NJR vs SWX: NewJersey Resources and Southwest Gas compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Southwest Gas is the larger company, worth $6.1B, close to NewJersey Resources's $5.2B.
- NewJersey Resources grew revenue faster over the last year (+16.8% vs -21.6%).
- On earnings, NewJersey Resources is the cheaper stock (15.2x vs 25.6x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NJR | SWX |
|---|---|---|
| Market cap | $5.2B | $6.1B |
| Share price | $51.21 | $84.14 |
| Revenue (last fiscal year) | $2.0B | $1.9B |
| Free cash flow (last fiscal year) | — | -$252M |
| Revenue growth, last year | +16.8% | -21.6% |
| Revenue growth per year, last 5 fiscal years | -1.4% | -14.8% |
| Operating margin | 24.8% | — |
| Net margin | 16.4% | — |
| Return on equity | 13.8% | 13.2% |
| P/E (trailing) | 15.2x | 25.6x |
| Price / free cash flow | — | — |
| EV / EBITDA | 11.0x | 11.8x |
| FCF growth the price implies | — | — |
| Dividend yield | 3.7% | 2.9% |
| Debt / equity | 2.04x | 1.54x |
| Fundamental grade | C | D |
| Superinvestors holding it | 0 | 3 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Southwest Gas
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.7B | -$604M | 10.0% |
| 2022 | $5.0B | -$452M | -0.49% |
| 2023 | $2.5B | -$257M | 11.6% |
| 2024 | $2.5B | $509M | 16.4% |
| 2025 | $1.9B | -$252M | 24.4% |
Where the revenue comes from
NewJersey Resources · by segments, 2025
NJNG$1.1B85%
S&T$106M8%
ES$48M4%
CEV$45M3%
Southwest Gas · by segments, 2023
Utility Infrastructure Services$2.9B53%
Natural Gas Distribution$2.5B46%
Pipeline and Storage$35M1%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NJR in InvestinglyQuestions
Which is bigger, NewJersey Resources or Southwest Gas?
Southwest Gas (SWX), at $6.1B against $5.2B.
Is NJR or SWX cheaper?
By trailing P/E, NewJersey Resources (15.2x) is cheaper than Southwest Gas (25.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, NJR or SWX?
NewJersey Resources: revenue grew +16.8% over the last year, against -21.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.