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Side-by-side financial comparison of NEW JERSEY RESOURCES CORP (NJR) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
NEW JERSEY RESOURCES CORP is the larger business by last-quarter revenue ($440.9M vs $382.7M, roughly 1.2× INNOVATE Corp.). NEW JERSEY RESOURCES CORP runs the higher net margin — 27.8% vs -1.9%, a 29.7% gap on every dollar of revenue. On growth, INNOVATE Corp. posted the faster year-over-year revenue change (61.7% vs 22.8%). Over the past eight quarters, INNOVATE Corp.'s revenue compounded faster (10.2% CAGR vs 0.9%).
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.
Innovate Corp. is an American public financial services company founded in 1994.
NJR vs VATE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $440.9M | $382.7M |
| Net Profit | $122.5M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | 40.6% | 3.7% |
| Net Margin | 27.8% | -1.9% |
| Revenue YoY | 22.8% | 61.7% |
| Net Profit YoY | -6.7% | 55.4% |
| EPS (diluted) | $1.21 | $-0.57 |
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.
| Q4 25 | $440.9M | $382.7M | ||
| Q3 25 | $188.3M | $347.1M | ||
| Q2 25 | $234.8M | $242.0M | ||
| Q1 25 | $569.2M | $274.2M | ||
| Q4 24 | $359.0M | $236.6M | ||
| Q3 24 | $265.7M | $242.2M | ||
| Q2 24 | $209.9M | $313.1M | ||
| Q1 24 | $433.2M | $315.2M |
| Q4 25 | $122.5M | $-7.4M | ||
| Q3 25 | $15.1M | $-8.9M | ||
| Q2 25 | $-15.1M | $-19.8M | ||
| Q1 25 | $204.3M | $-24.5M | ||
| Q4 24 | $131.3M | $-16.6M | ||
| Q3 24 | $91.1M | $-15.0M | ||
| Q2 24 | $-11.6M | $14.4M | ||
| Q1 24 | $120.8M | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | 40.6% | 3.7% | ||
| Q3 25 | 21.5% | 1.8% | ||
| Q2 25 | -0.5% | 2.0% | ||
| Q1 25 | 49.2% | 1.2% | ||
| Q4 24 | 52.8% | 1.1% | ||
| Q3 24 | 55.0% | 2.4% | ||
| Q2 24 | 2.8% | 9.2% | ||
| Q1 24 | 39.3% | 0.9% |
| Q4 25 | 27.8% | -1.9% | ||
| Q3 25 | 8.0% | -2.6% | ||
| Q2 25 | -6.4% | -8.2% | ||
| Q1 25 | 35.9% | -8.9% | ||
| Q4 24 | 36.6% | -7.0% | ||
| Q3 24 | 34.3% | -6.2% | ||
| Q2 24 | -5.5% | 4.6% | ||
| Q1 24 | 27.9% | -5.5% |
| Q4 25 | $1.21 | $-0.57 | ||
| Q3 25 | $0.15 | $-0.71 | ||
| Q2 25 | $-0.15 | $-1.67 | ||
| Q1 25 | $2.02 | $-1.89 | ||
| Q4 24 | $1.31 | $-0.72 | ||
| Q3 24 | $0.91 | $-1.18 | ||
| Q2 24 | $-0.12 | $1.03 | ||
| Q1 24 | $1.22 | $-2.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.4M | $112.1M |
| Total DebtLower is stronger | $3.3B | $80.3M |
| Stockholders' EquityBook value | $2.5B | $-240.1M |
| Total Assets | $7.9B | $950.1M |
| Debt / EquityLower = less leverage | 1.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4M | $112.1M | ||
| Q3 25 | $591.0K | $35.5M | ||
| Q2 25 | $931.0K | $33.4M | ||
| Q1 25 | $83.7M | $33.3M | ||
| Q4 24 | $1.9M | $48.8M | ||
| Q3 24 | $1.0M | $51.0M | ||
| Q2 24 | $22.4M | $80.2M | ||
| Q1 24 | $5.0M | $38.4M |
| Q4 25 | $3.3B | $80.3M | ||
| Q3 25 | $3.3B | $97.3M | ||
| Q2 25 | $3.0B | $160.1M | ||
| Q1 25 | $3.0B | $139.9M | ||
| Q4 24 | $3.0B | $500.6M | ||
| Q3 24 | $2.9B | $502.4M | ||
| Q2 24 | $2.8B | $638.3M | ||
| Q1 24 | $2.7B | $641.5M |
| Q4 25 | $2.5B | $-240.1M | ||
| Q3 25 | $2.4B | $-233.3M | ||
| Q2 25 | $2.4B | $-224.8M | ||
| Q1 25 | $2.5B | $-204.2M | ||
| Q4 24 | $2.3B | $-180.4M | ||
| Q3 24 | $2.2B | $-163.1M | ||
| Q2 24 | $2.1B | $-149.0M | ||
| Q1 24 | $2.2B | $-184.4M |
| Q4 25 | $7.9B | $950.1M | ||
| Q3 25 | $7.6B | $913.2M | ||
| Q2 25 | $7.3B | $890.9M | ||
| Q1 25 | $7.3B | $868.0M | ||
| Q4 24 | $7.2B | $891.1M | ||
| Q3 24 | $7.0B | $897.2M | ||
| Q2 24 | $6.8B | $898.9M | ||
| Q1 24 | $6.6B | $943.5M |
| Q4 25 | 1.32× | — | ||
| Q3 25 | 1.36× | — | ||
| Q2 25 | 1.25× | — | ||
| Q1 25 | 1.20× | — | ||
| Q4 24 | 1.29× | — | ||
| Q3 24 | 1.31× | — | ||
| Q2 24 | 1.30× | — | ||
| Q1 24 | 1.25× | — |
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 | $26.7M | $101.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 0.22× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $101.1M | ||
| Q3 25 | $81.2M | $19.2M | ||
| Q2 25 | $-28.9M | $40.4M | ||
| Q1 25 | $423.0M | $-14.1M | ||
| Q4 24 | $-9.0M | $41.4M | ||
| Q3 24 | $64.5M | $-28.4M | ||
| Q2 24 | $24.3M | $21.5M | ||
| Q1 24 | $292.2M | $-25.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | $19.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-18.8M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | — | $-31.5M | ||
| Q2 24 | — | $18.4M | ||
| Q1 24 | — | $-31.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | -13.0% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | — | -9.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | 1.8% |
| Q4 25 | 0.22× | — | ||
| Q3 25 | 5.39× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.07× | — | ||
| Q4 24 | -0.07× | — | ||
| Q3 24 | 0.71× | — | ||
| Q2 24 | — | 1.49× | ||
| Q1 24 | 2.42× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NJR
| Residential | $284.1M | 64% |
| Commercialand Industrial | $53.4M | 12% |
| Firm Transportation | $34.7M | 8% |
| Storage And Transportation ST Segment | $28.1M | 6% |
| Home Services And Other HSO | $16.0M | 4% |
| Energy Services ES Segment | $12.8M | 3% |
| Installationand Maintenance | $6.6M | 1% |
| Electricity | $5.6M | 1% |
| Renewable Energy Certificates | $3.7M | 1% |
| Interruptibleand Offtariff | $2.4M | 1% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
