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Rayonier

NYSE:RYN
Snowflake Description

Adequate balance sheet with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
RYN
NYSE
$4B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. The last earnings update was 59 days ago. More info.


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RYN Share Price and Events
7 Day Returns
-2.1%
NYSE:RYN
-2.7%
US REITs
-0.8%
US Market
1 Year Returns
-14.9%
NYSE:RYN
15.1%
US REITs
7%
US Market
RYN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Rayonier (RYN) -2.1% 4.8% 8.1% -14.9% 26.4% -31.8%
US REITs -2.7% -0.8% 7.2% 15.1% 10.1% 25.7%
US Market -0.8% 2.7% 7.5% 7% 37.9% 47%
1 Year Return vs Industry and Market
  • RYN underperformed the REITs industry which returned 15.1% over the past year.
  • RYN underperformed the Market in United States of America which returned 7% over the past year.
Price Volatility
RYN
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Rayonier undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Rayonier to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Rayonier.

NYSE:RYN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:RYN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.55
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.547 (1 + (1- 21%) (24.03%))
0.766
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:RYN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Rayonier is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:RYN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 198.00 Analyst x2 184.19
2020 233.00 Analyst x1 201.63
2021 261.34 Est @ 12.16% 210.38
2022 285.74 Est @ 9.33% 213.98
2023 306.75 Est @ 7.35% 213.69
2024 325.05 Est @ 5.97% 210.64
2025 341.28 Est @ 5% 205.74
2026 356.01 Est @ 4.32% 199.65
2027 369.68 Est @ 3.84% 192.85
2028 382.65 Est @ 3.51% 185.69
Present value of next 10 years cash flows $2,018.44
NYSE:RYN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $382.65 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$8,244.42
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $8,244.42 ÷ (1 + 7.5%)10
$4,000.89
NYSE:RYN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,018.44 + $4,000.89
$6,019.32
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $6,019.32 / 129.17
$46.6
NYSE:RYN Discount to Share Price
Calculation Result
Value per share (USD) From above. $46.60
Current discount Discount to share price of $31.33
= -1 x ($31.33 - $46.60) / $46.60
32.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Rayonier is available for.
Intrinsic value
33%
Share price is $31.33 vs Future cash flow value of $46.6
Current Discount Checks
For Rayonier to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Rayonier's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Rayonier's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Rayonier's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Rayonier's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:RYN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $0.79
NYSE:RYN Share Price ** NYSE (2019-04-22) in USD $31.33
United States of America REITs Industry PE Ratio Median Figure of 152 Publicly-Listed REITs Companies 31.08x
United States of America Market PE Ratio Median Figure of 3,080 Publicly-Listed Companies 18.21x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Rayonier.

NYSE:RYN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:RYN Share Price ÷ EPS (both in USD)

= 31.33 ÷ 0.79

39.55x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Rayonier is overvalued based on earnings compared to the US REITs industry average.
  • Rayonier is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Rayonier's expected growth come at a high price?
Raw Data
NYSE:RYN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 39.55x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
-10.3%per year
United States of America REITs Industry PEG Ratio Median Figure of 139 Publicly-Listed REITs Companies -0.1x
United States of America Market PEG Ratio Median Figure of 2,109 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

NYSE:RYN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 39.55x ÷ -10.3%

-3.83x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Rayonier earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Rayonier's assets?
Raw Data
NYSE:RYN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $12.05
NYSE:RYN Share Price * NYSE (2019-04-22) in USD $31.33
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.84x
United States of America Market PB Ratio Median Figure of 5,186 Publicly-Listed Companies 1.91x
NYSE:RYN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:RYN Share Price ÷ Book Value per Share (both in USD)

= 31.33 ÷ 12.05

2.6x

* Primary Listing of Rayonier.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Rayonier is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Rayonier's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Rayonier has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Rayonier expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-10.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Rayonier expected to grow at an attractive rate?
  • Rayonier's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Rayonier's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Rayonier's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:RYN Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:RYN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts -10.3%
NYSE:RYN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts -1.5%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 1.9%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.5%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:RYN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:RYN Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 790 262 85 6
2019-12-31 769 237 66 6
NYSE:RYN Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 816 310 102
2018-09-30 890 330 164
2018-06-30 873 310 166
2018-03-31 828 301 156
2017-12-31 820 256 149
2017-09-30 828 227 133
2017-06-30 815 255 148
2017-03-31 876 207 231
2016-12-31 816 204 212
2016-09-30 705 198 174
2016-06-30 685 168 154
2016-03-31 539 155 43

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Rayonier's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Rayonier's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:RYN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Rayonier Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:RYN Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.64 0.89 0.52 5.00
2019-12-31 0.51 0.53 0.50 5.00
NYSE:RYN Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 0.79
2018-09-30 1.28
2018-06-30 1.29
2018-03-31 1.21
2017-12-31 1.17
2017-09-30 1.06
2017-06-30 1.19
2017-03-31 1.88
2016-12-31 1.73
2016-09-30 1.42
2016-06-30 1.25
2016-03-31 0.34

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Rayonier is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Rayonier's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Rayonier has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Rayonier performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Rayonier's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Rayonier's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Rayonier's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Rayonier's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Rayonier's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Rayonier Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:RYN Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 816.14 102.22 41.95
2018-09-30 889.71 164.38 41.64
2018-06-30 873.24 165.64 40.82
2018-03-31 828.30 155.54 39.60
2017-12-31 819.60 148.84 40.25
2017-09-30 827.98 133.02 40.91
2017-06-30 814.98 147.68 41.59
2017-03-31 875.56 231.34 42.60
2016-12-31 815.92 211.97 42.79
2016-09-30 704.92 173.93 43.07
2016-06-30 685.16 154.25 43.16
2016-03-31 539.41 42.89 44.63
2015-12-31 568.80 46.17 45.75
2015-09-30 555.12 44.43 46.29
2015-06-30 553.30 57.46 44.41
2015-03-31 600.64 63.26 45.54
2014-12-31 603.52 55.93 47.88
2014-09-30 694.68 79.38 50.13
2014-06-30 704.11 60.70 54.43
2014-03-31 696.16 95.33 55.27
2013-12-31 660.28 103.94 55.43
2013-09-30 834.73 145.42 57.53
2013-06-30 1,061.69 210.68 59.90
2013-03-31 1,254.77 237.87 61.09
2012-12-31 379.16 16.77 58.63
2012-09-30 1,459.77 254.20 68.99
2012-06-30 1,459.63 279.83 69.27

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Rayonier has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Rayonier used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Rayonier has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Rayonier's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Rayonier has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Rayonier's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Rayonier's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Rayonier is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Rayonier's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Rayonier's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Rayonier Company Filings, last reported 3 months ago.

NYSE:RYN Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,654.55 972.57 148.37
2018-09-30 1,701.10 972.43 146.26
2018-06-30 1,712.88 972.29 106.61
2018-03-31 1,736.17 996.15 92.79
2017-12-31 1,692.94 1,027.41 112.65
2017-09-30 1,657.23 1,036.57 104.06
2017-06-30 1,668.11 1,071.57 136.56
2017-03-31 1,647.29 1,075.24 219.36
2016-12-31 1,496.75 1,067.86 85.91
2016-09-30 1,448.58 1,100.70 110.04
2016-06-30 1,420.52 1,091.49 129.65
2016-03-31 1,335.78 894.72 76.20
2015-12-31 1,361.74 848.80 51.78
2015-09-30 1,376.22 813.61 65.76
2015-06-30 1,477.27 760.62 91.63
2015-03-31 1,548.22 751.18 139.05
2014-12-31 1,575.15 758.80 161.56
2014-09-30 1,610.90 741.17 182.83
2014-06-30 1,715.87 775.14 222.06
2014-03-31 1,757.64 1,513.35 156.07
2013-12-31 1,755.24 1,578.88 199.64
2013-09-30 1,684.88 1,663.45 260.74
2013-06-30 1,650.12 1,676.58 343.58
2013-03-31 1,539.19 1,200.47 266.02
2012-12-31 1,438.00 1,270.05 280.60
2012-09-30 1,417.97 1,009.05 215.48
2012-06-30 1,360.11 1,018.09 189.10
  • Rayonier's level of debt (58.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (89.9% vs 58.8% today).
  • Debt is well covered by operating cash flow (31.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.7x coverage).
X
Financial health checks
We assess Rayonier's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Rayonier has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Rayonier's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.45%
Current annual income from Rayonier dividends. Estimated to be 3.4% next year.
If you bought $2,000 of Rayonier shares you are expected to receive $69 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Rayonier's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.39%).
  • Rayonier's dividend is below the markets top 25% of dividend payers in United States of America (3.62%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:RYN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:RYN Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.07 7.00
2019-12-31 1.06 8.00
NYSE:RYN Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-22 1.080 3.549
2018-10-19 1.080 3.624
2018-07-20 1.080 3.206
2018-05-21 1.080 2.806
2018-05-04 1.000 2.654
2018-05-02 1.000 2.653
2017-10-20 1.000 3.036
2017-07-21 1.000 3.465
2017-05-19 1.000 3.499
2017-02-24 1.000 3.527
2016-10-21 1.000 3.655
2016-07-22 1.000 3.743
2016-05-24 1.000 3.841
2016-02-29 1.000 4.117
2015-10-19 1.000 4.565
2015-07-20 1.000 4.304
2015-05-18 1.000 3.896
2015-03-02 1.000 3.770
2015-02-12 1.000 3.643
2014-07-21 1.200 3.923
2014-05-16 1.960 4.619
2014-02-28 1.960 4.317
2013-10-18 1.960 4.407
2013-07-22 1.960 3.464
2013-05-16 1.760 3.163
2013-02-26 1.760 3.021
2012-10-19 1.760 3.415
2012-07-23 1.760 3.621
2012-05-18 1.600 3.625
2012-02-28 1.600 3.610
2011-10-21 1.600 3.720
2011-07-25 1.600 4.052
2011-05-20 1.440 3.319
2011-02-18 1.440 3.463
2010-10-18 1.440 3.968
2010-07-16 1.333 4.109
2010-05-21 1.333 4.429
2010-05-07 1.333 4.395
2010-05-06 1.333 4.356
2010-02-23 1.333 4.371
2010-01-26 1.333 4.799
2009-10-16 1.333 4.811
2009-07-17 1.333 4.910
2009-05-22 1.333 5.394
2009-04-30 1.333 5.237
2009-04-23 1.333 5.252

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Rayonier's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.6x coverage).
X
Income/ dividend checks
We assess Rayonier's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Rayonier afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Rayonier has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Rayonier's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dave Nunes
COMPENSATION $4,318,498
AGE 56
TENURE AS CEO 4.8 years
CEO Bio

Mr. David L. Nunes, also known as Dave, has been Chief Executive Officer, President and Director at Rayonier Inc. since June 30, 2014. Previously, Mr. Nunes served as the Chief Operating Officer at Rayonier Inc. from June 9, 2014 to June 30, 2014. Prior to this, he served as the President at Nunes Vegetable, Inc at The Nunes Company, Inc., and served as its Vice President since January 2002. Mr. Nunes served as the President and Chief Executive Officer at Pope MGP Inc and its Director since January 9, 2002. He served as its Chief Operating Officer from September 2000 to January 2002, Senior Vice President for Acquisitions & Portfolio Development from November 1998 to August 2000, Vice President for Portfolio Development from December 1997 to October 1998 and Director of Portfolio Development from April 1997 to December 1997. Mr. Nunes served as the President at Pope Resources, a Delaware Limited Partnership from September 2000 to May 31, 2014. He was Chief Executive Officer of Pope Resources/Olympic Resource Management from 2002 to 2014. He served two years as Senior Vice President of Acquisitions and Portfolio Development at Pope Resources. Mr. Nunes has more than three decades of forest products industry experience. Mr. Nunes served as the Strategic Planning Director at Weyerhaeuser Company from June 1988 to April 1997. He joined as Business Analyst at Weyerhaeuser Company in 1988. Mr. Nunes holds an MBA from the Tepper School of Business at Carnegie Mellon University and a Bachelor of Arts in Economics from Pomona College.

CEO Compensation
  • Dave's compensation has been consistent with company performance over the past year.
  • Dave's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Rayonier management team in years:

4.3
Average Tenure
47
Average Age
  • The tenure for the Rayonier management team is about average.
Management Team

Dave Nunes

TITLE
President
COMPENSATION
$4M
AGE
56
TENURE
4.8 yrs

Mark McHugh

TITLE
Senior VP & CFO
COMPENSATION
$2M
AGE
42
TENURE
4.3 yrs

Mark Bridwell

TITLE
VP, General Counsel & Corporate Secretary
COMPENSATION
$1M
AGE
56
TENURE
4.8 yrs

Chris Corr

TITLE
Senior Vice President of Real Estate Development
COMPENSATION
$964K
AGE
54
TENURE
1.3 yrs

Doug Long

TITLE
Senior Vice President of Forest Resources
COMPENSATION
$1M
AGE
47
TENURE
3.3 yrs

Shelby Pyatt

TITLE
Vice President of Human Resources & Information Technology
COMPENSATION
$735K
AGE
47
TENURE
4.8 yrs

April Tice

TITLE
Director of Financial Services & Corporate Controller
AGE
44
TENURE
2.4 yrs
Board of Directors Tenure

Average tenure and age of the Rayonier board of directors in years:

4.8
Average Tenure
57
Average Age
  • The tenure for the Rayonier board of directors is about average.
Board of Directors

Richard Kincaid

TITLE
Chairman of the Board
COMPENSATION
$226K
AGE
56
TENURE
4.8 yrs

Dave Nunes

TITLE
President
COMPENSATION
$4M
AGE
56
TENURE
4.8 yrs

V. Martin

TITLE
Director
COMPENSATION
$170K
AGE
54
TENURE
11.7 yrs

Scott Jones

TITLE
Director
COMPENSATION
$173K
AGE
59
TENURE
4.8 yrs

Dod Fraser

TITLE
Director
COMPENSATION
$187K
AGE
68
TENURE
4.8 yrs

Blanche Lincoln

TITLE
Director
COMPENSATION
$164K
AGE
57
TENURE
4.8 yrs

Bernie Lanigan

TITLE
Director
COMPENSATION
$169K
AGE
70
TENURE
3.9 yrs

Andrew Wiltshire

TITLE
Director
COMPENSATION
$169K
AGE
60
TENURE
3.9 yrs

Keith Bass

TITLE
Director
COMPENSATION
$172K
AGE
54
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Rayonier's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Rayonier has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Rayonier Inc. (NYSE:RYN) A Healthy REIT?

real estate investment trust (REIT) based in Yulee, United States. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation

Simply Wall St -

Taking A Look At Rayonier Inc.'s (NYSE:RYN) ROE

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.071 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Does Rayonier Inc.'s (NYSE:RYN) CEO Salary Compare Well With Others?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … The aim of all this is to consider the appropriateness of CEO pay levels. … How Does Dave Nunes's Compensation Compare With Similar Sized Companies?

Simply Wall St -

You May Have Been Looking At Rayonier Inc. (NYSE:RYN) All Wrong

real estate investment trust (REIT) based in Yulee, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way.

Simply Wall St -

Should You Be Holding Rayonier Inc. (NYSE:RYN)?

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Rayonier Inc. … For those interested in digger a bit deeper into my commentary,

Simply Wall St -

Buy Rayonier Inc (NYSE:RYN) When Everyone Panics

Rayonier Inc is a financially healthy and robust stock with a proven track record of outperformance. … We all know Rayonier, and having this large-cap to cushion your portfolio during a volatile period in the stock market isn't a bad idea. … Today I will give a high-level overview of the stock, and why I believe it's still attractive.

Simply Wall St -

What Kind Of Shareholders Own Rayonier Inc (NYSE:RYN)?

Generally speaking, as a company grows, institutions will increase their ownership. … We also tend to see lower insider ownership in companies that were previously publicly owned. … Our analysis of the ownership of the company, below, shows that.

Simply Wall St -

Rayonier Inc's (NYSE:RYN) Most Important Factor To Consider

If you are currently a shareholder in Rayonier Inc (NYSE:RYN), or considering investing in the stock, you need to examine how the business generates cash, and how it is reinvested. … What is left after investment, determines the value of the stock since this cash flow technically belongs to investors of the company. … Free cash flow (FCF) is the amount of cash Rayonier has left after it pays off its expenses, including its net capital expenditures, which is what the company needs to spend each year to maintain or grow its business operations.

Simply Wall St -

Is Rayonier Inc's (NYSE:RYN) CEO Salary Justified?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Dave Nunes's Compensation Compare With Similar Sized Companies. … According to our data, Rayonier Inc has a market capitalization of US$4.1b, and pays its CEO total annual compensation worth US$4m.

Simply Wall St -

Did Rayonier Inc (NYSE:RYN) Create Value For Shareholders?

and want to learn about Return on Equity using a real-life example. … This can be measured by looking at the company’s financial leverage. … However, ROE only measures returns against equity, not debt.

Simply Wall St -

Company Info

Description

Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of December 31, 2018, Rayonier owned, leased or managed approximately 2.6 million acres of timberlands located in the U.S. South (1.8 million acres), U.S. Pacific Northwest (378,000 acres) and New Zealand (408,000 acres).

Details
Name: Rayonier Inc.
RYN
Exchange: NYSE
Founded: 1926
$4,046,870,754
129,169,191
Website: http://www.rayonier.com
Address: Rayonier Inc.
Wildlight,
1 Rayonier Way,
Yulee,
Florida, 32097,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE RYN Common Shares New York Stock Exchange US USD 17. Feb 1994
DB RA6 Common Shares Deutsche Boerse AG DE EUR 17. Feb 1994
Number of employees
Current staff
Staff numbers
349
Rayonier employees.
Industry
Specialized REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/22 23:44
End of day share price update: 2019/04/22 00:00
Last estimates confirmation: 2019/04/18
Last earnings filing: 2019/02/22
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.