{"product_id":"njr-vrio-analysis","title":"New Jersey Resources Corporation (NJR): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eDiscover the core of New Jersey Resources Corporation (NJR)'s competitive edge! This VRIO analysis cuts straight to the heart of whether its resources are truly Valuable, Rare, Inimitable, and Organized for success, summarizing the findings in \u0026amp;O4\u0026amp;. Dive in now to see precisely where New Jersey Resources Corporation (NJR) stands in the market and what it takes to maintain its advantage.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eNew Jersey Resources Corporation (NJR) - VRIO Analysis: Regulated Natural Gas Utility Franchise (NJNG)\n\u003c\/h2\u003e\n\u003cp\u003eYou’re looking at the core engine of New Jersey Resources Corporation (NJR), the regulated natural gas utility, New Jersey Natural Gas (NJNG). Honestly, this franchise is the bedrock of the entire operation, delivering predictable, regulated returns that insulate the company from market swings. Let’s break down why this asset scores so highly using the VRIO framework.\u003c\/p\u003e\n\n\u003ch3\u003eRegulated Natural Gas Utility Franchise (NJNG)\u003c\/h3\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e This isn't just a business unit; it's a high-percentage earnings contributor. For fiscal 2025, NJNG is expected to deliver between \u003cstrong\u003e65 to 68 percent\u003c\/strong\u003e of the consolidated Net Financial Earnings (NFE). The recent base rate case settlement with the New Jersey Board of Public Utilities (BPU), which authorized a \u003cstrong\u003e$157.0 million\u003c\/strong\u003e annual rate increase effective in late 2024, really pushed this up. This resulted in NJNG's fiscal 2025 NFE hitting \u003cstrong\u003e$213.5 million\u003c\/strong\u003e, a significant jump from the \u003cstrong\u003e$133.4 million\u003c\/strong\u003e seen in fiscal 2024. It services about \u003cstrong\u003e589,000 customers\u003c\/strong\u003e as of September 30, 2025. That’s real, tangible value.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e A regulated gas utility franchise in a specific, established territory like New Jersey is inherently rare due to the regulatory barriers to entry. You can’t just decide to start laying pipes in Monmouth or Ocean County tomorrow. The territory is carved out, and the regulatory hurdles - getting approval from the BPU - are immense. It’s not something you can easily replicate in a different state, let alone a different region.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e It is very difficult to imitate. Replicating this requires not just massive capital, but also navigating years of state regulatory approval processes. Think about the sunk capital costs already in the ground; a competitor would face an almost insurmountable hurdle of both regulatory red tape and physical infrastructure replacement or duplication. It’s protected by law and by sheer physical investment.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e The organization is high. NJNG is the principal subsidiary, and management clearly treats it as such. They are directing the largest share of future investment here. For instance, \u003cstrong\u003e60%\u003c\/strong\u003e of the next five-year, roughly \u003cstrong\u003e$5 billion\u003c\/strong\u003e capital plan is allocated to NJNG to maintain and grow the system. This focus ensures the asset is well-managed, capitalized, and positioned to maximize its regulated return.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e This is a sustained competitive advantage. The regulated nature provides a predictable, high-quality earnings base that is nearly impossible for a new competitor to replicate. The regulatory structure locks in a reasonable rate of return, which is the definition of a durable moat in the utility sector. It’s defintely the anchor of NJR’s financial stability.\u003c\/p\u003e\n\n\u003cp\u003eHere’s a quick view of how the VRIO elements stack up for this core asset:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eVRIO Dimension\u003c\/th\u003e\n\u003cth\u003eAssessment\u003c\/th\u003e\n\u003cth\u003eKey Fiscal 2025 Data Point\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eYes\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$213.5 million\u003c\/strong\u003e NFE contribution\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRarity\u003c\/td\u003e\n\u003ctd\u003eYes\u003c\/td\u003e\n\u003ctd\u003eExclusive regulated territory access\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInimitability\u003c\/td\u003e\n\u003ctd\u003eCostly\/Difficult\u003c\/td\u003e\n\u003ctd\u003eRequires BPU approval and massive sunk costs\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrganization\u003c\/td\u003e\n\u003ctd\u003eOrganized to Exploit\u003c\/td\u003e\n\u003ctd\u003eReceives \u003cstrong\u003e60%\u003c\/strong\u003e of the \u003cstrong\u003e$5 billion\u003c\/strong\u003e capital plan\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompetitive Implication\u003c\/td\u003e\n\u003ctd\u003eSustained Competitive Advantage\u003c\/td\u003e\n\u003ctd\u003ePredictable, regulated earnings stream\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eWhat this estimate hides is the regulatory lag risk; even with a recent settlement, the next rate case is always on the horizon, and future allowed returns might be lower. Still, the current structure is rock solid.\u003c\/p\u003e\n\u003cp\u003eFinance: draft 13-week cash view by Friday\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eNew Jersey Resources Corporation (NJR) - VRIO Analysis: Diversified, Complementary Business Platform\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Reduces reliance on any single market cycle; the platform balances regulated stability (NJNG) with growth opportunities (CEV, S\u0026amp;T). This diversification helped them achieve revenues of \u003cstrong\u003e$2.036 billion\u003c\/strong\u003e in fiscal 2025.\u003c\/p\u003e\n\u003cp\u003e\nNJR's complementary portfolio structure is evidenced by the following financial and operational metrics:\n\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNJNG (Natural Gas Distribution) NFE for Fiscal 2025: \u003cstrong\u003e$213.5 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eCEV (Clean Energy Ventures) placed a record \u003cstrong\u003e93.6 MW\u003c\/strong\u003e of in-service capacity in fiscal 2025.\u003c\/li\u003e\n\u003cli\u003eNJNG serviced approximately \u003cstrong\u003e589,000\u003c\/strong\u003e customers as of September 30, 2025.\u003c\/li\u003e\n\u003cli\u003eNJR's total consolidated assets at the end of fiscal 2025 were \u003cstrong\u003e$7.58 billion\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderately rare; many utilities are less diversified across regulated, midstream, and clean energy assets.\u003c\/p\u003e\n\u003cp\u003e\nThe expected fiscal 2026 Net Financial Earnings (NFE) contribution breakdown illustrates the segment mix:\n\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eSegment\u003c\/td\u003e\n\u003ctd\u003eExpected fiscal 2026 NFE Contribution\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNew Jersey Natural Gas (NJNG)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e67 to 72 percent\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eClean Energy Ventures (CEV)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e10 to 15 percent\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eStorage \u0026amp; Transportation (S\u0026amp;T)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e3 to 7 percent\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult; replicating the specific mix of regulated assets, energy services expertise, and clean energy pipeline takes time and different regulatory expertise.\u003c\/p\u003e\n\u003cp\u003e\nThe scale and nature of recent investments and regulatory achievements suggest high barriers to replication:\n\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNJNG secured a major base rate increase of \u003cstrong\u003e$157 million\u003c\/strong\u003e effective November 2024.\u003c\/li\u003e\n\u003cli\u003eCEV added \u003cstrong\u003e93.6 MW\u003c\/strong\u003e of commercial solar in-service capacity in fiscal 2025.\u003c\/li\u003e\n\u003cli\u003eThe Storage and Transportation segment (S\u0026amp;T) submitted an application to FERC to increase its Leaf River certificated natural gas storage capacity by \u003cstrong\u003e17.6 BCF\u003c\/strong\u003e on October 31, 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; management explicitly points to the complementary portfolio as a driver of strength and resilience.\u003c\/p\u003e\n\u003cp\u003e\nOrganizational alignment is demonstrated by meeting or exceeding guidance targets:\n\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNJR achieved the high end of its fiscal 2025 Net Financial Earnings Per Share (NFEPS) guidance range of \u003cstrong\u003e$3.20 to $3.30\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFiscal 2025 Consolidated Net Financial Earnings (NFE) was \u003cstrong\u003e$329.6 million\u003c\/strong\u003e, or \u003cstrong\u003e$3.29\u003c\/strong\u003e per share.\u003c\/li\u003e\n\u003cli\u003eThe company maintained a long-term NFEPS growth target of \u003cstrong\u003e7 to 9 percent\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFiscal 2026 NFEPS guidance range introduced was \u003cstrong\u003e$3.03 to $3.18\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; the structure itself is a strategic asset that supports long-term growth targets.\u003c\/p\u003e\n\u003cp\u003e\nThe structure supports significant, long-term capital deployment:\n\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNJR expects to deploy between \u003cstrong\u003e$4.8 billion and $5.2 billion\u003c\/strong\u003e in capital expenditures through 2030.\u003c\/li\u003e\n\u003cli\u003eUtility spending at NJNG is planned to represent over \u003cstrong\u003e60%\u003c\/strong\u003e of the investment through 2030.\u003c\/li\u003e\n\u003cli\u003eFiscal 2025 capital expenditures totaled \u003cstrong\u003e$703.6 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eNew Jersey Resources Corporation (NJR) - VRIO Analysis: Clean Energy Ventures Project Pipeline \u0026amp; Scale\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Positions NJR for the energy transition, with capacity growth supported by a pipeline exceeding \u003cstrong\u003e1 gigawatt\u003c\/strong\u003e as of February 2025. The accelerated deployment schedule is critical due to the Investment Tax Credit (ITC) qualification deadline of \u003cstrong\u003eDecember 31, 2027\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate; the pipeline includes projects secured through proactive measures to preserve Investment Tax Credits (ITCs), which are set at \u003cstrong\u003e30% through the end of 2032\u003c\/strong\u003e under the Inflation Reduction Act.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate; the technology for solar development is widely available, but the specific pipeline of secured projects and associated tax benefits is not immediately replicable.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; the segment placed a record \u003cstrong\u003e93.6 MW\u003c\/strong\u003e of capacity in service in fiscal 2025, up from \u003cstrong\u003e5.1 MW\u003c\/strong\u003e in fiscal 2024. Total capital expenditures for fiscal 2025 were \u003cstrong\u003e$703.6 million\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003eThe execution metrics for Clean Energy Ventures (CEV) are detailed below:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eFiscal 2024 Capacity (In-Service)\u003c\/td\u003e\n\u003ctd\u003eFiscal 2025 Capacity Added\u003c\/td\u003e\n\u003ctd\u003ePipeline (as of Feb 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Solar Capacity (MW)\u003c\/td\u003e\n\u003ctd\u003eApproximately \u003cstrong\u003e386.6 MW\u003c\/strong\u003e (as of Nov 2022)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e93.6 MW\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eExceeding \u003cstrong\u003e1,000 MW\u003c\/strong\u003e (1 GW)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eResidential Solar Portfolio\u003c\/td\u003e\n\u003ctd\u003eIn-service capacity\u003c\/td\u003e\n\u003ctd\u003eSold in November 2024\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInvestment Program\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eSAVEGREEN® program of \u003cstrong\u003e$385.6 million\u003c\/strong\u003e (Jan 1, 2025 – Jun 30, 2027)\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe segment is actively executing on its growth strategy, evidenced by:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003ePlacing a record \u003cstrong\u003e93 MW\u003c\/strong\u003e of in-service capacity in fiscal 2025.\u003c\/li\u003e\n\u003cli\u003eReporting first-quarter fiscal 2025 NFE of \u003cstrong\u003e$48.1 million\u003c\/strong\u003e, compared to \u003cstrong\u003e$10.5 million\u003c\/strong\u003e in the first quarter of fiscal 2024.\u003c\/li\u003e\n\u003cli\u003eRecognizing a \u003cstrong\u003e$56.2 million\u003c\/strong\u003e gain on the residential solar portfolio sale in fiscal 2025.\u003c\/li\u003e\n\u003cli\u003eHaving \u003cstrong\u003e63 MW\u003c\/strong\u003e under construction as of February 2025.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary to Sustained; the secured pipeline offers a near-term advantage to meet the \u003cstrong\u003e2027\u003c\/strong\u003e ITC deadline, but sustained advantage depends on continued successful project execution and pipeline replenishment.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eNew Jersey Resources Corporation (NJR) - VRIO Analysis: Natural Gas Storage \u0026amp; Transportation Assets (S\u0026amp;T)\n\u003c\/h2\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe Storage and Transportation (S\u0026amp;T) segment provides high-growth potential, with Net Financial Earnings (NFE) expected to more than double by fiscal year \u003cstrong\u003e2027\u003c\/strong\u003e, driven by favorable recontracting at Leaf River and Adelphia Gateway.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eLeaf River expansion plans aim to increase working gas capacity by over \u003cstrong\u003e70%\u003c\/strong\u003e in the coming years, with an application submitted to FERC on October 31, 2025, to increase certificated natural gas storage capacity by \u003cstrong\u003e17.6 BCF\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eLeaf River has organic cavern expansion sites planned beyond a target capacity of \u003cstrong\u003e55 BCF\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFiscal 2025 S\u0026amp;T NFE totaled \u003cstrong\u003e$18.5 million\u003c\/strong\u003e, compared with NFE of \u003cstrong\u003e$12.2 million\u003c\/strong\u003e in fiscal 2024.\u003c\/li\u003e\n\u003cli\u003eFourth-quarter fiscal 2025 S\u0026amp;T NFE was \u003cstrong\u003e$4.6 million\u003c\/strong\u003e, compared with NFE of \u003cstrong\u003e$2.5 million\u003c\/strong\u003e during the same period in fiscal 2024.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eOwnership of key, FERC-regulated infrastructure assets such as the Leaf River Energy Center and the Adelphia Gateway Pipeline is rare.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eAdelphia Gateway, LLC filed a general Section 4 rate case with the Federal Energy Regulatory Commission (FERC) on September 30, 2024.\u003c\/li\u003e\n\u003cli\u003eAdelphia reached a settlement in principle with participating customers on June 26, 2025, with new rates anticipated to be placed into effect during the second half of 2025.\u003c\/li\u003e\n\u003cli\u003eNJR also holds a \u003cstrong\u003e50%\u003c\/strong\u003e equity ownership in the Steckman Ridge natural gas storage facility.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eAcquiring or constructing comparable FERC-regulated pipeline and storage assets is inherently very difficult due to significant capital requirements and time-consuming regulatory processes.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eAsset\/Barrier\u003c\/th\u003e\n\u003cth\u003eMetric\/Data Point\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal NJR Capital Expenditure Outlook (Through FY 2030)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$4.8 billion\u003c\/strong\u003e to \u003cstrong\u003e$5.2 billion\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eS\u0026amp;T Earnings Growth Target\u003c\/td\u003e\n\u003ctd\u003eMore than double by \u003cstrong\u003e2027\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLeaf River Capacity Increase Application\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e17.6 BCF\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRegulatory Filing Date (Adelphia Gateway)\u003c\/td\u003e\n\u003ctd\u003eSeptember 30, \u003cstrong\u003e2024\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe segment demonstrates high organizational effectiveness by executing on a phased expansion plan supported by long-term contracts and successful regulatory outcomes.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eS\u0026amp;T NFE increased year-over-year for fiscal 2025, driven by higher operating revenues at Leaf River.\u003c\/li\u003e\n\u003cli\u003eThe organization is executing on the Leaf River expansion, which is expected to increase working gas capacity by over \u003cstrong\u003e70%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNJR is committed to strategic growth opportunities at S\u0026amp;T supporting long-term value creation within its overall capital plan.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe physical, regulated infrastructure assets, secured through regulatory approval and long-term contracts, represent a classic source of sustained competitive advantage.\u003c\/p\u003e\n\u003cp\u003eThe combination of regulated asset ownership, demonstrated execution on expansion projects, and favorable recontracting supports a sustained advantage.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eNew Jersey Resources Corporation (NJR) - VRIO Analysis: Consistent Earnings Outperformance Track Record\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Builds investor confidence, leading to a lower cost of capital and premium valuation. NJR exceeded initial earnings guidance for the fifth consecutive year in fiscal 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Rare; consistently hitting or beating guidance for five straight years is not common in the utility sector.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult; this is a result of organizational culture, disciplined execution, and accurate forecasting, not just assets.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Very high; this is a direct output of strong management execution across all segments.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; reputation and execution history are powerful intangible assets.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eFinancial Performance Metrics:\u003c\/strong\u003e\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eFiscal Year 2025\u003c\/th\u003e\n\u003cth\u003eFiscal Year 2024\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income (Millions)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$335.6\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$289.8\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income Per Share\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.35\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.94\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eConsolidated Net Financial Earnings (NFE) (Millions)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$329.6\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$290.8\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eConsolidated NFE Per Share (NFEPS)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.29\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.95\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNFEPS Guidance Range Achieved (High End)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.20 to $3.30\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$2.85 to $3.00\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003e\u003cstrong\u003eSupporting Statistical Data:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eFiscal 2025 marks the \u003cstrong\u003efifth consecutive year\u003c\/strong\u003e that NJR has outperformed its initial annual NFEPS guidance.\u003c\/li\u003e\n\u003cli\u003eNJR’s average annual EPS growth rate during the last \u003cstrong\u003e5 years\u003c\/strong\u003e was \u003cstrong\u003e16.2%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNJR’s stock price increased by \u003cstrong\u003e32.99%\u003c\/strong\u003e over the past \u003cstrong\u003e5 years\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eNew Jersey Natural Gas (NJNG) reported NFE of \u003cstrong\u003e$213.5 million\u003c\/strong\u003e for fiscal 2025, up from \u003cstrong\u003e$133.4 million\u003c\/strong\u003e in fiscal 2024.\u003c\/li\u003e\n\u003cli\u003eClean Energy Ventures (CEV) placed a record \u003cstrong\u003e93 MW\u003c\/strong\u003e of in-service capacity in fiscal 2025.\u003c\/li\u003e\n\u003cli\u003eNJR plans to invest approximately \u003cstrong\u003e$5 billion\u003c\/strong\u003e over the next \u003cstrong\u003efive years\u003c\/strong\u003e, a \u003cstrong\u003e40% increase\u003c\/strong\u003e compared to the previous five years.\u003c\/li\u003e\n\u003cli\u003eProjected NFEPS for fiscal 2026 is \u003cstrong\u003e$3.03 to $3.18\u003c\/strong\u003e, consistent with a \u003cstrong\u003e7% to 9%\u003c\/strong\u003e growth rate.\u003c\/li\u003e\n\u003cli\u003eCash flows from operations increased to \u003cstrong\u003e$466.3 million\u003c\/strong\u003e in fiscal 2025, compared to \u003cstrong\u003e$427.4 million\u003c\/strong\u003e in fiscal 2024.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eNew Jersey Resources Corporation (NJR) - VRIO Analysis: Large, Established New Jersey Customer Base\n\u003c\/h2\u003e\n\u003cp\u003e\n\u003ch\u003e\u003ch\u003eValue: Provides the foundation for the regulated utility earnings.\u003c\/h\u003e\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003e\nNJNG serviced approximately \u003cstrong\u003e588,000\u003c\/strong\u003e customers as of June 30, 2025. This base supports the utility rate base growth.\n\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue (Latest Data)\u003c\/th\u003e\n\u003cth\u003ePeriod\/Date\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNJNG Customers\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e588,975\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFiscal Year End September 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNJNG Customers\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e588,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eJune 30, 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNJNG Customers\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e586,000\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eDecember 31, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNJNG Annual Base Rate Increase\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$157.0 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eEffective November 21, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNJNG Fiscal 2025 Net Financial Earnings (NFE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$213.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFiscal Year 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNJNG Fiscal 2024 Net Financial Earnings (NFE)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$133.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFiscal Year 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\n\u003ch\u003e\u003ch\u003eRarity: Rare; the service territory is geographically defined and protected by regulation.\u003c\/h\u003e\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003e\nNJNG is the third-largest natural gas distribution company in New Jersey.\n\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eService Territory Counties: Monmouth, Ocean, Morris, Middlesex, Sussex, and Burlington.\u003c\/li\u003e\n\u003cli\u003eRegulatory Approval for Rate Increase: \u003cstrong\u003e$157.0 million\u003c\/strong\u003e annual increase approved by the New Jersey Board of Public Utilities (BPU).\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\n\u003ch\u003e\u003ch\u003eImitability: Impossible; the customer base is locked in by the franchise.\u003c\/h\u003e\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003e\nThe customer base is locked in by the franchise. New customer additions during Q1 Fiscal 2025 were expected to contribute approximately \u003cstrong\u003e$2.0 million\u003c\/strong\u003e of incremental utility gross margin on an annualized basis.\n\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003e\u003ch\u003eOrganization: High; the utility segment is the core of the entire enterprise.\u003c\/h\u003e\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003e\nThe NJNG segment was expected to contribute \u003cstrong\u003e67 to 73 percent\u003c\/strong\u003e of expected fiscal 2025 net financial earnings contribution.\n\u003c\/p\u003e\n\u003cp\u003e\n\u003ch\u003e\u003ch\u003eCompetitive Advantage: Sustained; the customer base is the most fundamental, protected asset.\u003c\/h\u003e\u003c\/h\u003e\n\u003c\/p\u003e\n\u003cp\u003e\nFiscal 2025 consolidated Net Income was \u003cstrong\u003e$335.6 million\u003c\/strong\u003e, compared with \u003cstrong\u003e$289.8 million\u003c\/strong\u003e in fiscal 2024. NJR maintains a long-term Net Financial Earnings Per Share (NFEPS) growth target of \u003cstrong\u003e7 to 9 percent\u003c\/strong\u003e.\n\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eNew Jersey Resources Corporation (NJR) - VRIO Analysis: SAVEGREEN® Energy Efficiency Program\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eSAVEGREEN® Energy Efficiency Program\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Drives customer engagement and regulatory goodwill, while also supporting utility investment recovery. NJNG made a record \u003cstrong\u003e$98 million\u003c\/strong\u003e investment under this program in fiscal 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate; while many utilities have efficiency programs, NJR’s specific, well-established, and highly-invested program is unique to them. The program was launched in 2009.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate; competitors can launch similar programs, but they lack the established track record and regulatory precedent of SAVEGREEN®.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; the program is integrated into NJNG’s operations and capital planning.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary; it’s a strong operational tool, but not an insurmountable barrier on its own.\u003c\/p\u003e\n\u003cp\u003eThe program's scale and regulatory backing provide significant operational substance, as evidenced by recent investment cycles and approvals:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eFiscal 2024 Activity\u003c\/td\u003e\n\u003ctd\u003eNew Program (Effective Jan 1, 2025 - Jun 30, 2027)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Authorized Investment\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$71.3 million\u003c\/strong\u003e invested in fiscal 2024\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$385.6 million\u003c\/strong\u003e authorized by BPU\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInvestment Recovery (Rate)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$28.6 million\u003c\/strong\u003e recovered in fiscal 2024\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$4.9 million\u003c\/strong\u003e recovered in Q1 fiscal 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDirect Investment Component\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$205 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e0% Financing Component\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$160.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eProjected Gas Savings (Therms)\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eOver \u003cstrong\u003e109.8 million therms\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eProjected CO2 Reduction\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e580,592 metric tons\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe program's scope includes specific customer segments and financing mechanisms:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eThe program provides energy efficiency solutions for residential and commercial customers, including low- and moderate-income (LMI), multifamily, hospitals, and municipalities.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eThe new cycle includes \u003cstrong\u003e$217.2 million\u003c\/strong\u003e for continued 0% APR on-bill repayment programs in the previously proposed cycle.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eThe authorized investment of \u003cstrong\u003e$385.6 million\u003c\/strong\u003e over the 30-month period comprises \u003cstrong\u003e$205 million\u003c\/strong\u003e to directly fund SAVEGREEN programs, \u003cstrong\u003e$160.5 million\u003c\/strong\u003e for 0% financing, and \u003cstrong\u003e$20.1 million\u003c\/strong\u003e for operation and maintenance expenses.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eThe program is designed to meet annual energy-saving goals consistent with the New Jersey Clean Energy Act.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eNew Jersey Resources Corporation (NJR) - VRIO Analysis: Robust Capital Expenditure Plan with Utility Focus\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Signals commitment to future growth and asset modernization, with a planned investment of approximately \u003cstrong\u003e$5 billion\u003c\/strong\u003e through 2030, representing a \u003cstrong\u003e40%\u003c\/strong\u003e increase over the prior five years. Allocating over \u003cstrong\u003e60%\u003c\/strong\u003e to NJNG ensures the core asset base grows.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate; the scale of the planned increase (\u003cstrong\u003e40%\u003c\/strong\u003e) is notable for a company of this size.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult; requires the financial strength (strong cash flow from operations of \u003cstrong\u003e$466.3 million\u003c\/strong\u003e in fiscal 2025) and shareholder confidence to fund it without equity issuance.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; the plan is clearly articulated across the five-year horizon, supporting long-term NFEPS guidance of \u003cstrong\u003e7 to 9 percent\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; the ability to fund massive, targeted infrastructure growth without issuing new equity is a major financial strength, supported by an Adjusted Funds From Operations to Adjusted Debt ratio of \u003cstrong\u003e21.2%\u003c\/strong\u003e in fiscal 2025.\u003c\/p\u003e\n\u003cp\u003eThe capital deployment strategy is detailed across the utility and non-regulated segments:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNJNG is projected to receive over \u003cstrong\u003e60%\u003c\/strong\u003e of the total capital investment through 2030.\u003c\/li\u003e\n\u003cli\u003eClean Energy Ventures (CEV) expects to expand capacity by more than \u003cstrong\u003e50%\u003c\/strong\u003e over the next 2 years.\u003c\/li\u003e\n\u003cli\u003eStorage \u0026amp; Transportation (S\u0026amp;T) is expected to more than double net financial earnings by 2027.\u003c\/li\u003e\n\u003cli\u003eFiscal 2025 Net Financial Earnings Per Share (NFEPS) was \u003cstrong\u003e$3.29\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFiscal 2026 NFEPS guidance is introduced in the range of \u003cstrong\u003e$3.03 to $3.18\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eThe financial capacity supporting this plan is evidenced by recent performance metrics:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eFiscal 2025 Amount\u003c\/td\u003e\n\u003ctd\u003eFiscal 2024 Amount\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash Flows from Operations\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$466.3 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$427.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCapital Expenditures (Including Accruals)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$752.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$575.1 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNJNG Allocation of Total CAPEX (Fiscal 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e64%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Planned CapEx Through 2030\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$4.8 billion to $5.2 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe utility segment, New Jersey Natural Gas (NJNG), serves nearly \u003cstrong\u003e600,000\u003c\/strong\u003e customers and is the primary recipient of the planned infrastructure investment.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eNew Jersey Resources Corporation (NJR) - VRIO Analysis: 30-Year Dividend Growth History\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Acts as a powerful signal of financial discipline and management’s belief in future cash flows, attracting long-term, stable investors. NJR marked its \u003cstrong\u003e30th\u003c\/strong\u003e consecutive year of dividend increases. The new annual dividend rate is \u003cstrong\u003e\\$1.90\u003c\/strong\u003e per share.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Rare; a \u003cstrong\u003e30\u003c\/strong\u003e-year streak of dividend growth is a significant achievement for any company.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Difficult; this is a function of sustained profitability and a commitment to shareholder returns over decades.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High; it reflects a deep-seated corporate policy of returning value.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained; reputation and dividend history are sticky, intangible assets that influence investor perception.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eConsecutive Annual Increases\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e30\u003c\/strong\u003e Years\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNew Quarterly Dividend (Effective Oct 1, 2025)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e\\$0.475\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNew Annual Dividend Rate\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e\\$1.90\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLatest Quarterly Dividend Increase Percentage\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e5.6%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLatest Reported Dividend Yield\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e4.21%\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cul\u003e\n\u003cli\u003eDividend Growth (1Y): \u003cstrong\u003e6.32%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003ePayout Ratio: \u003cstrong\u003e55.56%\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003eContinuous Dividend Payments Since: \u003cstrong\u003e1952\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eFinance: draft 13-week cash view by Friday.\u003c\/p\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516216467605,"sku":"njr-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/njr-vrio-analysis.png?v=1740198745","url":"https:\/\/dcf-model.com\/pt\/products\/njr-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}