NYSE: NJR · Regulated Gas
New Jersey Resources (NJR) fair value: undervalued or overvalued?
As of 3 Oct 2026, Faircurve's model values New Jersey Resources (NJR) at $52.30 a share. The stock last closed at $51.59, which puts the model's fair value 1.4% above the price. On the model's bands that reads as Fairly valued.
Revalued . Price is the close of 2 Oct 2026. New Jersey Resources Corporation.
Faircurve Insights · 3 Oct 2026
New Jersey Resources Corporation functions as a diversified energy holding company, offering regulated natural gas distribution along with both retail and wholesale energy solutions.
On 3 Oct 2026, Faircurve's model found a fair value of $52.30 a share, the midpoint of 2,000 simulations. This was a move of +0.8% from the previous run on 26 Sep 2026, which gave $51.90. The calibrated range over 63 trading days was $43.63 to $63.40, built from the fair value since there is no live options data for the stock, and calibrated weekly against realised prices from 4,809 past valuations. Ranges built this way held the price 60% of the time at this horizon, and the model graded the evidence as Medium.
The business scored 67 out of 100 on overall quality against comparable companies. Its quality scores included Profitability 83 (ROIC 6.6%, peer median 5.5%), Earnings quality 93 (FCF / net income 0.21x, peer median -1.26x), Growth quality 68 (Revenue growth, trailing 13.9%, peer median 11.8%), Capital discipline 28, Balance sheet 46, and Stability 22. The model compared it with Black Hills Corporation (BKH), Spire Inc. (SR), ONE Gas, Inc. (OGS), Southwest Gas Holdings, Inc. (SWX), MDU Resources Group, Inc. (MDU), UGI Corporation (UGI), Chesapeake Utilities Corporation (CPK), and Northwest Natural Holding Company (NWN). Moves around the last 8 earnings reports had a median size, ignoring direction, of 2.5%.
Written from the figures on this page for the 3 Oct 2026 valuation and checked by rule before publishing: every number is one printed here, no forecast, no instruction. The price, the gap and the verdict are the page's own and change daily. Not a recommendation.
What price range does the model give NJR?
The calibrated range for NJR over 63 trading days is $43.63 to $63.40. There is no live options data for this stock, so the range is built from the fair value and calibrated weekly against realised prices (n = 4,809 past valuations, refreshed 3 Oct 2026). Ranges built this way held the price 60% of the time at this horizon.
The model's own simulated range, from the 20th to the 80th percentile of its runs, is $37.38 to $69.49. In 52% of the simulations the fair value came out above the price the model ran on.
How does NJR score on business quality?
New Jersey Resources's overall quality score is 67 out of 100. Each factor below is a score against comparable companies, not a percentile of the metric beside it.
| Factor | Score (0 to 100) | Headline measure | Peer median |
|---|---|---|---|
| ProfitabilityReturn on invested capital against the peer group, with a bonus for an improving trend. | 83 | 6.6%ROIC | 5.5% |
| Earnings qualityHow much of reported profit is cash: free cash flow to net income, and the accrual ratio (the share of earnings that is not cash). | 93 | 0.21xFCF / net income | -1.26x |
| Growth qualityTrailing revenue growth, forward growth from consensus, and the direction of analyst estimate revisions. | 68 | 13.9%Revenue growth, trailing | 11.8% |
| Capital disciplineReinvestment efficiency (capital spending per unit of revenue) and net buybacks. | 28 | 0.0%Net buybacks / market value | 0.0% |
| Balance sheetNet debt to EBITDA and interest coverage. | 46 | 4.86xNet debt / EBITDA | 4.38x |
| StabilityDownside volatility of the EBITDA margin over the last five years. | 22 | 5.7 ptsEBITDA margin downside volatility, 5y | 3.0 pts |
How does NJR compare with similar companies?
The companies in regulated gas closest to New Jersey Resources in market value, each on the same model and the same date.
| Company | Last close | Model fair value | Gap | Model verdict |
|---|---|---|---|---|
| BKH Black Hills Corporation | $70.96 | $72.71 | +2.5% | Fairly valued |
| SR Spire Inc. | $77.54 | $59.53 | -23.2% | Overvalued |
| OGS ONE Gas, Inc. | $72.57 | $83.91 | +15.6% | Undervalued |
| SWX Southwest Gas Holdings, Inc. | $82.69 | $75.36 | -8.9% | Fairly valued |
| MDU MDU Resources Group, Inc. | $18.61 | $17.98 | -3.4% | Fairly valued |
| UGI UGI Corporation | $37.20 | $44.42 | +19.4% | Undervalued |
| CPK Chesapeake Utilities Corporation | $127.38 | $126.39 | -0.8% | Fairly valued |
| NWN Northwest Natural Holding Company | $47.38 | $56.83 | +19.9% | Undervalued |
When does NJR report earnings, and how has the stock reacted?
New Jersey Resources's next earnings report is scheduled for 18 Nov 2026. Companies can move their dates.
Options prices on 30 Sep 2026 imply a move of about 6.1% in either direction through the nearest expiry, about 15 days out. That is the size the market is pricing, not a direction.
How NJR moved around its last 8 earnings reports
Each move runs from the last close before the report to the first close after it, so it covers companies that report before the open and after the close. The median size across these 8 reports, ignoring direction, was 2.5%.
| Report date | Two session move |
|---|---|
| 3 Aug 2026 | -0.9% |
| 4 May 2026 | 0.0% |
| 2 Feb 2026 | +4.7% |
| 19 Nov 2025 | +3.6% |
| 4 Aug 2025 | +2.0% |
| 5 May 2025 | -6.8% |
| 3 Feb 2025 | -3.0% |
| 25 Nov 2024 | -0.6% |
New Jersey Resources at a glance
New Jersey Resources Corporation functions as a diversified energy holding company, offering regulated natural gas distribution along with both retail and wholesale energy solutions.
- Market value
- $5.2B
- Sector
- Utilities
- Industry
- Regulated Gas
- Revenue expected, next twelve months
- $2.2B
- Consensus revenue growth, next fiscal year
- +9.2%
- Analysts with estimates
- 5
- Beta to the US market
- -0.49
- First valued by Faircurve
- 11 Jul 2026
How the fair value is worked out: the model prices New Jersey Resources on the value of the whole business, debt included, against the operating profit analysts expect next year (forward EV/EBITDA), runs 2,000 simulations across its inputs and takes the midpoint. The full method is documented here.
What changed in the latest valuation?
On 26 Sep 2026 the model's fair value for NJR was $51.90. As of 3 Oct 2026 it is $52.30, a change of +0.8%. The model revalues every stock it covers each week, and again after an earnings report.
Questions about New Jersey Resources's valuation
Is New Jersey Resources stock undervalued or overvalued?
On Faircurve's model, NJR reads as Fairly valued as of 3 Oct 2026. The model's fair value is $52.30 a share against a last close of $51.59, a gap of +1.4%.
What is NJR's fair value?
$52.30 a share as of 3 Oct 2026, the midpoint of 2,000 simulations. The model's own 20th to 80th percentile range is $37.38 to $69.49.
What price range does the model give NJR?
$43.63 to $63.40 over 63 trading days. Ranges built this way held the price 60% of the time across 4,809 past valuations, refreshed 3 Oct 2026.
When does New Jersey Resources report earnings next?
The next report is scheduled for 18 Nov 2026. Companies can move their dates.
How much has NJR moved on past earnings reports?
Across its last 8 reports the median two session move was 2.5%, ignoring direction. The largest was -6.8% around the report of 5 May 2025.
How confident is the model in this valuation?
The model's evidence grade for NJR is medium. The grade looks at how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It is not a probability that the fair value is right, or that the price reaches it.