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Apr 28, 2026·SEC
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Feb 25, 2026·SEC
Northern Oil and Gas, Inc.(NOG)Earnings, Financials & Key Ratios
NOG•NYSE
$18.48
47.4× P/E·Price updated Jul 7, 2026
AboutNorthern Oil and Gas, Inc., an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. The company primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States. As of December 31, 2021, it owned working interests in 7,436 gross producing wells; and had proved reserves of 287,682 million barrels of oil equivalent. The company is based in Minnetonka, Minnesota.Show more
- Revenue$2.1B-3.2%
- EBITDA$1.43B-9.5%
- Net Income$39M-92.6%
- EPS (Diluted)0.39-92.4%
- Gross Margin32.23%-16.6%
- EBITDA Margin68.2%-6.5%
- Operating Margin29.3%-24.3%
- Net Margin1.85%-92.3%
- ROE1.74%-92.7%
NOG Price & Volume
Northern Oil and Gas, Inc. (NOG) stock price & volume — 10-year historical chart
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Cyclical Revenue Headwinds Challenge Capital Structure Stability
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Decelerating
Profitability:Strained
Financial:Strained
Cash Flow:Deteriorating
Primary Risk:Commodity price volatility exposure
Key Thesis Takeaways
- Northern Oil and Gas faces significant operational headwinds as its non-operated business model struggles with commodity price volatility, evidenced by a 6.2% year-over-year revenue decline in 2026Q1.
- While the firm maintains a lean corporate structure, the reliance on debt to fund participation in third-party drilling has pushed the debt-to-equity ratio to 1.43, raising concerns regarding long-term balance sheet sustainability.
- Investors should monitor the company's ability to maintain its 9.1% dividend yield against a backdrop of erratic free cash flow and deteriorating liquidity buffers.
Verdict Logic
Negative: The combination of a deteriorating current ratio of 0.53 and a net loss of $522.8M in 2026Q1 suggests that the company's current capital allocation strategy may be unsustainable under prevailing market conditions.
NOG Growth Metrics
Northern Oil and Gas, Inc. (NOG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years26.31%
5 Years45.25%
3 Years1.8%
TTM-6.81%
Profit CAGR
10 Years-
5 Years-
3 Years-63.13%
TTM-196.2%
EPS CAGR
10 Years-
5 Years-
3 Years-64.06%
TTM-198.29%
Return on Capital
10 Years6.92%
5 Years23.72%
3 Years21.5%
Last Year12.36%
NOG Recent Earnings
Northern Oil and Gas, Inc. (NOG) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
Apr 28, 2026Metric
Actual
Est
EPS
$0.74+4.2%
$0.71
Rev
$5M-99.0%
$511M
Q1 2026
Feb 25, 2026Metric
Actual
Est
EPS
$0.83+7.5%
$0.77
Rev
$610M+17.2%
$521M
Q4 2025
Nov 6, 2025Metric
Actual
Est
EPS
$1.03+25.6%
$0.82
Rev
$486M-8.1%
$529M
Q3 2025
Jul 31, 2025Metric
Actual
Est
EPS
$1.37+57.5%
$0.87
Rev
$578M+9.4%
$528M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 28, 2026 | $0.74vs $0.71+4.2% | $5Mvs $511M-99.0% |
| Q1 2026 | Feb 25, 2026 | $0.83vs $0.77+7.5% | $610Mvs $521M+17.2% |
| Q4 2025 | Nov 6, 2025 | $1.03vs $0.82+25.6% | $486Mvs $529M-8.1% |
| Q3 2025 | Jul 31, 2025 | $1.37vs $0.87+57.5% | $578Mvs $528M+9.4% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Northern Oil and Gas, Inc. (NOG)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $18.48 | $1.95B | 47.38 | -3.18% | 1.85% | 1.74% | 9.45% | |
| $17.92 | $693.32M | -3.78 | 26.15% | -69.28% | -74.84% | — | |
| $27.38 | $2.34B | 3.24 | 49.76% | 13.56% | 9.55% | — | |
| $4.75 | $192.85M | 3.89 | 36.55% | -19.55% | -3.39% | — | |
| $1.78 | $29.72M | -0.79 | -14.92% | -32.13% | -38.74% | — | |
| $166.61 | $3.01B | 7.76 | 42.53% | 41.91% | 32.67% | — |
Compare NOG vs Peers
Northern Oil and Gas, Inc. (NOG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
NOG SEC Filings & Documents
Northern Oil and Gas, Inc. (NOG) SEC filings — annual & quarterly reports (10-K, 10-Q)
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NOG Frequently Asked Questions
Northern Oil and Gas, Inc. (NOG) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Northern Oil and Gas, Inc.'s revenue?
Northern Oil and Gas, Inc. (NOG) reported $2.06B in revenue for fiscal year 2025.
How fast is Northern Oil and Gas, Inc. growing?
Northern Oil and Gas, Inc. (NOG) saw revenue decline by 3.2% over the past year.
Is NOG profitable?
Northern Oil and Gas, Inc. (NOG) reported a net loss of $623.1M for fiscal year 2025.
Dividend & Returns
Does NOG pay dividends?
Yes, Northern Oil and Gas, Inc. (NOG) pays a dividend with a yield of 9.45%. This makes it attractive for income-focused investors.
What is NOG's return on equity?
Northern Oil and Gas, Inc. (NOG) has a return on equity (ROE) of 1.7%. This is below average, suggesting room for improvement.
What is Northern Oil and Gas, Inc.'s free cash flow?
Northern Oil and Gas, Inc. (NOG) had negative free cash flow of $114.7M in fiscal year 2025, likely due to heavy capital investments.