RYAM

MKT CAP:$652M

Rayonier Advanced Materials Inc.

Market Cap

$652M

Basic Materials·Chemicals·🇺🇸 United States·NYSE

Materials·Chemicals·🇺🇸·NYSE

Stock Price

$9.62+$3.76 (+64.16%)

Apr 24, 2026

Company Details

Rayonier Advanced Materials Inc. manufactures and sells cellulose specialty products in the United States, China, Canada, Japan, Europe, Latin America, other Asian countries, and internationally. The company operates through High Purity Cel...

CEO

Scott McDougald Sutton

IPO Date

Jun 16, 2014

Website

www.rayonieram.com

Key Metrics TTM

Revenue

$1.5B

-15.3% YoY

Net Income

-$385M

EPS (Diluted)

-$5.78

Free Cash Flow

-$25M

Revenue / Share

$22.47

Gross Margin

8.8%

Operating Margin

1.9%

Net Margin

-25.6%

FCF Margin

-1.6%

P/S

0.4x

P/E

—

Earnings Reports

Q3 2025

May 5, 2026

PENDING

FY 2025

Mar 5, 2026

$1.5BEPS -$6.29

Q2 2025

Aug 6, 2025

$340M-18.9%EPS -$5.44

Q1 2025

May 7, 2025

$356M-8.2%EPS -$0.49

Q2 2024

Aug 7, 2024

$419M+8.7%EPS $0.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 19	$488M	$25M	-$8M
Q1 20	$410M	$10M	-$12M
Q2 20	$324M	$23M	-$6M
Q3 20	$323M	$22M	-$1M
Q1 21	$319M	$20M	-$472.0K
Q4 21	$374M	$13M	-$14M
Q1 22	$352M	$6M	-$16M
Q2 22	$399M	$27M	-$3M
Q4 22	$500M	$44M	$16M
Q1 23	$467M	$37M	$17M
Q2 23	$385M	$15M	-$6M
Q4 23	$422M	$27M	-$61M
Q1 24	$388M	$37M	$17M
Q2 24	$419M	$48M	$28M
Q1 25	$356M	$24M	-$15M
Q2 25	$340M	$24M	-$1M

Valuation

Quarter	P/S	P/E
Q2 19	0.4x	—
Q1 20	0.3x	—
Q2 20	0.4x	—
Q3 20	0.4x	—
Q1 21	0.5x	—
Q4 21	0.5x	—
Q1 22	0.5x	—
Q2 22	0.5x	—
Q4 22	0.4x	—
Q1 23	0.4x	—
Q2 23	0.4x	—
Q4 23	0.4x	—
Q1 24	0.4x	—
Q2 24	0.4x	—
Q1 25	0.4x	—
Q2 25	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 19	$45M	$17M
Q1 20	-$13M	-$25M
Q2 20	$24M	$17M
Q3 20	$52M	$36M
Q1 21	$38M	$22M
Q4 21	$26M	-$8M
Q1 22	-$24M	-$69M
Q2 22	-$13M	-$54M
Q4 22	$61M	$37M
Q1 23	$51M	$30M
Q2 23	$32M	-$503.0K
Q4 23	$54M	$22M
Q1 24	$11M	-$21M
Q2 24	$88M	$62M
Q1 25	$40M	$2M
Q2 25	-$30M	-$68M

Capital Expenditures

Quarter	CapEx
Q2 19	$29M
Q1 20	$13M
Q2 20	$7M
Q3 20	$16M
Q1 21	$16M
Q4 21	$34M
Q1 22	$45M
Q2 22	$41M
Q4 22	$24M
Q1 23	$21M
Q2 23	$33M
Q4 23	$32M
Q1 24	$33M
Q2 24	$25M
Q1 25	$38M
Q2 25	$37M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 19	+142.2%	+182.8%
Q1 20	+103.7%	+124.5%
Q2 20	-37.9%	-30.6%
Q3 20	-33.0%	-35.2%
Q1 21	-34.7%	-35.7%
Q4 21	-8.7%	-8.0%
Q1 22	+8.5%	+11.3%
Q2 22	+23.4%	+23.9%
Q4 22	+56.9%	+51.6%
Q1 23	+24.8%	+16.0%
Q2 23	+9.6%	+6.6%
Q4 23	+5.8%	+20.2%
Q1 24	-22.5%	-23.4%
Q2 24	-10.2%	-13.2%
Q1 25	-7.6%	-5.3%
Q2 25	-19.5%	-29.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 19	-$475.0K	-0.1%
Q1 20	$2M	0.5%
Q2 20	$3M	1.0%
Q3 20	$2M	0.5%
Q1 21	-$687.0K	-0.2%
Q4 21	$3M	0.9%
Q1 22	$2M	0.6%
Q2 22	$4M	1.1%
Q4 22	$963.0K	0.2%
Q1 23	$1M	0.3%
Q2 23	$2M	0.5%
Q4 23	$1M	0.3%
Q1 24	$2M	0.5%
Q2 24	$2M	0.4%
Q1 25	$2M	0.5%
Q2 25	$1M	0.4%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q2 19	—	$21M	—
Q1 20	—	—	$20M
Q2 20	—	—	$20M
Q3 20	—	—	$18M
Q1 21	—	—	$16M
Q4 21	$7M	—	$24M
Q1 22	—	—	$20M
Q2 22	—	$28M	—
Q4 22	—	—	$23M
Q1 23	—	$21M	—
Q2 23	—	$18M	—
Q4 23	—	$17M	—
Q1 24	—	$21M	—
Q2 24	—	$22M	—
Q1 25	—	$23M	—
Q2 25	—	—	$18M

Revenue Segments

Quarter	High Purity Cellulose Segment	High-yield Pulp Segment	Paperboard Segment	High-Yield Pulp Segment
Q1 22	$281M	$22M	$54M	—
Q2 22	$303M	$40M	$63M	—
Q4 22	$383M	—	$68M	$58M
Q1 23	$374M	$42M	$59M	—
Q2 23	$299M	$44M	$48M	—
Q4 23	$347M	—	$55M	—
Q1 24	$307M	$34M	$53M	—
Q2 24	$333M	$33M	$60M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$179M	$48M	$227M
Q2 22	$148M	$0	$148M
Q3 22	$132M	$0	$132M
Q4 22	$152M	$0	$152M
Q1 23	$169M	$0	$169M
Q2 23	$157M	$0	$157M
Q3 23	$27M	$0	$27M
Q4 23	$76M	$0	$76M
Q1 24	$55M	$0	$55M
Q2 24	$114M	$0	$114M
Q3 24	$136M	$0	$136M
Q4 24	$125M	$0	$125M
Q1 25	$130M	$0	$130M
Q2 25	$71M	$0	$71M
Q3 25	$77M	$0	$77M
Q4 25	$75M	$0	$75M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 19	50M	+1.2%	+15.0%
Q1 20	63M	+27.1%	+45.7%
Q2 20	63M	+0.4%	-1.2%
Q3 20	64M	+1.1%	+30.5%
Q1 21	63M	-0.8%	+28.0%
Q4 21	64M	+0.5%	+1.2%
Q1 22	64M	+0.1%	+0.8%
Q2 22	64M	+0.2%	-0.0%
Q4 22	66M	+3.6%	+4.4%
Q1 23	67M	+0.6%	+4.5%
Q2 23	65M	-2.1%	+2.3%
Q4 23	65M	+0.2%	+2.3%
Q1 24	65M	+0.1%	-1.2%
Q2 24	69M	+5.1%	+3.3%
Q1 25	66M	-3.7%	+1.5%
Q2 25	67M	+1.0%	+2.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 19	$116.1K	4K
Q1 20	$102.5K	4K
Q2 20	$81.0K	4K
Q3 20	$80.9K	4K
Q1 21	$79.7K	4K
Q4 21	$149.6K	3K
Q1 22	$140.7K	3K
Q2 22	$159.7K	3K
Q4 22	$200.0K	3K
Q1 23	$186.7K	3K
Q2 23	$154.2K	3K
Q4 23	$150.9K	3K
Q1 24	$138.4K	3K
Q2 24	$149.7K	3K
Q1 25	$151.5K	2K
Q2 25	$144.7K	2K

Revenue / Employee