Rayonier's Post-Merger Story Still Requires Heavy Underwriting

Rayonier's post-merger profile is defined by optionality—land monetization, solar, and carbon capture—but recurring earnings remain volatile and hard to model. Current valuation appears to price in successful integration and optionality monetization, with EV/EBITDA multiples (~29x TTM) elevated versus sector norms. Q1 2026 results are heavily adjusted, with pro forma operating income positive only after significant normalization; recurring operating trends remain unclear.