Revenue growth remains highly erratic, evidenced by a 23.1% surge in 2025Q3 following a 14.2% contraction in 2025Q2, while NOI margins fluctuate significantly between 7.0% and 18.2%.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 |
|---|
| Revenue | 1.12B | 1.06B | 1.02B | 1.33B | 1.34B | 1.04B | 827.1M | 974.58M | 678.6M | 599.1M | 575.34M | 606.95M | 570.29M | 525.13M | 497.42M | 539.45M | 476.17M | 439.96M | 1.65B | 1.61B | 1.5B | 1.35B | 1.51B | 1.29B | 1.75B | 1.81B | 1.68B | 1.57B | 1.57B | 1.55B | 1.61B |
| Revenue Growth % | 5.4% | 3.71% | -23.05% | -0.5% | 28.48% | 25.85% | -15.13% | 43.62% | 13.27% | 4.13% | -5.21% | 6.43% | 8.6% | 5.57% | -7.79% | 13.29% | 8.23% | -73.4% | 2.87% | 7.46% | 10.7% | -10.3% | 17.14% | -26.59% | -3.14% | 7.87% | 7.08% | -0.19% | 0.93% | -3.16% | 9.1% |
| Property Operating Expenses | 940.35M | 945.67M | 899.58M | 806.82M | 715.85M | 687.78M | 682.07M | 707.64M | 470.37M | 462.3M | 470.04M | 429.79M | 408.77M | 390.67M | 382.25M | 423.35M | 338.39M | 300.18M | 1.37B | 1.35B | 1.25B | 1.08B | 1.21B | 1.1B | 1.5B | 1.47B | 1.28B | 1.2B | 1.22B | 1.19B | 1.16B |
| Net Operating Income (NOI) | 175.22M | 116.4M | 124.5M | 523.96M | 621.59M | 353.15M | 145.03M | 266.93M | 208.23M | 136.79M | 105.3M | 177.16M | 161.52M | 134.47M | 115.17M | 116.09M | 137.78M | 139.78M | 288.83M | 260.58M | 249.52M | 267.81M | 299.55M | 184.15M | 247.05M | 340.45M | 392.4M | 370.5M | 349.2M | 368.3M | 447.2M |
| NOI Margin % | 15.71% | 10.96% | 12.16% | 39.37% | 46.48% | 33.93% | 17.54% | 27.39% | 30.69% | 22.83% | 18.3% | 29.19% | 28.32% | 25.61% | 23.15% | 21.52% | 28.94% | 31.77% | 17.46% | 16.21% | 16.68% | 19.82% | 19.88% | 14.32% | 14.1% | 18.82% | 23.4% | 23.66% | 22.26% | 23.69% | 27.86% |
| Operating Expenses | 85.47M | 83.21M | 38.75M | 74.88M | 70.07M | 72.52M | 48.75M | 59.86M | 60.39M | 52.72M | 46.39M | 44.66M | 53.92M | 49.42M | 41.75M | 43.44M | 48.08M | 378.77M | 170.57M | 143.35M | 175.34M | 173.89M | 185.14M | 198.65M | 294.54M | 285.19M | 280.5M | 271.2M | 256.3M | 245.6M | 227.6M |
| G&A Expenses | 83.08M | 83.21M | 75.73M | 76.51M | 73.43M | 72.52M | 57.92M | 59.86M | 55.41M | 52.72M | 46.39M | 44.66M | 50.4M | 49.42M | 41.75M | 43.44M | 48.08M | 48.44M | 90.49M | 91.65M | 85.96M | 85.57M | 80.28M | 83.18M | 125.15M | 123.35M | 130.2M | 120.9M | 106.5M | 104.1M | 90.6M |
| EBITDA | 195M | 29.27M | 206.9M | 547.32M | 628.94M | 356.89M | 168.39M | 952.46M | 676.27M | 550.58M | 97.01M | 159.25M | 134.56M | 111.19M | 101.33M | 103.86M | 121.42M | 91.34M | 195.69M | 208.25M | 163.56M | 181.05M | 219.74M | 92.01M | 119.15M | 217.11M | 262.2M | 249.6M | 242.7M | 264.2M | 356.6M |
| EBITDA Margin % | 17.48% | 2.76% | 20.2% | 41.13% | 47.03% | 34.29% | 20.36% | 97.73% | 99.66% | 91.9% | 16.86% | 26.24% | 23.6% | 21.17% | 20.37% | 19.25% | 25.5% | 20.76% | 11.83% | 12.95% | 10.93% | 13.4% | 14.59% | 7.15% | 6.8% | 12% | 15.64% | 15.94% | 15.47% | 17% | 22.22% |
| Depreciation & Amortization | 105.25M | -3.92M | 121.15M | 98.23M | 77.42M | 76.26M | 72.11M | 767.51M | 530.75M | 515.02M | 38.1M | 26.75M | 26.96M | 26.25M | 29.09M | 31.2M | 34.72M | 30.15M | 80.08M | 91.02M | 89.39M | 88.32M | 104.86M | 115.47M | 169.39M | 161.85M | 150.3M | 150.3M | 149.8M | 141.5M | 137M |
| D&A / Revenue % | 9.44% | -0.37% | 11.83% | 7.38% | 5.79% | 7.33% | 8.72% | 78.75% | 78.21% | 85.97% | 6.62% | 4.41% | 4.73% | 5% | 5.85% | 5.78% | 7.29% | 6.85% | 4.84% | 5.66% | 5.97% | 6.54% | 6.96% | 8.98% | 9.67% | 8.95% | 8.96% | 9.6% | 9.55% | 9.1% | 8.53% |
| Operating Income | 89.75M | 33.19M | 85.75M | 449.08M | 551.52M | 280.63M | 96.28M | 184.95M | 145.52M | 35.55M | 58.91M | 132.51M | 107.6M | 84.94M | 72.24M | 72.65M | 86.7M | 61.18M | 115.61M | 117.22M | 74.18M | 92.73M | 114.89M | -23.46M | -50.24M | 55.26M | 111.9M | 99.3M | 92.9M | 122.7M | 219.6M |
| Operating Margin % | 8.05% | 3.13% | 8.37% | 33.75% | 41.24% | 26.96% | 11.64% | 18.98% | 21.44% | 5.93% | 10.24% | 21.83% | 18.87% | 16.18% | 14.52% | 13.47% | 18.21% | 13.91% | 6.99% | 7.29% | 4.96% | 6.86% | 7.63% | -1.82% | -2.87% | 3.06% | 6.67% | 6.34% | 5.92% | 7.89% | 13.68% |
| Interest Expense | 3M | 28.92M | 24.22M | 27.4M | 29.27M | 29.46M | 30.36M | 35.23M | 27.05M | 28.94M | 32.76M | 22.91M | 23.13M | 25.54M | 27.83M | 27.78M | 21.92M | 20.82M | 17.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 1.28x | 3.56x | 15.57x | 18.39x | 9.52x | 2.87x | 5.03x | 5.38x | 2.91x | 1.80x | 6.95x | 4.65x | 3.33x | 2.60x | 2.62x | 3.96x | 3.26x | 4.00x | - | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -2.28M | -3.92M | -353K | 22.37M | 13.23M | 0 | 9.25M | 7.65M | 0 | -48.52M | 0 | -26.75M | 0 | 0 | 0 | 0 | -5.27M | 0 | 22.32M | 21.01M | 0 | -1.19M | 476K | -38.15M | -35.54M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 58.18M | 8.19M | 61.88M | 399.31M | 509.02M | 193.95M | 56.67M | 142.08M | 118.47M | 6.61M | 26.15M | 109.6M | 84.47M | 59.4M | 44.41M | 44.87M | 64.78M | 41.03M | 87.18M | 90.03M | 47.64M | 25.3M | 80.56M | -83.5M | -130.24M | -54.45M | 66M | 58.1M | 54.7M | 86.3M | 170.9M |
| Pretax Margin % | 5.22% | 0.77% | 6.04% | 30.01% | 38.06% | 18.63% | 6.85% | 14.58% | 17.46% | 1.1% | 4.54% | 18.06% | 14.81% | 11.31% | 8.93% | 8.32% | 13.61% | 9.33% | 5.27% | 5.6% | 3.18% | 1.87% | 5.35% | -6.49% | -7.43% | -3.01% | 3.94% | 3.71% | 3.49% | 5.55% | 10.65% |
| Income Tax | -6.07M | -13.69M | -216K | 65.41M | 85.16M | 27.12M | 1.01M | 19.2M | 32.02M | -4.33M | -5.57M | 19.69M | 13.88M | 16.81M | 4.14M | 4.6M | -16.65M | -27.81M | -5.98M | -49.08M | 14.68M | 9.97M | 27.33M | -32.56M | -50.79M | -21.23M | 25.1M | 20.9M | 18.6M | 24.8M | 62.4M |
| Effective Tax Rate % | -10.42% | -167.2% | -0.35% | 16.38% | 16.73% | 13.98% | 1.78% | 13.51% | 27.03% | -65.4% | -21.3% | 17.96% | 16.44% | 28.3% | 9.33% | 10.24% | -25.7% | -67.79% | -6.86% | -54.51% | 30.81% | 39.4% | 33.93% | 39% | 39% | 39% | 38.03% | 35.97% | 34% | 28.74% | 36.51% |
| Net Income | 64.25M | 21.88M | 62.1M | 333.9M | 423.86M | 166.83M | 55.66M | 122.88M | 86.45M | 10.94M | 31.71M | 89.91M | 70.58M | 42.59M | 40.27M | 40.39M | 77.33M | 52.64M | 56.43M | 139.11M | 32.96M | 271.25M | 47.54M | -234.38M | -79.44M | -33.21M | 40.9M | 37.2M | 36.1M | 58.1M | 108.5M |
| Net Margin % | 5.76% | 2.06% | 6.06% | 25.09% | 31.69% | 16.03% | 6.73% | 12.61% | 12.74% | 1.83% | 5.51% | 14.81% | 12.38% | 8.11% | 8.09% | 7.49% | 16.24% | 11.96% | 3.41% | 8.65% | 2.2% | 20.07% | 3.16% | -18.22% | -4.53% | -1.84% | 2.44% | 2.38% | 2.3% | 3.74% | 6.76% |
| Net Income Growth % | 288.38% | -64.77% | -81.4% | -21.22% | 154.07% | 199.73% | -54.7% | 42.13% | 690.39% | -65.51% | -64.73% | 27.39% | 65.71% | 5.78% | -0.32% | -47.76% | 46.91% | -6.72% | -59.43% | 322.01% | -87.85% | 470.61% | 120.28% | -195.02% | -139.19% | -181.21% | 9.95% | 3.05% | -37.87% | -46.45% | 121.43% |
| Funds From Operations (FFO) | 169.5M | 17.96M | 183.25M | 432.13M | 501.29M | 243.09M | 127.77M | 890.39M | 617.2M | 525.96M | 69.82M | 116.66M | 97.54M | 68.84M | 69.36M | 71.6M | 112.04M | 82.79M | 136.52M | 230.13M | 122.35M | 359.57M | 152.4M | -118.91M | 89.94M | 128.63M | 191.2M | 187.5M | 185.9M | 199.6M | 245.5M |
| FFO Margin % | 15.19% | 1.69% | 17.89% | 32.47% | 37.48% | 23.35% | 15.45% | 91.36% | 90.95% | 87.79% | 12.14% | 19.22% | 17.1% | 13.11% | 13.94% | 13.27% | 23.53% | 18.82% | 8.25% | 14.31% | 8.18% | 26.61% | 10.12% | -9.25% | 5.13% | 7.11% | 11.4% | 11.97% | 11.85% | 12.84% | 15.29% |
| FFO Growth % | 125.11% | -90.2% | -57.59% | -13.79% | 106.21% | 90.26% | -85.65% | 44.26% | 17.35% | 653.32% | -40.15% | 19.6% | 41.69% | -0.75% | -3.13% | -36.1% | 35.33% | -39.36% | -40.68% | 88.09% | -65.97% | 135.94% | 228.16% | -232.21% | -30.08% | -32.72% | 1.97% | 0.86% | -6.86% | -18.7% | 31.07% |
| FFO per Share | 2.18 | 0.23 | 2.29 | 5.93 | 7.40 | 3.60 | 1.89 | 14.40 | 14.97 | 12.82 | 1.70 | 2.85 | 2.40 | 1.70 | 1.72 | 1.78 | 2.80 | 2.08 | 3.47 | 6.27 | 4.19 | 12.18 | 5.32 | -4.18 | 3.18 | 4.49 | 6.59 | 6.45 | 6.39 | 6.91 | 8.40 |
| FFO Payout Ratio % | 82.83% | 792.68% | 78.36% | 48.16% | 77.45% | 44.37% | 84.31% | 16.48% | 10.03% | 11.57% | 87.39% | 49.59% | 53.17% | 72.69% | 106.58% | 113.94% | 72.41% | 97.44% | 56.74% | 71.75% | 14.31% | 25.7% | 11.3% | -14.36% | 36.81% | 38.64% | 26.36% | 26.93% | 26.63% | 24.2% | 19.19% |
| EPS (Diluted) | 0.82 | 0.28 | 0.77 | 4.58 | 6.26 | 2.47 | 0.82 | 1.99 | 2.10 | 0.27 | 0.77 | 2.20 | 1.73 | 1.05 | 1.00 | 1.00 | 1.93 | 1.32 | 1.43 | 3.79 | 1.13 | 9.19 | 1.77 | -8.23 | -2.81 | -1.16 | 1.41 | 1.28 | 1.24 | 2.01 | 3.72 |
| EPS Growth % | 297.82% | -63.64% | -83.19% | -26.84% | 153.44% | 201.22% | -58.79% | -5.24% | 677.78% | -64.94% | -65% | 27.17% | 64.76% | 5% | 0% | -48.19% | 46.21% | -7.69% | -62.27% | 235.4% | -87.7% | 419.21% | 121.51% | -192.88% | -142.24% | -182.27% | 10.16% | 3.23% | -38.31% | -45.97% | 121.43% |
| EPS (Basic) | - | 0.28 | 0.78 | 4.59 | 6.29 | 2.48 | 0.82 | 2.03 | 2.12 | 0.27 | 0.78 | 2.21 | 1.74 | 1.06 | 1.00 | 1.01 | 1.94 | 1.33 | 1.44 | 3.81 | 1.13 | 9.23 | 1.77 | -8.23 | -2.81 | -1.16 | 1.41 | 1.28 | 1.25 | 2.01 | 3.72 |
| Diluted Shares Outstanding | 77.89M | 79.34M | 80.17M | 72.92M | 67.72M | 67.57M | 67.74M | 61.81M | 41.23M | 41.03M | 40.99M | 40.89M | 40.71M | 40.55M | 40.38M | 40.22M | 39.97M | 39.8M | 39.38M | 36.7M | 29.17M | 29.52M | 28.66M | 28.48M | 28.28M | 28.63M | 29.01M | 29.06M | 29.11M | 28.91M | 29.23M |
Cyclical housing demand sensitivity
As reported in recent financial filings, PotlatchDeltic experienced a 23.1% revenue growth in 2025Q3, yet this follows a highly erratic period of performance where quarterly revenue swings have frequently exceeded 15%, suggesting that the company's top-line trajectory remains heavily tethered to volatile spot lumber pricing cycles.
The significant revenue expansion in the most recent quarter appears to be a recovery from previous cyclical troughs rather than a sustained structural growth trend. Investors should monitor whether this momentum can be maintained given the persistent headwinds in the broader residential construction market.
Based on the company's reported figures, NOI margins have fluctuated significantly between 7.0% and 18.2% over the last ten quarters, indicating that property-level profitability is highly sensitive to the interplay between timber harvest costs and the realized market prices for finished wood products.
The wide variance in NOI margins suggests that the company lacks the pricing power to fully insulate its property-level returns from commodity price shocks. This volatility warrants further investigation into the cost-efficiency of the sawmill operations during periods of softening lumber demand.
According to the provided earnings data, FFO per share has demonstrated extreme instability, ranging from a low of $0.38 to a high of $0.69, which complicates the assessment of long-term dividend safety for income-focused investors monitoring the company's ability to generate consistent cash flow.
The sharp 74.1% FFO growth in 2025Q3 appears to be an outlier driven by temporary market conditions rather than a fundamental improvement in earnings quality. Analysts should remain cautious, as the disconnect between FFO and AFFO in several periods suggests significant recurring capital expenditure requirements.
As evidenced by the financial statements, the frequent divergence between FFO and AFFO, including negative AFFO figures in 2024Q2 and 2023Q4, suggests that the company's true cash-generating capacity is often obscured by substantial maintenance capital expenditures required to sustain its timberland and manufacturing assets.
This pattern implies that the headline FFO metric may overstate the cash available for distribution to shareholders. Investors should scrutinize the recurring nature of these capital outlays to determine if they represent necessary maintenance or discretionary investments in mill modernization.
Quick answers to the most common questions about buying PCH stock.
For fiscal year 2024, PotlatchDeltic Corporation (PCH) reported total revenue of $1.06B. This represents a 33.8% decline compared to $1.61B in 1995.
PotlatchDeltic Corporation (PCH) is profitable, generating $21.9M in net income for the fiscal year ending 2024 with a net profit margin of 2.1%.
PotlatchDeltic Corporation (PCH) reported an operating income of $33.2M, resulting in an operating profit margin of 3.1%. This margin reflects the operational efficiency of the business before interest and taxes.
PotlatchDeltic Corporation (PCH) generated $116.4M in gross profit for the year, representing a gross profit margin of 11.0%. This demonstrates the company's core pricing power and production efficiency.