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New Jersey Resources Corporation

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
$4.85B
P/E (TTM)
14.4
32.2
Dividend Yield
3.8%
52W High
$50.77
52W Low
$43.46
52W Range
64%
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

Q4 2025 Data

Revenue

$341.48M-13.72%
4-Quarter Trend

EPS

$0.15-83.70%
4-Quarter Trend

FCF

-$181.40M+63.39%
4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Consolidated Net Income Rises Consolidated Net Income reached $335.6M in 2025, marking a $45.9M increase over 2024 results, driven by utility segment performance.
NJNG Earnings Boosted NJNG Net Income grew $80.1M to $213.5M, primarily due to the November 2024 base rate increase approval by the BPU.
CEV Solar Asset Sale CEV recorded $61.2M net income, significantly boosted by a $27.5M gain from the sale of its residential solar portfolio.
Total Assets Increase Total consolidated assets grew $597.1M to $7.58B as of September 30, 2025, reflecting utility plant expenditures.

Risk Factors

Climate Policy Uncertainty Legislative actions addressing climate change and restricting natural gas use may negatively impact operations and increase costs.
Solar Incentive Volatility Returns on solar investments rely heavily on federal ITCs and the future market value of tradable Renewable Energy Credits.
Cybersecurity Threat Exposure Reliance on IT systems for operations exposes the company to material adverse effects from cyberattacks or system failures.
Credit Rating Downgrade Risk Downgrades below investment grade could increase borrowing costs for NJR and its subsidiaries, limiting capital access.

Outlook

NJNG Infrastructure Spending NJNG anticipates 2026 capital expenditures between $430M and $480M for distribution system reliability and growth projects.
CEV Renewable Investment CEV estimates 2026 solar-related capital expenditures ranging from $210M to $290M for new commercial solar projects.
Regulatory Rate Increase Filing NJNG submitted a 2026 BGSS/CIP filing requesting a $63.3M increase in annual revenues, pending BPU approval for fiscal 2026.
Financing Strategy Focus Future financing requirements anticipate primary funding through short- and long-term debt issuance and asset sale leasebacks.

Peer Comparison

Revenue (TTM)

UGI CorporationUGI
$7.29B
+1.0%
NiSource Inc.NI
$6.33B
+19.6%
Southwest Gas Holdings, Inc.SWX
$4.00B
-23.1%

Gross Margin (Latest Quarter)

NorthWestern Energy Group, Inc.NWE
83.4%
+25.1pp
ONE Gas, Inc.OGS
79.8%
+35.7pp
National Fuel Gas CompanyNFG
70.6%
+31.9pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
NI$20.79B23.210.1%45.8%
UGI$8.06B11.914.4%0.0%
NFG$7.72B14.217.9%32.5%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-11.2%
Growth Under Pressure
4Q Net Income CAGR
-51.4%
Declining Profitability
Cash Flow Stability
50%
Cash Flow Needs Attention

Research & Insights

Next earnings:Feb 2, 2026
|
EPS:$0.98
|
Revenue:$546.90M
Reports
All Years

  • Form 10-K - FY 2025

    Period End: Sep 30, 2025|Filed: Nov 20, 2025|
    Revenue: $2.03B+13.9%
    |
    EPS: $3.35+13.9%
    Beat

  • Form 10-Q - Q3 2025

    Period End: Jun 30, 2025|Filed: Aug 5, 2025|
    Revenue: $323.88M+17.5%
    |
    EPS: $-0.15+25.0%
    Miss

  • Form 10-Q - Q2 2025

    Period End: Mar 31, 2025|Filed: May 6, 2025|
    Revenue: $913.03M+38.0%
    |
    EPS: $2.04+65.9%
    Beat

  • Form 10-Q - Q1 2025

    Period End: Dec 31, 2024|Filed: Feb 4, 2025|
    Revenue: $488.36M+4.5%
    |
    EPS: $1.32+45.1%
    Meet

  • Form 10-K - FY 2024

    Period End: Sep 30, 2024|Filed: Nov 26, 2024|
    Revenue: $1.80B-8.5%
    |
    EPS: $2.94+7.7%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Jun 30, 2024|Filed: Aug 6, 2024|
    Revenue: $275.64M+4.4%
    |
    EPS: $-0.12-859.5%
    Miss

  • Form 10-Q - Q2 2024

    Period End: Mar 31, 2024|Filed: May 7, 2024|
    Revenue: $661.56M+2.7%
    |
    EPS: $1.23+7.9%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Dec 31, 2023|Filed: Feb 6, 2024|
    Revenue: $467.21M-35.4%
    |
    EPS: $0.91-24.2%
    Meet