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Rayonier

RYN on NYSE. Rayonier sells timber and forestland to wood products makers and property buyers. Market value $5.4bn.

Watch this stockFree. We tell you when something changes.

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

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 Real estate stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
5.3%fair

For every $100 of what the whole company costs, it produced $5.32 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
119.5×full

You pay 119.5 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
4.8%five-year median

Each dollar kept in the business earns 5 cents a year. Above 10 is good.

Quality score: 66 of 100. Price score: 37 of 100. Our list needs 70 on quality and 60 on price.

$18.09 a share, 2% above its 1-year low

Over the past year the price has ranged from $17.71 to $26.75.

Dividend: 5.4% a year

Paid every year for at least 5 years

Payouts have jumped around in recent years, so this may not repeat.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.2
0.2
0.2
0.2
0.2
0.3
2021202220232024202512 monthsto Jun '26
Revenue
$1.1bn$909m$788m$988m$484m
Operating margin
24.3%18.2%23.4%36.9%17.2%
Debt to equity
0.770.810.730.590.48
Shares outstanding
0.15bn0.15bn0.15bn0.15bn0.30bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)4 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.48× equity
  • Revenue growth, five yearsShrinking, 10.8% a year
  • Buying back its own sharesNo, 105% more shares since 2021

The quarter to June 2026

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

  • Sales: $396 million last quarter, up 272% on a year ago.
  • Profit: $19 million, down 95% on a year ago.
  • It keeps 6 cents of each $1 of sales as operating profit, down from 38 cents a year earlier.
  • Spare cash over the past 12 months: $289 million, up from $219 million.
  • 92% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $1.5 billion more than cash, up from $158 million a year ago.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$124m
December 2024Not reported
March 2025$83m
June 2025$107m
September 2025$178m
December 2025$117m
March 2026$277m
June 2026$396m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$29m
December 2024$327m
March 2025-$3m
June 2025$409m
September 2025$43m
December 2025$26m
March 2026-$12m
June 2026$19m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
23 February 2026
Next quarterly (estimated, 10-Q)
6 November 2026

Who owns it

5 long-term investors we follow own it, down from 6 last quarter. 456 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

6 investors own more than 5%.

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. 5 sold $4m, $4m of it under preset trading plans.

  • Daniels Ryan M.
    SVP, Wood Products
    Sold
    Date
    2 October 2026
    Shares
    14
    Price
    $18.22
    Value
    $255
  • Daniels Ryan M.
    SVP, Wood Products
    Sold
    under a preset trading plan
    Date
    30 September 2026
    Shares
    887
    Price
    $18.56
    Value
    $16,463
  • Bridwell Mark R
    EVP, GC and Secretary
    Sold
    Date
    10 September 2026
    Shares
    5,318
    Price
    $20.19
    Value
    $107,370
  • WASECHEK WAYNE
    EVP and CFO
    Sold
    under a preset trading plan
    Date
    20 April 2026
    Shares
    2,920
    Price
    $21.17
    Value
    $61,816
  • CREMERS ERIC J
    Executive Chairman, Director
    Sold
    under a preset trading plan
    Date
    27 February 2026
    Shares
    169,200
    Price
    $21.44
    Value
    $4m
  • CORR CHRISTOPHER T
    SVP, Real Estate Development
    Sold
    Date
    19 November 2025
    Shares
    14,255
    Price
    $21.12
    Value
    $301,066

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

What could go wrong

  • Sales have shrunk: 10.8% a year.
  • It isn't cheap on profits: 119.5× operating profit.

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.