Rayonier Inc
RYNWithin bandHeld by 1 superinvestor.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-03-31 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- -61.7%
- Net margin
- 98.2%
- ROE
- 21.5%
- FCF margin
- —
Valuation · value band
In fair-value range
Zero-growth floor
$21
Central IV
$12
Optimistic top
$21
Rayonier Inc (RYN): A conservative value band $21 / sh (zero-growth floor to growth-capped optimistic top); central read about $12. Today’s price sits inside that band (price $21 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 5% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 11.8% · Zero-growth downside $21
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
Price is at or below the reproducible tangible asset base ($21 / sh) — a rarer, harder floor.
Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $8.40 – $14.52 · Greenwald zero-growth $20.82 · zero-growth base $20.82 · reproduction $20.82
Moat Below asset base · terminal value 43% of present value · owner-earnings yield 5% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$-4.03 – $-3.73 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-03-31, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex unavailable → degraded to the v1 simplification (maintenance capex = D&A, so the depreciation add-back nets to zero). Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).
Buffett owner-earnings value$8.04 – $9.61 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 10.2–12.2% band (9–11% base + 1.2pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-03-31, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 1.2pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 5.5 years of owner earnings, adding 1.2pp of cost-of-equity risk premium.
Reproduction value = tangible net assets $5.33B = $20.82 / sh. Total book value (shareholders' equity ÷ diluted shares); intangibles not separated — goodwill/intangibles unavailable this period.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. Dual reproduction test unavailable (intangibles not separated). A directional reading, not a verdict.
Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.
Window TTM 2026-03-31, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 0% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 5.5 years of owner earnings → +1.2pp cost-of-equity premium → effective 10.2%–12.2%.
Owner-earnings DCF: growth g₁ 5% · OE FY TTM 2026-03-31, 2024, 2023, 2022, 2021 · Discount band: 10.39%–13.23% (DGS10 +4.5% to a 12% strict end, each +1.23pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-03-31 — latest 10-K plus unaudited 10-Q filings.
How to read intrinsic valueSEC 13F · holders
Superinvestors Holding This Security
1 holder · $202.0M combined · this quarter +0 opened / -2 exited
- Value$202.0MWeight (prev→now)10.9% → 10.5% ▼
SEC 13F · notes
Written summary
Written summary
Rayonier Inc (RYN) is held by 1 of the superinvestors tracked on Compounder, with a combined $202.0M in reported 13F value. The largest position belongs to Mason Hawkins, where it makes up 10.5% of the portfolio.
Over the latest quarter, 0 of the tracked filers opened a new position in RYN, 0 added to existing ones, 1 trimmed, and 2 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Rayonier Inc (RYN) also commonly hold →
- Mattel IncMAT1 holder
- Cnx Resources CorpCNX1 holder
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- Regeneron PharmaceuticalsREGN1 holder
- Fortune Brands Innovations IFBIN1 holder
RYN's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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