Northern Oil and Gas, Inc.

NOG

EnergyMid CapUS Equities · NYSE / NASDAQ

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Company Profile

Northern Oil and Gas, Inc., an independent energy company, engages in the acquisition, exploration, exploitation, development, and production of crude oil and natural gas properties in the United States. Northern Oil and Gas, Inc. was founded in 2006 and is headquartered in Minnetonka, Minnesota.

Valuation

Market Cap$2.4B

Current Price$19.44as of Jun 23, 2026

P/E Ratio61.41

P/B Ratio1.12

EV / EBITDA4.53

EV / Sales2.27

Profitability

Operating Margin28.7%

Net Profit Margin1.9%

EBITDA Margin50.1%

Returns

ROE1.8%

ROCE12.3%

ROIC %-

ROA0.7%

Solvency

Current Ratio1.09

Debt / Equity1.13

Debt / Assets0.44

CFO / Net Profit38.84

Price History▼ 34.44% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$2.1B▼ 3.2%

EBITDA$1.0B▼ 33.5%

Net Profit$39M▼ 92.6%

Cash from Ops (CFO)$1.5B▲ 6.9%

Free Cash Flow (FCF)$253M▼ 195.0%

Revenue CAGR 3Y1.8%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-63.1%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$2.1B	$1.0B	$39M	$253M	1.8%	-3.2%	-92.6%
2024	$2.2B	$1.6B	$520M	$-266M	22.4%	13.5%	-43.6%
2023	$1.9B	$1.6B	$923M	$-679M	45.1%	-4.0%	19.4%
2022	$2.0B	$1.1B	$773M	$-431M	103.8%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	1,985.80	1,907.01	2,163.76	2,095.06
Operating Revenue	-	1,985.80	1,897.78	2,152.08	2,081.29
Cost Of Revenue	-	670.14	993.15	1,327.78	1,419.86
Gross Profit	-	1,315.66	913.86	835.98	675.20
Operating Expense	-	47.20	51.25	60.11	74.18
Selling General And Administration	-	47.20	46.80	50.46	61.33
Total Expenses	-	717.34	1,044.40	1,387.90	1,494.04
Operating Income	-	1,268.46	862.61	775.86	601.02
Total Operating Income As Reported	-	853.19	1,121.86	837.83	245.85
EBITDA	-	1,107.94	1,622.43	1,579.44	1,049.94
Normalized EBITDA	-	1,519.54	1,353.43	1,517.20	1,416.52
EBIT	-	856.67	1,136.41	838.53	235.08
Interest Expense	-	80.33	135.66	157.72	172.38
Net Interest Income	-	-80.33	-135.66	-157.72	-172.38
Other Non Operating Income Expenses	-	-0.18	4.80	0.44	0.64
Other Income Expense	-	-411.78	273.79	62.67	-365.94
Interest Expense Non Operating	-	80.33	135.66	157.72	172.38
Net Non Operating Interest Income Expense	-	-80.33	-135.66	-157.72	-172.38
Pretax Income	-	776.34	1,000.74	680.82	62.70
Tax Provision	-	3.10	77.77	160.51	23.94
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-1.64	20.98	14.69	-140.03
Net Income Continuous Operations	-	773.24	922.97	520.31	38.76
Net Income From Continuing And Discontinued Operation	-	773.24	922.97	520.31	38.76
Net Income From Continuing Operation Net Minority Interest	-	773.24	922.97	520.31	38.76
Net Income	-	773.24	922.97	520.31	38.76
Net Income Common Stockholders	-	727.70	922.97	520.31	38.76
Net Income Including Noncontrolling Interests	-	773.24	922.97	520.31	38.76
Normalized Income	-	1,183.19	674.95	472.76	265.30
Diluted NI Availto Com Stockholders	-	727.70	922.97	520.31	38.76
Basic Average Shares	-	78.56	91.48	99.85	97.71
Diluted Average Shares	-	86.68	92.06	101.27	99.31
Reconciled Depreciation	-	251.27	486.02	740.90	814.86
Reconciled Cost Of Revenue	-	670.14	993.15	1,327.78	1,419.86
Total Unusual Items	-	-411.60	269	62.23	-366.57
Total Unusual Items Excluding Goodwill	-	-411.60	269	62.23	-366.57
Preferred Stock Dividends	14.76	9.80	-	-	-
Special Income Charges	-	2.67	10.77	0	-746.67
Other Special Charges	13.09	-0.81	-0.66	-	43.92
Write Off	0	-	-	-	-
Impairment Of Capital Assets	-	0	0	0	702.75
Restructuring And Mergern Acquisition	-	-1.86	-10.11	0	0
Gain On Sale Of Security	-	-414.27	258.23	62.23	380.10
General And Administrative Expense	-	47.20	46.80	50.46	61.33
Other Gand A	-	47.20	46.80	50.46	61.33
Other Operating Expenses	-	-	4.45	9.65	12.85
Otherunder Preferred Stock Dividend	0	35.73	0	0	-

Peer Comparison

Energy sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Northern Oil and Gas, Inc.this co.	NOG	$2.4B	61.41↑ premium	1.12	1.8%	4.53
Helmerich & Payne, Inc.	HP	$4.0B	-24.17	1.45	-6.0%	9.06
International Seaways, Inc.	INSW	$3.9B	12.56	1.92	15.3%	8.43
Peabody Energy Corporation	BTU	$3.8B	-71.88	1.08	-1.5%	9.47
Tidewater Inc.	TDW	$3.7B

Learn while you research

Hand-picked academy chapters to deepen your understanding of Northern Oil and Gas, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$2.1B

$1.0B

$39M

$253M

1.8%

-3.2%

-92.6%

2024

$2.2B

$1.6B

$520M

$-266M

22.4%

13.5%

-43.6%

2023

$1.9B

$1.6B

$923M

$-679M

45.1%

-4.0%

19.4%

2022

$2.0B

$1.1B

$773M

$-431M

103.8%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

1,985.80

1,907.01

2,163.76

2,095.06

Operating Revenue

1,985.80

1,897.78

2,152.08

2,081.29

Cost Of Revenue

670.14

993.15

1,327.78

1,419.86

Gross Profit

1,315.66

913.86

835.98

675.20

Operating Expense

47.20

51.25

60.11

74.18

Selling General And Administration

47.20

46.80

50.46

61.33

Total Expenses

717.34

1,044.40

1,387.90

1,494.04

Operating Income

1,268.46

862.61

775.86

601.02

Total Operating Income As Reported

853.19

1,121.86

837.83

245.85

EBITDA

1,107.94

1,622.43

1,579.44

1,049.94

Normalized EBITDA

1,519.54

1,353.43

1,517.20

1,416.52

EBIT

856.67

1,136.41

838.53

235.08

Interest Expense

80.33

135.66

157.72

172.38

Net Interest Income

-80.33

-135.66

-157.72

-172.38

Other Non Operating Income Expenses

-0.18

4.80

0.44

0.64

Other Income Expense

-411.78

273.79

62.67

-365.94

Interest Expense Non Operating

80.33

135.66

157.72

172.38

Net Non Operating Interest Income Expense

-80.33

-135.66

-157.72

-172.38

Pretax Income

776.34

1,000.74

680.82

62.70

Tax Provision

3.10

77.77

160.51

23.94

Tax Rate For Calcs

Tax Effect Of Unusual Items

-1.64

20.98

14.69

-140.03

Net Income Continuous Operations

773.24

922.97

520.31

38.76

Net Income From Continuing And Discontinued Operation

773.24

922.97

520.31

38.76

Net Income From Continuing Operation Net Minority Interest

773.24

922.97

520.31

38.76

Net Income

773.24

922.97

520.31

38.76

Net Income Common Stockholders

727.70

922.97

520.31

38.76

Net Income Including Noncontrolling Interests

773.24

922.97

520.31

38.76

Normalized Income

1,183.19

674.95

472.76

265.30

Diluted NI Availto Com Stockholders

727.70

922.97

520.31

38.76

Basic Average Shares

78.56

91.48

99.85

97.71

Diluted Average Shares

86.68

92.06

101.27

99.31

Reconciled Depreciation

251.27

486.02

740.90

814.86

Reconciled Cost Of Revenue

670.14

993.15

1,327.78

1,419.86

Total Unusual Items

-411.60

269

62.23

-366.57

Total Unusual Items Excluding Goodwill

-411.60

269

62.23

-366.57

Preferred Stock Dividends

14.76

9.80

Special Income Charges

2.67

10.77

-746.67

Other Special Charges

13.09

-0.81

-0.66

43.92

Write Off

Impairment Of Capital Assets

702.75

Restructuring And Mergern Acquisition

-1.86

-10.11

Gain On Sale Of Security

-414.27

258.23

62.23

380.10

General And Administrative Expense

47.20

46.80

50.46

61.33

Other Gand A

47.20

46.80

50.46

61.33

Other Operating Expenses

4.45

9.65

12.85

Otherunder Preferred Stock Dividend

35.73

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Northern Oil and Gas, Inc.this co.

NOG

$2.4B

61.41↑ premium

1.12

1.8%

4.53

Helmerich & Payne, Inc.

$4.0B

-24.17

1.45

-6.0%

9.06

International Seaways, Inc.

INSW

$3.9B

12.56

1.92

15.3%

8.43

Peabody Energy Corporation

BTU

$3.8B

-71.88

1.08

-1.5%

9.47

Tidewater Inc.

TDW

$3.7B

Northern Oil and Gas, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Northern Oil and Gas, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on