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 $2.4B against $1.7B — 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 11.4×. Mach Natural Resources LP grew revenue faster over the last twelve months: 36.8% against −25.6%. Mach Natural Resources LP has the higher net margin (10.5% vs −25.4%) and the higher return on invested capital (5.30% 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 11.42 n/m 9.67
P/S 1.19 1.24 1.76
P/B 0.90 1.19 1.19
Price to free cash flow 5.97 n/m 8.37
EV/EBITDA 4.44 14.96 4.59
EV/Sales 2.06 2.65 2.27
Earnings yield 8.75% (22.92%) 7.55%
Free cash flow yield 16.74% (12.41%) 3.98%

Profitability

Metric MNR NOG Oil & Gas E&P median
Gross margin 0.00% 66.68% 79.54%
Operating margin 17.91% (24.10%) 24.01%
Net margin 10.47% (25.35%) 14.11%
Free cash flow margin 42.01% (15.34%) 7.72%
Return on equity 0.00% (22.05%) 8.99%
Return on assets 3.91% (8.43%) 4.63%
Return on invested capital 5.30% (6.22%) 6.33%

Growth

Metric MNR NOG Oil & Gas E&P median
Revenue growth (TTM) 36.75% (25.62%) 13.60%
EPS growth (last fiscal year) (42.63%) (92.41%) (10.17%)
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 0.29
Current ratio 0.79 0.80 0.92
Net debt to EBITDA 2.03 2.07 0.93

Dividend

Metric MNR NOG Oil & Gas E&P median
Dividend yield — 8.04% 3.76%
Payout ratio — — 0.33

Size

Metric MNR NOG Oil & Gas E&P median
Market cap 1.66b 2.36b 953.29m

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