What is Northern O & G's earnings per share (EPS)?

Northern O & G (NOG) reported diluted earnings per share of $0.39 for fiscal year 2025. This represents a -92.4% 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.

Northern O & G Financials

NOG

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Northern O & G (NOG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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).

Rhea AI NOG FY2025 2026-04-29

Cash generation stayed strong even as reported earnings collapsed, showing a business driven more by cash flow than accounting profit.

Latest-year operating cash flow reached $1.51B while net income was only $38.8M. Because that cash-profit gap widened from the prior year even as gross margin held near 81.0%, the earnings squeeze appears to sit below gross profit rather than in the core revenue engine.

Gross margin held near 81.0% but operating margin compressed to 9.9%. That pattern means the top line still throws off substantial gross profit, yet far more of it is being absorbed by costs or charges before it reaches operating income.

The balance-sheet posture is sturdier than earlier in the cycle, with debt to equity improving from 3.7x to 1.1x. At the same time, $1.51B of operating cash flow exceeded $1.25B of investing outflows, allowing net financing cash to turn negative without cutting back on investment.

Financial Health Signals

Financial Health Score 47/100

Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Northern O & G's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Growth

Leverage

Liquidity

Returns

Altman Z-Score Distress

1.11

Northern O & G scores 1.11, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Strong

7/9

Northern O & G passes 7 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

38.84x

For every $1 of reported earnings, Northern O & G generates $38.84 in operating cash flow ($1.5B OCF vs $38.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.4x

Northern O & G earns $1.4 in operating income for every $1 of interest expense ($245.8M vs $172.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$2.5B

YoY+11.2%

5Y CAGR+35.0%

10Y CAGR+24.6%

Northern O & G generated $2.5B in revenue in fiscal year 2025. This represents an increase of 11.2% from the prior year.

EBITDA

N/A

Net Income

$38.8M

YoY-92.6%

Northern O & G reported $38.8M in net income in fiscal year 2025. This represents a decrease of 92.6% from the prior year.

EPS (Diluted)

$0.39

YoY-92.4%

Northern O & G earned $0.39 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 92.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$14.3M

YoY+60.1%

5Y CAGR+58.5%

10Y CAGR+15.5%

Northern O & G held $14.3M in cash against $2.4B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

97M

YoY-1.9%

5Y CAGR+16.2%

Northern O & G had 97M shares outstanding in fiscal year 2025. This represents a decrease of 1.9% from the prior year.

Margins & Returns

Gross Margin

80.9%

YoY+0.2pp

5Y CAGR+1.9pp

Northern O & G's gross margin was 80.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.2 percentage points from the prior year.

Operating Margin

9.9%

YoY-27.7pp

5Y CAGR+162.3pp

10Y CAGR+416.9pp

Northern O & G's operating margin was 9.9% in fiscal year 2025, reflecting core business profitability. This is down 27.7 percentage points from the prior year.

Net Margin

1.6%

YoY-21.8pp

5Y CAGR+165.7pp

10Y CAGR+356.2pp

Northern O & G's net profit margin was 1.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 21.8 percentage points from the prior year.

Return on Equity

1.8%

YoY-20.6pp

Northern O & G's ROE was 1.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 20.6 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$57.0M

YoY-39.7%

10Y CAGR+66.9%

Northern O & G spent $57.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 39.7% from the prior year.

Capital Expenditures

N/A

NOG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.5B+11.2%	$2.2B+2.7%	$2.2B+37.9%	$1.6B+61.1%	$975.1M+76.6%	$552.2M
Cost of Revenue	$473.7M+10.2%	$429.8M+23.9%	$347.0M+33.1%	$260.7M+52.6%	$170.8M+46.8%	$116.3M
Gross Profit	$2.0B+11.5%	$1.8B-1.3%	$1.8B+38.9%	$1.3B+62.9%	$804.3M+84.5%	$435.9M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$61.3M+21.5%	$50.5M+7.8%	$46.8M-0.8%	$47.2M+55.6%	$30.3M+63.6%	$18.5M
Operating Income	$245.8M-70.7%	$837.8M-25.3%	$1.1B+31.5%	$853.2M+994.4%	$78.0M+109.3%	-$841.2M
Interest Expense	$172.4M+9.3%	$157.7M+16.3%	$135.7M+68.9%	$80.3M+36.1%	$59.0M+0.9%	$58.5M
Income Tax	$23.9M-85.1%	$160.5M+106.4%	$77.8M+2408.0%	$3.1M+1230.9%	$233K+240.4%	-$166K
Net Income	$38.8M-92.6%	$520.3M-43.6%	$923.0M+19.4%	$773.2M+12055.9%	$6.4M+100.7%	-$906.0M
EPS (Diluted)	$0.39-92.4%	$5.14-48.8%	$10.03+12.4%	$8.92+6961.5%	$-0.13+99.4%	$-21.55

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$5.0M-99.2%	$610.2M+9.6%	$556.6M-21.2%	$706.8M+17.4%	$602.1M+16.9%	$515.0M-31.7%	$753.6M+34.4%	$560.8M
Cost of Revenue	$129.7M+8.2%	$119.9M+1.3%	$118.3M-2.6%	$121.4M+6.5%	$114.0M-2.2%	$116.6M+9.1%	$106.9M+6.0%	$100.9M
Gross Profit	-$124.7M-125.4%	$490.3M+11.9%	$438.3M-25.1%	$585.4M+19.9%	$488.1M+22.5%	$398.4M-38.4%	$646.7M+40.6%	$459.9M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$23.2M+35.4%	$17.1M+21.4%	$14.1M-9.8%	$15.6M+7.9%	$14.5M-6.7%	$15.5M+55.2%	$10.0M-26.1%	$13.5M
Operating Income	-$654.9M-1835.3%	-$33.8M+73.1%	-$125.8M-171.4%	$176.2M-23.2%	$229.3M+72.9%	$132.6M-69.4%	$433.9M+98.2%	$218.9M
Interest Expense	$42.6M+2.3%	$41.6M-3.2%	$43.0M-3.3%	$44.4M+2.5%	$43.4M-4.2%	$45.3M+22.9%	$36.8M-2.3%	$37.7M
Income Tax	-$173.1M-1029.3%	-$15.3M+61.4%	-$39.7M-223.4%	$32.2M-31.2%	$46.8M+190.0%	$16.1M-83.7%	$98.8M+131.1%	$42.7M
Net Income	-$522.8M-639.2%	-$70.7M+45.2%	-$129.1M-229.6%	$99.6M-28.3%	$139.0M+93.8%	$71.7M-76.0%	$298.4M+115.4%	$138.6M
EPS (Diluted)	$-5.31	N/A	$-1.33-233.0%	$1.00-28.1%	$1.39	N/A	$2.96+117.6%	$1.36

NOG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.4B-3.5%	$5.6B+25.0%	$4.5B+56.0%	$2.9B+88.8%	$1.5B+74.6%	$872.1M
Current Assets	$586.0M+17.0%	$500.7M-1.7%	$509.4M+58.9%	$320.5M+48.8%	$215.3M+71.4%	$125.6M
Cash & Equivalents	$14.3M+60.1%	$8.9M+9.0%	$8.2M+224.2%	$2.5M-73.4%	$9.5M+566.6%	$1.4M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$349.9M-10.2%	$389.7M+5.2%	$370.5M+36.6%	$271.3M+40.2%	$193.6M+172.6%	$71.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.3B0.0%	$3.3B+34.8%	$2.4B+14.4%	$2.1B+62.9%	$1.3B+19.4%	$1.1B
Current Liabilities	$539.3M-0.9%	$544.3M+41.1%	$385.8M+11.8%	$345.0M+5.3%	$327.6M+79.5%	$182.5M
Long-Term Debt	$2.4B+1.1%	$2.4B+29.1%	$1.8B+20.3%	$1.5B+89.9%	$803.4M-8.7%	$879.8M
Total Equity	$2.1B-8.4%	$2.3B+13.3%	$2.0B+174.8%	$745.3M+246.4%	$215.1M+196.3%	-$223.3M
Retained Earnings	$481.3M+8.8%	$442.5M+668.9%	-$77.8M+92.2%	-$1.0B+43.6%	-$1.8B+0.4%	-$1.8B

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$5.5B+1.9%	$5.4B-1.5%	$5.5B-3.7%	$5.7B+0.5%	$5.7B+1.3%	$5.6B+10.8%	$5.1B+7.0%	$4.7B
Current Assets	$472.9M-19.3%	$586.0M+8.0%	$542.5M-7.8%	$588.4M+12.8%	$521.6M+4.2%	$500.7M-3.5%	$518.9M+25.4%	$413.7M
Cash & Equivalents	$37.0M+159.0%	$14.3M-54.8%	$31.6M+22.4%	$25.9M-23.0%	$33.6M+275.9%	$8.9M-74.0%	$34.4M+341.7%	$7.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$395.3M+13.0%	$349.9M+4.8%	$334.0M-18.6%	$410.2M+0.2%	$409.6M+5.1%	$389.7M+23.0%	$316.9M-11.9%	$359.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$3.7B+13.6%	$3.3B+1.0%	$3.2B-1.2%	$3.3B+0.5%	$3.3B-0.3%	$3.3B+19.8%	$2.7B+3.2%	$2.7B
Current Liabilities	$899.4M+66.8%	$539.3M+8.9%	$495.3M+1.5%	$488.2M-13.5%	$564.3M+3.7%	$544.3M+29.5%	$420.3M-9.7%	$465.6M
Long-Term Debt	$2.6B+6.5%	$2.4B+2.1%	$2.3B-0.8%	$2.4B+2.4%	$2.3B-2.5%	$2.4B+21.3%	$2.0B+4.2%	$1.9B
Total Equity	$1.8B-16.1%	$2.1B-5.3%	$2.2B-7.0%	$2.4B+0.5%	$2.4B+3.5%	$2.3B+0.3%	$2.3B+11.9%	$2.1B
Retained Earnings	-$41.6M-108.6%	$481.3M-12.8%	$552.0M-19.0%	$681.1M+17.1%	$581.5M+31.4%	$442.5M+19.3%	$370.8M+412.4%	$72.4M

NOG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.5B+6.9%	$1.4B+19.0%	$1.2B+27.5%	$928.4M+134.2%	$396.5M+19.5%	$331.7M
Capital Expenditures	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
Investing Cash Flow	-$1.3B+25.2%	-$1.7B+10.1%	-$1.9B-32.8%	-$1.4B-121.1%	-$634.4M-123.5%	-$283.9M
Financing Cash Flow	-$247.5M-192.7%	$266.8M-61.0%	$684.7M+46.5%	$467.4M+89.9%	$246.1M+494.3%	-$62.4M
Dividends Paid	$173.4M+7.1%	$162.0M+30.7%	$123.9M+140.2%	$51.6M+945.0%	$4.9M	$0
Share Buybacks	$57.0M-39.7%	$94.5M+1080.6%	$8.0M-85.3%	$54.5M	$0	$0

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$323.6M+3.5%	$312.6M-26.1%	$423.1M+16.8%	$362.1M-11.1%	$407.4M+40.4%	$290.3M-24.8%	$385.8M+13.3%	$340.5M
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	-$634.7M-106.0%	-$308.1M+12.6%	-$352.6M-7.7%	-$327.3M-23.7%	-$264.6M+60.1%	-$662.6M-73.5%	-$381.9M-71.1%	-$223.2M
Financing Cash Flow	$333.8M+1623.7%	-$21.9M+66.2%	-$64.8M-52.1%	-$42.6M+64.0%	-$118.2M-134.1%	$346.9M+1429.8%	$22.7M+116.0%	-$142.0M
Dividends Paid	$44.5M+1.8%	$43.7M0.0%	$43.7M-1.3%	$44.3M+6.1%	$41.7M-0.1%	$41.8M+4.8%	$39.9M-0.9%	$40.2M
Share Buybacks	$0-100.0%	$7.0M	$0-100.0%	$35.0M+133.3%	$15.0M-40.4%	$25.2M+74.2%	$14.5M-58.6%	$34.9M

NOG Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	80.9%+0.2pp	80.7%-3.3pp	84.0%+0.6pp	83.4%+0.9pp	82.5%+3.5pp	78.9%
Operating Margin	9.9%-27.7pp	37.6%-14.2pp	51.8%-2.5pp	54.3%+46.3pp	8.0%+160.3pp	-152.3%
Net Margin	1.6%-21.8pp	23.4%-19.2pp	42.6%-6.6pp	49.2%+48.6pp	0.7%+164.7pp	-164.1%
Return on Equity	1.8%-20.6pp	22.4%-22.6pp	45.1%-58.7pp	103.8%+100.8pp	3.0%	N/A
Return on Assets	0.7%-8.6pp	9.3%-11.3pp	20.6%-6.3pp	26.9%+26.5pp	0.4%+104.3pp	-103.9%
Current Ratio	1.09+0.2	0.92-0.4	1.32+0.4	0.93+0.3	0.66-0.0	0.69
Debt-to-Equity	1.13+0.1	1.02+0.1	0.90-1.2	2.05-1.7	3.73+7.7	-3.94
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	-2480.0%-2560.3pp	80.3%+1.6pp	78.7%-4.1pp	82.8%+1.8pp	81.1%+3.7pp	77.4%-8.5pp	85.8%+3.8pp	82.0%
Operating Margin	-13022.1%-13016.6pp	-5.5%+17.0pp	-22.6%-47.5pp	24.9%-13.2pp	38.1%+12.3pp	25.8%-31.8pp	57.6%+18.5pp	39.0%
Net Margin	-10396.6%-10385.0pp	-11.6%+11.6pp	-23.2%-37.3pp	14.1%-9.0pp	23.1%+9.2pp	13.9%-25.7pp	39.6%+14.9pp	24.7%
Return on Equity	-29.3%-26.0pp	-3.3%+2.4pp	-5.8%-9.9pp	4.1%-1.7pp	5.8%+2.7pp	3.1%-9.8pp	12.9%+6.2pp	6.7%
Return on Assets	-9.5%-8.2pp	-1.3%+1.0pp	-2.4%-4.1pp	1.8%-0.7pp	2.5%+1.2pp	1.3%-4.6pp	5.9%+3.0pp	2.9%
Current Ratio	0.53-0.6	1.090.0	1.10-0.1	1.21+0.3	0.920.0	0.92-0.3	1.23+0.3	0.89
Debt-to-Equity	1.43+0.3	1.13+0.1	1.05+0.1	0.98+0.0	0.96-0.1	1.02+0.2	0.84-0.1	0.91
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Northern O & G's annual revenue?

Northern O & G (NOG) reported $2.5B in total revenue for fiscal year 2025. This represents a 11.2% 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 11.2% year-over-year, from $2.2B to $2.5B in fiscal year 2025.

Is Northern O & G profitable?

Yes, Northern O & G (NOG) reported a net income of $38.8M in fiscal year 2025, with a net profit margin of 1.6%.

How much debt does Northern O & G have?

As of fiscal year 2025, Northern O & G (NOG) had $14.3M 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 80.9% in fiscal year 2025, 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 9.9% in fiscal year 2025, 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 1.6% in fiscal year 2025, 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 1.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Northern O & G's operating cash flow?

Northern O & G (NOG) generated $1.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Northern O & G's total assets?

Northern O & G (NOG) had $5.4B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Northern O & G buy back shares?

Yes, Northern O & G (NOG) spent $57.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Northern O & G have outstanding?

Northern O & G (NOG) had 97M shares outstanding as of fiscal year 2025.

What is Northern O & G's current ratio?

Northern O & G (NOG) had a current ratio of 1.09 as of fiscal year 2025, which is considered adequate.

What is Northern O & G's debt-to-equity ratio?

Northern O & G (NOG) had a debt-to-equity ratio of 1.13 as of fiscal year 2025, 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 0.7% for fiscal year 2025, 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 1.11, 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 7 out of 9, indicating strong 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 to 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 38.84x, 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 1.4x, meaning it can struggle to 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 47 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.