Forensic Analysis · Materials / Mining & Chemicals · as of Aug 11, 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
5
Forensic signals
-5.8
P / E (ttm)
-132.9%
ROE
$590M
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). 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. 5 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 and steady — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.5%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +4% over the last 3 years to FY2025 (+1.5%/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 ~1.5% 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%.
suspended
FY2019→FY2021
Dividend — 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.
51d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 46 to 51 days FY2024→FY2025 (receivables -10% vs revenue -10%). Receivables are creeping up relative to sales. Across FY2021–FY2025 the day count ran 47 → 42 → 45 → 46 → 51 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in.
Key fundamentals
Latest Revenue$1.47B
Revenue Growth YoY-10.1%
Revenue CAGR (3yr)-5.1%
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?