# Rayonier Inc. (RYN)

> Source: Nexqual · https://nexqual.com/RYN · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Rayonier Inc. (RYN), nexqual.com/RYN" · informational, not investment advice.

**Price:** USD 18.75 (-2.45% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 19.22 · day 18.63–19.28 · 52w 17.71–24.82 · market cap $5.61B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $968M, net income $75.8M (7.8% margin) (SEC filings).
- Valuation: P/E 74.0x (avg 15.8x at the last 3 fiscal year-ends), net debt $1.44B.
- 1 of 80 tracked superinvestors hold RYN (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $186K; 2 not under a Rule 10b5-1 plan ($108K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.67 on a 1–5 scale) (6 analysts), mean target USD 23.67 (range 19–30).
- Total return with dividends: 1Y -12.7% vs S&P 500 +13.6%; 5Y -31.0% vs S&P 500 +79.8%.
- Next earnings: 2026-11-04, EPS estimate USD 0.1, revenue estimate $407M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.11B | $909M | $788M | $988M | $484M | $968M |
| Gross profit | $313M | $221M | $259M | $440M | $157M | — |
| Operating income | $270M | $166M | $185M | $364M | $83.3M | $57.7M |
| Net income | $153M | $107M | $173M | $359M | $474M | $75.8M |
| EPS (diluted) | $1.08 | $0.73 | $1.17 | $2.39 | $3.03 | — |
| Free cash flow | $249M | $194M | $203M | $159M | — | — |
| Gross margin | 28.3% | 24.3% | 32.9% | 44.6% | 32.5% | — |
| Operating margin | 24.3% | 18.2% | 23.4% | 36.9% | 17.2% | 6.0% |
| Net margin | 13.7% | 11.8% | 22.0% | 36.4% | 97.9% | 7.8% |
| Revenue growth | +29.1% | -18.1% | -13.3% | +25.3% | -51.0% | — |
| Cash + short-term investments | $362M | $114M | $208M | $303M | $843M | — |
| Total debt | $1.37B | $1.51B | $1.37B | $1.05B | $1.05B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 74.0x · P/S 5.8x · EV/Sales 7.3x · P/B 1.1x · Earnings yield 1.35% · Dividend yield (paid, TTM) 5.31% · Buyback yield (TTM) 0.06% · Net debt $1.44B · EV $7.05B
P/E at fiscal year-ends: Dec 2025 7.2x, Dec 2024 11.1x, Dec 2023 29.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold RYN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mason Hawkins | Southeastern Asset Management | 10.54% | $202M | Reduced -11.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 4 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 |
|---|---|---|---|---|---|---|---|
| 2026-10-02 | Daniels Ryan M. | SVP, Wood Products | 14 | $0K | 0% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-30 | Daniels Ryan M. | SVP, Wood Products | 887 | $16K | 1.6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-10 | Bridwell Mark R | EVP, GC and Secretary | 5,318 | $107K | 3.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-20 | Wasechek Wayne | EVP and CFO | 2,920 | $62K | 2.5% | Yes (adopted August 1, 2024) | Too little history (no open-market trades in 2023–2025) |
% 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 Hold (mean 2.67 on a 1–5 scale), 6 analysts; mean target USD 23.67 (low 19, high 30).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | RBC Capital | Target lowered | Sector Perform | $24 → $20 |
| 2026-10-12 | Truist Securities | Target lowered | Hold | $24 → $22 |
| 2026-10-05 | Citigroup | Target lowered | Neutral | $23 → $19 |
| 2026-08-10 | Citigroup | Target raised | Neutral | $22 → $23 |
| 2026-07-15 | Truist Securities | Target lowered | Hold | $25 → $24 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -12.7% | -31.0% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -12.7% | -7.1% |
| Volatility (annualized) | 25.1% | 25.8% |
| Max drawdown | -24.2% (Jan 2026→Oct 2026) | -45.1% (Apr 2022→Sep 2026) |

## Peers (REIT - Specialty)
OUT (OUTFRONT Media Inc.) USD 31.4 +0.32% · EPR (EPR Properties) USD 55.51 -0.89% · GLPI (Gaming and Leisure Properties, ) USD 38.45 -0.93% · WY (Weyerhaeuser Company) USD 19.19 -1.03% · LAMR (Lamar Advertising Company) USD 155.14 +0.08% · FRMI (Fermi Inc.) USD 3.02 +15.27%

## More
Full page: https://nexqual.com/RYN · 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

## Supply chain and relationships (SEC annual reports)

Named in RYN's own 10-K filed 2026-02-23 (https://www.sec.gov/Archives/edgar/data/52827/000005282726000036/ryn-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Taurus Forest Holdings | "On March 9, 2025, we entered into a purchase and sale agreement with Taurus Forest Holdings Limited, pursuant to which we agreed to sell our entire 77% interest in our New Zealand operations." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Total Wood Products Sales | $196.2M | 49.5% | — | $15.1M | 7.7% |
| Southern Timber | $96.9M | 24.4% | +81.8% | $8.1M | 8.4% |
| Real Estate | $53.3M | 13.4% | +83.2% | $28.3M | 53.0% |
| Northwest Timber | $49.7M | 12.5% | +109.1% | $12.6M | 25.3% |
| Total revenue | $396.5M | 100% | — | $64.1M | 16.2% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Wood Products Sales | $196.2M | 49.5% | — |
| Lumber | $158.6M | 40.0% | — |
| Total Timber Sales | $80.4M | 20.3% | +83.6% |
| Total Delivered | $55.6M | 14.0% | +125.8% |
| Total Real Estate Sales | $53.3M | 13.4% | +83.2% |
| Sawtimber | $48.2M | 12.1% | +105.8% |
| Rural | $40.7M | 10.3% | +159.0% |
| Plywood/Residual/Other | $37.5M | 9.5% | — |
| Pulpwood | $30.0M | 7.6% | +54.4% |
| Total Stumpage | $24.7M | 6.2% | +29.3% |
| Stumpage Pay-as-Cut | $23.9M | 6.0% | +24.7% |
| Total Non-Timber Sales | $16.6M | 4.2% | +73.3% |
| License Revenue, Primarily From Hunting | $8.9M | 2.2% | +66.7% |
| Improved Development | $6.4M | 1.6% | -24.1% |
| Deferred Revenue/Other | $6.1M | 1.5% | +226.8% |
| Land-Based Solutions | $4.1M | 1.0% | +46.0% |
| Other Non-Timber/Carbon Credit Revenue | $3.6M | 0.9% | +149.9% |
| Hardwood | $2.2M | 0.5% | +135.4% |
| Stumpage Lump Sum | $873,000 | 0.2% | +55.6% |
| Total revenue | $396.5M | 100% | — |
The lines above cover 201.2% of total revenue.

## Customer concentration

Period ended 2025-12-31: 11% of revenue from unnamed direct customers (10-K, filed 2026-02-23).

## Company outlook (8-K filed 2026-08-05)

- "We also continue to expect that full-year 2026 average log pricing for the combined company's Northwest Timber segment will be higher than the standalone pricing for Rayonier in the prior year. • Wood Products: In our Wood Products segment, we continue to expect lumber shipments to total approximately 1.1 billion board feet for the 11 months of contribution in 2026."
- "We further expect lumber shipments in the third quarter of approximately 320 to 330 million board feet."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.10 | $0.16 | -35.2% | $407.0M | 5 |
| Next quarter (ends 2026-12-31) | $0.15 | $0.13 | +16.9% | $429.5M | 5 |
| Current fiscal year (ends 2026-12-31) | $0.42 | $0.47 | -9.3% | $1.51B | 5 |
| Next fiscal year (ends 2027-12-31) | $0.57 | $0.66 | -13.4% | $1.64B | 5 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±8.9%; last 8 reports averaged ±2.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 34.7% | ±8.9% |
| 2026-12-18 | 51 | 31.5% | ±11.2% |
| 2027-01-15 | 79 | 27.5% | ±11.5% |
| 2027-02-19 | 114 | 28.9% | ±13.6% |
| 2027-05-21 | 205 | 30.7% | ±18.3% |
| 2027-08-20 | 296 | 29.4% | ±20.5% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 5, 2026 | Quarter ended Jun 30, 2026 | $0.10 | $0.10 | In line | -2.3% |
| May 6, 2026 | Quarter ended Mar 31, 2026 | $0.07 | $0.03 | Beat +$0.04 | -1.4% |
| Feb 11, 2026 | Quarter ended Dec 31, 2025 | $0.20 | $0.11 | Beat +81.8% | +0.3% |
| Nov 5, 2025 | Quarter ended Sep 30, 2025 | $0.32 | $0.22 | Beat +45.5% | +2.9% |
| Aug 6, 2025 | — | — | — | — | +8.0% |
| Apr 30, 2025 | — | — | — | — | -3.8% |
| Feb 5, 2025 | — | — | — | — | +2.5% |
| Nov 6, 2024 | — | — | — | — | -0.1% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-07 | Schedule 13G/A | Cohen & Steers, Inc., Cohen & Steers Capital Management, Inc.: 4.2% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/52827/000128481226000188/0001284812-26-000188-index.htm |
| 2026-08-07 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/52827/000005282726000099/0000052827-26-000099-index.htm |
| 2026-08-05 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/52827/000005282726000094/0000052827-26-000094-index.htm |
| 2026-07-17 | 8-K | Director or executive officer change, or pay arrangement; Other material event — “On July 16, 2026, the Board of Directors of Rayonier Inc. ("Rayonier" or the "Company") approved the appointment of Ryan M. Daniels as Senior Vice President, Wood Products. On March 11, 2026, the Company had announced the appointment of Mr. Daniels as Interim Senior Vice President, Wood Products, effective March 20, 2026. Mr. Daniels will continue leadership of the Wood Products business on a permanent basis. Mr. Daniels, 47, has served as Interim Senior Vice President, Wood Products, since March 2026. Prior to…” | https://www.sec.gov/Archives/edgar/data/52827/000005282726000091/0000052827-26-000091-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.