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Side-by-side financial comparison of NEW JERSEY RESOURCES CORP (NJR) and P3 Health Partners Inc. (PIII). Click either name above to swap in a different company.
NEW JERSEY RESOURCES CORP is the larger business by last-quarter revenue ($939.4M vs $384.8M, roughly 2.4× P3 Health Partners Inc.). NEW JERSEY RESOURCES CORP runs the higher net margin — 23.3% vs -19.6%, a 42.9% gap on every dollar of revenue. On growth, P3 Health Partners Inc. posted the faster year-over-year revenue change (3.8% vs -33.0%). Over the past eight quarters, NEW JERSEY RESOURCES CORP's revenue compounded faster (111.6% CAGR vs -0.5%).
New Jersey Resources is an energy services holding company based in Wall Township, New Jersey. It is a Fortune 1000 company, and a member of the Forbes Platinum 400. New Jersey Natural Gas is its principal subsidiary.
P3 Health Partners Inc. is a population health management and value-based care services firm operating primarily in the United States. It partners with primary care providers and health systems to deliver coordinated, high-quality care for patient populations, especially Medicare Advantage beneficiaries, focusing on improving health outcomes and lowering unnecessary healthcare costs.
NJR vs PIII — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $939.4M | $384.8M |
| Net Profit | $218.9M | $-75.5M |
| Gross Margin | — | — |
| Operating Margin | 32.0% | -40.0% |
| Net Margin | 23.3% | -19.6% |
| Revenue YoY | -33.0% | 3.8% |
| Net Profit YoY | 7.2% | -28.8% |
| EPS (diluted) | $2.16 | $-23.08 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $939.4M | — | ||
| Q4 25 | $440.9M | $384.8M | ||
| Q3 25 | $188.3M | $345.3M | ||
| Q2 25 | $234.8M | $355.8M | ||
| Q1 25 | $569.2M | $373.2M | ||
| Q4 24 | $359.0M | $370.7M | ||
| Q3 24 | $265.7M | $362.1M | ||
| Q2 24 | $209.9M | $379.2M |
| Q1 26 | $218.9M | — | ||
| Q4 25 | $122.5M | $-75.5M | ||
| Q3 25 | $15.1M | $-31.6M | ||
| Q2 25 | $-15.1M | $-20.4M | ||
| Q1 25 | $204.3M | $-20.5M | ||
| Q4 24 | $131.3M | $-58.6M | ||
| Q3 24 | $91.1M | $-46.5M | ||
| Q2 24 | $-11.6M | $-12.0M |
| Q1 26 | 32.0% | — | ||
| Q4 25 | 40.6% | -40.0% | ||
| Q3 25 | 21.5% | -12.8% | ||
| Q2 25 | -0.5% | -9.6% | ||
| Q1 25 | 49.2% | -10.2% | ||
| Q4 24 | 52.8% | -37.4% | ||
| Q3 24 | 55.0% | -29.5% | ||
| Q2 24 | 2.8% | -8.3% |
| Q1 26 | 23.3% | — | ||
| Q4 25 | 27.8% | -19.6% | ||
| Q3 25 | 8.0% | -9.1% | ||
| Q2 25 | -6.4% | -5.7% | ||
| Q1 25 | 35.9% | -5.5% | ||
| Q4 24 | 36.6% | -15.8% | ||
| Q3 24 | 34.3% | -12.8% | ||
| Q2 24 | -5.5% | -3.2% |
| Q1 26 | $2.16 | — | ||
| Q4 25 | $1.21 | $-23.08 | ||
| Q3 25 | $0.15 | $-9.67 | ||
| Q2 25 | $-0.15 | $-6.23 | ||
| Q1 25 | $2.02 | $-6.28 | ||
| Q4 24 | $1.31 | $-23.13 | ||
| Q3 24 | $0.91 | $-15.70 | ||
| Q2 24 | $-0.12 | $-7.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $25.0M |
| Total DebtLower is stronger | — | $228.4M |
| Stockholders' EquityBook value | — | $-155.2M |
| Total Assets | — | $656.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.4M | $25.0M | ||
| Q3 25 | $591.0K | $37.7M | ||
| Q2 25 | $931.0K | $38.6M | ||
| Q1 25 | $83.7M | $40.1M | ||
| Q4 24 | $1.9M | $38.8M | ||
| Q3 24 | $1.0M | $63.0M | ||
| Q2 24 | $22.4M | $73.1M |
| Q1 26 | — | — | ||
| Q4 25 | $3.3B | $228.4M | ||
| Q3 25 | $3.3B | $252.8M | ||
| Q2 25 | $3.0B | $182.0M | ||
| Q1 25 | $3.0B | $171.1M | ||
| Q4 24 | $3.0B | $108.9M | ||
| Q3 24 | $2.9B | $133.2M | ||
| Q2 24 | $2.8B | $133.1M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $-155.2M | ||
| Q3 25 | $2.4B | $-18.7M | ||
| Q2 25 | $2.4B | $44.5M | ||
| Q1 25 | $2.5B | $63.3M | ||
| Q4 24 | $2.3B | $75.9M | ||
| Q3 24 | $2.2B | $120.5M | ||
| Q2 24 | $2.1B | $166.8M |
| Q1 26 | — | — | ||
| Q4 25 | $7.9B | $656.6M | ||
| Q3 25 | $7.6B | $683.6M | ||
| Q2 25 | $7.3B | $731.6M | ||
| Q1 25 | $7.3B | $783.9M | ||
| Q4 24 | $7.2B | $783.4M | ||
| Q3 24 | $7.0B | $833.3M | ||
| Q2 24 | $6.8B | $892.8M |
| Q1 26 | — | — | ||
| Q4 25 | 1.32× | — | ||
| Q3 25 | 1.36× | — | ||
| Q2 25 | 1.25× | 4.09× | ||
| Q1 25 | 1.20× | 2.71× | ||
| Q4 24 | 1.29× | 1.43× | ||
| Q3 24 | 1.31× | 1.11× | ||
| Q2 24 | 1.30× | 0.80× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $-25.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $26.7M | $-25.7M | ||
| Q3 25 | $81.2M | $-15.4M | ||
| Q2 25 | $-28.9M | $-16.6M | ||
| Q1 25 | $423.0M | $-33.5M | ||
| Q4 24 | $-9.0M | $-57.2M | ||
| Q3 24 | $64.5M | $-22.6M | ||
| Q2 24 | $24.3M | $-10.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | 0.22× | — | ||
| Q3 25 | 5.39× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.07× | — | ||
| Q4 24 | -0.07× | — | ||
| Q3 24 | 0.71× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NJR
| Utility | $640.9M | 68% |
| Nonutility | $298.5M | 32% |
PIII
| Capitated Revenue | $366.2M | 95% |
| Health Care Patient Service | $18.6M | 5% |
| Health Care Care Coordination Management Fees | $2.7M | 1% |
