Free cash flow remains highly erratic, evidenced by a swing from a $62.1 million inflow in 2024Q2 to a $67.6 million outflow in 2025Q2.
| Metric | TTM | Dec'25 | 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 |
|---|
| Cash from Operations | 16.38M | 24M | 203.61M | 136.27M | 68.81M | 233.22M | 124.47M | 41.9M | 247M | 130M | 232M | 202M | 187.8M | 258.04M | 305.21M |
| Operating CF Margin % | - | 1.64% | 12.49% | 8.29% | 4.01% | 16.57% | 9.26% | 2.93% | 11.57% | 13.53% | 26.7% | 21.47% | 19.61% | 24.65% | 27.86% |
| Operating CF Growth % | -330.47% | -88.21% | 49.41% | 98.04% | -70.49% | 87.37% | 197.04% | -83.03% | 90% | -43.97% | 14.85% | 7.56% | -27.22% | -15.46% | - |
| Net Income | -469.03M | -420M | -41.92M | -102.15M | -27.38M | -49.77M | -38.07M | -22.45M | 128M | 325M | 73M | 55M | 31.7M | 219.77M | 242.1M |
| Depreciation & Amortization | 135.33M | 134M | 137.17M | 139.98M | 134.58M | 138.3M | 138.37M | 142.15M | 148M | 97M | 88M | 89M | 85.6M | 74.39M | 60.91M |
| Stock-Based Compensation | 1.45M | 0 | 7.1M | 6.51M | 9.65M | 5.1M | 6.43M | 6.45M | 13.01M | 8.99M | 7.22M | 9.99M | 8.74M | 6.23M | 8.23M |
| Deferred Taxes | 317.62M | 322M | -9.61M | -27.71M | -3.95M | -37.09M | -12.24M | -16.26M | 20.64M | 30.28M | 45.2M | -9.76M | -33.67M | -31.16M | -827K |
| Other Non-Cash Items | 94.12M | 45.05M | 48.85M | 62.04M | 3.17M | 173.46M | 91.27M | -62.84M | -10.64M | -302.27M | 9.58M | 54.77M | 106.93M | 10.15M | 7.73M |
| Working Capital Changes | -83.51M | -57.05M | 62.02M | 57.6M | -47.26M | 3.23M | -61.29M | -5.15M | -52M | -29M | 9M | 3M | -11.5M | -21.34M | -12.92M |
| Change in Receivables | -21.87M | 25.88M | -4.53M | 12.84M | -14.03M | 21.4M | -48.03M | 8.27M | -40.74M | -4.7M | 31.27M | 696K | 1.71M | 6.38M | 5.98M |
| Change in Inventory | -20.06M | -23.28M | -2.13M | 58.95M | -35.11M | -58.31M | 15.17M | 47.77M | -22.86M | 3.03M | 7.04M | 14.8M | -11.5M | -11.71M | -12.12M |
| Change in Payables | -2.96M | 2.9M | 8.07M | 13.76M | -8.27M | 7.38M | -5.71M | -25.26M | 34.61M | 16.21M | -2.05M | -19.79M | -4.37M | -2.76M | -9.02M |
| Cash from Investing | -96.49M | -114M | -107.94M | -127.28M | -94.17M | 85.39M | -77.82M | 52.5M | -116M | -277M | -87M | -78M | -90.5M | -250.67M | -305.25M |
| Capital Expenditures | -78.49M | 0 | -107.94M | -127.67M | -138.22M | -93.22M | -61.87M | -90.5M | -132M | -75M | -89M | -78M | -74.8M | -96.01M | -105.41M |
| CapEx % of Revenue | 5.49% | 7.91% | 6.62% | 7.77% | 8.05% | 6.62% | 4.6% | 6.32% | 6.19% | 7.8% | 10.24% | 8.29% | 7.81% | 9.17% | 9.62% |
| Acquisitions | 0 | 0 | 0 | -780K | -379K | -4.14M | -4.43M | 0 | 16.23M | -210M | 0 | 0 | 0 | -141.14M | -201.36M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -16M | -114M | 0 | 1.17M | 44.43M | 182.75M | -7.1M | 143M | 16M | -74.78M | 2M | 0 | -15.7M | -13.52M | 1.51M |
| Cash from Financing | 12.72M | 30M | -42.48M | -86.95M | -73.11M | -156.66M | -19.39M | -138.48M | -116M | -84M | 80M | -89M | -31.3M | -7.37M | 39K |
| Debt Issued (Net) | 30.96M | 33M | -32.42M | -71.45M | -72.68M | -154.6M | 4.88M | -109.17M | -45.27M | -49.96M | -71.03M | -77.1M | 945.8M | 0 | 0 |
| Equity Issued (Net) | -187K | -3.02M | -914K | -5.42M | -433K | -1.42M | -457K | -6.88M | -42.78M | -143K | 167M | 8K | 557K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18.92M | -29M | -26M | -16M | -12M | -5.9M | 0 | 0 |
| Share Repurchases | -187K | -3.02M | -914K | -5.42M | -433K | -1.42M | -457K | -6.88M | -42.78M | -157K | 0 | 0 | -92K | 0 | 0 |
| Other Financing | -18.06M | 25K | -9.14M | -10.08M | 0 | -636K | -23.82M | -3.51M | 451K | -7.03M | -798K | 0 | -971.75M | -7.37M | 39K |
| Net Change in Cash | -60.86M | -50.22M | 49.45M | -76.03M | -101.5M | 159.65M | 29.63M | -44.94M | 13M | -230M | 225M | 35M | -31.31M | 0 | 0 |
| Free Cash Flow | -62.11M | -92M | 95.67M | 8.6M | -69.41M | 140.01M | 62.6M | -48.59M | 115M | 55M | 143M | 124M | 113M | 162.03M | 199.81M |
| FCF Margin % | -4.35% | -6.28% | 5.87% | 0.52% | -4.04% | 9.95% | 4.66% | -3.4% | 5.39% | 5.72% | 16.46% | 13.18% | 11.8% | 15.48% | 18.24% |
| FCF Growth % | -152.16% | -196.17% | 1011.88% | 112.4% | -149.58% | 123.65% | 228.83% | -142.25% | 109.09% | -61.54% | 15.32% | 9.73% | -30.26% | -18.91% | - |
| FCF per Share | -0.93 | -1.38 | 1.46 | 0.13 | -1.09 | 2.20 | 0.99 | -0.89 | 1.76 | 0.98 | 3.03 | 2.94 | 2.68 | 3.84 | 4.73 |
| FCF Conversion (FCF/Net Income) | 0.13x | -0.06x | -5.22x | -1.34x | -4.61x | 3.51x | 224.27x | -1.87x | 1.93x | 0.40x | 3.18x | 3.67x | 5.92x | 1.17x | 1.26x |
| Interest Paid | 0 | 0 | 95.05M | 51.02M | 58.05M | 46.77M | 49.29M | 59.43M | 55.29M | 35.45M | 0 | 38.19M | 19.57M | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 7.24M | 0 | 0 | 1.17M | 3.27M | 12.56M | 5.99M | 4.73M | 31.67M | -34.59M | 0 | 0 |
Persistent structural margin erosion
As reported in recent financial filings, RYAM's operating cash flow frequently diverges from net income, with the 2025Q2 period showing a net loss of $363.2 million against an operating cash outflow of $30.2 million, highlighting the significant impact of non-cash charges on reported results.
The consistent gap between net income and operating cash flow suggests that accounting impairments and depreciation are heavily distorting the company's true cash-generating capacity. Investors should monitor whether this divergence reflects genuine operational distress or merely the accounting treatment of legacy asset write-downs.
Based on the provided quarterly data, RYAM's free cash flow trajectory remains highly erratic, swinging from a $62.1 million inflow in 2024Q2 to a $67.6 million outflow in 2025Q2, which underscores the company's difficulty in maintaining consistent cash generation amidst cyclical industry headwinds.
The inability to sustain positive free cash flow suggests that the company's core business model is currently unable to self-fund its operational requirements. This volatility warrants further investigation into whether the recent cash flow improvements are sustainable or merely a result of temporary working capital management.
According to historical data, RYAM's capital expenditure intensity has fluctuated significantly, reaching as high as 11.0% of revenue in 2025Q2, which indicates that the company must continue to commit substantial resources to maintain its aging mill infrastructure despite current bottom-line losses.
The high level of maintenance-related capital spending appears to be a structural burden that limits the company's financial flexibility. Analysts should consider whether these expenditures are truly growth-oriented or simply necessary to prevent further operational degradation in the specialty cellulose segment.
As indicated by the quarterly cash flow statements, working capital changes have been a major source of volatility, including a $43.4 million outflow in 2025Q2 followed by a $30.6 million inflow in 2025Q1, suggesting inconsistent efficiency in managing inventory and accounts receivable cycles.
These sharp fluctuations in working capital suggest that the company may be struggling to align its production schedules with actual customer demand. Such instability in the cash conversion cycle may indicate underlying issues with supply chain management or potential inventory build-ups that could require future write-downs.
Quick answers to the most common questions about buying RYAM stock.
Rayonier Advanced Materials Inc. (RYAM) generated $24.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rayonier Advanced Materials Inc. (RYAM) reported negative free cash flow of $92.0M in 2025, indicating capital requirements exceeded cash from operations.
Rayonier Advanced Materials Inc. (RYAM) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Rayonier Advanced Materials Inc. (RYAM) spent $3.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.