National Fuel Gas
NFG · Gas Utilities
$80.53
0.5%New Jersey Resources
NJR · Gas Utilities
$53.16
0.9%The short version
- 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% operating margin).
- 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 11.2x for National Fuel Gas.
| Latest fiscal year | NFG · FY25 | NJR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.7B | $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 | 11.2x | 14.7x |
| Piotroski F-score | 8 | 7 |
FY16
NFG $1.5B
NJR $1.9B
FY17
NFG $1.6B
NJR $2.3B
FY18
NFG $1.6B
NJR $2.9B
FY19
NFG $1.7B
NJR $2.6B
FY20
NFG $1.5B
NJR $2.0B
FY21
NFG $1.7B
NJR $2.2B
FY22
NFG $2.2B
NJR $2.9B
FY23
NFG $2.2B
NJR $2.0B
FY24
NFG $1.9B
NJR $1.8B
FY25
NFG $2.3B
NJR $2.0B
NFG
NJR
FY16
NFG −28.7%
NJR 8.9%
FY17
NFG 37.6%
NJR 7.6%
FY18
NFG 32.6%
NJR 6.9%
FY19
NFG 30.2%
NJR 6.4%
FY20
NFG 1.9%
NJR 11.7%
FY21
NFG 36.7%
NJR 13.4%
FY22
NFG 37.3%
NJR 14.0%
FY23
NFG 34.7%
NJR 20.7%
FY24
NFG 10.8%
NJR 25.5%
FY25
NFG 35.7%
NJR 25.0%
NFG
NJR
FY16
NFG $7.4M
NJR −$33.4M
FY17
NFG $234M
NJR $104M
FY18
NFG $31.3M
NJR $191M
FY19
NFG −$94.5M
NJR −$106M
FY20
NFG $24.7M
NJR —
FY21
NFG $39.8M
NJR —
FY22
NFG $0.7M
NJR —
FY23
NFG $227M
NJR —
FY24
NFG $135M
NJR —
FY25
NFG $187M
NJR —
NFG
NJR
FY16
NFG −8.8%
NJR 6.4%
FY17
NFG 10.8%
NJR 5.9%
FY18
NFG 14.1%
NJR 7.4%
FY19
NFG 9.8%
NJR 4.9%
FY20
NFG 0.5%
NJR 5.3%
FY21
NFG 10.6%
NJR 6.1%
FY22
NFG 14.6%
NJR 7.0%
FY23
NFG 10.9%
NJR 6.9%
FY24
NFG 3.3%
NJR 6.6%
FY25
NFG 10.6%
NJR 6.8%
NFG
NJR
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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.