Rayonier Inc. (RYN) intrinsic value & 10-year financials
Rayonier Inc. (RYN) has a Graham intrinsic value of $55.84 per share. At $18.99 on Oct 17, 2026, the stock trades 66% below that value. Over the last 10 fiscal years revenue shrank 5.6% a year to $483.0M, with an average return on invested capital of 6.7%.
- Graham intrinsic value
- $55.84
- Share price (Oct 17, 2026)
- $18.99
- Price vs Graham value
- 66% below
- Market cap
- $3.0B
- Revenue (FY2025)
- $483.0M
- Revenue growth (10-yr CAGR)
- -5.6%
- ROIC (10-yr avg)
- 6.7%
- Free cash flow (FY2025)
- —
RYN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $483.0M | $474.4M | $3.03 | — | 17.3% | 3.4% |
| FY2024 | $1.3B | $359.1M | $2.39 | $181.8M | 31.9% | 14.1% |
| FY2023 | $1.1B | $173.5M | $1.17 | $216.9M | 20.0% | 6.4% |
| FY2022 | $907.8M | $107.1M | $0.73 | $194.4M | 18.3% | 4.9% |
| FY2021 | $1.1B | $152.6M | $1.08 | $249.1M | 24.3% | 8.6% |
| FY2020 | $858.5M | $37.1M | $0.27 | $137.7M | 8.7% | 2.3% |
| FY2019 | $711.6M | $59.1M | $0.46 | $150.3M | 15.0% | 3.6% |
| FY2018 | $816.1M | $102.2M | $0.79 | $247.8M | 20.8% | 5.6% |
| FY2017 | $819.6M | $148.8M | $1.16 | $190.9M | 26.3% | 7.7% |
| FY2016 | $814.9M | $212.0M | $1.73 | $145.1M | 31.4% | 10.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
RAYONIER INC is facing top-line stagnation, with revenue contracting over the decade.
RAYONIER INC has historically struggled to out-earn its cost of capital, averaging just 6.7% ROIC.
RAYONIER 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 INC is modeled at 6.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $55.84 per share.