New Jersey Resources Corporation (NJR) 10-Year Financial Performance & Capital Metrics

NJR • • Utilities

UtilitiesGas UtilitiesIntegrated Gas InfrastructureDiversified Energy Utilities

AboutNew Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 564,000 residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets. The Clean Energy Ventures segment invests in, owns, and operates commercial and residential solar projects situated in New Jersey, Connecticut, Rhode Island, and New York. The Energy Services segment offers unregulated wholesale energy management services to other energy companies and natural gas producers, as well as maintains and transacts a portfolio of physical assets consisting of natural gas storage and transportation contracts in the United States and Canada. The Storage and Transportation segment invests in natural gas transportation and storage facilities. It provides heating, ventilation, and cooling services; holds commercial real estate properties; and offers solar equipment installation, and plumbing repair and installation services, as well as engages in the water appliance sale, installation, and servicing activities. The company was incorporated in 1981 and is headquartered in Wall, New Jersey.Show more

Revenue $2.03B +13.9%
EBITDA $625M +3.5%
Net Income $336M +15.8%
Free Cash Flow $466M +424.1%
EBITDA Margin 30.72% -9.2%
Net Margin 16.51% +1.6%
ROE 14.62% +5.7%
Interest Coverage 3.39 +1.1%
Debt/Equity 1.58 -1.6%
Net Debt/EBITDA 6.02 +3.4%
CapEx / Revenue 0% -100.0%
CapEx Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 15.5%
✓Strong Piotroski F-Score: 7/9
✓Strong interest coverage of 3.4x
✓Healthy dividend yield of 3.8%

✗Weaknesses

✗High leverage: 6.0x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-2.8%

5Y0.81%

3Y-11.31%

TTM21.88%

Profit (Net Income) CAGR

10Y6.37%

5Y15.54%

3Y6.88%

TTM74.68%

EPS CAGR

10Y4.72%

5Y14.26%

3Y5.33%

TTM71.55%

ROCE

10Y Avg5.92%

5Y Avg6.82%

3Y Avg6.55%

Latest6.76%

Peer Comparison

Diversified Energy Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NINiSource Inc.	20.6B	43.53	26.87	-0.91%	14.16%	7.97%		1.31
CPKChesapeake Utilities Corporation	2.98B	125.90	23.94	17.39%	14.77%	8.62%		1.07
NJRNew Jersey Resources Corporation	4.79B	47.55	14.28	13.94%	19.7%	16.99%	9.73%	1.58
UGIUGI Corporation	8.05B	37.48	12.13	1.1%	5.7%	8.56%	4.84%	1.58
SPHSuburban Propane Partners, L.P.	1.27B	19.15	11.82	7.94%	6.79%	15.03%	4.58%	0.20

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Revenue+	1.85B	2.26B	2.92B	2.6B	1.95B	2.13B	2.91B	1.93B	1.78B	2.03B
Revenue Growth %	-0.32%	0.22%	0.29%	-0.11%	-0.25%	0.09%	0.37%	-0.34%	-0.08%	0.14%
Cost of Revenue	1.67B	2.05B	2.64B	2.43B	1.78B	1.83B	2.52B	1.63B	1.35B	1.6B
Gross Profit+	175.99M	209.9M	285.54M	171.66M	172.2M	301.05M	397.07M	299.83M	436.7M	435.78M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.1%	0.19%	0.36%	-0.4%	0%	0.75%	0.32%	-0.24%	0.46%	-0%
Operating Expenses+	40.22M	49.37M	52.1M	11.19M	0	0	0	0	0	0
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	208.52M	242.38M	338.93M	261.94M	289.77M	421.62M	534.68M	455.04M	603.39M	624.55M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.02%	0.16%	0.4%	-0.23%	0.11%	0.45%	0.27%	-0.15%	0.33%	0.04%
Depreciation & Amortization+	72.75M	81.84M	105.49M	101.47M	117.57M	120.58M	137.61M	155.21M	166.69M	188.77M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	135.77M	160.54M	233.44M	160.47M	172.2M	301.05M	397.07M	299.83M	436.7M	435.78M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.05%	0.18%	0.45%	-0.31%	0.07%	0.75%	0.32%	-0.24%	0.46%	-0%
Interest Expense+	31.04M	44.89M	46.29M	47.08M	67.6M	78.56M	85.83M	123.01M	130.28M	128.59M
Interest Coverage	4.37x	3.58x	5.04x	3.41x	2.55x	3.83x	4.63x	2.44x	3.35x	3.39x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	1000K	-1000K	-1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K	-1000K
Pretax Income+	155.2M	150.41M	179.65M	131.75M	199.5M	151.18M	351.12M	314M	374.68M	432.58M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	23.53M	18.34M	-53.78M	-37.75M	36.49M	33.29M	76.19M	49.27M	84.91M	96.96M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	131.67M	132.06M	233.44M	169.5M	163.01M	117.89M	274.92M	264.72M	289.77M	335.63M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.27%	0%	0.77%	-0.27%	-0.04%	-0.28%	1.33%	-0.04%	0.09%	0.16%
EPS (Diluted)+	1.52	1.52	2.64	1.89	1.71	1.22	2.85	2.71	2.92	3.33
EPS Growth %	-0.28%	0%	0.74%	-0.28%	-0.1%	-0.29%	1.34%	-0.05%	0.08%	0.14%
EPS (Basic)	1.53	1.53	2.66	1.90	1.72	1.23	2.86	2.73	2.94	3.35
Diluted Shares Outstanding	86.73M	87.14M	88.31M	89.62M	95.1M	96.56M	96.49M	97.63M	99.29M	100.79M

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Assets+	3.73B	3.93B	4.14B	4.37B	5.32B	5.72B	6.26B	6.54B	6.98B	7.58B
Asset Growth %	0.12%	0.05%	0.05%	0.06%	0.22%	0.08%	0.09%	0.04%	0.07%	0.09%
PP&E (Net)+	2.41B	2.61B	2.65B	3.04B	3.85B	4.39B	4.82B	5.2B	5.59B	6B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	607.26M	579.44M	770.08M	511.61M	622.33M	634.27M	756.09M	532.08M	554.6M	569.88M
Cash & Equivalents	85.19M	28.05M	55.18M	76.4M	186.46M	77.59M	95.37M	21.75M	14.26M	9.51M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	217.03M	214.01M	198.54M	184.28M	187.91M	213.17M	293.97M	226.52M	237.61M	259.26M
Other Current Assets	123.74M	99.92M	298.98M	98.9M	91.47M	122.61M	126.99M	153.36M	88.69M	79.43M
Long-Term Investments	196.94M	238.34M	223.78M	200.27M	208.38M	114.53M	106.57M	104.13M	101.74M	174.02M
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	177.72M	41.08M	23.38M	14.61M	14.77M	10.61M	8.47M	8.45M	10.52M	0
Other Assets	68.71M	418.46M	459.79M	101.27M	85.66M	49.92M	490.19M	666.65M	706.33M	818.36M
Total Liabilities	2.55B	2.69B	2.72B	2.82B	3.67B	4.09B	4.44B	4.55B	4.78B	5.19B
Total Debt+	1.25B	1.43B	1.46B	1.58B	2.51B	2.76B	3.13B	3.29B	3.52B	3.77B
Net Debt	1.15B	1.4B	1.4B	1.51B	2.33B	2.68B	3.03B	3.27B	3.51B	3.76B
Long-Term Debt	1.01B	957.42M	1.18B	1.51B	2.2B	2.15B	2.46B	2.75B	2.86B	3.24B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	42.16M	39.66M	35.94M	23.67M	101.75M	145.66M	142.94M	152.79M	164.25M	163.52M
Total Current Liabilities+	571.61M	802.92M	750.98M	446.38M	533.72M	1.05B	1.1B	806.6M	887.77M	780.86M
Accounts Payable	247.79M	258.14M	347.69M	267.79M	238.24M	394.8M	392.48M	203.93M	227.62M	267.71M
Accrued Expenses	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	35.55M	61.4M	21.57M	22.61M
Other Current Liabilities	140.67M	113.4M	127.79M	131.72M	136.18M	202.17M	172.54M	168.25M	152.83M	132.36M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	418.35M	345.13M	537.58M	641.84M	641.91M	569.09M	473.88M	535.6M	490.63M	538.86M
Total Equity+	1.17B	1.24B	1.42B	1.55B	1.64B	1.63B	1.82B	1.99B	2.2B	2.39B
Equity Growth %	0.05%	0.06%	0.15%	0.09%	0.06%	-0.01%	0.11%	0.1%	0.11%	0.09%
Shareholders Equity	1.17B	1.24B	1.42B	1.55B	1.64B	1.63B	1.82B	1.99B	2.2B	2.39B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	221.65M	222.26M	226.2M	226.65M	240.24M	240.64M	241.62M	243.46M	248.16M	250.71M
Additional Paid-in Capital	215.58M	219.7M	274.75M	291.33M	491.98M	502.58M	519.7M	558.65M	633.81M	676.63M
Retained Earnings	825.56M	867.98M	1.01B	1.08B	947.5M	934.61M	1.07B	1.18B	1.3B	1.45B
Accumulated OCI	-15.15M	-3.26M	-12.61M	-31.79M	-44.31M	-34.53M	-4.83M	-9.96M	-6.52M	-11.46M
Return on Assets (ROA)	0.04%	0.03%	0.06%	0.04%	0.03%	0.02%	0.05%	0.04%	0.04%	0.05%
Return on Equity (ROE)	0.12%	0.11%	0.18%	0.11%	0.1%	0.07%	0.16%	0.14%	0.14%	0.15%
Debt / Equity	1.07x	1.16x	1.03x	1.02x	1.53x	1.69x	1.72x	1.65x	1.60x	1.58x
Debt / Assets	0.33%	0.36%	0.35%	0.36%	0.47%	0.48%	0.5%	0.5%	0.5%	0.5%
Net Debt / EBITDA	5.53x	5.78x	4.13x	5.76x	8.03x	6.36x	5.67x	7.18x	5.82x	6.02x
Book Value per Share	13.45	14.19	16.07	17.32	17.29	16.89	18.83	20.39	22.16	23.73

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	142.63M	248.05M	398.29M	189.35M	213.48M	390.95M	323.48M	478.99M	427.41M	466.35M
Operating CF Growth %	-0.63%	0.74%	0.61%	-0.52%	0.13%	0.83%	-0.17%	0.48%	-0.11%	0.09%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	131.67M	132.06M	233.44M	169.5M	163.01M	117.89M	274.92M	264.72M	289.77M	335.63M
Depreciation & Amortization	72.75M	81.84M	85.7M	91.73M	107.37M	120.58M	129.25M	152.94M	166.57M	188.77M
Deferred Taxes	29.48M	42.73M	-57.2M	-57.72M	34.99M	23.8M	81.52M	29.87M	84.52M	76.97M
Other Non-Cash Items	-46.24M	-21.36M	-10.14M	-26.84M	-51.48M	101.06M	-109.32M	-60.46M	-23.22M	-133.09M
Working Capital Changes	-98.06M	29.74M	128.85M	13.78M	-46.95M	20.49M	-67.72M	91.91M	-89.01M	0
Capital Expenditures+	-354.2M	-325.65M	-377.94M	-498.05M	-994.02M	-624.61M	-598.43M	-540.92M	-571.32M	0
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-363.19M	-390.66M	-373.1M	-282.6M	-994.02M	-622.12M	-590.61M	-538.63M	-569.07M	-568.27M
Acquisitions	-11.18M	-82.73M	-4.88M	178.54M	-2.12M	-690K	5.48M	0	0	0
Purchase of Investments	1.2M	9.76M	-9K	2.43M	-2.12M	-690K	-5.48M	0	0	0
Sale of Investments	979K	1000K	1000K	1000K	1000K	690K	1000K	0	0	0
Other Investing	-28.09M	-30.82M	3.12M	-40.2M	-521.74M	3.18M	2.34M	2.29M	2.25M	-568.27M
Cash from Financing+	253.18M	107.3M	-25.95M	95.6M	895.9M	117.78M	262.54M	59.7M	141.76M	101.96M
Dividends Paid	-82.44M	-87.99M	-95.83M	-104.06M	-117.8M	-116.96M	-127.7M	-150.97M	-165.06M	-180.07M
Dividend Payout Ratio %	0.63%	0.67%	0.41%	0.61%	0.72%	0.99%	0.46%	0.57%	0.57%	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Stock Issued	16.01M	17.49M	58.81M	74.11M	230.98M	15.11M	14.74M	57.8M	74.41M	19.91M
Share Repurchases	-1.01M	-6.36M	0	0	0	-27.22M	0	0	0	0
Other Financing	-3.55M	37.7M	-13.76M	-7.1M	-3.81M	-4.76M	-4.18M	-4.58M	54.01M	282.02M
Net Change in Cash+	32.62M	-35.32M	-768K	2.35M	115.36M	-113.38M	-4.59M	65K	95K	37K
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	4.93M	37.55M	2.23M	1.71M	4.06M	119.42M	6.04M	1.45M	1.52M	1.61M
Cash at End	37.55M	2.23M	1.46M	4.06M	119.42M	6.04M	1.45M	1.52M	1.61M	1.65M
Free Cash Flow+	-211.57M	-77.6M	20.34M	-308.7M	-780.54M	-233.66M	-274.95M	-61.93M	-143.91M	466.35M
FCF Growth %	-4.11%	0.63%	1.26%	-16.18%	-1.53%	0.7%	-0.18%	0.77%	-1.32%	4.24%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	11.58%	10.99%	17.58%	11.41%	10.2%	7.2%	15.95%	13.9%	13.83%	14.62%
EBITDA Margin	11.28%	10.73%	11.59%	10.08%	14.84%	19.83%	18.35%	23.58%	33.81%	30.72%
Net Debt / EBITDA	5.53x	5.78x	4.13x	5.76x	8.03x	6.36x	5.67x	7.18x	5.82x	6.02x
Interest Coverage	4.37x	3.58x	5.04x	3.41x	2.55x	3.83x	4.63x	2.44x	3.35x	3.39x
CapEx / Revenue	19.17%	14.41%	12.92%	19.17%	50.91%	29.37%	20.53%	28.04%	32.02%	0%
Dividend Payout Ratio	62.61%	66.62%	41.05%	61.39%	72.27%	99.21%	46.45%	57.03%	56.96%	-
Debt / Equity	1.07x	1.16x	1.03x	1.02x	1.53x	1.69x	1.72x	1.65x	1.60x	1.58x
EPS Growth	-27.62%	0%	73.68%	-28.41%	-9.52%	-28.66%	133.61%	-4.91%	7.75%	14.04%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Natural Gas Distribution	594.35M	695.64M	731.87M	-	-	731.8M	1.13B	1.01B	1.02B	1.3B
Natural Gas Distribution Growth	-	17.04%	5.21%	-	-	-	54.06%	-10.30%	0.71%	27.79%
Energy Services	9.5M	1.46B	2.06B	-	-	1.23B	1.53B	681.45M	490.27M	453.46M
Energy Services Growth	-	15294.94%	41.17%	-	-	-	24.44%	-55.44%	-28.06%	-7.51%
Clean Energy Ventures	53.54M	64.39M	71.38M	-	-	95.28M	128.28M	124.13M	130.56M	112.5M
Clean Energy Ventures Growth	-	20.27%	10.84%	-	-	-	34.64%	-3.23%	5.18%	-13.83%
Storage And Transportation	-	-	-	-	-	51.02M	67.73M	92.86M	96.21M	106.41M
Storage And Transportation Growth	-	-	-	-	-	-	32.76%	37.09%	3.61%	10.61%
Home Services and Other	-	-	-	-	-	51.44M	55.82M	57.43M	62.38M	62.59M
Home Services and Other Growth	-	-	-	-	-	-	8.50%	2.89%	8.61%	0.34%
Natural Gas Utility	-	-	-	680.15M	695.86M	-	-	-	-	-
Natural Gas Utility Growth	-	-	-	-	2.31%	-	-	-	-	-
Wholesale Natural Gas	-	-	-	31.46M	69.24M	-	-	-	-	-
Wholesale Natural Gas Growth	-	-	-	-	120.09%	-	-	-	-	-
Service Contracts	-	-	-	31.5M	32.45M	-	-	-	-	-
Service Contracts Growth	-	-	-	-	3.04%	-	-	-	-	-
Electricity	-	-	-	22.12M	20.1M	-	-	-	-	-
Electricity Growth	-	-	-	-	-9.14%	-	-	-	-	-
Installation and Maintenance	-	-	-	19.4M	18.56M	-	-	-	-	-
Installation and Maintenance Growth	-	-	-	-	-4.33%	-	-	-	-	-
Renewable Energy Certificates	-	-	-	-	1.38M	-	-	-	-	-
Renewable Energy Certificates Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

New Jersey Resources Corporation (NJR) has a price-to-earnings (P/E) ratio of 14.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

New Jersey Resources Corporation (NJR) reported $2.09B in revenue for fiscal year 2025. This represents a 7% decrease from $2.26B in 2012.

New Jersey Resources Corporation (NJR) grew revenue by 13.9% over the past year. This is steady growth.

Yes, New Jersey Resources Corporation (NJR) is profitable, generating $411.7M in net income for fiscal year 2025 (16.5% net margin).

Dividend & Returns

Yes, New Jersey Resources Corporation (NJR) pays a dividend with a yield of 3.76%. This makes it attractive for income-focused investors.

New Jersey Resources Corporation (NJR) has a return on equity (ROE) of 14.6%. This is reasonable for most industries.

New Jersey Resources Corporation (NJR) had negative free cash flow of $169.3M in fiscal year 2025, likely due to heavy capital investments.

Industry Metrics

New Jersey Resources Corporation (NJR) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.

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