Northern O & G Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Northern O & G has an operating margin of 37.6%, meaning the company retains $38 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 51.8% the prior year.
Northern O & G's revenue grew a modest 2.7% year-over-year to $2.2B. This slow but positive growth earns a score of 36/100.
Northern O & G carries a low D/E ratio of 1.02, meaning only $1.02 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 73/100, indicating a strong balance sheet with room for future borrowing.
Northern O & G's current ratio of 0.92 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 17/100, which could limit financial flexibility.
Northern O & G earns a strong 22.4% return on equity (ROE), meaning it generates $22 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 90/100. This is down from 45.1% the prior year.
Northern O & G scores 1.45, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Northern O & G passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Northern O & G generates $2.71 in operating cash flow ($1.4B OCF vs $520.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Northern O & G earns $5.3 in operating income for every $1 of interest expense ($837.8M vs $157.7M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows Northern O & G (NOG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Northern O & G generated $2.2B in revenue in fiscal year 2024. This represents an increase of 2.7% from the prior year.
Northern O & G reported $520.3M in net income in fiscal year 2024. This represents a decrease of 43.6% from the prior year.
Northern O & G earned $5.14 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 48.8% from the prior year.
Northern O & G held $8.9M in cash against $2.4B in long-term debt as of fiscal year 2024.
Northern O & G had 99M shares outstanding in fiscal year 2024. This represents a decrease of 1.6% from the prior year.
Northern O & G's gross margin was 80.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 3.3 percentage points from the prior year.
Northern O & G's operating margin was 37.6% in fiscal year 2024, reflecting core business profitability. This is down 14.2 percentage points from the prior year.
Northern O & G's net profit margin was 23.4% in fiscal year 2024, showing the share of revenue converted to profit. This is down 19.2 percentage points from the prior year.
Northern O & G's ROE was 22.4% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 22.6 percentage points from the prior year.
Northern O & G spent $94.5M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 1080.6% from the prior year.
NOG Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $556.6M-21.2% | $706.8M+17.4% | $602.1M+16.9% | $515.0M-8.2% | $560.8M+41.5% | $396.3M-50.1% | $793.5M+152.7% | $314.0M |
| Cost of Revenue | $118.3M-2.6% | $121.4M+6.5% | $114.0M-2.2% | $116.6M+15.6% | $100.9M-4.4% | $105.4M+3.3% | $102.1M+23.7% | $82.5M |
| Gross Profit | $438.3M-25.1% | $585.4M+19.9% | $488.1M+22.5% | $398.4M-13.4% | $459.9M+58.1% | $290.9M-57.9% | $691.5M+198.7% | $231.5M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $14.1M-9.8% | $15.6M+7.9% | $14.5M-6.7% | $15.5M+14.7% | $13.5M+18.8% | $11.4M+19.3% | $9.6M-19.4% | $11.8M |
| Operating Income | -$125.8M-171.4% | $176.2M-23.2% | $229.3M+72.9% | $132.6M-39.4% | $218.9M+318.4% | $52.3M-89.2% | $484.0M+1040.6% | $42.4M |
| Interest Expense | $43.0M-3.3% | $44.4M+1.3% | $43.9M-3.1% | $45.3M+20.1% | $37.7M-0.6% | $37.9M+3.9% | $36.5M-1.4% | $37.0M |
| Income Tax | -$39.7M-223.4% | $32.2M-31.2% | $46.8M+190.0% | $16.1M-62.2% | $42.7M+1402.0% | $2.8M-95.2% | $58.8M+384.0% | -$20.7M |
| Net Income | -$129.1M-229.6% | $99.6M-28.3% | $139.0M+93.8% | $71.7M-48.3% | $138.6M+1093.8% | $11.6M-97.0% | $388.9M+1389.2% | $26.1M |
| EPS (Diluted) | $-1.33-233.0% | $1.00-28.1% | $1.39+95.8% | $0.71-47.8% | $1.36+1136.4% | $0.11-97.2% | $3.89+1289.3% | $0.28 |
NOG Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.5B-3.7% | $5.7B+0.5% | $5.7B+1.3% | $5.6B+18.6% | $4.7B+2.0% | $4.6B+3.3% | $4.5B+4.2% | $4.3B |
| Current Assets | $542.5M-7.8% | $588.4M+12.8% | $521.6M+4.2% | $500.7M+21.0% | $413.7M+0.2% | $412.8M-19.0% | $509.4M+8.5% | $469.6M |
| Cash & Equivalents | $31.6M+22.4% | $25.9M-23.0% | $33.6M+275.9% | $8.9M+14.8% | $7.8M-76.0% | $32.5M+296.2% | $8.2M-36.7% | $13.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $334.0M-18.6% | $410.2M+0.2% | $409.6M+5.1% | $389.7M+8.3% | $359.6M+8.6% | $331.1M-10.6% | $370.5M+1.9% | $363.5M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $3.2B-1.2% | $3.3B+0.5% | $3.3B-0.3% | $3.3B+23.6% | $2.7B+0.9% | $2.6B+8.0% | $2.4B-15.9% | $2.9B |
| Current Liabilities | $495.3M+1.5% | $488.2M-13.5% | $564.3M+3.7% | $544.3M+16.9% | $465.6M+8.8% | $428.0M+11.0% | $385.8M-36.0% | $602.5M |
| Long-Term Debt | $2.3B-0.8% | $2.4B+2.4% | $2.3B-2.5% | $2.4B+26.4% | $1.9B-3.3% | $1.9B+5.6% | $1.8B-10.8% | $2.1B |
| Total Equity | $2.2B-7.0% | $2.4B+0.5% | $2.4B+3.5% | $2.3B+12.2% | $2.1B+3.3% | $2.0B-2.2% | $2.0B+45.5% | $1.4B |
| Retained Earnings | $552.0M-19.0% | $681.1M+17.1% | $581.5M+31.4% | $442.5M+511.4% | $72.4M+209.4% | -$66.2M+14.9% | -$77.8M+83.3% | -$466.6M |
NOG Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $423.1M+16.8% | $362.1M-11.1% | $407.4M+40.4% | $290.3M-14.7% | $340.5M-13.2% | $392.1M+14.5% | $342.4M+29.7% | $263.9M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$352.6M-7.7% | -$327.3M-23.7% | -$264.6M+60.1% | -$662.6M-196.9% | -$223.2M+45.2% | -$407.1M-7.6% | -$378.1M+38.3% | -$612.8M |
| Financing Cash Flow | -$64.8M-52.1% | -$42.6M+64.0% | -$118.2M-134.1% | $346.9M+344.4% | -$142.0M-462.3% | $39.2M+26.3% | $31.0M-91.1% | $347.1M |
| Dividends Paid | $43.7M-1.3% | $44.3M+6.1% | $41.7M-0.1% | $41.8M+3.9% | $40.2M+0.3% | $40.1M+13.8% | $35.3M+2.7% | $34.3M |
| Share Buybacks | $0-100.0% | $35.0M+133.3% | $15.0M-40.4% | $25.2M-27.8% | $34.9M+74.3% | $20.0M | $0 | $0 |
NOG Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.7%-4.1pp | 82.8%+1.8pp | 81.1%+3.7pp | 77.4%-4.7pp | 82.0%+8.6pp | 73.4%-13.7pp | 87.1%+13.4pp | 73.7% |
| Operating Margin | -22.6%-47.5pp | 24.9%-13.2pp | 38.1%+12.3pp | 25.8%-13.3pp | 39.0%+25.8pp | 13.2%-47.8pp | 61.0%+47.5pp | 13.5% |
| Net Margin | -23.2%-37.3pp | 14.1%-9.0pp | 23.1%+9.2pp | 13.9%-10.8pp | 24.7%+21.8pp | 2.9%-46.1pp | 49.0%+40.7pp | 8.3% |
| Return on Equity | N/A | 4.1%-1.7pp | 5.8%+2.7pp | 3.1%-3.6pp | 6.7%+6.1pp | 0.6%-18.4pp | 19.0%+17.1pp | 1.8% |
| Return on Assets | -2.4%-4.1pp | 1.8%-0.7pp | 2.5%+1.2pp | 1.3%-1.7pp | 2.9%+2.7pp | 0.3%-8.4pp | 8.7%+8.1pp | 0.6% |
| Current Ratio | 1.10-0.1 | 1.21+0.3 | 0.920.0 | 0.92+0.0 | 0.89-0.1 | 0.96-0.4 | 1.32+0.5 | 0.78 |
| Debt-to-Equity | 1.05+0.1 | 0.98+0.0 | 0.96-0.1 | 1.02+0.1 | 0.91-0.1 | 0.97+0.1 | 0.90-0.6 | 1.46 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: The current ratio is below 1.0 (0.92), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Northern O & G's annual revenue?
Northern O & G (NOG) reported $2.2B in total revenue for fiscal year 2024. This represents a 2.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Northern O & G's revenue growing?
Northern O & G (NOG) revenue grew by 2.7% year-over-year, from $2.2B to $2.2B in fiscal year 2024.
Is Northern O & G profitable?
Yes, Northern O & G (NOG) reported a net income of $520.3M in fiscal year 2024, with a net profit margin of 23.4%.
What is Northern O & G's earnings per share (EPS)?
Northern O & G (NOG) reported diluted earnings per share of $5.14 for fiscal year 2024. This represents a -48.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
How much debt does Northern O & G have?
As of fiscal year 2024, Northern O & G (NOG) had $8.9M in cash and equivalents against $2.4B in long-term debt.
What is Northern O & G's gross margin?
Northern O & G (NOG) had a gross margin of 80.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Northern O & G's operating margin?
Northern O & G (NOG) had an operating margin of 37.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Northern O & G's net profit margin?
Northern O & G (NOG) had a net profit margin of 23.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Northern O & G's return on equity (ROE)?
Northern O & G (NOG) has a return on equity of 22.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Northern O & G's operating cash flow?
Northern O & G (NOG) generated $1.4B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Northern O & G's total assets?
Northern O & G (NOG) had $5.6B in total assets as of fiscal year 2024, including both current and long-term assets.
Does Northern O & G buy back shares?
Yes, Northern O & G (NOG) spent $94.5M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Northern O & G have outstanding?
Northern O & G (NOG) had 99M shares outstanding as of fiscal year 2024.
What is Northern O & G's current ratio?
Northern O & G (NOG) had a current ratio of 0.92 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Northern O & G's debt-to-equity ratio?
Northern O & G (NOG) had a debt-to-equity ratio of 1.02 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Northern O & G's return on assets (ROA)?
Northern O & G (NOG) had a return on assets of 9.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Northern O & G's Altman Z-Score?
Northern O & G (NOG) has an Altman Z-Score of 1.45, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Northern O & G's Piotroski F-Score?
Northern O & G (NOG) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Northern O & G's earnings high quality?
Northern O & G (NOG) has an earnings quality ratio of 2.71x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Northern O & G cover its interest payments?
Northern O & G (NOG) has an interest coverage ratio of 5.3x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Northern O & G?
Northern O & G (NOG) scores 63 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.