Revenue contracted by 10.4% in 2026Q1, while gross margins plummeted to -2.4%, reflecting significant challenges in offsetting rising input costs.
| 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 |
|---|
| Sales/Revenue | 1.43B | 1.47B | 1.63B | 1.64B | 1.72B | 1.41B | 1.34B | 1.43B | 2.13B | 961M | 869M | 941M | 957.7M | 1.05B | 1.1B |
| Revenue Growth % | -10.61% | -10.08% | -0.79% | -4.31% | 22% | 4.74% | -6.09% | -32.95% | 122.06% | 10.59% | -7.65% | -1.74% | -8.49% | -4.45% | - |
| Cost of Goods Sold | 1.02B | 1.35B | 1.46B | 1.56B | 1.59B | 1.33B | 1.28B | 1.38B | 1.79B | 822M | 687M | 739M | 734M | 714.04M | 715.71M |
| COGS % of Revenue | - | 91.88% | 89.84% | 94.64% | 92.83% | 94.69% | 95.28% | 96.26% | 83.88% | 85.54% | 79.06% | 78.53% | 76.64% | 68.22% | 65.34% |
| Gross Profit | 87.05M | 119M | 165.58M | 88.15M | 123.08M | 74.72M | 63.43M | 53.47M | 344M | 139M | 182M | 202M | 223.7M | 332.56M | 379.67M |
| Gross Margin % | 6.09% | 8.12% | 10.16% | 5.36% | 7.17% | 5.31% | 4.72% | 3.74% | 16.12% | 14.46% | 20.94% | 21.47% | 23.36% | 31.78% | 34.66% |
| Gross Profit Growth % | - | -28.13% | 87.83% | -28.38% | 64.72% | 17.8% | 18.64% | -84.46% | 147.48% | -23.63% | -9.9% | -9.7% | -32.73% | -12.41% | - |
| Operating Expenses | 88.32M | 110M | 126.1M | 153.42M | 96.95M | 85.17M | 93.79M | 105.95M | 146M | 82M | 44M | 82M | 160.7M | 35.52M | 35.37M |
| OpEx % of Revenue | - | 7.5% | 7.73% | 9.34% | 5.65% | 6.05% | 6.98% | 7.4% | 6.84% | 8.53% | 5.06% | 8.71% | 16.78% | 3.39% | 3.23% |
| Selling, General & Admin | 79.97M | 84M | 92.26M | 75.61M | 91.47M | 75.79M | 77.94M | 80.78M | 108M | 80M | 38M | 48M | 40M | 35.78M | 35.68M |
| SG&A % of Revenue | - | 5.73% | 5.66% | 4.6% | 5.33% | 5.38% | 5.8% | 5.64% | 5.06% | 8.32% | 4.37% | 5.1% | 4.18% | 3.42% | 3.26% |
| Research & Development | 0 | 0 | 0 | 6M | 0 | 0 | 0 | 0 | 6M | 4M | 4M | 3M | 3M | 3M | 3M |
| R&D % of Revenue | - | - | - | 0.37% | - | - | - | - | 0.28% | 0.42% | 0.46% | 0.32% | 0.31% | 0.29% | 0.27% |
| Other Operating Expenses | 2.34M | 26M | 33.84M | 71.8M | 5.47M | 9.38M | 15.85M | 25.17M | -12M | -2M | -6M | -34M | -120.7M | 259K | 316K |
| Operating Income | -2.67M | 9M | 39.48M | -65.26M | 26.14M | -10.45M | -30.36M | -52.48M | 198M | 57M | 138M | 120M | 63M | 288.62M | 341.98M |
| Operating Margin % | -0.19% | 0.61% | 2.42% | -3.97% | 1.52% | -0.74% | -2.26% | -3.67% | 9.28% | 5.93% | 15.88% | 12.75% | 6.58% | 27.58% | 31.22% |
| Operating Income Growth % | - | -77.2% | 160.49% | -349.72% | 350.22% | 65.6% | 42.14% | -126.51% | 247.37% | -58.7% | 15% | 90.48% | -78.17% | -15.6% | - |
| EBITDA | 61.84M | 143M | 176.65M | 74.72M | 160.71M | 127.85M | 108.01M | 89.67M | 343.96M | 153.96M | 226.27M | 209M | 148.6M | 363.01M | 402.89M |
| EBITDA Margin % | 4.33% | 9.75% | 10.84% | 4.55% | 9.36% | 9.08% | 8.04% | 6.27% | 16.12% | 16.02% | 26.04% | 22.21% | 15.52% | 34.68% | 36.78% |
| EBITDA Growth % | -56.59% | -19.05% | 136.42% | -53.51% | 25.7% | 18.38% | 20.45% | -73.93% | 123.4% | -31.96% | 8.27% | 40.65% | -59.06% | -9.9% | - |
| D&A (Non-Cash Add-back) | 102.75M | 134M | 137.17M | 139.98M | 134.58M | 138.3M | 138.37M | 142.15M | 145.96M | 96.96M | 88.27M | 89M | 85.6M | 74.39M | 60.91M |
| EBIT | 46.63M | 9M | 36.52M | -58.66M | 42.36M | -16.48M | -35.65M | -52.33M | 182.41M | 385.14M | 144.47M | 154.11M | 62.95M | 297.05M | 342.49M |
| Net Interest Income | -74.4M | -98M | -85.72M | -73.81M | -60.77M | -65.61M | -62.58M | -51.83M | -50.9M | -37.62M | -33.89M | -36.66M | -22.48M | 292K | 507K |
| Interest Income | 0 | 0 | 0 | 0 | 5.42M | 785K | 0 | 175K | 5.02M | 2.35M | 737K | 210K | 0 | 292K | 507K |
| Interest Expense | 51.4M | 98M | 85.72M | 73.81M | 66.18M | 66.39M | 62.58M | 52M | 55.92M | 39.97M | 34.63M | 37M | 22.5M | 0 | 0 |
| Other Income/Expense | -148.13M | -109M | -90.33M | -67.21M | -52.61M | -74.01M | -68.59M | -51.85M | -21.32M | 283.68M | -30.72M | -36.66M | -22.48M | 292K | -1.81M |
| Pretax Income | -150.46M | -100M | -50.85M | -132.47M | -26.48M | -84.46M | -98.96M | -104.33M | 172M | 345M | 112M | 83M | 40.5M | 288.92M | 342.49M |
| Pretax Margin % | -10.53% | -6.82% | -3.12% | -8.06% | -1.54% | -6% | -7.36% | -7.29% | 8.06% | 35.9% | 12.89% | 8.82% | 4.23% | 27.61% | 31.27% |
| Income Tax | 321.59M | 323M | -8.93M | -32.31M | 902K | -34.69M | -60.89M | -20.39M | 44M | 20M | 39M | 28M | 8.8M | 69.15M | 100.39M |
| Effective Tax Rate % | -213.74% | -323% | 17.56% | 24.39% | -3.41% | 41.07% | 61.53% | 19.54% | 25.58% | 5.8% | 34.82% | 33.73% | 21.73% | 23.93% | 29.31% |
| Net Income | -469.03M | -420M | -39M | -101.83M | -14.92M | 66.41M | 555K | -22.45M | 128M | 325M | 73M | 55M | 31.7M | 219.77M | 242.1M |
| Net Margin % | -32.82% | -28.65% | -2.39% | -6.2% | -0.87% | 4.72% | 0.04% | -1.57% | 6% | 33.82% | 8.4% | 5.84% | 3.31% | 21% | 22.1% |
| Net Income Growth % | -575.87% | -977.01% | 61.71% | -582.59% | -122.46% | 11866.49% | 102.47% | -117.54% | -60.62% | 345.21% | 32.73% | 73.5% | -85.58% | -9.22% | - |
| Net Income (Continuing) | -472.05M | -423M | -41.92M | -100.16M | -27.38M | -49.77M | -38.07M | -83.95M | 99.45M | 324.96M | 73.29M | 55.26M | 31.66M | 219.77M | 242.1M |
| Discontinued Operations | 1000K | 3M | 3.22M | 312K | 12.46M | 116.18M | 38.62M | 61.5M | 28.96M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 11.66M | 11.37M | 10.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.99 | -6.29 | -0.59 | -1.57 | -0.23 | 1.05 | 0.02 | -2.16 | 1.96 | 5.81 | 1.55 | 1.30 | 0.75 | 5.20 | 5.73 |
| EPS Growth % | -563.18% | -966.1% | 62.42% | -582.61% | -121.9% | 6545.57% | 100.73% | -210.2% | -66.27% | 274.84% | 19.23% | 73.33% | -85.58% | -9.25% | - |
| EPS (Basic) | - | -6.29 | -0.59 | -1.57 | -0.23 | 1.05 | 0.02 | -2.16 | 1.96 | 7.17 | 1.61 | 1.31 | 0.75 | 5.22 | 5.75 |
| Diluted Shares Outstanding | 67.13M | 66.78M | 65.75M | 65.11M | 63.91M | 63.65M | 63.24M | 54.51M | 65.4M | 55.9M | 47.15M | 42.22M | 42.24M | 42.24M | 42.24M |
| Basic Shares Outstanding | 67.13M | 66.78M | 65.75M | 65.11M | 63.91M | 63.65M | 63.24M | 54.51M | 65.4M | 43.42M | 42.28M | 42.19M | 42.17M | 42.12M | 42.12M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 11.76% | 3.91% | 16.22% | 21.48% | 18.69% | - | - |
Persistent structural margin erosion
According to recent quarterly filings, RYAM experienced a 10.08% year-over-year revenue decline, signaling that the company is struggling to maintain volume in its core specialty cellulose and commodity pulp segments amidst a challenging global demand environment for dissolving wood pulp and related chemical products.
The consistent downward trend in top-line performance suggests that the company's product mix is highly sensitive to cyclical downturns in global manufacturing. Investors should monitor whether this contraction is a strategic exit from low-margin commodity volume or a broader loss of market share in the specialty cellulose space.
As reported in financial statements, RYAM's gross margin plummeted to -2.4% in 2026Q1, a stark departure from historical norms that highlights the company's inability to offset rising input costs and maintenance-related inefficiencies through its current pricing power in the specialty cellulose market.
The inability to maintain positive gross margins suggests that the company's high-fixed-cost mill operations are currently under-utilized, leading to significant deleveraging. This margin profile warrants further investigation into whether the company can achieve a structural shift toward higher-value bio-products to stabilize its profitability.
Based on RYAM's reported figures, the net margin of -28.65% in the most recent period indicates profound bottom-line distress, likely exacerbated by non-cash charges and asset impairments that mask the underlying operational performance of the company's core business units.
The extreme variance in net income, including the massive loss in 2025Q2, suggests that investors should focus on normalized EBITDA to gauge true operational health. The presence of these significant non-operating items makes it difficult to assess the company's long-term earnings power without adjusting for one-time accounting events.
Data from recent income statements suggests that RYAM's current operating model is failing to generate sufficient cash to cover its fixed obligations, raising concerns about the company's long-term solvency and its ability to fund necessary capital expenditures without further dilutive financing or asset divestitures.
Short-sellers would likely focus on the persistent negative operating income as a sign that the company's competitive moat in specialty cellulose is insufficient to protect it from commodity price volatility. The reliance on asset sales to manage the balance sheet appears to be a stop-gap measure rather than a sustainable path to value creation.
Quick answers to the most common questions about buying RYAM stock.
For fiscal year 2025, Rayonier Advanced Materials Inc. (RYAM) reported total revenue of $1.47B. This represents a 33.8% increase compared to $1.10B in 2012.
Rayonier Advanced Materials Inc. (RYAM) reported a net loss of $420.0M for the fiscal year ending 2025.
Rayonier Advanced Materials Inc. (RYAM) reported an operating income of $9.0M, resulting in an operating profit margin of 0.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Rayonier Advanced Materials Inc. (RYAM) generated $119.0M in gross profit for the year, representing a gross profit margin of 8.1%. This demonstrates the company's core pricing power and production efficiency.