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) Beneish M-score
Northern Oil and Gas, Inc.'s Beneish M-score for fiscal 2025 is −2.78; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.78 | 0.58 |
| FY2024 | −3.36 | (0.78) |
| FY2023 | −2.58 | (1.11) |
| FY2022 | −1.46 | (0.60) |
| FY2021 | −0.87 | 8.81 |
| FY2020 | −9.68 | (6.09) |
| FY2019 | −3.58 | (4.26) |
| FY2018 | 0.68 | 3.64 |
| FY2017 | −2.96 | 3.85 |
| FY2016 | −6.81 | 4.58 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.77 | — | 0.71 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 3.81 | — | 1.54 | |
| Sales growth index | 1.11 | — | 0.99 | |
| Depreciation index | 0.87 | — | 0.10 | |
| SG&A index | 1.09 | — | −0.19 | |
| Total accruals to total assets | (0.27) | — | −1.27 | |
| Leverage index | 1.04 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.78 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| VET Vermilion Energy Inc. compare | −4.1× |
| TALO Talos Energy Inc. compare | −3.9× |
| KRP Kimbell Royalty compare | −3.2× |
| GPOR Gulfport Energy Corporation compare | −2.8× |
| NOG Northern Oil and Gas, Inc. | −2.8× |
| BSM Black Stone Minerals, L.P. compare | −2.7× |
| MNR Mach Natural Resources LP compare | −2.3× |
| CRK Comstock Resources, Inc. compare | −2.2× |
| BKV BKV Corporation compare | −1.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI