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RYAM is a global leader of cellulose and derivatives commonly used in the production of filters, food, pharmaceuticals, high performance plastics, propellants and various industrial applications. RYAM s specialized assets, capable of creating the world s leading cellulose specialties products, are also used to produce cellulose viscose pulp, cellulose fluff pulp, high-yield pulp and various val…
Operating margin is thin at 0.28%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 10.1% YoY. Margins deteriorated 2.1pp alongside, both lines moving the wrong way.
Free cash flow declined 196% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$92M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1.43B
▼ -10.1% YoY
Net Income (TTM)
-$470M
▼ -985.8% YoY
Op. Margin
-3.22%
▼ -2.1pp YoY
ROIC
-3.32%
▼ -1.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$84M
▼ -195.8% YoY
Op. Cash Flow (TTM)
$16M
▼ -88.3% YoY
Net Debt
$696M
Cash & Equiv.
$68M
5Y CAGR: +1.8%
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