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RYAM, Rayonier Advanced Materials Inc.

Paper & Forest Products capital-intensive UnprofitableDistress / turnaroundCyclical

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Latest annual: FY2025 10-K

RYAM · Rayonier Advanced Materials Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.5B

−10.1% YoY · 2% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.4B 5-yr avg $1.6B

Gross margin 6% 5-yr avg 7%

Operating margin −3.2% 5-yr avg −0.1%

ROIC −3% 5-yr avg −1%

Owner-earnings margin −6% 5-yr avg 10%

Free cash flow margin −6% 5-yr avg 10%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 7.2% and operating margin about 0.3% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. The margin is cyclical, swinging between −4.0% and 16% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 15% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 0%, above 15% in 0 of 8 years). By owner earnings: roughly 6% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

68% of revenue comes from outside the United States.

Revenue by geography, FY2025

United States32%$466M
Europe21%$310M
China19%$273M
Other Asia12%$171M
Japan9%$131M
Canada4%$55M
Other4%$61M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$869M	$940M	$2.0B	$1.4B	$1.3B	$1.4B	$1.7B	$1.6B	$1.6B	$1.5B	$1.4B	RevenueRevenue
21%	15%	15%	4%	5%	5%	7%	5%	10%	8%	6%	Gross marginGross mgn
4%	8%	5%	6%	6%	5%	5%	5%	6%	6%	6%	SG&A / revenueSG&A/rev
—	—	—	0%	1%	0%	0%	0%	0%	0%	0%	R&D / revenueR&D/rev
$143M	$59M	$148M	($52M)	($30M)	($10M)	$26M	($65M)	$39M	$4M	($46M)	Operating incomeOp. inc.
16.5%	6.3%	7.6%	−3.7%	−2.3%	−0.7%	1.5%	−4.0%	2.4%	0.3%	−3.2%	Operating marginOp. mgn
$73M	$325M	$128M	($22M)	$555K	$66M	($15M)	($102M)	($39M)	($421M)	($470M)	Net incomeNet inc.
35%	6%	17%	—	—	—	—	—	—	—	—	Effective tax rateTax rate
											Cash flow & returns
$232M	$130M	$247M	$42M	$124M	$233M	$69M	$136M	$204M	$24M	$16M	Operating cash flowOp. cash
$88M	$97M	$146M	$142M	$138M	$138M	$135M	$140M	$137M	$134M	$136M	DepreciationDeprec.
$63M	($301M)	($40M)	($84M)	($21M)	$23M	($60M)	$92M	$98M	$305M	$346M	Working capital & otherWC & other
$89M	$75M	$129M	$90M	$63M	$95M	—	—	—	—	$95M	CapexCapex
10.2%	8.0%	6.6%	6.3%	4.7%	6.8%	—	—	—	—	6.6%	Capex / revenueCapex/rev
$144M	$55M	$118M	($49M)	$61M	$138M	—	—	—	—	($79M)	Owner earningsOwner earn.
16.5%	5.8%	6.0%	−3.4%	4.6%	9.8%	—	—	—	—	−5.5%	Owner earnings marginOE mgn
$144M	$55M	$118M	($49M)	$61M	$138M	—	—	—	—	($79M)	Free cash flowFCF
16.5%	5.8%	6.0%	−3.4%	4.6%	9.8%	—	—	—	—	−5.5%	Free cash flow marginFCF mgn
$0	$210M	$0	$0	—	—	—	—	—	—	$0	AcquisitionsAcquis.
$12M	$13M	$15M	$9M	$0	$0	—	—	—	—	$0	Dividends paidDiv. paid
$0	$157K	$43M	$7M	$457K	$1M	—	—	—	—	—	BuybacksBuybacks
14%	3%	7%	-2%	-1%	-1%	1%	-4%	—	—	-3%	ROICROIC
35%	47%	18%	-3%	0%	8%	-2%	-14%	-5%	-133%	-205%	Return on equityROE
29%	45%	16%	−5%	0%	8%	—	—	—	—	−205%	Retained to equityRetained/eq
											Balance sheet
$327M	$96M	$109M	$64M	$94M	$253M	$152M	$76M	$125M	$75M	$68M	Cash & investmentsCash+inv
$38M	$181M	$199M	$182M	$179M	$182M	$212M	$197M	$214M	$193M	$174M	ReceivablesReceiv.
$118M	$302M	$304M	$251M	$171M	$231M	$265M	$207M	$208M	$238M	$224M	InventoryInvent.
$36M	$158M	$182M	$153M	$157M	$169M	$164M	$186M	$196M	$190M	$202M	Accounts payablePayables
$120M	$325M	$322M	$280M	$193M	$243M	$313M	$219M	$226M	$241M	$195M	Operating working capitalOper. WC
$520M	$647M	$716M	$574M	$634M	$776M	$690M	$575M	$601M	$568M	$529M	Current assetsCur. assets
$127M	$308M	$370M	$286M	$293M	$355M	$354M	$376M	$400M	$360M	$385M	Current liabilitiesCur. liab.
4.1×	2.1×	1.9×	2.0×	2.2×	2.2×	1.9×	1.5×	1.5×	1.6×	1.4×	Current ratioCurr. ratio
$1.4B	$2.6B	$2.7B	$2.5B	$2.5B	$2.4B	$2.3B	$2.2B	$2.1B	$1.8B	$1.7B	Total assetsAssets
$783M	$1.2B	$1.2B	$1.1B	$1.1B	$929M	$853M	$777M	$730M	$779M	$1.1B	Total debtDebt
$457M	$1.1B	$1.1B	$1.0B	$990M	$675M	$701M	$702M	$605M	$704M	$1.0B	Net debt / (cash)Net debt
4.1×	1.5×	2.6×	-1.0×	-0.5×	-0.2×	0.4×	-0.9×	0.5×	0.0×	-0.5×	Interest coverageInt. cov.
$212M	$694M	$707M	$683M	$695M	$814M	$829M	$746M	$714M	$317M	$229M	Shareholders’ equityEquity
0.8%	1.0%	0.7%	0.5%	0.5%	0.4%	0.6%	0.4%	0.4%	0.4%	0.3%	Stock comp / revenueSBC/rev
											Per share
47.1M	55.9M	65.4M	54.5M	63.2M	63.6M	63.9M	65.1M	65.7M	66.8M	67.1M	Shares out (diluted)Shares
$18.43	$16.82	$29.92	$26.25	$21.25	$22.12	$26.87	$25.24	$24.80	$21.96	$21.34	Revenue / shareRev/sh
$1.55	$5.81	$1.96	$-0.41	$0.01	$1.04	$-0.23	$-1.56	$-0.59	$-6.30	$-7.01	EPS (diluted)EPS
$3.04	$0.98	$1.81	$-0.89	$0.97	$2.17	—	—	—	—	$-1.18	Owner earnings / shareOE/sh
$3.04	$0.98	$1.81	$-0.89	$0.97	$2.17	—	—	—	—	$-1.18	Free cash flow / shareFCF/sh
$0.25	$0.23	$0.23	$0.16	$0.00	$0.00	—	—	—	—	$0.00	Dividends / shareDiv/sh
$1.88	$1.34	$1.97	$1.66	$1.00	$1.50	—	—	—	—	$1.42	Cap. spending / shareCapex/sh
$4.49	$12.41	$10.81	$12.53	$10.99	$12.80	$12.98	$11.46	$10.86	$4.74	$3.42	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+2.0%/yr	+0.7%/yr
Owner earnings / share	−6.6%/yr (5-yr)	−6.6%/yr
Capital spending / share	−4.5%/yr (5-yr)	−4.5%/yr
Book value / share	+0.6%/yr	−15.5%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

67Mpeak FY2025

ROIC

−4%low FY2023

Gross margin

8%low FY2019

Net debt ÷ owner earnings

4.9×peak FY2017

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$138Mowner earningsvs.$66Mnet incomelow FY2019

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2017–FY2021cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2021 the business turned $66M of profit into $138M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$66M

Owner earnings$138M · 10% of revenue

	FY2021	FY2020	FY2019	FY2018	FY2017
Reported net income	$66M	$555K	($22M)	$128M	$325M
Depreciation & amortizationnon-cash charge added back	+$138M	+$138M	+$142M	+$146M	+$97M
Stock-based compensationreal costnon-cash, but a real cost	+$5M	+$6M	+$6M	+$13M	+$9M
Working capital & othertiming of cash in and out, other non-cash items	+$23M	−$21M	−$84M	−$40M	−$301M
Cash from operations	$233M	$124M	$42M	$247M	$130M
Capital expenditurecash put back in to keep running and to grow	−$95M	−$63M	−$90M	−$129M	−$75M
Owner earnings	$138M	$61M	($49M)	$118M	$55M
Owner-earnings marginowner earnings ÷ revenue	10%	5%	-3%	6%	6%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $5M), owner earnings is nearer $133M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 0.0×

Does not cover its interest

Operating income $4M ÷ interest expense $98M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $1.0B · 245.7× operating profit

Heavy net debt

Cash $75M − debt $1.1B

What this means
Netting $75M of cash and short-term investments against $1.1B of debt leaves $1.0B owed, about 245.7× a year's operating profit (264.1× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 61d

Long (60+ days)

DSO 48 + DIO 64 − DPO 52 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital -1%

Below average through the cycle

8-yr median, range -4%–14%; the latest year is left out — large non-operating charges put its operating line well above pretax profit

Industry peers: median 6%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 8 years, so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 6%

Solid through the cycle

6-yr median margin, range -3%–17%; latest ($71M) = operating cash $24M − maintenance capex $95M

Industry peers: median 5%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -5% of revenue this year, a 6% median across 6 years. Treating stock comp as the real expense it is (less $5M of SBC) leaves ($77M).
Are earnings backed by cash? $24M

Loss, but cash-generative

Net income ($421M) · cash from operations $24M

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 0.71×

Harvesting

Capex $95M ÷ depreciation $134M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 0 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.5B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.58×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $1.1B vs $208M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 5 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 4 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −207%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-2.77/share (latest year $-6.24), the averaged base the calculator's gate runs on, and book value is $4.69/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 5 of 10

What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 10% → −0% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
Through the cycle the operating margin slipped — about 10% early to −0% lately, median 0% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +0%/yr

What this means
Owner earnings grew about 0% a year over the record.
Worst year 2023 · −4.0% op. margin

What this means
Operations went underwater in 2023, understand why before trusting the good years.
Share count +3.9%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record paid

What this means
Paid a dividend in 4 of the years on record.
How management talks about it Owner’s terms

What this means
The filing reasons in an owner’s terms — per-share, return on capital, the long term — and the record has held; the words and the results are of a piece.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“Failure to integrate AI and similar advanced technologies into our business processes may materially adversely affect our competitive position and results of operations.”

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 28, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$529M

Cash & short-term investments$68M
Receivables$174M
Inventory$224M
Other current assets$64M

Current liabilities$385M

Debt due within a year$28M
Accounts payable$202M
Other current liabilities$155M

Current ratio1.37×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.79×stricter: inventory excluded

Cash ratio0.18×strictest: cash alone against what's due

Working capital$144Mthe cushion left after near-term bills

Debt due this year vs. cash$28M due · $68M cash covered by cash on hand, no refinancing forced · both figures from the Mar 28, 2026 balance sheet

Revenue, latest quarter vs. a year ago−9.5%the freshest read on whether the business is still growing

Current ratio, recent quarters1.7× → 1.4×

Deeper floors

Tangible book value$226Mequity stripped of goodwill & intangibles

Debt incl. operating leases$830M$27M of it operating leases

Deferred revenue$10Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2021

Over the record, the business generated $1.0B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$541M · 54%
Dividends$48M · 5%
Buybacks$52M · 5%
Retained (debt / cash)$367M · 36%

Returned to owners$100M
21% of the owner earnings the business produced over the span, $48M as dividends and $52M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $294M and cash and short-term investments fell $259M.
Average price paid for buybacks$16.64
Across the years where the filing reports a share count, 3M shares were bought for $43M, about $16.64 each.
Net change in share count42.4%
The diluted count rose from 47M to 67M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.00/sh
Paid in 4 of the years on record. It was cut at least once along the way.
Return on what it retained−12%
Of the earnings it kept rather than paid out ($471M over the span), annual owner earnings (first three years vs last three) fell $55M, so each retained $1 gave back about 0.12 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Net income
2021	$5.7M	$3.8M	$66M
2022	$8.0M	$5.0M	($15M)
2022	$3.2M	$6.3M	($15M)
2023	$3.7M	−$1.2M	($102M)
2024	$3.7M	$8.2M	($39M)
2025	$5.1M	$918k	($421M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Net income is the whole business's, as filed, for the same fiscal years.

Insider ownership3.2%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$5M
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 134% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Rayonier Advanced Materials Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

3 of the 5 tests turned up something to look into; the other 2 came back clean.

Look hereDid the share count rise anyway?42.4%
Diluted shares grew 42.4% over 2016–2021, even as the company spent $52M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.
Look hereDid debt outgrow the business?$783M → $1.1B
Debt rose from $783M to $1.1B while owner earnings went from about $105M to $50M — about 7.4 years of owner earnings in debt then, about 21 now: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.
Look hereDid receivables and inventory outpace sales?18% → 28% of sales
Receivables and inventory grew from $156M to $397M while revenue grew 65%: working capital is climbing faster than sales (18% of revenue then, 28% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Is it less profitable than it was?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Pension & retirement, Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Paper & Forest Products

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
SONSonoco	$7.5B	20%	8.7%	9%	5%
REYNReynolds Consumer Products Inc.	$3.7B	25%	14.4%	10%	9%
SLVMSylvamo Corporation	$3.4B	—	12.0%	17%	10%
MAGNMagnera Corporation	$3.2B	14%	2.6%	1%	3%
MATVMativ Holdings	$2.0B	23%	6.2%	6%	10%
MERCMercer International Inc.	$1.9B	52%	8.8%	6%	4%
RYAMRayonier Advanced Materials Inc.	$1.5B	8%	0.9%	0%	6%
PACKRanpak Holdings Corp	$333M	35%	0.3%	-1%	2%
Group median	—	23%	7.4%	6%	5%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Rayonier Advanced Materials Inc. has delivered.

Rayonier Advanced Materials Inc.’s latest year shows negative owner earnings, a cyclical trough. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Rayonier Advanced Materials Inc. earns about $85M on its 5.8% median owner-earnings margin. This year’s −4.9% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($85M) Net of stock comp (−$4M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’17→’21+4%/yr

Owner-earnings growth · ’16→’21+0%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings ($79M) on 67M shares outstanding, per the 10-Q cover, as of 2026-05-04; net debt $1.0B. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh RYAM against another business →

The owners of RYAM: the meeting and the votes →

Cite: Owner Scorecard, "Rayonier Advanced Materials Inc. (RYAM), the owner's record," https://ownerscorecard.com/c/RYAM, data as of 2026-07-09.

Manual order: ← RXT its page in the Manual RYAN →

Industry order: ← MERC the Paper & Forest Products chapter SLVM →