RYNRAYONIER INC

Real Estate Investment Trusts

Revenue: $483M; 51% YoY
Operating margin: 17.3%; 53% YoY
EBITDA: $83M; 83% YoY
Market cap: $5.8B
Employees: 285; $2M revenue each
Net debt / EBITDA: 16.5×; $1.4B net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
54% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
115% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 64th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 9th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
16.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$4M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.1B	$576M	$787M	$986M	$483M	51%
Operating income	$270M	$135M	$185M	$364M	$83M	77%
Net income	$153M	$107M	$173M	$359M	$474M	32%
Operating cash flow	$325M	$269M	$298M	$262M	$257M	1.9%
Capex	$76M	$75M	$79M	$85M	—
Stock-based comp	$9M	$12M	$14M	$14M	$11M	23%
Buybacks	$2M	$4M	$4M	$4M	$3M	31%
Dividends	$154M	$166M	$170M	$201M	$292M	46%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $4M · 6
Net: −$4M

Pay vs performance

No pay-versus-performance disclosure yet.