Latest Ratios: P/E Ratio 15.3x · EV/EBITDA 14.3x · ROE 14.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.2B | $4.9B | $4.7B | $4.0B | $3.7B | $3.4B | $2.6B | $4.1B | $4.1B | $3.7B | $2.8B |
| Enterprise Value | $8.9B | $8.6B | $8.2B | $7.2B | $6.8B | $6.0B | $4.9B | $5.6B | $5.5B | $5.1B | $4.0B |
| P/E Ratio → | 15.33 | 14.46 | 16.16 | 14.99 | 13.58 | 28.53 | 15.80 | 23.93 | 17.46 | 27.73 | 21.62 |
| P/S Ratio | 2.53 | 2.39 | 2.63 | 2.06 | 1.28 | 1.58 | 1.32 | 1.56 | 1.39 | 1.63 | 1.54 |
| P/B Ratio | 2.15 | 2.03 | 2.13 | 1.99 | 2.05 | 2.06 | 1.56 | 2.61 | 2.87 | 2.97 | 2.44 |
| P/FCF | — | — | — | — | — | — | — | — | 200.14 | — | — |
| P/OCF | 11.05 | 10.41 | 10.96 | 8.28 | 11.54 | 8.60 | 12.04 | 21.40 | 10.22 | 14.81 | 19.98 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.24 | 4.59 | 3.75 | 2.32 | 2.84 | 2.51 | 2.14 | 1.87 | 2.25 | 2.17 |
| EV / EBITDA | 14.27 | 13.79 | 13.58 | 15.90 | 12.65 | 14.33 | 16.90 | 21.23 | 16.15 | 20.93 | 19.20 |
| EV / EBIT | 20.45 | 15.51 | 16.40 | 16.48 | 15.83 | 19.31 | 19.37 | 33.70 | 25.66 | 27.72 | 22.50 |
| EV / FCF | — | — | — | — | — | — | — | — | 269.01 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.4% | 21.4% | 24.5% | 15.5% | 13.6% | 14.2% | 8.8% | 6.6% | 9.8% | 9.3% | 9.5% |
| Operating Margin | 21.4% | 21.4% | 24.5% | 15.5% | 13.6% | 14.2% | 8.8% | 6.2% | 8.0% | 7.1% | 7.3% |
| Net Profit Margin | 16.5% | 16.5% | 16.2% | 13.7% | 9.4% | 5.5% | 8.3% | 6.5% | 8.0% | 5.8% | 7.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.6% | 14.6% | 13.8% | 13.9% | 15.9% | 7.2% | 10.2% | 11.4% | 17.6% | 11.0% | 11.6% |
| ROA | 4.6% | 4.6% | 4.3% | 4.1% | 4.6% | 2.1% | 3.4% | 4.0% | 5.8% | 3.5% | 3.7% |
| ROIC | 5.5% | 5.5% | 6.0% | 4.4% | 6.5% | 5.5% | 3.7% | 4.1% | 6.4% | 4.8% | 4.7% |
| ROCE | 6.8% | 6.8% | 7.4% | 5.5% | 8.1% | 6.4% | 4.0% | 4.4% | 7.2% | 5.1% | 4.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.58 | 1.58 | 1.60 | 1.65 | 1.72 | 1.69 | 1.53 | 1.02 | 1.03 | 1.16 | 1.07 |
| Debt / EBITDA | 6.03 | 6.03 | 5.84 | 7.23 | 5.85 | 6.54 | 8.68 | 6.05 | 4.30 | 5.89 | 5.98 |
| Net Debt / Equity | — | 1.57 | 1.60 | 1.64 | 1.67 | 1.64 | 1.42 | 0.97 | 0.99 | 1.13 | 0.99 |
| Net Debt / EBITDA | 6.02 | 6.02 | 5.82 | 7.18 | 5.67 | 6.36 | 8.03 | 5.76 | 4.13 | 5.78 | 5.53 |
| Debt / FCF | — | — | — | — | — | — | — | — | 68.87 | — | — |
| Interest Coverage | 4.32 | 4.32 | 3.84 | 3.57 | 4.98 | 3.98 | 3.74 | 3.50 | 4.61 | 4.08 | 5.73 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.73 | 0.73 | 0.62 | 0.66 | 0.68 | 0.60 | 1.17 | 1.15 | 1.03 | 0.72 | 1.06 |
| Quick Ratio | 0.40 | 0.40 | 0.36 | 0.38 | 0.42 | 0.40 | 0.81 | 0.73 | 0.76 | 0.46 | 0.68 |
| Cash Ratio | 0.01 | 0.01 | 0.02 | 0.03 | 0.09 | 0.07 | 0.35 | 0.17 | 0.07 | 0.03 | 0.15 |
| Asset Turnover | — | 0.27 | 0.26 | 0.30 | 0.47 | 0.37 | 0.37 | 0.59 | 0.71 | 0.58 | 0.50 |
| Inventory Turnover | 6.16 | 6.16 | 5.67 | 7.19 | 8.56 | 8.56 | 9.47 | 13.17 | 13.29 | 9.58 | 7.70 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.5% | 3.7% | 3.5% | 3.8% | 3.4% | 3.5% | 4.6% | 2.6% | 2.4% | 2.4% | 2.9% |
| Payout Ratio | 53.7% | 53.7% | 57.0% | 57.0% | 46.5% | 99.2% | 72.3% | 61.4% | 41.1% | 66.6% | 62.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 6.9% | 6.2% | 6.7% | 7.4% | 3.5% | 6.3% | 4.2% | 5.7% | 3.6% | 4.6% |
| FCF Yield | — | — | — | — | — | — | — | — | 0.5% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% |
| Total Shareholder Yield | 3.5% | 3.7% | 3.5% | 3.8% | 3.4% | 4.3% | 4.6% | 2.6% | 2.4% | 2.6% | 2.9% |
| Shares Outstanding | — | $101M | $99M | $98M | $96M | $97M | $95M | $90M | $88M | $87M | $87M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NJR stock.
New Jersey Resources Corporation's current P/E ratio is 15.3x. The historical average is 18.3x. This places it at the 43th percentile of its historical range.
New Jersey Resources Corporation's current EV/EBITDA is 14.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.9x.
New Jersey Resources Corporation's return on equity (ROE) is 14.6%. The historical average is 14.7%.
Based on historical data, New Jersey Resources Corporation is trading at a P/E of 15.3x. This is at the 43th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
New Jersey Resources Corporation's current dividend yield is 3.50% with a payout ratio of 53.7%.
New Jersey Resources Corporation has 21.4% gross margin and 21.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
New Jersey Resources Corporation's Debt/EBITDA ratio is 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Electrification policy and leverage risk
Metrics are mathematically derived from official filings.
Premium Multiple Reflects Growth
NJR trades at 16.07x trailing earnings and 15.35x forward, a premium to gas utility peers, with a 3.3% dividend yield, as per market data. This suggests the market is pricing in rate base growth and CEV upside.
The P/E premium over peers like SR (19.06x) and NWN (18.26x) is modest, but NJR's forward P/E of 15.35x implies expected earnings growth, consistent with its 13.9% revenue growth. The dividend yield of 3.3% is below the peer average of ~3.7%, reflecting a lower payout but also a higher growth component. Given the 10-year Treasury yield, the yield spread is thin, making NJR's valuation sensitive to rate movements. The EV/EBITDA of 14.67x is above the peer median, indicating the market assigns a premium for its Clean Energy Ventures segment and infrastructure program.
Earned ROE Exceeds Authorized
NJR's trailing twelve-month ROE is 8.5%, above the typical authorized ROE of ~9.5% for New Jersey gas utilities, as per financial statements. This suggests a constructive regulatory environment, though seasonal volatility is evident.
The quarterly ROE swings from -0.6% to 8.5% reflect the seasonal nature of gas distribution and mark-to-market effects in Energy Services. The 2026Q2 ROE of 8.5% aligns with the authorized level, but the 2025Q3 negative ROE indicates timing mismatches in cost recovery. The average ROE over the last four quarters is approximately 3.6%, which is below the authorized level, suggesting that on a trailing basis, NJR may be earning below its allowed return. This could be due to regulatory lag or the impact of non-regulated segments. Investors should monitor whether the regulatory environment remains supportive as NJR expands its rate base.
Margin Volatility Masks Stability
Operating margin averaged 21.43% over the last four quarters, but quarterly figures range from 4.1% to 32.0%, as per reported data. This suggests that pass-through mechanisms and trading gains create significant variability in profitability.
The high operating margins in Q2 (32.0% and 28.4%) are typical of winter quarters when gas sales peak, while Q3 margins are thin or negative due to lower demand and potential mark-to-market losses. The net margin of 16.5% on a trailing basis is strong, but the 2025Q3 net loss of -4.6% highlights the risk of timing mismatches in cost recovery. The pass-through of fuel costs is evident in the revenue growth, but the operating margin compression in off-peak quarters suggests that NJR may not fully recover fixed costs during low-demand periods. This warrants monitoring of regulatory mechanisms like decoupling to ensure stable cost recovery.
Leverage Creeps Higher
Debt-to-capital ratio rose to 0.59 in 2026Q3 from 0.58 a year earlier, with interest coverage of 0.91x in the quarter, as per balance sheet data. This suggests NJR is operating near the upper end of typical utility leverage.
The debt-to-capital ratio has been steadily increasing from 0.58 in 2025Q2 to 0.59 in 2026Q3, indicating that rate base growth is increasingly funded by debt. The interest coverage ratio of 0.91x in 2026Q3 is concerning, but it is a seasonal trough; the trailing twelve-month average is approximately 4.5x, which is adequate for a utility. The FFO/debt ratio of 2.43% in 2026Q3 is low, but again, this is a seasonal low; the average over the last four quarters is around 5.4%, which is below the typical investment-grade threshold of 15-20%. This suggests that NJR's credit metrics are strained, and the company may need to issue equity to maintain its credit rating.
Dividend Coverage Holds Despite Seasonality
Dividend payout ratio averaged 21.9% over the last four quarters, but quarterly figures range from 3.0% to 45.7%, as per reported data. This suggests that dividends are well-covered by earnings, though seasonal troughs may pressure cash flow.
The payout ratio of 21.9% in 2026Q2 is conservative, leaving ample room for reinvestment in the CAPEX program. However, the 2025Q4 payout of 3.0% reflects a low earnings quarter, and the 2026Q1 payout of 39.0% is higher due to seasonal earnings. The dividend yield of 3.3% is attractive, but the sustainability depends on the stability of earnings. Given the negative free cash flow in six of the last ten quarters, NJR is funding its dividend and CAPEX through external financing, which may not be sustainable in the long term. Investors should monitor the coverage ratio on a trailing twelve-month basis, which appears adequate at around 3.6x based on operating cash flow.
Misapplied P/E Ignores Rate Base
Comparing NJR's P/E to industrial companies is misleading because utility earnings are regulated and tied to rate base, not market growth, as per regulatory filings. The appropriate metric is P/E relative to authorized ROE and interest rates.
The P/E ratio for a utility is anchored to the allowed return on equity and the cost of debt, not to growth expectations like in other sectors. NJR's P/E of 16.07x is within the typical range for gas utilities, but it does not reflect the quality of earnings, which can be distorted by mark-to-market gains in Energy Services. A more appropriate valuation metric is the price-to-rate base ratio or the dividend yield relative to the 10-year Treasury. Additionally, the debt-to-equity ratio of 1.58 in the provided data is anomalous and likely a data error; investors should rely on the debt-to-capital ratio of 0.59, which is more consistent with utility capital structures. Using standard D/E without adjusting for regulatory assets and liabilities can mislead leverage analysis.