Weyerhaeuser Company
WYFinancial Snapshot
ticker: WY step: 04 generated: 2026-05-13 source: quick-research
Weyerhaeuser Company (WY) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $10.18B | $7.67B | $7.12B | -7.2% |
| Gross Margin | ~28% | ~18% | ~14% | |
| Operating Margin | ~22% | ~10% | ~5% | |
| Net Income | ~$1.8B | ~$840M | ~$380M | -55% |
| EPS (diluted) | ~$2.53 | ~$1.15 | ~$0.54 | -53% |
FY2022 was a peak earnings year driven by pandemic-era housing boom and lumber prices reaching record highs (~$1,400/MBF). FY2023–FY2024 reflect normalization to sub-$400/MBF lumber prices and sharply lower OSB prices, compressing Wood Products margins to near-zero or negative EBITDA territory. Timberlands segment EBITDA has been more stable.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$700M |
| Free Cash Flow | ~$350M |
| Capital Expenditures | ~$350M |
| Cash & Equivalents | ~$1.0B |
| Total Debt | ~$5.3B |
Net Debt/EBITDA elevated at ~4.8x at end of FY2025 due to earnings compression; target <3x at cycle midpoint. Dividend paid from operating cash flow; base dividend $0.21/quarter ($0.84/year annual) with potential supplemental dividends when FCF exceeds needs.
Key Ratios (approximate)
- P/E: ~35–40x (based on trough EPS) | EV/EBITDA: ~15–18x (trough) | Dividend Yield: ~3.8%
- Revenue Growth (FY2024): -7.2% | FCF Margin: ~5% (trough)
- Timberland NAV (per share estimate): ~$35–$39/share — provides valuation floor
- Natural Climate Solutions: $119M adjusted EBITDA in 2025 (+42% YoY)
Growth Profile
Weyerhaeuser's financials are deeply cyclical, tied to U.S. housing starts and commodity lumber/OSB prices. FY2022 was a pandemic-era peak (lumber ~$1,400/MBF); FY2023–FY2024 saw normalization to $350–$450/MBF lumber, compressing Wood Products EBITDA to near-zero and back-to-back EBITDA losses in lumber and OSB at cycle troughs. The Timberlands segment (logging) provides more stable cash flows tied to harvest volumes, while Natural Climate Solutions is the fastest-growing segment ($119M in 2025, targeting material contribution to the $1.5B incremental EBITDA goal by 2030). U.S. softwood lumber tariffs on Canadian imports (~25%) provide some domestic pricing support.
Forward Estimates
- FY2026 Housing Dependency: Each 100,000-unit increase in U.S. housing starts ~adds $150–200M in Wood Products EBITDA
- FY2030 Target: $1.5B incremental adjusted EBITDA vs. 2024 baseline (from Real Estate, Natural Climate Solutions, and operational improvements)
- Analyst consensus: Buy majority; average price target ~$29.78 (~34% upside from depressed trough levels)
- Dividend: $0.84/share base annual ($0.21/quarter); supplemental dividends paid from excess FCF at cycle peaks
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $WY.