A Business at a Glance
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NEW JERSEY RESOURCES CORP
NJR
$6.1B
Mkt Cap
$60.05
+1.08%
NEW JERSEY RESOURCES CORP (NJR) has a current P/E ratio of 18.6, compared to its historical median P/E of 14.7. The stock is currently considered Fair based on its historical valuation range.
NEW JERSEY RESOURCES CORP (NJR) has a 5-year average return on invested capital (ROIC) of 6.7%. This is below average and may indicate limited pricing power.
NEW JERSEY RESOURCES CORP (NJR) has a market capitalization of $6.1B. It is classified as a mid-cap stock.
Yes, NEW JERSEY RESOURCES CORP (NJR) pays a dividend with a trailing twelve-month yield of 3.07%.
Based on historical P/E analysis, NEW JERSEY RESOURCES CORP (NJR) appears fair. The current P/E of 18.6 is 26% above its historical median of 14.7. The estimated fair value CAGR (P/E method) is 12.2%.
NEW JERSEY RESOURCES CORP (NJR) operates in the Natural Gas Distribution industry, within the Utilities sector.
NEW JERSEY RESOURCES CORP (NJR) reported annual revenue of $1.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
New Jersey Resources Corporation is a diversified energy services holding company operating through four reportable segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment, operated through New Jersey Natural Gas Company, provides regulated natural gas utility service to residential and commercial customers across six counties in New Jersey and participates in off-system sales and capacity release markets. The Clean Energy Ventures segment invests in unregulated capital projects in clean energy, including commercial solar installations, with a portfolio that has expanded to 479 megawatts as of fiscal 2025. The Energy Services segment maintains and transacts a portfolio of physical natural gas transportation and storage contracts while providing unregulated wholesale energy management services to other energy companies and producers. The Storage and Transportation segment invests in energy-related ventures including wholly-owned natural gas storage and transportation facilities at Leaf River in Mississippi and Adelphia in Pennsylvania, as well as a 50% ownership interest in Steckman Ridge in Pennsylvania, all subject to FERC regulation. The company's business model combines stable, regulated utility earnings anchored by New Jersey Natural Gas with growth from unregulated infrastructure investments and energy services, supported by disciplined capital deployment and a strong balance sheet that requires no block equity issuance to execute its capital plan.
【Utility-anchored growth trajectory】 Management expects New Jersey Natural Gas to drive high single-digit rate-based growth through 2030, supported by continued customer growth from new construction, conversions, and targeted infrastructure expansion. Storage and Transportation is positioned for accelerated earnings growth, with net financial earnings expected to more than double by 2027 driven by favorable recontracting at both Adelphia and Leaf River, followed by additional upside from capacity expansion projects backed by long-term fee-based contracts. Clean Energy Ventures is expected to expand installed capacity by more than 50% over the next two years, supported by a robust pipeline of safe-harbored projects exceeding 1.2 gigawatts that provides optionality for disciplined capital deployment in markets with supportive policy and strong demand. The company maintains a five-year capital outlook of $4.8 billion to $5.2 billion through fiscal 2030, with more than 60% allocated to the utility and the balance to Clean Energy Ventures and Storage and Transportation, supporting the long-term 7%-9% net financial earnings per share growth target while preserving strong credit metrics.
| Metric | Target | Period |
|---|---|---|
| Net Financial Earnings Per Share (NFEPS) | $3.48–$3.63 | FY2026 |
| Capital Expenditures | $4.8 billion–$5.2 billion | FY2030 (five-year outlook through fiscal 2030) |
| Clean Energy Ventures Installed Capacity Growth | More than 50% increase | Over the next two years |
| Leaf River Working Gas Capacity Expansion | Over 70% increase | Phased expansion |
Net Financial Earnings Per Share (NFEPS) (FY2026): “we're increasing our NFEPS guidance by an additional $0.20 to a higher range of $3.48-$3.63 per share”
Capital Expenditures (FY2030 (five-year outlook through fiscal 2030)): “we're sharing a five-year CapEx outlook of $4.8-$5.2 billion through fiscal 2030”
Clean Energy Ventures Installed Capacity Growth (Over the next two years): “we expect to grow in-service capacity by more than 50% over the next two years”
Leaf River Working Gas Capacity Expansion (Phased expansion): “we recently filed with FERC a plan to increase working gas capacity by over 70% at Leaf River”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.5B | 1.4B | 1.2B | 1.1B | 1.2B | 852M |
| Net Income | 341M | 336M | 290M | 265M | 275M | 118M |
| EPS | $3.39 | $3.33 | $2.92 | $2.71 | $2.85 | $1.22 |
| Free Cash Flow | 567M | 405M | 405M | 453M | 289M | 326M |
| ROIC | 6.6% | 6.9% | 6.7% | 6.9% | 7.1% | 6.1% |
| Gross Margin | - | 10.4% | 15.3% | - | 46.5% | 49.8% |
| Debt/Equity | 1.36 | 1.51 | 1.53 | 1.58 | 1.64 | 1.60 |
| Dividends/Share | $1.84 | $1.83 | $1.71 | $1.59 | $1.48 | $1.36 |
| Operating Income | 520M | 509M | 458M | 407M | 406M | 288M |
| Operating Margin | 34.5% | 37.7% | 37.2% | 36.6% | 33.9% | 33.8% |
| ROE | 12.9% | 14.6% | 13.8% | 13.9% | 15.9% | 7.2% |
| Shares Outstanding | 101M | 101M | 99M | 98M | 96M | 97M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.7B | 2.7B | 1.9B | 2.3B | 2.9B | 782M | 834M | 852M | 1.2B | 1.1B | 1.2B | 1.4B | 1.5B |
| Gross Margin | 7.0% | 11.6% | 13.3% | 36.7% | 10.2% | 32.8% | 43.2% | 49.8% | 46.5% | N/A | 15.3% | 10.4% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | 665M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 201M | 248M | 168M | 167M | 200M | 165M | 229M | 288M | 406M | 407M | 458M | 509M | 520M |
| Op. Margin | 5.4% | 9.1% | 8.9% | 7.4% | 6.9% | 21.0% | 27.5% | 33.8% | 33.9% | 36.6% | 37.2% | 37.7% | 34.5% |
| Net Income | 142M | 181M | 132M | 132M | 233M | 124M | 163M | 118M | 275M | 265M | 290M | 336M | 341M |
| Net Margin | 3.8% | 6.6% | 7.0% | 5.8% | 8.0% | 15.8% | 19.6% | 13.8% | 22.9% | 23.8% | 23.6% | 24.8% | 22.7% |
| Non-Recurring | 6.4M | 6.4M | 6.4M | 0 | 0 | 1.6M | 0 | 0 | 0 | 0 | 0 | 58M | 58M |
| Returns on Capital | |||||||||||||
| ROIC | 7.6% | 9.1% | 6.0% | 5.4% | 7.0% | 5.0% | 5.3% | 6.1% | 7.1% | 6.9% | 6.7% | 6.9% | 6.6% |
| ROE | 14.7% | 16.3% | 11.3% | 10.7% | 16.5% | 9.3% | 10.8% | 7.2% | 15.9% | 13.9% | 13.8% | 14.6% | 12.9% |
| ROA | 4.5% | 5.5% | 3.5% | 3.4% | 5.6% | 3.0% | 3.4% | 2.1% | 4.6% | 4.1% | 4.3% | 4.6% | 4.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 357M | 391M | 143M | 248M | 398M | 194M | 213M | 391M | 323M | 479M | 427M | 466M | 642M |
| Free Cash Flow | 229M | 250M | -33M | 104M | 191M | -106M | 194M | 326M | 289M | 453M | 405M | 405M | 567M |
| Owner Earnings | 286M | 320M | 63M | 160M | 300M | 106M | 102M | 272M | 179M | 311M | 255M | 265M | 439M |
| CapEx | 128M | 141M | 176M | 144M | 207M | 300M | 19M | 65M | 35M | 26M | 23M | 61M | 74M |
| Maint. CapEx | 53M | 61M | 73M | 82M | 86M | 81M | 107M | 111M | 129M | 153M | 167M | 189M | 195M |
| Growth CapEx | 76M | 79M | 103M | 62M | 121M | 219M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 53M | 61M | 73M | 82M | 86M | 81M | 107M | 111M | 129M | 153M | 167M | 189M | 195M |
| CapEx/OCF | 35.8% | 36.0% | 123.4% | 58.1% | 51.9% | 154.6% | 9.1% | 16.5% | 10.7% | 5.4% | 5.3% | 13.1% | 11.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 71M | 77M | 82M | 88M | 96M | 104M | 118M | 117M | 128M | 151M | 165M | 180M | 186M |
| Dividend Yield | 2.5% | 4.3% | 3.8% | 3.5% | 3.3% | 3.1% | 4.2% | 3.8% | 3.6% | 3.6% | 4.1% | 3.9% | 3.1% |
| Share Buybacks | 5.5M | 11M | 1.0M | 6.4M | 0 | 0 | 0 | 27M | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.7% | 0.6% | 0.0% | 0.2% | N/A | N/A | N/A | 0.9% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 18M | 9.6M | 7.2M | 5.8M | 13M | 7.1M | 3.8M | 7.1M | 15M | 15M | 5.7M | 13M | 7.9M |
| Debt Repayment | 83M | 37M | 13M | 98M | 165M | 219M | 100M | 252M | 103M | 22M | 40M | 96M | 96M |
| Balance Sheet | |||||||||||||
| Net Debt | 929M | 911M | 1.2B | 1.4B | 1.4B | 1.6B | 2.3B | 2.6B | 3.0B | 3.1B | 3.4B | 3.6B | 3.5B |
| Cash & Equiv. | 2.2M | 4.9M | 38M | 2.2M | 1.5M | 2.7M | 117M | 4.7M | 1.1M | 954K | 1.0M | 591K | 125M |
| Long-Term Debt | 598M | 844M | 1.1B | 997M | 1.2B | 1.5B | 2.3B | 2.2B | 2.5B | 2.8B | 2.9B | 3.3B | 3.3B |
| Debt/Equity | 0.97 | 0.83 | 1.06 | 1.16 | 1.03 | 1.15 | 1.47 | 1.60 | 1.64 | 1.58 | 1.53 | 1.51 | 1.36 |
| Interest Coverage | 7.9 | 9.0 | 5.4 | 3.7 | 4.3 | 3.5 | 3.4 | 3.7 | 4.7 | 3.3 | 3.5 | 4.0 | 989.7 |
| Equity | 966M | 1.1B | 1.2B | 1.2B | 1.4B | 1.4B | 1.6B | 1.6B | 1.8B | 2.0B | 2.2B | 2.4B | 2.6B |
| Total Assets | 3.2B | 3.3B | 3.7B | 3.9B | 4.1B | 4.2B | 5.3B | 5.7B | 6.3B | 6.5B | 7.0B | 7.6B | 7.9B |
| Total Liabilities | 2.2B | 2.2B | 2.6B | 2.7B | 2.7B | 1.3B | 1.4B | 1.9B | 2.0B | 1.8B | 1.9B | 1.9B | 1.9M |
| Intangibles | N/A | N/A | 0 | 41M | 23M | 15M | 10M | 5.0M | 2.3M | 77K | N/A | N/A | N/A |
| Retained Earnings | 675M | 778M | 826M | 868M | 1.0B | 1.1B | 948M | 935M | 1.1B | 1.2B | 1.3B | 1.5B | 1.7B |
| Working Capital | -108M | 52M | 36M | -223M | 19M | 65M | 89M | -417M | -348M | -275M | -333M | -211M | -47M |
| Current Assets | 683M | 488M | 607M | 579M | 770M | 512M | 622M | 634M | 756M | 532M | 555M | 570M | 730M |
| Current Liabilities | 791M | 436M | 572M | 803M | 751M | 446M | 534M | 1.1B | 1.1B | 807M | 888M | 781M | 777M |
| Per Share Data | |||||||||||||
| EPS | 0.84 | 2.10 | 1.52 | 1.52 | 2.64 | 1.38 | 1.71 | 1.22 | 2.85 | 2.71 | 2.92 | 3.33 | 3.39 |
| Owner EPS | 1.68 | 3.71 | 0.72 | 1.85 | 3.39 | 1.18 | 1.07 | 2.82 | 1.86 | 3.19 | 2.57 | 2.63 | 4.35 |
| Book Value | 5.68 | 12.85 | 13.47 | 14.23 | 16.05 | 15.39 | 17.25 | 16.88 | 18.84 | 20.38 | 22.17 | 23.73 | 26.26 |
| Cash Flow/Share | 2.10 | 4.54 | 1.65 | 2.85 | 4.50 | 2.16 | 2.24 | 4.05 | 3.35 | 4.90 | 4.31 | 4.63 | 5.32 |
| Dividends/Share | 0.43 | 0.92 | 0.98 | 1.04 | 1.11 | 1.19 | 1.27 | 1.36 | 1.48 | 1.59 | 1.71 | 1.83 | 1.84 |
| Shares Out. | 170.0M | 86.2M | 86.6M | 86.9M | 88.4M | 89.8M | 95.3M | 96.6M | 96.5M | 97.7M | 99.2M | 100.8M | 100.9M |
| Valuation | |||||||||||||
| P/E Ratio | 10.5 | 9.9 | 16.3 | 21.0 | 13.5 | 25.9 | 12.9 | 24.4 | 12.9 | 13.8 | 15.3 | 14.2 | 17.7 |
| P/FCF | 13.0 | 7.1 | N/A | 26.7 | 16.5 | N/A | 10.8 | 8.8 | 12.3 | 8.0 | 10.9 | 11.8 | 10.7 |
| EV/EBIT | 5.2 | 7.4 | 13.3 | 17.7 | 16.6 | 19.7 | 9.2 | 11.3 | 16.1 | 16.7 | 17.0 | 16.4 | 18.3 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.0 | 1.8 | 2.0 | 2.0 | 2.3 |
| Price/Sales | 0.2 | 0.7 | 1.1 | 1.1 | 1.0 | 4.3 | 3.4 | 3.6 | 1.2 | 2.1 | 2.2 | 2.3 | 4.0 |
| FCF Yield | 30.9% | 14.0% | -1.6% | 3.7% | 6.1% | -3.3% | 9.2% | 11.3% | 8.1% | 12.4% | 9.1% | 8.5% | 9.4% |
| Market Cap | 739M | 1.8B | 2.1B | 2.8B | 3.2B | 3.2B | 2.1B | 2.9B | 3.5B | 3.6B | 4.4B | 4.8B | 6.1B |
| Avg. Price | 16.59 | 20.68 | 24.74 | 28.84 | 32.52 | 37.36 | 29.32 | 31.58 | 36.87 | 42.79 | 40.43 | 45.53 | 60.05 |
| Year-End Price | 17.49 | 20.70 | 24.74 | 31.93 | 35.74 | 35.76 | 22.02 | 29.80 | 36.77 | 37.31 | 44.66 | 47.29 | 60.05 |
NEW JERSEY RESOURCES CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
NEW JERSEY RESOURCES CORP trades at 18.6x trailing earnings, compared to its 15-year median P/E of 14.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 14.5x vs a median of 11.4x. The company's 5-year average ROIC is 6.7% with a gross margin of 30.5%. Total shareholder yield (dividends) is 3.1%. At current prices, the estimated annualized return to fair value is +27.0%.
NEW JERSEY RESOURCES CORP (NJR) has a net profit margin of 24.8%. This is a strong margin indicating high profitability.
NEW JERSEY RESOURCES CORP (NJR) generated $405 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NEW JERSEY RESOURCES CORP (NJR) has a debt-to-equity ratio of 1.51. This indicates higher leverage, which may increase financial risk.
NEW JERSEY RESOURCES CORP (NJR) reported earnings per share (EPS) of $3.33 in its most recent fiscal year.
NEW JERSEY RESOURCES CORP (NJR) has a return on equity (ROE) of 14.6%. This indicates moderate shareholder returns.
NEW JERSEY RESOURCES CORP (NJR) has a 5-year average gross margin of 30.5%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for NEW JERSEY RESOURCES CORP (NJR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NEW JERSEY RESOURCES CORP (NJR) has a book value per share of $23.73, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects New Jersey Natural Gas to drive high single-digit rate-based growth through 2030, supported by continued customer growth from new construction, conversions, and targeted infrastructure expansion. Storage and Transportation is positioned for accelerated earnings growth, with net financial earnings expected to more than double by 2027 driven by favorable recontracting at both Adelphia and Leaf River, followed by additional upside from capacity expansion projects backed by long-term fee-based contracts. Clean Energy Ventures is expected to expand installed capacity by more than 50% over the next two years, supported by a robust pipeline of safe-harbored projects exceeding 1.2 gigawatts that provides optionality for disciplined capital deployment in markets with supportive policy and strong demand. The company maintains a five-year capital outlook of $4.8 billion to $5.2 billion through fiscal 2030, with more than 60% allocated to the utility and the balance to Clean Energy Ventures and Storage and Transportation, supporting the long-term 7%-9% net financial earnings per share growth target while preserving strong credit metrics.
Based on recent SEC filings and earnings calls, NEW JERSEY RESOURCES CORP (NJR) has provided the following forward guidance: Net Financial Earnings Per Share (NFEPS): $3.48–$3.63 (FY2026); Capital Expenditures: $4.8 billion–$5.2 billion (FY2030 (five-year outlook through fiscal 2030)); Clean Energy Ventures Installed Capacity Growth: More than 50% increase (Over the next two years); Leaf River Working Gas Capacity Expansion: Over 70% increase (Phased expansion).
No recent press releases.