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Rayonier Advanced Materials Inc.

ryam.com

What Do They Do?

Sells customized cellulose fibers to industrial manufacturers, and pulp and coated paperboard to packaging and paper makers.

How Do They Make Money?

RYAM sells products under customer contracts or at published market prices, and generally receives payment after delivery under agreed payment terms.

revenue
SegmentShareRevenue
Cellulose Specialties
Sold outright

59%
Biomaterials
Sold outright
2.1%
Cellulose Commodities
Sold outright

21%
Paperboard
Sold outright

12%
FY2022: 15%
High-Yield Pulp
Sold outright
7.7%
FY2022: 9.3%

Who Are Their Customers?

Manufacturers use RYAM’s cellulose products in filters, food, pharmaceuticals and industrial goods; the company sells directly and through distributors and agents, and markets paperboard through its internal sales team.

Do Revenues Turn Into Profits?

No. It lost $420.7M in FY2025.

Operating income, FY2025
0% of revenue
▼ −90% vs FY2024 ($39.5M, 2%)
Net income, FY2025
−29% of revenue
▲ +986% (Loss) vs FY2024 (−$38.7M, −2%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 27, 2026
Revenue
▲ +11%
vs $340M in Q2 FY2025
Net income
▼ −91% (Loss)
vs −$363.2M in Q2 FY2025
Cellulose Specialties share of revenue vs 58.9% in Q2 FY2025
  • Jun 22, 2026 Board appoints Daniel M. Krawczyk as CEO The Board said its strategic alternatives review was underway and had reached no conclusion.
  • Apr 21, 2026 CEO resigns and company begins a strategic alternatives review Options include a sale, strategic investment, merger or continuing as a standalone company.

Flat. Revenue was $1.5B in FY2025, about the same as the $1.4B of FY2021.

Bioethanol sales Bioethanol moved from a planned project to commercial sales under a long-term offtake agreement with a petrochemicals company.

Freezer-grade paperboard The paperboard offering has expanded to include a freezer-resistant folding-carton grade, alongside earlier commercial printing, lottery-ticket and high-end packaging uses.

Revenue over time
Cellulose Specialties Biomaterials Cellulose Commodities Paperboard High-Yield Pulp High Purity Cellulose High Purity Cellulose
$2B$1B$0

Who Do They Compete With?

Competes with Bracell, Borregaard, Sappi, Lenzing, Aditya Birla Group, Sun Paper, Global Cellulose Fibers, GP Cellulose, Domtar, Klabin, Stora Enso, Smurfit Westrock, Graphic Packaging, Clearwater Paper, Metsa Group, CMPC, Billerud, Millar Western, SCA, and Pan Pac Forest Products

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