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NewJersey Resources Corporation

NJR Utilities Utilities Regulated Gas

NewJersey Resources Corporation’s revenue for fiscal 2025 (year ended September 2025) was $2.0 billion, up 13.4% from fiscal 2024.

Revenue
+16.8%
EPS
+166.7%
Free cash flow
−3.14%
Total debt
+9.45%

Quarter to June 2026, against a year earlier

54.69 0.37 −0.67%
Market cap
$5.6B
P/E
15.0×
Fwd P/E
15.0×
Dividend yield
3.52%
F-score
6/9
Altman Z
1.28
Beneish M
−2.46
Dividend safety
36/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 1.66
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — 2 — 3 — — 1 — — —
Insider Ownership 0.20%

Capital & Financial Ratios $m

Size
Market Cap 5,550.00
Revenue ttm 2,229.51
Net income ttm 366.16
Free cash flow ttm (156.15)
Net debt Q 3,669.02
Valuation
P/E 15.02
Forward P/E 15.00
Price / sales 2.48
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.09
Financial health
Current ratio Q 0.66 (below 1: weak)
Debt / equity Q 1.40
Interest coverage Q 0.91
Growth
Revenue growth Q +16.80% (above 0%: growing)
Operating income growth Q +3,103.01% (above 0%: growing)
EPS, this year +8.71%
EPS, next year A −4.20% (below 0%: weak)
Revenue, next year A +6.71%
EPS, past 5 yrs +14.26%
EPS, next 5 yrs A +3.76%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.1×, against a ten-year median of 2.7×; over the ten years it ranged from 1.7× in 2016 to 4.7× in 2024.
P/E against its own 10 years 16.91%
10-year low 10-year high
P/S against its own 10 years 87.46%
10-year low 10-year high
P/B against its own 10 years 29.70%
10-year low 10-year high
EV/Sales against its own 10 years 83.57%
10-year low 10-year high

Dividends raised every year since 2017

Yield
3.52%
Annual rate
1.93
Payout ratio
53.2%
Growth, 2017–25
+7.27%/yr
  1. 1.06 ’17
  2. 1.13 ’18 +7
  3. 1.21 ’19 +7
  4. 1.29 ’20 +7
  5. 1.39 ’21 +8
  6. 1.51 ’22 +8
  7. 1.62 ’23 +8
  8. 1.74 ’24 +7
  9. 1.85 ’25 +6
  10. 1.92 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1 1 1 34
Receivables 87 97 98 174
Inventory 227 238 259 200
Other 165 140 134 119
532 555 570 619
2023 2024 2025 Q'26
Payables 204 228 268 237
ST’ Debt 368 481 354 503
Other 117 97 73 108
807 888 781 937

Compound Annual Growth %

10y 5y 3y
Sales (2.90%) 0.83% (11.18%)
Cash Flow 1.78% 16.92% 12.97%
Earnings 6.37% 15.54% 6.88%
Book Value 8.01% 7.79% 9.59%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.06 Actual 0.11

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.15 0.16 Beat by 0.01
Q1 FY26 0.95 1.17 Beat by 0.22
Q2 FY26 1.89 2.20 Beat by 0.31
Q3 FY26 0.06 0.11 Beat by 0.05
Q4 FY26 0.12 — Reports 18 November 2026

EPS $

Dec Mar Jun Sep Year
’26 1.21 2.16 0.10 — —
’25 1.31 2.02 (0.15) 0.15 3.33
’24 0.91 1.22 (0.12) 0.91 2.92
’23 1.19 1.13 0.02 0.38 2.71
’22 1.16 1.00 0.14 0.56 2.85
’21 0.84 1.55 (1.16) (0.01) 1.22
’20 0.97 0.92 (0.20) 0.32 1.71
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 605 939 349 — —
’25 488 913 299 336 2,036
’24 467 658 276 396 1,797
’23 724 644 264 331 1,963
’22 676 912 552 765 2,906
’21 454 802 368 533 2,157
’20 615 640 299 400 1,954
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 27 563 (12) — —
’25 (9) 423 (29) 81 466
’24 46 292 24 65 427
’23 (89) 432 45 91 479
’22 (37) 368 (95) 88 323
’21 32 325 (14) 49 391
’20 (43) 222 4 31 213
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 (153) 366 (189) — —
’25 (28) 290 (183) (181) (103)
’24 (68) 170 (134) (111) (144)
’23 (235) 315 (72) (70) (62)
’22 (202) 231 (234) (70) (275)
’21 (78) 189 (199) (146) (234)
’20 (537) (34) (136) (72) (780)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,881 2,269 2,915 2,592 1,954 2,157 2,906 1,963 1,797 2,036 2,230 +0.9% 2,173 2,170 2,285 +3.9%
Gross margin, % 28.08 24.90 21.95 21.13 33.22 37.32 32.93 50.13 60.10 55.84 57.23 +27.8 pt
EBT 146 137 167 129 185 234 343 310 369 427 465 +12.7%
EBT margin, % 7.75 6.02 5.72 4.97 9.48 10.87 11.80 15.80 20.56 20.94 20.87 +13.2 pt
Net income 132 132 233 124 163 118 275 265 290 336 366 +11.0%
Per share, $
Per share, $ Revenue 21.90 26.28 33.24 29.05 20.61 22.41 30.24 20.23 18.21 20.31 22.05 (0.8%)
Earnings 1.53 1.53 2.66 1.39 1.72 1.23 2.86 2.73 2.94 3.35 3.64 +9.1%
Cash flow 1.66 2.87 4.54 2.18 2.25 4.06 3.37 4.94 4.33 4.65 6.52 +12.1%
Capex (4.14) (4.34) (4.50) (5.51) (10.48) (6.49) (6.23) (5.57) (5.79) (5.67) (8.06) +3.6%
Free cash flow (2.48) (1.46) 0.04 (3.33) (8.23) (2.43) (2.86) (0.64) (1.46) (1.02) (1.54) (9.4%)
Book value 13.58 14.33 16.18 17.39 17.34 16.95 18.91 20.52 22.31 23.86 26.15 +6.5%
Shares, m 86 86 88 89 95 96 96 97 99 100 101 +1.7%
Valuation, ×
Valuation, × P/E 21.62 27.66 16.95 32.53 13.36 28.30 13.48 14.38 16.05 14.33 15.02 19.9
P/S 1.50 1.62 1.37 1.56 1.31 1.55 1.28 1.94 2.59 2.37 2.48 1.7
P/B 2.42 2.97 2.81 2.60 1.56 2.05 2.05 1.92 2.12 2.02 2.09 2.3
EV/Sales 2.14 2.25 1.87 2.17 2.49 2.76 2.31 3.54 4.46 4.14 4.13 2.8
EV/FCF (18.91) (40.42) 1,470.39 (18.89) (6.22) (25.50) (24.38) (112.27) (55.69) (82.22) (58.90) 108.6
Cash, $m
Cash, $m Operating cash flow 143 248 398 194 213 391 323 479 427 466 659 +14.1%
Capex (355) (374) (395) (491) (994) (625) (598) (541) (571) (569) (815) +5.4%
Free cash flow (213) (126) 4 (297) (780) (234) (275) (62) (144) (103) (156) (7.8%)
Balance, $m
Balance, $m Working capital 36 (223) 19 65 89 (417) (348) (275) (333) (211) (317) n/m
Net debt 1,201 1,426 1,455 1,581 2,295 2,608 2,983 3,135 3,359 3,604 3,669 +13.0%
Shareholders’ equity 1,167 1,237 1,419 1,552 1,644 1,631 1,817 1,991 2,200 2,392 2,643 +8.3%
Returns, %
Returns, % ROA 3.76 3.45 5.78 2.91 3.36 2.14 4.59 4.14 4.29 4.61 4.79 +0.9 pt
ROIC 4.42 4.02 4.35 3.28 3.63 4.25 5.29 4.96 5.15 5.30 5.47 +0.9 pt
ROE 11.58 10.99 17.58 8.34 10.20 7.20 15.95 13.90 13.83 14.62 14.45 +3.0 pt
People
People Employees 1,034 1,052 1,068 1,108 721 1,251 1,288 1,350 1,372 1,376 — +3.2%
Revenue/emp, $m 1.82 2.16 2.73 2.34 2.71 1.72 2.26 1.45 1.31 1.48 — (2.3%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

NewJersey Resources Corporation vs peers in Utilities Regulated Gas (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UGI UGI Corporation $8.0B 11.9× 13.7× −4.52% (below 0%: shrinking) n/m −56.52% (below 0%: shrinking) 43.05% (3.31%) Compare
SWX Southwest Gas Corporation $6.6B 22.1× 21.4× −5.91% (below 0%: shrinking) −95.30% (below 0%: shrinking) −30.09% (below 0%: shrinking) 93.25% 11.92% Compare
BKH Bright Horizon Energy Corporation $6.5B 20.6× 19.0× +8.34% (above 0%: growing) +33.81% (above 0%: growing) −10.84% (below 0%: shrinking) 0.00% 21.05% Compare
NJR NewJersey Resources Corporation $5.6B 15.0× 15.0× +16.80% (above 0%: growing) n/m −3.14% (below 0%: shrinking) 57.69% 9.13%
SR Spire Inc. $5.3B 9.9× 21.9× −0.40% (below 0%: shrinking) +1,131.03% (above 0%: growing) +0.22% (above 0%: growing) 75.92% 5.57% Compare
OGS ONE Gas, Inc. $5.1B 17.3× 16.2× +3.21% (above 0%: growing) +12.59% (above 0%: growing) +12.70% (above 0%: growing) 81.13% 19.77% Compare
MDU MDU Resources Group, Inc. $3.9B 19.5× 20.1× +6.87% (above 0%: growing) +42.86% (above 0%: growing) −58.85% (below 0%: shrinking) 64.77% 12.78% Compare
CPK Chesapeake Utilities Corporation $3.4B 22.3× 21.2× +9.02% (above 0%: growing) +8.54% (above 0%: growing) −35.13% (below 0%: shrinking) 0.00% 24.82% Compare
NWN Northwest Natural Gas Company $2.2B 17.1× 16.3× +8.04% (above 0%: growing) n/m −20.11% (below 0%: shrinking) 75.19% (4.89%) Compare
Median of peers $5.2B 18.4× 19.6× +5.04% +23.20% −25.10% 69.98% 12.35%

All 14 Utilities Regulated Gas stocks →

Pay and ownership Proxy statement filed 10 December 2025

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.43m 7.45m 213.44
2024 7.21m 6.20m 201.31
2023 5.78m 5.74m 166.75
2022 4.61m 5.17m 153.65
2021 4.78m 4.87m 133.45
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

NewJersey Resources Corporation (NJR) Latest News

29 Oct

Impact 3 · · Business Wire

23 Oct

Impact 3 · · Zacks

24 Sep

Impact 3 · · GuruFocus.com

4 Sep

Impact 4 ·

10 Aug

Impact 3 · · The Motley Fool transcript

5 Aug

Impact 3 · · MarketBeat

4 Aug

Impact 3 · · Moby transcript

3 Aug

Impact 3 ·
Impact 3 ·

1 Jun

Impact 3 · · Business Wire
Impact 3 · · Insider Monkey

9 May

Impact 3 · · Insider Monkey

5 May

Impact 3 · · Moby

4 May

Impact 4 · · Zacks
Impact 4 · · Business Wire

27 Apr

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

14 Apr

Impact 3 · · Zacks

14 Feb

Impact 4 · · The Motley Fool

13 Feb

Impact 3 · · Insider MonkeySimply Wall St.Associated Press FinanceSimply Wall St.MT NewswiresZacksZacksInsider Monkey

12 Feb

Impact 4 · · ZacksCoinMarketCapReuters VideosdecryptThe BlockDLNewsCryptonewsBenzinga

4 Feb

Impact 4 · · MarketBeat transcript
Impact 3 ·

3 Feb

Impact 4 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript

2 Feb

Impact 4 · · Zacks
Impact 4 · · Business Wire
Impact 3 · · Associated Press Finance

27 Jan

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

26 Jan

Impact 3 · · Zacks

NJR metrics, ten years each

stockrow.com/NJR · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com