Mach Natural Resources LP (MNR) vs Northern Oil and Gas, Inc. (NOG)

Mach Natural Resources LP and Northern Oil and Gas, Inc. are both Oil & Gas E&P companies. Northern Oil and Gas, Inc. is the larger, with a market value of $2.5B against $1.8B — 1.4× the size. Northern Oil and Gas, Inc. has negative trailing earnings, so its P/E is not meaningful; Mach Natural Resources LP trades at 17.3×. Mach Natural Resources LP grew revenue faster over the last twelve months: 34.4% against −25.6%. Mach Natural Resources LP has the higher net margin (7.44% vs −25.4%) and the higher return on invested capital (4.09% vs −6.22%). Across the 18 metrics below, Mach Natural Resources LP leads on 16 and Northern Oil and Gas, Inc. on 2.

Valuation

Metric MNR NOG Oil & Gas E&P median
P/E 17.33 n/m 10.57
P/S 1.29 1.29 1.80
P/B 0.94 1.24 1.27
Price to free cash flow 6.96 n/m 9.99
EV/EBITDA 5.28 15.25 5.08
EV/Sales 2.18 2.70 2.39
Earnings yield 5.77% (22.03%) 6.06%
Free cash flow yield 14.36% (11.93%) 6.17%

Profitability

Metric MNR NOG Oil & Gas E&P median
Gross margin 56.26% 66.68% 80.41%
Operating margin 14.40% (24.10%) 21.39%
Net margin 7.44% (25.35%) 14.17%
Free cash flow margin 18.51% (15.34%) 9.71%
Return on equity 0.00% (22.05%) 10.05%
Return on assets 3.35% (8.43%) 5.81%
Return on invested capital 4.09% (6.22%) 6.32%

Growth

Metric MNR NOG Oil & Gas E&P median
Revenue growth (TTM) 34.42% (25.62%) 9.94%
EPS growth (last fiscal year) (42.63%) (92.41%) —
Revenue growth, 5-year CAGR — 35.00% 18.67%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric MNR NOG Oil & Gas E&P median
Debt to equity 0.63 1.37 0.28
Current ratio 0.88 0.80 0.96
Net debt to EBITDA 2.03 2.07 0.91

Dividend

Metric MNR NOG Oil & Gas E&P median
Dividend yield — 4.49% 4.93%
Payout ratio — 0.09 0.07

Size

Metric MNR NOG Oil & Gas E&P median
Market cap 1.76b 2.51b 923.59m

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