| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 38 | 38.9x | 17.8x | Bottom tier | |
Growth | 62 | 0.6% | 7.1% | Around median | |
Quality | 53 | — | 4.5% | Around median | |
Safety | 55 | 4.5x | 2.6x | Around median | |
Capital Return | 65 | 12.31% | 2.12% | Around median | |
Momentum | 31 | -18.7% | 2.9% | Bottom tier | |
Sentiment | 41 | 4 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Rayonier Inc. is a real estate investment trust that generates income from managing timberlands and harvesting timber, manufacturing and selling wood products, and selling higher-and-better-use land. Following its merger of equals with PotlatchDeltic in January 2026, the company's operations now include Southern Timberlands, Northwest Timberlands, Wood Products, and Real Estate; it also seeks to extract additional value from its land through solar energy projects, data center sites, and land-based solutions.
In fiscal Q2 2026, Rayonier reported GAAP income of $19 million, or $0.06 per share, while adjusted net income was $32 million, or $0.10 per share, and adjusted EBITDA reached $124 million. Operating performance was distributed across $53 million from Southern Timberlands, $26 million from Northwest Timberlands, $25 million from Wood Products, and $38 million from Real Estate, reflecting the broader business mix following the addition of PotlatchDeltic's operations.
In the latest EDGAR filings for fiscal Q1 2026, revenue was $276.8 million and gross profit was $46.5 million, equivalent to a calculated gross margin of approximately 16.8%, while the company recorded a net loss of $12.4 million and negative earnings per share of $0.05. In fiscal Q2 2026, the Real Estate segment alone generated revenue of $54 million from the sale of approximately 7,500 acres at an average of $6,300 per acre, and its adjusted EBITDA was $38 million, up $20 million from the comparable period.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $24.33, within a narrow range of $24 to $25, while the stock carries a Neutral consensus rating. The average target is approximately 10.1% below the 52-week range high of $27.06 and approximately 24.8% above the range low of $19.49, placing the analysts' valuation within the historical range rather than assuming a full return to its peak. This valuation balances the expansion in operating earnings following the PotlatchDeltic merger against weak pulpwood, a lower pine pricing mix, and uncertainty surrounding the conversion of solar energy options.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
Rayonier reported GAAP income of $19 million, or $0.06 per share, and adjusted net income of $32 million, or $0.10 per share. Adjusted EBITDA was $124 million, supported by contributions from PotlatchDeltic's operations and improved Real Estate performance. Southern Timberlands adjusted EBITDA rose 85% to $53 million, while Wood Products generated $25 million. The Real Estate segment also contributed $38 million after the sale of approximately 7,500 acres.
The merger of equals closed in January 2026, and Rayonier began including PotlatchDeltic's contribution in its fiscal 2026 outlook as of January 31. PotlatchDeltic's lands added approximately 1.5 million tons to the Southern Timberlands harvest and 360,000 tons to the Idaho harvest in fiscal Q2 2026. As a result, harvest volumes more than doubled in both the Southern and Northwest segments compared with the comparable period. Management confirmed on August 6, 2026, that integration initiatives and actions to achieve the targeted operating synergies were on track.
The Real Estate segment generated revenue of $54 million and adjusted EBITDA of $38 million in fiscal Q2 2026. The results included the sale of 460 acres to a solar energy developer for $4.6 million, or approximately $10,000 per acre. At the end of that quarter, approximately 77,000 acres were under options to sell or lease to solar energy developers. However, these options typically extend from five to seven years, and management said the portfolio may shrink before a significant increase in expirations begins during 2027.
Management expects to harvest 12.2 to 12.5 million tons in the Southern Timberlands segment during fiscal 2026, including 3.1 to 3.3 million tons in fiscal Q3 2026. In the Northwest, the expected annual harvest range is 2.0 to 2.2 million tons, with approximately 600,000 tons in fiscal Q3 2026. The company expects to ship approximately 1.1 billion board feet of wood products during 11 months of contribution in fiscal 2026. The shipment outlook for fiscal Q3 2026 is between 320 and 330 million board feet.
Cash available for distribution reached $177 million during the first half of fiscal 2026, compared with $47 million in the comparable period. The company repurchased 4.9 million shares for $103 million, including 3.5 million shares for $72 million in fiscal Q2 2026, and $126 million remained under the authorization. It also repaid a $200 million term loan in cash at maturity in April 2026. It ended fiscal Q2 2026 with $412 million in cash and approximately $1.9 billion of debt, while targeting net debt to EBITDA below three times.
Pulpwood markets are experiencing weak demand following several mill closures and increased supply due to dry weather and salvage harvesting, and management had not observed significant positive pricing momentum through fiscal Q2 2026. The company also expects average pine prices for the combined Southern business during fiscal 2026 to be lower than Rayonier's standalone prices in the previous year because of the geographic mix. In Wood Products, the improvement was more closely tied to supply constraints, duties, and transportation issues than to accelerating demand. In addition, fires damaged approximately 9,300 acres in Georgia and led to a loss of approximately $2 million during fiscal Q2 2026.
