# Rayonier Advanced Materials Inc. (RYAM)

> Source: Nexqual · https://nexqual.com/RYAM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Rayonier Advanced Materials Inc. (RYAM), nexqual.com/RYAM" · informational, not investment advice.

**Price:** USD 6.83 (-2.29% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 6.99 · day 6.77–7.02 · 52w 5.38–11.85 · market cap $462M · NYQ

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $1.47B, net income -$140M (-9.5% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $18K; 1 not under a Rule 10b5-1 plan ($18K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Strong Buy (mean 1.00 on a 1–5 scale) (1 analysts), mean target USD 14 (range 13–15).
- Total return with dividends: 1Y -8.2% vs S&P 500 +14.9%; 5Y -8.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.04, revenue estimate $389M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.41B | $1.72B | $1.64B | $1.63B | $1.47B | $1.47B |
| Gross profit | $74.7M | $123M | $88.2M | $166M | $119M | — |
| Operating income | -$10.4M | $26.1M | -$65.3M | $39.5M | $4.1M | -$51.1M |
| Net income | $66.4M | -$14.9M | -$102M | -$38.7M | -$421M | -$140M |
| EPS (diluted) | $1.05 | -$0.23 | -$1.57 | -$0.59 | -$6.33 | — |
| Free cash flow | $138M | — | — | — | — | — |
| Gross margin | 5.3% | 7.2% | 5.4% | 10.2% | 8.1% | — |
| Operating margin | -0.7% | 1.5% | -4.0% | 2.4% | 0.3% | -3.5% |
| Net margin | 4.7% | -0.9% | -6.2% | -2.4% | -28.7% | -9.5% |
| Revenue growth | +4.7% | +22.0% | -4.3% | -0.8% | -10.1% | — |
| Cash + short-term investments | $253M | $152M | $75.8M | $125M | $75.4M | — |
| Total debt | $929M | $853M | $777M | $730M | $779M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/S 0.3x · EV/EBITDA 13.7x · EV/Sales 0.8x · P/B 2.4x · Earnings yield -30.29% · Net debt $718M · EV $1.18B

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-07 | Palumbo Lisa M | Director | 1,931 | $18K | 1% | No | Too little history (no open-market trades in 2024 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Strong Buy (mean 1.00 on a 1–5 scale), 1 analysts; mean target USD 14 (low 13, high 15).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-17 | RBC Capital | Target lowered | Outperform | $14 → $13 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -8.2% | -8.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -8.2% | -1.7% |
| Volatility (annualized) | 67.9% | 69.6% |
| Max drawdown | -42.2% (Mar 2026→Oct 2026) | -71.3% (Dec 2022→Oct 2023) |

## Peers (Chemicals)
ASIX (AdvanSix Inc.) USD 15.68 +1.55% · VHI (Valhi, Inc.) USD 14.33 +2.58% · TROX (Tronox Holdings plc) USD 3.48 +6.75% · BAK (Braskem SA) USD 1.6 -2.44% · LXU (LSB Industries, Inc.) USD 9.76 -5.33% · WLKP (Westlake Chemical Partners LP) USD 20.96 +0.43%

## More
Full page: https://nexqual.com/RYAM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Total High Purity Cellulose | $301.5M | 80.1% | +10.8% | $29.3M | 9.7% |
| Cellulose Specialties | $188.5M | 50.1% | -5.8% | — | — |
| Cellulose Commodities | $101.0M | 26.8% | +72.7% | — | — |
| Total Paperboard & High Yield Pulp | $74.7M | 19.8% | +9.8% | -$27.1M | -36.3% |
| Paperboard | $48.4M | 12.9% | +4.2% | — | — |
| High Yield Pulp | $26.3M | 7.0% | +21.9% | — | — |
| Biomaterials and other | $12.0M | 3.2% | -10.3% | — | — |
| Total revenue | $376.1M | 100% | — | $2.2M | 0.6% |
The lines above cover 200% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $465.6M | 31.8% | -16.9% |
| Europe | $309.5M | 21.1% | +10.4% |
| China | $273.3M | 18.6% | -22.4% |
| Other Asia | $170.6M | 11.6% | -2.1% |
| Japan | $131.4M | 9.0% | +7.8% |
| Canada | $55.2M | 3.8% | -39.1% |
| All Other Countries | $41.2M | 2.8% | +23.7% |
| Latin America | $19.5M | 1.3% | +10.4% |
| Total revenue | $1.47B | 100% | — |

## Customer concentration

Period ended 2023-12-31: 10% of revenue from unnamed direct customers (10-K, filed 2026-03-05).

## Company outlook (8-K filed 2026-08-04)

- "Our full-year trajectory remains aligned with our prior expectations, including generating positive free cash flow in 2026."
- "The Company assumes no obligation to update these statements except as is required by law."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.04 | $0.08 | -50.0% | $389.4M | 2 |
| Next quarter (ends 2026-12-31) | $0.08 | $0.07 | +6.7% | $379.0M | 2 |
| Current fiscal year (ends 2026-12-31) | $-1.06 | $-1.06 | +0.0% | $1.46B | 1 |
| Next fiscal year (ends 2027-12-31) | $1.18 | $1.16 | +2.2% | $1.50B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±19.4%; last 8 reports averaged ±9.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 84.8% | ±19.4% |
| 2026-12-18 | 56 | 68.7% | ±22.0% |
| 2027-01-15 | 84 | 61.2% | ±23.8% |
| 2027-02-19 | 119 | 67.2% | ±30.7% |
| 2027-05-21 | 210 | 82.3% | ±49.0% |