企業概要
New Jersey Resources Corporation operates as an energy services holding company primarily engaged in the distribution of natural gas across its operational territories. The enterprise functions within the Utilities sector, specifically classified under the industry of Utilities - Regulated Gas, which implies a business model reliant on regulatory frameworks for rate-setting and revenue stability. The company employs a workforce of 1,300 individuals and maintains a total market capitalization of $5.64B, reflecting its standing as a mid-cap entity in the utility landscape. With annual revenue reaching $2.15B, these financial figures indicate that the company holds a significant but not dominant position within the regulated gas distribution market, balancing substantial scale with the operational constraints typical of the utility sector.
財務健全性
The company reported a trailing twelve-month revenue of $2.15B and generated a net income of $326.80M, while its EBITDA stood at $688.18M. The substantial gap between the $2.15B revenue and the $326.80M net income reveals a cost structure heavily influenced by operating expenses and taxes, consistent with the capital-intensive nature of gas distribution. However, the free cash flow for the period was -$281,286,368, indicating that the company's capital expenditures or working capital requirements exceeded its operating cash generation, thereby limiting immediate financial flexibility for non-essential spending. The gross margin is 37.1%, suggesting that the company retains a healthy portion of revenue after direct costs, while the operating margin of 29.6% demonstrates efficient control over selling, general, and administrative expenses. The profit margin of 15.2% further confirms the final profitability after all expenses, including interest and taxes. On the balance sheet, total cash of $2.43M is significantly outweighed by total debt of $3.97B, resulting in a debt-to-equity ratio of 160.67%, which characterizes the capital structure as highly leveraged rather than conservative. This high leverage is typical for regulated utilities but necessitates careful monitoring of interest rate environments and cash flow generation. Additionally, the current ratio stands at 0.83, indicating that current assets are insufficient to cover current liabilities without relying on external financing or asset liquidation. Regarding return metrics, the return on equity is 13.7% and the return on assets is 4.1%, revealing that management is generating returns for shareholders that are robust relative to equity but moderate relative to the total asset base.
バリュエーション評価
The trailing twelve-month P/E ratio is 17.33, while the forward P/E is projected at 16.32, implying that the market anticipates an increase in earnings per share in the coming year that would lower the multiple. The price-to-book ratio is 2.35, suggesting that the market values the company at a premium of approximately 135% over its book value, reflecting expectations of stable cash flows or intangible assets not fully captured on the balance sheet. Alternative valuation metrics such as the price-to-sales ratio of 2.62 and the EV/EBITDA of 13.97 provide context that the company is trading at a valuation consistent with other regulated utility peers, though the EV/EBITDA indicates a debt-adjusted valuation that is moderate for a highly leveraged firm. The stock's price has fluctuated between a 52-week high of $56.00 and a low of $43.46; without the specific current price in the provided facts, the relative trading position can only be described as having moved within this established range over the past year. The beta of 0.56 indicates that the stock's price volatility is significantly lower than the broader market, suggesting it behaves as a defensive asset that tends to decline less than the market in downturns and rise less in upturns.
Growth & Income
Revenue growth year-over-year accelerated to 23.9%, whereas earnings growth year-over-year declined by -7.6%, implying that top-line expansion has not yet translated into proportional bottom-line gains, likely due to one-time costs, volume fluctuations, or margin compression. As a dividend-paying entity, the company offers a dividend yield of 3.4% with a payout ratio of 57.3%, which appears sustainable given the positive net income, although the recent negative earnings growth and negative free cash flow warrant monitoring to ensure the payout remains covered by operating cash flows. Since the payout ratio is well below 100%, the company retains a portion of its earnings, though the negative free cash flow suggests that growth is currently funded through debt or asset sales rather than retained cash. Overall, the growth and income profile presents a mix of strong revenue expansion and a stable dividend yield, tempered by declining earnings and a lack of free cash flow generation.