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) Piotroski F-score
Northern Oil and Gas, Inc.'s Piotroski F-score for fiscal 2025 is 8 out of 9: 8 of nine tests of profitability, leverage and efficiency passed, up from 4 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 8 | 4.00 |
| FY2024 | 4 | (2.00) |
| FY2023 | 6 | (1.00) |
| FY2022 | 7 | 3.00 |
| FY2021 | 4 | (2.00) |
| FY2020 | 6 | 3.00 |
| FY2019 | 3 | (4.00) |
| FY2018 | 7 | 1.00 |
| FY2017 | 6 | 2.00 |
| FY2016 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 0.70% | 10.32% | Pass | 1 |
| Positive operating cash flow | 1.51b | 1.41b | Pass | 1 |
| Rising return on assets | 0.70% | 10.32% | Fail | 0 |
| Cash flow above net income | 1.47b | 888.36m | Pass | 1 |
| Falling long-term leverage | 0.44 | 0.47 | Pass | 1 |
| Rising current ratio | 1.09 | 0.92 | Pass | 1 |
| No new shares issued | 97,711,000 | 99,853,000 | Pass | 1 |
| Rising gross margin | 75.56% | 73.63% | Pass | 1 |
| Rising asset turnover | 0.45 | 0.44 | Pass | 1 |
| Piotroski F-score | Strong — most fundamentals improved | 8 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| NOG Northern Oil and Gas, Inc. | 8 |
| CRK Comstock Resources, Inc. compare | 7 |
| GPOR Gulfport Energy Corporation compare | 7 |
| BKV BKV Corporation compare | 7 |
| BSM Black Stone Minerals, L.P. compare | 6 |
| KRP Kimbell Royalty compare | 6 |
| VET Vermilion Energy Inc. compare | 5 |
| TALO Talos Energy Inc. compare | 5 |
| MNR Mach Natural Resources LP compare | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover