The business behind the dividend
| Measure | RYN | Median | Formula |
|---|---|---|---|
| Return on equity | 21.5% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 2.6% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $234.22m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 17.3% | 14.3% | Operating income ÷ revenue |
| Net margin | 98.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | 0.47x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 3.16x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 3.26x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 1.38x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.54x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 6.4% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Owner earnings — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 21.5% | 20.3% | 9.3% | 5.7% | 8.6% | 2.5% | 4.1% | 6.6% | 9.3% | 15.0% | 8.6% |
| Return on capital employed | 2.6% | 12.9% | 5.7% | 4.9% | 8.6% | 2.6% | 4.3% | 6.7% | 8.2% | 10.3% | 5.7% |
| Operating margin | 17.3% | 36.9% | 23.5% | 18.3% | 24.3% | 8.7% | 15.0% | 20.8% | 26.3% | 31.4% | 20.8% |
| Net margin | 98.2% | 36.4% | 22.0% | 11.8% | 13.8% | 4.3% | 8.3% | 12.5% | 18.2% | 26.0% | 13.8% |
| Debt to equity | 0.47x | 0.59x | 0.73x | 0.81x | 0.77x | 0.92x | 0.73x | 0.62x | 0.64x | 0.75x | 0.73x |
| Current ratio | 3.26x | 1.12x | 2.26x | 2.12x | 1.95x | 1.87x | 0.83x | 3.27x | 2.68x | 1.79x | 1.95x |
| Cash conversion | 0.54x | 0.73x | 1.72x | 2.51x | 2.13x | 5.51x | 3.62x | 3.03x | 1.72x | 0.96x | 1.72x |
How it compares in real estate
Among the 11 real estate companies here measured on free cash flow, Rayonier pays out less than 4 of them. The median for that group is 112.8%, against this company’s 124.7%.
Closest on free cash flow
- Manhattan Bridge Capital (LOAN) 106.8%
- Blackstone Real Estate Income Trust (BSTT) 107.1%
- Procaccianti Hotel Reit (PRXA) 112.8%
- Regency Centers (REG) 130.3%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →