ATO vs NJR: Atmos Energy and NewJersey Resources compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Atmos Energy is the larger company, worth $26.5B, about 5.1 times NewJersey Resources.
- NewJersey Resources grew revenue faster over the last year (+16.8% vs +4.8%).
- Atmos Energy keeps more of each dollar of revenue as operating profit (37.0% vs 24.8%).
- On earnings, NewJersey Resources is the cheaper stock (15.2x vs 19.5x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ATO | NJR |
|---|---|---|
| Market cap | $26.5B | $5.2B |
| Share price | $161.66 | $51.21 |
| Revenue (last fiscal year) | $4.7B | $2.0B |
| Free cash flow (last fiscal year) | -$1.5B | — |
| Revenue growth, last year | +4.8% | +16.8% |
| Revenue growth per year, last 5 fiscal years | +8.4% | -1.4% |
| Operating margin | 37.0% | 24.8% |
| Net margin | 28.5% | 16.4% |
| Return on equity | 9.2% | 13.8% |
| P/E (trailing) | 19.5x | 15.2x |
| Price / free cash flow | — | — |
| EV / EBITDA | 13.7x | 11.0x |
| FCF growth the price implies | — | — |
| Dividend yield | 2.3% | 3.7% |
| Debt / equity | 1.07x | 2.04x |
| Fundamental grade | C | C |
| Superinvestors holding it | 3 | 0 |
| Insider purchases, last 12 months | 2 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Atmos Energy
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.4B | -$3.1B | 26.6% |
| 2022 | $4.2B | -$1.5B | 21.9% |
| 2023 | $4.3B | $654M | 25.0% |
| 2024 | $4.2B | -$1.2B | 32.5% |
| 2025 | $4.7B | -$1.5B | 33.2% |
NewJersey Resources
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.2B | — | 13.4% |
| 2022 | $2.9B | — | 14.0% |
| 2023 | $2.0B | — | 20.7% |
| 2024 | $1.8B | — | 25.5% |
| 2025 | $2.0B | — | 25.0% |
Where the revenue comes from
Atmos Energy · by segments, 2025
Distribution$4.4B94%
Pipeline and Storage$280M6%
NewJersey Resources · by segments, 2025
NJNG$1.1B85%
S&T$106M8%
ES$48M4%
CEV$45M3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ATO in InvestinglyQuestions
Which is bigger, Atmos Energy or NewJersey Resources?
Atmos Energy (ATO), at $26.5B against $5.2B.
Is ATO or NJR cheaper?
By trailing P/E, NewJersey Resources (15.2x) is cheaper than Atmos Energy (19.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, ATO or NJR?
NewJersey Resources: revenue grew +16.8% over the last year, against +4.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.