Forensic Analysis · General / Diversified · as of Jun 27, 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
0.9
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-153.4%
ROE
$540M
Market cap
RAYONIER ADVANCED MATERIALS INC. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 0.9, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
64dInventory days.Days inventory outstanding moved from 52 to 64 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%Return on invested capital.Return on invested capital is 0% and steady — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.5%/yrShare-count dilution.Diluted share count changed +4% over the last 3 years to FY2025 (+1.5%/yr). The count is GROWING — existing holders are being diluted. That's ~1.5% 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 FY2022 has been diluted ~4%.
suspendedDividend — suspended.The dividend has been SUSPENDED — $9M paid in FY2019, then $0 in FY2021. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.
0% of revStock-based comp load.Stock-based compensation ran 0% of revenue and 23% of free cash flow in FY2025 — about $0.08 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-28.7%
Debt / Equity2.46x
Free Cash Flow$-71.3M
Latest Revenue$1.47B
Return on Equity-132.9%
Revenue Growth YoY-10.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on RAYONIER ADVANCED MATERIALS INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about RYAM's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown