Revenue and margins have contracted sharply, with gross margin falling from roughly 11% in 2024Q3 to negative 2.4% in 2026Q1 before a partial recovery to 3.9%, suggesting the company is struggling to pass through input cost inflation.
Rayonier Advanced Materials Inc. (RYAM) annual income statement — 14-year revenue, gross profit & net income history
| 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 | 1.5B | 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 % | 1.62% | -10.05% | -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 | 1.43B | 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 | - | 91.9% | 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 | 67.31M | 118.78M | 165.58M | 88.15M | 123.08M | 74.72M | 63.43M | 53.47M | 344M | 139M | 182M | 202M | 223.7M | 332.56M | 379.67M |
| Gross Margin % | 4.5% | 8.1% | 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 % | - | -28.26% | 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 | 322.93M | 107.54M | 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 | - | 7.33% | 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 | 75.4M | 83.94M | 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 | - | 5.72% | 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 | 4M | 23.6M | 33.84M | 71.8M | 5.47M | 9.38M | 15.85M | 25.17M | -12M | -2M | -6M | -34M | -120.7M | 259K | 316K |
| Operating Income | -255.63M | 11.25M | 39.48M | -65.26M | 26.14M | -10.45M | -30.36M | -52.48M | 198M | 57M | 138M | 120M | 63M | 288.62M | 341.98M |
| Operating Margin % | -17.1% | 0.77% | 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 % | - | -71.51% | 160.49% | -349.72% | 350.22% | 65.6% | 42.14% | -126.51% | 247.37% | -58.7% | 15% | 90.48% | -78.17% | -15.6% | - |
| EBITDA | -49.8M | 145.21M | 176.65M | 74.72M | 160.71M | 127.85M | 108.01M | 89.67M | 343.96M | 153.65M | 226.27M | 209M | 148.6M | 363.01M | 402.89M |
| EBITDA Margin % | -3.33% | 9.9% | 10.84% | 4.55% | 9.36% | 9.08% | 8.04% | 6.27% | 16.12% | 15.99% | 26.04% | 22.21% | 15.52% | 34.68% | 36.78% |
| EBITDA Growth % | -136.19% | -17.8% | 136.42% | -53.51% | 25.7% | 18.38% | 20.45% | -73.93% | 123.86% | -32.1% | 8.27% | 40.65% | -59.06% | -9.9% | - |
| D&A (Non-Cash Add-back) | 205.83M | 133.96M | 137.17M | 139.98M | 134.58M | 138.3M | 138.37M | 142.15M | 145.96M | 96.65M | 88.27M | 89M | 85.6M | 74.39M | 60.91M |
| EBIT | -263.68M | 2.91M | 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 | -98.74M | -97.95M | -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 | 98.74M | 97.95M | 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 | -110.8M | -111.17M | -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 | -366.43M | -99.92M | -50.85M | -132.47M | -26.48M | -84.46M | -98.96M | -104.33M | 172M | 345M | 112M | 83M | 40.5M | 288.92M | 342.49M |
| Pretax Margin % | -24.51% | -6.81% | -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 | -3.21M | 323.26M | -8.93M | -32.31M | 902K | -34.69M | -60.89M | -20.39M | 44M | 20M | 39M | 28M | 8.8M | 69.15M | 100.39M |
| Effective Tax Rate % | 0.88% | -323.53% | 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 | -365.88M | -422.5M | -39M | -101.83M | -14.92M | 66.41M | 555K | -22.45M | 128M | 325M | 73M | 55M | 31.7M | 219.77M | 242.1M |
| Net Margin % | -24.47% | -28.81% | -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 % | 12.11% | -983.41% | 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) | -363.21M | -423.18M | -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 | 0 | 2.67M | 3.22M | 312K | 12.46M | 116.18M | 38.62M | 61.5M | 28.96M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 13.7M | 11.37M | 10.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.41 | -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 % | 13.14% | -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 | 67.64M | 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 | 67.64M | 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% | - | - |
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 33.9% increase compared to $1.10B in 2012.
Rayonier Advanced Materials Inc. (RYAM) reported a net loss of $422.5M for the fiscal year ending 2025.
Rayonier Advanced Materials Inc. (RYAM) reported an operating income of $11.2M, resulting in an operating profit margin of 0.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Rayonier Advanced Materials Inc. (RYAM) generated $118.8M 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.
Key Metrics
Top Statement Risk
Persistent operating losses and leverage
Metrics are mathematically derived from official filings.
Revenue Erosion Despite Sequential Recovery
According to reported quarterly figures, RYAM's revenue fell from $422.5M in 2024Q4 to $319.1M in 2026Q1 before recovering to $382.5M in 2026Q3, leaving the top line well below its earlier run-rate and suggesting unresolved demand or pricing pressure.
The sequential rebound in the most recent quarters is real but does not yet establish a durable trend, since revenue in 2026Q3 still sits roughly 9% below the 2024Q4 level. The 1-year revenue growth reading of about -10% points to contraction rather than cyclical noise, which investors should monitor for whether volume recovery in specialty cellulose offsets softness in commodity pulp.
Gross Margin Compression Across Cycles
Based on reported quarterly results, RYAM's gross margin declined from roughly 11% in 2024Q3 to negative 2.4% in 2026Q1 before recovering to 3.9% in 2026Q3, indicating the company is struggling to pass through input cost inflation.
The pattern suggests that pricing power in the commodity portions of the portfolio is weak, and the specialty cellulose premium has not been large enough to lift consolidated margins. The gap versus peers such as Clearwater Paper and News Corporation, which report materially higher gross margins, reinforces that RYAM's structural cost base is not currently supported by its pricing. Investors should monitor whether the specialty mix shift can narrow this gap.
Negative Operating Leverage on Fixed Cost Base
As reported in financial statements, RYAM's operating margin swung from 6.7% in 2024Q2 to negative 51.3% in 2026Q3, with gross profit of only $14.9M failing to cover operating costs and indicating that fixed-cost deleverage is amplifying revenue declines.
Because the business carries a high fixed-cost mill base, modest volume or price shortfalls translate into disproportionate operating losses, as seen in the swing from positive to deeply negative operating income. The stability of SG&A near $17M to $27M per quarter means overhead is not the primary driver; the problem lies in the gross profit line itself. This suggests the operating model requires a sustained recovery in utilization or pricing to restore profitability.
Non-Cash Charges Obscure Underlying Earnings
Based on reported figures, RYAM's net loss of $229.8M in 2026Q3 far exceeds its operating loss of $196.2M, and the net margin of -60.1% in that quarter implies below-the-line charges that warrant further investigation before underlying earnings can be assessed.
The gap between operating and net results across recent quarters points to material non-operating items such as impairments, interest expense, or valuation allowances, though the data provided does not isolate them. The negative EPS of -$3.40 in 2026Q3 compared with a sequentially smaller loss in the prior quarter makes the reported trajectory difficult to interpret without these adjustments. Stock-based compensation remains negligible at roughly $1.6M per quarter and does not explain the earnings distortion.
Structural Losses Could Persist Longer Than Expected
The strongest bear case rests on the observation that RYAM has posted negative operating income in most recent quarters, and that a 1-year revenue decline of roughly 10% combined with negative returns on equity suggests the earnings base may not recover without a structural change in the portfolio.
Short-side analysis would focus on the fact that recent quarterly gross margins hover near zero and that the Q2 2026 EPS miss against consensus signals that management's guidance may be overly optimistic. If leverage remains elevated relative to negative equity, refinancing or dilutive actions could pressure shareholders further, though the data provided does not confirm specific covenant or liquidity conditions. Investors should monitor whether the recent sequential revenue recovery is sustained into subsequent quarters.