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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 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,905.98 | 1,962.99 | 1,796.54 | 2,036.41 |
| Operating 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 |
| Selling General And Administration | 38.30 | 59.44 | - | - | - |
| Total Expenses | - | 2,499.50 | 1,555.99 | 1,338.44 | 1,585.74 |
| Operating Income | - | 406.48 | 407 | 458.10 | 450.67 |
| Total Operating Income As Reported | - | 406.48 | 407 | 458.10 | 508.87 |
| EBITDA | - | 558.02 | 586.02 | 666.22 | 743.88 |
| Normalized EBITDA | - | 558.02 | 586.02 | 666.22 | 685.68 |
| EBIT | - | 428.77 | 433.08 | 499.66 | 555.11 |
| Interest Expense | - | 85.83 | 123.01 | 130.28 | 128.60 |
| Net Interest Income | - | -85.83 | -123.01 | -130.28 | -128.60 |
| Other Non Operating Income Expenses | - | 22.30 | 26.08 | 41.55 | 46.24 |
| Other Income Expense | - | 22.30 | 26.08 | 41.55 | 104.44 |
| Interest Expense Non Operating | - | 85.83 | 123.01 | 130.28 | 128.60 |
| Net Non Operating Interest Income Expense | - | -85.83 | -123.01 | -130.28 | -128.60 |
| Pretax Income | - | 342.94 | 310.07 | 369.38 | 426.52 |
| Tax Provision | - | 76.19 | 49.28 | 84.91 | 96.96 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 13.04 |
| Net Income Continuous Operations | - | 274.92 | 264.72 | 289.77 | 335.63 |
| Net Income From Continuing And Discontinued Operation | - | 274.92 | 264.72 | 289.77 | 335.63 |
| Net Income From Continuing Operation Net Minority Interest | - | 274.92 | 264.72 | 289.77 | 335.63 |
| Net Income | - | 274.92 | 264.72 | 289.77 | 335.63 |
| Net Income Common Stockholders | - | 274.92 | 264.72 | 289.77 | 335.63 |
| Net Income Including Noncontrolling Interests | - | 274.92 | 264.72 | 289.77 | 335.63 |
| Normalized Income | - | 274.92 | 264.72 | 289.77 | 290.46 |
| Diluted NI Availto Com Stockholders | - | 274.92 | 264.72 | 289.77 | 335.63 |
| Basic Average Shares | - | 96.10 | 97.03 | 98.63 | 100.24 |
| Diluted Average Shares | - | 96.49 | 97.63 | 99.29 | 100.79 |
| 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 |
| Total Unusual Items | - | - | 0 | 0 | 58.20 |
| Total Unusual Items Excluding Goodwill | - | - | 0 | 0 | 58.20 |
| Earnings From Equity Interest Net Of Tax | - | 8.18 | 3.93 | 5.30 | 6.07 |
| Special Income Charges | - | - | 0 | 0 | 58.20 |
| 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 | 38.30 | 59.44 | - | - | - |
| Other Gand A | 38.30 | 59.44 | - | - | - |
| Gain On Sale Of Ppe | - | - | 0 | 0 | 58.20 |
| Other Operating Expenses | - | 59.44 | 50.54 | 60.33 | 87.20 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| New Jersey Resources Corporationthis co. | NJR | $5.5B | 16.42↓ discount | 2.30 | 14.0% | 12.47 |
| TXNM Energy, Inc. | TXNM | $6.6B | 43.21 | 1.93 | 4.5% | 13.10 |
| Southwest Gas Holdings, Inc. | SWX | $6.3B | 14.34 | 1.59 | 11.1% | 10.69 |
| Portland General Electric Company | POR | $5.7B | 18.79 | 1.39 | 7.4% | 9.09 |
| Black Hills Corporation | BKH |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $5.5B |
| 18.77 |
| 1.43 |
| 7.6% |
| 11.98 |
| Brookfield Infrastructure Corporation | BIPC | $5.1B | - | - | 18.6% | 6.17 |
| Fluence Energy, Inc. | FLNC | $5.0B | -103.57 | 11.65 | -11.2% | -276.81 |
| ONE Gas, Inc. | OGS | $4.9B | 18.36 | 1.41 | 7.7% | 10.51 |
| Spire Inc. | SR | $4.8B | 17.65 | 1.52 | 8.6% | 11.95 |
| Peer Median | - | 18.36 | 1.52 | 7.7% | 10.60 | |