Forensic Analysis · Materials / Mining & Chemicals · as of Sep 25, 2026
Rayonier Advanced Materials Inc. (RYAM)
A forensic read on Rayonier Advanced Materials Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
1.1
Distress distance
Clean
Earnings quality
3
Forensic signals
-4.0
P / E (ttm)
-132.9%
ROE
$618M
Market cap
0.00%
Dividend yield
-10.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Rayonier Advanced Materials Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.1, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
60d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 52 to 60 FY2024→FY2025 (against cost of goods sold; inventory +14% vs -8% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
0.2%
FY2025
Return on invested capital.Return on invested capital is 0.2% in the latest fiscal year, against -2.9% in FY2023, having run between -2.9% and 1.9% across FY2023–FY2025 with no direction held. After-tax operating profit was ($52M) in FY2023 and $3M in FY2025, with operating income at -4.0% of revenue in FY2023, 2.4% in FY2024 and 0.3% in FY2025. The capital base behind it came down -24% across FY2023–FY2025, from $1.8B to $1.3B, so this is a return struck on a smaller base rather than a record of money put to work. FY2023's operating profit carried a $62M asset write-down that alone took about 2.8 points off that year's return, so about 2.8 of the 3.1-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. FY2024's operating profit carried a $25M asset write-down and a $17M restructuring charge that alone took about 2.0 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
+1.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +3% over the last 2 years to FY2025 (+1.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~3%.
Key fundamentals
Latest Revenue$1.47B
Revenue Growth YoY-10.1%
Revenue CAGR (2yr)-5.5%
Net Margin-28.7%
Return on Equity-132.9%
Debt / Equity2.46x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Rayonier Advanced Materials Inc.'s actual 10-K/10-Q/8-K filings?