MDU vs NI vs ATO vs SR vs NJR

For growth investors, NiSource Inc.

(NI) is the stronger pick with 21. 8% revenue growth year-over-year, versus -4. 5% for Spire Inc. (SR). New Jersey Resources Corporation (NJR) offers the better valuation at 16. 7x trailing P/E (16. 4x forward), making it the more compelling value choice. Analysts rate MDU Resources Group, Inc. (MDU) a "Buy" — based on 17 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, New Jersey Resources Corporation (NJR) is the cheapest at 16.

7x versus Atmos Energy Corporation at 24. 4x. On forward P/E, New Jersey Resources Corporation is actually cheaper at 16. 4x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Spire Inc. wins at 0. 66x versus Atmos Energy Corporation's 2. 48x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.

Over the past 5 years, NiSource Inc.

(NI) delivered a total return of +100. 8%, compared to +32. 1% for Spire Inc. (SR). Over 10 years, the gap is even starker: MDU returned +227. 8% versus SR's +71. 4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), New Jersey Resources Corporation (NJR) is the lower-risk stock at -0.

13β versus MDU Resources Group, Inc. 's 0. 38β — meaning MDU is approximately -389% more volatile than NJR relative to the S&P 500. On balance sheet safety, Atmos Energy Corporation (ATO) carries a lower debt/equity ratio of 69% versus 158% for New Jersey Resources Corporation — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), NiSource Inc.

(NI) is pulling ahead at 21. 8% versus -4. 5% for Spire Inc. (SR). On earnings-per-share growth, the picture is similar: NiSource Inc. grew EPS 20. 4% year-over-year, compared to -32. 1% for MDU Resources Group, Inc.. Over a 3-year CAGR, NI leads at 4. 3% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Atmos Energy Corporation (ATO) is the more profitable company, earning 25.

5% net margin versus 10. 2% for MDU Resources Group, Inc. — meaning it keeps 25. 5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: ATO leads at 33. 2% versus 15. 5% for MDU. At the gross margin level — before operating expenses — SR leads at 78. 1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Spire Inc. (SR) is the more undervalued stock at a PEG of 0. 66x versus Atmos Energy Corporation's 2. 48x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, New Jersey Resources Corporation (NJR) trades at 16. 4x forward P/E versus 22. 9x for MDU Resources Group, Inc. — 6. 5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for SR: 13. 4% to $97. 00.

All stocks in this comparison pay dividends.

Spire Inc. (SR) offers the highest yield at 3. 6%, versus 1. 9% for Atmos Energy Corporation (ATO).

For long-horizon retirement investors, New Jersey Resources Corporation (NJR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β -0.

13), 3. 2% yield). Both have compounded well over 10 years (NJR: +90. 4%, MDU: +227. 8%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

These companies operate in different sectors (MDU (Industrials) and NI (Utilities) and ATO (Utilities) and SR (Utilities) and NJR (Utilities)), which means they face different economic cycles, regulatory environments, and macro sensitivities — making direct comparison nuanced.

In terms of investment character: MDU is a small-cap quality compounder stock; NI is a mid-cap high-growth stock; ATO is a mid-cap quality compounder stock; SR is a small-cap income-oriented stock; NJR is a small-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.