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REITs · Real Estate · Fiscal year ends Dec 31
Rayonier reported revenue of $483M in the fiscal year ended Dec 2025, down 51.0% from the year before. Operating income was $83M, an operating margin of 17.3%, and net income was $474M. Operating cash flow of $257M less capital expenditure of $22M left free cash flow of $234M. Net debt was $202M.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,108 | 908 | 787 | 986 | 483 |
| Cost of revenue | 796 | 688 | 529 | 548 | 327 |
| Gross profit | 312 | 220 | 258 | 439 | 156 |
| Selling, general & admin | 57.8 | 64.7 | 74.8 | 74.4 | 66.7 |
| Operating income | 270 | 166 | 185 | 364 | 83.3 |
| Interest expense | 44.9 | 36.2 | 48.3 | 33.8 | 26.4 |
| Pre-tax income | 225 | 132 | 160 | 340 | 74.6 |
| Income tax | 14.7 | 9.4 | 0.3 | −1.0 | 0.5 |
| Net income | 153 | 107 | 173 | 359 | 474 |
| Diluted EPS | 1.08 | 0.73 | 1.17 | 2.39 | 3.03 |
| Diluted shares | 145 | 150 | 151 | 152 | 159 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 362 | 114 | 208 | 303 | 843 |
| Receivables | 30.0 | 27.8 | 28.7 | 8.0 | 9.1 |
| Inventory | 28.5 | 23.7 | 31.0 | 30.9 | 6.8 |
| Current assets | 451 | 202 | 317 | 437 | 884 |
| Net PP&E | 29.6 | 27.2 | 27.0 | 17.4 | 18.5 |
| Goodwill | 8.5 | 7.9 | 7.8 | 7.0 | – |
| Total assets | 3,636 | 3,789 | 3,648 | 3,474 | 3,405 |
| Payables | 23.4 | 22.1 | 26.6 | 16.9 | 12.8 |
| Deferred revenue | 17.8 | 22.8 | 19.0 | 20.9 | 19.3 |
| Current liabilities | 232 | 95.3 | 140 | 389 | 271 |
| Short-term debt | 125 | 0.0 | 0.0 | 0.0 | 200 |
| Long-term debt | 1,243 | 1,515 | 1,366 | 1,044 | 845 |
| Total liabilities | 1,821 | 1,909 | 1,770 | 1,694 | 1,195 |
| Shareholders' equity | 1,772 | 1,865 | 1,861 | 1,769 | 2,210 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 325 | 269 | 298 | 262 | 257 |
| Capital expenditure | 76.0 | 74.8 | 95.5 | 103 | 22.4 |
| Free cash flow | 249 | 194 | 203 | 159 | 234 |
| Depreciation & amortisation | 249 | 156 | 249 | – | – |
| Stock-based compensation | 9.3 | 12.4 | 14.0 | 14.2 | 11.0 |
| Acquisitions | 0.0 | 0.0 | – | – | – |
| Share buybacks | 1.6 | 4.2 | 4.2 | 4.2 | 2.9 |
| Dividends paid | 154 | 166 | 170 | 201 | 292 |
| Dividend per share | 1.08 | 1.13 | 1.34 | 2.94 | 2.49 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −18.1% | −13.3% | 25.3% | −51.0% |
| Operating income growth (YoY) | – | −38.5% | 11.4% | 97.1% | −77.1% |
| EPS growth (YoY) | – | −32.4% | 60.3% | 104.3% | 26.8% |
| Gross margin | 28.2% | 24.2% | 32.8% | 44.5% | 32.3% |
| Operating margin | 24.3% | 18.3% | 23.5% | 36.9% | 17.3% |
| Net margin | 13.8% | 11.8% | 22.0% | 36.4% | 98.2% |
| Return on equityBlank when equity is negative | 8.6% | 5.7% | 9.3% | 20.3% | 21.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.9% | 4.5% | 5.3% | 11.8% | 2.7% |
| Free cash flow margin | 22.5% | 21.4% | 25.8% | 16.1% | 48.5% |
| Cash conversion (CFO ÷ net income) | 2.13x | 2.51x | 1.72x | 0.73x | 0.54x |
| Receivable days | 10 | 11 | 13 | 3 | 7 |
| Inventory days | 13 | 13 | 21 | 21 | 8 |
| Payable days | 11 | 12 | 18 | 11 | 14 |
| Interest cover | 6.01x | 4.58x | 3.82x | 10.8x | 3.16x |
| Debt ÷ equity | 0.77x | 0.81x | 0.73x | 0.59x | 0.47x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,006 | 1,400 | 1,158 | 741 | 202 |
| Current ratio | 1.95x | 2.12x | 2.26x | 1.12x | 3.26x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.