Rayonier Inc. Financial Ratios — RYN Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	20.03	18.68	22.85	6.21	3.28	15.52	9.95	6.52	3.9	2.46	9.14	5.91	9.47	19.87	23.93
Return on Assets (%)	11.19	9.79	10.92	3.24	1.94	8.48	5.37	3.63	2.1	1.13	4.14	2.88	4.67	10.09	13.79
Return on Capital (%)	14.72	- -	- -	- -	- -	9.97	6.31	4.26	2.89	2.43	3.93	3.58	6.15	12.02	15.93
Return on Invested Capital (%)	15.06	- -	- -	- -	- -	10.53	7.08	5.2	3.48	2.52	6.93	4.12	5.26	12.29	2.9
Gross Margin (%)	29.18	19.32	19.55	19.83	22.34	35.48	30.67	25.84	21.53	17.08	28.25	24.29	32.91	44.57	32.46
EBITDA Margin (%)	34.08	26.15	28.89	31.79	34.62	45.51	41.44	38.37	33.49	30.34	37.04	33.32	40.75	48.58	40.71
Operating Margin (%)	24.75	3.8	11.18	11.91	14.63	31.4	25.88	20.71	15.47	11.13	23.01	17.11	23.42	37.06	18.74
Incremental Operating Margin (%)	88.79	32.36	21.13	3.34	-32.58	70.01	-1,198.64	1,244.94	56.41	-9.75	63.74	49.74	-24.11	90.91	54.68
Pretax Margin (%)	21.63	-2.72	10.63	7.43	7.57	27.31	22.36	17.47	11.33	4.28	20.29	14.54	20.25	34.4	15.4
Profit Margin (%)	19.42	73.61	56.37	16.46	8.12	25.98	18.16	12.52	8.31	4.32	13.75	11.78	22.01	36.35	97.91
Net Income to Common Margin (%)	19.42	73.61	56.37	16.46	8.12	25.98	18.16	12.52	8.31	4.32	13.75	11.78	22.01	36.35	97.91
Effective Tax Rate (%)	9.98	- -	- -	- -	- -	2.27	11.83	17.7	16.05	19.05	6.51	7.1	0.18	1.87	0.71
Dvd Payout Ratio (%)	66.96	1,231.57	219.98	486.32	299.48	54.95	72.9	103.27	185.01	650.9	57.19	119.64	105.26	57.99	368.99
Sustainable Growth Rate (%)	6.62	-211.37	-27.42	-23.98	-6.54	6.99	2.7	-0.21	-3.32	-13.53	3.91	-1.16	-0.5	8.35	-64.36

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	847	1,270	1,574	752	831	1,062	1,025	973	1,146	1,461	1,461	1,603	1,453	1,080	1,059
ST Debt	28	150	112	130	- -	32	3	- -	82	- -	125	- -	- -	19	200
LT Debt	819	1,120	1,462	622	831	1,030	1,022	973	1,064	1,461	1,336	1,603	1,453	1,061	859
Total Debt/EBITDA	1.75	12.83	8.26	3.92	4.22	2.86	3.02	3.11	4.81	5.6	3.56	5.29	4.52	2.25	5.37
Net Debt/EBITDA	1.59	9.99	7.21	3.07	3.95	2.63	2.69	2.63	4.14	4.9	2.45	4.62	3.61	1.59	1.03
Total Debt/EBIT	2.41	88.39	21.34	10.45	9.98	4.14	4.83	5.75	10.41	15.27	5.72	10.31	7.87	2.95	11.66
Net Debt/EBIT	2.19	68.86	18.63	8.21	9.36	3.81	4.3	4.88	8.96	13.34	3.94	9	6.27	2.08	2.23
EBITDA to Interest Expense	9.54	2.31	4.66	3.59	5.67	11.27	9.97	9.77	7.51	6.72	9.15	8.37	7.12	14.22	7.49
EBITDA-CapEx/Interest Expense	9.54	2.31	4.66	3.59	5.65	11.08	9.79	9.77	3.03	6.09	5.16	-4.3	6.8	13.54	7.49
EBIT to Interest Expense	6.93	0.34	1.8	1.35	2.4	7.78	6.23	5.27	3.47	2.47	5.68	4.3	4.09	10.84	3.45
Interest Expense	51	43	41	53	35	33	34	32	32	39	45	36	45	34	26
Common Equity/Total Assets	55.91	49.55	46.33	60.87	57.06	52.53	55.26	55.98	51.42	41.51	49.26	48.28	50.33	51.22	64.18
Long-Term Debt/Equity (%)	61.92	77.89	83.28	39.48	60.99	68.83	60.37	58.78	69.17	73.3	68.55	80.72	74.18	57.88	38.17
Long-Term Debt/Capital (%)	35.87	39.75	43.3	26.67	37.31	40.28	37.78	37.02	39.18	41.41	38.95	45.12	42.9	36.29	26.15
Long-Term Debt/Total Assets (%)	31.88	35.87	39.66	25.35	35.86	38.36	35.75	34.98	37.18	39.18	36.75	42.32	39.85	30.53	25.23
Total Debt/Equity (%)	64.04	88.32	89.69	47.71	60.99	70.95	60.57	58.78	74.5	73.3	74.96	80.72	74.18	58.95	47.06
Total Debt/Capital (%)	37.1	45.08	46.64	32.23	37.31	41.52	37.91	37.02	42.2	41.41	42.6	45.12	42.9	36.95	32.24
Total Debt/Total Assets (%)	32.98	40.67	42.71	30.64	35.86	39.54	35.87	34.98	40.04	39.18	40.18	42.32	39.85	31.09	31.1
Net Debt to Equity	58.1	68.81	78.31	37.46	57.19	65.21	53.91	49.81	64.15	64.03	51.59	70.5	59.11	41.52	8.99
Net Debt/Capital (%)	34.86	39	43.28	27.19	35.82	39.48	35.21	33.25	37.28	37.06	32.78	40.71	36.41	29.04	8.29
EBITDA	484	99	191	192	197	371	340	313	238	261	411	303	321	480	197
EBITDA-CapEx	484	99	191	192	196	365	334	313	96	236	232	-156	307	457	197
Operating Income (Loss)	352	14	74	72	83	256	212	169	110	96	255	156	185	366	91

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.44	0.91	0.72	0.8	0.87	0.93	1.64	2.34	0.45	0.93	1.56	1.2	1.48	0.78	3.11
Current Ratio	1.93	1.84	1.88	1.06	1.78	1.79	2.68	3.27	0.83	1.87	1.95	2.12	2.26	1.12	3.26
Quick Ratio	0.97	1.24	1.07	0.92	1.21	1.16	2.05	2.75	0.63	1.47	1.69	1.64	1.77	0.83	3.17
CFO/Avg Current Liab	2.04	1.83	1.87	1.34	1.36	2.69	3.19	4.7	2	1.69	2.01	1.65	2.53	0.99	0.78
Common Equity/Total Assets	55.91	49.55	46.33	60.87	57.06	52.53	55.26	55.98	51.42	41.51	49.26	48.28	50.33	51.22	64.18
Long-Term Debt/Equity (%)	61.92	77.89	83.28	39.48	60.99	68.83	60.37	58.78	69.17	73.3	68.55	80.72	74.18	57.88	38.17
Long-Term Debt/Capital (%)	35.87	39.75	43.3	26.67	37.31	40.28	37.78	37.02	39.18	41.41	38.95	45.12	42.9	36.29	26.15
Long-Term Debt/Total Assets (%)	31.88	35.87	39.66	25.35	35.86	38.36	35.75	34.98	37.18	39.18	36.75	42.32	39.85	30.53	25.23
Total Debt/Equity (%)	64.04	88.32	89.69	47.71	60.99	70.95	60.57	58.78	74.5	73.3	74.96	80.72	74.18	58.95	47.06
Total Debt/Capital (%)	37.1	45.08	46.64	32.23	37.31	41.52	37.91	37.02	42.2	41.41	42.6	45.12	42.9	36.95	32.24
Total Debt/Total Assets (%)	32.98	40.67	42.71	30.64	35.86	39.54	35.87	34.98	40.04	39.18	40.18	42.32	39.85	31.09	31.1
CFO/Total Liabilities	34.68	26.46	28.33	36.5	18.57	17.14	21.99	27.54	16.19	11.76	19.27	14.93	17.67	15.93	22.23
CFO/CapEx	- -	- -	- -	- -	195.11	32.31	42.12	- -	1.51	8.27	1.82	0.59	21.22	11.5	- -
Altman's Z-Score	3.44	2.29	1.92	3.21	2.51	2.67	3	2.8	2.57	1.87	2.79	2.15	2.33	2.17	2.3

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	16	3.88	6.76	10.15	25.71	39.91	33.9	30.31	26.71	22.55	28.06	31.43	27.91	53.9	56.64
Days Sales Outstanding	22.82	94.17	54.03	35.98	14.19	9.15	10.77	12.04	13.66	16.19	13.01	11.61	13.08	6.77	6.44
Inventory Turnover	8.67	2.44	3.98	6.57	37.22	28.67	24.97	30.38	36.95	56.74	40.7	26.34	19.32	17.69	17.35
Days Inventory Outstanding	42.08	149.33	91.73	55.52	9.81	12.73	14.62	12.01	9.88	6.43	8.97	13.85	18.89	20.63	21.03
Accounts Payable Turnover	15.56	4.35	7.76	7.9	21.52	24.3	24.05	27.65	30.8	32.99	33.75	30.01	22.04	25.18	20.42
Accounts Payable Turnover Days	23.45	83.94	47.06	46.22	16.96	15.02	15.18	13.2	11.85	11.06	10.81	12.16	16.56	14.49	17.87
Cash Conversion Cycle	41.44	159.56	98.7	45.28	7.04	6.86	10.21	10.85	11.69	11.56	11.16	13.31	15.4	12.91	9.61
Inventory to Cash Days	-19.26	-55.16	-37.7	-19.54	4.39	-3.59	-3.85	0.03	3.79	9.76	4.04	-2.24	-5.81	-13.86	-14.59
Inventories	122	128	139	8	15	21	24	16	15	11	29	24	31	31	7
Raw Materials	20	20	20	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	6	4	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	96	104	115	8	15	21	24	16	15	11	29	24	31	31	7
Other Inventory	- -	- -	- -	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	3,983	4,666	3,882	3,533	2,784	3,261	4,029	3,573	4,234	3,933	5,683	4,819	4,946	3,885	3,351
- Cash & Cash Equivalents	79	281	200	162	52	86	113	148	69	85	362	114	208	303	843
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	94	87	74	85	100	98	98	519	178	121	99	63	40
+ Total Debt	847	1,270	1,574	752	831	1,062	1,025	973	1,146	1,461	1,461	1,603	1,453	1,080	1,059
Enterprise Value	4,752	5,655	5,351	4,210	3,636	4,322	5,041	4,495	5,409	5,828	6,960	6,429	6,291	4,725	3,607
Total Capital	2,284	2,817	3,376	2,332	2,226	2,558	2,705	2,627	2,714	3,527	3,430	3,554	3,388	2,923	3,285
Total Debt/Capital (%)	37.1	45.08	46.64	32.23	37.31	41.52	37.91	37.02	42.2	41.41	42.6	45.12	42.9	36.95	32.24
Total Debt / EV	0.18	0.22	0.29	0.18	0.23	0.25	0.2	0.22	0.21	0.25	0.21	0.25	0.23	0.23	0.29
EV/Sales	3.34	14.94	8.11	6.98	6.39	5.3	6.15	5.51	7.6	6.78	6.27	7.07	7.98	4.78	7.45
EV/EBITDA	9.81	57.12	28.07	21.94	18.47	11.64	14.84	14.35	22.7	22.36	16.93	21.23	19.58	9.84	18.29
EV/EBIT	13.51	393.55	72.54	58.56	43.7	16.87	23.77	26.59	49.15	60.93	27.26	41.33	34.07	12.91	39.73
EV/Cash Flow to Firm	9.94	15.04	8.79	10.93	17.11	18.31	17.61	13.36	22.46	24.74	18.96	21.23	18.32	15.99	12.75
EV/Free Cash Flow to Firm	9.94	15.04	8.79	10.93	17.03	17.84	17.24	13.36	14.12	22.39	12.74	8.44	17.6	14.85	12.75
Diluted Market Cap	4,105	4,893	4,018	3,661	2,795	3,267	4,043	3,591	4,246	4,023	5,864	4,949	5,047	3,970	3,436
Diluted Enterprise Value	4,874	5,883	5,486	4,338	3,647	4,328	5,055	4,513	5,420	5,918	7,141	6,559	6,392	4,810	3,693
EV per Share	39.06	46.08	42.56	33.29	29	35.26	39.58	34.83	41.85	43.54	49.43	43.97	42.49	31.74	23.31
TTM Sales	1,421	379	660	604	569	816	820	816	712	859	1,110	909	788	988	484
TTM EBITDA	484	99	191	192	197	371	340	313	238	261	411	303	321	480	197
TTM Operating Income	352	14	74	72	83	256	212	169	110	96	255	156	185	366	91
TTM Cash Flow to Firm	478	376	609	385	213	236	286	336	241	236	367	303	343	295	283
TTM Free Cash Flow to Firm	478	376	609	385	213	242	292	336	383	260	546	761	357	318	283

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	9.5	10.97	7.35	11.43	15.7	15.55	15.41	11.58	11.91	17.58	11.63	6.8	16.15	13.96	13.39
EV/EBIT	13.51	393.55	72.54	58.56	43.7	16.87	23.77	26.59	49.15	60.93	27.26	41.33	34.07	12.91	39.73
Enterprise Value	4,752	5,655	5,351	4,210	3,636	4,322	5,041	4,495	5,409	5,828	6,960	6,429	6,291	4,725	3,607
Low Price	25.44	30.32	28.97	25.87	21.83	17.85	26.54	26.3	25.83	15.96	28.89	29.51	24.84	25.46	21.06
EV/Sales	3.34	14.94	8.11	6.98	6.39	5.3	6.15	5.51	7.6	6.78	6.27	7.07	7.98	4.78	7.45
EV/EBITDA	9.81	57.12	28.07	21.94	18.47	11.64	14.84	14.35	22.7	22.36	16.93	21.23	19.58	9.84	18.29
Price/Earnings	14.43	16.74	10.44	35.57	60.3	15.38	27.07	34.96	71.64	106.06	37.25	45.01	28.51	10.82	7.06
Price/Earnings Average	13.27	15.04	13.44	41.34	68.45	14.53	24.79	43.29	64.77	96.88	33.25	50.83	26.65	12.81	8.03
Price/Earnings High	14.67	16.75	15.03	45.69	81.15	16.46	27.31	50.16	72.36	119.48	37.93	62.63	32.25	14.63	9.24
Price/Earnings Low	11.21	13.35	9.79	32.93	59.29	10.32	22.71	33.2	56.49	57.61	26.67	40.29	21.2	10.55	6.87
Price/Book Value	2.77	3.02	2.27	2.37	2.11	2.31	2.55	2.3	2.88	2.54	3.17	2.63	2.69	2.18	1.53
Price/Book Value Average	2.55	2.71	2.93	2.75	2.39	2.18	2.34	2.84	2.6	2.32	2.83	2.97	2.52	2.58	1.74
Price/Book Value High	2.82	3.02	3.27	3.04	2.83	2.47	2.57	3.29	2.91	2.86	3.23	3.67	3.05	2.95	2
Price/Book Value Low	2.15	2.4	2.13	2.19	2.07	1.55	2.14	2.18	2.27	1.38	2.27	2.36	2	2.13	1.49
Price/Tangible Book Value	3.01	3.24	2.21	2.24	2.04	2.19	2.39	2.17	2.77	1.98	2.93	2.44	2.54	2.13	1.49
Price/Tangible Book Value Average	2.77	2.91	2.85	2.61	2.32	2.07	2.19	2.69	2.5	1.81	2.62	2.76	2.38	2.52	1.7
Price/Tangible Book Value High	3.06	3.25	3.18	2.88	2.75	2.35	2.41	3.11	2.8	2.23	2.99	3.4	2.87	2.87	1.95
Price/Tangible Book Value Low	2.34	2.59	2.07	2.08	2.01	1.47	2.01	2.06	2.18	1.08	2.1	2.19	1.89	2.07	1.45
Price/Sales	2.8	12.32	5.88	5.85	4.89	4	4.92	4.38	5.95	4.58	5.12	5.3	6.27	3.93	6.92
Price/Sales Average	2.58	11.07	7.58	6.8	5.56	3.77	4.5	5.42	5.38	4.18	4.57	5.99	5.87	4.66	7.87
Price/Sales High	2.85	12.33	8.47	7.52	6.59	4.28	4.96	6.28	6.01	5.16	5.21	7.38	7.1	5.32	9.04
Price/Sales Low	2.18	9.83	5.52	5.42	4.81	2.68	4.12	4.16	4.69	2.49	3.67	4.75	4.66	3.84	6.73
Price/Cash Flow	9.21	10.46	7.1	11.03	15.71	16	15.72	11.52	19.76	19.26	17.48	17.9	16.58	14.85	13.05
Price/Cash Flow Average	8.47	9.4	9.14	12.82	17.84	15.11	14.4	14.27	17.87	17.6	15.6	20.22	15.5	17.58	14.85
Price/Cash Flow High	9.37	10.47	10.22	14.16	21.15	17.12	15.86	16.53	19.96	21.7	17.8	24.91	18.75	20.08	17.07
Price/Cash Flow Low	7.16	8.34	6.66	10.21	15.45	10.74	13.19	10.94	15.58	10.46	12.51	16.03	12.33	14.49	12.7
Price/Free Cash Flow Average	8.73	9.86	9.46	13.28	17.82	14.69	14.11	14.34	10.77	16.06	10.38	7.68	15.1	16.53	15.23
Price/Free Cash Flow High	9.65	10.98	10.58	14.68	21.13	16.64	15.54	16.62	12.03	19.81	11.84	9.46	18.27	18.88	17.51
Price/Free Cash Flow Low	7.38	8.75	6.89	10.58	15.43	10.43	12.93	11	9.39	9.55	8.33	6.09	12.01	13.62	13.02
EV/Sales Average	3.12	13.68	9.8	7.93	7.05	5.08	5.74	6.55	7.03	6.39	5.72	7.76	7.57	5.51	8.39
EV/Sales High	3.39	14.95	10.7	8.64	8.09	5.58	6.19	7.41	7.66	7.36	6.37	9.15	8.8	6.17	9.57
EV/Sales Low	2.72	12.44	7.75	6.54	6.31	3.98	5.36	5.29	6.34	4.69	4.82	6.52	6.37	4.69	7.26
EV/EBITDA Average	9.15	52.32	33.92	24.93	20.38	11.15	13.85	17.07	21	21.05	15.45	23.28	18.58	11.33	20.62
EV/EBITDA High	9.95	57.16	37.03	27.18	23.36	12.26	14.95	19.31	22.88	24.27	17.18	27.46	21.6	12.69	23.51
EV/EBITDA Low	7.98	47.58	26.81	20.58	18.23	8.75	12.93	13.78	18.94	15.47	13	19.56	15.63	9.65	17.82
EV/EBIT Average	12.6	360.49	87.66	66.53	48.22	16.16	22.17	31.63	45.46	57.37	24.87	45.34	32.32	14.86	44.79
EV/EBIT High	13.7	393.81	95.68	72.54	55.27	17.76	23.94	35.78	49.54	66.13	27.66	53.47	37.58	16.64	51.08
EV/EBIT Low	10.99	327.79	69.28	54.92	43.14	12.68	20.71	25.53	41.01	42.15	20.94	38.09	27.2	12.65	38.72
Last Price	32.74	38.02	30.88	27.94	22.2	26.6	31.63	27.69	32.76	29.38	40.36	32.96	33.41	26.1	21.65
High Price	33.28	38.05	44.46	35.89	29.88	28.47	31.91	39.73	33.09	33.1	41.09	45.87	37.79	35.29	28.31
Enterprise Value Average	4,431	5,180	6,466	4,783	4,012	4,141	4,703	5,347	5,003	5,488	6,349	7,053	5,969	5,439	4,067
Enterprise Value High	4,818	5,659	7,058	5,215	4,599	4,551	5,077	6,049	5,452	6,326	7,063	8,317	6,939	6,093	4,638
Enterprise Value Low	3,864	4,710	5,111	3,948	3,590	3,249	4,393	4,316	4,513	4,031	5,345	5,925	5,022	4,630	3,516

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	122	123	126	127	123	123	129	129	129	138	145	147	148	149	161
Diluted Weighted Avg Shares	125	129	130	131	126	123	128	130	130	137	145	150	151	152	159
Basic Weighted Avg Shares	122	123	126	126	125	123	127	129	129	134	141	146	148	149	155
Revenue per Share	11.68	3.09	5.25	4.77	4.54	6.66	6.43	6.32	5.5	6.42	7.88	6.22	5.33	6.64	3.13
EBITDA per Share	3.98	0.81	1.52	1.52	1.57	3.03	2.67	2.43	1.84	1.95	2.92	2.07	2.17	3.22	1.27
Operating Income per Share	2.89	0.12	0.59	0.57	0.66	2.09	1.67	1.31	0.85	0.71	1.81	1.06	1.25	2.46	0.59
Basic EPS, GAAP	2.27	2.27	2.96	0.79	0.37	1.73	1.17	0.79	0.46	0.28	1.08	0.73	1.17	2.41	3.07
Basic EPS from Cont Ops	2.27	0.14	0.84	0.43	0.35	1.78	1.27	0.91	0.52	0.22	1.49	0.84	1.08	2.29	0.48
Diluted EPS, GAAP	2.2	2.17	2.86	0.76	0.37	1.73	1.16	0.79	0.46	0.27	1.05	0.71	1.15	2.36	2.99
Diluted EPS from Cont Ops	2.21	0.13	0.81	0.42	0.35	1.77	1.26	0.9	0.52	0.22	1.45	0.82	1.05	2.24	0.47
Dividend per Share	1.52	1.68	1.89	2.04	1	1	1	1.06	1.09	1.09	1.09	1.13	1.17	1.37	1.91
Cash Flow per Share	3.55	3.63	4.35	2.53	1.41	1.66	2.01	2.4	1.66	1.53	2.31	1.84	2.02	1.76	1.66
Free Cash Flow per Basic Share	3.55	3.63	4.35	2.53	1.41	1.61	1.96	2.4	0.56	1.34	1.04	-1.29	1.92	1.6	1.66
Cash & Equivalents per Share	0.65	2.29	1.59	1.28	0.41	0.7	0.88	1.15	0.53	0.63	2.57	0.78	1.4	2.04	5.45
Book Value per Share	11.81	12.61	13.58	11.81	10.54	11.51	12.4	12.06	11.38	11.56	12.72	12.51	12.4	11.96	14.12
Tangible Book Value per Share	10.87	11.72	13.96	12.46	10.86	12.14	13.22	12.76	11.83	14.82	13.76	13.49	13.14	12.28	14.52

Rayonier Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)