National Fuel Gas vs New Jersey Resources
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KIRA’s take AI analyst
I put National Fuel Gas and New Jersey Resources side by side, using each one’s latest annual report. Here is what stands out:
- National Fuel Gas is the larger business, with $2.3B of revenue in fiscal 2025 against $2.0B for New Jersey Resources.
- National Fuel Gas grew revenue faster (17.1%, against 13.4%).
- National Fuel Gas kept more of each dollar of sales as operating profit (35.7% operating margin, against 25.0%).
- National Fuel Gas earned a higher return on the capital invested in it (10.6%, against 6.8%).
- Investors pay more for each dollar of New Jersey Resources’s earnings: a P/E of 14.7x against 11.4x for National Fuel Gas.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
National Fuel Gas
NFG
9/9
Revenue growth5-year growthOperating marginNet marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
New Jersey Resources
NJR
0/9
Side by side
Best in the row
| Latest fiscal year | NFG FY25 | NJR FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.8B | $5.4B |
| Revenue | $2.3B | $2.0B |
| Free cash flow | $187M | — |
| Net income | $519M | $336M |
| Growth | ||
| Revenue growth | 17.1% | 13.4% |
| 5-year growth | 8.1% | 0.8% |
| Share count change | −1.2% | 1.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 35.7% | 25.0% |
| Net margin | 22.8% | 16.5% |
| FCF margin | 8.2% | — |
| Return on capital | 10.6% | 6.8% |
| Return on equity | 33.7% | 14.6% |
| Balance sheet | ||
| Net debt | $2.8B | $3.6B |
| Net debt / EBITDA | 2.2x | 5.2x |
| Dividends and buybacks | $243M | $180M |
| Valuation & quality | ||
| P/E | 11.4x | 14.7x |
| Piotroski F-score | 8 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.