At a glance
Sylvamo Corp is worth $1.27B, about 10 times its fiscal 2025 earnings. Revenue fell 11.2% to $3.35B in fiscal 2025, with 3.9% kept as profit; over 5 years it has grown 7.0% a year. It pays a 5.64% dividend yield, raised every year for at least 3 years, and returned $503.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −22.1% over the past year with dividends reinvested and +5.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 43.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months after the low.
The business in plain English
Sylvamo makes uncoated paper: the plain sheets that go into office copiers and printers (called cutsize paper) and into commercial printing presses (called offset paper). The industry name for this grade is uncoated freesheet, or UFS. The company also sells market pulp, the wood fiber that other manufacturers purchase to make their own paper. It separated from International Paper in 2021, but its roots go back to 1898.
Sylvamo sells directly to end users and converters (businesses that turn large paper rolls into finished products), and through agents, resellers and paper distributors. Its paper reaches customers through retail, merchant and e-commerce channels. Profit depends on the gap between paper prices and the cost of wood fiber, chemicals, water and energy. The company says most of its North American and Latin American mills rank among the lowest-cost quarter of producers.
Sylvamo reports its results by region. Of its $3.35 billion in revenue for fiscal 2025, which ended December 31, 2025, North America brought in 52%, Latin America 26% and Europe 22%. Five of its seven mills are outside the United States: three in Brazil, one in France and one in Sweden. From 2023 to 2025, Europe and Latin America together averaged 48% of revenue but 28% of regional operating profit, so North America supplied most of that profit.
Price history
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SLVM -22.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| North America | $1.75B | 52.3% |
| Latin America | $858.0M | 25.6% |
| Europe | $739.0M | 22.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $806.0M, up 1.5% from a year earlier, and net income was $-11.0M (-173.3%).
- For fiscal 2025, revenue was $3.35B (-11.2% year over year; +7.0% a year from FY2020 to FY2025) with a 3.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.0% good |
|---|---|
| Operating margin | 7.5% watch |
| Free cash flow margin | 1.3% watch |
| Return on equity (FY2025) | 13.7% watch |
| Return on assets (FY2025) | 4.8% watch |
| Net cash (cash minus debt) | $-697.0M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.38B | $170.0M | $293.0M |
| FY2021 | $2.83B | $331.0M | $480.0M |
| FY2022 | $3.63B | $118.0M | $289.0M |
| FY2023 | $3.72B | $253.0M | $294.0M |
| FY2024 | $3.77B | $302.0M | $248.0M |
| FY2025 | $3.35B | $132.0M | $44.0M |
Valuation snapshot
| Market value | $1.27B |
|---|---|
| P/E ratio | 9.8 |
| Dividend yield | 5.64% |
Rank among 1514 US companies
Market value at each year end
Sylvamo’s market value went from $1.23B at the end of 2021 to $1.27B on Oct 28, 2026, up 3%; since the end of 2025 it is down 33%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.27B | -33.2% |
| 2025 | $1.90B | -41.4% |
| 2024 | $3.24B | +58.8% |
| 2023 | $2.04B | -4.8% |
| 2022 | $2.14B | +74.3% |
| 2021 | $1.23B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SLVM price data to Oct 28, 2026 | -30.7% | -22.1% | -6.7% | +5.6% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -30.7% |
| 2025 | -37.1% |
| 2024 | +64.7% |
| 2023 | +4.3% |
| 2022 | +75.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 46.7% over that stretch · deepest drop along the way 43.2%, back to its old high 4.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Integrated Core Strategies (US) LLC | 5.4% | Nov 18, 2025 |
| NOMURA HOLDINGS INC | 4% | Jun 30, 2025 |
ETFs with the most weight in SLVM
| WOOD iShares Global Timber & Forestry ETF | 4.38% |
| PSCM Invesco S&P SmallCap Materials ETF | 3.72% |
| CUT Invesco MSCI Global Timber ETF | 1.4% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.06% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 0.98% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.92% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 0.76% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 0.73% |
What could go wrong
- Long-term decline in paper demand. Sylvamo says demand for its products is in secular decline, meaning a long-term fall rather than a temporary dip, as electronic media replace printed paper. That can shrink sales volumes over time.
- Commodity paper with cyclical prices. Paper is largely a commodity, so it competes on price, and supply and demand move in cycles. Results can swing sharply: fiscal 2025 revenue fell 11.2% and net income fell 56.3%.
- Exposure to Brazil, currencies and trade policy. Five of seven mills are outside the US, three in Brazil. Currency swings hurt results in 2025, Brazil's policies favoring local producers could change, and US tariffs have pushed competing products into some markets.
- Heavy reliance on a few customers. Sylvamo relies significantly on a few customers. If one struggles financially or merges with another company, Sylvamo could lose sales or pricing power.
- Higher costs for wood and energy. Wood fiber, chemicals, water and energy are essential inputs. Inflation has raised these costs, and the company says its ability to pass them on through higher prices without losing demand is limited.
- Debt could pressure the dividend. As of June 30, 2026, Sylvamo had $884 million of debt and $187 million of cash. Debt can limit spending choices, and the board could reduce or stop dividends and share repurchases.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Major agreement signed; Change to shareholder rights; Bylaws or fiscal year changed; Other company announcement
- Quarterly results released
- Executive or board change
- Major agreement signed; Major agreement ended
For income and retirement investors
Sylvamo began paying dividends in fiscal 2022 and raised them each year through fiscal 2025, from $0.475 to $1.80 per share. The yield was 5.64% as of October 28, 2026. In fiscal 2025, dividends took 55% of earnings but 166% of free cash flow (cash left after operating costs and equipment spending), so payouts exceeded the cash the business generated. It also spent $301 million repurchasing its own shares over fiscal 2021–2025, and its share count fell about 10% between November 2021 and July 2026.
Because Sylvamo has traded only since its 2021 separation from International Paper, there is no record from the 2008 or 2020 crashes. In the 2022 market downturn, the shares gained 46.7% from the market's peak to its low, despite a 43.2% drop between June 3 and July 11, 2022. Over the three years to October 28, 2026, the deepest decline was 64.8%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Sylvamo make money?
Sylvamo makes money selling uncoated paper, including cutsize paper for copiers and printers and offset paper for commercial printing, plus market pulp. It sells directly to end users and converters and through agents, resellers and distributors. In fiscal 2025, revenue was $3.35 billion: 52% from North America, 26% from Latin America and 22% from Europe. Five of its seven mills are outside the US, including three in Brazil. Profit depends on paper prices versus the cost of wood, chemicals and energy.
Does Sylvamo raise its dividend every year?
Yes, through fiscal 2025. Sylvamo began paying dividends in fiscal 2022 and raised the annual total each year since: $0.475 per share, then $1.40, $1.65 and $1.80. That is three straight increases, a short record because the company has only been independent since 2021. The yield was 5.64% as of October 28, 2026. Its annual report warns that dividends are up to the board and may be reduced or stopped.
Is Sylvamo's dividend covered by cash flow?
No, not in fiscal 2025. Free cash flow, the cash left after operating costs and spending on mills and equipment, fell to $44 million from $248 million in fiscal 2024. Dividends paid totaled $73 million, and share repurchases another $82 million. Dividends equaled 166% of free cash flow but 55% of earnings. In the quarter ended June 30, 2026, Sylvamo posted an $11 million net loss, and it held $884 million of debt against $187 million of cash.
Why has Sylvamo stock dropped?
Sylvamo's shares have slid alongside weaker results. The stock fell 37.1% in 2025 and another 30.7% from the start of 2026 through October 28, 2026. Fiscal 2025 revenue fell 11.2% and net income fell 56.3%, and the company lost $11 million in the quarter ended June 30, 2026. Its annual report also says currency swings hurt 2025 results and tariffs pushed competing products into some of its markets, pressuring prices.
Is Sylvamo still part of International Paper?
No. Sylvamo separated from International Paper in 2021 and trades on its own on the New York Stock Exchange under the symbol SLVM. The split still carries risks. Its annual report warns that if the separation fails to qualify for tax-free treatment in the US, Sylvamo could face significant tax liabilities. It also has other ongoing potential liabilities from the separation.