Rayonier Inc. (RYN) Stock Price & How to Invest

Rayonier owns and manages timberland and sells the wood that grows on it, plus the land itself when a buyer values an acre for something other than growing trees. As of June 30, 2026 the company held or leased about 4.1 million acres, 3.2 million of them in the US South and 930,000 in the Northwest, and it reports in four segments. Southern Timber is the volume engine, harvesting 3.35 million tons in the second quarter of 2026 at average delivered pine sawtimber prices of $44.46 per ton. Northwest Timber harvested 578,000 tons at $119.66 per ton, a mix now shifted by Idaho acreage whose sawlogs are largely indexed to lumber prices. Wood Products, added entirely by the PotlatchDeltic merger, runs six sawmills and an industrial-grade plywood mill across Arkansas, Idaho, Michigan and Minnesota, and shipped 314 million board feet in the quarter at $505 per thousand board feet. Real Estate sells rural tracts, entitled development land at Wildlight in Florida, Heartwood near Savannah and Chenal Valley in Little Rock, and leases acreage for carbon capture and solar. The company operates as an UPREIT, holding assets through Rayonier, L.P., of which it owns 99.5%.

What drives the numbers is the interaction of three cycles that rarely peak together. Log demand follows US housing starts and repair and remodel activity; lumber realizations follow North American capacity and the duty regime, with a 10% Section 232 ad valorem duty on softwood imports effective since October 14, 2025 and elevated Canadian anti-dumping duties tightening supply; and land sales follow a transaction pipeline that management guides to but cannot precisely time. The second quarter of 2026 caught all three going the right way, producing Adjusted EBITDA of $123.7 million against $44.9 million a year earlier, when Rayonier was a standalone timber REIT with no mills. What the market is paying for is harder to read from earnings than from the balance sheet. At roughly $7.8 billion of enterprise value against 4.1 million acres, buyers are paying something near $1,900 an acre before assigning any value to the mills, the development inventory or the carbon and solar contracts. Rayonier's own August 2026 exchange with Resource Management Service marked southwest Washington ground at about $4,028 an acre and Alabama and Texas ground at about $2,561.

The most immediate exposure is the lumber cycle the merger just added. Wood Products Adjusted EBITDA swung from a $1.0 million operating loss in the first quarter to $25.0 million in the second on price alone, and the support under those prices is partly regulatory. If the seventh administrative review's final determinations, expected between August and October 2026, land materially below current cash deposit rates, Canadian supply gets cheaper and the recent realizations compress. Southern pine pricing was already softer year over year, with delivered sawtimber at $44.46 per ton against $47.87 and pulpwood at $30.20 against $37.35, partly geographic mix from the enlarged footprint and partly weaker pulpwood markets. Real Estate is the second exposure. Full-year guidance of $180 million to $200 million rests on a transaction pipeline, and a few closings sliding across a quarter boundary moves reported results without anything changing in the business. Leverage moved the wrong way at closing: total debt rose from $1,050.0 million at December 31, 2025 to $1,859.5 million, cash fell from $842.9 million to $411.8 million, and expected 2026 dividend payments of roughly $314 million sit against first-half cash available for distribution of $177.1 million. Integration itself has cost $80.8 million in the first half, and synergies remain a management estimate rather than a reported figure. Physical risk is real and lumpy: a single casualty event wrote off $2.3 million of timber in the quarter, and fire, hurricane and disease exposure concentrates in the same southern acreage that now carries 78% of the portfolio. REIT status also constrains flexibility, since manufacturing and development profits sit in taxable subsidiaries that pay corporate tax.

6 analysts publish price targets on RYN, averaging $24.83 against a $21.20 price as of August 2026, or +17.1%. The published targets run from $23.00 to $28.00, a narrow spread, and the ratings split 2 buy, 4 hold, 0 sell. Over the last six months there have been 2 raises and 3 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full RYN forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Rayonier Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. The first full quarter of the combined company. PotlatchDeltic closed into Rayonier on January 30, 2026 for total consideration of $3.28 billion, with each PotlatchDeltic share converted at an adjusted exchange ratio of 1.8185 and 140.9 million new Rayonier shares issued. The most optimistic published target, $28.00, assumes this works close to its best case.

The case against. The most immediate exposure is the lumber cycle the merger just added. The most pessimistic target, $23.00, is roughly what RYN is worth if this bites instead.

Read the full bull and bear case on RYN, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Rayonier Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$968 million for the twelve months to June 30, 2026, of which $673.3 million came in the first half of 2026 alone because the merger added PotlatchDeltic's operations from January 31. Standalone Rayonier reported $484.5 million of revenue in fiscal 2025 and $987.9 million in fiscal 2024, and the 2024 figure included $495.0 million of one-time Large Dispositions, leaving pro forma revenue of $492.9 million. Comparing the trailing figure to either prior year measures corporate actions, not growth.
• Earnings and EPS: Net income attributable to Rayonier was $19.1 million, or $0.06 per diluted share, in the second quarter of 2026, with pro forma net income of $31.5 million ($0.10). The first half produced $6.7 million of net income after $80.8 million of merger costs and a $40.3 million valuation allowance release. Trailing twelve-month EPS of ~$0.35 against a $21.20 share price prints a ~60x P/E, a number distorted by $126.6 million of first-half depreciation, depletion and amortization on freshly stepped-up timber assets.
• Adjusted EBITDA and segment mix: Second-quarter Adjusted EBITDA of $123.7 million versus $44.9 million a year earlier, split Southern Timber $52.6 million, Real Estate $38.3 million, Northwest Timber $26.3 million, Wood Products $25.0 million, less $17.7 million of corporate costs. First-half Adjusted EBITDA was $217.8 million against $71.9 million. Standalone Rayonier earned $248.0 million for all of fiscal 2025, up 8% on 2024, with a record $127.1 million from Real Estate.
• Operating metrics: Full-year 2026 guidance calls for Southern Timber harvest volumes of 12.2 to 12.5 million tons and Northwest volumes of 2.0 to 2.2 million tons, with lumber shipments near 1.1 billion board feet over eleven months of contribution. Second-quarter delivered prices were $44.46 per ton for southern pine sawtimber, $119.66 per ton for northwest sawtimber and $505 per thousand board feet for lumber. Real Estate sold 7,500 acres at a weighted average $6,290 per acre.
• Cash flow and balance sheet: First-half cash from operations was $145.2 million and cash available for distribution $177.1 million, against $46.7 million a year earlier, on capital expenditures of $42.8 million. At June 30, 2026 cash stood at $411.8 million and total debt at $1,859.5 million, for a 26% debt-to-capital ratio and net debt at 18% of enterprise value. All $1.4 billion of variable-rate debt is swapped to fixed. Maturities are spread: $138.8 million in 2027, $300.0 million in 2028, $390.0 million in 2029, $184.8 million in 2030 and $846.0 million thereafter.
• Market pricing: ~$21.20 per share in August 2026 against a 52-week range of $19.49 to $27.34, on ~299 million shares outstanding (up from 161.4 million before the merger) for a market capitalization of ~$6.34 billion and enterprise value near $7.8 billion. That works out to roughly $1,900 per acre across 4.1 million acres before crediting the seven mills or the development inventory. Enterprise value against annualized first-half Adjusted EBITDA sits in the high teens. The quarterly dividend is $0.26, or ~4.9% annualized; the ~11.5% trailing yield on most screeners includes the one-time $1.40 special dividend declared in October 2025.

Every headline multiple on RYN is currently contaminated by a corporate action. The sales multiple compares a post-merger revenue stream to a pre-merger share count history, the P/E runs through purchase-accounting depletion, and the trailing dividend yield includes a special dividend paid mostly in stock. The comparison that carries information is enterprise value per acre against what timberland actually changes hands for, and Rayonier supplied two fresh marks in August 2026 by selling southwest Washington acreage at roughly $4,028 per acre and buying Alabama and Texas acreage at roughly $2,561. Regional quality and mix differ enough that neither is a valuation of the whole portfolio.

Other names that sit close to RYN: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get RYN exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so RYN sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where RYN fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

As of August 2026, RYN prices 4.1 million acres of timberland plus a newly acquired lumber business at roughly $7.8 billion of enterprise value, against first-half Adjusted EBITDA of $217.8 million and a $0.26 quarterly dividend. Almost every trailing statistic on the quote page (an 11.5% yield, a 60x P/E, a 6.6x sales multiple) describes accounting events from the merger and a special dividend rather than the run rate of the combined company.

Whether RYN is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is RYN a buy or a sell?, and where the stock could go from here in the RYN stock forecast.

For income investors, whether RYN pays a dividend and how the payout looks is covered in does RYN pay a dividend? And to weigh RYN against a peer, read the full side-by-side comparisons: RYN vs WY and RYN vs BCC.