New Jersey Resources Corporation

NYSE•NJR

CEO: Mr. Stephen D. Westhoven

Sector: Utilities

Industry: Regulated Gas

Listing Date: 1980-03-17

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets. The Clean Energy Ventures segment invests in, owns, and operates clean energy projects, including commercial and residential solar installation situated in New Jersey, Rhode Island, New York, Connecticut, Michigan, and Indiana. The Energy Services segment maintains and operates natural gas transportation and storage capacity contracts, as well as provides physical wholesale energy, retail energy and energy management services in the United States and Canada. The Storage and Transportation segment invests in invests in energy-related ventures. It provides heating, ventilation, and cooling services; sales and installation of appliances; offers solar equipment installation, and plumbing repair and installation services; and holds commercial real estate properties. The company was incorporated in 1981 and is headquartered in Wall, New Jersey.

Contact Information

1415 Wyckoff Road, Wall, NJ, 07719, United States

732-938-1000

www.njresources.com

Market Cap

$5.55B

P/E (TTM)

17.0

23.6

Dividend Yield

3.4%

52W High

$55.49

52W Low

$43.46

52W Range

96%

Rank40Top 42.0%

4.1

F-Score

Modified Piotroski Analysis

Based on 10-year fundamentals

Average • 4.1 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2016-2025

Financial Dashboard

Q1 2026 Data

Revenue

$605.62M+23.19%

4-Quarter Trend

EPS

$1.22-7.58%

4-Quarter Trend

FCF

-$139.67M-116.62%

4-Quarter Trend

2026 Q1 Earnings Highlights

Key Highlights

Total Revenue Increased Significantly Total operating revenues reached $604.9M, up $116.5M versus prior period, driven by strong utility sales performance.

NJNG Net Income Rises NJNG net income grew $16.9M to $83.8M, supported by $25.0M Utility Gross Margin increase from base rate adjustments.

Operating Cash Flow Rebounds Cash flow from operations totaled $26.7M, a significant swing from $(9.0)M used in the prior year period due to working capital changes.

Energy Services Profitability Doubles ES segment net income increased $10.3M to $20.6M, benefiting from favorable pricing spreads due to colder December weather.

Risk Factors

Commodity Price Volatility Exposure Significant market risk remains from natural gas and SREC price fluctuations impacting ES earnings and NJNG hedging effectiveness.

Regulatory Cost Recovery Uncertainty NJNG cost recovery relies on BPU approval for capital investments and BGSS rate changes; adverse regulatory actions pose risk.

Counterparty Credit Exposure High Gross credit exposure totaled $208.9M across ES, CEV, S&T; counterparty default could cause material financial condition impact.

CEV Project Development Risks CEV faces risks related to timely project commencement, securing ITCs, and navigating evolving federal clean energy tax credit guidance.

Outlook

NJNG Capital Spending Planned NJNG projects capital expenditures between $430M and $480M for fiscal 2026, funded by operations, CP, and long-term debt issuance.

CEV Solar Investment Forecast CEV estimates solar-related capital expenditures for fiscal 2026 between $210M and $290M to support renewable energy growth goals.

Liquidity Position Remains Strong Borrowing availability under NJR ($324.8M) and NJNG ($109.0M) credit facilities supports short-term needs and debt covenants compliance.

Regulatory Rate Case Activity NJNG continues seeking recovery for infrastructure investments via future base rate cases following recent BGSS/IIP approvals.

Peer Comparison

Revenue (TTM)

UGI

$7.34B

+3.1%

$6.64B

+21.8%

SWX

$3.21B

-26.8%

Gross Margin (Latest Quarter)

OGS

96.3%

+35.7pp

CPK

72.2%

+1.1pp

58.1%

+1.9pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
NI	$22.68B	24.1	10.2%	44.4%
NFG	$9.15B	13.4	21.1%	30.1%
UGI	$7.98B	13.3	12.2%	42.8%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

-11.6%

Growth Under Pressure

4Q Net Income CAGR

-15.7%

Declining Profitability

Cash Flow Stability

75%

Volatile Cash Flow

Deep Research

Next earnings:May 4, 2026

EPS:$1.58

Revenue:$840.95M

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data