RYAM Rayonier Advanced Materials Inc. Common Stock

NYSE · Chemicals · View on SEC EDGAR ↗

$8.84

Price · May 20, 2026

Fundamentals as of May 6, 2026

RYAM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$8.84

Market Cap

$395M

P/E (TTM)

-0.9

EPS (TTM)

$-6.33

Revenue (TTM)

$1.47B

Div Yield

—

ROE

-127.7%

Debt/Equity

—

52W Range

$3 – $12

RYAM Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $1.47B

2016-12-31 → 2025-12-31

EPS $-6.33

2016-12-31 → 2025-12-31

Free Cash Flow —

2016-12-31 → 2021-12-31

Margins -28.7%

2016-12-31 → 2025-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

RYAM

Peer Median

P/E (TTM)

-0.9

25.0

P/S (TTM)

0.3

1.3

P/B

1.2

1.5

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

RYAM

Peer Median

Gross Margin

8.1%

22.9%

Operating Margin

0.28%

—

Net Profit Margin

-28.7%

-1.4%

ROA

-21.6%

-1.1%

ROE

-127.7%

-2.8%

ROIC

5.7%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

RYAM

Peer Median

Current Ratio

1.6

2.6

Quick Ratio

0.7

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

RYAM

Peer Median

Revenue YoY

-10.1%

—

Revenue CAGR 3Y

-5.1%

—

Revenue CAGR 5Y

1.8%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

RYAM

Peer Median

EPS (Diluted)

$-6.33

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

RYAM

Peer Median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield

—

Payout Ratio

—

5Y Div CAGR

—

Ex-date	Amount
June 13, 2019	$0.0700
March 14, 2019	$0.0700
Dec. 14, 2018	$0.0700
Sept. 13, 2018	$0.0700
June 14, 2018	$0.0700
March 15, 2018	$0.0700
Dec. 14, 2017	$0.0700
Sept. 14, 2017	$0.0700
June 14, 2017	$0.0700
March 15, 2017	$0.0700
Dec. 14, 2016	$0.0700
Sept. 14, 2016	$0.0700
June 14, 2016	$0.0700
March 15, 2016	$0.0700
Dec. 15, 2015	$0.0700
Sept. 14, 2015	$0.0700
June 12, 2015	$0.0700
March 13, 2015	$0.0700
Dec. 15, 2014	$0.0700
Sept. 12, 2014	$0.0700

RYAM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 7 analysts

Strong Buy 2 28.6%
Buy 4 57.1%
Hold 1 14.3%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

2 analysts · 2026-05-19

Median $14.50

← Below all targets $8.84

Low $14.00

High $15.00

Median target $14.50 +64.0%

Mean target $14.50 +64.0%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

-1.4%

Period	EPS Actual	EPS Est	Surprise
March 31, 2026	$-1.22	$-0.36	-0.86%
Dec. 31, 2025	$-0.30	$-0.08	-0.22%
Sept. 30, 2025	$-0.07	$-0.02	-0.05%
June 30, 2025	$-5.47	$-0.24	-5.2%
March 31, 2025	$-0.49	$-0.05	-0.44%

Peer Comparison Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
RYAM	$395M	-0.9	-10.1%	-28.7%	-127.7%	8.1%
IOSP	—	16.4	-3.6%	6.6%	9.2%	27.7%
ECVT	$1.09B	-16.0	20.9%	-9.8%	-11.0%	21.9%
SCL	—	23.1	7.0%	2.0%	3.8%	11.6%
FTK	$519M	20.5	26.9%	12.9%	33.0%	25.2%
ASPI	—	-2.5	475.5%	—	—	—
ASPN	$234M	-0.6	-40.1%	-143.7%	-143.1%	17.0%
ALTO	$223M	18.0	-4.9%	1.5%	5.9%	3.8%
VHI	$357M	-6.0	-1.3%	-2.8%	-5.6%	14.2%
ACNT	$152M	179.9	-7.2%	1.2%	0.98%	23.0%
ARQ	$140M	-2.6	10.4%	-43.7%	-27.4%	—

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 16

Annual Income Statement data for RYAM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$1.47B	$1.63B	$1.64B	$1.72B	$1.41B	$1.34B	$1.43B	$1.96B	$940M	$869M	$941M	$958M
Cost of Revenue	$1.35B	$1.46B	$1.56B	$1.59B	$1.33B	$1.28B	$1.38B	$1.67B	$800M	$683M	$739M	$734M
Gross Profit	$119M	$166M	$88M	$123M	$75M	$63M	$53M	$291M	$141M	$186M	$202M	$224M
R&D Expense	$7M	$5M	$6M	$7M	$7M	$7M	$6M	·	·	·	·	·
SG&A Expense	$84M	$92M	$76M	$91M	$76M	$78M	$81M	$105M	$80M	$37M	$48M	$40M
Operating Income	$4M	$39M	$-65M	$26M	$-10M	$-30M	$-52M	$148M	$59M	$143M	$120M	$63M
Interest Expense	·	·	$74M	$66M	$66M	$56M	$52M	$56M	$40M	$35M	$37M	$22M
Other Non-op	$-2M	$4M	$6M	$5M	$2M	$-7M	$175.0K	$5M	$2M	$737.0K	$210.0K	$-106.0K
Pretax Income	$-95M	$-49M	$-132M	$-24M	$-83M	$-98M	$-104M	$126M	$343M	$113M	$83M	$40M
Income Tax	$323M	$-9M	$-32M	$902.0K	$-35M	$-61M	$-20M	$27M	$19M	$39M	$28M	$9M
Net Income	$-421M	$-39M	$-102M	$-15M	$66M	$555.0K	$-22M	$128M	$325M	$73M	$55M	$32M
EPS (Basic)	$-6.33	$-0.59	$-1.57	$-0.23	$1.05	$0.01	$-0.57	$2.27	$7.17	$1.61	$1.31	$0.75
EPS (Diluted)	$-6.33	$-0.59	$-1.57	$-0.23	$1.05	$0.01	$-0.57	$1.96	$5.81	$1.55	$1.30	$0.75
Shares (Basic)	66,782,262	65,748,775	65,108,397	63,910,010	63,645,245	63,241,197	54,511,863	50,602,480	43,416,868	42,279,811	42,194,891	42,166,629
Shares (Diluted)	66,782,262	65,748,775	65,108,397	63,910,010	63,645,245	63,241,197	54,511,863	65,397,259	55,902,452	47,145,821	42,222,859	42,239,682
EBITDA	$138M	$177M	$75M	$161M	$128M	$179M	$70M	$346M	$154M	$226M	$209M	$149M

Balance Sheet 26

Annual Balance Sheet data for RYAM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$75M	$125M	$76M	$152M	$253M	$94M	$64M	$109M	$96M	$327M	$101M	$66M
Receivables	$193M	$214M	$197M	$212M	$182M	$179M	$182M	$199M	$181M	$38M	$69M	$69M
Inventory	$238M	$208M	$207M	$265M	$231M	$171M	$251M	$304M	$302M	$118M	$125M	$140M
Prepaid Expense	$62M	$51M	$75M	$60M	$51M	$59M	$61M	$61M	$67M	$37M	$32M	$36M
Current Assets	$568M	$601M	$575M	$690M	$776M	$634M	$574M	$716M	$647M	$520M	$328M	$312M
PP&E (Net)	$1.01B	$1.02B	$1.08B	$1.15B	$1.15B	$1.18B	$1.32B	$1.36B	$1.41B	$801M	$804M	$843M
PP&E (Gross)	$3.01B	$2.91B	$2.87B	$2.87B	$2.79B	$2.89B	$2.80B	$2.75B	$2.72B	$2.06B	$2.03B	$2.01B
Accum. Depreciation	$1.99B	$1.89B	$1.80B	$1.72B	$1.64B	$1.58B	$1.48B	$1.39B	$1.31B	$1.26B	$1.22B	$1.17B
Intangibles	$4M	$10M	$17M	$24M	$31M	$38M	$45M	$52M	$60M	$0	·	·
Other Non-current Assets	$147M	$150M	$170M	$160M	$156M	$156M	$160M	$120M	$126M	$50M	$50M	$62M
Total Assets	$1.76B	$2.13B	$2.18B	$2.35B	$2.45B	$2.53B	$2.48B	$2.68B	$2.64B	$1.42B	$1.28B	$1.30B
Accounts Payable	$190M	$196M	$186M	$164M	$169M	$157M	$153M	$182M	$158M	$36M	$45M	$65M
Short-term Debt	·	·	·	·	·	·	$0	·	·	·	·	·
Current Liabilities	$360M	$400M	$376M	$354M	$355M	$293M	$286M	$370M	$308M	$127M	$131M	$131M
Capital Leases	$19M	$24M	$15M	$11M	$13M	$12M	$18M	·	·	·	·	·
Deferred Tax	$13M	$14M	$15M	$17M	$20M	$24M	$25M	$28M	$33M	$0	·	$0
Other Non-current Liabilities	$47M	$47M	$31M	$29M	$34M	$26M	$27M	$12M	$13M	$9M	$7M	$8M
Long-term Debt	·	·	·	·	·	·	·	·	·	·	$858M	$945M
Total Debt	·	·	·	·	$38M	$17M	$19M	·	·	$10M	$868M	$945M
Common Stock	$670.0K	$660.0K	$654.0K	$640.0K	$637.0K	$633.0K	$632.0K	$493.0K	$517.0K	$433.0K	$429.0K	$426.0K
Paid-in Capital	$428M	$425M	$419M	$418M	$409M	$405M	$399M	$399M	$392M	$242M	$70M	$62M
Retained Earnings	$-89M	$334M	$373M	$474M	$489M	$423M	$422M	$463M	$377M	$79M	$22M	$-21M
AOCI	$-23M	$-46M	$-46M	$-64M	$-84M	$-134M	$-139M	$-156M	$-76M	$-110M	$-110M	$-103M
Stockholders' Equity	$317M	$714M	$746M	$829M	$814M	$695M	$683M	$707M	$694M	$212M	$-17M	$-62M
Liabilities + Equity	$1.76B	$2.13B	$2.18B	$2.35B	$2.45B	$2.53B	$2.48B	$2.68B	$2.64B	$1.42B	$1.28B	$1.30B
Shares Outstanding	67,005,593	65,966,881	65,393,014	64,020,761	63,738,409	63,359,839	63,136,129	49,291,130	51,717,142	43,261,905	42,872,435	42,616,319

Cash Flow 20

Annual Cash Flow data for RYAM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$134M	$137M	$140M	$135M	$138M	$138M	$142M	$146M	$97M	$88M	$89M	$86M
Stock-based Comp	$5M	$7M	$7M	$10M	$5M	$6M	$6M	$13M	$9M	$7M	$10M	$9M
Deferred Tax	$322M	$-10M	$-28M	$-4M	$-37M	$-11M	$-16M	$8M	$30M	$45M	$-10M	$-35M
Amort. of Intangibles	$6M	$7M	$7M	$7M	$7M	$7M	$7M	$7M	$1M	$0	·	·
Restructuring	$1M	$17M	$0	$0	·	·	·	·	·	·	·	·
Other Non-cash	$-17M	$108M	$119M	$-57M	$61M	$-36M	$-70M	$-64M	$-331M	$18M	$57M	$97M
Operating Cash Flow	$24M	$204M	$136M	$69M	$233M	$124M	$42M	$247M	$130M	$232M	$202M	$188M
CapEx	·	·	·	·	$95M	$63M	$90M	$129M	$75M	$89M	$77M	$75M
Investing Cash Flow	$-114M	$-108M	$-127M	$-94M	$85M	$-78M	$53M	$-116M	$-277M	$-87M	$-77M	$-90M
Debt Issued	$547M	$672M	$465M	$6M	$4M	·	·	$0	$680M	$0	$0	$1.02B
Net Debt Issued	$35M	$-30M	$-73M	·	·	·	·	$-45M	$-50M	$-71M	$-77M	$946M
Stock Issued	·	·	·	·	·	$0	$0	$451.0K	$14.0K	$388.0K	$8.0K	$649.0K
Stock Repurchased	·	·	·	·	$1M	$457.0K	$7M	$43M	$157.0K	$0	$0	$92.0K
Net Stock Activity	·	·	·	·	$-1M	$-457.0K	$-7M	$-42M	$14.0K	·	$8.0K	$557.0K
Dividends Paid	·	·	·	·	$0	$0	$9M	$15M	$13M	$12M	$12M	$6M
Financing Cash Flow	$30M	$-42M	$-87M	$-73M	$-157M	$-19M	$-138M	$-116M	$-84M	$80M	$-89M	$-31M
Net Change in Cash	·	·	·	·	·	·	·	·	$-231M	$225M	$35M	$66M
Taxes Paid	$-510.0K	$19M	$-7M	$-15M	$-35M	$1M	$3M	$13M	$6M	$-5M	$32M	$35M
Free Cash Flow	·	·	·	·	$138M	$47M	$-61M	$115M	$55M	$144M	$124M	$113M
Levered FCF	·	·	·	·	$99M	$48M	$-109M	$70M	$17M	$121M	$100M	$95M

Profitability 8

Annual Profitability data for RYAM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Gross Margin	8.1%	10.2%	5.4%	7.2%	5.3%	7.9%	3.0%	16.1%	14.5%	20.9%	21.5%	23.4%
Operating Margin	0.28%	2.4%	-4.0%	1.5%	-0.74%	1.6%	-4.7%	9.3%	5.9%	15.8%	12.7%	6.6%
Net Margin	-28.7%	-2.4%	-6.2%	-0.87%	4.7%	0.03%	-1.3%	6.0%	33.8%	8.4%	5.9%	3.3%
Pretax Margin	-6.5%	-3.0%	-8.1%	-1.4%	-5.9%	-2.6%	-8.3%	8.1%	35.9%	13.0%	8.8%	4.2%
EBITDA Margin	9.4%	10.8%	4.5%	9.4%	9.1%	10.3%	4.0%	16.2%	16.0%	26.0%	22.2%	15.5%
ROA	-21.6%	-1.8%	-4.5%	-0.62%	2.7%	0.02%	-0.87%	·	·	5.4%	4.3%	2.6%
ROE	-127.7%	-5.4%	-13.3%	-1.8%	8.3%	0.08%	-3.4%	·	·	75.3%	-138.9%	7.0%
ROIC	5.7%	4.5%	-6.6%	3.3%	-0.71%	-0.05%	-9.5%	·	·	40.5%	9.4%	5.6%

Liquidity & Solvency 5

Annual Liquidity & Solvency data for RYAM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	1.6	1.5	1.5	1.9	2.2	2.2	2.0	·	·	4.1	2.5	2.4
Quick Ratio	0.7	0.8	0.7	1.0	1.2	0.9	0.9	·	·	2.9	1.3	1.0
Debt / Equity	·	·	·	·	0.0	0.0	0.0	·	·	0.0	-50.6	-15.1
LT Debt / Equity	·	·	·	·	·	·	·	·	·	·	-50.2	-15.0
Interest Coverage	·	·	-0.9	0.4	-0.2	0.4	-1.4	3.3	1.4	4.0	3.2	2.8

Efficiency 3

Annual Efficiency data for RYAM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	0.8	0.8	0.7	0.7	0.6	0.7	0.7	·	·	0.6	0.7	0.8
Inventory Turnover	6.0	7.1	6.6	6.4	6.6	6.6	6.2	·	·	5.6	5.6	5.5
Receivables Turnover	7.2	7.9	8.0	8.7	7.8	9.6	9.3	·	·	16.3	13.6	13.6

Per Share 6

Annual Per Share data for RYAM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$4.72	$10.82	$11.41	$12.95	$12.78	$10.97	$10.81	·	·	$4.89	$-0.40	$-1.46
Revenue / Share	$21.96	$24.80	$25.24	$26.87	$22.12	$27.50	$32.57	$32.64	$17.20	$18.43	$22.30	$22.67
Cash Flow / Share	$0.36	$3.10	$2.09	$1.08	$3.66	$1.97	$0.77	$3.78	$2.32	$4.93	$4.78	$4.44
Cash / Share	$1.13	$1.90	$1.16	$2.37	$3.97	$1.48	$1.01	·	·	$7.55	$2.36	$1.55
Dividend / Share	·	·	·	·	·	·	$0	$0	$0	$0	$0	$0
EPS (TTM)	$-6.33	$-0.59	$-1.57	$-0.23	$1.05	$0.01	$-0.57	$1.96	$5.81	$1.55	$1.30	$0.75

Growth Rates 5

Annual Growth Rates data for RYAM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	-10.1%	-0.79%	-4.3%	22.0%	4.7%	·	·	·	·	·	·	·
Revenue CAGR 3Y	-5.1%	5.0%	6.9%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	1.8%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	·	·	·	·	10400.0%	·	·	·	·	·	·	·
Net Income YoY	·	·	·	·	11866.5%	·	·	·	·	·	·	·

Valuation (TTM) 17

Annual Valuation (TTM) data for RYAM
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$1.47B	$1.63B	$1.64B	$1.72B	$1.41B	$1.34B	$1.43B	$1.96B	$940M	$869M	$941M	$958M
Net Income TTM	$-421M	$-39M	$-102M	$-15M	$66M	$555.0K	$-22M	$128M	$325M	$73M	$55M	$32M
Market Cap	$395M	$544M	$265M	$615M	$364M	$413M	$242M	·	·	$669M	$420M	$950M
Enterprise Value	·	·	·	·	$148M	$337M	$198M	·	·	$352M	$1.19B	$1.83B
P/E	-0.9	-14.0	-2.6	-41.7	5.4	652.0	-6.7	5.4	3.5	10.0	7.5	29.7
P/S	0.3	0.3	0.2	0.4	0.3	0.3	0.2	·	·	0.8	0.4	1.0
P/B	1.2	0.8	0.4	0.7	0.4	0.6	0.4	·	·	3.2	-24.5	-15.2
P / Tangible Book	1.3	0.8	0.4	0.8	0.5	0.6	·	·	·	·	·	·
P / Cash Flow	16.5	2.7	1.9	8.9	1.6	3.3	5.8	·	·	2.9	2.1	5.1
P / FCF	·	·	·	·	2.6	8.7	-4.0	·	·	4.7	3.4	8.4
EV / EBITDA	·	·	·	·	1.2	1.9	2.8	·	·	1.6	5.7	12.3
EV / FCF	·	·	·	·	1.1	7.1	-3.2	·	·	2.5	9.5	16.2
EV / Revenue	·	·	·	·	0.1	0.3	0.1	·	·	0.4	1.3	1.9
Dividend Yield	·	·	·	·	0.00%	0.00%	3.5%	·	·	1.8%	2.8%	0.62%
Earnings Yield	-107.5%	-7.1%	-38.8%	-2.4%	18.4%	0.15%	-14.8%	18.4%	28.4%	10.0%	13.3%	3.4%
Payout Ratio	·	·	·	·	0.00%	0.00%	-38.2%	11.7%	3.9%	16.2%	21.4%	18.7%
Annual Payout	·	·	·	·	$0	$0	$9M	$15M	$13M	$12M	$12M	$6M

Income Statement 15

Quarterly Income Statement data for RYAM
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022
Revenue	$319M	$418M	$353M	$340M	$353M	$423M	$401M	$419M	$388M	$422M	$369M	$385M	$467M	$500M	$466M	$399M
Cost of Revenue	$327M	$381M	$319M	$316M	$329M	$386M	$358M	$371M	$351M	$395M	$360M	$371M	$429M	$456M	$420M	$373M
Gross Profit	$-8M	$37M	$34M	$24M	$24M	$37M	$44M	$48M	$37M	$27M	$9M	$15M	$37M	$44M	$47M	$27M
SG&A Expense	$19M	$19M	$24M	$18M	$23M	$27M	$23M	$22M	$21M	$17M	$21M	$18M	$19M	$23M	$20M	$28M
Operating Income	$-65M	$11M	$10M	$-1M	$-15M	$11M	$-17M	$28M	$17M	$-61M	$-14M	$-6M	$17M	$16M	$29M	$-3M
Interest Expense	·	·	·	·	·	·	·	·	$21M	·	$21M	$15M	$15M	·	$16M	$17M
Other Non-op	$-952.0K	$-1M	$-54.0K	$-2M	$892.0K	$3M	$-173.0K	$651.0K	$1M	$-753.0K	$3M	$3M	$306.0K	$-1M	$4M	$3M
Pretax Income	$-88M	$-17M	$-14M	$-26M	$-37M	$-19M	$-37M	$8M	$-2M	$-82M	$-32M	$-18M	$-330.0K	$2M	$17M	$-20M
Income Tax	$-7M	$28.0K	$-10M	$339M	$-6M	$-3M	$-5M	$-849.0K	$-472.0K	$-21M	$-5M	$-3M	$-3M	$-2M	$-2M	$4M
Net Income	$-82M	$-21M	$-4M	$-363M	$-32M	$-16M	$-33M	$11M	$-2M	$-62M	$-25M	$-17M	$2M	$4M	$30M	$-23M
EPS (Basic)	$-1.22	$-0.33	$-0.07	$-5.44	$-0.49	$-0.25	$-0.49	$0.17	$-0.02	$-0.95	$-0.39	$-0.26	$0.02	$0.05	$0.47	$-0.36
EPS (Diluted)	$-1.22	$-0.33	$-0.07	$-5.44	$-0.49	$-0.25	$-0.49	$0.17	$-0.02	$-0.95	$-0.39	$-0.26	$0.02	$0.07	$0.45	$-0.36
Shares (Basic)	67,133,754	-133,311,500	67,000,882	66,875,897	66,216,983	-131,307,791	65,892,750	65,716,362	65,447,454	83,743	65,343,418	65,226,344	64,504,200	-127,731,401	63,971,166	63,898,761
Shares (Diluted)	67,133,754	-133,311,500	67,000,882	66,875,897	66,216,983	-134,381,740	65,892,750	68,790,311	65,447,454	83,743	65,343,418	65,226,344	66,596,653	-129,280,342	65,520,107	63,898,761
EBITDA	$-32M	·	$43M	$30M	$16M	·	$-17M	$28M	$50M	·	$-14M	$-6M	$52M	·	$29M	$-3M

Balance Sheet 24

Quarterly Balance Sheet data for RYAM
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022
Cash & Equivalents	$68M	$75M	$77M	$71M	$130M	$125M	$136M	$114M	$55M	·	$27M	$157M	$169M	·	$132M	$148M
Receivables	$174M	$193M	$183M	$153M	$167M	$214M	$193M	$204M	$183M	·	$176M	$177M	$201M	·	$217M	$208M
Inventory	$224M	$238M	$254M	$233M	$212M	$208M	$234M	$225M	$228M	·	$243M	$219M	$237M	·	$270M	$243M
Prepaid Expense	$64M	$60M	$75M	$82M	$63M	$51M	$63M	$74M	$61M	·	$73M	$86M	$54M	·	$69M	$81M
Current Assets	$529M	$568M	$591M	$540M	$573M	$601M	$629M	$635M	$546M	·	$518M	$640M	$662M	·	$688M	$701M
PP&E (Net)	$965M	$1.01B	$1.03B	$1.04B	$1.03B	$1.02B	$1.02B	$1.06B	$1.06B	·	$1.13B	$1.15B	$1.14B	·	$1.13B	$1.17B
PP&E (Gross)	·	$3.01B	·	·	·	$2.91B	·	·	·	·	·	·	·	·	·	·
Accum. Depreciation	$2.05B	$1.99B	$1.97B	$1.94B	$1.92B	$1.89B	$1.88B	$1.85B	$1.82B	·	$1.79B	$1.77B	$1.75B	·	$1.70B	$1.68B
Intangibles	$4M	$4M	$5M	$7M	$9M	$10M	$12M	$14M	$16M	·	$19M	$21M	$23M	·	$26M	$28M
Other Non-current Assets	$140M	$147M	$150M	$150M	$151M	$150M	$148M	$148M	$171M	·	$177M	$167M	$157M	·	$162M	$154M
Total Assets	$1.67B	$1.76B	$1.80B	$1.75B	$2.12B	$2.13B	$2.16B	$2.20B	$2.14B	·	$2.18B	$2.31B	$2.31B	·	$2.34B	$2.38B
Accounts Payable	$202M	$190M	$172M	$190M	$200M	$196M	$167M	$186M	$158M	·	$171M	$179M	$158M	·	$154M	$184M
Current Liabilities	$385M	$360M	$376M	$372M	$405M	$400M	$364M	$377M	$332M	·	$334M	$410M	$321M	·	$341M	$378M
Capital Leases	·	$19M	$20M	$22M	$23M	$24M	$26M	$27M	$14M	·	$14M	$13M	$11M	·	$12M	$10M
Deferred Tax	$10M	$13M	$14M	$15M	$13M	$14M	$15M	$14M	$14M	·	$15M	$19M	$19M	·	$17M	$21M
Other Non-current Liabilities	$45M	$47M	$45M	$45M	$45M	$47M	$46M	$44M	$31M	·	$32M	$30M	$29M	·	$30M	$28M
Total Debt	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$22M	$35M
Common Stock	$674.0K	$670.0K	$670.0K	$670.0K	$668.0K	$660.0K	$659.0K	$659.0K	$655.0K	·	$654.0K	$654.0K	$651.0K	·	$639.0K	$639.0K
Paid-in Capital	$427M	$428M	$427M	$426M	$424M	$425M	$424M	$422M	$420M	·	$418M	$416M	$414M	·	$417M	$415M
Retained Earnings	$-171M	$-89M	$-67M	$-62M	$301M	$334M	$350M	$382M	$371M	·	$434M	$459M	$476M	·	$471M	$441M
AOCI	$-27M	$-23M	$-22M	$-21M	$-38M	$-46M	$-41M	$-50M	$-50M	·	$-67M	$-62M	$-60M	·	$-109M	$-96M
Stockholders' Equity	$229M	$317M	$338M	$342M	$688M	$714M	$733M	$755M	$742M	$746M	$786M	$814M	$831M	$829M	$780M	$761M
Liabilities + Equity	$1.67B	$1.76B	$1.80B	$1.75B	$2.12B	$2.13B	$2.16B	$2.20B	$2.14B	·	$2.18B	$2.31B	$2.31B	·	$2.34B	$2.38B
Shares Outstanding	67,438,549	67,005,593	67,000,882	67,000,882	66,754,665	65,966,881	65,896,001	65,890,093	65,554,837	65,393,014	65,343,418	65,343,418	65,106,348	64,020,761	63,971,166	63,971,163

Cash Flow 10

Quarterly Cash Flow data for RYAM
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022
D&A	$33M	$38M	$33M	$31M	$31M	$35M	$35M	$34M	$33M	$36M	$36M	·	$35M	$38M	$35M	$34M
Stock-based Comp	$767.0K	$691.0K	$2M	$1M	$2M	$1M	$2M	$2M	$2M	$1M	$2M	·	$1M	$963.0K	$2M	$4M
Restructuring	·	$841.0K	$-200.0K	$229.0K	$405.0K	$2M	$8M	$7M	$0	$0	$0	$0	·	·	·	·
Other Non-cash	$79M	·	·	·	$39M	·	·	·	$-22M	·	·	·	$13M	·	·	·
Operating Cash Flow	$32M	$32M	$-18M	$-30M	$40M	$55M	$50M	$88M	$11M	$54M	$-2M	·	$51M	$61M	$44M	$-13M
Investing Cash Flow	$-20M	$-17M	$-22M	$-37M	$-38M	$-28M	$-22M	$-25M	$-33M	$-32M	$-41M	·	$-21M	$-24M	$-26M	$2M
Debt Issued	$159M	$119M	$273M	$156M	$0	$440M	$10M	$89M	$133M	$162M	$302M	·	$536.0K	$0	$152.0K	$2M
Net Debt Issued	$-12M	·	·	·	$-2M	·	·	·	$5M	·	·	·	$-8M	·	·	·
Financing Cash Flow	$-18M	$-17M	$47M	$2M	$-718.0K	$-32M	$-9M	$-2M	$927.0K	$25M	$-86M	·	$-14M	$-22M	$-29M	$-17M
Taxes Paid	$-493.0K	$-964.0K	$685.0K	$2M	$2M	$39M	$-15M	$-3M	$-2M	$-14M	$125.0K	·	$3M	$1M	$-23M	$6M

Profitability 8

Quarterly Profitability data for RYAM
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022
Gross Margin	-2.4%	·	9.7%	7.0%	6.8%	·	10.9%	11.5%	9.5%	·	2.4%	3.8%	8.0%	·	10.0%	6.7%
Operating Margin	-20.5%	·	2.8%	-0.39%	-4.2%	·	-4.2%	6.7%	4.4%	·	-3.9%	-1.7%	3.6%	·	6.1%	-0.73%
Net Margin	-25.6%	·	-1.3%	-106.8%	-9.0%	·	-8.1%	2.7%	-0.40%	·	-6.8%	-4.3%	0.34%	·	6.3%	-5.8%
Pretax Margin	-27.7%	·	-4.1%	-7.7%	-10.4%	·	-9.1%	1.9%	-0.41%	·	-8.6%	-4.7%	-0.07%	·	3.7%	-5.1%
EBITDA Margin	-10.0%	·	12.2%	8.8%	4.5%	·	-4.2%	6.7%	13.0%	·	-3.9%	-1.7%	11.1%	·	6.1%	-0.73%
ROA	-4.3%	·	-0.23%	-18.4%	-1.5%	·	-1.5%	0.51%	-0.07%	·	-1.1%	·	·	·	1.2%	-0.93%
ROE	-17.8%	·	-0.83%	-66.2%	-4.5%	·	-4.3%	1.5%	-0.20%	·	-3.2%	·	·	·	3.8%	-3.0%
ROIC	-26.2%	·	0.81%	-5.5%	-1.9%	·	-2.0%	4.1%	1.6%	·	-1.5%	·	·	·	3.9%	-0.43%

Liquidity & Solvency 4

Quarterly Liquidity & Solvency data for RYAM
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022
Current Ratio	1.4	·	1.6	1.5	1.4	·	1.7	1.7	1.6	·	1.6	·	·	·	2.0	1.9
Quick Ratio	0.6	·	0.7	0.6	0.7	·	0.9	0.8	0.7	·	0.6	·	·	·	1.0	0.9
Debt / Equity	·	·	·	·	·	·	·	·	·	·	·	·	·	·	0.0	0.0
Interest Coverage	·	·	·	·	·	·	·	·	0.8	·	-0.7	-0.4	1.1	·	1.7	-0.2

Efficiency 3

Quarterly Efficiency data for RYAM
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022
Asset Turnover	0.2	·	0.2	0.2	0.2	·	0.2	0.2	0.2	·	0.2	·	·	·	0.2	0.2
Inventory Turnover	1.5	·	1.3	1.4	1.5	·	1.5	1.7	1.5	·	1.4	·	·	·	1.8	1.7
Receivables Turnover	1.9	·	1.9	1.9	2.0	·	2.2	2.2	2.0	·	1.9	·	·	·	2.2	2.0

Per Share 5

Quarterly Per Share data for RYAM
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022
Book Value / Share	$3.40	·	$5.05	$5.11	$10.31	·	$11.12	$11.46	$11.31	·	$12.02	·	·	·	$12.19	$11.89
Revenue / Share	$4.75	·	$5.27	$5.08	$5.38	·	$6.09	$6.09	$5.92	·	$5.64	$5.91	$7.01	·	$7.12	$6.25
Cash Flow / Share	$0.48	·	·	·	$0.60	·	·	·	$0.17	·	·	·	$0.77	·	·	·
Cash / Share	$1.01	·	$1.15	$1.05	$1.95	·	$2.07	$1.73	$0.83	·	$0.42	·	·	·	$2.06	$2.31
EPS (TTM)	$-7.22	·	$-6.49	$-6.25	$-0.83	·	$-0.73	$-0.50	$-0.65	·	$-0.18	$-0.15	$-0.28	·	$-0.37	$1.07

Valuation (TTM) 12

Quarterly Valuation (TTM) data for RYAM
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022
Revenue TTM	$1.36B	·	$1.45B	$1.52B	$1.56B	·	$1.58B	$1.56B	$1.61B	·	$1.69B	$1.72B	$1.68B	·	$1.59B	$1.47B
Net Income TTM	$-481M	·	$-432M	$-416M	$-55M	·	$-48M	$-32M	$-42M	·	$-11M	$-9M	$-17M	·	$-23M	$69M
Market Cap	$724M	·	$460M	$255M	$371M	·	$560M	$358M	$313M	·	$231M	·	·	·	$237M	$170M
Enterprise Value	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$127M	$57M
P/E	-1.5	·	-1.1	-0.6	-6.7	·	-11.6	-10.9	-7.4	·	-19.7	-28.5	-22.4	·	-10.0	2.5
P/S	0.5	·	0.3	0.2	0.2	·	0.4	0.2	0.2	·	0.1	·	·	·	0.1	0.1
P/B	3.2	·	1.4	0.7	0.5	·	0.8	0.5	0.4	·	0.3	·	·	·	0.3	0.2
P / Tangible Book	3.2	·	1.4	0.8	0.5	·	0.8	0.5	0.4	·	0.3	·	·	·	0.3	0.2
P / Cash Flow	22.7	·	·	·	9.4	·	·	·	27.8	·	·	·	·	·	·	·
EV / EBITDA	·	·	·	·	·	·	·	·	·	·	·	·	·	·	4.5	-19.6
EV / Revenue	·	·	·	·	·	·	·	·	·	·	·	·	·	·	0.1	0.0
Earnings Yield	-67.2%	·	-94.5%	-164.0%	-14.9%	·	-8.6%	-9.2%	-13.6%	·	-5.1%	-3.5%	-4.5%	·	-10.0%	40.4%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$1.47B	$1.63B	$1.64B	$1.72B	$1.41B
Gross Margin %	8.1%	10.2%	5.4%	7.2%	5.3%
Operating Margin %	0.28%	2.4%	-4.0%	1.5%	-0.74%
Net Income	$-421M	$-39M	$-102M	$-15M	$66M
Diluted EPS	$-6.33	$-0.59	$-1.57	$-0.23	$1.05

Balance Sheet

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	—	—	—	—	0.0
Current Ratio	1.6	1.5	1.5	1.9	2.2
Quick Ratio	0.7	0.8	0.7	1.0	1.2

Cash Flow

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	—	—	—	—	$138M

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Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

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