Northern Oil and Gas, Inc.
NOG Energy Oil & Gas E&P
In the quarter to June 2026, revenue grew 5.44%, EPS grew 119.6%, free cash flow fell 267.0% and total debt rose 15.2%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three, operating cash flow growth for five; insiders bought in the last twelve months.
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Northern Oil and Gas, Inc. (NOG) Altman Z-score
Northern Oil and Gas, Inc.'s Altman Z-score for fiscal 2025 is 1.13, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.13 | (0.54) |
| FY2024 | 1.67 | (0.48) |
| FY2023 | 2.15 | 0.44 |
| FY2022 | 1.71 | 2.34 |
| FY2021 | −0.63 | 4.65 |
| FY2020 | −5.28 | (5.34) |
| FY2019 | 0.06 | (0.89) |
| FY2018 | 0.95 | 2.27 |
| FY2017 | −1.31 | 3.10 |
| FY2016 | −4.41 | 1.34 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.01 | — | 0.01 | |
| Retained earnings / total assets | 0.09 | — | 0.12 | |
| EBIT / total assets | 0.05 | — | 0.15 | |
| Market value of equity / total liabilities | 0.64 | — | 0.38 | |
| Sales / total assets | 0.46 | — | 0.46 | |
| Altman Z-score | Distress zone | 1.13 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.33 | ||
Z and Z″ put Northern Oil and Gas, Inc. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| GPOR Gulfport Energy Corporation compare | 3.8× |
| CRK Comstock Resources, Inc. compare | 1.8× |
| BKV BKV Corporation compare | 1.5× |
| NOG Northern Oil and Gas, Inc. | 1.1× |
| VET Vermilion Energy Inc. compare | 0.3× |
| TALO Talos Energy Inc. compare | 0.1× |
| MNR Mach Natural Resources LP compare | — |
| KRP Kimbell Royalty compare | — |
| BSM Black Stone Minerals, L.P. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets