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National Fuel Gas vs New Jersey Resources: NFG and NJR compared
National Fuel Gas is the larger company: $537M of revenue in its latest quarter (Q3 FY26) against $349M for New Jersey Resources (Q3 FY26). New Jersey Resources is growing faster (+17% against +1% a year earlier). National Fuel Gas is more profitable, with an operating margin of 38.9% against 9.1%.
Where the money goes: NFG and NJR
National Fuel Gas (NFG) · Q3 FY26
National Fuel Gas, Q3 FY26: revenue $537M (+1% year over year), operating margin 38.9%, net earnings $139M, operating cash flow $377M. The chart follows the revenue to costs, profit and cash.
New Jersey Resources (NJR) · Q3 FY26
New Jersey Resources, Q3 FY26: revenue $349M (+17% year over year), operating margin 9.1%, net earnings $9.7M, operating cash flow −$11.6M. The chart follows the revenue to costs, profit and cash.
| National Fuel Gas (NFG) | New Jersey Resources (NJR) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q3 FY26 |
| Revenue | $537M | $349M |
| Revenue growth, Y/Y | +1% | +17% |
| Operating margin | 38.9% | 9.1% |
| Net earnings | $139M | $9.7M |
| Net margin | 25.8% | 2.8% |
| Operating cash flow | $377M | −$11.6M |
| Free cash flow | $111M | — |
| Market value | $7.0B | $5.5B |
| P/E | 10.4× | 15.4× |
| Analysts’ mean target | $93.00 | $59.71 |
Where the revenue comes from
National Fuel Gas
- Integrated Upstream and Gathering: $303M (56%)
- Utility: $165M (31%)
- Pipeline and Storage: $69.6M (13%)
New Jersey Resources
- Natural gas utility sales: $172M (49%)
- Other revenues: $91.0M (26%)
- Natural gas services: $49.4M (14%)
- Electricity sales: $10.6M (3%)
Questions
Which is bigger, National Fuel Gas or New Jersey Resources?
National Fuel Gas is the larger company: $537M of revenue in its latest quarter (Q3 FY26) against $349M for New Jersey Resources (Q3 FY26).
Is National Fuel Gas or New Jersey Resources growing faster?
New Jersey Resources is growing faster (+17% against +1% a year earlier).
Which is more profitable, National Fuel Gas or New Jersey Resources?
National Fuel Gas is more profitable, with an operating margin of 38.9% against 9.1%.
More: National Fuel Gas earnings · how National Fuel Gas makes money · New Jersey Resources earnings · how New Jersey Resources makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Jul 30, 2026; 10-Q filed Aug 4, 2026). Fiscal quarters can end on different dates. Not investment advice.