Northern O & G (NOG) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NOG SEC filings page.
Northern O & G (NOG) reported $1.9B in revenue over the twelve months to Jun 30, 2026, down 25.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Northern Oil and Gas converts operating activity into cash, but rising reinvestment and financing commitments leave reported profit unusually thin.
Gross margin stayed broadly stable from FY2024 to FY2025, yet operating margin fell from37.6% to9.9% ; the issue was therefore below the gross-profit line, not simply weaker sales volume. Operating cash flow reached$1.5B against net income of only$38.8M , pointing to substantial noncash charges and/or working-capital effects that make accounting earnings and cash generation describe different timing.
The capital-intensive cash profile is clear: FY2025 operating cash flow of
Balance-sheet flexibility narrowed compared with FY2023. Debt-to-equity rose from 0.9x to 1.1x, while the current ratio fell from 1.3x to 1.1x, leaving the company more dependent on continued operating cash generation to support its financing structure.
Financial Health Signals
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.
Northern O & G has an operating margin of 9.9%, meaning the company retains $10 of operating profit per $100 of revenue. This strong profitability earns a score of 69/100, reflecting efficient cost management and pricing power. This is down from 37.6% the prior year.
Northern O & G's revenue grew 11.2% year-over-year to $2.5B, a solid pace of expansion. This earns a growth score of 65/100.
Northern O & G has a moderate D/E ratio of 1.13. This balance of debt and equity financing earns a leverage score of 42/100.
Northern O & G's current ratio of 1.09 indicates adequate short-term liquidity, earning a score of 38/100. The company can meet its near-term obligations, though with limited headroom.
Not available for Northern O & G, and counted as zero in the overall score.
Northern O & G earns a strong 1.8% return on equity (ROE), meaning it generates $2 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 73/100. This is down from 22.4% the prior year.
Northern O & G scores 1.25, 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.
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.
Northern O & G reported $38.8M of net income while generating $1.5B in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead.
Northern O & G earns $1.43 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
Earnings & Revenue
Northern O & G generated $745.2M in revenue in Q2 2026. This represents an increase of 5.4% from the same quarter a year earlier. Against the prior quarter it is up 14718.8%.
Northern O & G reported $236.6M in net income in Q2 2026. This represents an increase of 137.6% from the same quarter a year earlier. Against the prior quarter it is up 145.3%.
Northern O & G earned $2.19 per diluted share (EPS) in Q2 2026. This represents an increase of 119.0% from the same quarter a year earlier. Against the prior quarter it is up 141.2%.
Not reported for Q2 2026.
Cash & Balance Sheet
Northern O & G held $47.6M in cash against $2.7B in long-term debt as of Q2 2026.
Northern O & G paid $0.45 per share in dividends in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q2 2026.
Margins & Returns
Northern O & G's gross margin was 83.0% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 0.1 percentage points from the same quarter a year earlier.
Northern O & G's operating margin was 47.3% in Q2 2026, reflecting core business profitability. This is up 22.4 percentage points from the same quarter a year earlier.
Northern O & G's net profit margin was 31.8% in Q2 2026, showing the share of revenue converted to profit. This is up 17.7 percentage points from the same quarter a year earlier.
Northern O & G's ROE was 11.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 7.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 41.2 percentage points.
Capital Allocation
Northern O & G spent $50.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 43.0% from the same quarter a year earlier.
Not reported for Q2 2026.
Not reported for Q2 2026.
NOG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $745.2M+5.4% | $5.0M-99.2% | $610.2M+18.5% | $556.6M-26.1% | $706.8M+26.0% | $602.1M+51.9% | $515.0M-35.1% | $753.6M+140.0% |
| Cost of Revenue | $127.1M+4.7% | $129.7M+13.8% | $119.9M+2.8% | $118.3M+10.7% | $121.4M+20.4% | $114.0M+8.1% | $116.6M+14.2% | $106.9M+29.6% |
| Gross Profit | $618.1M+5.6% | -$124.7M-125.6% | $490.3M+23.1% | $438.3M-32.2% | $585.4M+27.3% | $488.1M+67.8% | $398.4M-42.4% | $646.7M+179.4% |
| SG&A Expenses | $24.5M+57.0% | $23.2M+60.0% | $17.1M+10.3% | $14.1M+40.9% | $15.6M+15.4% | $14.5M+27.1% | $15.5M+62.5% | $10.0M-15.5% |
| Operating Income | $352.5M+100.1% | -$654.9M-385.6% | -$33.8M-125.5% | -$125.8M-129.0% | $176.2M-19.5% | $229.3M+338.2% | $132.6M-72.6% | $433.9M+922.5% |
| Interest Expense | $41.4M-6.6% | $42.6M-1.8% | $41.7M-7.9% | $43.0M+16.7% | $44.4M+17.8% | $43.4M+14.3% | $45.3M+24.0% | $36.8M-0.5% |
| Income Tax | $74.0M+129.8% | -$173.1M-469.8% | -$15.3M-195.0% | -$39.7M-140.2% | $32.2M-24.7% | $46.8M+1544.6% | $16.1M-72.5% | $98.8M+577.4% |
| Net Income | $236.6M+137.6% | -$522.8M-476.2% | -$70.7M-198.6% | -$129.1M-143.2% | $99.6M-28.1% | $139.0M+1097.5% | $71.7M-81.6% | $298.4M+1043.0% |
| EPS (Basic) | $2.24+119.6% | -$5.31-476.6% | -$0.72-198.6% | -$1.33-144.3% | $1.02-26.1% | $1.41+1075.0% | $0.73-82.1% | $3.00+971.4% |
| EPS (Diluted) | $2.19+119.0% | -$5.31-482.0% | -$0.71-198.6% | -$1.33-144.9% | $1.00-26.5% | $1.39+1163.6% | $0.72-82.3% | $2.96+957.1% |
| Diluted Shares (Avg) | 108M+8.7% | 99M-1.5% | N/A | 97M-3.6% | 99M-2.5% | 100M-1.6% | N/A | 101M+7.4% |
Not reported in any period shown, so not listed: R&D Expenses, EBITDA.
NOG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.8B+2.2% | $5.5B-2.8% | $5.4B-3.5% | $5.5B+8.7% | $5.7B+20.7% | $5.7B+22.5% | $5.6B+25.0% | $5.1B+17.4% |
| Current Assets | $502.1M-14.7% | $472.9M-9.3% | $586.0M+17.0% | $542.5M+4.5% | $588.4M+42.2% | $521.6M+26.4% | $500.7M-1.7% | $518.9M+10.5% |
| Cash & Equivalents | $47.6M+84.1% | $37.0M+10.3% | $14.3M+60.1% | $31.6M-7.9% | $25.9M+232.4% | $33.6M+3.4% | $8.9M+9.0% | $34.4M+165.3% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $377.8M-7.9% | $395.3M-3.5% | $349.9M-10.2% | $334.0M+5.4% | $410.2M+14.1% | $409.6M+23.7% | $389.7M+5.2% | $316.9M-12.8% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $3.8B+16.5% | $3.7B+14.0% | $3.3B0.0% | $3.2B+18.5% | $3.3B+23.8% | $3.3B+24.3% | $3.3B+34.8% | $2.7B-5.4% |
| Current Liabilities | $630.5M+29.1% | $899.4M+59.4% | $539.3M-0.9% | $495.3M+17.9% | $488.2M+4.9% | $564.3M+31.8% | $544.3M+41.1% | $420.3M-30.2% |
| Non-Current Liabilities | $3.2B+14.3% | $2.8B+4.5% | $2.7B+0.2% | $2.8B+18.6% | $2.8B+27.9% | $2.7B+22.9% | $2.7B+33.6% | $2.3B+1.2% |
| Long-Term Debt | $2.7B+15.2% | $2.6B+10.4% | $2.4B+1.1% | $2.3B+20.1% | $2.4B+26.2% | $2.3B+19.2% | $2.4B+29.1% | $2.0B-5.1% |
| Total Equity | $2.0B-17.3% | $1.8B-25.7% | $2.1B-8.4% | $2.2B-3.0% | $2.4B+16.7% | $2.4B+20.0% | $2.3B+13.3% | $2.3B+64.3% |
| Retained Earnings | $195.1M-71.4% | -$41.6M-107.1% | $481.3M+8.8% | $552.0M+48.9% | $681.1M+841.1% | $581.5M+978.6% | $442.5M+668.9% | $370.8M+179.5% |
Not reported in any period shown, so not listed: Inventory, Goodwill.
NOG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $321.6M-11.2% | $323.6M-20.6% | $312.6M+7.7% | $423.1M+9.7% | $362.1M+6.4% | $407.4M+3.9% | $290.3M-15.2% | $385.8M+46.2% |
| Stock-Based Compensation | $4.4M+16.8% | $3.7M+3.7% | N/A | N/A | $3.8M | $3.6M+57.3% | N/A | N/A |
| Investing Cash Flow | -$379.8M-16.1% | -$634.7M-139.9% | -$308.1M+53.5% | -$352.6M+7.7% | -$327.3M-46.6% | -$264.6M+35.0% | -$662.6M-75.2% | -$381.9M+37.7% |
| Financing Cash Flow | $74.2M+274.3% | $333.8M+382.3% | -$21.9M-106.3% | -$64.8M-385.5% | -$42.6M+70.0% | -$118.2M-401.7% | $346.9M+1018.3% | $22.7M-93.5% |
| Dividends Paid | $47.4M+7.0% | $44.5M+6.6% | $43.7M+4.6% | $43.7M+9.6% | $44.3M+10.1% | $41.7M+4.1% | $41.8M+18.5% | $39.9M+16.2% |
| Share Buybacks | $50.0M+43.0% | $0-100.0% | $7.0M-72.2% | $0-100.0% | $35.0M+0.4% | $15.0M-25.0% | $25.2M | $14.5M |
Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow.
NOG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 83.0%+0.1pp | -2480.0% | 80.3%+3.0pp | 78.7%-7.1pp | 82.8%+0.8pp | 81.1%+7.7pp | 77.4%-9.8pp | 85.8%+12.1pp |
| Operating Margin | 47.3%+22.4pp | -13022.1% | -5.5%-31.3pp | -22.6%-80.2pp | 24.9%-14.1pp | 38.1%+24.9pp | 25.8%-35.2pp | 57.6%+44.1pp |
| Net Margin | 31.8%+17.7pp | -10396.6% | -11.6%-25.5pp | -23.2%-62.8pp | 14.1%-10.6pp | 23.1%+20.2pp | 13.9%-35.1pp | 39.6%+31.3pp |
| Return on Equity | 11.9%+7.7pp | -29.3%-35.1pp | -3.3%-6.4pp | -5.8%-18.6pp | 4.1%-2.6pp | 5.8%+5.2pp | 3.1%-15.9pp | 12.9%+11.1pp |
| Return on Assets | 4.1%+2.3pp | -9.5%-11.9pp | -1.3%-2.6pp | -2.4%-8.2pp | 1.8%-1.2pp | 2.5%+2.2pp | 1.3%-7.4pp | 5.9%+5.3pp |
| Current Ratio | 0.80-0.4x | 0.53-0.4x | 1.09+0.2x | 1.10-0.1x | 1.21+0.3x | 0.920.0x | 0.92-0.4x | 1.23+0.5x |
| Debt-to-Equity | 1.37+0.4x | 1.43+0.5x | 1.13+0.1x | 1.05+0.2x | 0.98+0.1x | 0.960.0x | 1.02+0.1x | 0.84-0.6x |
| Asset Turnover | 0.130.0x | 0.00-0.1x | 0.110.0x | 0.100.0x | 0.120.0x | 0.110.0x | 0.09-0.1x | 0.15+0.1x |
Not reported in any period shown, so not listed: FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Northern O & G NOG | FY2025 | $2.5B | $38.8M | 1.6% | $2.8B | 48/100 |
| Sitio Royalties STR | FY2024 | $624.4M | $40.9M | 6.6% | $1.4B | 53/100 |
| Gulfport Energy Corp GPOR | FY2025 | $1.4B | $428.0M | 30.1% | $3.2B | 36/100 |
| Sm Energy SM | FY2025 | $3.2B | $648.0M | 20.5% | $9.1B | 51/100 |
| Black Stone Minerals L P BSM | FY2025 | $469.9M | $299.9M | 63.8% | $3.2B | 61/100 |
| Murphy Oil MUR | FY2025 | $2.7B | $104.2M | 3.8% | $5.4B | 32/100 |
Where Northern O & G Ranks
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.
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 P/E ratio?
Northern O & G (NOG) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $2.8B as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Northern O & G's price-to-sales ratio?
Northern O & G (NOG) trades at 1.4x sales, its market capitalization divided by revenue of $1.9B revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.8B as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Northern O & G's Altman Z-Score?
Northern O & G (NOG) has an Altman Z-Score of 1.25, 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) reported $38.8M of net income while generating $1.5B in operating cash flow. The ratio between the two is outside the range this page publishes as a per-dollar figure, so both figures are given instead. 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 1.43x, 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 48 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.