公司概述
New Jersey Resources Corporation functions as an energy services holding company primarily engaged in the distribution of natural gas through a diversified portfolio of four distinct segments. These segments encompass Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation, with the regulated Natural Gas Distribution segment serving as a core component of its operational framework. The company operates within the Utilities sector, specifically classified under the Utilities - Regulated Gas industry, which subjects its operations to strict regulatory oversight and stable revenue models typical of infrastructure plays. In terms of scale, NJR holds a market capitalization of $5.64 billion and generates annual revenue of $2.15 billion, supported by an organizational structure employing approximately 1,300 individuals. These valuation and revenue figures indicate that the entity maintains a significant position within the regional utility landscape, reflecting a substantial asset base and established market presence that supports its long-term operational capacity.
财务健康
The company reported a revenue of $2.15 billion over the trailing twelve months, with a corresponding net income of $326.80 million and an EBITDA of $688.18 million, illustrating a clear structural gap between top-line generation and bottom-line profitability. This disparity reveals a substantial cost structure involving operational expenses, taxes, and interest obligations that significantly impact the conversion of revenue into retained earnings. However, the company's liquidity profile presents a notable constraint, as free cash flow stands at -$281,286,368, indicating a current inability to generate internal cash sufficient to cover capital expenditures and working capital requirements. On the balance sheet, total cash holdings amount to only $2.43 million, which contrasts sharply against total debt obligations of $3.97 billion, creating a highly leveraged financial position. The debt-to-equity ratio is calculated at 160.67, further confirming that the company relies heavily on external financing to fund its asset base rather than internal equity capitalization. Short-term liquidity is assessed via a current ratio of 0.83, suggesting that current assets are insufficient to cover current liabilities without access to external funding or refinancing. Regarding returns, Return on Equity is 13.7% while Return on Assets is 4.1%, indicating that management is effective at generating returns on the equity invested by shareholders, though asset efficiency remains moderate relative to the high leverage levels.
估值评估
Valuation metrics for New Jersey Resources Corporation show a trailing P/E ratio of 17.33 compared to a forward P/E of 16.32, implying that the market expects earnings growth that would compress the multiple over the coming fiscal period. The price-to-book ratio is recorded at 2.35, which indicates a market premium of over twice the company's book value, reflecting the intangible value of its regulated franchise and asset quality. Alternative valuation measures such as the price-to-sales ratio of 2.62 and an EV/EBITDA of 13.97 provide context for revenue-based and enterprise value comparisons, suggesting the stock is priced at a moderate multiple relative to its sales and cash-flow-generating capabilities. In terms of price movement, the 52-week trading range spans from a low of $43.46 to a high of $56.00, with the current share price situated within this historical band and trading below the recent 52-week high. The stock exhibits a beta of 0.56, which signifies that the security's price volatility is less than half that of the broader market, offering a lower-risk profile suitable for conservative portfolios seeking utility exposure.
Growth & Income
Growth dynamics for the period show a revenue growth rate of 23.9% year-over-year, while earnings growth registered a decline of -7.6%, indicating that earnings are growing at a significantly slower rate than revenue due to the negative earnings growth figure. This divergence suggests that cost inflation, regulatory adjustments, or one-time charges are impacting profitability despite a robust increase in top-line sales volume. As a dividend-paying entity, the company offers a dividend yield of 3.4% with a payout ratio of 57.3%, a level that appears sustainable given the positive net income, though the negative free cash flow highlights a reliance on cash flow from operations or debt service capacity to fund these distributions. The overall growth and income profile characterizes NJR as a high-yield, low-volatility utility stock that has recently experienced strong sales expansion but faces headwinds in earnings translation.