NJR

New Jersey Resources is an energy holding company anchored by New Jersey Natural Gas (a regulated distribution utility) and complemented by clean-energy (solar), storage and energy-services businesses. The result is a regulated-utility backbone with a faster growth profile than a typical pure-play LDC. FY2025 was strong and consistent: revenue grew 9.9% to $1.35B, operating income rose 11.1% to $509M (a healthy 37.7% operating margin), and net income increased 15.8% to $336M, lifting diluted EPS 14.0% to $3.33. Return on equity is a solid 14.0%.

The earnings trajectory has been steadily upward — net income has roughly tripled from $118M in FY2021 — and cash generation supports the model, with operating cash flow up 9.1% to $466M. Management is rewarding shareholders with a growing dividend ($180M paid, +9.1%), consistent with the company's utility-plus-growth identity. Capital spending is rising as NJR invests in rate base and clean-energy projects, which underpins future regulated earnings growth.