The massive EPS miss and revenue decline confirm deteriorating fundamentals beyond the one-time idling charge. The strategic review (announced in the release) may provide a floor for the stock, but near-term catalysts are weak. Monitor the May 6 conference call for commentary on the strategic review progress and any further guidance adjustment.
Price Chart
Executive Summary
RYAM reported Q1 2026 GAAP EPS of -$1.22, far below the $-0.62 consensus (a ~97% miss), as $41M in non-cash permanent idling charges and a 9.6% YoY revenue decline to $319M drove a net loss of $81M vs a $32M loss a year ago. Adjusted EBITDA fell to $8M from $17M. Despite maintaining qualitative guidance for EBITDA growth and positive free cash flow in 2026, the weak quarter and elevated leverage (4.3x) underscore operational and financial stress.
Key Financial Metrics
Key Facts
- GAAP EPS: -$1.22 vs consensus -$0.62 (miss of $0.60)
- Net loss: $81M vs $32M in Q1 2025
- Revenue: $319M, down 9.6% YoY from $353M
- Adjusted EBITDA: $8M vs $17M in prior year
- Includes $41M non-cash permanent idling charges for Temiscaming HPC plant
- Net secured leverage ratio: 4.3x covenant EBITDA
- Total liquidity: $160M (cash $68M + ABL capacity $88M)
Financial Impact
EPS miss of $0.60 (96.8% below consensus); revenue miss of ~$16M below prior year quarter
Risk Factors
- Elevated net secured leverage of 4.3x increases financial risk
- Continued weak demand in cellulose specialties and paperboard segments
- Potential for further asset impairments or covenant issues if EBITDA does not improve
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001597672-26-000013 |
| Document: 0001597672-26-000013-index-headers.html | 0001597672-26-000013 |
| Document: 0001597672-26-000013-index.html | 0001597672-26-000013 |
| Document: 0001597672-26-000013.txt | 0001597672-26-000013 |
| 8-K Data (Synthetic) | 0001597672-26-000013 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 22, 2026 18w ago | 8-K | $8.20 $8.25 | ▲ +0.61% | ▼ −1.14% | $6.48 (−20.98%) |
May 5, 2026 24w ago | 8-K | $9.82 $8.95 | ▲ +8.86% | ▲ +10.92% | $6.48 (+34.01%) |
Apr 24, 2026 26w ago | DEFA14A | $9.75 $9.02 | ▲ +7.49% | ▲ +12.26% | $6.48 (+33.54%) |
Apr 24, 2026 26w ago | 8-K | $9.75 $9.02 | ▲ +7.49% | ▲ +12.26% | $6.48 (+33.54%) |
Mar 30, 2026 30w ago | DEFA14A | $11.07 $8.00 | ▼ −27.73% | ▼ −40.12% | $6.48 (−41.46%) |
US Market Status
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