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Northern Oil and Gas, Inc.

NOG Energy Oil & Gas E&P

Northern Oil and Gas, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, up 11.2% from fiscal 2024.

Revenue
+5.44%
EPS
+119.6%
Free cash flow
−267.0%
Total debt
+15.2%

Quarter to June 2026, against a year earlier

23.00 0.86 +3.88%
Market cap
$2.4B
P/E
0.0×
Fwd P/E
−27.7×
Dividend yield
8.04%
F-score
8/9
Altman Z
1.13
Beneish M
−2.78
Dividend safety
42/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 1.10
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — — 1 — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 2.29%

Capital & Financial Ratios $m

Size
Market Cap 2,360.00
Revenue ttm 1,917.08
Net income ttm (486.02)
Free cash flow ttm (294.16)
Net debt Q 2,646.30
Valuation
P/E 0.00
Forward P/E (27.70) (negative: loss-making)
Price / sales 1.24
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.19
Financial health
Current ratio Q 0.80 (below 1: weak)
Debt / equity Q 1.37
Interest coverage Q 8.51
Growth
Revenue growth Q +5.44% (above 0%: growing)
Operating income growth Q +100.12% (above 0%: growing)
EPS, this year −6.36% (below 0%: weak)
EPS, next year A +7.13%
Revenue, next year A −12.15% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A −5.05% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.7×, against a ten-year median of 2.9×; over the ten years it ranged from 1.1× in 2020 to 28.0× in 2021.
P/S against its own 10 years 49.32%
10-year low 10-year high
P/B against its own 10 years 21.05%
10-year low 10-year high
EV/Sales against its own 10 years 41.77%
10-year low 10-year high

Dividends raised every year since 2021

Yield
8.04%
Annual rate
1.80
Payout ratio
—
Growth, 2021–25
+84.6%/yr
  1. 0.16 ’21
  2. 0.88 ’22 +468
  3. 1.49 ’23 +69
  4. 1.64 ’24 +10
  5. 1.80 ’25 +10
  6. 1.79 ’26e −1
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 84 55 181 79
Receivables 374 428 368 396
Inventory — — — —
Other 49 12 30 31
509 501 586 502
2023 2024 2025 Q'26
Payables 193 203 219 206
ST’ Debt — — — —
Other 19 25 4 25
386 544 539 630

Compound Annual Growth %

10y 5y 3y
Sales 24.57% 35.00% 16.38%
Cash Flow 19.81% 35.33% 17.48%
Earnings 0.00% 0.00% (62.37%)
Book Value 0.00% 0.00% 41.83%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.02 Actual 1.13

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.82 1.03 Beat by 0.21
Q4 FY25 0.71 0.83 Beat by 0.12
Q1 FY26 0.71 0.74 Beat by 0.03
Q2 FY26 1.02 1.13 Beat by 0.11
Q3 FY26 0.92 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (5.31) 2.19 — — —
’25 1.39 1.00 (1.33) (0.73) 0.39
’24 0.11 1.36 2.96 0.71 5.14
’23 3.98 1.88 0.28 3.90 10.03
’22 (2.92) 2.74 6.77 1.63 8.92
’21 (1.73) (1.55) 0.13 2.13 (0.13)
’20 7.40 (21.70) (5.44) (3.21) (21.55)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5 745 — — —
’25 602 707 557 610 2,476
’24 396 561 754 515 2,226
’23 582 477 314 794 2,166
’22 (33) 441 792 370 1,571
’21 21 25 132 319 497
’20 507 (52) 47 50 552
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 324 322 — — —
’25 407 362 423 313 1,505
’24 392 340 386 290 1,409
’23 269 308 264 342 1,183
’22 154 210 277 287 928
’21 63 106 94 133 396
’20 101 102 56 73 332
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (311) (58) — — —
’25 143 35 71 5 253
’24 (15) 117 4 (372) (266)
’23 (192) (65) (386) (36) (679)
’22 (264) 99 (24) (242) (431)
’21 28 (63) (66) (96) (197)
’20 (4) 16 (3) 38 48
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 145 209 679 472 552 497 1,571 2,166 2,226 2,476 1,917 +37.1% 2,175 2,523 2,414 (0.8%)
Gross margin, % 57.77 66.40 83.51 62.60 73.54 50.14 73.33 76.59 73.63 75.56 66.68 +17.8 pt
EBT (295) (11) 144 (76) (906) 7 776 1,001 681 63 (640) n/m
EBT margin, % (203.51) (5.14) 21.16 (16.16) (164.11) 1.33 49.43 46.20 30.59 2.53 (33.39) +206.0 pt
Net income (293) (9) 144 (76) (906) 6 773 923 520 39 (486) n/m
Per share, $
Per share, $ Revenue 23.69 33.54 28.74 12.20 12.92 7.89 19.99 23.68 22.29 25.34 18.11 +0.8%
Earnings (48.00) (1.50) 6.10 (2.00) (21.55) (0.13) 9.26 10.09 5.21 0.40 (5.13) n/m
Cash flow 16.66 11.69 10.34 8.78 7.76 6.29 11.82 12.93 14.11 15.41 13.04 (0.9%)
Capex (14.87) (19.11) (20.09) (14.70) (6.64) (9.43) (17.31) (20.36) (16.77) (12.82) (15.82) (1.6%)
Free cash flow 1.79 (7.41) (9.75) (5.93) 1.12 (3.13) (5.49) (7.42) (2.66) 2.59 (2.78) +4.2%
Book value (79.68) (78.65) 18.20 14.43 (5.22) 3.42 9.49 22.38 23.24 21.76 18.85 n/m
Shares, m 6 6 24 39 43 63 79 91 100 98 100 +36.1%
Valuation, ×
Valuation, × P/E 0.00 0.00 3.69 0.00 0.00 0.00 3.16 3.65 7.12 58.03 0.00 7.6
P/S 1.22 0.76 0.79 1.92 0.68 2.61 1.45 1.56 1.67 0.85 1.24 1.3
P/B 0.00 0.00 1.24 1.62 0.00 6.03 3.06 1.65 1.60 0.99 1.19 1.6
EV/Sales 6.93 5.69 2.06 4.57 2.29 4.33 2.44 2.39 2.74 1.77 2.65 3.5
EV/FCF 91.84 (25.73) (6.08) (9.40) 26.52 (10.91) (8.88) (7.64) (22.88) 17.31 (17.27) 4.4
Cash, $m
Cash, $m Operating cash flow 102 73 244 340 332 396 928 1,183 1,409 1,505 1,381 +34.9%
Capex (91) (119) (475) (569) (284) (594) (1,360) (1,862) (1,675) (1,252) (1,675) +33.8%
Free cash flow 11 (46) (230) (229) 48 (197) (431) (679) (266) 253 (294) +41.8%
Balance, $m
Balance, $m Working capital (31) 29 (3) (70) (57) (112) (24) 124 (44) 47 (128) n/m
Net debt 826 877 712 1,096 892 791 1,488 1,752 2,314 2,214 2,646 +11.6%
Shareholders’ equity (487) (491) 430 559 (223) 215 745 2,048 2,320 2,126 1,995 n/m
Returns, %
Returns, % ROA (50.91) (1.73) 13.45 (4.54) (66.34) (0.70) 33.09 25.08 10.32 0.70 (8.43) +51.6 pt
ROIC (42.31) 9.79 23.68 2.10 (78.61) 4.84 23.88 18.46 11.30 3.54 (6.22) +45.8 pt
ROE 85.69 1.88 (471.30) (15.65) (549.48) 205.53 151.54 66.09 23.82 1.74 (22.05) (83.9) pt
People
People Employees 19 18 20 24 25 25 33 38 49 64 — +14.4%
Revenue/emp, $m 7.63 11.63 33.95 19.68 22.09 19.88 47.59 57.01 45.42 38.68 — +19.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 2 Oct 2026

Northern Oil and Gas, Inc. vs peers in Oil & Gas E&P (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CRK Comstock Resources, Inc. $3.9B 9.1× 27.6× −14.56% (below 0%: shrinking) −80.00% (below 0%: shrinking) −56.99% (below 0%: shrinking) 0.00% 5.97% Compare
BSM Black Stone Minerals, L.P. $3.1B 13.6× 15.4× −24.72% (below 0%: shrinking) −38.45% (below 0%: shrinking) −4.44% (below 0%: shrinking) 100.00% 56.37% Compare
GPOR Gulfport Energy Corporation $2.7B 6.0× 6.6× −4.55% (below 0%: shrinking) +21.83% (above 0%: growing) −226.88% (below 0%: shrinking) 94.50% 38.83% Compare
TALO Talos Energy Inc. $2.5B — (loss-making) — (loss-making) +32.43% (above 0%: growing) n/m +471.14% (above 0%: growing) 100.00% 26.33% Compare
NOG Northern Oil and Gas, Inc. $2.4B — (loss-making) — (loss-making) +5.44% (above 0%: growing) +119.61% (above 0%: growing) −266.95% (below 0%: shrinking) 76.81% 47.31%
BKV BKV Corporation $2.0B 6.6× 12.0× +1.57% (above 0%: growing) −44.72% (below 0%: shrinking) −1,530.03% (below 0%: shrinking) 60.28% 26.13% Compare
KRP Kimbell Royalty $1.9B 19.6× 15.6× +7.09% (above 0%: growing) −36.84% (below 0%: shrinking) −118.49% (below 0%: shrinking) 100.00% 36.27% Compare
MNR Mach Natural Resources LP $1.7B 11.4× 8.8× +17.13% (above 0%: growing) n/m +174.08% (above 0%: growing) 0.00% 11.45% Compare
VET Vermilion Energy Inc. $1.6B — (loss-making) 16.2× +17.00% (above 0%: growing) n/m +110.78% (above 0%: growing) 67.53% 29.66% Compare
Median of peers $2.2B 10.2× 15.4× +4.33% −38.45% −30.71% 81.01% 28.00%

All 74 Oil & Gas E&P stocks →

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.60m (3.47m) 297.02
2024 8.07m 8.56m 480.21
2023 10.25m 10.34m 458.40
2022 2.92m 4.59m 365.49
2021 2.62m 3.78m 236.69

Ownership

Directors and executive officers, together 2.80%
BlackRock, Inc.50 Hudson YardsNew York, NY 13.20%
American Century Investment Management Inc.4500 Main Street, 7.60%
FMR, LLC245 Summer Street, Boston, MA 6.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Northern Oil and Gas, Inc. (NOG) Latest News

5 Nov

Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Associated Press
Impact 3 · · Business Wire

29 Oct

Impact 3 · · Zacks

23 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · Zacks

19 Oct

Impact 4 · · Simply Wall St.

16 Oct

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12 Oct

Impact 3 · · Business Wire

30 Sep

Impact 3 · · Insider Monkey

29 Sep

Impact 4 · · StockStory

4 Sep

Impact 3 ·

27 Aug

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26 Aug

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19 Aug

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Impact 3 ·
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18 Aug

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15 Aug

Impact 3 ·

13 Aug

Impact 4 · · The Motley Fool transcript

11 Aug

Impact 3 ·

8 Aug

Impact 3 ·
Impact 3 · · MarketBeat
Impact 3 ·

7 Aug

Impact 4 · transcript
Impact 4 · · Moby transcript

6 Aug

Impact 3 ·
Impact 3 ·

NOG metrics, ten years each

stockrow.com/NOG · Data as of Oct 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com