The financial situation of many forest holdings inthe Netherlands is a major concern. For example, the yearly overview of Dutch private forest holdings larger than 5 ha shows that over the las t 30 years, the average annual results were negative during most years. However, it should be taken into account that not all forest holdings focus pri-marily on the generation of financial benefits. Surprisingly, no studies relating financial rationales and financial results have yet been conducted. The aim of the present study was,therefore, to provide a better understanding of the financialsituation of forest holdings, using Dutch forest holdings as a case study, by (1) determining their financi al rationales and (2) relating these financial rationales to their financialresults. A survey was condu cted, in which the owners and managers of 205 forest holdings in the Netherlands partic-ipated. Based on a cluster analysis, these holdings could be classified into five rationales: ‘hobby owne rs’; ‘efficiency-based owners’; ‘budget producers’; ‘break even players’; and ‘economically oriented owners’. Different financial rationales led to differences in financial results: owner types that were more strongly oriented towards financial benefitsgenerally produce better results on average. However, the findings also showed that not all forest owners financially orientated on benefits achieved positive results. The findings give a better understanding of forest holdings and the financial results of their holdings, and provide a basis for further research and policy development.