Rayonier Inc. (RYN) 10-Year Financial Performance & Capital Metrics

RYN • • REIT / Real Estate

Real EstateSpecialty REITsTimberland & FarmlandTimberland REITs

AboutRayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of December 31, 2020, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timberlands located in the U.S. South (1.73 million acres), U.S. Pacific Northwest (507,000 acres) and New Zealand (417,000 acres). The Company also acts as the managing member in a private equity timber fund business with three funds comprising approximately 141,000 acres. On a look-through basis, the Company's ownership in the timber fund business equates to approximately 17,000 acres.Show more

Revenue $1.26B +19.5%
FFO $499M +50.5%
FFO/Share 3.28 +49.5%
FFO Payout 40.17% -21.6%
FFO per Share 3.28 +49.5%
NOI Margin 37.86% +35.9%
FFO Margin 39.54% +26.0%
ROE 18.94% +115.4%
ROA 10.09% +116.2%
Debt/Assets 34.12% -14.4%
Net Debt/EBITDA 1.59 -52.9%
Book Value/Share 12.05 -7.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 43.5%
✓FFO growing 190.7% TTM
✓Sustainable FFO payout ratio of 40.2%
✓Healthy dividend yield of 5.5%

✗Weaknesses

✗Low NOI margin of 37.9%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.66%

5Y12.16%

3Y4.41%

TTM24.84%

Profit (Net Income) CAGR

10Y13.72%

5Y43.46%

3Y33.03%

TTM387.96%

EPS CAGR

10Y12.14%

5Y39.04%

3Y30.31%

TTM379.01%

ROCE

10Y Avg6.49%

5Y Avg6.55%

3Y Avg7.58%

Latest12.21%

Peer Comparison

Timberland REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PCHPotlatchDeltic Corporation	3.42B	44.30	158.21	3.71%	5.76%	3.37%	1.97%	0.51
WYWeyerhaeuser Company	19.19B	26.62	49.30	-7.17%	4.65%	3.51%	1.78%	0.53
RYNRayonier Inc.	3.88B	24.06	10.07	19.5%	70.95%	33.36%	4.1%	0.65

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	544.9M	788.3M	819.6M	816.1M	711.56M	859.15M	1.11B	909.07M	1.06B	1.26B
Revenue Growth %	-0.1%	0.45%	0.04%	-0%	-0.13%	0.21%	0.29%	-0.18%	0.16%	0.19%
Property Operating Expenses	441.1M	524.7M	568.3M	605.2M	558.35M	712.44M	796.12M	688.28M	762.57M	784.83M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	49.3M	33.7M	35.8M	40.8M	46.18M	72.33M	43.71M	54.97M	83.08M	75.7M
G&A Expenses	45.8M	42.8M	40.2M	41.9M	41.65M	50.65M	57.79M	64.67M	74.77M	74.42M
EBITDA+	191.5M	370.94M	343.07M	314.22M	235.26M	239.38M	425.5M	313.16M	369.51M	542.72M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	113.7M	115.14M	127.57M	144.12M	128.24M	165M	155.72M	147.34M	158.23M	140.25M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	77.8M	255.8M	215.5M	170.1M	107.03M	74.39M	269.77M	165.82M	211.28M	402.47M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	34.7M	33M	34.1M	32.1M	31.7M	38.8M	44.9M	36.2M	48.3M	36.92M
Interest Coverage	2.24x	7.75x	6.32x	5.30x	3.38x	1.92x	6.01x	4.58x	4.37x	10.90x
Non-Operating Income	0	0	-1.84M	-4.56M	-5.31M	-1.17M	-280K	-2.56M	-20.68M	-10.48M
Pretax Income+	43.1M	222.8M	183.3M	142.6M	80.62M	36.79M	225.15M	132.18M	183.62M	376.03M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-800K	5M	21.8M	25.3M	12.94M	7.01M	14.66M	9.39M	5.12M	7.05M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	46.2M	212M	148.8M	102.2M	59.1M	37.08M	152.55M	107.08M	173.49M	359.15M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.53%	3.59%	-0.3%	-0.31%	-0.42%	-0.37%	3.11%	-0.3%	0.62%	1.07%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.27%	1.05%	-0.16%	-0.11%	-0.24%	0.08%	0.53%	-0.17%	0.3%	0.51%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.37	1.73	1.16	0.79	0.46	0.27	1.08	0.73	1.17	2.39
EPS Growth %	-0.51%	3.68%	-0.33%	-0.32%	-0.42%	-0.41%	3%	-0.32%	0.6%	1.04%
EPS (Basic)	0.37	1.73	1.17	0.79	0.46	0.28	1.08	0.73	1.19	2.41
Diluted Shares Outstanding	125.9M	122.81M	127.81M	129.69M	129.6M	136.94M	145.3M	150.15M	151.07M	152.1M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	2.33B	2.69B	2.86B	2.78B	2.86B	3.73B	3.64B	3.79B	3.65B	3.47B
Asset Growth %	-0.05%	0.15%	0.06%	-0.03%	0.03%	0.3%	-0.02%	0.04%	-0.04%	-0.05%
Real Estate & Other Assets+	2.2B	2.51B	2.57B	2.46B	2.6B	3.41B	3.04B	3.45B	184.63M	2.91B
PP&E (Net)	6.7M	14M	23.3M	22.8M	122.19M	139.39M	131.46M	124.36M	3.13B	101.05M
Investment Securities	0	1000K	1000K	1000K	0	0	0	0	1000K	1000K
Total Current Assets+	105.7M	164.9M	183.6M	207.85M	125.97M	170.56M	451.43M	202.38M	316.96M	436.89M
Cash & Equivalents	51.8M	85.9M	112.7M	148.4M	68.73M	84.51M	362.17M	114.25M	207.7M	323.16M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	5.68M	25.05M	3.05M	609K	867K	10.21M	12.19M	1.29M	38.08M	25.41M
Intangible Assets	3.9M	4.1M	4.09M	3.78M	0	0	3.12M	5.79M	5.43M	4.87M
Total Liabilities	964.8M	1.19B	1.17B	1.13B	1.32B	1.74B	1.69B	1.8B	1.69B	1.64B
Total Debt+	833.9M	1.06B	1.03B	972.6M	1.15B	1.46B	1.46B	1.6B	1.45B	1.19B
Net Debt	782.1M	976M	912.7M	824.2M	1.08B	1.38B	1.1B	1.49B	1.25B	862.35M
Long-Term Debt	848.8M	1.04B	1.02B	972.57M	973.13M	1.36B	1.24B	1.51B	1.37B	1.09B
Short-Term Borrowings	0	1000K	1000K	0	1000K	0	1000K	0	0	1000K
Capital Lease Obligations	0	0	0	0	90.48M	100.25M	93.42M	88.76M	87.68M	76.3M
Total Current Liabilities+	59.46M	92M	68.5M	63.5M	151.19M	91.14M	231.72M	95.33M	140.28M	388.71M
Accounts Payable	21.48M	22.34M	25.15M	18.02M	18.16M	24.79M	23.45M	22.1M	26.56M	26.06M
Deferred Revenue	0	0	9.72M	10.45M	11.44M	11.11M	17.8M	22.76M	19.01M	20.9M
Other Liabilities	49.3M	60.72M	72.96M	90.03M	108.56M	184.07M	119M	97.2M	83.3M	76.57M
Total Equity+	1.36B	1.5B	1.69B	1.65B	1.54B	1.99B	1.95B	1.99B	1.96B	1.83B
Equity Growth %	-0.14%	0.1%	0.13%	-0.02%	-0.07%	0.3%	-0.02%	0.02%	-0.01%	-0.06%
Shareholders Equity	1.29B	1.41B	1.59B	1.56B	1.44B	1.47B	1.77B	1.87B	1.86B	1.77B
Minority Interest	73.6M	85.2M	99.9M	97.7M	97.66M	518.71M	177.63M	121.08M	98.72M	63.06M
Common Stock	708.83M	709.87M	872.23M	884.26M	888.18M	1.1B	1.39B	1.46B	1.5B	1.52B
Additional Paid-in Capital	0	0	872.23M	884.26M	0	0	0	0	0	0
Retained Earnings	612.76M	700.89M	707.38M	0	583.01M	446.27M	402.31M	366.64M	338.24M	257.25M
Preferred Stock	0	234K	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.02%	0.08%	0.05%	0.04%	0.02%	0.01%	0.04%	0.03%	0.05%	0.1%
Return on Equity (ROE)	0.03%	0.15%	0.09%	0.06%	0.04%	0.02%	0.08%	0.05%	0.09%	0.19%
Debt / Assets	0.36%	0.4%	0.36%	0.35%	0.4%	0.39%	0.4%	0.42%	0.4%	0.34%
Debt / Equity	0.61x	0.71x	0.61x	0.59x	0.75x	0.73x	0.75x	0.81x	0.74x	0.65x
Net Debt / EBITDA	4.08x	2.63x	2.66x	2.62x	4.58x	5.75x	2.58x	4.76x	3.37x	1.59x
Book Value per Share	10.82	12.19	13.25	12.76	11.86	14.55	13.42	13.23	12.97	12.05

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+	177.2M	203.8M	256.3M	310.1M	214.3M	204.2M	325.1M	269.2M	298.38M	261.59M
Operating CF Growth %	-0.44%	0.15%	0.26%	0.21%	-0.31%	-0.05%	0.59%	-0.17%	0.11%	-0.12%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	43.9M	217.8M	161.5M	117.3M	67.7M	29.8M	210.5M	122.8M	173.49M	368.98M
Depreciation & Amortization	123.06M	-27.41M	46.92M	138.44M	122.58M	166.33M	80.7M	147.34M	0	0
Stock-Based Compensation	4.48M	5.14M	5.4M	6.43M	6.9M	8.03M	9.28M	12.36M	13.7M	14.2M
Other Non-Cash Items	7.6M	12.7M	27.2M	27.3M	13.7M	4.7M	6.8M	14.26M	105.74M	-100.97M
Working Capital Changes	-500K	-9.6M	-6.7M	-2.2M	-7.9M	-12.2M	9.3M	-22.2M	5.17M	-23.22M
Cash from Investing+	-166.3M	-234.97M	-235.25M	-132.85M	-219.4M	-213.6M	-26.3M	-516.4M	124.09M	354.01M
Acquisitions (Net)	-98M	-900K	0	0	0	-231.1M	191.64M	442.73M	0	0
Purchase of Investments	155.7M	0	0	0	-149.09M	-31.16M	-191.64M	-472.23M	0	0
Sale of Investments	1000K	0	0	0	0	1000K	1000K	1000K	0	0
Other Investing	-71.1M	-227.78M	-229.17M	-13M	135.99M	24.19M	43.1M	16.9M	138.15M	433.79M
Cash from Financing+	-116.5M	114.42M	-6.9M	-193.7M	-79.6M	27M	-16.3M	-4.6M	-328.87M	-479.36M
Dividends Paid	-124.9M	-122.84M	-127.1M	-136.8M	-141.07M	-146.35M	-153.51M	-165.71M	-169.99M	-200.57M
Common Dividends	-124.94M	-122.84M	-127.07M	-136.77M	-141.07M	-146.35M	-153.51M	-165.71M	-169.99M	-200.6M
Debt Issuance (Net)	1000K	1000K	-1000K	-1000K	1000K	1000K	1000K	1000K	-1000K	-1000K
Share Repurchases	-100M	-690K	-176K	-2.98M	-12.68M	-4.76M	-1.62M	-4.22M	-4.3M	-18.87M
Other Financing	317K	457K	-27.25M	-556K	-7.9M	10.11M	-118.38M	40.34M	-4.67M	-9.93M
Net Change in Cash+	-109.8M	34.1M	26.8M	-16M	-86.5M	17.5M	281.6M	-253.7M	92.97M	134.83M
Exchange Rate Effect	-1000K	-900K	600K	500K	-1000K	-100K	-900K	-1000K	-621K	-1000K
Cash at Beginning	161.6M	51.8M	85.9M	172.5M	156.5M	70M	87.5M	369.1M	115.41M	208.4M
Cash at End	51.8M	85.9M	112.7M	156.5M	70M	87.5M	369.1M	115.4M	208.37M	343.2M
Free Cash Flow+	21.5M	-227.7M	-58M	190.2M	8M	113M	70M	-264.1M	202.87M	159.06M
FCF Growth %	-0.65%	-11.59%	0.75%	4.28%	-0.96%	13.13%	-0.38%	-4.77%	1.77%	-0.22%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.27	2.66	2.16	1.9	1.45	1.48	2.12	1.69	2.2	3.28
FFO Payout Ratio	78.13%	37.55%	45.98%	55.53%	75.3%	72.42%	49.8%	65.13%	51.24%	40.17%
NOI Margin	19.05%	33.44%	30.66%	25.84%	21.53%	17.08%	28.25%	24.29%	27.85%	37.86%
Net Debt / EBITDA	4.08x	2.63x	2.66x	2.62x	4.58x	5.75x	2.58x	4.76x	3.37x	1.59x
Debt / Assets	35.84%	39.54%	35.87%	34.98%	40.04%	39.18%	40.18%	42.32%	39.85%	34.12%
Interest Coverage	2.24x	7.75x	6.32x	5.30x	3.38x	1.92x	6.01x	4.58x	4.37x	10.90x
Book Value / Share	10.82	12.19	13.25	12.76	11.86	14.55	13.42	13.23	12.97	12.05
Revenue Growth	-9.71%	44.67%	3.97%	-0.43%	-12.81%	20.74%	29.15%	-18.07%	16.27%	19.5%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Timber	-	-	-	640.35M	-	-	-	715.65M	597.45M	538.09M
Timber Growth	-	-	-	-	-	-	-	-	-16.52%	-9.94%
Sawtimber	-	-	-	499.97M	439.47M	449.18M	564.5M	515.25M	453.01M	396.26M
Sawtimber Growth	-	-	-	-	-12.10%	2.21%	25.67%	-8.72%	-12.08%	-12.53%
Pulpwood	-	-	-	136.95M	143.16M	143.29M	160.33M	183.18M	140.17M	136.86M
Pulpwood Growth	-	-	-	-	4.54%	0.09%	11.89%	14.26%	-23.48%	-2.36%
Non-timber	-	-	-	36.12M	48.77M	34.91M	190.23M	55.41M	69.52M	81.14M
Non-timber Growth	-	-	-	-	35.03%	-28.42%	444.91%	-70.87%	25.45%	16.72%
Rural	-	-	-	22.69M	29.85M	67.15M	43.09M	59.48M	99.67M	72.91M
Rural Growth	-	-	-	-	31.57%	124.95%	-35.84%	38.05%	67.55%	-26.84%
Improved Development	-	-	-	8.39M	5.88M	14.5M	51.71M	35.41M	30.71M	30.75M
Improved Development Growth	-	-	-	-	-29.92%	146.48%	256.69%	-31.52%	-13.29%	0.15%
License Revenue, Primarily From Hunting	-	-	-	17.39M	19.35M	18.93M	19.53M	22.7M	24.96M	22.43M
License Revenue, Primarily From Hunting Growth	-	-	-	-	11.23%	-2.15%	3.16%	16.25%	9.93%	-10.15%
Non-Strategic Timberland	-	-	-	-	-	19.25M	44K	11.4M	3.35M	16.11M
Non-Strategic Timberland Growth	-	-	-	-	-	-	-99.77%	25809.09%	-70.64%	381.36%
Real Estate, Other	-	-	-	-	544K	283K	-3.53M	-38K	12.52M	14M
Real Estate, Other Growth	-	-	-	-	-	-47.98%	-1348.06%	98.92%	33036.84%	11.86%
Hardwood	-	-	-	3.43M	5.26M	2.43M	4.67M	17.22M	4.28M	4.97M
Hardwood Growth	-	-	-	-	53.19%	-53.79%	92.22%	268.57%	-75.15%	16.08%
Agency Fee Income	-	-	-	652K	677K	1.16M	1.4M	1.26M	1.36M	1.27M
Agency Fee Income Growth	-	-	-	-	3.83%	71.34%	20.60%	-10.22%	8.36%	-6.47%
Conservation Easement	-	-	-	-	-	3.1M	3.85M	-	-	1.1M
Conservation Easement Growth	-	-	-	-	-	-	24.39%	-	-	-
Other Non-Timber/Carbon Revenue	-	-	-	18.07M	28.75M	14.82M	12.55M	31.45M	43.2M	-
Other Non-Timber/Carbon Revenue Growth	-	-	-	-	59.05%	-48.46%	-15.33%	150.71%	37.34%	-
Fund II Timberland Dispositions	-	-	-	-	-	-	156.75M	-	-	-
Fund II Timberland Dispositions Growth	-	-	-	-	-	-	-	-	-	-
Total Real Estate	-	-	-	-	-	228.74M	-	-	-	-
Total Real Estate Growth	-	-	-	-	-	-	-	-	-	-
Real Estate Large Dispositions	-	-	-	-	-	116.03M	-	-	-	-
Real Estate Large Dispositions Growth	-	-	-	-	-	-	-	-	-	-
Unimproved Development	-	-	-	8.62M	19.48M	8.43M	-	-	-	-
Unimproved Development Growth	-	-	-	-	125.91%	-56.74%	-	-	-	-
Non-Strategic Timberlands	-	-	-	98.87M	19.13M	-	-	-	-	-
Non-Strategic Timberlands Growth	-	-	-	-	-80.65%	-	-	-	-	-
New Zealand Timber	161.57M	172.57M	247.61M	-	-	-	-	-	-	-
New Zealand Timber Growth	-	6.81%	43.48%	-	-	-	-	-	-	-
Real Estate	-	5.54M	183.02M	-	-	-	-	-	-	-
Real Estate Growth	-	-	3203.54%	-	-	-	-	-	-	-
Trading	81.23M	108.31M	152.58M	-	-	-	-	-	-	-
Trading Growth	-	33.34%	40.87%	-	-	-	-	-	-	-
Southern Timber	139.09M	132.85M	144.51M	-	-	-	-	-	-	-
Southern Timber Growth	-	-4.48%	8.77%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	302.07M	507.39M	419.4M	390.4M	354.39M	568M	733M	576.78M	787.91M	987.7M
UNITED STATES Growth	-	67.97%	-17.34%	-6.92%	-9.22%	60.27%	29.05%	-21.31%	36.60%	25.36%
NEW ZEALAND	242.8M	280.89M	400.19M	-	357.16M	291.16M	376.6M	332.29M	269.03M	275.3M
NEW ZEALAND Growth	-	15.69%	42.47%	-	-	-18.48%	29.35%	-11.77%	-19.04%	2.33%
Non-US	-	-	-	298.8M	-	-	-	-	-	-
Non-US Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Rayonier Inc. (RYN) has a price-to-earnings (P/E) ratio of 10.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Rayonier Inc. (RYN) reported $1.09B in revenue for fiscal year 2024. This represents a 27% decrease from $1.49B in 2011.

Rayonier Inc. (RYN) grew revenue by 19.5% over the past year. This is strong growth.

Yes, Rayonier Inc. (RYN) is profitable, generating $775.6M in net income for fiscal year 2024 (28.4% net margin).

Dividend & Returns

Yes, Rayonier Inc. (RYN) pays a dividend with a yield of 5.48%. This makes it attractive for income-focused investors.

Rayonier Inc. (RYN) has a return on equity (ROE) of 18.9%. This is reasonable for most industries.

Industry Metrics

Rayonier Inc. (RYN) generated Funds From Operations (FFO) of $900.0M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Rayonier Inc. (RYN) offers a 5.48% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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