Rayonier Advanced Materials Inc. (RYAM) intrinsic value & 10-year financials
Rayonier Advanced Materials Inc. (RYAM) has a Graham intrinsic value of $18.55 per share. At $6.99 on Oct 17, 2026, the stock trades 62% below that value. Over the last 10 fiscal years revenue grew 6.0% a year to $1.5B, with an average return on invested capital of 2.5%.
- Graham intrinsic value
- $18.55
- Share price (Oct 17, 2026)
- $6.99
- Price vs Graham value
- 62% below
- Market cap
- $466.8M
- Revenue (FY2025)
- $1.5B
- Revenue growth (10-yr CAGR)
- 6.0%
- ROIC (10-yr avg)
- 2.5%
- Free cash flow (FY2025)
- —
RYAM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.5B | -$420.7M | -$6.33 | — | 0.3% | 0.4% |
| FY2024 | $1.6B | -$38.7M | -$0.59 | — | 2.4% | 2.4% |
| FY2023 | $1.6B | -$101.8M | -$1.57 | — | -4.0% | -3.4% |
| FY2022 | $1.7B | -$14.9M | -$0.23 | — | 1.5% | 1.8% |
| FY2021 | $1.4B | $66.4M | $1.05 | $138.0M | -0.7% | -0.7% |
| FY2020 | $1.7B | $555.0K | $0.01 | $47.3M | 1.6% | 0.8% |
| FY2019 | $1.8B | -$22.4M | -$0.57 | -$60.9M | -4.7% | -2.4% |
| FY2018 | $2.1B | $128.4M | $1.96 | $114.7M | 9.3% | 8.1% |
| FY2017 | $961.3M | $325.0M | $5.81 | $54.7M | 5.9% | 4.3% |
| FY2016 | $868.7M | $73.3M | $1.55 | $143.5M | 15.8% | 13.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
RAYONIER ADVANCED MATERIALS INC. has demonstrated mature, steady growth, with revenue compounding at 6.0% annually over the past decade.
RAYONIER ADVANCED MATERIALS INC. has historically struggled to out-earn its cost of capital, averaging just 2.5% ROIC.
RAYONIER ADVANCED MATERIALS INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, RAYONIER ADVANCED MATERIALS INC. is modeled at 6.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $18.55 per share.