Cash flow quality remains strained as evidenced by the 2024Q3 FFO/NI ratio of 8.36x and the erratic nature of AFFO, which reached a negative $114 million in 2025Q4.
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 544M | 562M | 1.01B | 1.43B | 2.83B | 3.16B | 1.53B | 966M | 1.11B | 1.2B | 735M | 1.06B | 1.09B | 1B | 581M | 291M | 744M | -162M | -1.33B | 633M | 1.61B | 1.75B | 2.2B | 1.81B | 1.51B | 1.12B | 1.43B | 1.5B | 1.12B | 1.04B | 1.3B |
| Operating CF Growth % | -196.6% | -44.25% | -29.66% | -49.4% | -10.35% | 106.61% | 58.28% | -13.13% | -7.41% | 63.4% | -30.92% | -2.21% | 8.37% | 72.81% | 99.66% | -60.89% | 559.26% | 87.86% | -310.74% | -60.66% | -7.95% | -20.55% | 21.28% | 20.13% | 35.06% | -21.76% | -4.8% | 33.78% | 7.37% | -19.49% | -16.58% |
| Operating CF / Revenue % | 7.86% | 8.14% | 14.15% | 18.67% | 27.81% | 30.97% | 20.3% | 14.74% | 14.87% | 16.69% | 11.55% | 20.28% | 19.82% | 13.84% | 9.7% | 4.68% | 12.5% | -2.93% | -16.47% | 3.88% | 8.62% | 9.28% | 10.03% | 9.42% | 8.15% | 7.69% | 8.94% | 11.74% | 9.98% | 9.32% | 11.68% |
| Net Income | 397M | 324M | 396M | 839M | 1.88B | 2.61B | 797M | -76M | 748M | 582M | 238M | 506M | 1.83B | 563M | 384M | 331M | 1.28B | -568M | -1.24B | 790M | 453M | 733M | 1.28B | 277M | 241M | 354M | 840M | 616M | 294M | 342M | 463M |
| Depreciation & Amortization | 508M | 509M | 502M | 500M | 480M | 477M | 472M | 510M | 486M | 521M | 565M | 479M | 500M | 472M | 456M | 480M | 503M | 538M | 659M | 974M | 1.28B | 1.34B | 1.32B | 1.32B | 1.23B | 876M | 859M | 640M | 616M | 628M | 617M |
| Stock-Based Compensation | 45M | 0 | 43M | 36M | 33M | 30M | 30M | 30M | 42M | 40M | 60M | 31M | 40M | 42M | 37M | 25M | 24M | 26M | 47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -179M | -36M | 122M | 8M | 581M | -22M | 408M | 605M | -9M | 44M | -98M | 69M | -1.3B | 263M | -176M | -237M | -298M | 149M | 165M | -432M | 762M | 506M | -202M | -126M | -20M | -58M | -184M | -45M | -52M | 47M | -14M |
| Working Capital Changes | -228M | -235M | -15M | 54M | -112M | 53M | -122M | 66M | -227M | -30M | 129M | -10M | -160M | -307M | -229M | -282M | 434M | -373M | 77M | -462M | -715M | -400M | -271M | 319M | -20M | -112M | -279M | 105M | 104M | -54M | 41M |
| Cash from Investing | -297M | -475M | -636M | -508M | -759M | -325M | 185M | 187M | -440M | 367M | 2.56B | -487M | 361M | -1.83B | -192M | 122M | 143M | 263M | 5.46B | 826M | -899M | 451M | -401M | -353M | -6.88B | -882M | -1.46B | -206M | -817M | -473M | -1.16B |
| Acquisitions (Net) | 0 | 0 | -251M | -67M | -295M | 0 | 101M | 0 | 0 | 511M | 2.93B | 0 | 707M | -1.56B | 80M | 362M | 213M | 0 | 0 | 1.42B | -45M | 1.15B | -17M | -8M | -6.12B | -392M | -774M | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | -469M | 0 | -664M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -745M | 0 | -2M | 0 | -362M | -437M | -110M | 0 | 0 | 0 | 0 | 0 | -4M |
| Sale of Investments | 192M | 466M | 0 | 664M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22M | 13M | 0 | 195M | 146M | 553M | 175M | 0 | 158M | 0 | 1M | 35M | 0 | 0 | 247M | 66M | 55M | 106M |
| Other Investing | -376M | 2M | 31M | -208M | -169M | -176M | 509M | 571M | -13M | 275M | -357M | -451M | 49M | -29M | -29M | -28M | -50M | 356M | 6.26B | 116M | 22M | 41M | 570M | 470M | 238M | 170M | 162M | 113M | 226M | 148M | 71M |
| Cash from Financing | -508M | -290M | -852M | -1.34B | -2.49B | -1.33B | -1.36B | -1.35B | -1.16B | -1.42B | -3.63B | -1.15B | -704M | 762M | -444M | -927M | -1.29B | -526M | -1.94B | -1.59B | -1.57B | -2.29B | -804M | -1.38B | 5.29B | -155M | -1.49B | 313M | -392M | -521M | -147M |
| Dividends Paid | -605M | -606M | -684M | -1.22B | -1.62B | -884M | -381M | -1.01B | -995M | -941M | -954M | -663M | -607M | -481M | -334M | -323M | -608M | -127M | -507M | -531M | -538M | -466M | -372M | -355M | -353M | -351M | -363M | -321M | -319M | -317M | 0 |
| Common Dividends | -605M | -606M | -684M | -1.22B | -1.62B | -884M | -381M | -1.01B | -995M | -941M | -932M | -619M | -563M | -458M | -334M | -323M | -608M | -127M | -507M | -531M | -538M | -466M | -372M | -355M | -353M | -351M | -363M | -321M | -319M | -317M | -317M |
| Debt Issuance (Net) | 1000K | 1000K | 0 | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 0 | 0 | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K |
| Share Repurchases | -145M | -160M | -154M | -131M | -543M | -100M | 0 | -60M | -366M | 0 | -2B | -518M | -203M | 0 | 0 | -37M | 0 | -2M | 0 | -473M | -672M | -11M | 0 | 0 | 0 | 0 | -808M | 0 | -42M | -22M | -45M |
| Other Financing | -6M | -11M | -14M | -9M | -9M | 29M | -20M | -5M | 45M | -1M | 52M | 25M | -781M | 31M | -3M | -24M | -1M | -4M | -17M | 47M | 21M | -7M | 301M | -10M | -36M | -71M | -23M | -13M | -14M | 23M | -1M |
| Net Change in Cash | -261M | -220M | -480M | -417M | -418M | 1.5B | 356M | -195M | -490M | 148M | -336M | -568M | 745M | -63M | -55M | -514M | -402M | -425M | 2.18B | -129M | -861M | -93M | 995M | 80M | -82M | 81M | -1.52B | 1.61B | -109M | 13M | -63M |
| Exchange Rate Effect | 0 | -17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -22M | -38M | -50M |
| Cash at Beginning | 481M | 684M | 1.16B | 1.58B | 2B | 495M | 139M | 334M | 824M | 676M | 1.01B | 1.58B | 835M | 898M | 953M | 1.47B | 1.87B | 2.29B | 114M | 243M | 1.1B | 1.2B | 202M | 122M | 204M | 123M | 1.64B | 35M | 122M | 71M | 84M |
| Cash at End | 299M | 464M | 684M | 1.16B | 1.58B | 2B | 495M | 139M | 334M | 824M | 676M | 1.01B | 1.58B | 835M | 898M | 953M | 1.47B | 1.87B | 2.29B | 114M | 243M | 1.1B | 1.2B | 202M | 122M | 204M | 123M | 1.64B | 13M | 84M | 21M |
| Free Cash Flow | 516M | 88M | 341M | 753M | 2.07B | 2.57B | 823M | 582M | 685M | 782M | 215M | 585M | 734M | 743M | 325M | 50M | 458M | -401M | -1.94B | -247M | 735M | 855M | 1.61B | 1.08B | 491M | 458M | 581M | 935M | 13M | 376M | -29M |
| FCF Growth % | 91.82% | -74.19% | -54.71% | -63.61% | -19.46% | 212.15% | 41.41% | -15.04% | -12.4% | 263.72% | -63.25% | -20.3% | -1.21% | 128.62% | 550% | -89.08% | 214.21% | 79.35% | -686.23% | -133.61% | -14.04% | -46.83% | 49.3% | 119.35% | 7.21% | -21.17% | -37.86% | 7092.31% | -96.54% | 1396.55% | -106% |
| FCF / Revenue % | 7.46% | 1.27% | 4.79% | 9.81% | 20.32% | 25.18% | 10.93% | 8.88% | 9.16% | 10.87% | 3.38% | 11.15% | 13.37% | 10.24% | 5.43% | 0.8% | 7.69% | -7.25% | -23.98% | -1.51% | 3.94% | 4.54% | 7.33% | 5.6% | 2.65% | 3.15% | 3.64% | 7.32% | 0.12% | 3.35% | -0.26% |
Cyclical housing market sensitivity
As reported in recent financial statements, Weyerhaeuser’s AFFO has exhibited significant volatility, with the dividend payout ratio reaching a concerning 104% in 2024Q1 and a negative AFFO of $114 million in 2025Q4, suggesting that the base-plus-variable dividend model may be unsustainable during prolonged cyclical downturns.
The erratic nature of AFFO indicates that the company's capital-intensive manufacturing segment frequently consumes cash that would otherwise support the dividend. Investors should monitor whether the variable component of the payout remains a viable buffer or if persistent market weakness necessitates a more conservative distribution policy.
Based on the company's reported figures, capital expenditures have fluctuated wildly, peaking at $163 million in 2023Q4, which directly impacts the ability to generate consistent free cash flow and highlights the heavy reinvestment requirements inherent in maintaining both timberland and manufacturing assets.
The high level of maintenance capex suggests that Weyerhaeuser must continuously deploy capital just to preserve its operational capacity. This ongoing requirement appears to limit the company's flexibility to navigate periods of low lumber demand without impacting its overall liquidity position.
According to SEC filings, the wide variance between Net Income and FFO, exemplified by the 8.36x FFO/NI ratio in 2024Q3, demonstrates how GAAP accounting for timber depletion fails to capture the actual biological appreciation of the company's 11 million acres of timberland.
This accounting mismatch suggests that GAAP earnings are a poor proxy for the company's true cash-generating potential. Analysts should focus on FFO as a more reliable indicator of performance, though even this metric remains heavily influenced by the volatile manufacturing segment.
As indicated by recent quarterly data, the conversion of GAAP operating cash flow to FFO is inconsistent, with OCF dropping to a negative $114 million in 2025Q4 despite positive FFO, which may indicate significant working capital swings or timing differences in timber sales.
The disconnect between operating cash flow and FFO warrants further investigation into the company's inventory management and receivables collection cycles. Such volatility suggests that the cash-based earnings metrics may not always reflect the immediate liquidity reality of the business.
Quick answers to the most common questions about buying WY stock.
Weyerhaeuser Company (WY) generated $562.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Weyerhaeuser Company (WY) generated $88.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Weyerhaeuser Company (WY) spent $474.0M 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, Weyerhaeuser Company (WY) returned $606.0M to shareholders via cash dividends and spent $160.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.