WYWEYERHAEUSER CO

Real Estate Investment Trusts

Revenue: $6.9B; 3.1% YoY
Operating margin: 10.6%; 10% YoY
EBITDA: $1.2B; 4.5% YoY
Market cap: $14.7B
Employees: 9,517; $726K revenue each
Net debt / EBITDA: 4.8×; $6.0B net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 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 cashNo
173% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
136% 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 0 of 4

Low revenue per employeeNo
$726K · 46th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 52nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$14.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$10.2B	$10.2B	$7.7B	$7.1B	$6.9B	3.1%
Operating income	$3.6B	$3.1B	$1.2B	$685M	$731M	6.7%
Net income	$2.6B	$1.9B	$839M	$396M	$324M	18%
Operating cash flow	$3.2B	$2.8B	$1.4B	$1.0B	$562M	44%
Stock-based comp	$30M	$33M	$36M	$43M	$43M	0.0%
Buybacks	$100M	$543M	$131M	$154M	$160M	3.9%
Dividends	$884M	$1.6B	$1.2B	$684M	$606M	11%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $722K · 3
Open-market sells, 12 mo: $2M · 2
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.