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New Jersey Resources

NJR NYSE Gas Utilities Financials FY2016–FY2025

New Jersey Resources' revenue rose 13.3% to $2.0 billion in fiscal 2025. Its operating margin was 25.0%, down from 25.5% a year earlier. It paid out $180 million in dividends and buybacks. The diluted share count rose 1.5%.

Last close · Oct 23, 2026

$53.16

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$2.0B
13.4% vs prior year
Operating margin Operating income as a share of revenue.
25.0%
0.5 pts
Net income Profit after all expenses, interest and tax.
$336M
15.8%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.8%
0.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
14.7x
On $3.62 EPS (TTM)

About these figures. Revenue is New Jersey Resources' total operating revenues, from its utility and its energy services, clean energy and storage businesses; another figure in its filings leaves out most of its energy services sales. From fiscal 2020 New Jersey Resources' filings label its capital spending and its property and equipment in their own way, which the SEC's structured data leaves out, so capital spending, free cash flow and property and equipment are blank from fiscal 2020.

What New Jersey Resources does

No business description yet.

Legal name
NEW JERSEY RESOURCES CORPORATION
Fiscal year ends
September 30, 2025
Latest annual report
—
Accession · CIK
0000356309-25-000093
0000356309

Revenue and margins

New Jersey Resources had $2.0B of revenue in fiscal 2025, up 13.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 9.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

New Jersey Resources returned $180M to shareholders in fiscal 2025. The diluted share count rose 1.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value New Jersey Resources yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.6B and divides by 100.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 14.7x · peers 13.6x · sector 20.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably New Jersey Resources can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $4.7M$1.1M$1.0M$1.0M$0.6M
Debt incl. finance leases $2.6B$3.0B$3.1B$3.4B$3.6B
Net debt / EBITDA 6.5x5.6x5.6x5.4x5.2x
Debt / equity 1.6x1.6x1.6x1.5x1.5x
Interest coverage 3.7x4.7x3.3x3.5x4.0x
Current ratio 0.6x0.7x0.7x0.6x0.7x
Quick ratio 0.6x0.7x0.7x0.6x0.7x
Total assets $5.7B$6.3B$6.5B$7.0B$7.6B
Total liabilities $4.1B$4.4B$4.5B$4.8B$5.2B
Shareholders' equity $1.6B$1.8B$2.0B$2.2B$2.4B
Net debt (− = net cash) $2.6B$3.0B$3.1B$3.4B$3.6B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.7M

5 insiders

Of sales under plans

38%

$0.6M

DateInsiderTradeSharesPriceValueFiling
Aug 14, 2026 Patrick J. MigliaccioSenior VP and COO, Njng Sold 3,000 $55.63 $0.2M Form 4
May 22, 2026 Christopher T. D'AntuonoCorporate Controller and PAO Sold 1,150 $57.34 $0.1M Form 4
May 11, 2026 Patrick J. MigliaccioSenior VP and COO, Njng Sold 3,000 $55.84 $0.2M Form 4
May 8, 2026 Jane M KennyDirector Sold 8,000 $56.10 $0.4M Form 4
Mar 19, 2026 Richard ReichSVP and Gen Counsel Sold plan 5,449 $52.99 $0.3M Form 4
Mar 16, 2026 Roberto BelSVP and CFO Sold plan 6,105 $55.10 $0.3M Form 4
Dec 23, 2025 Patrick J. MigliaccioSenior VP and COO, Njng Sold 4,017 $46.46 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 4 / 84 / 87 / 8
Accruals ratio −3.4%−2.0%−1.8%
Altman Z'' 1.191.221.38

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
New Jersey Resources NJR $5.4B 13.4% 25.0% — 6.8% 14.7x 7
Southwest Gas SWX $6.6B −21.6% 24.4% −13.0% 4.7% 12.1x 6 Compare →
National Fuel Gas NFG $7.7B 17.1% 35.7% 8.2% 10.6% 11.2x 8 Compare →
One Gas OGS $4.9B 16.5% 18.9% −5.3% 6.2% 16.8x 5 Compare →
Spire SR $5.0B −4.5% 21.2% −13.9% 5.2% 15.0x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.9B $2.3B $2.9B $2.6B $2.0B $2.2B $2.9B $2.0B $1.8B $2.0B
Gross profit $742M $832M $924M — — — — — — —
Operating income $168M $171M $200M $165M $229M $288M $407M $407M $458M $509M
Interest expense $31.0M $44.9M $46.3M $47.1M $67.6M $78.6M $85.8M $123M $130M $129M
Pretax income $146M $137M $167M $129M $185M $234M $343M $310M $369M $427M
Income tax $23.5M $18.3M −$53.8M $18.4M $36.5M $33.3M $76.2M $49.3M $84.9M $97.0M
Net income $132M $132M $233M $124M $163M $118M $275M $265M $290M $336M
Diluted EPS $1.52 $1.52 $2.64 $1.38 $1.71 $1.22 $2.85 $2.71 $2.92 $3.33
Diluted shares 0.09B 0.09B 0.09B 0.09B 0.10B 0.10B 0.10B 0.10B 0.10B 0.10B
Cash flow
Cash from operations $143M $248M $398M $194M $214M $391M $324M $479M $427M $466M
Capital expenditure $176M $144M $207M $300M — — — — — —
Free cash flow −$33.4M $104M $191M −$106M — — — — — —
Depreciation and amortization $72.7M $81.8M $85.7M $81.1M $107M $111M $129M $153M $167M $189M
Stock-based compensation $7.2M $5.8M $12.8M $9.8M $6.5M $7.1M $14.8M $14.7M $16.0M $17.8M
Acquisitions $0.0M $0.0M $10.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $1.0M $6.4M $0.0M $0.0M $0.0M $27.2M $0.0M $0.0M $0.0M $0.0M
Dividends paid $82.4M $88.0M $95.8M $104M $118M $117M $128M $151M $165M $180M
Dividends and buybacks $83.5M $94.3M $95.8M $104M $118M $144M $128M $151M $165M $180M
Balance sheet
Cash and short-term investments $37.5M $2.2M $1.5M $2.7M $117M $4.7M $1.1M $1.0M $1.0M $0.6M
Total debt $1.2B $1.4B $1.5B $1.6B $2.4B $2.6B $3.0B $3.1B $3.4B $3.6B
Finance lease liabilities $0.0M $0.0M $0.0M $35.4M $74.2M $20.1M $30.3M $31.4M $23.6M $15.9M
Current assets $607M $579M $770M $512M $622M $634M $756M $532M $555M $570M
Current liabilities $572M $803M $751M $446M $534M $1.1B $1.1B $807M $888M $781M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $2.4B $2.6B $2.7B $3.0B — — — — — —
Total assets $3.7B $3.9B $4.1B $4.2B $5.3B $5.7B $6.3B $6.5B $7.0B $7.6B
Total liabilities $2.6B $2.7B $2.8B $3.0B $3.7B $4.1B $4.4B $4.5B $4.8B $5.2B
Shareholders' equity $1.2B $1.2B $1.3B $1.4B $1.6B $1.6B $1.8B $2.0B $2.2B $2.4B
Margins
Gross margin 39.4% 36.7% 31.7% — — — — — — —
Operating margin 8.9% 7.6% 6.9% 6.4% 11.7% 13.4% 14.0% 20.7% 25.5% 25.0%
EBITDA margin 12.8% 11.2% 9.8% 9.5% 17.2% 18.5% 18.4% 28.5% 34.8% 34.3%
Net margin 7.0% 5.8% 8.0% 4.8% 8.3% 5.5% 9.5% 13.5% 16.1% 16.5%
FCF margin −1.8% 4.6% 6.6% −4.1% — — — — — —
Returns
Return on capital 6.4% 5.9% 7.4% 4.9% 5.3% 6.1% 7.0% 6.9% 6.6% 6.8%
Return on capital employed 5.6% 5.5% 6.1% 4.6% 5.4% 6.1% 8.3% 7.5% 7.8% 7.9%
Return on equity 11.6% 11.0% 18.4% 9.3% 10.8% 7.2% 16.0% 13.9% 13.8% 14.6%
Return on assets 3.8% 3.5% 5.8% 3.0% 3.4% 2.1% 4.6% 4.1% 4.3% 4.6%
Growth
Revenue growth −31.2% 20.6% 28.5% −11.1% −24.6% 10.4% 34.8% −32.5% −8.5% 13.4%
Net income growth −27.2% 0.3% 76.8% −46.9% 31.5% −27.7% 133.2% −3.7% 9.5% 15.8%
EPS growth −27.6% 0.0% 73.7% −47.7% 23.9% −28.7% 133.6% −4.9% 7.8% 14.0%
FCF growth −113.4% — 84.2% −155.3% — — — — — —
Share count change 0.5% 0.5% 1.3% 1.5% 6.2% 1.5% −0.1% 1.2% 1.7% 1.5%
Financial health
Net debt / EBITDA 5.0x 5.6x 5.1x 6.4x 6.8x 6.5x 5.6x 5.6x 5.4x 5.2x
Debt / equity 1.1x 1.2x 1.1x 1.2x 1.5x 1.6x 1.6x 1.6x 1.5x 1.5x
Interest coverage 5.4x 3.8x 4.3x 3.5x 3.4x 3.7x 4.7x 3.3x 3.5x 4.0x
Current ratio 1.1x 0.7x 1.0x 1.2x 1.2x 0.6x 0.7x 0.7x 0.6x 0.7x
Quick ratio 1.1x 0.7x 1.0x 1.2x 1.2x 0.6x 0.7x 0.7x 0.6x 0.7x
Capital allocation
Capex / revenue 9.4% 6.4% 7.1% 11.6% — — — — — —
Stock comp / revenue 0.4% 0.3% 0.4% 0.4% 0.3% 0.3% 0.5% 0.8% 0.9% 0.9%
Payouts / FCF — 90.8% 50.1% — — — — — — —
Quality scores
Piotroski F-score 3.0 4.0 7.0 4.0 5.0 4.0 7.0 4.0 4.0 7.0
Altman Z'' 1.6 1.1 1.6 1.7 1.5 0.8 1.1 1.2 1.2 1.4
Accruals ratio −0.3% −3.0% −4.1% −1.7% −1.1% −5.0% −0.8% −3.4% −2.0% −1.8%

Source: SEC EDGAR XBRL filings (CIK 0000356309). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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