At a glance
NewJersey Resources Corporation is worth $5.35B, about 16 times its fiscal 2025 earnings. Revenue grew 13.4% to $2.04B in fiscal 2025, with 16.5% kept as profit; over 5 years it has grown 0.8% a year. It pays a 3.68% dividend yield, raised every year for at least 9 years, and returned $768.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +20.7% over the past year with dividends reinvested and +11.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.6% in the 2020 crash (S&P 500: 33.7%) and 17.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 2 months after the lows.
The business in plain English
New Jersey Resources is a holding company whose main business is New Jersey Natural Gas (NJNG), a regulated utility. New Jersey's Board of Public Utilities (BPU) sets the rates NJNG can charge, which are meant to cover its costs and earn a return on the pipes it builds. NJNG delivers gas to homes and businesses in Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties, an area of about 1.7 million people. Households are its biggest customer group. Demand peaks in winter, but a BPU-approved mechanism called CIP keeps the utility's margin steady even when mild weather cuts gas use.
Three other segments sit alongside the utility. Clean Energy Ventures invests in clean energy projects, including solar, outside the regulated business. Energy Services manages gas transportation and storage contracts and provides wholesale energy management services to other energy companies and gas producers. Storage and Transportation owns Leaf River in Mississippi and the Adelphia pipeline in Pennsylvania, plus a 50% stake in the Steckman Ridge storage site in Pennsylvania. NJR Home Services repairs heating and cooling systems and installs appliances.
In the fiscal year ended September 30, 2025, revenue was $2.04 billion and net income $336 million. The utility brings in the largest share of revenue, and no single customer accounted for more than 10% of the total.
Price history
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NJR +20.7% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $349.2M, up 16.8% from a year earlier, and net income was $9.7M.
- For fiscal 2025, revenue was $2.04B (+13.4% year over year; +0.8% a year from FY2020 to FY2025) with a 16.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +0.8% watch |
|---|---|
| Operating margin | 25% good |
| Return on equity (FY2025) | 14% watch |
| Return on assets (FY2025) | 4.4% watch |
| Net cash (cash minus debt) | $-3.67B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.95B | $163.0M | — |
| FY2021 | $2.16B | $117.9M | — |
| FY2022 | $2.91B | $274.9M | — |
| FY2023 | $1.96B | $264.7M | — |
| FY2024 | $1.80B | $289.8M | — |
| FY2025 | $2.04B | $335.6M | — |
Valuation snapshot
| Market value | $5.35B |
|---|---|
| P/E ratio | 15.8 |
| Dividend yield | 3.68% |
Rank among 1514 US companies
Market value at each year end
NewJersey Resources’s market value went from $3.06B at the end of 2016 to $5.35B on Oct 28, 2026, up 75%; since the end of 2025 it is up 15%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.35B | +15.2% |
| 2025 | $4.65B | -0.2% |
| 2024 | $4.65B | +6.9% |
| 2023 | $4.36B | -8.8% |
| 2022 | $4.77B | +21.2% |
| 2021 | $3.94B | +15.3% |
| 2020 | $3.42B | -15.0% |
| 2019 | $4.02B | -0.6% |
| 2018 | $4.04B | +15.8% |
| 2017 | $3.49B | +14.2% |
| 2016 | $3.06B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NJR price data to Oct 28, 2026 | +17.6% | +20.7% | +13.3% | +11.0% | +8.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +17.6% |
| 2025 | +2.9% |
| 2024 | +8.7% |
| 2023 | -7.0% |
| 2022 | +25.0% |
| 2021 | +19.6% |
| 2020 | -16.8% |
| 2019 | +0.1% |
| 2018 | +16.5% |
| 2017 | +16.2% |
| 2016 | +10.8% |
| 2015 | +11.3% |
| 2014 | +37.9% |
| 2013 | +22.3% |
| 2012 | -15.9% |
| 2011 | +17.9% |
| 2010 | +19.5% |
| 2009 | -1.4% |
| 2008 | +22.1% |
| 2007 | +6.2% |
| 2006 | +17.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 5.1% over that stretch · deepest drop along the way 25.4%, back to its old high 18.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.6% over that stretch · deepest drop along the way 42.6%, back to its old high 11.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 2.7% over that stretch · deepest drop along the way 17.2%, back to its old high 1.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 8 sales ($1.5M), 4 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 8, 2026 | Jane M Kenny Director | sell | $449K |
| Mar 19, 2026 | Richard Reich SVP and Gen Counsel | sell (plan) | $289K |
| May 11, 2026 | Patrick J. Migliaccio Senior VP and COO, NJNG | sell | $168K |
| Aug 14, 2026 | Patrick J. Migliaccio Senior VP and COO, NJNG | sell | $167K |
| Mar 16, 2026 | Roberto Bel SVP and CFO | sell (plan) | $112K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.3% | Mar 31, 2025 |
| Vanguard Portfolio Management | 5.86% | Mar 31, 2026 |
| Vanguard Capital Management | 5.26% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Mar 31, 2026 |
ETFs with the most weight in NJR
| REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF | 2.14% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 1.86% |
| TPYP Tortoise North American Pipeline Fund | 1.67% |
| OSCV Opus Small Cap Value ETF | 1.6% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 1.45% |
| HSMV First Trust Horizon Managed Volatility Small/Mid ETF | 1.22% |
| VRAI Virtus Real Asset Income ETF | 1.19% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 1.15% |
What could go wrong
- Solar returns depend on tax credits, RECs. Solar projects rely on federal investment tax credits and New Jersey's market for renewable energy certificates. If those programs change or certificate prices fall, returns could shrink and the projects could be written down.
- Wholesale energy profits can swing. Energy Services profits by making the most of gas pipeline and storage contracts, so its results depend on market prices. It can lose money, and hedges against price moves can make reported earnings swing.
- Climate rules could limit gas use. Some places, including New York, have banned natural gas equipment in new buildings. Similar rules or emissions limits in NJNG's area could slow customer growth and raise the cost of running its pipe network.
- Regulators decide what NJNG can charge. The BPU sets the utility's rates and which costs customers must cover. A tough rate decision, or a ruling that past spending can't be recovered, could cut earnings at NJR's largest business.
- Heavy debt and reliance on capital markets. As of June 30, 2026, NJR had $3.70 billion of debt and $34 million in cash and investments. Rating downgrades or tight credit markets could raise borrowing costs and make projects harder to fund.
- Gas safety risks and cleanup costs. Moving and storing natural gas carries risks of leaks, fires and explosions. NJNG also has cleanup obligations at former manufactured gas plant sites, and environmental compliance costs are significant.
Recent events
- Major agreement signed; New debt or financial obligation
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change
For income and retirement investors
NJR has raised its dividend at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share grew from $1.27 in fiscal 2020 to $1.825 in fiscal 2025, about 7.5% a year, and dividends paid took 53.7% of fiscal 2025 earnings. The dividend yield (yearly dividends divided by the share price) was 3.68% as of October 28, 2026. Buybacks totaled just $27 million from fiscal 2021 to 2025, against $741 million of dividends, and the share count rose 5.2% from August 2021 to July 2026.
In past downturns, the shares fell 25.4% at their worst during the 2008 financial crisis and took 18.5 months to recover. In the 2020 COVID crash they dropped 42.6% and recovered in about 12 months. In the 2022 bear market they fell 17.2% and recovered in under two months. As a single stock, NJR carries more risk than a diversified fund.
Questions investors ask
How does New Jersey Resources make money?
Mostly by delivering natural gas. Its largest business, New Jersey Natural Gas, is a regulated utility serving homes and businesses in six New Jersey counties, at rates set by the state's Board of Public Utilities. The company also invests in clean energy projects such as solar, owns gas storage and pipeline assets in Pennsylvania and Mississippi, provides wholesale energy services, and repairs home heating and cooling systems. Revenue was $2.04 billion and net income $336 million in the fiscal year ended September 30, 2025.
Does New Jersey Resources raise its dividend every year?
Yes, so far. The regular dividend rose in every fiscal year shown in SEC filings from FY2016 through FY2025 (fiscal years end September 30). That is a streak of at least 9 increases, and it may run longer. Dividends per share grew from $1.27 in FY2020 to $1.825 in FY2025, about 7.5% a year. Dividends took 53.7% of FY2025 earnings, and the yield was 3.68% as of October 28, 2026. Past increases do not guarantee future ones.
How much debt does New Jersey Resources have?
About $3.70 billion of total debt as of June 30, 2026, against roughly $34 million in cash and $2.64 billion of shareholder equity. Large borrowings are common for utilities, which fund pipes and plants with debt. Still, NJR is a holding company that depends on its subsidiaries to meet its obligations, and its 10-K warns that a credit rating downgrade or tight credit markets could raise financing costs. The company reported new debt or financial obligations in filings dated August 20 and October 28, 2026.
How did NJR stock hold up in past market crashes?
It depended on the crash. From the market's October 2007 peak to its March 2009 low, NJR shares lost 5.1%, though they were down 25.4% at their worst and took about 18.5 months to recover. The 2020 COVID crash hit harder: a 42.6% drop, recovered in about 11.9 months. In the 2022 bear market the stock fell 17.2% and recovered in 1.6 months. Its deepest drop over about 21 years of price history was 50.6%.
What are the biggest risks of owning New Jersey Resources stock?
Climate policy, solar incentives, regulation, weather and debt are among the main risks its 10-K lists. Rules to cut emissions could reduce gas use, as with bans on gas equipment in new buildings in New York and elsewhere. Its solar projects depend on federal investment tax credits and the market value of renewable energy certificates traded in New Jersey. Rates need regulator approval, and weather shifts gas demand. Hedging and wholesale trading can also make reported earnings swing.