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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 residential and commercial 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, Indiana, and Pennsylvania. The Energy Services segment maintains and transacts natural gas transportation and storage capacity contracts, as well as provides physical wholesale energy, retail energy and energy management services. The Storage and Transportation segment invests in energy-related ventures. It provides home services and other operations, such as heating, ventilation, and cooling services; sales and installation of appliances; electrical and generator service and installations; and plumbing repair and installation services, as well as holds commercial real estate properties. The company also offers shared administrative and financial services; and natural gas storage and transmission assets services. New Jersey Resources Corporation was founded in 1922 and is headquartered in Wall, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.0B | $744M | $336M | $-240M | 14.0% | 13.4% | 15.8% |
| 2024 | $1.8B | $666M | $290M | $-144M | 13.2% | -8.5% | 9.5% |
| 2023 | $2.0B | $586M | $265M | $-62M | 13.3% | -32.4% | -3.7% |
| 2022 | $2.9B | $558M | $275M | $-275M | 15.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 2,905.98 | 1,962.99 | 1,796.54 | 2,036.41 |
| Cost Of Revenue | 2,310.82 | 1,352.51 | 1,111.54 | 1,309.77 |
| Gross Profit | 595.16 | 610.48 | 685 | 726.64 |
| Operating Expense | 188.69 | 203.48 | 226.89 | 275.97 |
| Operating Income | 406.48 | 407 | 458.10 | 450.67 |
| EBITDA | 558.02 | 586.02 | 666.22 | 743.88 |
| EBIT | 428.77 | 433.08 | 499.66 | 555.11 |
| Pretax Income | 342.94 | 310.07 | 369.38 | 426.52 |
| Tax Provision | 76.19 | 49.27 | 84.91 | 96.96 |
| Net Income | 274.92 | 264.72 | 289.77 | 335.63 |
| Net Income Common Stockholders | 274.92 | 264.72 | 289.77 | 335.63 |
| Total Expenses | 2,499.50 | 1,555.99 | 1,338.43 | 1,585.74 |
| Interest Expense | 85.83 | 123.01 | 130.28 | 128.59 |
| Selling General And Administration | 59.44 | 0 | 0 | 0 |
| Normalized EBITDA | 558.02 | 586.02 | 666.22 | 685.68 |
| Normalized Income | 274.92 | 264.72 | 289.77 | 290.46 |
| Basic EPS | 2.86 | 2.73 | 2.94 | 3.35 |
| Diluted EPS | 2.85 | 2.71 | 2.92 | 3.33 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 13.04 |
| Tax Rate For Calcs | 0.22 | 0.16 | 0.23 | 0.22 |
| Total Unusual Items | 0 | 0 | 0 | 58.20 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0 | 58.20 |
| Net Income From Continuing Operation Net Minority Interest | 274.92 | 264.72 | 289.77 | 335.63 |
| Reconciled Depreciation | 129.25 | 152.94 | 166.57 | 188.77 |
| Reconciled Cost Of Revenue | 2,310.82 | 1,352.51 | 1,111.54 | 1,309.77 |
| Net Interest Income | -85.83 | -123.01 | -130.28 | -128.59 |
| Net Income From Continuing And Discontinued Operation | 274.92 | 264.72 | 289.77 | 335.63 |
| Total Operating Income As Reported | 406.48 | 407 | 458.10 | 508.87 |
| Diluted Average Shares | 96.49 | 97.63 | 99.29 | 100.79 |
| Basic Average Shares | 96.10 | 97.03 | 98.63 | 100.24 |
| Diluted NI Availto Com Stockholders | 274.92 | 264.72 | 289.77 | 335.63 |
| Net Income Including Noncontrolling Interests | 274.92 | 264.72 | 289.77 | 335.63 |
| Net Income Continuous Operations | 274.92 | 264.72 | 289.77 | 335.63 |
| Earnings From Equity Interest Net Of Tax | 8.18 | 3.93 | 5.30 | 6.07 |
| Other Income Expense | 22.30 | 26.08 | 41.55 | 104.44 |
| Other Non Operating Income Expenses | 22.30 | 26.08 | 41.55 | 46.24 |
| Special Income Charges | 0 | 0 | 0 | 58.20 |
| Gain On Sale Of Ppe | 0 | 0 | 0 | 58.20 |
| Net Non Operating Interest Income Expense | -85.83 | -123.01 | -130.28 | -128.59 |
| Interest Expense Non Operating | 85.83 | 123.01 | 130.28 | 128.59 |
| Other Operating Expenses | 59.44 | 50.54 | 60.33 | 87.20 |
| Depreciation Amortization Depletion Income Statement | 129.25 | 152.94 | 166.57 | 188.77 |
| Depreciation And Amortization In Income Statement | 129.25 | 152.94 | 166.57 | 188.77 |
| General And Administrative Expense | 59.44 | 0 | 0 | 0 |
| Other Gand A | 59.44 | 0 | 0 | 0 |
| Operating Revenue | 2,905.98 | 1,962.99 | 1,796.54 | 2,036.41 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| New Jersey Resources Corporationthis co. | NJR | $5.6B | 17.15↓ discount | 2.26 | 14.0% | 13.89 |
| Ormat Technologies, Inc. | ORA | $6.8B | 54.61 | 2.64 | 4.6% | 20.43 |
| Southwest Gas Holdings, Inc. | SWX | $6.7B | 28.28 | 1.68 | 11.1% | 11.64 |
| TXNM Energy, Inc. | TXNM | $6.5B | 39.77 | 1.88 | 4.4% | 14.10 |
| Portland General Electric Company |
| POR |
| $5.9B |
| 18.43 |
| 1.43 |
| 7.4% |
| 9.72 |
| Black Hills Corporation | BKH | $5.7B | 18.67 | 1.47 | 7.5% | 12.50 |
| ONE Gas, Inc. | OGS | $5.5B | 20.05 | 1.60 | 7.7% | 11.43 |
| Spire Inc. | SR | $5.3B | 19.63 | 1.66 | 8.0% | 12.48 |
| Brookfield Infrastructure Corporation | BIPC | $4.3B | - | -3.28 | -12.0% | 7.01 |
| Peer Median | - | 20.05 | 1.63 | 7.4% | 12.06 | |