Rtn is -85%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 35x

Key risks
RYN key risks include [1] unpredictable and lumpy real estate sales resulting from a lengthy, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, Dividend Yield is 5.3%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16%
3 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -29%
4 Low stock price volatility
Vol 12M is 27%
5 Megatrend and thematic drivers
Megatrends include Sustainable Resource Management, and Sustainable Consumption. Themes include Green Building Materials, Resource Efficiency Solutions, Show more.
6 Weak multi-year price returns
2Y Excs Rtn is -49%, 3Y Excs Rtn is -85%
7 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 35x
8 Key risks
RYN key risks include [1] unpredictable and lumpy real estate sales resulting from a lengthy, Show more.

RYN in ETFs

Weight = RYN's share of each fund

VTI0.01%
ITOT0.01%
IWB0.01%
IJH0.18%
VB0.07%
NUSC0.44%
SCHH0.42%
MDYV0.35%
+14 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Prices as of 11/12/2026

Nov 5: up 8.6% the day after its Nov 4 earnings report (S&P 500 down 4.4%)
The stock rose after Rayonier reported third quarter earnings and revenue that topped estimates. The company also announced a $300 million increase in its share repurchase authorization.

Up 21.8% from its Oct 7 low to Nov 5 (S&P 500 down 5.7%)
The run occurred largely without company news, with its biggest days on October 8 and November 2. The upward trend concluded on November 5 following the company's third quarter results and increased share repurchase authorization.

Show more
Prices as of 11/12/2026

Nov 5: up 8.6% the day after its Nov 4 earnings report (S&P 500 down 4.4%)
The stock rose after Rayonier reported third quarter earnings and revenue that topped estimates. The company also announced a $300 million increase in its share repurchase authorization.

Up 21.8% from its Oct 7 low to Nov 5 (S&P 500 down 5.7%)
The run occurred largely without company news, with its biggest days on October 8 and November 2. The upward trend concluded on November 5 following the company's third quarter results and increased share repurchase authorization.

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Stock Movement Drivers

Fundamental Drivers

The -0.9% change in RYN stock from 7/31/2026 to 11/12/2026 was primarily driven by a -83.2% change in the company's Net Income Margin (%).
(LTM values as of)731202611122026Change
Stock Price ($)21.5021.31-0.9%
Change Contribution By: 
Total Revenues ($ Mil)6781,35699.9%
Net Income Margin (%)68.6%11.5%-83.2%
P/E Multiple11.840.7244.1%
Shares Outstanding (Mil)256298-14.0%
Cumulative Contribution-0.9%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/12/2026
ReturnCorrelation
RYN-0.9% 
Market (SPY)1.4%-25.0%
Sector (XLRE)-1.6%36.0%

Fundamental Drivers

The 3.0% change in RYN stock from 4/30/2026 to 11/12/2026 was primarily driven by a 500.1% change in the company's P/E Multiple.
(LTM values as of)430202611122026Change
Stock Price ($)20.6921.313.0%
Change Contribution By: 
Total Revenues ($ Mil)4841,356180.0%
Net Income Margin (%)97.9%11.5%-88.3%
P/E Multiple6.840.7500.1%
Shares Outstanding (Mil)156298-47.8%
Cumulative Contribution3.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/12/2026
ReturnCorrelation
RYN3.0% 
Market (SPY)5.6%-9.4%
Sector (XLRE)0.8%46.2%

Fundamental Drivers

The 1.6% change in RYN stock from 10/31/2025 to 11/12/2026 was primarily driven by a 849.3% change in the company's P/E Multiple.
(LTM values as of)1031202511122026Change
Stock Price ($)20.9821.311.6%
Change Contribution By: 
Total Revenues ($ Mil)9641,35640.7%
Net Income Margin (%)79.0%11.5%-85.4%
P/E Multiple4.340.7849.3%
Shares Outstanding (Mil)156298-47.8%
Cumulative Contribution1.6%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/12/2026
ReturnCorrelation
RYN1.6% 
Market (SPY)11.9%-0.4%
Sector (XLRE)11.4%45.3%

Fundamental Drivers

The 2.8% change in RYN stock from 10/31/2023 to 11/12/2026 was primarily driven by a 63.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311122026Change
Stock Price ($)20.7421.312.8%
Change Contribution By: 
Total Revenues ($ Mil)8291,35663.7%
Net Income Margin (%)9.8%11.5%17.6%
P/E Multiple38.040.77.2%
Shares Outstanding (Mil)148298-50.2%
Cumulative Contribution2.8%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/12/2026
ReturnCorrelation
RYN2.8% 
Market (SPY)87.3%25.4%
Sector (XLRE)47.3%56.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
RYN Return42%-16%6%-18%-9%2%-4%
Peers Return53%-14%51%-7%-24%-5%33%
S&P 500 Return27%-19%24%23%16%11%103%

Monthly Win Rates [3]
RYN Win Rate67%50%42%50%58%55% 
Peers Win Rate58%44%50%52%35%43% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
RYN Max Drawdown-11%-33%-31%-23%-21%-24% 
Peers Max Drawdown-25%-32%-23%-21%-35%-29% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: WY, BCC, WFG, UFPI.
[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 11/12/2026 (YTD)

How Low Can It Go

EventRYNS&P 500
2025 US Tariff Shock
  % Loss-10.1%-18.8%
  % Gain to Breakeven11.2%23.1%
  Time to Breakeven93 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-22.7%-9.5%
  % Gain to Breakeven29.3%10.5%
  Time to Breakeven49 days24 days
2023 SVB Regional Banking Crisis
  % Loss-18.7%-6.7%
  % Gain to Breakeven23.0%7.1%
  Time to Breakeven251 days31 days
2020 COVID-19 Crash
  % Loss-35.8%-33.7%
  % Gain to Breakeven55.7%50.9%
  Time to Breakeven137 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-15.2%-19.2%
  % Gain to Breakeven17.9%23.8%
  Time to Breakeven94 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-21.2%-12.2%
  % Gain to Breakeven26.9%13.9%
  Time to Breakeven61 days62 days

Compare to WY, BCC, WFG, UFPI

In The Past

Rayonier's stock fell -10.1% during the 2025 US Tariff Shock. Such a loss loss requires a 11.2% 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.

EventRYNS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-22.7%-9.5%
  % Gain to Breakeven29.3%10.5%
  Time to Breakeven49 days24 days
2020 COVID-19 Crash
  % Loss-35.8%-33.7%
  % Gain to Breakeven55.7%50.9%
  Time to Breakeven137 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-21.2%-12.2%
  % Gain to Breakeven26.9%13.9%
  Time to Breakeven61 days62 days
2014-2016 Oil Price Collapse
  % Loss-42.3%-6.8%
  % Gain to Breakeven73.2%7.3%
  Time to Breakeven652 days15 days
2013 Taper Tantrum
  % Loss-27.6%-0.2%
  % Gain to Breakeven38.1%0.2%
  Time to Breakeven1518 days1 days
2008-2009 Global Financial Crisis
  % Loss-48.7%-53.4%
  % Gain to Breakeven95.1%114.4%
  Time to Breakeven191 days1085 days
Summer 2007 Credit Crunch
  % Loss-20.3%-8.6%
  % Gain to Breakeven25.4%9.5%
  Time to Breakeven43 days47 days

Compare to WY, BCC, WFG, UFPI

In The Past

Rayonier's stock fell -10.1% during the 2025 US Tariff Shock. Such a loss loss requires a 11.2% 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 (RYN)

Rayonier (RYN) operates as a leading timberland real estate investment trust (REIT), primarily engaged in the ownership and management of large, productive forestlands. The company's core business is centered around growing and harvesting softwood timber from its extensive land holdings, which are strategically located to serve key markets.

As of December 2020, Rayonier's impressive portfolio included approximately 2.7 million acres of timberlands. These assets are diversified across the U.S. South, the U.S. Pacific Northwest, and New Zealand, providing exposure to varied timber markets and growing conditions. In addition to its directly owned or leased timberlands, Rayonier also acts as a managing member for private equity timber funds, expanding its overall timberland management footprint.

The company's main product is raw timber, which it supplies to industrial customers such as sawmills, pulp mills, and panel mills. These customers process the timber into a wide array of products including lumber for construction, pulp for paper and packaging, and various engineered wood products. By providing these essential raw materials, Rayonier serves critical segments of the global construction, manufacturing, and consumer goods industries.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Rayonier (RYN):

  • Think of Rayonier as the McDonald's for forests, owning vast tracts of timberland instead of prime restaurant locations.
  • It's like Realty Income (O) for timberland, operating as a real estate investment trust but focused on managing and deriving income from forests.

AI Analysis | Feedback

  • Timber Harvesting & Sales: Rayonier grows and sells softwood timber harvested from its extensive timberland holdings in the U.S. and New Zealand.
  • Timberland Real Estate Sales: The company sells timberland properties, often for higher and better use, to maximize value from its real estate portfolio.
  • Timberland Investment Management: Rayonier acts as the managing member for private equity timber funds, providing management services for timberland investments.

AI Analysis | Feedback

Rayonier (RYN) sells primarily to other companies, not individuals. Due to the nature of the timberland industry and the diversification of buyers, Rayonier does not typically disclose a few major customer companies by name. Instead, its customer base consists of a broad array of businesses that process or utilize timber and land.

The primary categories of customers Rayonier serves include:

  1. Forest Products Mills: This broad category includes sawmills that convert logs into lumber, pulp and paper mills that process wood fiber into pulp and paper products, and manufacturers of panel products such as plywood, oriented strand board (OSB), and medium-density fiberboard (MDF).
  2. Wood Biomass and Energy Facilities: These facilities purchase lower-grade timber and wood residuals for energy production.
  3. Real Estate Developers and Investors: These customers acquire Rayonier's land, particularly parcels identified for "higher and better use" (HBU) development, conservation, or other investment purposes.

AI Analysis | Feedback

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AI Analysis | Feedback

Rayonier (RYN) is a leading timberland real estate investment trust. The company recently merged with PotlatchDeltic Corporation, with the combined entity retaining the Rayonier name and trading under the RYN symbol. The following are key members of Rayonier's management team:

Mark D. McHugh, President and Chief Executive Officer

Mark D. McHugh was appointed President and Chief Executive Officer on April 1, 2024. He previously served as President and Chief Financial Officer from January 2023, and as Senior Vice President and Chief Financial Officer since joining Rayonier in December 2014. McHugh has over 20 years of experience in finance and capital markets, primarily focused on the forest products and REIT sectors. Before joining Rayonier, he was a Managing Director in Raymond James' Real Estate Investment Banking group, where he was responsible for the firm's timberland and agriculture sector coverage. He also worked in the Investment Banking Division of Credit Suisse from 2000 to 2008, focusing on the paper and forest products sectors. McHugh advised Rayonier on its conversion from a C-corp to a REIT in 2003 as an investment banker. His background is in finance and investment banking, with no explicit pattern of managing companies backed by private equity firms mentioned in the available information.

Wayne Wasechek, Executive Vice President and Chief Financial Officer

Wayne Wasechek assumed the role of Executive Vice President and Chief Financial Officer of the combined company following the merger with PotlatchDeltic Corporation, effective January 30, 2026. Further detailed background information regarding his prior roles, company involvements, or any pattern of managing private equity-backed companies was not immediately available in the search results.

Doug Long, Executive Vice President and Chief Resource Officer

Doug Long was appointed Executive Vice President and Chief Resource Officer in January 2023, having previously served as Senior Vice President, Forest Resources since December 2015. He oversees Rayonier's global forestry operations as well as emerging business opportunities associated with Land-Based Solutions. Long joined Rayonier in 1995 and has held multiple positions of increasing responsibility within the forestry division.

Christopher T. Corr, Senior Vice President, Real Estate Development

Christopher T. Corr serves as Senior Vice President of Real Estate Development at Rayonier and is also the President of Raydient LLC, a subsidiary focused on real estate development. He joined Rayonier in 2013 as Senior Vice President of Real Estate and Public Affairs. Corr is a veteran real estate executive with over 25 years of experience, including leading more than 50 master-planned residential, commercial, and infrastructure projects. Prior to Rayonier, he held executive positions at AECOM, The St. Joe Company, and The Walt Disney Company. He also has experience as a former legislator and commissioner.

Mark R. Bridwell, Executive Vice President, General Counsel & Corporate Secretary

Mark R. Bridwell is the Executive Vice President, General Counsel & Corporate Secretary of the combined company following the merger, as of January 30, 2026.

AI Analysis | Feedback

Key Risks to Rayonier's Business

The primary risks to Rayonier's (RYN) business largely stem from the inherent characteristics of the timberland industry and broader environmental and economic factors.

  1. Market Cyclicality and Pricing Volatility: As a leading timberland real estate investment trust, Rayonier's core business is significantly impacted by the cyclical nature of the timber market. Fluctuations in timber prices and demand, particularly influenced by the housing market, can substantially affect the company's revenue and profitability. Recent periods have seen challenges in the Southern timber business with pricing headwinds and decreased harvest volumes.
  2. Environmental Regulations and Climate Risks: Rayonier's extensive timberland holdings are directly exposed to environmental and climate-related risks. Changes in environmental policies and regulations can lead to increased compliance costs or restrictions on timber harvesting and land development activities. Moreover, physical risks from climate change, such as more frequent and severe wildfires, storms, droughts, and pest infestations, pose direct threats to the health, productivity, and value of the company's timber assets.
  3. Operating Cost Pressures and Inflation: The company faces ongoing pressure on its operating income due to rising costs and expenses. Increases in the cost of labor, energy, and fuel, as well as broader inflationary pressures, can lead to compressed margins and impact harvest levels. Managing these fluctuating costs, which represent significant components of operating expenses, is crucial for maintaining profitability.

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Accelerating and unpredictable climate change impacts (e.g., increased frequency and severity of wildfires, droughts, insect infestations, and extreme weather events) that disrupt timberland productivity, increase operational risks, and potentially reduce the long-term value and viability of timberland assets in key operating regions.

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Rayonier's primary product is timber, derived from its extensive timberland holdings. The addressable markets for its main products are defined by the timber and wood product industries in the regions where it operates: the United States and New Zealand.

For the United States, the addressable market for Rayonier's timber products can be broadly represented by the U.S. sawmill & wood market. This market was valued at approximately USD 51.2 billion in 2024. It is projected to grow to USD 59.7 billion by 2032. This market encompasses the demand for lumber and other wood products that originate from raw timber.

In New Zealand, the addressable market for Rayonier's timber can be gauged by the country's forestry product exports. For the year ended December 2025, total exports of forestry products from New Zealand amounted to $6.28 billion NZD. A significant portion of this, 54%, or approximately $3.4 billion NZD, was derived from logs and poles.

AI Analysis | Feedback

Rayonier (RYN) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and anticipated market improvements. These key drivers include the realization of synergies from its recent merger, continued strong performance and expansion in its real estate segment, the growth of its land-based solutions, and an expected uptick in timber market pricing and demand.

Firstly, the completion of the merger with PotlatchDeltic on January 30, 2026, is a significant driver. This merger has created a combined timberland portfolio exceeding 4 million acres and expanded wood products operations. Rayonier anticipates approximately $40 million in annual run-rate synergies from this integration, which will directly contribute to financial performance and revenue growth.

Secondly, the company's Real Estate segment is expected to be a robust contributor to future revenue. This segment delivered record adjusted EBITDA in 2025 and is projected to achieve between $180 million and $200 million of EBITDA in 2026. Growth will be fueled by strong rural Highest and Best Use (HBU) markets and the ongoing expansion of real estate development businesses, such as Wildlight and Heartwood. Rayonier's strategy involves optimizing land use for higher-value purposes, with sales often achieving premiums of 50% to over 100% above timberland value.

Thirdly, Rayonier is advancing its "Land-Based Solutions" business, which represents a new and growing revenue stream. This includes significant efforts in solar development, with approximately 80,000 acres under option for solar projects, and carbon capture and storage, with over 154,000 acres leased for such opportunities. The monetization of carbon stored in standing timber inventory through carbon offset markets also presents a growth avenue, positioning the company to generate higher-margin revenue streams from environmental services.

Finally, a modest price uptick in the Southern timber market is anticipated in 2026, following a challenging 2025. Improved supply and demand dynamics, coupled with strong domestic demand for sawtimber and expected increases in softwood lumber duties on Canadian imports, are projected to enhance U.S. lumber production and timber pricing. Rayonier's Pacific Northwest timber operations also benefit from lumber-indexed pricing, further connecting revenue growth to a recovering lumber market.

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Share Repurchases

  • Rayonier approved a new $300 million share repurchase authorization on December 2, 2024, replacing an existing $100 million authorization.
  • During Q2 2025, the company repurchased approximately $35 million of shares.
  • Approximately $230 million remained authorized for future share repurchases as of year-end 2025.

Share Issuance

  • Rayonier issued common shares as part of a one-time special dividend of $1.80 per common share declared in December 2024 and paid in January 2025, with the cash component limited to 25% and the remainder in common shares.
  • During the fourth quarter of 2024, the company issued 23,203 common shares in exchange for units in the Operating Partnership.
  • As part of the merger with PotlatchDeltic, announced in October 2025, PotlatchDeltic shareholders were to receive 1.7339 common shares of Rayonier for each of their shares.

Outbound Investments

  • In November 2022, Rayonier acquired approximately 172,400 acres of timberlands in the U.S. South from Manulife Investment Management for about $474 million.
  • On October 14, 2025, Rayonier announced an all-stock merger of equals with PotlatchDeltic Corporation, valued at $4.44 billion, which closed on January 30, 2026.

Capital Expenditures

  • Rayonier revised its 2025 capital expenditures guidance downward from $72-77 million to $52-56 million.
  • Lower capital expenditures contributed to increased cash available for distribution during Q2 2025 and for the full year 2025.
  • Year-to-date Q3 2025, capital expenditures were $5.2 million lower than the prior year period.

Better Bets vs. Rayonier (RYN)

Peer Outperformance in Timber REITs

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Share of Timber REITs constituents that RYN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
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insufficient peer history
3Y
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insufficient peer history
5Y
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insufficient peer history
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Median price return by industry across the Real Estate sector, ranked by 5Y. Timber REITs is RYN's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care REITs 15 14.0%66.3%76.3% WELL 224% · OHI 141% · CTRE 134%
Retail REITs 23 15.5%43.4%35.3% SKT 142% · SPG 85% · BRX 55%
Hotel & Resort REITs 16 51.9%53.4%15.1% HST 83% · RHP 77% · APLE 67%
Other Specialized REITs 11 2.5%25.8%13.0% IRM 191% · LAMR 75% · OUT 67%
Real Estate Development 6 -10.1%24.8%5.2% JOE 39%
Industrial REITs 11 12.4%37.6%0.1% EGP 14% · STAG 6% · FR 5%
Single-Family Residential REITs 4 -3.6%3.0%-19.1% AMH -7% · ELS -16% · INVH -22%
Multi-Family Residential REITs 12 -6.4%21.3%-29.0% ESS -6% · VMRK -10% · UDR -21%
Diversified REITs 12 -0.7%14.6%-29.7% EPRT 19% · WPC 13%
Office REITs 19 -0.5%48.4%-33.2% CDP 45% · CUZ -6% · HIW -8%
Telecom Tower REITs 3 0.7%10.3%-36.4% AMT -18% · CCI -36% · SBAC -41%
Real Estate Services 28 -22.7%-14.7%-38.1% JLL 38% · CBRE 26% · COMP -12%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

RYNWYBCCWFGUFPIMedian
NameRayonier Weyerhae.Boise Ca.West Fra.UFP Indu. 
Mkt Price21.3120.4867.9365.8279.0965.82
Mkt Cap6.314.82.45.24.25.2
Rev LTM1,3566,9976,5925,2966,4076,407
Op Inc LTM247458184-597290247
FCF LTM219-13133-428195133
FCF 3Y Avg21647109-107332109
CFO LTM304530277-78381304
CFO 3Y Avg287834335315557335

Growth & Margins

RYNWYBCCWFGUFPIMedian
NameRayonier Weyerhae.Boise Ca.West Fra.UFP Indu. 
Rev Chg LTM33.3%-1.1%1.2%-7.1%-0.7%-0.7%
Rev Chg 3Y Avg29.1%-3.2%-1.1%-6.8%-5.5%-3.2%
Rev Chg Q218.6%8.4%8.1%4.3%11.1%8.4%
QoQ Delta Rev Chg LTM40.1%2.1%2.1%1.1%2.8%2.1%
Op Inc Chg LTM-37.0%-23.0%-29.4%-136.0%-26.6%-29.4%
Op Inc Chg 3Y Avg51.1%-26.8%-33.5%-141.4%-25.5%-26.8%
Op Mgn LTM18.2%6.5%2.8%-11.3%4.5%4.5%
Op Mgn 3Y Avg27.9%8.5%4.8%-4.9%6.2%6.2%
QoQ Delta Op Mgn LTM4.3%0.4%0.3%3.7%-0.5%0.4%
CFO/Rev LTM22.4%7.6%4.2%-1.5%5.9%5.9%
CFO/Rev 3Y Avg33.4%11.7%5.0%5.2%8.5%8.5%
FCF/Rev LTM16.1%-0.2%2.0%-8.1%3.0%2.0%
FCF/Rev 3Y Avg25.1%0.6%1.6%-2.1%5.1%1.6%

Valuation

RYNWYBCCWFGUFPIMedian
NameRayonier Weyerhae.Boise Ca.West Fra.UFP Indu. 
Mkt Cap6.314.82.45.24.25.2
P/S4.72.10.41.00.71.0
P/Op Inc25.732.212.9-8.614.414.4
P/EBIT34.723.412.2-4.012.812.8
P/E40.732.619.7-4.818.019.7
P/CFO20.927.98.6-66.111.011.0
Total Yield7.8%7.2%6.5%-19.0%7.5%7.2%
Dividend Yield5.3%4.1%1.4%1.9%1.9%1.9%
FCF Yield 3Y Avg4.6%0.1%2.5%-2.1%5.6%2.5%
D/E0.30.40.20.10.10.2
Net D/E0.20.30.10.1-0.10.1

Returns

RYNWYBCCWFGUFPIMedian
NameRayonier Weyerhae.Boise Ca.West Fra.UFP Indu. 
1M Rtn12.9%8.0%-8.3%2.6%4.3%4.3%
3M Rtn-0.8%-16.7%-19.0%-4.9%-13.0%-13.0%
6M Rtn8.1%-10.7%-1.5%8.9%-4.5%-1.5%
12M Rtn1.2%-5.5%-2.2%12.0%-11.9%-2.2%
3Y Rtn-8.4%-24.5%-27.8%-4.3%-19.7%-19.7%
1M Excs Rtn15.6%9.7%-6.9%4.3%5.7%5.7%
3M Excs Rtn2.2%-13.7%-16.0%-4.4%-9.5%-9.5%
6M Excs Rtn6.5%-12.3%-3.1%7.3%-6.0%-3.1%
12M Excs Rtn-11.1%-18.0%-12.6%2.8%-23.2%-12.6%
3Y Excs Rtn-85.1%-100.1%-100.9%-80.2%-94.0%-94.0%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Southern Timber228252265264204
Real Estate173628390138190
Northwest Timber84108133162143
Corporate and other   -0 
New Zealand Timber   274281
Trading   7195
Intersegment revenue    -4
Timber Funds    199
Total4849887889091,110


Operating Income by Segment
$ Mil20252024202320222021
Real Estate6233515758113
Southern Timber6178769766
Northwest Timber2-6-9157
Corporate and other   -35-31
New Zealand Timber   3152
Trading   00
Timber Funds    63
Total125407224166270


Assets by Segment
$ Mil20132012201120102009
Forest Resources2,1631,6901,604  
Performance Fibers1,079902646551518
Corporate and other258    
Real Estate1491131038671
Other Operations3723252619
Intersegment revenue 377170421363
Wood Products 18212022
Timber   1,2601,260
Total3,6863,1232,5692,3642,253


Price Behavior

Price Behavior
Market Price$21.31 
Market Cap ($ Bil)6.3 
First Trading Date02/17/1994 
Distance from 52W High-10.2% 
   50 Days200 Days
DMA Price$19.51$20.45
DMA Trenddowndown
Distance from DMA9.2%4.2%
 3M1YR
Volatility30.6%26.9%
Downside Capture-14.9537.33
Upside Capture-10.3234.05
Correlation (S&P 500)-31.8%1.1%
RYN Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.39-0.290.080.180.190.50
Up Beta1.730.410.37-0.36-0.150.48
Down Beta-0.32-0.75-0.730.020.140.48
Up Capture-6%-38%-4%26%17%16%
Bmk +ve Days12182862130427
Stock +ve Days11192867127370
Down Capture-90%-3%59%54%50%81%
Bmk -ve Days10253664121325
Stock -ve Days11243659123374

[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 RYN
RYN0.2%26.9%-0.03-
Sector ETF (XLRE)9.3%14.6%0.3745.7%
Equity (SPY)11.8%13.7%0.550.9%
Gold (GLD)-6.6%28.9%-0.2410.8%
Commodities (DBC)32.8%21.3%1.22-14.3%
Real Estate (VNQ)9.8%14.2%0.4146.5%
Bitcoin (BTCUSD)-28.5%43.4%-0.662.7%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with RYN
RYN-6.8%26.1%-0.29-
Sector ETF (XLRE)1.6%19.2%-0.0261.5%
Equity (SPY)11.6%17.3%0.5043.3%
Gold (GLD)16.2%19.2%0.6815.1%
Commodities (DBC)8.2%19.6%0.3010.0%
Real Estate (VNQ)1.4%18.9%-0.0463.3%
Bitcoin (BTCUSD)3.7%51.5%0.2516.3%

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 RYN
RYN2.4%28.9%0.13-
Sector ETF (XLRE)7.6%20.4%0.3263.9%
Equity (SPY)15.5%18.0%0.7355.8%
Gold (GLD)11.1%16.6%0.549.3%
Commodities (DBC)7.6%18.1%0.3319.5%
Real Estate (VNQ)6.2%20.7%0.2566.6%
Bitcoin (BTCUSD)58.4%66.3%0.9816.7%

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

Short Interest

Short Interest: As Of Date10302026
Short Interest: Shares Quantity14.5 Mil
Short Interest: % Change Since 10152026-2.0%
Average Daily Volume3.5 Mil
Days-to-Cover Short Interest4.1 days
Basic Shares Quantity297.7 Mil
Short % of Basic Shares4.9%

Earnings Returns History

Updated 11/13/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/20268.6%6.8% 
8/5/2026-2.7%-2.3%-7.7%
5/6/2026-3.7%-5.5%-1.0%
2/11/20260.6%0.8%-9.7%
11/5/20251.6%0.3%-1.0%
8/6/20258.3%12.3%12.2%
4/30/2025-3.6%-4.0%-3.1%
2/5/20252.4%-1.6%6.1%
...
SUMMARY STATS   
# Positive141010
# Negative101413
Median Positive1.8%6.1%9.1%
Median Negative-3.4%-2.4%-3.9%
Max Positive13.6%13.4%25.0%
Max Negative-6.7%-13.7%-9.7%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/20268.6%6.8% 
8/5/2026-2.7%-2.3%-7.7%
5/6/2026-3.7%-5.5%-1.0%
2/11/20260.6%0.8%-9.7%
11/5/20251.6%0.3%-1.0%
8/6/20258.3%12.3%12.2%
4/30/2025-3.6%-4.0%-3.1%
2/5/20252.4%-1.6%6.1%
11/6/20240.5%-4.3%-0.0%
8/7/2024-4.1%-5.2%0.5%
5/1/2024-1.2%-0.5%0.8%
1/31/20246.8%8.5%13.9%
11/1/202313.6%13.4%25.0%
8/2/20230.9%-0.8%-7.2%
5/3/2023-3.3%-1.7%-3.1%
2/1/20231.0%-3.6%-8.3%
11/2/2022-1.0%5.8%11.8%
8/3/2022-4.1%-2.1%-5.8%
5/4/2022-6.7%-13.7%-3.9%
2/2/20222.1%6.5%11.0%
11/3/2021-0.3%-2.5%-4.0%
8/4/20214.0%5.3%7.1%
5/5/20210.8%-0.7%-0.3%
2/3/20210.0%4.3%0.5%
SUMMARY STATS   
# Positive141010
# Negative101413
Median Positive1.8%6.1%9.1%
Median Negative-3.4%-2.4%-3.9%
Max Positive13.6%13.4%25.0%
Max Negative-6.7%-13.7%-9.7%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202611/06/202610-Q
06/30/202608/07/202610-Q
03/31/202605/08/202610-Q
12/31/202502/23/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/02/202510-Q
12/31/202402/21/202510-K
09/30/202411/08/202410-Q
06/30/202408/08/202410-Q
03/31/202405/03/202410-Q
12/31/202302/23/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/24/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202611/06/202610-Q
06/30/202608/07/202610-Q
03/31/202605/08/202610-Q
12/31/202502/23/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/02/202510-Q
12/31/202402/21/202510-K
09/30/202411/08/202410-Q
06/30/202408/08/202410-Q
03/31/202405/03/202410-Q
12/31/202302/23/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/24/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q
12/31/202102/25/202210-K
09/30/202111/05/202110-Q
06/30/202108/06/202110-Q
03/31/202105/06/202110-Q
12/31/202002/22/202110-K
09/30/202011/02/202010-Q
06/30/202008/10/202010-Q
03/31/202005/01/202010-Q
12/31/201902/24/202010-K

Recent Forward Guidance

Updated 11/5/2026

Latest: Q3 2026 Earnings Reported 11/4/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Southern Timber Harvest VolumeReported3.00 Mil3.10 Mil3.20 Mil-3.1% Lower NewGuidance: 3.20 Mil for Q3 2026
Q4 2026 Northwest Timber Harvest VolumeReported0.50 Mil0.53 Mil0.55 Mil-12.5% Lower NewGuidance: 0.60 Mil for Q3 2026
Q4 2026 Wood Products Lumber ShipmentsReported295.00 Mil300.00 Mil305.00 Mil   
Q4 2026 Real Estate Adjusted EBITDAReported60.00 Mil65.00 Mil70.00 Mil116.7% Higher NewGuidance: 30.00 Mil for Q3 2026
2026 Southern Timber Harvest VolumeReported12.20 Mil12.30 Mil12.40 Mil-0.4% LoweredGuidance: 12.35 Mil for 2026
2026 Northwest Timber Harvest VolumeReported2.00 Mil2.05 Mil2.10 Mil-2.4% LoweredGuidance: 2.10 Mil for 2026
2026 Wood Products Lumber ShipmentsReported 1.10 Bil    


Prior: Q2 2026 Earnings Reported 8/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Southern Timber Harvest VolumeReported3.10 Mil3.20 Mil3.30 Mil6.7% Higher NewGuidance: 3.00 Mil for Q2 2026
Q3 2026 Northwest Timber Harvest VolumeReported 0.60 Mil 20.0% Higher NewGuidance: 0.50 Mil for Q2 2026
Q3 2026 Lumber ShipmentsReported320.00 Mil325.00 Mil330.00 Mil3.2% Higher NewGuidance: 315.00 Mil for Q2 2026
Q3 2026 Real Estate Adjusted EBITDAReported25.00 Mil30.00 Mil35.00 Mil0 Same NewGuidance: 30.00 Mil for Q2 2026
2026 Southern Timber Harvest VolumeReported12.20 Mil12.35 Mil12.50 Mil0 AffirmedGuidance: 12.35 Mil for 2026
2026 Northwest Timber Harvest VolumeReported2.00 Mil2.10 Mil2.20 Mil-2.3% LoweredGuidance: 2.15 Mil for 2026
2026 Lumber ShipmentsReported 1.10 Bil 0 AffirmedGuidance: 1.10 Bil for 2026
2026 Real Estate Adjusted EBITDAReported180.00 Mil190.00 Mil200.00 Mil0 AffirmedGuidance: 190.00 Mil for 2026

Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Southern Timber Harvest VolumeReported2.90 Mil3.00 Mil3.10 Mil   
Q2 2026 Northwest Timber Harvest VolumeReported 0.50 Mil    
Q2 2026 Lumber ShipmentsReported310.00 Mil315.00 Mil320.00 Mil   
Q2 2026 Real Estate Adjusted EBITDAReported25.00 Mil30.00 Mil35.00 Mil   
2026 Southern Timber Harvest VolumeReported12.10 Mil12.35 Mil12.60 Mil0.0% AffirmedGuidance: 12.35 Mil for 2026
2026 Northwest Timber Harvest VolumeReported2.00 Mil2.15 Mil2.30 Mil0.0% AffirmedGuidance: 2.15 Mil for 2026
2026 Lumber ShipmentsReported 1.10 Bil 0.0% AffirmedGuidance: 1.10 Bil for 2026
2026 Real Estate Adjusted EBITDAReported180.00 Mil190.00 Mil200.00 Mil0.0% AffirmedGuidance: 190.00 Mil for 2026

Insider Activity

Updated 10/6/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Daniels, Ryan MSVP, Wood ProductsDirectSell1006202618.2214255978,396Form
2Daniels, Ryan MSVP, Wood ProductsDirectSell1001202618.5688716,463996,913Form
3Bridwell, Mark REVP, GC and SecretaryDirectSell911202620.195,318107,3702,658,236Form
4Wasechek, WayneEVP and CFODirectSell421202621.172,92061,8162,445,770Form
5Cremers, Eric JExecutive ChairmanDirectSell302202621.44169,2003,627,64815,213,460Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Daniels, Ryan MSVP, Wood ProductsDirectSell1006202618.2214255978,396Form
2Daniels, Ryan MSVP, Wood ProductsDirectSell1001202618.5688716,463996,913Form
3Bridwell, Mark REVP, GC and SecretaryDirectSell911202620.195,318107,3702,658,236Form
4Wasechek, WayneEVP and CFODirectSell421202621.172,92061,8162,445,770Form
5Cremers, Eric JExecutive ChairmanDirectSell302202621.44169,2003,627,64815,213,460Form
6Corr, Christopher TSVP, Real Estate DevelopmentDirectSell1121202521.1214,255301,0661,209,965Form

Investor Activity (13F)

Updated Nov 13, 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
Southeastern Asset Management Inc/Tn/$221.9 Mil10.9%84ADD +89.5%13F
Kopernik Global Investors, LLC$45.1 Mil3.1%27New13F
Central Securities Corp$26.0 Mil2.1%30Hold13F
Troluce Capital Advisors LLC$9.0 Mil0.9%46New13F
Atlas FRM LLC$9.9 Mil0.6%41New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Kopernik Global Investors, LLC$45.1 Mil3.1%27New13F
Atlas FRM LLC$9.9 Mil0.6%41New13F
Troluce Capital Advisors LLC$9.0 Mil0.9%46New13F
Southeastern Asset Management Inc/Tn/$221.9 Mil10.9%84ADD +89.5%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Southeastern Asset Management Inc/Tn/$221.9 Mil10.9%84ADD +89.5%13F
Kopernik Global Investors, LLC$45.1 Mil3.1%27New13F
Central Securities Corp$26.0 Mil2.1%30Hold13F
Atlas FRM LLC$9.9 Mil0.6%41New13F
Troluce Capital Advisors LLC$9.0 Mil0.9%46New13F
Core Cache Last Updated: 11/12/2026