10-K · March 5, 2026
The 2025 Form 10-K shows Rayonier Advanced Materials executing a strategic pivot toward biomaterials (formal reorganization of High Purity Cellulose into Cellulose Specialties, Cellulose Commodities and a new…
Earnings analysis · 10-Q
RYAM earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Rayonier Advanced Materials reported a Q1 2026 revenue of $319 million, which was above consensus estimates but showed a 10% decline year-over-year compared to $353 million in Q1 2025. The company experienced an EPS…
Read full summary
Rayonier Advanced Materials reported a Q1 2026 revenue of $319 million, which was above consensus estimates but showed a 10% decline year-over-year compared to $353 million in Q1 2025. The company experienced an EPS loss of $1.22, significantly lower than the projected loss of $0.63. Management expressed confidence in achieving higher full-year EBITDA and positive free cash flow despite ongoing macroeconomic challenges.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.22
- Gross margin
- -2.5%
- Operating margin
- -20.4%
- Segment
- High Purity Cellulose
- Segment
- Paperboard & High Yield Pulp
What stood out
-
Revenue Surpassed Estimates
Actual revenue was $319 million, exceeding the estimate of $301.6 million.
-
Cash Flow Improvement
Operating cash flow was $32 million, showing a decrease from $40 million a year ago but still positive.
-
Segment Net Sales Decline
High Purity Cellulose segment sales decreased by 6% to $263 million from $279 million in the prior period.
-
Positive Free Cash Flow
Adjusted free cash flow improved from $2 million in Q1 2025 to $12 million in Q1 2026.
-
Cost Control Initiatives
Lower energy costs contributed to overall cost savings despite operational challenges.
-
Positive EBITDA Outlook
Management expects full-year EBITDA to exceed 2025 levels based on strategic initiatives.
What to watch
-
Increased Operating Loss
Operating loss increased to $65 million from $15 million year-over-year, a 333% rise.
-
High Debt Levels Persist
Total debt increased slightly to $763 million from $779 million, maintaining a high debt to capital ratio of 77%.
-
Lower Sales Volumes
Sales volume in High Purity Cellulose segment decreased despite a favorable pricing shift.
Management's outlook
Management anticipates full-year EBITDA improvements over 2025 levels and focuses on generating positive free cash flow.
Earlier filings 4
10-Q · August 6, 2025
Rayonier Advanced Materials reported Q2 net sales of $340,048,000 and a GAAP net loss attributable to RYAM of $363,197,000 (EPS -$5.44). Gross margin compressed to $23,641,000 (≈6.95% of sales) and operating income was…
10-K · March 6, 2025
The 2024 Form 10-K presents Rayonier Advanced Materials as a specialty cellulose producer pivoting toward biomaterials (2G bioethanol) while taking structural actions to improve cash flow (indefinite suspension of the…
10-Q · November 8, 2023
Rayonier Advanced Materials reported Q3 net sales of $368,670,000 and a GAAP net loss of $25,100,000 (diluted EPS -$0.39), driven by a year-over-year revenue decline and a compression of gross margin to $8,732,000.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.