Latest Ratios: P/E Ratio 49.6x · EV/EBITDA 18.1x · ROE 23.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.4B | $3.4B | $4.0B | $5.0B | $4.9B | $5.9B | $4.0B | $4.2B | $3.6B | $4.0B | $3.3B |
| Enterprise Value | $3.6B | $3.7B | $4.8B | $6.3B | $6.4B | $7.0B | $5.4B | $5.3B | $4.4B | $5.0B | $4.2B |
| P/E Ratio → | 49.61 | 49.20 | 10.92 | 28.56 | 45.15 | 37.37 | 108.81 | 71.22 | 35.05 | 27.27 | 15.38 |
| P/S Ratio | 6.97 | 7.09 | 3.14 | 4.78 | 5.44 | 5.29 | 4.68 | 5.97 | 4.40 | 4.93 | 4.14 |
| P/B Ratio | 1.54 | 1.53 | 2.17 | 2.58 | 2.49 | 3.01 | 2.02 | 2.76 | 2.17 | 2.39 | 2.18 |
| P/FCF | 16.34 | 16.62 | 24.96 | 24.88 | — | 83.78 | 35.61 | 530.70 | 18.88 | — | — |
| P/OCF | 13.16 | 13.39 | 15.18 | 16.92 | 18.38 | 18.04 | 19.70 | 19.81 | 11.58 | 15.77 | 16.03 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.57 | 3.83 | 5.95 | 7.08 | 6.28 | 6.28 | 7.48 | 5.41 | 6.05 | 5.38 |
| EV / EBITDA | 18.14 | 18.43 | 8.90 | 17.03 | 20.56 | 16.37 | 22.56 | 22.62 | 14.05 | 14.44 | 11.44 |
| EV / EBIT | 43.31 | 36.33 | 11.70 | 27.13 | 38.23 | 25.79 | 71.46 | 47.38 | 26.09 | 22.80 | 16.59 |
| EV / FCF | — | 17.74 | 30.38 | 31.02 | — | 99.48 | 47.78 | 665.31 | 23.21 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.5% | 32.5% | 37.9% | 27.9% | 24.3% | 28.3% | 17.1% | 21.5% | 25.8% | 30.7% | 33.4% |
| Operating Margin | 17.2% | 17.2% | 31.9% | 20.0% | 18.2% | 24.3% | 8.7% | 15.0% | 20.8% | 26.3% | 32.4% |
| Net Profit Margin | 97.9% | 97.9% | 28.4% | 16.4% | 11.8% | 13.7% | 4.3% | 8.3% | 12.5% | 18.2% | 26.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 23.2% | 23.2% | 18.9% | 8.8% | 5.4% | 7.7% | 2.1% | 3.7% | 6.1% | 9.3% | 14.8% |
| ROA | 13.8% | 13.8% | 10.1% | 4.7% | 2.9% | 4.1% | 1.1% | 2.1% | 3.6% | 5.4% | 8.5% |
| ROIC | 2.4% | 2.4% | 10.2% | 4.7% | 3.8% | 6.3% | 1.9% | 3.2% | 5.0% | 6.4% | 8.3% |
| ROCE | 2.7% | 2.7% | 12.2% | 5.9% | 4.7% | 7.7% | 2.3% | 3.9% | 6.2% | 8.0% | 10.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.48 | 0.48 | 0.65 | 0.74 | 0.81 | 0.75 | 0.73 | 0.75 | 0.59 | 0.61 | 0.71 |
| Debt / EBITDA | 5.39 | 5.39 | 2.18 | 3.93 | 5.12 | 3.43 | 6.10 | 4.87 | 3.10 | 2.99 | 2.86 |
| Net Debt / Equity | — | 0.10 | 0.47 | 0.64 | 0.75 | 0.56 | 0.69 | 0.70 | 0.50 | 0.54 | 0.65 |
| Net Debt / EBITDA | 1.16 | 1.16 | 1.59 | 3.37 | 4.76 | 2.58 | 5.75 | 4.58 | 2.62 | 2.66 | 2.63 |
| Debt / FCF | — | 1.11 | 5.42 | 6.14 | — | 15.70 | 12.18 | 134.61 | 4.33 | — | — |
| Interest Coverage | 3.84 | 3.84 | 11.19 | 4.80 | 4.65 | 6.01 | 1.95 | 3.54 | 5.27 | 6.37 | 7.75 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.11 | 3.11 | 1.12 | 2.26 | 2.12 | 1.95 | 1.87 | 0.83 | 3.27 | 2.68 | 1.79 |
| Quick Ratio | 3.11 | 3.11 | 1.04 | 2.04 | 1.87 | 1.83 | 1.76 | 0.74 | 3.03 | 2.33 | 1.56 |
| Cash Ratio | 3.11 | 3.11 | 0.83 | 1.48 | 1.20 | 1.56 | 0.93 | 0.45 | 2.34 | 1.65 | 0.93 |
| Asset Turnover | — | 0.14 | 0.36 | 0.29 | 0.24 | 0.31 | 0.23 | 0.25 | 0.29 | 0.29 | 0.29 |
| Inventory Turnover | — | — | 24.27 | 24.59 | 29.01 | 27.91 | 67.25 | 38.46 | 38.54 | 23.54 | 24.54 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 8.4% | 8.5% | 5.1% | 3.4% | 3.3% | 2.6% | 3.6% | 3.3% | 3.8% | 3.1% | 3.8% |
| Payout Ratio | 61.6% | 61.6% | 55.9% | 98.0% | 154.8% | 100.6% | 394.6% | 238.7% | 133.8% | 85.4% | 57.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 2.0% | 9.2% | 3.5% | 2.2% | 2.7% | 0.9% | 1.4% | 2.9% | 3.7% | 6.5% |
| FCF Yield | 6.1% | 6.0% | 4.0% | 4.0% | — | 1.2% | 2.8% | 0.2% | 5.3% | — | — |
| Buyback Yield | 2.1% | 2.1% | 0.5% | 0.1% | 0.1% | 0.0% | 0.1% | 0.3% | 0.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 10.5% | 10.6% | 5.5% | 3.5% | 3.4% | 2.6% | 3.8% | 3.6% | 3.9% | 3.1% | 3.8% |
| Shares Outstanding | — | $159M | $152M | $151M | $150M | $145M | $137M | $130M | $130M | $128M | $123M |
Lumpy HBU Revenue Volatility
As reported in recent financial filings, Rayonier's P/E of 49.80 appears disconnected from operational reality, as the lack of stable FFO/AFFO metrics makes traditional REIT valuation multiples difficult to apply without adjusting for the lumpy, non-recurring nature of the company's HBU land sale program.
The elevated P/E ratio suggests that the market may be pricing in future land conversion optionality rather than current timber harvest yields. Investors should monitor the implied cap rate, as the current valuation appears to rely heavily on the perceived NAV of the timberland base rather than immediate cash flow generation.
Based on the provided quarterly data, NOI margins have demonstrated significant instability, swinging from a negative 6.7% in 2025Q1 to a high of 49.6% in 2024Q4, which underscores the sensitivity of property-level profitability to harvest timing and the inherent lumpiness of real estate divestitures.
The wide variance in NOI margins suggests that organic growth is frequently overshadowed by the timing of HBU transactions. This volatility makes it difficult to assess the underlying efficiency of the timber management operations without stripping out the impact of non-recurring land sales.
According to quarterly financial statements, Rayonier's FFO payout ratio has fluctuated wildly, reaching a peak of 188.0% in 2024Q1 and a low of 3.2% in 2025Q4, indicating that the dividend is frequently not supported by recurring cash flow from timber operations.
The extreme swings in the payout ratio suggest that the dividend policy may be decoupled from short-term operational performance. Investors should monitor whether the company intends to maintain this payout level through cash reserves or if a more conservative distribution policy is warranted given the inherent revenue lumpiness.
Based on the provided financial data, Rayonier maintains a remarkably low debt-to-equity profile compared to industry peers, with the company's debt-to-equity ratio stabilizing at 0.48 by 2025Q4, providing a substantial buffer against potential interest rate volatility and sector-specific demand downturns.
The aggressive deleveraging appears to position the company for opportunistic capital deployment, though it may also signal a lack of immediate, high-return investment opportunities. This conservative leverage profile warrants further investigation into whether management plans to utilize this liquidity for strategic land acquisitions or share repurchases.
As indicated by the reported figures, the P/E ratio is the most commonly misapplied metric for Rayonier, as it fails to account for the heavy influence of non-cash depletion expenses and the lumpy, non-recurring nature of HBU land sales that distort GAAP net income.
Using P/E obscures the true cash-generative capacity of the timberland portfolio by treating non-recurring gains as core earnings. Analysts should instead prioritize FFO or AFFO, which adjust for these accounting distortions and provide a clearer view of the recurring cash flow available for dividends and reinvestment.
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying RYN stock.
Rayonier Inc.'s current P/E ratio is 49.6x. The historical average is 26.1x. This places it at the 90th percentile of its historical range.
Rayonier Inc.'s current EV/EBITDA is 18.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.0x.
Rayonier Inc.'s return on equity (ROE) is 23.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 12.5%.
Based on historical data, Rayonier Inc. is trading at a P/E of 49.6x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Rayonier Inc.'s current dividend yield is 8.43% with a payout ratio of 61.6%.
Rayonier Inc. has 32.5% gross margin and 17.2% operating margin. Operating margin between 10-20% is typical for established companies.
Rayonier Inc.'s Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.