Latest Ratios: P/E Ratio 45.1x · EV/EBITDA 16.6x · ROE 23.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.1B | $3.4B | $4.0B | $5.0B | $4.9B | $5.9B | $4.0B | $4.2B | $3.6B | $4.0B | $3.3B |
| Enterprise Value | $3.3B | $3.7B | $4.8B | $6.3B | $6.4B | $7.0B | $5.4B | $5.3B | $4.4B | $5.0B | $4.2B |
| P/E Ratio → | 45.14 | 49.20 | 10.92 | 28.56 | 45.15 | 37.37 | 108.81 | 71.22 | 35.05 | 27.27 | 15.38 |
| P/S Ratio | 6.34 | 7.09 | 3.14 | 4.78 | 5.44 | 5.29 | 4.68 | 5.97 | 4.40 | 4.93 | 4.14 |
| P/B Ratio | 1.40 | 1.53 | 2.17 | 2.58 | 2.49 | 3.01 | 2.02 | 2.76 | 2.17 | 2.39 | 2.18 |
| P/FCF | 14.87 | 16.62 | 24.96 | 24.88 | — | 83.78 | 35.61 | 530.70 | 18.88 | — | — |
| P/OCF | 11.97 | 13.39 | 15.18 | 16.92 | 18.38 | 18.04 | 19.70 | 19.81 | 11.58 | 15.77 | 16.03 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.57 | 3.83 | 5.95 | 7.08 | 6.28 | 6.28 | 7.48 | 5.41 | 6.05 | 5.38 |
| EV / EBITDA | 16.61 | 18.43 | 8.90 | 17.03 | 20.56 | 16.37 | 22.56 | 22.62 | 14.05 | 14.44 | 11.44 |
| EV / EBIT | 39.65 | 36.33 | 11.70 | 27.13 | 38.23 | 25.79 | 71.46 | 47.38 | 26.09 | 22.80 | 16.59 |
| EV / FCF | — | 17.74 | 30.38 | 31.02 | — | 99.48 | 47.78 | 665.31 | 23.21 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.5% | 32.5% | 37.9% | 27.9% | 24.3% | 28.3% | 17.1% | 21.5% | 25.8% | 30.7% | 33.4% |
| Operating Margin | 17.2% | 17.2% | 31.9% | 20.0% | 18.2% | 24.3% | 8.7% | 15.0% | 20.8% | 26.3% | 32.4% |
| Net Profit Margin | 97.9% | 97.9% | 28.4% | 16.4% | 11.8% | 13.7% | 4.3% | 8.3% | 12.5% | 18.2% | 26.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 23.2% | 23.2% | 18.9% | 8.8% | 5.4% | 7.7% | 2.1% | 3.7% | 6.1% | 9.3% | 14.8% |
| ROA | 13.8% | 13.8% | 10.1% | 4.7% | 2.9% | 4.1% | 1.1% | 2.1% | 3.6% | 5.4% | 8.5% |
| ROIC | 2.4% | 2.4% | 10.2% | 4.7% | 3.8% | 6.3% | 1.9% | 3.2% | 5.0% | 6.4% | 8.3% |
| ROCE | 2.7% | 2.7% | 12.2% | 5.9% | 4.7% | 7.7% | 2.3% | 3.9% | 6.2% | 8.0% | 10.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.48 | 0.48 | 0.65 | 0.74 | 0.81 | 0.75 | 0.73 | 0.75 | 0.59 | 0.61 | 0.71 |
| Debt / EBITDA | 5.39 | 5.39 | 2.18 | 3.93 | 5.12 | 3.43 | 6.10 | 4.87 | 3.10 | 2.99 | 2.86 |
| Net Debt / Equity | — | 0.10 | 0.47 | 0.64 | 0.75 | 0.56 | 0.69 | 0.70 | 0.50 | 0.54 | 0.65 |
| Net Debt / EBITDA | 1.16 | 1.16 | 1.59 | 3.37 | 4.76 | 2.58 | 5.75 | 4.58 | 2.62 | 2.66 | 2.63 |
| Debt / FCF | — | 1.11 | 5.42 | 6.14 | — | 15.70 | 12.18 | 134.61 | 4.33 | — | — |
| Interest Coverage | 3.84 | 3.84 | 11.19 | 4.80 | 4.65 | 6.01 | 1.95 | 3.54 | 5.27 | 6.37 | 7.75 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.11 | 3.11 | 1.12 | 2.26 | 2.12 | 1.95 | 1.87 | 0.83 | 3.27 | 2.68 | 1.79 |
| Quick Ratio | 3.11 | 3.11 | 1.04 | 2.04 | 1.87 | 1.83 | 1.76 | 0.74 | 3.03 | 2.33 | 1.56 |
| Cash Ratio | 3.11 | 3.11 | 0.83 | 1.48 | 1.20 | 1.56 | 0.93 | 0.45 | 2.34 | 1.65 | 0.93 |
| Asset Turnover | — | 0.14 | 0.36 | 0.29 | 0.24 | 0.31 | 0.23 | 0.25 | 0.29 | 0.29 | 0.29 |
| Inventory Turnover | — | — | 24.27 | 24.59 | 29.01 | 27.91 | 67.25 | 38.46 | 38.54 | 23.54 | 24.54 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.3% | 8.5% | 5.1% | 3.4% | 3.3% | 2.6% | 3.6% | 3.3% | 3.8% | 3.1% | 3.8% |
| Payout Ratio | 61.6% | 61.6% | 55.9% | 98.0% | 154.8% | 100.6% | 394.6% | 238.7% | 133.8% | 85.4% | 57.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 2.0% | 9.2% | 3.5% | 2.2% | 2.7% | 0.9% | 1.4% | 2.9% | 3.7% | 6.5% |
| FCF Yield | 6.7% | 6.0% | 4.0% | 4.0% | — | 1.2% | 2.8% | 0.2% | 5.3% | — | — |
| Buyback Yield | 2.3% | 2.1% | 0.5% | 0.1% | 0.1% | 0.0% | 0.1% | 0.3% | 0.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 11.6% | 10.6% | 5.5% | 3.5% | 3.4% | 2.6% | 3.8% | 3.6% | 3.9% | 3.1% | 3.8% |
| Shares Outstanding | — | $159M | $152M | $151M | $150M | $145M | $137M | $130M | $130M | $128M | $123M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying RYN stock.
Rayonier Inc.'s current P/E ratio is 45.1x. The historical average is 26.1x. This places it at the 83th percentile of its historical range.
Rayonier Inc.'s current EV/EBITDA is 16.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.0x.
Rayonier Inc.'s return on equity (ROE) is 23.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 12.5%.
Based on historical data, Rayonier Inc. is trading at a P/E of 45.1x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Rayonier Inc.'s current dividend yield is 9.27% with a payout ratio of 61.6%.
Rayonier Inc. has 32.5% gross margin and 17.2% operating margin. Operating margin between 10-20% is typical for established companies.
Rayonier Inc.'s Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Timber price volatility
Metrics are mathematically derived from official filings.
Valuation Distorted by Earnings Volatility
Rayonier's P/FFO swings wildly, from 12.9x to 33.1x over the past year, reflecting timber sale timing; the current 8.6% dividend yield appears elevated versus peers.
The P/FFO multiple is unreliable given the extreme quarterly swings in FFO per share, which ranged from $0.13 to $2.74. The current yield of 8.6% is more than double the peer average, suggesting the market is pricing in significant risk or a potential dividend cut. Investors should focus on normalized FFO, which appears to be in the $0.30-$0.50 range, implying a much higher effective multiple.
NOI Margin Volatility Masks Core Trends
NOI margin swung from 49.6% in 2024Q4 to -3.5% in 2026Q1, per reported figures, indicating significant non-recurring items and cost pressures that obscure underlying profitability.
The extreme volatility in NOI margin, with a range of over 50 percentage points, suggests that reported profitability is heavily influenced by one-time timber sales and revaluation gains. The negative margins in 2026Q1 and 2025Q1 are particularly concerning, as they may indicate that core operations are not consistently profitable. Analysts should adjust for these items to assess the true earning power of the timberland portfolio.
Dividend Coverage Strained by AFFO Shortfall
In 2026Q2, the FFO payout ratio was 109.2% and AFFO covered only 92% of dividends, indicating a shortfall that may pressure liquidity, as per quarterly filings.
The dividend is not fully covered by AFFO in the most recent quarter, and the FFO payout ratio has exceeded 100% in several quarters, including 2026Q1 at 185.2%. This suggests that Rayonier may be funding part of its distribution through debt or asset sales, which is not sustainable in the long term. The elevated dividend yield of 8.6% may be a signal that the market expects a reduction.
Leverage Improving but Interest Coverage Weak
Debt-to-equity improved to 0.35 in 2026Q2 from 0.75 a year earlier, but interest coverage fell to 2.31x, indicating reduced debt but weaker earnings relative to interest obligations.
The deleveraging trend is positive, with D/E declining from 0.77 in 2024Q2 to 0.35 in 2026Q2. However, interest coverage has been volatile, dipping to -2.63x in 2026Q1 and only recovering to 2.31x in 2026Q2. This suggests that while the balance sheet is less leveraged, the company's earnings are not consistently sufficient to cover interest expenses, which could become a concern if timber prices remain weak.
Portfolio Quality Questioned by Asset Swings
PP&E dropped 90% from $6.5B in 2026Q1 to $635.6M in 2026Q2, per financial statements, suggesting major asset sales or reclassifications that raise questions about portfolio stability.
The dramatic decline in property, plant, and equipment is unusual and may indicate that Rayonier is selling significant timberland assets or reclassifying them. This could be a strategic shift, but it also introduces uncertainty about the quality and income-generating potential of the remaining portfolio. Investors should monitor occupancy rates and same-store NOI trends, which are currently obscured by these large swings.
P/E Misleading for Timber REIT
Standard P/E is distorted by depreciation and one-time gains; Rayonier's P/E of 48.9x is meaningless given FFO volatility, so investors should use P/FFO on normalized earnings.
For REITs, P/E is not a reliable valuation metric because depreciation and gains from asset sales can significantly distort net income. Rayonier's P/E of 48.9x is inflated by the $408.7M gain in 2025Q2, which is not recurring. Instead, investors should focus on P/FFO and P/AFFO, but these also require normalization to exclude one-time timber sales. The implied cap rate, based on NOI and enterprise value, may provide a more stable valuation reference.