Lightship Capital III LP disclosed a 5.0742% ownership stake in Rayonier Advanced Materials Inc. (RYAM) through a Schedule 13D filing submitted on February 25 2026. The filing shows Lightship acquired 3.4 million shares of RYAM common stock, a purchase that cost roughly $25.44 million. The investment follows Lightship’s earlier offer of $11–$12 per share on November 18 2025, which RYAM’s board rejected in a letter dated December 18 2025.
Lightship’s new stake signals activist interest that could shape RYAM’s governance and strategic direction. The firm’s stated investment rationale is a capital‑appreciation strategy that aligns with RYAM’s focus on cellulose specialties and biomaterials. By holding a sizable minority position, Lightship is positioned to engage with management and other shareholders on issues such as capital structure, strategic alternatives, and operational improvements.
RYAM’s financial profile underscores the context for this stake. In the first quarter of 2025, the company reported revenue of $356 million, down from $388 million in the same period a year earlier. Net margin fell to –28.29 %, EPS was –$6.25, and gross margin stood at 8.07 %. The debt‑to‑equity ratio is 2.35, the Altman Z‑Score is 1.18 (placing the firm in the distress zone), and the current ratio is 1.57. RYAM has reorganized its operations into five business units—Cellulose Specialties, Biomaterials, Cellulose Commodities, Paperboard, and High‑Yield Pulp—with the Cellulose Specialties unit contributing the largest share of revenue.
CEO De Lyle Bloomquist has emphasized the company’s strategic pillars, stating, “Our strategic pillars are in motion—strengthening our cellulose specialties franchise, advancing biomaterials execution, and driving structural cost improvements.” The statement reflects RYAM’s commitment to value‑over‑volume growth and disciplined cost management amid a challenging operating environment.
RYAM is scheduled to release its fourth‑quarter 2025 earnings on March 3 2026. Analysts expect earnings per share of –$0.09 and revenue of approximately $364.07 million. The upcoming report will test RYAM’s ability to improve margins and revenue in the face of a declining top line and high leverage.
Investors have reacted strongly to Lightship’s stake and the prior takeover attempt, indicating heightened interest in potential strategic alternatives. The activist position could prompt board discussions on governance and possible sale or partnership opportunities.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.