New Jersey Resources vs One Gas
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The short version
- One Gas is the larger business, with $2.4B of revenue in fiscal 2025 against $2.0B for New Jersey Resources.
- One Gas grew revenue faster (16.5%, against 13.4%).
- New Jersey Resources kept more of each dollar of sales as operating profit (25.0% operating margin, against 18.9%).
- New Jersey Resources earned a higher return on the capital invested in it (6.8%, against 6.2%).
- Investors pay more for each dollar of One Gas’s earnings: a P/E of 16.8x against 14.7x for New Jersey Resources.
| Latest fiscal year | NJR · FY25 | OGS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.4B | $4.9B |
| Revenue | $2.0B | $2.4B |
| Free cash flow | — | −$128M |
| Net income | $336M | $264M |
| Growth | ||
| Revenue growth | 13.4% | 16.5% |
| 5-year growth | 0.8% | 9.7% |
| Share count change | 1.5% | 6.1% |
| Profitability | ||
| Gross margin | — | 58.9% |
| Operating margin | 25.0% | 18.9% |
| Net margin | 16.5% | 10.9% |
| FCF margin | — | −5.3% |
| Return on capital | 6.8% | 6.2% |
| Return on equity | 14.6% | 8.1% |
| Balance sheet | ||
| Net debt | $3.6B | $3.4B |
| Net debt / EBITDA | 5.2x | — |
| Dividends and buybacks | $180M | $161M |
| Valuation & quality | ||
| P/E | 14.7x | 16.8x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
NJR $1.9B
OGS $1.4B
FY17
NJR $2.3B
OGS $1.5B
FY18
NJR $2.9B
OGS $1.6B
FY19
NJR $2.6B
OGS $1.7B
FY20
NJR $2.0B
OGS $1.5B
FY21
NJR $2.2B
OGS $1.8B
FY22
NJR $2.9B
OGS $2.6B
FY23
NJR $2.0B
OGS $2.4B
FY24
NJR $1.8B
OGS $2.1B
FY25
NJR $2.0B
OGS $2.4B
NJR
OGS
Operating margin
FY16
NJR 8.9%
OGS 20.3%
FY17
NJR 7.6%
OGS 20.6%
FY18
NJR 6.9%
OGS 17.7%
FY19
NJR 6.4%
OGS 17.9%
FY20
NJR 11.7%
OGS 19.8%
FY21
NJR 13.4%
OGS 17.2%
FY22
NJR 14.0%
OGS 13.6%
FY23
NJR 20.7%
OGS 15.9%
FY24
NJR 25.5%
OGS 19.2%
FY25
NJR 25.0%
OGS 18.9%
NJR
OGS
Free cash flow
FY16
NJR −$33.4M
OGS −$18.5M
FY17
NJR $104M
OGS −$103M
FY18
NJR $191M
OGS $73.2M
FY19
NJR −$106M
OGS −$107M
FY20
NJR —
OGS −$107M
FY21
NJR —
OGS −$2.0B
FY22
NJR —
OGS $961M
FY23
NJR —
OGS $273M
FY24
NJR —
OGS −$335M
FY25
NJR —
OGS −$128M
NJR
OGS
Return on capital
FY16
NJR 6.4%
OGS 5.9%
FY17
NJR 5.9%
OGS 6.5%
FY18
NJR 7.4%
OGS 6.8%
FY19
NJR 4.9%
OGS 7.1%
FY20
NJR 5.3%
OGS 6.9%
FY21
NJR 6.1%
OGS 5.3%
FY22
NJR 7.0%
OGS 5.1%
FY23
NJR 6.9%
OGS 5.9%
FY24
NJR 6.6%
OGS 6.2%
FY25
NJR 6.8%
OGS 6.2%
NJR
OGS
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.