COMP <GO>

NJR vs UGP // EV/EBITDA & P/E VALUATION

NewJersey Resources Corporation (NYSE) VS. Ultrapar Participacoes S.A. (Each representing one Common Share) (NYSE) • 15-METRIC TALLY: NJR 2 — UGP 1

■ METRIC PARITY

NJR — NewJersey Resources Corporation ROARABLE B- • RQD 70/100

LAST: $53.11 (+0.64%) • MKT CAP: $5.39B

DES <GO> FA <GO> 10-K RED <GO>

valuation

10.6x

UGP — Ultrapar Participacoes S.A. (Each representing one Common Share) ROARABLE D • RQD 50/100

LAST: $5.97 (-2.45%) • MKT CAP: $6.64B

DES <GO> FA <GO> 10-K RED <GO>

valuation

—

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (NJR VS. UGP) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	NJR	UGP	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	16.30%	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	10.6x	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	8.65%	—	—	TIE	/fcf-yield <GO>
Operating Margin	37.70%	—	—	TIE	/operating-margins <GO>
Net Profit Margin	24.80%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	9.90%	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	3.34%	0.00%	+3.34	NJR	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	7/9	—	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	56.8	21.1	+35.76	NJR	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	15.0x	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$5.39B	$6.64B	-$1.25B	UGP	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	NJR REV	UGP REV	NJR GROSS %	UGP GROSS %	NJR FCF	UGP FCF
FY 2025	$1.35B	—	—	—	$466.3M	—
FY 2024	$1.23B	—	—	—	$427.4M	—
FY 2023	$1.11B	—	—	—	$479.0M	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

NJR // BETA —

UGP // BETA —