Sylvamo Corp (SLVM)

Price$35.97Cached quoteAs of 2026-09-05 01:24 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because recovery hopes offset weak current cash flow.

At the observed quote, about 39.8 million shares imply a $1.4 billion equity value. Adding reported debt minus cash gives roughly $2.2 billion of total business value, about 6.0 times the $365 million of adjusted earnings before interest, tax, depreciation and amortization generated over the latest year. This is a rough operating cash-profit measure. The shares also cost about 11 times 2025 earnings, but roughly 18 times weaker latest-four-quarter earnings. That mixed evidence supports fair-priced: buyers already assume a meaningful recovery.

Big pictureCash generation was once strong, but the latest downturn has erased that cushion.

Revenue fell 11% from 2024 to 2025, while operating income dropped 45% and net income fell to $132 million. Cash from operations declined to $268 million; after $224 million of capital spending, only $44 million remained. Free cash flow means cash left after running and investing in the business. It was negative $82 million in first-half 2026 and roughly negative $11 million over the latest four quarters. Stronger 2022-2024 cash shows cyclicality, but does not guarantee recovery as paper demand declines over time.

Business strengthLiquidity remains adequate, though rising debt makes shareholder payments harder to sustain.

Current assets of $1.11 billion exceeded current liabilities of $752 million in June, but cash was only $123 million and total debt had risen to $909 million from $818 million at year-end. Debt remains far below 2021's $1.40 billion, yet its recent direction is unfavorable. Buybacks totaled $301 million during 2022-2025, reducing shares from 43.9 million to 39.8 million, although the count edged higher during 2026. Buybacks stopped in the first half, while $36 million of dividends continued despite negative free cash flow.

What could change the storySuccessful price increases and Eastover upgrades could restore cash, but regional losses threaten recovery.

The bull case combines price increases, removal of roughly 7% of North American industry supply and Eastover investments expected to add 60,000 tons of annual paper capacity. Management says normalized spending and completed projects could eventually support more than $300 million of yearly free cash flow; that remains an aspiration, not demonstrated performance. The bear case is concrete: Europe and Latin America lost $20 million and $16 million in the second quarter, while fourth-quarter outage costs remain ahead. Positive cash flow and debt below twice adjusted operating cash profit would strengthen the thesis.

AI: News

Second-quarter reboundSecond-quarter operations improved from the first quarter, but profits and cash remained weak.

On August 7, Sylvamo reported $806 million of revenue, an $11 million net loss and $60 million of adjusted operating cash profit. The latter improved from $29 million in the first quarter but remained below $82 million one year earlier. Free cash flow improved sequentially to negative $23 million. Shares rose 8.7% that session; the timing suggests investors welcomed the improvement and second-half outlook, although it does not prove the report alone caused the move.

Eastover investment advancesEastover upgrades promise more output and lower costs, after a costly fourth-quarter shutdown.

Sylvamo said on August 7 that Eastover's hardwood modernization was operating and its paper-machine optimization remained on schedule and budget. The project should add 60,000 annual tons of uncoated freesheet, meaning office and printing paper. Installation requires an extended fourth-quarter outage; company guidance includes $61 million of total fourth-quarter maintenance and one-time costs, including $31 million of North American one-time project costs. Completion is expected in early 2027, making execution and the subsequent cash benefit important valuation tests.

Riverdale supply endsThe Riverdale supply exit tightened North American capacity and raised near-term replacement costs.

International Paper supplied Sylvamo from Riverdale through April 30, then wound down deliveries before the agreement ended May 30. Sylvamo later estimated Riverdale's conversion removed roughly 7% of annual North American industry supply. That removal could support paper prices, but Sylvamo must bridge its own supply gap through European imports, outside converters and inventory until Eastover expands. The resulting freight, conversion and working-capital demands help explain why 2026 cash flow and debt have moved in the wrong direction.

Loading local price history

Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$3.35B	$3.77B	$3.72B	$3.63B	$2.83B	$2.38B	$4.02B
Gross profit	$735.0M	$940.0M	$912.0M	$1.01B	$685.0M	$456.0M	$1.38B
Gross margin	21.93%	24.91%	24.51%	27.81%	24.22%	19.12%	34.33%
Operating expenses	$484.0M	$487.0M	$471.0M	$456.0M	—	—	—
Operating income	$251.0M	$453.0M	$441.0M	$553.0M	—	—	—
Operating margin	7.49%	12.01%	11.85%	15.24%	—	—	—
EBITDA	$430.0M	$612.0M	$584.0M	$678.0M	—	—	—
EBITDA margin	12.83%	16.22%	15.69%	18.69%	—	—	—
Net income	$132.0M	$302.0M	$253.0M	$118.0M	$331.0M	$170.0M	$377.0M
Net profit margin	3.94%	8.00%	6.80%	3.25%	11.70%	7.13%	9.39%
Basic EPSper basic share	$3.29	$7.35	$6.02	$2.68	$7.53	$3.85	$8.55
Diluted EPSper diluted share	$3.24	$7.18	$5.93	$2.66	$7.53	$3.85	$8.55

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

15.86%of listed shares

Atlas FRM LLC6.31M shares · Jun 30, 2026

View holders

Top 20 reported holders of SLVM
Holder	% owned
Atlas FRM LLC	15.86%6.31M shares
BlackRock, Inc.	13.92%5.54M shares
MILLENNIUM MANAGEMENT LLC	6.33%2.52M shares
NOMURA HOLDINGS INC	5.40%2.15M shares
AMERICAN CENTURY COMPANIES INC	4.53%1.8M shares
LSV ASSET MANAGEMENT	3.99%1.59M shares
DIMENSIONAL FUND ADVISORS LP	3.90%1.55M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.64%1.45M shares
STATE STREET CORP	3.49%1.39M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.43%965.7K shares
GEODE CAPITAL MANAGEMENT, LLC	2.28%905.71K shares
ROYAL LONDON ASSET MANAGEMENT LTD	2.24%891.14K shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	1.53%609.09K shares
ROYCE & ASSOCIATES LP	1.50%597.36K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.43%569.65K shares
MORGAN STANLEY	1.33%528.78K shares
Allianz Asset Management GmbH	1.27%506.15K shares
Bank of New York Mellon Corp	1.19%475.19K shares
Fourth Sail Capital LP	1.17%466.9K shares
Rokos Capital Management LLP	1.13%449K shares

Percentages use 39.8M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)12$6.55M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4	Bruce Lizanne MDirector	SellCommon Stock	1.2K	$41.70	$51.3K	14.5K
Mar 17, 2026Form 4	Wilczynski PatrickSVP, Operational Excellence	SellCommon Stock	6.0K	$42.28	$253.7K	38.3K
Mar 9, 2026Form 4	Ferguson Kevin WVP, Controller,Chief Acct.Off.	SellCommon Stock	2.5K	$42.06	$105.2K	6.3K
Mar 4, 2026Form 4	Davoli RodrigoSVP & GM, North America	SellCommon Stock	3.3K	$46.46	$151.0K	46.5K
Dec 9, 2025Form 4	Ferguson Kevin WVP, Controller,Chief Acct.Off.	SellCommon Stock	2.0K	$48.25	$96.5K	6.1K