New Jersey Resources
NJR · Gas Utilities
$53.16
0.9%NW Natural
NWN · Gas Utilities
$49.87
0.1%The short version
- New Jersey Resources is the larger business, with $2.0B of revenue in fiscal 2025 against $1.3B for NW Natural, about 1.6 times as much.
- New Jersey Resources grew revenue faster (13.4%, against 11.8%).
- New Jersey Resources kept more of each dollar of sales as operating profit (25.0% operating margin, against 21.8% operating margin).
- New Jersey Resources earned a higher return on the capital invested in it (6.8%, against 5.7%).
- Investors pay more for each dollar of NW Natural’s earnings: a P/E of 16.5x against 14.7x for New Jersey Resources.
| Latest fiscal year | NJR · FY25 | NWN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $2.1B |
| Revenue | $2.0B | $1.3B |
| Free cash flow | — | −$198M |
| Net income | $336M | $113M |
| Growth | ||
| Revenue growth | 13.4% | 11.8% |
| 5-year growth | 0.8% | 10.8% |
| Share count change | 1.5% | 5.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 25.0% | 21.8% |
| Net margin | 16.5% | 8.8% |
| FCF margin | — | −15.3% |
| Return on capital | 6.8% | 5.7% |
| Return on equity | 14.6% | 7.9% |
| Balance sheet | ||
| Net debt | $3.6B | $2.6B |
| Net debt / EBITDA | 5.2x | 5.8x |
| Dividends and buybacks | $180M | $77.3M |
| Valuation & quality | ||
| P/E | 14.7x | 16.5x |
| Piotroski F-score | 7 | 5 |
FY16
NJR $1.9B
NWN $668M
FY17
NJR $2.3B
NWN $755M
FY18
NJR $2.9B
NWN $706M
FY19
NJR $2.6B
NWN $746M
FY20
NJR $2.0B
NWN $774M
FY21
NJR $2.2B
NWN $860M
FY22
NJR $2.9B
NWN $1.0B
FY23
NJR $2.0B
NWN $1.2B
FY24
NJR $1.8B
NWN $1.2B
FY25
NJR $2.0B
NWN $1.3B
NJR
NWN
FY16
NJR 8.9%
NWN 22.6%
FY17
NJR 7.6%
NWN 20.0%
FY18
NJR 6.9%
NWN 18.7%
FY19
NJR 6.4%
NWN 19.2%
FY20
NJR 11.7%
NWN 19.2%
FY21
NJR 13.4%
NWN 19.0%
FY22
NJR 14.0%
NWN 16.1%
FY23
NJR 20.7%
NWN 15.4%
FY24
NJR 25.5%
NWN 16.6%
FY25
NJR 25.0%
NWN 21.8%
NJR
NWN
FY16
NJR −$33.4M
NWN $83.8M
FY17
NJR $104M
NWN −$6.6M
FY18
NJR $191M
NWN −$45.9M
FY19
NJR −$106M
NWN −$37.5M
FY20
NJR —
NWN −$128M
FY21
NJR —
NWN −$134M
FY22
NJR —
NWN −$191M
FY23
NJR —
NWN −$47.4M
FY24
NJR —
NWN −$194M
FY25
NJR —
NWN −$198M
NJR
NWN
FY16
NJR 6.4%
NWN —
FY17
NJR 5.9%
NWN —
FY18
NJR 7.4%
NWN 5.9%
FY19
NJR 4.9%
NWN 6.7%
FY20
NJR 5.3%
NWN 5.7%
FY21
NJR 6.1%
NWN 5.4%
FY22
NJR 7.0%
NWN 4.9%
FY23
NJR 6.9%
NWN 4.9%
FY24
NJR 6.6%
NWN 4.5%
FY25
NJR 6.8%
NWN 5.7%
NJR
NWN
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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.