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Rayonier Advanced Materials

RYAM on NYSE. Rayonier Advanced Materials makes cellulose products for filter, food, pharmaceutical, and industrial makers. Market value $469m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Materials stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
0.3%five-year median

Each dollar kept in the business earns 0 cents a year. Above 10 is good.

Quality score: 23 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.

$6.79 a share, 26% above its 1-year low

Over the past year the price has ranged from $5.38 to $11.85.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$1.4bn$1.7bn$1.6bn$1.6bn$1.5bn
Operating margin
-0.7%1.5%-4.0%2.4%0.3%
Debt to equity
1.141.031.041.022.46
Shares outstanding
0.06bn0.07bn0.07bn0.07bn0.07bn

Health checks

  • Free cash flow positive1 of 1 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)4 of 9
  • Profit backed by cash (accruals)No
  • Debt2.46× equity
  • Revenue growth, five yearsSlow, 1.8% a year
  • Buying back its own sharesNo, 6% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $376 million last quarter, up 11% on a year ago.
  • A loss of $33 million, compared with a loss of $363 million a year ago.
  • It loses 3 cents on each $1 of sales, compared with 1 cents a year earlier.
  • 1% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $718 million more than cash, up from $675 million a year ago.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$401m
December 2024$423m
March 2025$353m
June 2025$340m
September 2025$353m
December 2025$418m
March 2026$319m
June 2026$376m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$33m
December 2024-$16m
March 2025-$32m
June 2025-$363m
September 2025-$4m
December 2025-$21m
March 2026-$82m
June 2026-$33m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
5 March 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

2 long-term investors we follow own it, down from 3 last quarter. 188 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

2 investors own more than 5%.

  • BlackRock, Inc.
    Passive investor
    7.1%
    Since 31 March 2025
  • Lightship Capital III LP
    at least 5.0%−0.0 pts
    (filed with 4 related holders)
    Since 14 July 2026
    What they said

    Item 4 of the Initial Statement is hereby amended and restated as follows: On April 20, 2026, the Issuer announced that it is engaged in a formal process to explore strategic alternatives to maximize shareholder value. In connection therewith, the Reporting Persons entered into…

    Read the filing
  • Sold down below 5%
    Since 30 June 2026
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 1 sold $17,634.

  • PALUMBO LISA M
    Director
    Sold
    Date
    7 August 2026
    Shares
    1,931
    Price
    $9.13
    Value
    $17,634

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

  • It carries a lot of debt: 2.5× its equity.
  • Sales have barely grown: 1.8% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.