At a glance
Rayonier Inc is worth $5.58B, about 6 times its fiscal 2025 earnings. Revenue fell 51.0% to $484.5M in fiscal 2025, with 97.9% kept as profit. It pays a 5.6% dividend yield, and returned $999.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −15.4% over the past year with dividends reinvested and −8.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.9% in the 2020 crash (S&P 500: 33.7%) and 33.4% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Rayonier is a real estate investment trust (REIT) that owns forests. REITs generally avoid federal corporate income tax on qualifying earnings by meeting rules that include paying out most of their taxable income as dividends. As of December 31, 2025, Rayonier owned or leased about 2.0 million acres of timberland: 1.69 million in the U.S. South and 307,000 in the Pacific Northwest. It grows trees and sells timber to pulp, paper and wood products mills and export markets.
In fiscal 2025, Southern Timber produced 47.1% of the company's $484 million in revenue, Real Estate 35.6% and Pacific Northwest Timber 17.2%. Sawtimber, the bigger logs sawn into lumber, was the top product, at 34.3% of revenue. The real estate arm sells rural and recreational land and develops two projects: Wildlight near Jacksonville, Florida, and Heartwood near Savannah, Georgia. Hunting licenses and leases for solar farms and carbon capture and storage add smaller sums.
Rayonier sold its 77% stake in a New Zealand joint venture in June 2025, so earlier years' revenue isn't comparable. On January 30, 2026, it completed a merger of equals (a deal between similar-sized companies) with PotlatchDeltic, issuing about 140.9 million new shares. The deal added timberland, including in Idaho, and wood products manufacturing. The fiscal 2025 figures above predate it.
Price history
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RYN -15.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Sawtimber | $166.2M | 34.3% |
| Stumpage Pay-as-Cut | $82.5M | 17% |
| Timberland & Non-Strategic | $53.5M | 11% |
| Rural | $48.6M | 10% |
| Improved Development | $47.2M | 9.7% |
| License Revenue, primarily from Hunting | $22.0M | 4.5% |
| Other Non-Timber Revenue | $18.6M | 3.8% |
| Real Estate, Other | $16.8M | 3.5% |
| Land-Based Solutions | $11.3M | 2.3% |
| Hardwood | $6.2M | 1.3% |
| Unimproved Development | $5.1M | 1% |
| Stumpage Lump Sum | $4.0M | 0.8% |
| Trading | $1.8M | 0.4% |
By business segment
| Southern Timber | $228.3M | 47.1% |
| Real Estate | $172.6M | 35.6% |
| Pacific Northwest Timber | $83.6M | 17.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $396.5M, up 272.1% from a year earlier, and net income was $19.1M (-95.3%).
- For fiscal 2025, revenue was $484.5M (-51.0% year over year) with a 97.9% net margin.
Financial health check
| Operating margin | 17.2% good |
|---|---|
| Return on equity (FY2025) | 21.5% good |
| Return on assets (FY2025) | 13.9% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $859.2M | $37.1M | $137.7M |
| FY2021 | $1.11B | $152.6M | $249.1M |
| FY2022 | $909.1M | $107.1M | $194.4M |
| FY2023 | $788.4M | $173.5M | $202.9M |
| FY2024 | $987.9M | $359.1M | $159.1M |
| FY2025 | $484.5M | $474.4M | — |
Valuation snapshot
| Market value | $5.58B |
|---|---|
| P/E ratio | 6.2 |
| Dividend yield | 5.6% |
Rank among 1514 US companies
Market value at each year end
Rayonier’s market value went from $6.54B at the end of 2016 to $5.58B on Oct 28, 2026, down 15%; since the end of 2025 it is down 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.58B | -16.3% |
| 2025 | $6.66B | -14.3% |
| 2024 | $7.78B | -21.5% |
| 2023 | $9.91B | +2.7% |
| 2022 | $9.65B | -16.5% |
| 2021 | $11.56B | +44.0% |
| 2020 | $8.02B | -5.3% |
| 2019 | $8.47B | +18.2% |
| 2018 | $7.17B | -12.1% |
| 2017 | $8.16B | +24.8% |
| 2016 | $6.54B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RYN price data to Oct 28, 2026 | -10.1% | -15.4% | -2.5% | -8.1% | +1.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -10.1% |
| 2025 | -12.0% |
| 2024 | -13.2% |
| 2023 | +5.7% |
| 2022 | -15.7% |
| 2021 | +41.5% |
| 2020 | -6.3% |
| 2019 | +22.6% |
| 2018 | -9.7% |
| 2017 | +23.0% |
| 2016 | +24.7% |
| 2015 | -17.2% |
| 2014 | -5.7% |
| 2013 | -15.8% |
| 2012 | +20.4% |
| 2011 | +32.3% |
| 2010 | +30.1% |
| 2009 | +42.5% |
| 2008 | -30.3% |
| 2007 | +20.3% |
| 2006 | +6.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 46.9% over that stretch · deepest drop along the way 51.6%, back to its old high 12.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.7% over that stretch · deepest drop along the way 36.9%, back to its old high 5.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.5% over that stretch · deepest drop along the way 33.4%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 4 sales ($186K), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 10, 2026 | Mark R Bridwell EVP, GC and Secretary | sell | $107K |
| Apr 20, 2026 | Wayne Wasechek EVP and CFO | sell (plan) | $62K |
| Sep 30, 2026 | Ryan M. Daniels SVP, Wood Products | sell (plan) | $16K |
| Oct 2, 2026 | Ryan M. Daniels SVP, Wood Products | sell | $255.00 |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.4% | Mar 31, 2026 |
| Vanguard Portfolio Management | 8.34% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 5.4% | Mar 31, 2026 |
| Norges Bank | 5.2352% | Mar 31, 2026 |
| Vanguard Capital Management | 5.11% | Mar 31, 2026 |
| Cohen & Steers, Inc. | 4.23% | Sep 30, 2026 |
ETFs with the most weight in RYN
| WOOD iShares Global Timber & Forestry ETF | 4.31% |
| CUT Invesco MSCI Global Timber ETF | 2.26% |
| PSR Invesco Active U.S. Real Estate Fund | 1.79% |
| MDIV Multi-Asset Diversified Income Index Fund | 1.44% |
| SPRE SP Funds S&P Global REIT Sharia ETF | 1.44% |
| HOMZ Hoya Capital Housing ETF | 0.72% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 0.61% |
| HSMV First Trust Horizon Managed Volatility Small/Mid ETF | 0.58% |
What could go wrong
- Merger brings integration and pension risks. Rayonier issued about 140.9 million new shares in the January 30, 2026 PotlatchDeltic merger, taking on wood products manufacturing and underfunded pension plans. If integration costs more or delivers less than expected, results could suffer.
- More federal timber could depress Idaho prices. New federal and state actions aim to expand harvests on government land in Idaho. A big rise in federal timber sales could add supply, depress prices and intensify competition, hurting results.
- Real estate approvals are slow and uncertain. Real Estate produced 35.6% of fiscal 2025 revenue. Developing projects such as Wildlight and Heartwood requires lengthy, costly government approvals with uncertain outcomes, which could slow growth in this segment.
- Timber prices swing with housing and paper. Home building and repair drive sawtimber demand. Pricing on many Idaho sawlogs follows lumber prices with a four-week lag. Closures of pulp and packaging mills have cut pulpwood demand and prices in some regions.
- Weather and timber estimates add uncertainty. Weather, climate change and other natural conditions can limit how much timber Rayonier harvests and sells. Its estimates of timber inventory and growth rates could also prove wrong, reducing expected revenue.
- Higher interest rates can weigh on shares. Rising rates can lower timberland values and make the dividend yield look less appealing next to bonds. Inflation and tariffs also raise costs for labor, fuel, contractors and imported mill equipment.
Recent events
- Quarterly results released
- Executive or board change; Other company announcement
- Shareholder vote results
- Quarterly results released
- Change of auditor
- Executive or board change; Other company announcement
- Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Major agreement signed; New debt or financial obligation; Executive or board change
For income and retirement investors
Rayonier pays a sizable dividend, but not a steadily rising one. The dividend yield, annual dividends divided by the share price, was 5.6% as of October 28, 2026. There is no active streak of annual increases, and the 10-K warns dividends may fluctuate. Dividends fell to $2.49 per share in fiscal 2025 from $2.94 in fiscal 2024. That payout equaled 61.6% of fiscal 2025 earnings, which included results from the New Zealand business it sold. In fiscal 2024, dividends paid of $201 million exceeded free cash flow (cash left after capital spending) of $159 million. Buybacks were minor: $17 million over fiscal 2021–2025.
The shares have fallen hard in downturns: 51.6% in the 2008 financial crisis, recovering by March 2010, and 36.9% in the 2020 COVID crash, recovering by August 2020. After a 33.4% drop in 2022, they had not regained that peak as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Rayonier make money?
Mainly by growing and selling timber, and by selling land. In fiscal 2025, Southern Timber produced 47.1% of its $484 million in revenue, Real Estate 35.6% and Pacific Northwest Timber 17.2%. Sawtimber, the bigger logs sawn into lumber, was the top product at 34.3% of revenue. Hunting licenses and leases for solar farms and carbon capture and storage add smaller amounts. Since merging with PotlatchDeltic on January 30, 2026, it also makes wood products.
Does Rayonier raise its dividend every year?
No. Rayonier has no active streak of annual dividend increases, and its 10-K warns that dividends are not guaranteed and may fluctuate. It paid $2.49 per share in fiscal 2025, down from $2.94 in fiscal 2024. The yield was 5.6% as of October 28, 2026. As a REIT, it must pay out most of its taxable income to keep its tax status, which supports payouts but leaves less cash to reinvest.
Did Rayonier merge with PotlatchDeltic?
Yes. Rayonier completed a merger of equals with PotlatchDeltic on January 30, 2026. PotlatchDeltic stockholders received 1.8185 Rayonier shares plus $0.61 in cash for each share, and Rayonier issued about 140.9 million new shares. The company says the deal expands its timberland and adds wood products manufacturing. It also took on underfunded pension plans. Revenue for the quarter ended June 30, 2026 was $396 million, up 272% from a year earlier.
How has Rayonier stock performed over time?
Its share price has fallen over the past one, three and five years. As of October 28, 2026, it was down 15.4% over one year, 7% over three years and 34% over five years, and up 12% over ten years. These are price changes only and leave out dividends. The shares fell 51.6% during the 2008 financial crisis and 33.4% in 2022. Their largest drop over about 21 years of price history was 52.9%.
Is Rayonier a REIT?
Yes. Rayonier is a timberland REIT; timberland counts as real estate. It generally does not pay federal income tax on timber harvest earnings and other qualifying activities, provided it meets distribution, income, asset and shareholder tests. Some non-qualifying operations run through taxable subsidiaries that pay corporate tax. It holds its assets through an operating partnership, in which it had a 99.0% interest as of December 31, 2025. Its 10-K warns that losing REIT status would hurt cash flow and the share price.