RAYONIER INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RAYONIER 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	816	820	816	712	859	1,110	909	788	988	484
Cost of revenue	526	568	605	558	712	796	688	529	548	327
Gross profit	289	251	211	153	147	313	221	259	440	157
Selling, general and administrative	42.8	40.2	42	41.6	50.6	57.8	64.7	74.8	74.4	66.7
Operating income	256	215	170	107	74.4	270	166	185	364	83.3
Interest expense	32.2	34.1	32.1	31.7	38.8	44.9	36.2	48.3	33.8	26.4
Interest income								1.78	8.21	24.3
Other non-operating income	-0.7	1.84	4.56	5.31	1.17	0.28	2.57	18.3	1.28	-6.69
Pre-tax income	223	183	143	80.6	36.8	225	132	160	340	74.6
Income tax	5.06	21.7	25.2	12.9	7.01	14.7	9.39	0.29	-1.02	0.53
Income from continuing operations	212							157	336	73.2
Net income to minority interests	5.8	12.7	15.1	8.57
Net income	212	149	102	59.1	37.1	153	107	173	359	474
EBITDA	407	361	314	235	275	518	321	434
EPS, basic	1.73	1.17	0.79	0.46	0.28	1.08	0.73	1.17	2.41	3.07
EPS, diluted	1.73	1.16	0.79	0.46	0.27	1.08	0.73	1.17	2.39	3.03
Shares, basic (weighted)	123	127	129	129	134	141	146	148	149	155
Shares, diluted (weighted)	123	128	130	130	137	145	150	151	152	159
Dividend per share	1.00	1.00	1.06	1.08	1.08	1.08	1.13	1.34	2.94	2.49

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	85.9	113	148	68.7	84.5	362	114	208	303	843
Receivables	20.7	27.7	26.2	27.1	49.1	30	27.8	28.7	8.01	9.1
Inventory	21.4	24.1	15.7	14.5	10.6	28.5	23.7	31	30.9	6.83
Other current assets	1.87	3.05	0.61	0.87	6.77	0.75	0.57	9.07	0.05	2.4
Total current assets	165	184	208	126	171	451	202	317	437	884
Property, plant and equipment	14	23.4	22.8	22.3	30.4	29.6	27.2	27	17.4	18.5
Lease right-of-use assets			0	99.9	109	102	97.2	95.5	18.6	16.3
Goodwill	8.68	8.78	8.31	8.61	8.94	8.46	7.86	7.82	6.97
Other non-current assets	73.8	49	55	47.8	45.2	51	115	97.6	78.3	60
Total assets	2,686	2,858	2,781	2,861	3,729	3,636	3,789	3,648	3,474	3,405
Accounts payable	22.3	25.1	18	18.2	24.8	23.4	22.1	26.6	16.9	12.8
Accrued liabilities	9.28	9.66	10.4	8.87	12.3	14.5	12.6
Deferred revenue	9.1	9.72	10.4	11.4	11.1	17.8	22.8	19	20.9	19.3
Short-term debt	31.7	3.38	0	82		125	0	0	0	200
Total current liabilities	92	68.5	63.5	151	91.1	232	95.3	140	389	271
Long-term debt	1,030	1,022	973	973	1,361	1,243	1,515	1,366	1,044	845
Lease liabilities			0	90.5	100	93.4	88.8	87.7	16.3	13.7
Other non-current liabilities	35	43.1	60.2	83.2	161	109	88.7	81.9	11.1	26.8
Total liabilities	1,189	1,166	1,126	1,323	1,866	1,821	1,909	1,770	1,694	1,195
Total debt	1,065	1,025	973	1,055	1,361	1,368	1,515	1,366	1,044	1,045
Retained earnings	701	707	672	583	446	402	367	338	257	281
Other comprehensive income	0.86	13.4	0.24	-31.2	-73.9	-19.6	35.8	24.7	-10.4	24.5
Shareholders' equity	1,412	1,593	1,557	1,440	1,474	1,772	1,865	1,861	1,769	2,210
Minority interests	85.1	99.9	97.7	97.7	389	43.8	15.3	17.1	11.2	0
Total equity	1,497	1,693	1,655	1,538	1,863	1,816	1,881	1,878	1,781	2,210
Total liabilities and equity	2,686	2,858	2,781	2,861	3,729	3,636	3,789	3,648	3,474	3,405
Shares outstanding	123	129	129	129	138	145	147	148	149	161

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	218	162	117	67.7	29.8	210	123	178	369	480
Depreciation and amortization	151	146	144	128	200	249	156	249
Stock-based compensation	5.14	5.4	6.43	6.9	8.03	9.28	12.4	14	14.2	11
Deferred income tax	0.96	8.63	19.4	10.8	-5.65	9.92	-0.41	-9.57	1.05	-5.58
Change in receivables	2.52	-6.36	0.77	-0.85	-15.4	17.2	-9.11	4.4	-2.83	6.6
Change in inventory	-1.18	-1.38	1.77	1.22	-1.45	-0.5	-4.34	0.51	2.01	0.24
Change in payables	-0.56	3.44	-4.63	-1.55	5.67	-1.59	1.14	1.51	0.57	-1.99
Cash from operations	204	256	310	214	204	325	269	298	262	257
Capital expenditures	-58.7	-65.3	-62.3	-64	-66.5	-76	-74.8	-95.5	-103
Acquisitions			0	0	-231	0	0
Cash from investing	-235	-235	-133	-219	-214	-26.3	-516	124	354	615
Debt issued	696	63.4	1.01	82	320	446	657	0	0
Debt repaid	-458	-100	-54.4	0	-152	-420	-532	-150	-250	0
Stock issued	0	152	0	0	32.6	231	61.6	-0.08	0	0
Share buybacks	-0.69	-0.18	-2.98	-4.25	-1.61	-1.62	-4.23	-4.22	-4.18	-2.9
Dividends paid	-123	-127	-137	-141	-146	-154	-166	-170	-201	-292
Cash from financing	114	-6.87	-194	-79.6	27	-16.3	-4.59	-329	-479	-373
Exchange rate effect	-0.94	0.58	0.57	-1.7	-0.02	-0.89	-1.97	-0.62	-1.42	1.39
Net change in cash	82.3	14.7	-15.9	-86.5	17.5	282	-254	93	135	500
Free cash flow	145	191	248	150	138	249	194	203	159
Interest paid	36.3	36	33.1	32.8	40.9	42.7	35.7	48.7	38.6
Income taxes paid	0.5	0.51	2.15	1.69	0.82	7.39	15.1	4.82	5.88	4.05

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $18.88 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	27.4%	Gross profit / revenue.
Operating margin	5.5%	Operating income / revenue.
Pre-tax margin	4.1%	Pre-tax income / revenue.
Net margin	68.6%	Net income / revenue.
Operating cash flow margin	38.9%	Cash from operations / revenue.
Effective tax rate	-140.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.0%	Net income / average total assets.
Return on invested capital (ROIC)	0.4%	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	10.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.6%	Stock-based compensation (from the cash flow statement) / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-51.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-18.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-10.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-64.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-10.7%	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	1.4%	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	-77.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-20.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	2.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	32.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	64.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	66.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	26.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	60.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	62.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-1.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.6%	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	4.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-15.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	30.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	18.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	24.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.8%	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	8.4%	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	-2.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.5%	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	-1.8%	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	4.3%	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	1.9%	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	3.0%	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	2.53x	Current assets / current liabilities.
Quick ratio	2.04x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.92x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.39x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.5%	Total debt / total assets.
Liabilities / assets	31.2%	Total liabilities / total assets.
Net debt	$1.37B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	1.10x	Operating income / interest expense.
Working capital	$541.6M	Current assets - current liabilities.
Tangible book value	$5.33B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.09x	Revenue / average total assets.
Fixed asset turnover	1.17x	Revenue / average property, plant and equipment.
Inventory turnover	4.35x	Cost of revenue / average inventory.
Days inventory	84 days	365 x average inventory / cost of revenue.
Receivables turnover	16.5x	Revenue / average receivables.
Days sales outstanding	22 days	365 x average receivables / revenue.
Days payables	21 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	85 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.82	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	$2.65	Revenue / diluted weighted shares.
Operating cash flow per share	$1.03	Cash from operations / diluted weighted shares.
Book value per share	$17.67	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$17.67	Tangible book value / shares outstanding.
Cash per share	$2.26	(Cash + short-term investments) / shares outstanding.
Payout ratio	56.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.62B	Share price x shares outstanding.
Enterprise value	$6.99B	Market cap + total debt - cash - short-term investments.
P/E	12.1x	Market cap / net income. Only when net income is positive.
P/S	8.28x	Market cap / revenue.
P/B	1.05x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.05x	Market cap / tangible book value, when positive.
P/OCF	21.3x	Market cap / cash from operations, when positive.
EV/Sales	10.3x	Enterprise value / revenue.
EV/EBIT	186x	Enterprise value / operating income, when both are positive.
Earnings yield	8.3%	Net income / market cap (the inverse of P/E).
Dividend yield	4.7%	Dividends paid over the period / market cap.
Shareholder yield	4.7%	(Dividends paid + share buybacks) / market cap.
PEG	0.20x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was RAYONIER INC's revenue in fiscal 2025?

RAYONIER INC reported revenue of $484.5M for fiscal 2025, 51% lower than the year before.

Was RAYONIER INC profitable in fiscal 2025?

Yes. Net income was $474.4M, a net margin of 97.9%.

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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