New Jersey Resources vs Spire
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The short version
- Spire is the larger business, with $2.5B of revenue in fiscal 2025 against $2.0B for New Jersey Resources.
- New Jersey Resources grew revenue faster (13.4%, against −4.5%).
- New Jersey Resources kept more of each dollar of sales as operating profit (25.0% operating margin, against 21.2%).
- New Jersey Resources earned a higher return on the capital invested in it (6.8%, against 5.2%).
- Investors pay more for each dollar of Spire’s earnings: a P/E of 15.0x against 14.7x for New Jersey Resources.
| Latest fiscal year | NJR · FY25 | SR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $5.0B |
| Revenue | $2.0B | $2.5B |
| Free cash flow | — | −$344M |
| Net income | $336M | $272M |
| Growth | ||
| Revenue growth | 13.4% | −4.5% |
| 5-year growth | 0.8% | 5.9% |
| Share count change | 1.5% | 4.3% |
| Profitability | ||
| Gross margin | — | 58.8% |
| Operating margin | 25.0% | 21.2% |
| Net margin | 16.5% | 11.0% |
| FCF margin | — | −13.9% |
| Return on capital | 6.8% | 5.2% |
| Return on equity | 14.6% | 8.2% |
| Balance sheet | ||
| Net debt | $3.6B | $5.2B |
| Net debt / EBITDA | 5.2x | 6.3x |
| Dividends and buybacks | $180M | $182M |
| Valuation & quality | ||
| P/E | 14.7x | 15.0x |
| Piotroski F-score | 7 | 5 |
FY16
NJR $1.9B
SR $1.5B
FY17
NJR $2.3B
SR $1.7B
FY18
NJR $2.9B
SR $2.0B
FY19
NJR $2.6B
SR $2.0B
FY20
NJR $2.0B
SR $1.9B
FY21
NJR $2.2B
SR $2.2B
FY22
NJR $2.9B
SR $2.2B
FY23
NJR $2.0B
SR $2.7B
FY24
NJR $1.8B
SR $2.6B
FY25
NJR $2.0B
SR $2.5B
NJR
SR
FY16
NJR 8.9%
SR 18.4%
FY17
NJR 7.6%
SR 19.6%
FY18
NJR 6.9%
SR 15.0%
FY19
NJR 6.4%
SR 15.5%
FY20
NJR 11.7%
SR 11.1%
FY21
NJR 13.4%
SR 20.1%
FY22
NJR 14.0%
SR 18.6%
FY23
NJR 20.7%
SR 15.7%
FY24
NJR 25.5%
SR 18.8%
FY25
NJR 25.0%
SR 21.2%
NJR
SR
FY16
NJR −$33.4M
SR $35.0M
FY17
NJR $104M
SR −$150M
FY18
NJR $191M
SR −$42.8M
FY19
NJR −$106M
SR −$372M
FY20
NJR —
SR −$169M
FY21
NJR —
SR −$375M
FY22
NJR —
SR −$497M
FY23
NJR —
SR −$222M
FY24
NJR —
SR $51.1M
FY25
NJR —
SR −$344M
NJR
SR
FY16
NJR 6.4%
SR 4.9%
FY17
NJR 5.9%
SR 5.0%
FY18
NJR 7.4%
SR 6.0%
FY19
NJR 4.9%
SR —
FY20
NJR 5.3%
SR —
FY21
NJR 6.1%
SR 10.1%
FY22
NJR 7.0%
SR 6.7%
FY23
NJR 6.9%
SR 5.2%
FY24
NJR 6.6%
SR 5.1%
FY25
NJR 6.8%
SR 5.2%
NJR
SR
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.