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NEW Jersey Resources Corp (NJR) stock

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NYSE: NJR NYSE Gas Utilities Next results ~November 16, 2026

B+ Fundamentals grade

NEW Jersey Resources Corp is a US-listed company in the gas utilities industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$40

Cash-flow model

Base case. Range ~$20–$65 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 37% above our base value.

Price used: $54.18, November 2, 2026

NEW Jersey Resources Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 7 sales by directors and officers, last 12 monthsInsider trades
  • Funds239 adding, 166 cuttingOf 42 active managers that changed their stake, 16 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter NEW Jersey Resources files

Where NEW Jersey Resources stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.23bn, up 6.4% on a year earlier, faster than the 5.1% growth a quarter earlier. Free-cash-flow margin rose to 20.5% from 12.6% a year earlier. Operating margin narrowed to 24.8% from 29.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 1 of our 6 financial-health checks. Our cash-flow model value is $42.86 a share, against a share price of $53.28. At that price, our model says the market is pricing in about 4.1% a year of cash-flow growth for five years, faster than the 0.7% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 16, 2026 (estimated)

NEW Jersey Resources Corp's trailing-twelve-month revenue grew 6.4% year on year, with a free-cash-flow margin of 20.5%. Where it stands out: free-cash-flow margin of 20.5% ranks 1 of 12 gas utilities companies we cover.

Our discounted-cash-flow model values the business at ~$40 per share in the base case (~$20–$65 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 73.1% while net income fell 11.1%: a 84pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 20.5% of revenue turned into free cash flow, against a median of 2.6% for gas utilities companies we cover.

Things to watch

  • Priced above our value. The share price of $54.18 is 27% above our value per share of $40.
  • Margins narrowing. Operating margin is down 4.5 points on a year ago.
  • Short interest rising. Shares sold short rose 37% in a month to 6.7% of tradable shares.
  • Earnings expected to fall. The consensus expects earnings per share to fall 4% next year.

Latest results: FY2026 Q3

Filed August 4, 2026
Earnings per share
$0.11 against an average estimate of $0.06: beat by 75.6%
Revenue
$349m, up 16.8% on a year earlier
Share reaction
-0.9% in the first session after the results on August 3, 2026, against +3.3% for the S&P 500
Next report
November 16, 2026; average EPS estimate $0.13

NEW Jersey Resources' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.8%
  • 1 week+1.9%
  • 1 month+5.0%
  • This year+20.7%
  • 1 year+27.0%
  • 5 years+67.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.2B
Operating margin
24.8%
Net margin
16.4%
EPS (TTM, diluted)
$3.61

Growth

Revenue growth
+6.4%
Change in growth rate
+1.2 pts
Share count change
+0.9%

Cash

Free cash flow (TTM)
$457M
FCF margin
20.5%

Earnings

Last results
August 3, 2026
Next results (est.)
November 18, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Agreement
  3. Agreement
  4. Dividend
  5. Agreement
  6. Results
  7. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

NEW Jersey Resources Corp valuation models and calculator

What the price is pricing in

The share price implies about 4.3% a year of cash-flow growth for five years.That is close to the 0.7% a year revenue growth NEW Jersey Resources has delivered.

  • Priced in4.3%
  • Last 12 months6.4%
  • 3 years a year-2.4%
  • 5 years a year0.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($54.24, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$40
Price used
$54.24close November 3, 2026
Implied change
▼ 27%
Uncertainty
High

How we got here: a discounted-cash-flow model of NEW Jersey Resources Corp's free cash flow after stock-based pay with after-tax interest added back ($489M, FY2026 Q3 TTM), growing -1% and 1.3% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$20–~$65 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of NEW Jersey Resources Corp's free cash flow after stock-based pay ( $489M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value NEW Jersey Resources Corp as an utility or power producer, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.42 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$40 ~$20–$65 Primary model, counts double
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$74 ~$62–$93 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$53 ~$52–$66 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$74 ~$59–$98 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$58 ~$41–$85 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$78 ~$61–$110 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$59 ~$40–$78 6 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare NEW Jersey Resources Corp with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −36%
  • Revenue growth 5 points higher ▲ +47%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▲ +83%
  • Discount rate 1 point higher ▼ −21%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $33$57$90$134$191$264
8.5% $16$34$58$89$130$182
10% $6$20$39$62$93$133

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$23.52$30.97$34.78$34.96$21.72$28.99$33.36$36.21$43.72$46.38$54.18
Market value$2.0bn$2.7bn$3.1bn$3.1bn$2.1bn$2.8bn$3.2bn$3.5bn$4.3bn$4.7bn$5.5bn
+ Net debt (− = net cash)$1.2bn$1.4bn$1.5bn$1.6bn$2.3bn$2.6bn$3.0bn$3.1bn$3.4bn$3.6bn$3.7bn
Enterprise value$3.2bn$4.1bn$4.5bn$4.7bn$4.4bn$5.4bn$6.2bn$6.7bn$7.7bn$8.3bn$9.2bn
Multiples
Price / sales 1.1x1.2x1.1x1.2x1.1x1.3x1.1x1.8x2.4x2.3x2.5x
Price / earnings 15.5x20.4x13.2x25.3x12.7x23.7x11.7x13.4x15.0x13.9x15.0x
Price / free cash flow —26.0x16.0x—9.7x7.2x10.0x7.4x10.2x10.0x8.3x
EV / EBITDA 13.5x16.3x15.8x19.2x13.0x13.5x11.6x11.9x12.3x11.9x12.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

44 /100

Weak moat

How hard NEW Jersey Resources's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Net income has been a median 3.8% of total assets over 10 years.

  • Durability 8 / 20

    Operating margin has been a median 14.2%; its worst year was 3.9%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 9 of 10 years, at a median 10.5% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 5.2% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 16, 2026, after the close. Analysts expect revenue of $330m and EPS of $0.13 (range $0.12 to $0.15) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.55 +8% $2.2bn +7%
Next $3.41 −4% $2.2bn −0%

Next year's EPS estimate has moved −1.1% in 90 days, across 8 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.06 $0.11 +75.6%
Mar 2026 $1.90 $2.20 +15.8%
Dec 2025 $1.00 $1.17 +17.4%
Sept 2025 $0.19 $0.16 −16.9%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows NEW Jersey Resources Corp's revenue by -1.0% next year and +1.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-2.6%, weight 65%) and the company's own record (+2.0%, weight 35%) . How the weights are set.

Analyst recommendations

8 analysts, Oct 2026
Buy563%
Hold338%
Sell00%

Monthly trend

  1. Oct 20262338
  2. Sep 20262338
  3. Aug 20262338
  4. Jul 202624118

Counts of recommendations published by analysts covering NEW Jersey Resources Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.7%
of tradable shares
Days to cover
6.79
at average volume
Short interest, 1 month
+37%
to September 30, 2026
Held by institutions
82%
of shares
Held by insiders
0.5%
of shares
Employees
1,300
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +27.0%

$42.67 on October 31, 2025 to $54.18

ThenNowEffect
Revenue (last 12 months) $2.1bn $2.2bn +6.4%
Net margin 19.6% 16.4% −16.4%
P/E multiple 10.4x 15.0x +44.0%
Share count 101m 101m −0.9%

Biggest factor: p/e multiple.

Last 3 years +41.1%

$38.39 on November 3, 2023 to $54.18

ThenNowEffect
Revenue (last 12 months) $2.4bn $2.2bn −7.0%
Net margin 11.8% 16.4% +39.5%
P/E multiple 13.2x 15.0x +13.5%
Share count 97m 101m −4.2%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NJR+20%+25%−7%+9%+3%+21%
Industry peers (median)+12%+1%−9%+13%+16%+7%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NJR50%58%42%50%58%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NJR−20%−17%−28%−13%−11%−15%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 51% from June 21, 2019 to March 18, 2020. Getting back needed a 103% gain, reached on March 29, 2022, 741 days after the low.

Price behaviour

52-week range
$42.51 – $59.48
From 52-week high
−8.9%
vs 50-day average
+3.5%
vs 200-day average
+0.8%
Volatility (1 year)
18%
Beta vs S&P 500
-0.45

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±1.9%
After a week
4 up, 8 down
typical move ±3.2%
After a month
7 up, 5 down
typical move ±5.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 −0.9% +3.3% −7.3% −6.5%
May 4, 2026 0.0% +0.4% −0.3% −3.9%
February 2, 2026 +4.7% −0.4% +4.6% +11.6%
November 19, 2025 +3.6% −1.1% +3.2% +0.9%
August 4, 2025 +2.0% +1.0% +3.1% +2.3%
May 5, 2025 −1.6% −1.4% −6.5% −9.6%
February 3, 2025 −3.0% 0.0% −4.5% +0.7%
November 25, 2024 −0.6% +0.9% −1.7% −7.6%
August 6, 2024 −1.4% +0.2% −0.9% +3.1%
May 7, 2024 −1.3% +0.1% −1.7% −2.9%
February 6, 2024 +2.6% +1.1% +3.0% +8.9%
November 21, 2023 +0.8% +0.2% −1.1% +6.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

NEW Jersey Resources Corp in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) NEW Jersey Resources Corp
$1.6B $1.8B $2B $2.2B $2.4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2B Revenue (TTM), FY24 Q1: $1.7B Revenue (TTM), FY24 Q2: $1.7B Revenue (TTM), FY24 Q3: $1.7B Revenue (TTM), FY24 Q4: $1.8B Revenue (TTM), FY25 Q1: $1.8B Revenue (TTM), FY25 Q2: $2.1B Revenue (TTM), FY25 Q3: $2.1B Revenue (TTM), FY25 Q4: $2B Revenue (TTM), FY26 Q1: $2.2B Revenue (TTM), FY26 Q2: $2.2B Revenue (TTM), FY26 Q3: $2.2B $2.2B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2B
FY24 Q1 $1.7B
FY24 Q2 $1.7B
FY24 Q3 $1.7B
FY24 Q4 $1.8B
FY25 Q1 $1.8B
FY25 Q2 $2.1B
FY25 Q3 $2.1B
FY25 Q4 $2B
FY26 Q1 $2.2B
FY26 Q2 $2.2B
FY26 Q3 $2.2B
Revenue growth, TTM YoY NEW Jersey Resources Corp
-60% -40% -20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -32.4% Revenue growth, TTM YoY, FY24 Q1: -42.2% Revenue growth, TTM YoY, FY24 Q2: -35.9% Revenue growth, TTM YoY, FY24 Q3: -27.7% Revenue growth, TTM YoY, FY24 Q4: -8.5% Revenue growth, TTM YoY, FY25 Q1: 6.5% Revenue growth, TTM YoY, FY25 Q2: 20.5% Revenue growth, TTM YoY, FY25 Q3: 21.0% Revenue growth, TTM YoY, FY25 Q4: 13.4% Revenue growth, TTM YoY, FY26 Q1: 18.4% Revenue growth, TTM YoY, FY26 Q2: 5.1% Revenue growth, TTM YoY, FY26 Q3: 6.4% 6.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -32.4%
FY24 Q1 -42.2%
FY24 Q2 -35.9%
FY24 Q3 -27.7%
FY24 Q4 -8.5%
FY25 Q1 6.5%
FY25 Q2 20.5%
FY25 Q3 21.0%
FY25 Q4 13.4%
FY26 Q1 18.4%
FY26 Q2 5.1%
FY26 Q3 6.4%
Operating margin (TTM) NEW Jersey Resources Corp
20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 20.7% Operating margin (TTM), FY24 Q1: 21.7% Operating margin (TTM), FY24 Q2: 21.8% Operating margin (TTM), FY24 Q3: 21.7% Operating margin (TTM), FY24 Q4: 25.5% Operating margin (TTM), FY25 Q1: 28.2% Operating margin (TTM), FY25 Q2: 30.0% Operating margin (TTM), FY25 Q3: 29.3% Operating margin (TTM), FY25 Q4: 25.0% Operating margin (TTM), FY26 Q1: 23.2% Operating margin (TTM), FY26 Q2: 23.8% Operating margin (TTM), FY26 Q3: 24.8% 24.8%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 20.7%
FY24 Q1 21.7%
FY24 Q2 21.8%
FY24 Q3 21.7%
FY24 Q4 25.5%
FY25 Q1 28.2%
FY25 Q2 30.0%
FY25 Q3 29.3%
FY25 Q4 25.0%
FY26 Q1 23.2%
FY26 Q2 23.8%
FY26 Q3 24.8%
FCF margin (TTM) NEW Jersey Resources Corp
10% 15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 16.6% FCF margin (TTM), FY24 Q1: 26.8% FCF margin (TTM), FY24 Q2: 18.4% FCF margin (TTM), FY24 Q3: 16.9% FCF margin (TTM), FY24 Q4: 14.5% FCF margin (TTM), FY25 Q1: 11.0% FCF margin (TTM), FY25 Q2: 15.6% FCF margin (TTM), FY25 Q3: 12.6% FCF margin (TTM), FY25 Q4: 13.6% FCF margin (TTM), FY26 Q1: 14.4% FCF margin (TTM), FY26 Q2: 20.5% FCF margin (TTM), FY26 Q3: 20.5% 20.5%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 16.6%
FY24 Q1 26.8%
FY24 Q2 18.4%
FY24 Q3 16.9%
FY24 Q4 14.5%
FY25 Q1 11.0%
FY25 Q2 15.6%
FY25 Q3 12.6%
FY25 Q4 13.6%
FY26 Q1 14.4%
FY26 Q2 20.5%
FY26 Q3 20.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar NEW Jersey Resources took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $2B
  2. Other operating costs $1.5B · 75.0%
  3. Operating income $509M · 25.0%
  4. Income tax $97M · 4.8%
  5. Interest and other $76.3M · 3.7%
  6. Net income $336M · 16.5%

Shares of revenue. Source: NEW Jersey Resources's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 2,592 2,639 3,009 2,249 3,198 3,738 2,734 1,881 2,269 2,915 2,592 1,954 2,157 2,906 1,963 1,797 2,036 2,230
Gross profit — — — — — — — 742 832 924 — — — — — — — —
EBITDA 79 221 178 150 207 254 310 240 253 286 246 336 400 536 560 625 698 754
Operating income 48 188 143 109 159 201 248 168 171 200 165 229 288 406 407 458 509 553
Net income 27 117 101 93 115 142 181 132 132 233 124 163 118 275 265 290 336 366
Diluted EPS $0.32 $1.41 $1.22 $1.11 $1.37 $1.67 $2.10 $1.52 $1.52 $2.64 $1.38 $1.71 $1.22 $2.85 $2.71 $2.92 $3.33 $3.61
Growth (year on year)
Revenue −32.1% +1.8% +14.0% −25.3% +42.2% +16.9% −26.9% −31.2% +20.6% +28.5% −11.1% −24.6% +10.4% +34.7% −32.4% −8.5% +13.4% +6.4%
EBITDA −66.0% +179.4% −19.5% −15.6% +37.4% +22.9% +22.0% −22.5% +5.3% +12.8% −14.0% +36.9% +18.9% +34.0% +4.5% +11.6% +11.7% −5.7%
Operating income −75.1% — −24.0% −24.0% +46.5% +26.4% +23.5% −32.6% +2.2% +16.7% −17.7% +39.1% +26.0% +41.0% +0.1% +12.6% +11.1% −10.1%
Net income −75.0% — −13.8% −8.3% +23.6% +23.7% +27.5% −27.2% +0.3% +76.8% −46.9% +31.5% −27.7% +133.2% −3.7% +9.5% +15.8% −11.1%
Diluted EPS −75.3% — −13.5% −8.6% +22.9% +21.9% +25.7% −27.6% 0.0% +73.7% −47.7% +23.9% −28.7% +133.6% −4.9% +7.7% +14.0% −11.8%
Margins
Gross margin — — — — — — — 39.4% 36.7% 31.7% — — — — — — — —
EBITDA margin 3.1% 8.4% 5.9% 6.7% 6.5% 6.8% 11.3% 12.8% 11.2% 9.8% 9.5% 17.2% 18.5% 18.4% 28.5% 34.8% 34.3% 33.8%
Operating margin 1.9% 7.1% 4.8% 4.8% 5.0% 5.4% 9.1% 8.9% 7.5% 6.9% 6.3% 11.7% 13.4% 14.0% 20.7% 25.5% 25.0% 24.8%
Net margin 1.1% 4.5% 3.4% 4.1% 3.6% 3.8% 6.6% 7.0% 5.8% 8.0% 4.8% 8.3% 5.5% 9.5% 13.5% 16.1% 16.5% 16.4%
Free-cash-flow margin 7.4% 2.0% 5.2% −2.4% 0.1% 6.2% 9.1% −1.8% 4.6% 6.6% −4.1% 10.9% 18.1% 11.1% 24.4% 23.8% 22.9% 29.6%
Cash flow
Cash from operations 267 139 250 51 114 358 391 143 248 398 194 213 391 323 479 427 466 659
Capital spending 75 87 94 104 110 128 141 176 144 207 300 0 0 0 0 0 0 0
Free cash flow 192 53 156 −53 4 230 250 −33 104 191 −106 213 391 323 479 427 466 659
Stock-based pay 3 3 3 5 3 18 10 7 6 13 10 7 7 15 15 16 18 —
Free cash flow after stock pay 189 50 154 −59 0 212 241 −41 98 179 −116 207 384 309 464 411 449 —
Balance sheet
Cash 36 1 7 5 3 2 5 38 2 1 3 117 5 1 1 1 1 34
Total debt 605 608 594 813 947 934 921 1,238 1,428 1,456 1,584 2,412 2,612 2,984 3,136 3,360 3,604 3,703
Net debt (negative = net cash) 569 607 586 808 944 932 916 1,201 1,426 1,455 1,581 2,295 2,608 2,983 3,135 3,359 3,604 3,669
Diluted shares 85m 83m 83m 83m 84m 85m 86m 87m 87m 88m 90m 95m 97m 96m 98m 99m 101m 101m
Returned to shareholders
Dividends 51 53 59 62 67 71 77 82 88 96 104 118 117 128 151 165 180 189
Buybacks 31 30 10 9 27 6 11 1 6 0 0 0 27 0 0 — — —
Total returned 82 83 69 70 94 76 87 83 94 96 104 118 144 128 151 165 180 189

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · June 30, 2026
What it owns · $8.0bn
Short-term assets $619mLonger-term assets $7.4bn
What it owes, and who funded it · $3.6bn
Short-term liabilities $937mShareholders' equity $2.6bn
  • Short-term assets cover short-term liabilities $619m of assets due within a year against $937m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $34m of cash against $3.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 129% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 132% to 129% over five years.
  • A year's operating cash flow covers at least 20% of debt $659m of operating cash flow against $3.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $553m against $136m of interest.

From NEW Jersey Resources Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$189M
Diluted share count
+0.9%
year over year
Total shareholder yield
3.4%
dividends 3.4% + buybacks 0.0% of market value
Dividend payout ratio
52%
of net income paid out

Competitors: side by side with peers

Closest by revenue in gas utilities
Last 12 months unless stated NJR NFG SGU SR SPH NWN Median
Revenue, last 12 months $2.2bn $2.5bn $1.9bn $2.7bn $1.4bn $1.3bn $1.7bn
Revenue growth, last 12 months 6.4% 15.1% 7.6% 19.2% −2.5% 4.4% 6.4%
Revenue growth, 3-year average −2.4% 3.9% −1.2% −4.8% −1.1% 2.7% 0.8%
Revenue growth, latest quarter 16.8% 1.1% 17.2% 19.2% 0.5% 3.1% 3.7%
Gross margin 32.2% 87.7% 22.7% — 63.1% — 56.6%
Operating margin 24.8% 40.3% 7.1% 21.6% 15.1% 22.8% 19.4%
Operating margin, 3-year average 25.3% 29.2% 5.6% 19.9% 14.6% 19.6% 19.6%
Net margin 16.4% 26.9% 4.6% 20.1% 9.4% 9.7% 11.4%
Cash from operations / revenue 29.6% 50.6% 3.7% 22.3% 13.0% 16.5% 19.0%
Free-cash-flow margin 20.5% 8.8% 3.0% −8.1% 7.3% −20.6% 2.2%
Free-cash-flow margin, 3-year average 16.7% 7.2% 4.1% −5.8% 8.1% −16.2% 2.6%
Stock pay / revenue — 0.7% — 0.3% — — 0.8%
Change in share count 0.9% 2.3% −4.2% 1.3% 1.2% 4.3% 1.3%

Median of all 12 companies we cover in gas utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

12 gas utilities companies
Measure Company Peer median Rank
Revenue growth Growth 6.4% 6.5% 7 of 12
Change in growth rate Growth +1.2pp -1.1pp 3 of 12
Operating margin Profitability 24.8% 21.6% 4 of 12
Net margin Profitability 16.4% 13.1% 4 of 12
Free-cash-flow margin Cash generation 20.5% 2.6% 1 of 12
Long-term debt as % of assets Balance sheet 39.9% 39.9% 7 of 12
Change in share count Balance sheet 0.9% 2.0% 4 of 10

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Products and services
Line of business Revenue Share YoY
Natural Gas Utility $1.1B 80.6% ▲ 26.6%
Wholesale Natural Gas $154M 11.4% ▼ 40.8%
Service Contracts $37.3M 2.8% ▲ 3.0%
Electricity $27.2M 2.0% ▼ 17.2%
Installation and Maintenance $25.6M 1.9% ▼ 3.2%
Renewable Energy Certificates $17.6M 1.3% ▲ 16.3%

From NEW Jersey Resources Corp's 10-K filed November 20, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.5B
Institutions reporting
454
Shares held vs prior quarter
▲ 6.0%
Positions opened / closed
57 / 42

Top buyers and sellers, Q2 2026: 239 institutions bought and 166 sold ; the biggest buyer was AQR Capital Management LLC (+723K shares) and the biggest seller Massachusetts Financial Services Co (−655K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1B 18.0M 22.3% ▲ 3.5%
Vanguard Portfolio Management LLC $355M 6.3M 7.9% ▲ 8.0%
State Street Corp $306M 5.4M 6.8% ▲ 6.8%
Vanguard Capital Management LLC $255M 4.5M 5.6% ▲ 0.9%
Dimensional Fund Advisors LP $242M 4.3M 5.3% ▲ 4.2%
Geode Capital Management, LLC $173M 3.1M 3.8% ▲ 18.9%
Wells Fargo & Company $131M 2.3M 2.9% ▼ 5.1%
AQR Capital Management LLC $106M 1.9M 2.3% ▲ 62.1%
Morgan Stanley $95.2M 1.7M 2.1% ▲ 30.2%
Neuberger Berman Group LLC $90.4M 1.6M 2.0% ▲ 6.5%
Energy Income Partners, LLC $78.6M 1.4M 1.7% ▼ 1.0%
Northern Trust Corp $75.8M 1.4M 1.7% ▲ 4.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not NEW Jersey Resources Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $1.4M 7 trades by 5 insiders · 28% under pre-set plans
Net ▼ $1.4M net selling
Insider Date Trade Shares Price Value
Migliaccio Patrick J. Senior VP and COO, NJNG August 14, 2026 Sell 3,000 $55.63 $166,890
D'Antuono Christopher T. Corporate Controller and PAO May 22, 2026 Sell 1,150 $57.34 $65,941
Migliaccio Patrick J. Senior VP and COO, NJNG May 11, 2026 Sell 3,000 $55.84 $167,520
Kenny Jane M Director May 8, 2026 Sell 8,000 $56.10 $448,800
Reich Richard SVP and Gen Counsel March 19, 2026 Sell pre-set plan 5,449 $52.99 $288,743
Bel Roberto SVP and CFO March 16, 2026 Sell pre-set plan 2,035 $55.10 $112,128
Migliaccio Patrick J. Senior VP and COO, NJNG December 23, 2025 Sell 4,017 $46.46 $186,630

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 18, 2026 estimated from the company's past filing pattern, not announced

  • August 3, 2026
  • May 4, 2026
  • February 2, 2026
  • November 19, 2025
  • August 4, 2025
  • May 5, 2025

Recent SEC filings

Data status

When each part of this page on NEW Jersey Resources Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

NEW Jersey Resources Corp in brief

What does NEW Jersey Resources Corp do?
NEW Jersey Resources Corp is a US-listed company in the gas utilities industry. Its financial year ends in September.
What is NEW Jersey Resources Corp's stock ticker?
NEW Jersey Resources Corp trades under the ticker NJR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is NEW Jersey Resources Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, NEW Jersey Resources Corp reported revenue of $2.2B, 6.4% higher than a year earlier, according to its SEC filings.
What is NEW Jersey Resources Corp's free cash flow?
NEW Jersey Resources Corp's free-cash-flow margin is 20.5% of revenue over the trailing twelve months, ranking 1 of the 12 gas utilities companies we cover.
What is NEW Jersey Resources Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of NEW Jersey Resources Corp's free cash flow after stock-based pay gives ~$40 per share in the base case, and ~$20–$65 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are NEW Jersey Resources Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is NEW Jersey Resources Corp's market cap?
On November 2, 2026, NEW Jersey Resources Corp's market capitalisation was about $5.5B, with a price-to-earnings ratio of 15.0 and net debt of $3.7B. Market figures come from third-party market data and may be delayed.
Does NEW Jersey Resources Corp pay a dividend?
Yes: NEW Jersey Resources Corp paid $189M in dividends over the trailing twelve months, a dividend yield of 3.43% and a payout ratio of 51.5%.
How much debt does NEW Jersey Resources Corp have?
NEW Jersey Resources Corp's debt-to-equity ratio is 129.4%, from its latest balance sheet (132.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are NEW Jersey Resources Corp's competitors?
In our Gas Utilities peer group, the companies closest to NEW Jersey Resources Corp are National Fuel GAS Co, Star Group, L.p., Spire Inc, Suburban Propane Partners LP and Northwest Natural Holding Co. The side-by-side comparison below sets their revenue, margins and growth against NEW Jersey Resources Corp's.
Are insiders buying or selling NEW Jersey Resources Corp stock?
Over the last 12 months, NEW Jersey Resources Corp's directors and officers reported 0 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is NEW Jersey Resources Corp's next earnings date?
Around November 16, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — NEW Jersey Resources Corp announces its own schedule.