Latest Ratios: P/E Ratio 44.5x · EV/EBITDA 3.0x · ROE 1.7%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $2.1B | $3.8B | $3.4B | $2.7B | $1.3B | $374M | $906M | $535M | $128M | $168M |
| Enterprise Value | $4.2B | $4.5B | $6.1B | $5.2B | $4.2B | $2.1B | $1.3B | $2.0B | $1.4B | $1.0B | $994M |
| P/E Ratio → | 44.54 | 55.05 | 7.23 | 3.70 | 3.67 | — | — | — | 3.72 | — | — |
| P/S Ratio | 0.88 | 1.02 | 1.74 | 1.79 | 1.35 | 1.33 | 1.16 | 1.51 | 1.08 | 0.57 | 1.05 |
| P/B Ratio | 0.81 | 1.00 | 1.62 | 1.67 | 3.58 | 6.03 | — | 1.62 | 1.24 | — | — |
| P/FCF | 7.27 | 8.43 | — | — | — | — | 7.84 | — | — | — | 19.24 |
| P/OCF | 1.22 | 1.42 | 2.67 | 2.88 | 2.88 | 3.27 | 1.13 | 2.67 | 2.19 | 1.75 | 1.65 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.15 | 2.83 | 2.75 | 2.11 | 2.14 | 4.07 | 3.34 | 2.76 | 4.49 | 6.23 |
| EV / EBITDA | 2.95 | 3.16 | 3.88 | 3.26 | 3.80 | 9.55 | — | 7.56 | 2.47 | 8.38 | — |
| EV / EBIT | 6.87 | 19.20 | 7.30 | 4.61 | 4.90 | 31.86 | — | 460.73 | 5.91 | 16.89 | — |
| EV / FCF | — | 17.85 | — | — | — | — | 27.59 | — | — | — | 113.76 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.2% | 32.2% | 38.6% | 47.9% | 66.3% | 60.1% | 4.9% | 35.7% | 53.1% | 42.0% | 23.3% |
| Operating Margin | 29.3% | 29.3% | 38.7% | 58.8% | 43.0% | 8.0% | -259.6% | 9.2% | 87.6% | 27.0% | -143.6% |
| Net Profit Margin | 1.9% | 1.9% | 24.0% | 48.4% | 38.9% | 0.7% | -279.6% | -12.7% | 29.1% | -4.1% | -183.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.7% | 1.7% | 23.8% | 66.1% | 161.0% | 3.0% | -540.4% | -15.4% | 33.4% | — | — |
| ROA | 0.7% | 0.7% | 10.3% | 25.1% | 35.2% | 0.5% | -65.2% | -4.5% | 13.5% | -1.7% | -50.4% |
| ROIC | 10.0% | 10.0% | 14.7% | 27.4% | 39.1% | 6.8% | -53.0% | 2.9% | 39.5% | 12.5% | -34.9% |
| ROCE | 12.4% | 12.4% | 18.3% | 33.8% | 45.8% | 8.3% | -70.3% | 3.7% | 48.6% | 14.0% | -45.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.13 | 1.13 | 1.02 | 0.90 | 2.05 | 3.73 | — | 2.00 | 1.93 | — | — |
| Debt / EBITDA | 1.68 | 1.68 | 1.50 | 1.14 | 1.38 | 3.67 | — | 4.21 | 1.50 | 8.16 | — |
| Net Debt / Equity | — | 1.12 | 1.02 | 0.89 | 2.04 | 3.69 | — | 1.97 | 1.93 | — | — |
| Net Debt / EBITDA | 1.67 | 1.67 | 1.50 | 1.14 | 1.38 | 3.63 | — | 4.15 | 1.50 | 7.31 | — |
| Debt / FCF | — | 9.42 | — | — | — | — | 19.75 | — | — | — | 94.51 |
| Interest Coverage | 1.36 | 1.36 | 5.32 | 8.38 | 10.66 | 1.11 | -14.49 | 0.05 | 2.65 | 0.85 | -3.57 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.09 | 1.09 | 0.92 | 1.32 | 0.93 | 0.66 | 0.69 | 0.65 | 0.99 | 1.24 | 0.61 |
| Quick Ratio | 1.09 | 1.09 | 0.92 | 1.32 | 0.93 | 0.66 | 0.69 | 0.65 | 0.48 | 1.23 | 0.59 |
| Cash Ratio | 0.03 | 0.03 | 0.02 | 0.02 | 0.01 | 0.03 | 0.01 | 0.08 | 0.01 | 0.83 | 0.08 |
| Asset Turnover | — | 0.39 | 0.39 | 0.43 | 0.69 | 0.64 | 0.37 | 0.32 | 0.33 | 0.35 | 0.37 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 2.00 | 214.61 | 77.41 |
| Days Sales Outstanding | — | 60.96 | 72.15 | 71.54 | 49.94 | 72.45 | 79.98 | 65.86 | 71.20 | 77.63 | 85.11 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 10.1% | 8.1% | 4.3% | 3.6% | 1.9% | 0.4% | — | — | — | — | — |
| Payout Ratio | 447.4% | 447.4% | 31.1% | 13.4% | 6.7% | 77.6% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 1.8% | 13.8% | 27.1% | 27.3% | — | — | — | 26.9% | — | — |
| FCF Yield | 13.8% | 11.9% | — | — | — | — | 12.8% | — | — | — | 5.2% |
| Buyback Yield | 3.1% | 2.7% | 2.5% | 0.2% | 2.0% | 0.0% | 0.0% | 1.7% | 4.1% | 0.5% | 0.8% |
| Total Shareholder Yield | 13.2% | 10.8% | 6.8% | 3.9% | 4.0% | 0.4% | 0.0% | 1.7% | 4.1% | 0.5% | 0.8% |
| Shares Outstanding | — | $99M | $101M | $92M | $87M | $63M | $43M | $39M | $24M | $6M | $6M |
Commodity price volatility exposure
According to recent market data, NOG trades at a forward P/E of 4.86, which, when compared to the TTM P/E of 49.15, suggests that investors are pricing in a significant recovery in earnings that may be vulnerable to ongoing commodity price volatility and operational cost pass-throughs.
The wide disparity between trailing and forward multiples indicates that the market is heavily discounting current accounting earnings, likely due to the non-cash derivative noise identified in recent filings. Investors should monitor whether this valuation gap narrows as the company's multi-basin expansion matures or if it persists as a permanent 'non-operator discount' relative to integrated peers.
Based on reported financial statements, NOG's ROIC has trended downward from a peak of 9.9% in 2023Q4 to 2.7% in 2026Q1, indicating that the company's ability to compound returns on its invested capital is currently hampered by the high costs of its aggressive multi-basin acquisition strategy.
The decline in ROIC suggests that the capital deployed into new Permian and Appalachian acreage has yet to reach the efficiency levels of the company's legacy Williston assets. This trend warrants further investigation into whether the current capital-lite model can maintain competitive returns when operators pass through inflationary drilling costs.
As indicated by the provided financial data, NOG's DSO has fluctuated between 56 and 73 days over the last ten quarters, reflecting the inherent friction in settling accounts with various operating partners across different geographic regions and the lack of direct control over field-level billing cycles.
The variability in DSO suggests that NOG's cash conversion cycle is highly dependent on the administrative efficiency of its third-party operators rather than its own internal processes. This lack of control over the timing of receivables may continue to create liquidity 'lumpiness' that complicates the company's ability to fund its dividend and capital programs consistently.
According to recent SEC filings, NOG's debt-to-equity ratio has climbed to 1.43 in 2026Q1, a significant increase from 0.90 in 2023Q4, which suggests that the company is assuming higher financial risk to fund its expansion during a period of tightening liquidity and volatile commodity price benchmarks.
The rising leverage profile appears to be outpacing the company's ability to generate consistent equity growth, potentially limiting its future flexibility to participate in high-return drilling projects. Investors should monitor the interest coverage ratio, which has shown extreme volatility, as it may indicate a narrowing margin of safety for debt service obligations.
The most commonly misapplied ratio for NOG is the P/E multiple, which obscures the company's true earning power by failing to account for non-cash mark-to-market adjustments on commodity derivatives that frequently distort net income figures in the energy sector.
Analysts should instead prioritize Cash Adjusted EBITDA or P/FCF to better reflect the underlying cash-generating capability of the non-operator model. Relying on P/E in this context may lead to erroneous conclusions about the company's valuation, as it treats non-cash accounting noise as a reflection of operational performance.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying NOG stock.
Northern Oil and Gas, Inc.'s current P/E ratio is 44.5x. The historical average is 43.7x. This places it at the 75th percentile of its historical range.
Northern Oil and Gas, Inc.'s current EV/EBITDA is 3.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.9x.
Northern Oil and Gas, Inc.'s return on equity (ROE) is 1.7%. The historical average is -3.0%.
Based on historical data, Northern Oil and Gas, Inc. is trading at a P/E of 44.5x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Northern Oil and Gas, Inc.'s current dividend yield is 10.05% with a payout ratio of 447.4%.
Northern Oil and Gas, Inc. has 32.2% gross margin and 29.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Northern Oil and Gas, Inc.'s Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.