RAYONIER ADVANCED MATERIALS INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RAYONIER ADVANCED MATERIALS INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	869	961	1,957	1,431	1,344	1,408	1,717	1,643	1,630	1,466
Cost of revenue	683	800	1,666	1,377	1,280	1,333	1,594	1,555	1,465	1,348
Gross profit	186	141	291	53.5	63.4	74.7	123	88.2	166	119
Research and development				6	7	7	7	6	5	7
Selling, general and administrative	37.2	79.6	105	80.8	77.9	75.8	91.5	75.7	92.3	83.9
Operating income	143	59	148	-52.5	-30.4	-10.4	26.1	-65.3	39.5	4.1
Interest expense	34.6	40	55.9	52	55.5	66.4	66.2	73.8	85.7	98
Other non-operating income	0.74	2.35	5.02	0.18	-7.06	1.9	5.42	6.14	4.31	-2.01
Pre-tax income	113	343	126	-148	-98.2	-82.9	-23.8	-132	-49.2	-95
Income tax	39.3	19.2	27	-20.4	-60.9	-34.7	0.9	-32.3	-8.93	323
Income from continuing operations		323	99.5	-83.9	-38.1	-49.8	-27.4	-102	-42	-423
Net income	73.3	325	128	-22.5	0.56	66.4	-14.9	-102	-38.7	-421
EBITDA	232	156	294	89.7	108	128	161	74.7	177	138
EPS, basic	1.61	7.17	2.27	-0.57	0.01	1.05	-0.23	-1.57	-0.59	-6.33
EPS, diluted	1.55	5.81	1.96	-0.57	0.01	1.05	-0.23	-1.57	-0.59	-6.33
Shares, basic (weighted)	42.3	43.4	50.6	54.5	63.2	63.6	63.9	65.1	65.7	66.8
Shares, diluted (weighted)	47.1	55.9	65.4	54.5	63.2	63.6	63.9	65.1	65.7	66.8
Dividend per share	0.28	0.28	0.28	0.14

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	327	96.2	109	64	93.7	253	152	75.8	125	75.4
Receivables	37.6	181	199	182	179	182	212	197	214	193
Inventory	118	302	304	251	171	231	265	207	208	238
Other current assets	36.9	66.9	61.3	60.8	58.8	50.6	59.7	74.9	51.1	61.7
Total current assets	520	647	716	574	634	776	690	575	601	568
Property, plant and equipment	801	1,408	1,364	1,316	1,178	1,146	1,151	1,075	1,019	1,015
Lease right-of-use assets				22.4	15.8	18.3	15.6	17.5	31.1	25.6
Intangible assets	0	59.9	52.5	45.5	38.4	31.4	24.4	17.4	10.4	3.93
Other non-current assets	50.1	126	120	160	156	156	160	170	150	147
Total assets	1,422	2,643	2,679	2,480	2,530	2,445	2,348	2,183	2,130	1,758
Accounts payable	36.4	158	182	153	157	169	164	186	196	190
Accrued liabilities	21.9
Deferred revenue					0.72	22.5	21.6	24.1	11.1	10.4
Short-term debt	9.59	9.43	15	19.4	17.1	37.7	14.6	25.3	23.4	20.9
Total current liabilities	127	308	370	286	293	355	354	376	400	360
Long-term debt	774	1,232	1,173	1,063	1,067	891	839	752	706	758
Lease liabilities				17.5	12	12.6	11.4	14.7	24	18.6
Other non-current liabilities	8.66	12.8	12.1	27	25.8	34.4	29.5	31.1	47.3	46.9
Total liabilities	1,210	1,949	1,972	1,797	1,835	1,631	1,518	1,436	1,416	1,442
Total debt	9.59	9.43	15	1,082	1,084	929	853	777	730	779
Paid-in capital	242	392	399	399	405	409	418	419	425	428
Retained earnings	79	377	463	422	423	489	474	373	334	-88.9
Other comprehensive income	-110	-76.2	-156	-139	-134	-84.5	-63.8	-45.9	-45.7	-23
Shareholders' equity	212	694	707	683	695	814	829	746	714	317
Total equity	212	694	707	683	695	814	829	746	714	317
Total liabilities and equity	1,422	2,643	2,679	2,480	2,530	2,445	2,348	2,183	2,130	1,758
Shares outstanding	43.3	51.7	49.3	63.1	63.4	63.7	64	65.4	66	67

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	73.3	325	128	-22.5	0.56	66.4	-14.9	-102	-38.7	-421
Depreciation and amortization	88.3	96.6	146	142	138	138	135	140	137	134
Stock-based compensation	7.22	8.99	13	6.45	6.43	5.1	9.65	6.51	7.1	5.5
Deferred income tax	45.2	29.8	7.64	-16.3	-11	-37.1	-3.95	-27.7	-9.61	322
Change in receivables	31.3	-2.57	-31.5	14.4	4.54	-11.5	-33.8	20	-24.4	24.8
Change in inventory	7.04	-0.65	-21.6	47.8	15.2	-58.3	-35.1	58.9	-2.13	-23.3
Change in payables	-2.05	17.6	30.2	-25.3	-5.72	7.38	-8.27	13.8	8.07	2.9
Cash from operations	232	130	247	41.9	124	233	68.8	136	204	23.9
Capital expenditures	-88.7	-75	-129	-90.5	-63.3	-95.2
Acquisitions	0	-210	0	0
Cash from investing	-86.6	-277	-116	52.5	-77.8	85.4	-94.2	-127	-108	-114
Debt issued	0	680	0			4.39	5.72	465	672	547
Debt repaid	-71	-730	-45.3			-161	-75.3	-538	-702	-512
Stock issued	0.39	0.01	0.45	0	0
Share buybacks	0	-0.16	-42.8	-6.88	-0.46	-1.42
Dividends paid	-11.8	-12.7	-15.1	-8.57	0	0
Cash from financing	79.7	-83.6	-116	-138	-19.4	-157	-73.1	-86.9	-42.5	30.1
Exchange rate effect	0	0.85	-1.79	-0.86	2.37	-2.3	-3.03	1.92	-3.73	10.3
Net change in cash	225	-231	14.5	-44.1	27.3	162	-98.5	-78	53.2	-60.1
Free cash flow	144	54.8	118	-48.6	61.2	138
Interest paid	35.2	35.5	55.3	48.1	49.3	46.8	58.1	51	95.1	99.4
Income taxes paid	-4.73	5.99	12.6	3.27	1.17	-34.7	-15.2	-7.24	19	-0.51

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 26, 2026; growth uses fiscal years. Valuation uses the share price of $5.61 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	4.5%	Gross profit / revenue.
Operating margin	-17.2%	Operating income / revenue.
EBITDA margin	-8.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-24.1%	Pre-tax income / revenue.
Net margin	-24.4%	Net income / revenue.
Operating cash flow margin	6.5%	Cash from operations / revenue.
Return on assets (ROA)	-26.0%	Net income / average total assets.
Return on invested capital (ROIC)	-30.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	5.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.2%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	9.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-10.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-28.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-89.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-46.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-21.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-4.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-88.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-29.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-28.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-55.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-27.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-14.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-17.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-7.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.28x	Current assets / current liabilities.
Quick ratio	0.70x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.15x	(Cash + short-term investments) / current liabilities.
Debt / assets	54.8%	Total debt / total assets.
Liabilities / assets	102.5%	Total liabilities / total assets.
Net debt	$710.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-2.61x	Operating income / interest expense.
Working capital	$111.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$34.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.06x	Revenue / average total assets.
Fixed asset turnover	1.94x	Revenue / average property, plant and equipment.
Receivables turnover	6.93x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$5.40	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$22.16	Revenue / diluted weighted shares.
Operating cash flow per share	$1.45	Cash from operations / diluted weighted shares.
Book value per share	-$0.51	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.51	Tangible book value / shares outstanding.
Cash per share	$0.90	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$379.5M	Share price x shares outstanding.
Enterprise value	$1.09B	Market cap + total debt - cash - short-term investments.
P/S	0.25x	Market cap / revenue.
P/OCF	3.88x	Market cap / cash from operations, when positive.
EV/Sales	0.73x	Enterprise value / revenue.
Earnings yield	-96.2%	Net income / market cap (the inverse of P/E).

What was RAYONIER ADVANCED MATERIALS INC.'s revenue in fiscal 2025?

RAYONIER ADVANCED MATERIALS INC. reported revenue of $1.47B for fiscal 2025, 10.1% lower than the year before.

Was RAYONIER ADVANCED MATERIALS INC. profitable in fiscal 2025?

No. It reported a net loss of $420.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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