Rayonier Advanced Materials Inc. (RYAM) 10-Year Financial Performance & Capital Metrics

RYAM • • Industrial / General

Basic MaterialsChemicalsPigments & Specialty MaterialsCellulose & Specialty Pulp Producers

AboutRayonier Advanced Materials Inc. manufactures and sells cellulose specialty products in the United States, China, Canada, Japan, Europe, Latin America, other Asian countries, and internationally. The company operates through High Purity Cellulose, Paperboard, and High-Yield Pulp segments. Its products include cellulose specialties, which are natural polymers that are used as raw materials to manufacture a range of consumer-oriented products, such as liquid crystal displays, impact-resistant plastics, thickeners for food products, pharmaceuticals, cosmetics, cigarette filters, high-tenacity rayon yarn for tires and industrial hoses, food casings, paints, and lacquers. The company also offers commodity products, such as commodity viscose pulp used in woven applications, including rayon textiles for clothing and other fabrics, as well as in non-woven applications comprising baby wipes, cosmetic and personal wipes, industrial wipes, and mattress ticking; and absorbent materials consisting of fluff fibers that are used as an absorbent medium in disposable baby diapers, feminine hygiene products, incontinence pads, convalescent bed pads, industrial towels and wipes, and non-woven fabrics. In addition, it provides paperboards for packaging, printing documents, brochures, promotional materials, paperback books or catalog covers, file folders, tags, and tickets; and high-yield pulps to produce paperboard and packaging products, printing and writing papers, and various other paper products. The company was founded in 1926 and is headquartered in Jacksonville, Florida.Show more

Revenue $1.63B -0.8%
EBITDA $177M +136.4%
Net Income -$39M +61.7%
EPS (Diluted) -0.59 +62.4%
Gross Margin 10.16% +89.3%
EBITDA Margin 10.84% +138.3%
Operating Margin 2.42% +161.0%
Net Margin -2.39% +61.4%
ROE -5.3% +59.0%
ROIC 2.13% +164.9%
Debt/Equity 1.01 -3.3%
Interest Coverage 0.46 +152.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 87 (top 13%)
✓Trading near 52-week high
✓Trading at only 0.8x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.46%

5Y2.64%

3Y5.02%

TTM-9.74%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-392.34%

EPS CAGR

10Y-

5Y-

3Y-

TTM-385.05%

ROCE

10Y Avg2.91%

5Y Avg-0.35%

3Y Avg0.03%

Latest2.23%

Peer Comparison

Cellulose & Specialty Pulp Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RYAMRayonier Advanced Materials Inc.	572.23M	8.54	-14.47	-0.79%	-28.23%	-118.2%	16.72%	1.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	941M	869M	961M	2.13B	1.43B	1.34B	1.41B	1.72B	1.64B	1.63B
Revenue Growth %	-0.02%	-0.08%	0.11%	1.22%	-0.33%	-0.06%	0.05%	0.22%	-0.04%	-0.01%
Cost of Goods Sold+	739M	687M	822M	1.79B	1.38B	1.28B	1.33B	1.59B	1.56B	1.46B
COGS % of Revenue	0.79%	0.79%	0.86%	0.84%	0.96%	0.95%	0.95%	0.93%	0.95%	0.9%
Gross Profit+	202M	182M	139M	344M	53.47M	63.43M	74.72M	123.08M	88.15M	165.58M
Gross Margin %	0.21%	0.21%	0.14%	0.16%	0.04%	0.05%	0.05%	0.07%	0.05%	0.1%
Gross Profit Growth %	-0.1%	-0.1%	-0.24%	1.47%	-0.84%	0.19%	0.18%	0.65%	-0.28%	0.88%
Operating Expenses+	82M	44M	82M	146M	105.95M	93.79M	85.17M	96.95M	153.42M	126.1M
OpEx % of Revenue	0.09%	0.05%	0.09%	0.07%	0.07%	0.07%	0.06%	0.06%	0.09%	0.08%
Selling, General & Admin	48M	38M	80M	108M	80.78M	77.94M	75.79M	91.47M	75.61M	92.26M
SG&A % of Revenue	0.05%	0.04%	0.08%	0.05%	0.06%	0.06%	0.05%	0.05%	0.05%	0.06%
Research & Development	3M	4M	4M	6M	0	0	0	0	6M	0
R&D % of Revenue	0%	0%	0%	0%	-	-	-	-	0%	-
Other Operating Expenses	-34M	-6M	-2M	-12M	25.17M	15.85M	9.38M	5.47M	71.8M	33.84M
Operating Income+	120M	138M	57M	198M	-52.48M	-30.36M	-10.45M	26.14M	-65.26M	39.48M
Operating Margin %	0.13%	0.16%	0.06%	0.09%	-0.04%	-0.02%	-0.01%	0.02%	-0.04%	0.02%
Operating Income Growth %	0.9%	0.15%	-0.59%	2.47%	-1.27%	0.42%	0.66%	3.5%	-3.5%	1.6%
EBITDA+	209M	226.27M	153.96M	343.96M	89.67M	108.01M	127.85M	160.71M	74.72M	176.65M
EBITDA Margin %	0.22%	0.26%	0.16%	0.16%	0.06%	0.08%	0.09%	0.09%	0.05%	0.11%
EBITDA Growth %	0.41%	0.08%	-0.32%	1.23%	-0.74%	0.2%	0.18%	0.26%	-0.54%	1.36%
D&A (Non-Cash Add-back)	89M	88.27M	96.96M	145.96M	142.15M	138.37M	138.3M	134.58M	139.98M	137.17M
EBIT	154.11M	144.47M	385.14M	182.41M	-52.33M	-35.65M	-16.48M	42.36M	-58.66M	36.52M
Net Interest Income+	-36.66M	-33.89M	-37.62M	-50.9M	-51.83M	-62.58M	-65.61M	-60.77M	-73.81M	-85.72M
Interest Income	210K	737K	2.35M	5.02M	175K	0	785K	5.42M	0	0
Interest Expense	37M	34.63M	39.97M	55.92M	52M	62.58M	66.39M	66.18M	73.81M	85.72M
Other Income/Expense	-36.66M	-30.72M	283.68M	-21.32M	-51.85M	-68.59M	-74.01M	-52.61M	-67.21M	-90.33M
Pretax Income+	83M	112M	345M	172M	-104.33M	-98.96M	-84.46M	-26.48M	-132.47M	-50.85M
Pretax Margin %	0.09%	0.13%	0.36%	0.08%	-0.07%	-0.07%	-0.06%	-0.02%	-0.08%	-0.03%
Income Tax+	28M	39M	20M	44M	-20.39M	-60.89M	-34.69M	902K	-32.31M	-8.93M
Effective Tax Rate %	0.66%	0.65%	0.94%	0.74%	0.22%	-0.01%	-0.79%	0.56%	0.77%	0.77%
Net Income+	55M	73M	325M	128M	-22.45M	555K	66.41M	-14.92M	-101.83M	-39M
Net Margin %	0.06%	0.08%	0.34%	0.06%	-0.02%	0%	0.05%	-0.01%	-0.06%	-0.02%
Net Income Growth %	0.74%	0.33%	3.45%	-0.61%	-1.18%	1.02%	118.66%	-1.22%	-5.83%	0.62%
Net Income (Continuing)	55.26M	73.29M	324.96M	99.45M	-83.95M	-38.07M	-49.77M	-27.38M	-100.16M	-41.92M
Discontinued Operations	0	0	0	28.96M	61.5M	38.62M	116.18M	12.46M	312K	3.22M
Minority Interest	0	0	0	0	0	0	0	0	0	10.5M
EPS (Diluted)+	1.30	1.55	5.81	1.96	-2.16	0.02	1.05	-0.23	-1.57	-0.59
EPS Growth %	0.73%	0.19%	2.75%	-0.66%	-2.1%	1.01%	65.46%	-1.22%	-5.83%	0.62%
EPS (Basic)	1.31	1.61	7.17	1.96	-2.16	0.02	1.05	-0.23	-1.57	-0.59
Diluted Shares Outstanding	42.22M	47.15M	55.9M	65.4M	54.51M	63.24M	63.65M	63.91M	65.11M	65.75M
Basic Shares Outstanding	42.19M	42.28M	43.42M	65.4M	54.51M	63.24M	63.65M	63.91M	65.11M	65.75M
Dividend Payout Ratio	0.21%	0.16%	0.04%	0.12%	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	327M	519M	646M	716M	554.83M	633.57M	776.12M	689.53M	575.06M	600.96M
Cash & Short-Term Investments	101M	326M	96M	109M	64.03M	93.65M	291.82M	151.8M	75.77M	125.22M
Cash Only	101M	326M	96M	109M	64.03M	93.65M	253.31M	151.8M	75.77M	125.22M
Short-Term Investments	0	0	0	0	0	0	38.51M	0	0	0
Accounts Receivable	68.89M	37.63M	181.3M	199.84M	181.66M	237.87M	203.01M	212.72M	216.91M	216.61M
Days Sales Outstanding	26.72	15.8	68.86	34.18	46.34	64.61	52.64	45.21	48.18	48.5
Inventory	125.41M	118.37M	302.09M	321.38M	251.18M	170.65M	230.69M	265.33M	207.47M	208M
Days Inventory Outstanding	61.94	62.89	134.14	65.53	66.56	48.65	63.18	60.75	48.69	51.83
Other Current Assets	11.8M	0	0	108.29M	57.96M	72.56M	0	59.67M	74.9M	51.13M
Total Non-Current Assets+	961M	903M	2B	1.96B	1.93B	1.9B	1.67B	1.66B	1.61B	1.53B
Property, Plant & Equipment	804M	801M	1.41B	1.38B	1.34B	1.18B	1.15B	1.15B	1.08B	1.02B
Fixed Asset Turnover	1.17x	1.08x	0.68x	1.55x	1.07x	1.14x	1.23x	1.49x	1.53x	1.60x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	59.87M	52.46M	45.45M	38.44M	31.43M	24.42M	17.41M	10.4M
Long-Term Investments	0	0	-462.71M	-459.42M	5K	0	0	0	0	0
Other Non-Current Assets	59.58M	50.75M	589M	582M	156.89M	297.1M	156.19M	160.14M	169.94M	150.21M
Total Assets+	1.29B	1.42B	2.64B	2.68B	2.48B	2.53B	2.45B	2.35B	2.18B	2.13B
Asset Turnover	0.73x	0.61x	0.36x	0.80x	0.58x	0.53x	0.58x	0.73x	0.75x	0.77x
Asset Growth %	-0.01%	0.1%	0.86%	0.01%	-0.07%	0.02%	-0.03%	-0.04%	-0.07%	-0.02%
Total Current Liabilities+	132M	126M	307M	370M	286.15M	293M	354.56M	353.68M	375.83M	400.16M
Accounts Payable	44.99M	36.38M	157.93M	181.71M	153.18M	156.72M	169.46M	163.96M	186.23M	196.25M
Days Payables Outstanding	22.22	19.33	70.12	37.05	40.59	44.68	46.41	37.54	43.71	48.9
Short-Term Debt	7.94M	9.59M	9.43M	15.01M	25.34M	17.1M	37.68M	14.62M	25.28M	23.38M
Deferred Revenue (Current)	-1000K	1000K	1000K	-1000K	0	721K	1000K	1000K	1000K	1000K
Other Current Liabilities	23.09M	59.1M	106.1M	144.13M	84.04M	45.25M	52.38M	79.73M	57.26M	74.4M
Current Ratio	2.48x	4.12x	2.10x	1.94x	1.94x	2.16x	2.19x	1.95x	1.53x	1.50x
Quick Ratio	1.53x	3.18x	1.12x	1.07x	1.06x	1.58x	1.54x	1.20x	0.98x	0.98x
Cash Conversion Cycle	66.44	59.36	132.87	62.66	72.3	68.58	69.41	68.42	53.17	51.42
Total Non-Current Liabilities+	1.17B	1.08B	1.64B	1.6B	1.51B	1.54B	1.28B	1.16B	1.06B	1.01B
Long-Term Debt	850.12M	773.69M	1.23B	1.17B	1.06B	1.07B	891.03M	838.51M	752.17M	706.44M
Capital Lease Obligations	0	0	0	3.12M	20.01M	0	0	0	0	0
Deferred Tax Liabilities	0	0	32.61M	28.02M	24.85M	24.46M	20.48M	17.02M	15.19M	13.69M
Other Non-Current Liabilities	314.19M	309.52M	376.5M	397.5M	406.14M	450.48M	364.6M	309.01M	293.06M	284.98M
Total Liabilities	1.3B	1.21B	1.95B	1.97B	1.8B	1.83B	1.63B	1.52B	1.44B	1.41B
Total Debt+	868M	783M	1.24B	1.19B	1.11B	1.08B	928.71M	853.13M	777.46M	729.82M
Net Debt	767M	457M	1.15B	1.08B	1.04B	990.28M	675.4M	701.32M	701.69M	604.6M
Debt / Equity	-	3.69x	1.79x	1.68x	1.62x	1.56x	1.14x	1.03x	1.04x	1.01x
Debt / EBITDA	4.15x	3.46x	8.06x	3.45x	12.33x	10.04x	7.26x	5.31x	10.41x	4.13x
Net Debt / EBITDA	3.67x	2.02x	7.44x	3.14x	11.62x	9.17x	5.28x	4.36x	9.39x	3.42x
Interest Coverage	3.24x	3.99x	1.43x	3.54x	-1.01x	-0.49x	-0.16x	0.39x	-0.88x	0.46x
Total Equity+	-17M	212M	694M	707M	682.8M	695.09M	814.34M	829.31M	746.45M	724.39M
Equity Growth %	0.73%	13.47%	2.27%	0.02%	-0.03%	0.02%	0.17%	0.02%	-0.1%	-0.03%
Book Value per Share	-0.40	4.50	12.41	10.81	12.53	10.99	12.80	12.98	11.46	11.02
Total Shareholders' Equity	-17M	212M	694M	707M	682.8M	695.09M	814.34M	829.31M	746.45M	713.88M
Common Stock	429K	433K	517K	493K	632K	633K	637K	640K	654K	660K
Retained Earnings	21.84M	78.98M	377.02M	462.57M	422.37M	422.93M	489.34M	474.42M	372.59M	333.59M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-109.62M	-110.08M	-76.15M	-155.7M	-139.23M	-133.63M	-84.47M	-63.8M	-45.92M	-45.67M
Minority Interest	0	0	0	0	0	0	0	0	0	10.5M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	202M	232M	130M	247M	41.9M	124.47M	233.22M	68.81M	136.27M	203.61M
Operating CF Margin %	0.21%	0.27%	0.14%	0.12%	0.03%	0.09%	0.17%	0.04%	0.08%	0.12%
Operating CF Growth %	0.08%	0.15%	-0.44%	0.9%	-0.83%	1.97%	0.87%	-0.7%	0.98%	0.49%
Net Income	55M	73M	325M	128M	-22.45M	-38.07M	-49.77M	-27.38M	-102.15M	-41.92M
Depreciation & Amortization	89M	88M	97M	148M	142.15M	138.37M	138.3M	134.58M	139.98M	137.17M
Stock-Based Compensation	9.99M	7.22M	8.99M	13.01M	6.45M	6.43M	5.1M	9.65M	6.51M	7.1M
Deferred Taxes	-9.76M	45.2M	30.28M	20.64M	-16.26M	-12.24M	-37.09M	-3.95M	-27.71M	-9.61M
Other Non-Cash Items	54.77M	9.58M	-302.27M	-10.64M	-62.84M	91.27M	173.46M	3.17M	62.04M	48.85M
Working Capital Changes	3M	9M	-29M	-52M	-5.15M	-61.29M	3.23M	-47.26M	57.6M	62.02M
Change in Receivables	696K	31.27M	-4.7M	-40.74M	8.27M	-48.03M	21.4M	-14.03M	12.84M	-4.53M
Change in Inventory	14.8M	7.04M	3.03M	-22.86M	47.77M	15.17M	-58.31M	-35.11M	58.95M	-2.13M
Change in Payables	-19.79M	-2.05M	16.21M	34.61M	-25.26M	-5.71M	7.38M	-8.27M	13.76M	8.07M
Cash from Investing+	-78M	-87M	-277M	-116M	52.5M	-77.82M	85.39M	-94.17M	-127.28M	-107.94M
Capital Expenditures	-78M	-89M	-75M	-132M	-90.5M	-61.87M	-93.22M	-138.22M	-127.67M	-107.94M
CapEx % of Revenue	0.08%	0.1%	0.08%	0.06%	0.06%	0.05%	0.07%	0.08%	0.08%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	2M	-74.78M	16M	143M	-7.1M	182.75M	44.43M	1.17M	0
Cash from Financing+	-89M	80M	-84M	-116M	-138.48M	-19.39M	-156.66M	-73.11M	-86.95M	-42.48M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-12M	-16M	-26M	-29M	-18.92M	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-798K	-7.03M	451K	-3.51M	-23.82M	-636K	0	-10.08M	-9.14M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	124M	143M	55M	115M	-48.59M	62.6M	140.01M	-69.41M	8.6M	95.67M
FCF Margin %	0.13%	0.16%	0.06%	0.05%	-0.03%	0.05%	0.1%	-0.04%	0.01%	0.06%
FCF Growth %	0.1%	0.15%	-0.62%	1.09%	-1.42%	2.29%	1.24%	-1.5%	1.12%	10.12%
FCF per Share	2.94	3.03	0.98	1.76	-0.89	0.99	2.20	-1.09	0.13	1.46
FCF Conversion (FCF/Net Income)	3.67x	3.18x	0.40x	1.93x	-1.87x	224.27x	3.51x	-4.61x	-1.34x	-5.22x
Interest Paid	38.19M	0	35.45M	55.29M	59.43M	49.29M	46.77M	58.05M	51.02M	95.05M
Taxes Paid	31.67M	4.73M	5.99M	12.56M	3.27M	1.17M	0	0	7.24M	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	74.87%	71.74%	18.27%	-3.23%	0.08%	8.8%	-1.82%	-12.93%	-5.3%
Return on Invested Capital (ROIC)	11.5%	14.59%	3.41%	8.19%	-2.24%	-1.34%	-0.49%	1.3%	-3.29%	2.13%
Gross Margin	21.47%	20.94%	14.46%	16.12%	3.74%	4.72%	5.31%	7.17%	5.36%	10.16%
Net Margin	5.84%	8.4%	33.82%	6%	-1.57%	0.04%	4.72%	-0.87%	-6.2%	-2.39%
Debt / Equity	-	3.69x	1.79x	1.68x	1.62x	1.56x	1.14x	1.03x	1.04x	1.01x
Interest Coverage	3.24x	3.99x	1.43x	3.54x	-1.01x	-0.49x	-0.16x	0.39x	-0.88x	0.46x
FCF Conversion	3.67x	3.18x	0.40x	1.93x	-1.87x	224.27x	3.51x	-4.61x	-1.34x	-5.22x
Revenue Growth	-1.74%	-7.65%	10.59%	122.06%	-32.95%	-6.09%	4.74%	22%	-4.31%	-0.79%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Paperboard	-	-	-	-	-	-	-	-	-	227.63M
Paperboard Growth	-	-	-	-	-	-	-	-	-	-
High Purity Cellulose	-	-	866.86M	1.19B	1.13B	1.05B	1.09B	1.34B	1.31B	-
High Purity Cellulose Growth	-	-	-	37.55%	-5.48%	-6.72%	3.79%	22.43%	-1.73%	-
Paperboard	-	-	-	-	199.99M	189.88M	208.33M	250.17M	219.41M	-
Paperboard Growth	-	-	-	-	-	-5.05%	9.72%	20.08%	-12.30%	-
High-Yield Pulp	-	-	-	-	-	-	135.68M	159.7M	135.95M	-
High-Yield Pulp Growth	-	-	-	-	-	-	-	17.71%	-14.87%	-
Forest Products	-	-	33.95M	355.66M	299.11M	392.23M	-	-	-	-
Forest Products Growth	-	-	-	947.75%	-15.90%	31.13%	-	-	-	-
Pulp and Newsprint	-	-	-	-	214.97M	172.36M	-	-	-	-
Pulp and Newsprint Growth	-	-	-	-	-	-19.82%	-	-	-	-
Pulp	-	-	-	346.44M	-	-	-	-	-	-
Pulp Growth	-	-	-	-	-	-	-	-	-	-
Paper	-	-	-	310.14M	-	-	-	-	-	-
Paper Growth	-	-	-	-	-	-	-	-	-	-
Pulp and Paper	-	-	65.39M	-	-	-	-	-	-	-
Pulp and Paper Growth	-	-	-	-	-	-	-	-	-	-
Corporate	-	-	753K	-	-	-	-	-	-	-
Corporate Growth	-	-	-	-	-	-	-	-	-	-
Cellulose Specialties	766.94M	694.6M	-	-	-	-	-	-	-	-
Cellulose Specialties Growth	-	-9.43%	-	-	-	-	-	-	-	-
Commodity Products and Other	174.44M	174.13M	-	-	-	-	-	-	-	-
Commodity Products and Other Growth	-	-0.18%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	398.74M	348.57M	336.94M	-	-	-	-	569.26M	544.86M	560.12M
UNITED STATES Growth	-	-12.58%	-3.34%	-	-	-	-	-	-4.29%	2.80%
CHINA	256.98M	250.04M	253.28M	-	-	-	-	346.03M	473.78M	352.29M
CHINA Growth	-	-2.70%	1.29%	-	-	-	-	-	36.92%	-25.64%
Europe	91.85M	88.19M	114.05M	-	-	-	-	343.06M	222.78M	280.26M
Europe Growth	-	-3.98%	29.32%	-	-	-	-	-	-35.06%	25.80%
Other Asia	25.37M	27.28M	78.54M	-	-	-	-	181.95M	126.07M	174.21M
Other Asia Growth	-	7.52%	187.90%	-	-	-	-	-	-30.71%	38.18%
JAPAN	132.48M	136.82M	123.85M	-	-	-	-	149.37M	158.11M	121.88M
JAPAN Growth	-	3.27%	-9.48%	-	-	-	-	-	5.85%	-22.91%
CANADA	-	-	41.18M	-	-	-	-	72.51M	62.66M	90.57M
CANADA Growth	-	-	-	-	-	-	-	-	-13.59%	44.55%
All Other Countries	27.79M	7.95M	1.92M	-	-	-	-	31.2M	44M	33.32M
All Other Countries Growth	-	-71.38%	-75.81%	-	-	-	-	-	41.05%	-24.28%
Latin America	8.18M	9.88M	11.58M	-	-	-	-	23.89M	11.07M	17.66M
Latin America Growth	-	20.79%	17.21%	-	-	-	-	-	-53.64%	59.48%

Frequently Asked Questions

Growth & Financials

Rayonier Advanced Materials Inc. (RYAM) reported $1.47B in revenue for fiscal year 2024. This represents a 34% increase from $1.10B in 2012.

Rayonier Advanced Materials Inc. (RYAM) saw revenue decline by 0.8% over the past year.

Rayonier Advanced Materials Inc. (RYAM) reported a net loss of $415.4M for fiscal year 2024.

Dividend & Returns

Rayonier Advanced Materials Inc. (RYAM) has a return on equity (ROE) of -5.3%. Negative ROE indicates the company is unprofitable.

Rayonier Advanced Materials Inc. (RYAM) had negative free cash flow of $80.4M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Rayonier Advanced Materials Inc. (RYAM) 10-Year Financial Performance & Capital Metrics

RYAM • • Industrial / General

Basic MaterialsChemicalsPigments & Specialty MaterialsCellulose & Specialty Pulp Producers

Revenue $1.63B -0.8%
EBITDA $177M +136.4%
Net Income -$39M +61.7%
EPS (Diluted) -0.59 +62.4%
Gross Margin 10.16% +89.3%
EBITDA Margin 10.84% +138.3%
Operating Margin 2.42% +161.0%
Net Margin -2.39% +61.4%
ROE -5.3% +59.0%
ROIC 2.13% +164.9%
Debt/Equity 1.01 -3.3%
Interest Coverage 0.46 +152.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 87 (top 13%)
✓Trading near 52-week high
✓Trading at only 0.8x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.46%

5Y2.64%

3Y5.02%

TTM-9.74%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-392.34%

EPS CAGR

10Y-

5Y-

3Y-

TTM-385.05%

ROCE

10Y Avg2.91%

5Y Avg-0.35%

3Y Avg0.03%

Latest2.23%

Peer Comparison

Cellulose & Specialty Pulp Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RYAMRayonier Advanced Materials Inc.	572.23M	8.54	-14.47	-0.79%	-28.23%	-118.2%	16.72%	1.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	941M	869M	961M	2.13B	1.43B	1.34B	1.41B	1.72B	1.64B	1.63B
Revenue Growth %	-0.02%	-0.08%	0.11%	1.22%	-0.33%	-0.06%	0.05%	0.22%	-0.04%	-0.01%
Cost of Goods Sold+	739M	687M	822M	1.79B	1.38B	1.28B	1.33B	1.59B	1.56B	1.46B
COGS % of Revenue	0.79%	0.79%	0.86%	0.84%	0.96%	0.95%	0.95%	0.93%	0.95%	0.9%
Gross Profit+	202M	182M	139M	344M	53.47M	63.43M	74.72M	123.08M	88.15M	165.58M
Gross Margin %	0.21%	0.21%	0.14%	0.16%	0.04%	0.05%	0.05%	0.07%	0.05%	0.1%
Gross Profit Growth %	-0.1%	-0.1%	-0.24%	1.47%	-0.84%	0.19%	0.18%	0.65%	-0.28%	0.88%
Operating Expenses+	82M	44M	82M	146M	105.95M	93.79M	85.17M	96.95M	153.42M	126.1M
OpEx % of Revenue	0.09%	0.05%	0.09%	0.07%	0.07%	0.07%	0.06%	0.06%	0.09%	0.08%
Selling, General & Admin	48M	38M	80M	108M	80.78M	77.94M	75.79M	91.47M	75.61M	92.26M
SG&A % of Revenue	0.05%	0.04%	0.08%	0.05%	0.06%	0.06%	0.05%	0.05%	0.05%	0.06%
Research & Development	3M	4M	4M	6M	0	0	0	0	6M	0
R&D % of Revenue	0%	0%	0%	0%	-	-	-	-	0%	-
Other Operating Expenses	-34M	-6M	-2M	-12M	25.17M	15.85M	9.38M	5.47M	71.8M	33.84M
Operating Income+	120M	138M	57M	198M	-52.48M	-30.36M	-10.45M	26.14M	-65.26M	39.48M
Operating Margin %	0.13%	0.16%	0.06%	0.09%	-0.04%	-0.02%	-0.01%	0.02%	-0.04%	0.02%
Operating Income Growth %	0.9%	0.15%	-0.59%	2.47%	-1.27%	0.42%	0.66%	3.5%	-3.5%	1.6%
EBITDA+	209M	226.27M	153.96M	343.96M	89.67M	108.01M	127.85M	160.71M	74.72M	176.65M
EBITDA Margin %	0.22%	0.26%	0.16%	0.16%	0.06%	0.08%	0.09%	0.09%	0.05%	0.11%
EBITDA Growth %	0.41%	0.08%	-0.32%	1.23%	-0.74%	0.2%	0.18%	0.26%	-0.54%	1.36%
D&A (Non-Cash Add-back)	89M	88.27M	96.96M	145.96M	142.15M	138.37M	138.3M	134.58M	139.98M	137.17M
EBIT	154.11M	144.47M	385.14M	182.41M	-52.33M	-35.65M	-16.48M	42.36M	-58.66M	36.52M
Net Interest Income+	-36.66M	-33.89M	-37.62M	-50.9M	-51.83M	-62.58M	-65.61M	-60.77M	-73.81M	-85.72M
Interest Income	210K	737K	2.35M	5.02M	175K	0	785K	5.42M	0	0
Interest Expense	37M	34.63M	39.97M	55.92M	52M	62.58M	66.39M	66.18M	73.81M	85.72M
Other Income/Expense	-36.66M	-30.72M	283.68M	-21.32M	-51.85M	-68.59M	-74.01M	-52.61M	-67.21M	-90.33M
Pretax Income+	83M	112M	345M	172M	-104.33M	-98.96M	-84.46M	-26.48M	-132.47M	-50.85M
Pretax Margin %	0.09%	0.13%	0.36%	0.08%	-0.07%	-0.07%	-0.06%	-0.02%	-0.08%	-0.03%
Income Tax+	28M	39M	20M	44M	-20.39M	-60.89M	-34.69M	902K	-32.31M	-8.93M
Effective Tax Rate %	0.66%	0.65%	0.94%	0.74%	0.22%	-0.01%	-0.79%	0.56%	0.77%	0.77%
Net Income+	55M	73M	325M	128M	-22.45M	555K	66.41M	-14.92M	-101.83M	-39M
Net Margin %	0.06%	0.08%	0.34%	0.06%	-0.02%	0%	0.05%	-0.01%	-0.06%	-0.02%
Net Income Growth %	0.74%	0.33%	3.45%	-0.61%	-1.18%	1.02%	118.66%	-1.22%	-5.83%	0.62%
Net Income (Continuing)	55.26M	73.29M	324.96M	99.45M	-83.95M	-38.07M	-49.77M	-27.38M	-100.16M	-41.92M
Discontinued Operations	0	0	0	28.96M	61.5M	38.62M	116.18M	12.46M	312K	3.22M
Minority Interest	0	0	0	0	0	0	0	0	0	10.5M
EPS (Diluted)+	1.30	1.55	5.81	1.96	-2.16	0.02	1.05	-0.23	-1.57	-0.59
EPS Growth %	0.73%	0.19%	2.75%	-0.66%	-2.1%	1.01%	65.46%	-1.22%	-5.83%	0.62%
EPS (Basic)	1.31	1.61	7.17	1.96	-2.16	0.02	1.05	-0.23	-1.57	-0.59
Diluted Shares Outstanding	42.22M	47.15M	55.9M	65.4M	54.51M	63.24M	63.65M	63.91M	65.11M	65.75M
Basic Shares Outstanding	42.19M	42.28M	43.42M	65.4M	54.51M	63.24M	63.65M	63.91M	65.11M	65.75M
Dividend Payout Ratio	0.21%	0.16%	0.04%	0.12%	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	327M	519M	646M	716M	554.83M	633.57M	776.12M	689.53M	575.06M	600.96M
Cash & Short-Term Investments	101M	326M	96M	109M	64.03M	93.65M	291.82M	151.8M	75.77M	125.22M
Cash Only	101M	326M	96M	109M	64.03M	93.65M	253.31M	151.8M	75.77M	125.22M
Short-Term Investments	0	0	0	0	0	0	38.51M	0	0	0
Accounts Receivable	68.89M	37.63M	181.3M	199.84M	181.66M	237.87M	203.01M	212.72M	216.91M	216.61M
Days Sales Outstanding	26.72	15.8	68.86	34.18	46.34	64.61	52.64	45.21	48.18	48.5
Inventory	125.41M	118.37M	302.09M	321.38M	251.18M	170.65M	230.69M	265.33M	207.47M	208M
Days Inventory Outstanding	61.94	62.89	134.14	65.53	66.56	48.65	63.18	60.75	48.69	51.83
Other Current Assets	11.8M	0	0	108.29M	57.96M	72.56M	0	59.67M	74.9M	51.13M
Total Non-Current Assets+	961M	903M	2B	1.96B	1.93B	1.9B	1.67B	1.66B	1.61B	1.53B
Property, Plant & Equipment	804M	801M	1.41B	1.38B	1.34B	1.18B	1.15B	1.15B	1.08B	1.02B
Fixed Asset Turnover	1.17x	1.08x	0.68x	1.55x	1.07x	1.14x	1.23x	1.49x	1.53x	1.60x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	59.87M	52.46M	45.45M	38.44M	31.43M	24.42M	17.41M	10.4M
Long-Term Investments	0	0	-462.71M	-459.42M	5K	0	0	0	0	0
Other Non-Current Assets	59.58M	50.75M	589M	582M	156.89M	297.1M	156.19M	160.14M	169.94M	150.21M
Total Assets+	1.29B	1.42B	2.64B	2.68B	2.48B	2.53B	2.45B	2.35B	2.18B	2.13B
Asset Turnover	0.73x	0.61x	0.36x	0.80x	0.58x	0.53x	0.58x	0.73x	0.75x	0.77x
Asset Growth %	-0.01%	0.1%	0.86%	0.01%	-0.07%	0.02%	-0.03%	-0.04%	-0.07%	-0.02%
Total Current Liabilities+	132M	126M	307M	370M	286.15M	293M	354.56M	353.68M	375.83M	400.16M
Accounts Payable	44.99M	36.38M	157.93M	181.71M	153.18M	156.72M	169.46M	163.96M	186.23M	196.25M
Days Payables Outstanding	22.22	19.33	70.12	37.05	40.59	44.68	46.41	37.54	43.71	48.9
Short-Term Debt	7.94M	9.59M	9.43M	15.01M	25.34M	17.1M	37.68M	14.62M	25.28M	23.38M
Deferred Revenue (Current)	-1000K	1000K	1000K	-1000K	0	721K	1000K	1000K	1000K	1000K
Other Current Liabilities	23.09M	59.1M	106.1M	144.13M	84.04M	45.25M	52.38M	79.73M	57.26M	74.4M
Current Ratio	2.48x	4.12x	2.10x	1.94x	1.94x	2.16x	2.19x	1.95x	1.53x	1.50x
Quick Ratio	1.53x	3.18x	1.12x	1.07x	1.06x	1.58x	1.54x	1.20x	0.98x	0.98x
Cash Conversion Cycle	66.44	59.36	132.87	62.66	72.3	68.58	69.41	68.42	53.17	51.42
Total Non-Current Liabilities+	1.17B	1.08B	1.64B	1.6B	1.51B	1.54B	1.28B	1.16B	1.06B	1.01B
Long-Term Debt	850.12M	773.69M	1.23B	1.17B	1.06B	1.07B	891.03M	838.51M	752.17M	706.44M
Capital Lease Obligations	0	0	0	3.12M	20.01M	0	0	0	0	0
Deferred Tax Liabilities	0	0	32.61M	28.02M	24.85M	24.46M	20.48M	17.02M	15.19M	13.69M
Other Non-Current Liabilities	314.19M	309.52M	376.5M	397.5M	406.14M	450.48M	364.6M	309.01M	293.06M	284.98M
Total Liabilities	1.3B	1.21B	1.95B	1.97B	1.8B	1.83B	1.63B	1.52B	1.44B	1.41B
Total Debt+	868M	783M	1.24B	1.19B	1.11B	1.08B	928.71M	853.13M	777.46M	729.82M
Net Debt	767M	457M	1.15B	1.08B	1.04B	990.28M	675.4M	701.32M	701.69M	604.6M
Debt / Equity	-	3.69x	1.79x	1.68x	1.62x	1.56x	1.14x	1.03x	1.04x	1.01x
Debt / EBITDA	4.15x	3.46x	8.06x	3.45x	12.33x	10.04x	7.26x	5.31x	10.41x	4.13x
Net Debt / EBITDA	3.67x	2.02x	7.44x	3.14x	11.62x	9.17x	5.28x	4.36x	9.39x	3.42x
Interest Coverage	3.24x	3.99x	1.43x	3.54x	-1.01x	-0.49x	-0.16x	0.39x	-0.88x	0.46x
Total Equity+	-17M	212M	694M	707M	682.8M	695.09M	814.34M	829.31M	746.45M	724.39M
Equity Growth %	0.73%	13.47%	2.27%	0.02%	-0.03%	0.02%	0.17%	0.02%	-0.1%	-0.03%
Book Value per Share	-0.40	4.50	12.41	10.81	12.53	10.99	12.80	12.98	11.46	11.02
Total Shareholders' Equity	-17M	212M	694M	707M	682.8M	695.09M	814.34M	829.31M	746.45M	713.88M
Common Stock	429K	433K	517K	493K	632K	633K	637K	640K	654K	660K
Retained Earnings	21.84M	78.98M	377.02M	462.57M	422.37M	422.93M	489.34M	474.42M	372.59M	333.59M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-109.62M	-110.08M	-76.15M	-155.7M	-139.23M	-133.63M	-84.47M	-63.8M	-45.92M	-45.67M
Minority Interest	0	0	0	0	0	0	0	0	0	10.5M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	202M	232M	130M	247M	41.9M	124.47M	233.22M	68.81M	136.27M	203.61M
Operating CF Margin %	0.21%	0.27%	0.14%	0.12%	0.03%	0.09%	0.17%	0.04%	0.08%	0.12%
Operating CF Growth %	0.08%	0.15%	-0.44%	0.9%	-0.83%	1.97%	0.87%	-0.7%	0.98%	0.49%
Net Income	55M	73M	325M	128M	-22.45M	-38.07M	-49.77M	-27.38M	-102.15M	-41.92M
Depreciation & Amortization	89M	88M	97M	148M	142.15M	138.37M	138.3M	134.58M	139.98M	137.17M
Stock-Based Compensation	9.99M	7.22M	8.99M	13.01M	6.45M	6.43M	5.1M	9.65M	6.51M	7.1M
Deferred Taxes	-9.76M	45.2M	30.28M	20.64M	-16.26M	-12.24M	-37.09M	-3.95M	-27.71M	-9.61M
Other Non-Cash Items	54.77M	9.58M	-302.27M	-10.64M	-62.84M	91.27M	173.46M	3.17M	62.04M	48.85M
Working Capital Changes	3M	9M	-29M	-52M	-5.15M	-61.29M	3.23M	-47.26M	57.6M	62.02M
Change in Receivables	696K	31.27M	-4.7M	-40.74M	8.27M	-48.03M	21.4M	-14.03M	12.84M	-4.53M
Change in Inventory	14.8M	7.04M	3.03M	-22.86M	47.77M	15.17M	-58.31M	-35.11M	58.95M	-2.13M
Change in Payables	-19.79M	-2.05M	16.21M	34.61M	-25.26M	-5.71M	7.38M	-8.27M	13.76M	8.07M
Cash from Investing+	-78M	-87M	-277M	-116M	52.5M	-77.82M	85.39M	-94.17M	-127.28M	-107.94M
Capital Expenditures	-78M	-89M	-75M	-132M	-90.5M	-61.87M	-93.22M	-138.22M	-127.67M	-107.94M
CapEx % of Revenue	0.08%	0.1%	0.08%	0.06%	0.06%	0.05%	0.07%	0.08%	0.08%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	2M	-74.78M	16M	143M	-7.1M	182.75M	44.43M	1.17M	0
Cash from Financing+	-89M	80M	-84M	-116M	-138.48M	-19.39M	-156.66M	-73.11M	-86.95M	-42.48M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-12M	-16M	-26M	-29M	-18.92M	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-798K	-7.03M	451K	-3.51M	-23.82M	-636K	0	-10.08M	-9.14M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	124M	143M	55M	115M	-48.59M	62.6M	140.01M	-69.41M	8.6M	95.67M
FCF Margin %	0.13%	0.16%	0.06%	0.05%	-0.03%	0.05%	0.1%	-0.04%	0.01%	0.06%
FCF Growth %	0.1%	0.15%	-0.62%	1.09%	-1.42%	2.29%	1.24%	-1.5%	1.12%	10.12%
FCF per Share	2.94	3.03	0.98	1.76	-0.89	0.99	2.20	-1.09	0.13	1.46
FCF Conversion (FCF/Net Income)	3.67x	3.18x	0.40x	1.93x	-1.87x	224.27x	3.51x	-4.61x	-1.34x	-5.22x
Interest Paid	38.19M	0	35.45M	55.29M	59.43M	49.29M	46.77M	58.05M	51.02M	95.05M
Taxes Paid	31.67M	4.73M	5.99M	12.56M	3.27M	1.17M	0	0	7.24M	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	74.87%	71.74%	18.27%	-3.23%	0.08%	8.8%	-1.82%	-12.93%	-5.3%
Return on Invested Capital (ROIC)	11.5%	14.59%	3.41%	8.19%	-2.24%	-1.34%	-0.49%	1.3%	-3.29%	2.13%
Gross Margin	21.47%	20.94%	14.46%	16.12%	3.74%	4.72%	5.31%	7.17%	5.36%	10.16%
Net Margin	5.84%	8.4%	33.82%	6%	-1.57%	0.04%	4.72%	-0.87%	-6.2%	-2.39%
Debt / Equity	-	3.69x	1.79x	1.68x	1.62x	1.56x	1.14x	1.03x	1.04x	1.01x
Interest Coverage	3.24x	3.99x	1.43x	3.54x	-1.01x	-0.49x	-0.16x	0.39x	-0.88x	0.46x
FCF Conversion	3.67x	3.18x	0.40x	1.93x	-1.87x	224.27x	3.51x	-4.61x	-1.34x	-5.22x
Revenue Growth	-1.74%	-7.65%	10.59%	122.06%	-32.95%	-6.09%	4.74%	22%	-4.31%	-0.79%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Paperboard	-	-	-	-	-	-	-	-	-	227.63M
Paperboard Growth	-	-	-	-	-	-	-	-	-	-
High Purity Cellulose	-	-	866.86M	1.19B	1.13B	1.05B	1.09B	1.34B	1.31B	-
High Purity Cellulose Growth	-	-	-	37.55%	-5.48%	-6.72%	3.79%	22.43%	-1.73%	-
Paperboard	-	-	-	-	199.99M	189.88M	208.33M	250.17M	219.41M	-
Paperboard Growth	-	-	-	-	-	-5.05%	9.72%	20.08%	-12.30%	-
High-Yield Pulp	-	-	-	-	-	-	135.68M	159.7M	135.95M	-
High-Yield Pulp Growth	-	-	-	-	-	-	-	17.71%	-14.87%	-
Forest Products	-	-	33.95M	355.66M	299.11M	392.23M	-	-	-	-
Forest Products Growth	-	-	-	947.75%	-15.90%	31.13%	-	-	-	-
Pulp and Newsprint	-	-	-	-	214.97M	172.36M	-	-	-	-
Pulp and Newsprint Growth	-	-	-	-	-	-19.82%	-	-	-	-
Pulp	-	-	-	346.44M	-	-	-	-	-	-
Pulp Growth	-	-	-	-	-	-	-	-	-	-
Paper	-	-	-	310.14M	-	-	-	-	-	-
Paper Growth	-	-	-	-	-	-	-	-	-	-
Pulp and Paper	-	-	65.39M	-	-	-	-	-	-	-
Pulp and Paper Growth	-	-	-	-	-	-	-	-	-	-
Corporate	-	-	753K	-	-	-	-	-	-	-
Corporate Growth	-	-	-	-	-	-	-	-	-	-
Cellulose Specialties	766.94M	694.6M	-	-	-	-	-	-	-	-
Cellulose Specialties Growth	-	-9.43%	-	-	-	-	-	-	-	-
Commodity Products and Other	174.44M	174.13M	-	-	-	-	-	-	-	-
Commodity Products and Other Growth	-	-0.18%	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	398.74M	348.57M	336.94M	-	-	-	-	569.26M	544.86M	560.12M
UNITED STATES Growth	-	-12.58%	-3.34%	-	-	-	-	-	-4.29%	2.80%
CHINA	256.98M	250.04M	253.28M	-	-	-	-	346.03M	473.78M	352.29M
CHINA Growth	-	-2.70%	1.29%	-	-	-	-	-	36.92%	-25.64%
Europe	91.85M	88.19M	114.05M	-	-	-	-	343.06M	222.78M	280.26M
Europe Growth	-	-3.98%	29.32%	-	-	-	-	-	-35.06%	25.80%
Other Asia	25.37M	27.28M	78.54M	-	-	-	-	181.95M	126.07M	174.21M
Other Asia Growth	-	7.52%	187.90%	-	-	-	-	-	-30.71%	38.18%
JAPAN	132.48M	136.82M	123.85M	-	-	-	-	149.37M	158.11M	121.88M
JAPAN Growth	-	3.27%	-9.48%	-	-	-	-	-	5.85%	-22.91%
CANADA	-	-	41.18M	-	-	-	-	72.51M	62.66M	90.57M
CANADA Growth	-	-	-	-	-	-	-	-	-13.59%	44.55%
All Other Countries	27.79M	7.95M	1.92M	-	-	-	-	31.2M	44M	33.32M
All Other Countries Growth	-	-71.38%	-75.81%	-	-	-	-	-	41.05%	-24.28%
Latin America	8.18M	9.88M	11.58M	-	-	-	-	23.89M	11.07M	17.66M
Latin America Growth	-	20.79%	17.21%	-	-	-	-	-	-53.64%	59.48%

Frequently Asked Questions

Growth & Financials

Rayonier Advanced Materials Inc. (RYAM) reported $1.47B in revenue for fiscal year 2024. This represents a 34% increase from $1.10B in 2012.

Rayonier Advanced Materials Inc. (RYAM) saw revenue decline by 0.8% over the past year.

Rayonier Advanced Materials Inc. (RYAM) reported a net loss of $415.4M for fiscal year 2024.

Dividend & Returns

Rayonier Advanced Materials Inc. (RYAM) has a return on equity (ROE) of -5.3%. Negative ROE indicates the company is unprofitable.

Rayonier Advanced Materials Inc. (RYAM) had negative free cash flow of $80.4M in fiscal year 2024, likely due to heavy capital investments.