New Jersey Resources vs Spire
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KIRA’s take AI analyst
I put New Jersey Resources and Spire side by side, using each one’s latest annual report. Here is what stands out:
- 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 15.1x against 14.7x for New Jersey Resources.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
New Jersey Resources
NJR
8/9
Revenue growthOperating marginNet marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Spire
SR
1/9
5-year growth
Side by side
Best in the row
| Latest fiscal year | NJR FY25 | SR FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $5.1B |
| 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 | 15.1x |
| Piotroski F-score | 7 | 5 |
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.