Rayonier Inc. REIT (RYN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-79.2%

$4.23

vs $20.33 price

Levered DCF

$2.76

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.83

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	49.2×	10.83×	28.08×	45.15×	37.37×	104.93×	71.22×	35.05×
P/B	1.52×	2.2×	2.66×	2.58×	3.21×	2.67×	2.94×	2.3×
P/S	6.92×	3.08×	4.68×	5.3×	5.12×	4.58×	5.95×	4.38×
EV / EBITDA	17.27×	9.01×	16.8×	19.98×	15.93×	22.07×	22.08×	14.03×
Gross margin	32.5%	37.9%	27.9%	24.3%	28.3%	17.1%	21.5%	25.8%
Operating margin	17.2%	31.9%	20.0%	18.2%	24.3%	8.7%	15.0%	20.8%
Net margin	97.9%	28.4%	16.4%	11.8%	13.7%	4.3%	8.3%	12.5%
Current ratio	3.11×	1.12×	2.26×	2.12×	1.95×	1.87×	0.83×	3.27×
Debt / equity	0.49×	0.67×	0.78×	0.86×	0.82×	0.99×	0.8×	0.62×
Interest coverage	3.17×	10.9×	4.37×	4.58×	6.01×	1.92×	3.38×	5.3×
Dividend yield	8.7%	5.2%	3.4%	3.4%	2.7%	3.7%	3.3%	3.8%
Payout ratio	61.6%	55.8%	98.0%	154.8%	100.6%	394.6%	238.7%	133.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.5%	20.3%	9.3%	5.7%	8.6%	2.5%	4.1%	6.6%
Return on invested capital	2.5%	12.7%	5.9%	4.2%	7.1%	1.7%	3.2%	5.2%
Return on assets	13.9%	10.3%	4.8%	2.8%	4.2%	1.0%	2.1%	3.7%
Free cash flow yield	6.2%	4.1%	4.1%	-5.5%	1.2%	2.9%	0.2%	5.3%
Earnings yield	14.2%	9.2%	3.5%	2.2%	2.7%	0.9%	1.4%	2.9%
Enterprise value	$3.6B	$4.7B	$6.2B	$6.3B	$6.8B	$5.3B	$5.3B	$4.4B
Net debt / EBITDA	1.11×	1.64×	3.38×	4.72×	2.58×	5.72×	4.48×	2.63×
Cash conversion cycle (days)	0	15	16	18	12	14	12	10