Northern Oil and Gas (NOG) Financials

$25.43 +0.35 (+1.40%)

Closing price 05/2/2025 03:59 PM Eastern

Extended Trading

$25.42 0.00 (-0.02%)

As of 05/2/2025 06:47 PM Eastern

Annual Income Statements for Northern Oil and Gas

This table shows Northern Oil and Gas' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-975	-293	216	144	-77	-921	-8.40	728	923	520
Consolidated Net Income / (Loss)	-975	-293	-9.19	144	-76	-906	6.36	773	923	520
Net Income / (Loss) Continuing Operations	-975	-293	216	144	-76	-906	6.36	773	923	520
Total Pre-Tax Income	-1,178	-295	-11	144	-76	-906	6.59	776	1,001	681
Total Operating Income	-1,119	-229	60	433	56	-841	78	853	1,122	838
Total Gross Profit	275	99	384	612	354	436	326	1,310	1,819	1,796
Total Revenue	275	145	433	679	472	552	497	1,571	2,166	2,226
Operating Revenue	203	160	448	494	601	324	497	1,571	2,166	2,226
Total Cost of Revenue	0.00	46	50	67	119	116	171	261	347	430
Operating Cost of Revenue	-	46	50	67	119	116	171	261	347	430
Total Operating Expenses	1,394	329	99	180	298	1,277	248	457	697	958
Selling, General & Admin Expense	19	15	19	15	24	19	30	47	51	60
Marketing Expense	74	16	21	45	58	30	77	158	160	157
Depreciation Expense	138	61	60	120	210	162	141	251	486	741
Total Other Income / (Expense), net	-58	-66	-70	-289	-132	-65	-71	-77	-121	-157
Interest Expense	58	66	70	259	102	64	72	80	135	158
Interest & Investment Income	-	-	-	0.00	-	-1.02	1.04	0.99	-1.02	0.26
Other Income / (Expense), net	-0.03	-0.02	0.12	-30	-29	-0.18	-0.30	1.67	15	0.44
Income Tax Expense	-202	-1.40	-1.57	-0.06	0.00	-0.17	0.23	3.10	78	161
Preferred Stock Dividends Declared	-	-	-	0.00	1.03	15	15	46	0.00	0.00
Basic Earnings per Share	($16.08)	($4.80)	($0.15)	$6.08	($2.00)	($21.55)	($0.13)	$9.26	$10.09	$5.21
Weighted Average Basic Shares Outstanding	60.65M	61.17M	62.41M	23.62M	38.71M	42.74M	62.99M	78.56M	91.48M	99.85M
Diluted Earnings per Share	($16.08)	($4.80)	($0.15)	$6.07	($2.00)	($21.55)	($0.13)	$8.92	$10.03	$5.14
Weighted Average Diluted Shares Outstanding	60.65M	61.17M	62.41M	23.68M	38.71M	42.74M	62.99M	86.68M	92.06M	101.27M
Weighted Average Basic & Diluted Shares Outstanding	60.70M	63.25M	61.30M	376.98M	406.02M	60.42M	77.34M	85.27M	100.87M	99.11M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	-	$1.64

This table shows Northern Oil and Gas' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	581	133	340	168	26	389	12	139	298	72	139
Consolidated Net Income / (Loss)	583	145	340	168	26	389	12	139	298	72	139
Net Income / (Loss) Continuing Operations	583	145	340	168	26	389	12	139	298	72	139
Total Pre-Tax Income	585	145	341	207	5.42	448	14	181	397	88	186
Total Operating Income	605	168	361	235	42	484	52	219	434	133	229
Total Gross Profit	723	297	504	392	231	691	291	460	647	398	488
Total Revenue	792	370	582	477	314	794	396	561	754	515	602
Operating Revenue	792	370	582	477	314	794	396	561	754	515	602
Total Cost of Revenue	68	73	78	84	83	102	105	101	107	117	114
Operating Cost of Revenue	68	73	78	84	83	102	105	101	107	117	114
Total Operating Expenses	119	130	144	157	189	207	239	241	213	266	259
Selling, General & Admin Expense	10	15	14	14	13	10	13	16	12	18	17
Marketing Expense	42	37	35	37	42	46	51	49	15	43	36
Depreciation Expense	66	77	95	106	134	151	174	177	186	205	206
Total Other Income / (Expense), net	-20	-22	-20	-28	-37	-36	-38	-38	-37	-45	-43
Interest Expense	20	24	29	32	37	37	38	38	37	45	44
Interest & Investment Income	-	-	-1.02	0.00	0.00	-	0.00	0.00	-0.02	0.28	-0.14
Other Income / (Expense), net	-0.04	0.09	11	4.00	0.02	0.08	0.06	0.06	0.14	0.18	0.50
Income Tax Expense	1.33	-0.03	0.69	39	-21	59	2.85	43	99	16	47
Basic Earnings per Share	$7.39	$1.71	$4.01	$1.89	$0.28	$3.91	$0.12	$1.38	$3.00	$0.71	$1.41
Weighted Average Basic Shares Outstanding	78.59M	78.56M	84.92M	88.80M	92.77M	91.48M	100.44M	100.27M	99.49M	99.85M	98.56M
Diluted Earnings per Share	$6.77	$2.33	$3.98	$1.88	$0.28	$3.89	$0.11	$1.36	$2.96	$0.71	$1.39
Weighted Average Diluted Shares Outstanding	86.14M	86.68M	85.41M	89.11M	93.74M	92.06M	101.64M	101.99M	100.72M	101.27M	99.99M
Weighted Average Basic & Diluted Shares Outstanding	77.87M	85.27M	85.36M	93.02M	100.51M	100.87M	101.06M	100.17M	99.83M	99.11M	98.70M
Cash Dividends to Common per Share	$0.05	-	-	-	-	-	-	-	$0.42	-	$0.45

This table details how cash moves in and out of Northern Oil and Gas' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-5.95	3.10	96	-100	14	-15	8.09	-6.99	5.67	0.74
Net Cash From Operating Activities	247	102	73	244	340	332	396	928	1,183	1,409
Net Cash From Continuing Operating Activities	247	102	73	244	340	332	396	928	1,183	1,409
Net Income / (Loss) Continuing Operations	-975	-293	-9.19	144	-76	-906	6.36	773	923	520
Consolidated Net Income / (Loss)	-975	-293	-9.19	144	-76	-906	6.36	773	923	520
Depreciation Expense	138	61	60	120	210	162	141	251	486	741
Amortization Expense	3.45	4.30	4.62	4.58	2.60	4.14	3.35	2.85	6.62	8.27
Non-Cash Adjustments To Reconcile Net Income	1,171	242	7.23	209	30	1,076	20	5.21	-2.70	13
Changes in Operating Assets and Liabilities, net	-90	88	11	-233	173	-4.51	226	-104	-230	127
Net Cash From Investing Activities	-289	-91	-119	-475	-569	-284	-634	-1,403	-1,862	-1,675
Net Cash From Continuing Investing Activities	-289	-91	-119	-475	-569	-284	-634	-1,403	-1,862	-1,675
Purchase of Property, Plant & Equipment	-0.09	-73	-105	-217	-340	-284	-594	-1,360	-1,845	-1,692
Acquisitions	-289	-20	-14	-258	-229	0.00	-41	-43	-17	17
Net Cash From Financing Activities	36	-7.83	142	130	243	-62	246	467	685	267
Net Cash From Continuing Financing Activities	36	-7.83	142	130	243	-62	246	467	685	267
Repayment of Debt	-304	-69	-193	-603	-753	-140	-1,475	-1,028	-1,187	-457
Repurchase of Preferred Equity	-	-	-	-	-	0.00	0.00	-81	0.00	0.00
Repurchase of Common Equity	-	0.00	0.00	-22	-15	0.00	0.00	-55	-8.00	-94
Payment of Dividends	-	-	-	-	0.00	0.00	-34	-73	-124	-162
Issuance of Debt	150	63	336	614	953	78	1,318	1,743	1,491	984
Issuance of Common Equity	-	0.00	0.00	142	0.00	0.00	438	0.00	515	0.00
Other Financing Activities, net	190	-1.40	-0.67	-0.68	-13	-0.44	-0.84	-38	-2.62	-3.79

This table details how cash moves in and out of Northern Oil and Gas' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	7.66	-6.60	3.55	8.73	-1.85	-4.76	24	-25	27	-25	25
Net Cash From Operating Activities	277	287	269	308	264	342	392	340	386	290	407
Net Cash From Continuing Operating Activities	277	287	269	308	264	342	392	340	386	290	407
Net Income / (Loss) Continuing Operations	583	145	340	168	26	389	12	139	298	72	139
Consolidated Net Income / (Loss)	583	145	340	168	26	389	12	139	298	72	139
Depreciation Expense	66	77	95	106	134	151	174	177	186	205	206
Amortization Expense	0.61	1.13	1.24	1.51	1.89	1.99	1.92	2.10	2.12	2.13	2.11
Non-Cash Adjustments To Reconcile Net Income	-381	53	-1.60	-2.99	1.19	0.70	4.59	2.94	1.39	3.61	3.56
Changes in Operating Assets and Liabilities, net	8.17	10	-165	35	101	-200	200	20	-102	8.17	57
Net Cash From Investing Activities	-313	-544	-461	-410	-613	-378	-407	-223	-382	-663	-265
Net Cash From Continuing Investing Activities	-313	-544	-461	-410	-613	-378	-407	-223	-382	-663	-265
Purchase of Property, Plant & Equipment	-301	-530	-461	-373	-650	-361	-407	-198	-382	-705	-261
Acquisitions	-12	-15	-	-	38	-17	-	-	-	43	-4.00
Net Cash From Financing Activities	44	250	195	111	347	31	39	-142	23	347	-118
Net Cash From Continuing Financing Activities	44	250	195	111	347	31	39	-142	23	347	-118
Repayment of Debt	-202	-558	-105	-620	-142	-319	-78	-133	-105	-141	-115
Repurchase of Common Equity	-8.69	-33	-8.00	-	-	-	-20	-35	-14	-25	-15
Payment of Dividends	-15	-35	-25	-29	-34	-35	-40	-40	-40	-42	-42
Issuance of Debt	269	913	337	536	523	95	180	66	182	556	55
Other Financing Activities, net	-	-36	-2.62	-	-	-	-2.71	-	-	-1.08	-1.49

This table presents Northern Oil and Gas' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	721	432	632	1,504	1,905	872	1,523	2,875	4,484	5,604
Total Current Assets	122	47	153	228	133	126	215	320	509	501
Cash & Equivalents	3.39	6.49	102	2.36	16	1.43	9.52	2.53	8.20	8.93
Accounts Receivable	51	36	47	96	108	71	194	271	371	390
Prepaid Expenses	0.89	1.58	2.33	12	1.96	1.42	3.42	2.01	2.49	5.27
Current Deferred & Refundable Income Taxes	0.00	1.40	0.79	1.21	0.21	-	0.00	0.34	3.25	38
Other Current Assets	66	1.58	0.60	116	6.52	52	8.84	44	125	59
Plant, Property, & Equipment, net	589	376	473	1,203	1,749	735	1,253	2,483	3,932	5,082
Plant, Property & Equipment, gross	2,349	2,432	2,588	3,437	4,192	4,406	5,062	6,541	8,473	10,358
Accumulated Depreciation	1,759	2,056	2,115	2,234	2,443	3,671	3,809	4,058	4,542	5,276
Total Noncurrent Assets	10	8.43	6.28	72	24	11	54	72	43	21
Other Noncurrent Operating Assets	10	8.43	5.49	72	24	11	54	72	43	21
Total Liabilities & Shareholders' Equity	721	432	632	1,504	1,905	872	1,523	2,875	4,484	5,604
Total Liabilities	919	919	1,123	1,074	1,347	1,095	1,308	2,130	2,437	3,283
Total Current Liabilities	78	77	124	232	203	182	328	345	386	544
Accounts Payable	65	56	93	55	69	36	65	129	193	203
Accrued Expenses	7.89	6.09	6.34	83	110	69	106	122	148	291
Other Current Liabilities	0.19	11	19	19	12	4.17	136	60	19	25
Other Current Nonoperating Liabilities	4.71	4.68	4.84	16	12	8.34	20	24	26	26
Total Noncurrent Liabilities	841	842	1,000	842	1,143	913	980	1,785	2,051	2,739
Long-Term Debt	835	833	979	830	1,118	880	803	1,525	1,836	2,369
Asset Retirement Reserve & Litigation Obligation	5.63	6.99	8.56	12	17	18	26	32	38	46
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	0.00	68	228
Other Noncurrent Operating Liabilities	0.00	1.89	12	0.11	8.42	15	151	228	109	96
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-198	-487	-491	430	559	-223	215	745	2,048	2,320
Total Preferred & Common Equity	-198	-487	-491	430	559	-223	215	745	2,048	2,320
Total Common Equity	-198	-487	-491	430	559	-223	215	745	2,048	2,320
Common Stock	440	444	450	1,227	1,432	1,557	1,989	1,746	2,125	1,878
Retained Earnings	-638	-931	-941	-797	-873	-1,780	-1,774	-1,001	-78	443

This table presents Northern Oil and Gas' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	2,471	3,343	3,665	4,305	4,634	4,725	5,055	5,675
Total Current Assets	377	396	386	470	413	414	519	522
Cash & Equivalents	9.13	6.07	15	13	32	7.78	34	34
Accounts Receivable	318	274	265	364	331	360	317	410
Prepaid Expenses	2.29	2.33	2.49	2.57	2.57	2.65	12	5.08
Current Deferred & Refundable Income Taxes	-	0.00	0.50	0.00	3.14	2.34	37	9.85
Other Current Assets	47	113	103	91	44	41	119	63
Plant, Property, & Equipment, net	2,015	2,916	3,217	3,789	4,205	4,266	4,480	5,138
Plant, Property & Equipment, gross	5,996	7,068	7,475	8,180	8,921	9,157	9,556	10,619
Accumulated Depreciation	3,981	4,152	4,258	4,391	4,715	4,891	5,076	5,481
Total Noncurrent Assets	80	31	62	46	16	45	56	15
Other Noncurrent Operating Assets	80	31	62	46	16	45	56	15
Total Liabilities & Shareholders' Equity	2,471	3,343	3,665	4,305	4,634	4,725	5,055	5,675
Total Liabilities	1,762	2,295	2,249	2,897	2,632	2,656	2,742	3,273
Total Current Liabilities	382	345	379	602	428	466	420	564
Accounts Payable	143	134	154	235	156	150	152	231
Accrued Expenses	115	162	179	155	162	216	237	273
Other Current Liabilities	116	29	17	178	82	73	2.56	33
Other Current Nonoperating Liabilities	5.97	15	29	32	28	27	28	27
Total Noncurrent Liabilities	1,381	1,949	1,870	2,294	2,204	2,191	2,322	2,708
Long-Term Debt	1,169	1,757	1,673	2,057	1,939	1,875	1,953	2,311
Asset Retirement Reserve & Litigation Obligation	30	33	35	37	40	41	43	47
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	31	7.29	71	113	211	275
Other Noncurrent Operating Liabilities	182	160	132	193	154	162	115	76
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	709	1,048	1,416	1,408	2,002	2,068	2,314	2,402
Total Preferred & Common Equity	709	1,048	1,416	1,408	2,002	2,068	2,314	2,402
Total Common Equity	709	1,048	1,416	1,408	2,002	2,068	2,314	2,402
Common Stock	1,855	1,709	1,909	1,874	2,068	1,996	1,943	1,821
Retained Earnings	-1,146	-661	-493	-467	-66	72	371	582

This table displays calculated financial ratios and metrics derived from Northern Oil and Gas' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-53.77%	-47.36%	199.29%	56.68%	-30.42%	16.89%	-10.02%	216.07%	37.93%	2.75%
EBITDA Growth	-304.06%	83.26%	176.16%	322.86%	-54.71%	-382.61%	132.86%	399.91%	46.93%	-2.58%
EBIT Growth	-466.76%	79.51%	126.43%	565.01%	-93.53%	-3,324.09%	109.23%	1,000.81%	32.98%	-26.26%
NOPAT Growth	-512.58%	79.52%	126.38%	922.03%	-91.02%	-1,615.51%	112.77%	1,029.97%	21.76%	-38.12%
Net Income Growth	-695.65%	69.91%	96.87%	1,662.86%	-153.11%	-1,087.19%	100.70%	12,055.90%	19.36%	-43.63%
EPS Growth	-697.77%	70.15%	96.88%	1,662.86%	-153.11%	-977.50%	99.40%	6,961.54%	12.44%	-48.75%
Operating Cash Flow Growth	-9.93%	-58.75%	-28.39%	234.76%	39.09%	-2.37%	19.53%	134.17%	27.46%	19.04%
Free Cash Flow Firm Growth	174.24%	0.25%	-103.99%	-9,331.02%	40.74%	217.69%	-163.58%	-87.78%	-33.24%	70.70%
Invested Capital Growth	-58.97%	-46.26%	13.90%	240.61%	25.53%	-56.41%	41.24%	123.65%	69.43%	20.65%
Revenue Q/Q Growth	-42.17%	-12.72%	108.19%	36.71%	-52.25%	0.00%	0.00%	3.37%	24.27%	-11.12%
EBITDA Q/Q Growth	-57.73%	47.46%	-1.26%	188.81%	-60.16%	-16.21%	308.81%	1.16%	31.60%	-15.79%
EBIT Q/Q Growth	-42.53%	40.90%	-9.02%	357.12%	-93.51%	-8.18%	132.28%	-2.53%	38.59%	-29.53%
NOPAT Q/Q Growth	-42.53%	40.90%	-74.79%	733.70%	-91.78%	-8.55%	144.56%	-2.58%	32.07%	-33.10%
Net Income Q/Q Growth	-39.44%	35.28%	-495.52%	245.95%	-125.94%	1.11%	102.05%	-3.69%	35.89%	-37.87%
EPS Q/Q Growth	-39.34%	35.48%	-475.00%	245.95%	-125.94%	0.00%	0.00%	-8.42%	18.42%	-38.22%
Operating Cash Flow Q/Q Growth	3.05%	-40.03%	4.61%	82.55%	-12.25%	0.79%	17.86%	19.93%	4.87%	-3.57%
Free Cash Flow Firm Q/Q Growth	1,119.81%	-37.50%	-104.22%	-90.36%	39.82%	53.37%	-757.37%	-40.37%	31.54%	-191.24%
Invested Capital Q/Q Growth	-23.46%	-1.06%	0.96%	88.60%	-0.45%	-19.56%	46.41%	22.67%	11.97%	10.48%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	68.45%	88.52%	90.18%	74.83%	78.93%	65.62%	83.40%	83.98%	80.69%
EBITDA Margin	-355.63%	-113.12%	28.78%	77.69%	50.57%	-122.27%	44.64%	70.61%	75.22%	71.32%
Operating Margin	-406.97%	-158.38%	13.96%	63.72%	11.75%	-152.34%	15.69%	54.32%	51.79%	37.64%
EBIT Margin	-406.98%	-158.39%	13.99%	59.37%	5.52%	-152.37%	15.63%	54.43%	52.48%	37.66%
Profit (Net Income) Margin	-354.60%	-202.72%	-2.12%	21.16%	-16.16%	-164.08%	1.28%	49.23%	42.61%	23.38%
Tax Burden Percent	82.81%	99.52%	85.41%	100.04%	100.00%	99.98%	96.47%	99.60%	92.23%	76.42%
Interest Burden Percent	105.21%	128.60%	-17.76%	35.64%	-292.43%	107.70%	8.49%	90.81%	88.03%	81.22%
Effective Tax Rate	0.00%	0.00%	0.00%	-0.04%	0.00%	0.00%	3.53%	0.40%	7.77%	23.58%
Return on Invested Capital (ROIC)	-71.35%	-32.68%	11.53%	50.23%	2.59%	-49.05%	8.55%	51.01%	33.36%	14.88%
ROIC Less NNEP Spread (ROIC-NNEP)	-94.98%	-48.63%	5.51%	17.82%	-8.84%	-79.75%	0.76%	44.55%	26.81%	9.22%
Return on Net Nonoperating Assets (RNNOA)	-268.93%	118.37%	-9.65%	-521.53%	-18.03%	-491.33%	-164.29%	110.02%	32.74%	8.95%
Return on Equity (ROE)	-340.28%	85.69%	1.88%	-471.30%	-15.44%	-540.37%	-155.74%	161.02%	66.09%	23.82%
Cash Return on Invested Capital (CROIC)	12.27%	27.50%	-1.47%	-58.99%	-20.05%	29.53%	-25.64%	-25.40%	-18.18%	-3.84%
Operating Return on Assets (OROA)	-81.47%	-39.78%	11.40%	37.74%	1.53%	-60.59%	6.49%	38.87%	30.89%	16.62%
Return on Assets (ROA)	-70.98%	-50.91%	-1.73%	13.45%	-4.48%	-65.24%	0.53%	35.16%	25.08%	10.32%
Return on Common Equity (ROCE)	-340.28%	85.69%	1.88%	-471.30%	-15.44%	-540.37%	-155.83%	161.02%	66.09%	23.82%
Return on Equity Simple (ROE_SIMPLE)	493.60%	60.21%	1.87%	33.43%	-13.66%	405.74%	2.96%	103.75%	45.07%	22.42%
Net Operating Profit after Tax (NOPAT)	-784	-161	42	433	39	-589	75	850	1,035	640
NOPAT Margin	-284.88%	-110.87%	9.77%	63.75%	8.23%	-106.64%	15.13%	54.11%	47.76%	28.77%
Net Nonoperating Expense Percent (NNEP)	23.63%	15.95%	6.02%	32.40%	11.43%	30.70%	7.79%	6.45%	6.55%	5.66%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	37.26%	26.64%	13.65%
Cost of Revenue to Revenue	0.00%	31.55%	11.48%	9.82%	25.17%	21.07%	34.38%	16.60%	16.02%	19.31%
SG&A Expenses to Revenue	6.92%	10.19%	4.38%	2.15%	5.00%	3.36%	6.11%	3.01%	2.37%	2.70%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	506.97%	226.91%	22.87%	26.46%	63.08%	231.27%	49.93%	29.08%	32.19%	43.05%
Earnings before Interest and Taxes (EBIT)	-1,119	-229	61	403	26	-841	78	855	1,137	838
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-978	-164	125	527	239	-675	222	1,109	1,629	1,587
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	1.83	1.53	0.00	5.76	2.95	1.74	1.60
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	1.83	1.53	0.00	5.76	2.95	1.74	1.60
Price to Revenue (P/Rev)	0.80	1.08	0.29	1.16	1.81	0.66	2.49	1.40	1.64	1.67
Price to Earnings (P/E)	0.00	0.00	0.57	5.48	0.00	0.00	0.00	3.02	3.86	7.13
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.83%	3.12%	4.20%	4.41%
Earnings Yield	0.00%	0.00%	174.53%	18.26%	0.00%	0.00%	0.00%	33.10%	25.91%	14.03%
Enterprise Value to Invested Capital (EV/IC)	1.65	2.86	2.56	1.26	1.17	1.79	1.97	1.62	1.38	1.29
Enterprise Value to Revenue (EV/Rev)	3.82	6.79	2.31	2.46	4.15	2.37	4.09	2.38	2.49	2.73
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	8.02	3.17	8.20	0.00	9.16	3.37	3.31	3.82
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	16.51	4.15	75.07	0.00	26.18	4.37	4.74	7.24
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	23.63	3.86	50.42	0.00	27.03	4.39	5.21	9.48
Enterprise Value to Operating Cash Flow (EV/OCF)	4.26	9.64	13.72	6.85	5.77	3.94	5.13	4.02	4.55	4.31
Enterprise Value to Free Cash Flow (EV/FCFF)	7.80	7.27	0.00	0.00	0.00	3.69	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-4.23	-1.71	-2.00	2.07	2.00	-4.23	3.73	2.06	0.90	1.02
Long-Term Debt to Equity	-4.23	-1.71	-2.00	1.93	2.00	-3.94	3.73	2.05	0.90	1.02
Financial Leverage	2.83	-2.43	-1.75	-29.26	2.04	6.16	-216.26	2.47	1.22	0.97
Leverage Ratio	4.79	-1.68	-1.09	-35.03	3.45	8.28	-293.18	4.58	2.64	2.31
Compound Leverage Factor	5.04	-2.16	0.19	-12.48	-10.09	8.92	-24.89	4.16	2.32	1.88
Debt to Total Capital	130.99%	241.20%	200.48%	67.39%	66.68%	130.93%	78.88%	67.32%	47.27%	50.52%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	4.41%	0.00%	9.07%	0.00%	0.44%	0.00%	0.00%
Long-Term Debt to Total Capital	130.99%	241.20%	200.48%	62.98%	66.68%	121.86%	78.88%	66.88%	47.27%	50.52%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-30.99%	-141.20%	-100.48%	32.61%	33.32%	-30.93%	21.12%	32.68%	52.73%	49.48%
Debt to EBITDA	-0.85	-5.08	7.85	1.68	4.68	-1.40	3.62	1.38	1.13	1.49
Net Debt to EBITDA	-0.85	-5.04	7.03	1.68	4.61	-1.40	3.58	1.38	1.12	1.49
Long-Term Debt to EBITDA	-0.85	-5.08	7.85	1.57	4.68	-1.30	3.62	1.38	1.13	1.49
Debt to NOPAT	-1.07	-5.19	23.13	2.05	28.78	-1.61	10.68	1.81	1.77	3.70
Net Debt to NOPAT	-1.06	-5.15	20.71	2.05	28.36	-1.60	10.56	1.80	1.77	3.69
Long-Term Debt to NOPAT	-1.07	-5.19	23.13	1.92	28.78	-1.49	10.68	1.80	1.77	3.70
Altman Z-Score	-5.76	-4.42	-0.96	1.03	-0.01	-5.29	-0.66	1.65	2.21	1.67
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.06%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.56	0.61	1.24	0.99	0.65	0.69	0.66	0.93	1.32	0.92
Quick Ratio	0.70	0.55	1.21	0.43	0.61	0.40	0.62	0.79	0.98	0.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	135	135	-5.39	-508	-301	355	-225	-423	-564	-165
Operating Cash Flow to CapEx	1,317,346.90%	139.30%	69.49%	112.70%	99.94%	116.82%	66.77%	68.28%	64.13%	83.26%
Free Cash Flow to Firm to Interest Expense	2.31	2.06	-0.08	-1.96	-2.94	5.56	-3.13	-5.32	-4.18	-1.05
Operating Cash Flow to Interest Expense	4.23	1.55	1.04	0.94	3.32	5.20	5.50	11.68	8.77	8.93
Operating Cash Flow Less CapEx to Interest Expense	4.23	0.44	-0.46	0.11	0.00	0.75	-2.74	-5.42	-4.90	-1.80
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.25	0.81	0.64	0.28	0.40	0.42	0.71	0.59	0.44
Accounts Receivable Turnover	4.00	3.32	10.48	9.48	4.62	6.16	3.76	6.76	6.75	5.86
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.23	0.30	1.02	0.81	0.32	0.44	0.50	0.84	0.68	0.49
Accounts Payable Turnover	0.00	0.75	0.67	0.90	1.91	2.21	3.37	2.69	2.16	2.17
Days Sales Outstanding (DSO)	91.15	110.02	34.83	38.49	79.05	59.25	97.17	54.02	54.08	62.33
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	485.28	547.87	405.73	190.96	165.03	108.19	135.85	168.96	167.95
Cash Conversion Cycle (CCC)	91.15	-375.25	-513.04	-367.24	-111.91	-105.77	-11.02	-81.83	-114.88	-105.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	639	343	391	1,332	1,672	729	1,030	2,303	3,901	4,707
Invested Capital Turnover	0.25	0.29	1.18	0.79	0.31	0.46	0.57	0.94	0.70	0.52
Increase / (Decrease) in Invested Capital	-918	-296	48	941	340	-943	301	1,273	1,599	806
Enterprise Value (EV)	1,051	983	1,001	1,673	1,959	1,306	2,033	3,732	5,390	6,070
Market Capitalization	219	156	124	787	857	363	1,239	2,199	3,563	3,710
Book Value per Share	($3.14)	($7.73)	($7.35)	$1.11	$1.38	($4.87)	$3.25	$9.57	$20.37	$23.25
Tangible Book Value per Share	($3.14)	($7.73)	($7.35)	$1.11	$1.38	($4.87)	$3.25	$9.57	$20.37	$23.25
Total Capital	638	345	488	1,318	1,677	722	1,019	2,281	3,883	4,690
Total Debt	835	833	979	888	1,118	945	803	1,536	1,836	2,369
Total Long-Term Debt	835	833	979	830	1,118	880	803	1,525	1,836	2,369
Net Debt	832	826	877	886	1,102	944	794	1,533	1,827	2,360
Capital Expenditures (CapEx)	0.02	73	105	217	340	284	594	1,360	1,845	1,692
Debt-free, Cash-free Net Working Capital (DFCFNWC)	41	-37	-73	53	-87	7.22	-122	-17	115	-52
Debt-free Net Working Capital (DFNWC)	44	-31	29	55	-70	8.65	-112	-14	124	-44
Net Working Capital (NWC)	44	-31	29	-3.11	-70	-57	-112	-24	124	-44
Net Nonoperating Expense (NNE)	192	133	52	289	115	317	69	77	112	120
Net Nonoperating Obligations (NNO)	837	831	882	902	1,114	952	814	1,557	1,854	2,386
Total Depreciation and Amortization (D&A)	141	66	64	124	213	166	144	254	493	749
Debt-free, Cash-free Net Working Capital to Revenue	14.73%	-25.58%	-16.85%	7.75%	-18.31%	1.31%	-24.50%	-1.08%	5.33%	-2.36%
Debt-free Net Working Capital to Revenue	15.97%	-21.10%	6.73%	8.09%	-14.91%	1.57%	-22.59%	-0.92%	5.71%	-1.96%
Net Working Capital to Revenue	15.97%	-21.10%	6.73%	-0.46%	-14.91%	-10.29%	-22.59%	-1.56%	5.71%	-1.96%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($160.80)	($48.00)	($1.50)	$6.10	($2.00)	($21.55)	($0.13)	$9.26	$10.09	$5.21
Adjusted Weighted Average Basic Shares Outstanding	6.07M	6.12M	6.24M	23.62M	38.71M	42.74M	62.99M	78.56M	91.48M	99.85M
Adjusted Diluted Earnings per Share	($160.80)	($48.00)	($1.50)	$6.10	($2.00)	($21.55)	($0.13)	$8.92	$10.03	$5.14
Adjusted Weighted Average Diluted Shares Outstanding	6.07M	6.12M	6.24M	23.68M	38.71M	42.74M	62.99M	86.68M	92.06M	101.27M
Adjusted Basic & Diluted Earnings per Share	($160.80)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	6.31M	6.33M	6.59M	37.70M	40.60M	60.42M	77.34M	85.27M	100.87M	99.11M
Normalized Net Operating Profit after Tax (NOPAT)	31	5.40	42	303	43	158	75	850	1,035	640
Normalized NOPAT Margin	11.34%	3.73%	9.77%	44.61%	9.17%	28.58%	15.13%	54.11%	47.76%	28.77%
Pre Tax Income Margin	-428.19%	-203.68%	-2.48%	21.16%	-16.16%	-164.11%	1.33%	49.43%	46.20%	30.59%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-19.18	-3.50	0.86	1.55	0.25	-13.20	1.08	10.75	8.42	5.32
NOPAT to Interest Expense	-13.43	-2.45	0.60	1.67	0.38	-9.24	1.04	10.69	7.66	4.06
EBIT Less CapEx to Interest Expense	-19.18	-4.61	-0.63	0.72	-3.06	-17.65	-7.16	-6.35	-5.25	-5.41
NOPAT Less CapEx to Interest Expense	-13.43	-3.56	-0.89	0.83	-2.94	-13.69	-7.19	-6.41	-6.00	-6.67
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	536.87%	9.48%	13.43%	31.13%
Augmented Payout Ratio	0.00%	0.00%	0.00%	15.45%	-19.80%	0.00%	536.87%	16.52%	14.30%	49.29%

This table displays calculated financial ratios and metrics derived from Northern Oil and Gas' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	501.98%	16.04%	1,868.04%	7.95%	-60.34%	114.24%	-31.92%	17.67%	140.03%	-35.10%	51.91%
EBITDA Growth	950.33%	5.45%	448.53%	6.43%	-73.46%	158.99%	-51.15%	14.70%	249.09%	-46.71%	91.71%
EBIT Growth	2,127.69%	-11.69%	297.76%	-11.70%	-92.98%	188.82%	-85.90%	-8.29%	922.35%	-72.57%	338.71%
NOPAT Growth	2,137.27%	-11.82%	371.88%	-29.19%	-66.10%	150.95%	-88.32%	-12.17%	59.45%	-74.25%	308.21%
Net Income Growth	4,547.64%	-16.97%	264.69%	-33.21%	-95.52%	168.05%	-96.59%	-17.44%	1,042.99%	-81.56%	1,097.50%
EPS Growth	5,107.69%	-14.34%	236.30%	-31.39%	-95.86%	66.95%	-97.24%	-27.66%	957.14%	-81.75%	1,163.64%
Operating Cash Flow Growth	193.14%	115.91%	74.84%	46.40%	-4.66%	19.13%	45.61%	10.62%	46.20%	-15.21%	3.90%
Free Cash Flow Firm Growth	-348.06%	-899.77%	-137.06%	-356.11%	-145.86%	-6.57%	21.55%	57.71%	67.92%	40.82%	44.45%
Invested Capital Growth	166.93%	123.65%	159.40%	143.45%	85.63%	69.43%	39.68%	27.71%	22.27%	20.65%	19.55%
Revenue Q/Q Growth	79.33%	-53.21%	57.19%	-18.15%	-34.12%	152.73%	-50.05%	41.48%	34.39%	-31.67%	16.92%
EBITDA Q/Q Growth	106.01%	-63.34%	89.88%	-25.79%	-48.62%	257.76%	-64.18%	74.24%	56.36%	-45.39%	28.84%
EBIT Q/Q Growth	123.56%	-72.28%	121.56%	-35.70%	-82.22%	1,040.22%	-89.18%	318.12%	98.21%	-69.40%	73.01%
NOPAT Q/Q Growth	124.24%	-72.22%	114.76%	-47.06%	7.33%	105.65%	-90.01%	298.21%	94.86%	-66.79%	58.43%
Net Income Q/Q Growth	132.21%	-75.14%	134.50%	-50.67%	-84.44%	1,389.23%	-97.02%	1,093.83%	115.40%	-75.98%	93.84%
EPS Q/Q Growth	147.08%	-65.58%	70.82%	-52.76%	-85.11%	1,289.29%	-97.17%	1,136.36%	117.65%	-76.01%	95.77%
Operating Cash Flow Q/Q Growth	31.64%	3.83%	-6.29%	14.29%	-14.27%	29.75%	14.54%	-13.18%	13.30%	-24.75%	40.36%
Free Cash Flow Firm Q/Q Growth	-58.92%	-93.75%	-24.10%	-19.37%	14.34%	16.01%	8.66%	35.66%	35.02%	-54.96%	14.26%
Invested Capital Q/Q Growth	47.29%	22.67%	22.39%	10.09%	12.31%	11.97%	0.90%	0.66%	7.52%	10.48%	-0.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	91.35%	80.29%	86.59%	82.30%	73.72%	87.14%	73.40%	82.01%	85.82%	77.36%	81.06%
EBITDA Margin	84.78%	66.44%	80.25%	72.76%	56.74%	80.31%	57.59%	70.92%	82.51%	65.95%	72.68%
Operating Margin	76.38%	45.23%	61.93%	49.27%	13.52%	61.00%	13.20%	39.04%	57.58%	25.76%	38.08%
EBIT Margin	76.37%	45.26%	63.79%	50.11%	13.52%	61.01%	13.21%	39.05%	57.60%	25.79%	38.16%
Profit (Net Income) Margin	73.70%	39.17%	58.43%	35.21%	8.32%	49.00%	2.93%	24.71%	39.60%	13.92%	23.08%
Tax Burden Percent	99.77%	100.02%	99.80%	81.14%	481.84%	86.87%	80.31%	76.42%	75.13%	81.63%	74.81%
Interest Burden Percent	96.73%	86.53%	91.79%	86.61%	12.76%	92.46%	27.59%	82.79%	91.51%	66.14%	80.85%
Effective Tax Rate	0.23%	-0.02%	0.20%	18.86%	-381.82%	13.13%	19.69%	23.58%	24.87%	18.37%	25.19%
Return on Invested Capital (ROIC)	89.74%	42.65%	69.20%	40.57%	42.35%	37.01%	6.22%	17.44%	27.98%	10.87%	16.03%
ROIC Less NNEP Spread (ROIC-NNEP)	87.79%	40.75%	67.84%	38.95%	31.35%	35.15%	4.57%	15.83%	26.61%	9.15%	14.49%
Return on Net Nonoperating Assets (RNNOA)	323.03%	100.64%	193.70%	69.74%	48.05%	42.93%	5.56%	16.27%	28.77%	8.88%	13.95%
Return on Equity (ROE)	412.78%	143.28%	262.90%	110.31%	90.40%	79.94%	11.77%	33.71%	56.74%	19.75%	29.98%
Cash Return on Invested Capital (CROIC)	-23.37%	-25.40%	-17.01%	-23.05%	-30.73%	-18.18%	-11.87%	-4.67%	4.68%	-3.84%	0.05%
Operating Return on Assets (OROA)	62.46%	32.32%	51.95%	38.00%	6.96%	35.92%	6.56%	19.22%	30.82%	11.38%	18.00%
Return on Assets (ROA)	60.28%	27.97%	47.59%	26.70%	4.28%	28.85%	1.45%	12.16%	21.19%	6.14%	10.89%
Return on Common Equity (ROCE)	412.77%	143.28%	262.90%	110.31%	90.40%	79.94%	11.77%	33.71%	56.74%	19.75%	29.98%
Return on Equity Simple (ROE_SIMPLE)	113.23%	0.00%	125.95%	87.34%	48.24%	0.00%	29.69%	27.32%	36.20%	0.00%	26.96%
Net Operating Profit after Tax (NOPAT)	603	168	360	191	204	421	42	167	326	108	172
NOPAT Margin	76.20%	45.24%	61.81%	39.98%	65.13%	52.99%	10.60%	29.84%	43.26%	21.02%	28.49%
Net Nonoperating Expense Percent (NNEP)	1.95%	1.90%	1.36%	1.62%	11.00%	1.86%	1.64%	1.61%	1.37%	1.72%	1.54%
Return On Investment Capital (ROIC_SIMPLE)	-	7.35%	-	-	-	10.83%	-	-	-	2.31%	3.64%
Cost of Revenue to Revenue	8.65%	19.71%	13.41%	17.70%	26.28%	12.86%	26.60%	17.99%	14.18%	22.64%	18.94%
SG&A Expenses to Revenue	1.30%	4.06%	2.40%	2.91%	4.17%	1.30%	3.38%	2.81%	1.65%	3.59%	2.83%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	14.97%	35.05%	24.65%	33.03%	60.21%	26.14%	60.19%	42.97%	28.24%	51.61%	42.98%
Earnings before Interest and Taxes (EBIT)	605	168	371	239	42	484	52	219	434	133	230
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	671	246	467	347	178	637	228	398	622	340	438
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.84	2.95	2.34	1.99	2.55	1.74	1.98	1.82	1.53	1.60	1.25
Price to Tangible Book Value (P/TBV)	2.84	2.95	2.34	1.99	2.55	1.74	1.98	1.82	1.53	1.60	1.25
Price to Revenue (P/Rev)	1.32	1.40	1.12	1.27	2.06	1.64	2.00	1.82	1.42	1.67	1.23
Price to Earnings (P/E)	2.63	3.02	1.90	2.30	5.37	3.86	6.66	6.65	4.24	7.13	4.63
Dividend Yield	2.59%	3.12%	3.75%	3.82%	3.61%	4.20%	3.95%	4.25%	4.58%	4.41%	5.59%
Earnings Yield	38.07%	33.10%	52.60%	43.45%	18.63%	25.91%	15.01%	15.05%	23.61%	14.03%	21.62%
Enterprise Value to Invested Capital (EV/IC)	1.69	1.62	1.49	1.44	1.62	1.38	1.49	1.42	1.28	1.29	1.12
Enterprise Value to Revenue (EV/Rev)	2.09	2.38	1.93	2.01	3.23	2.49	2.96	2.72	2.18	2.73	2.17
Enterprise Value to EBITDA (EV/EBITDA)	2.89	3.37	2.46	2.58	4.55	3.31	4.22	3.90	2.90	3.82	2.93
Enterprise Value to EBIT (EV/EBIT)	3.62	4.37	2.98	3.23	6.86	4.74	7.17	7.05	4.59	7.24	5.19
Enterprise Value to NOPAT (EV/NOPAT)	3.64	4.39	3.01	3.38	7.18	5.21	8.18	8.09	5.71	9.48	6.84
Enterprise Value to Operating Cash Flow (EV/OCF)	4.10	4.02	4.04	3.92	4.99	4.55	4.49	4.20	3.74	4.31	3.70
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	30.18	0.00	2,714.06
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.65	2.06	1.68	1.18	1.46	0.90	0.97	0.91	0.84	1.02	0.96
Long-Term Debt to Equity	1.65	2.05	1.68	1.18	1.46	0.90	0.97	0.91	0.84	1.02	0.96
Financial Leverage	3.68	2.47	2.86	1.79	1.53	1.22	1.21	1.03	1.08	0.97	0.96
Leverage Ratio	6.74	4.58	5.30	3.73	3.20	2.64	2.62	2.41	2.52	2.31	2.34
Compound Leverage Factor	6.52	3.96	4.86	3.23	0.41	2.44	0.72	1.99	2.30	1.53	1.89
Debt to Total Capital	62.29%	67.32%	62.69%	54.16%	59.37%	47.27%	49.20%	47.55%	45.78%	50.52%	49.03%
Short-Term Debt to Total Capital	0.10%	0.44%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	62.19%	66.88%	62.55%	54.16%	59.37%	47.27%	49.20%	47.55%	45.78%	50.52%	49.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	37.71%	32.68%	37.31%	45.84%	40.63%	52.73%	50.80%	52.45%	54.22%	49.48%	50.97%
Debt to EBITDA	1.07	1.38	1.03	0.97	1.66	1.13	1.39	1.30	1.04	1.49	1.29
Net Debt to EBITDA	1.06	1.38	1.03	0.96	1.65	1.12	1.37	1.30	1.02	1.49	1.27
Long-Term Debt to EBITDA	1.07	1.38	1.03	0.97	1.66	1.13	1.39	1.30	1.04	1.49	1.29
Debt to NOPAT	1.34	1.81	1.26	1.26	2.63	1.77	2.70	2.70	2.04	3.70	3.00
Net Debt to NOPAT	1.33	1.80	1.25	1.25	2.61	1.77	2.66	2.69	2.00	3.69	2.95
Long-Term Debt to NOPAT	1.34	1.80	1.26	1.26	2.63	1.77	2.70	2.70	2.04	3.70	3.00
Altman Z-Score	1.46	0.86	1.40	1.39	0.99	1.73	1.34	1.45	1.68	1.25	1.25
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.99	0.93	1.15	1.02	0.78	1.32	0.96	0.89	1.23	0.92	0.92
Quick Ratio	0.86	0.79	0.81	0.74	0.62	0.98	0.85	0.79	0.84	0.73	0.79
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-571	-1,105	-1,372	-1,638	-1,403	-1,178	-1,076	-692	-450	-697	-598
Operating Cash Flow to CapEx	91.87%	54.25%	58.39%	82.59%	40.57%	94.82%	96.34%	172.22%	101.02%	41.16%	156.37%
Free Cash Flow to Firm to Interest Expense	-28.82	-46.89	-46.53	-51.23	-37.87	-32.27	-28.38	-18.37	-12.22	-15.41	-13.63
Operating Cash Flow to Interest Expense	13.98	12.19	9.13	9.63	7.12	9.38	10.34	9.03	10.47	6.41	9.29
Operating Cash Flow Less CapEx to Interest Expense	-1.24	-10.28	-6.51	-2.03	-10.43	-0.51	-0.39	3.79	0.11	-9.17	3.35
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.82	0.71	0.81	0.76	0.51	0.59	0.50	0.49	0.54	0.44	0.47
Accounts Receivable Turnover	6.38	6.76	7.64	7.10	5.11	6.75	6.54	6.61	7.36	5.86	6.57
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.99	0.84	0.95	0.89	0.60	0.68	0.56	0.55	0.61	0.49	0.52
Accounts Payable Turnover	2.28	2.69	2.41	2.06	1.68	2.16	2.58	2.57	2.14	2.17	2.26
Days Sales Outstanding (DSO)	57.20	54.02	47.77	51.44	71.37	54.08	55.80	55.22	49.59	62.33	55.60
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	159.79	135.85	151.51	177.37	216.85	168.96	141.62	142.02	170.33	167.95	161.17
Cash Conversion Cycle (CCC)	-102.60	-81.83	-103.74	-125.94	-145.48	-114.88	-85.81	-86.80	-120.74	-105.62	-105.58
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,877	2,303	2,818	3,102	3,484	3,901	3,936	3,962	4,260	4,707	4,706
Invested Capital Turnover	1.18	0.94	1.12	1.01	0.65	0.70	0.59	0.58	0.65	0.52	0.56
Increase / (Decrease) in Invested Capital	1,174	1,273	1,732	1,828	1,607	1,599	1,118	860	776	806	769
Enterprise Value (EV)	3,173	3,732	4,212	4,470	5,628	5,390	5,867	5,623	5,466	6,070	5,273
Market Capitalization	2,011	2,199	2,457	2,813	3,583	3,563	3,961	3,756	3,547	3,710	2,996
Book Value per Share	$8.99	$9.57	$12.29	$16.59	$15.13	$20.37	$19.85	$20.47	$23.10	$23.25	$24.24
Tangible Book Value per Share	$8.99	$9.57	$12.29	$16.59	$15.13	$20.37	$19.85	$20.47	$23.10	$23.25	$24.24
Total Capital	1,880	2,281	2,809	3,088	3,465	3,883	3,941	3,943	4,267	4,690	4,713
Total Debt	1,171	1,536	1,761	1,673	2,057	1,836	1,939	1,875	1,953	2,369	2,311
Total Long-Term Debt	1,169	1,525	1,757	1,673	2,057	1,836	1,939	1,875	1,953	2,369	2,311
Net Debt	1,162	1,533	1,755	1,658	2,044	1,827	1,906	1,867	1,919	2,360	2,277
Capital Expenditures (CapEx)	301	530	461	373	650	361	407	198	382	705	261
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-12	-17	48	-7.80	-146	115	-48	-60	64	-52	-76
Debt-free Net Working Capital (DFNWC)	-3.19	-14	55	7.00	-133	124	-15	-52	99	-44	-43
Net Working Capital (NWC)	-5.05	-24	51	7.00	-133	124	-15	-52	99	-44	-43
Net Nonoperating Expense (NNE)	20	22	20	23	178	32	30	29	28	37	33
Net Nonoperating Obligations (NNO)	1,168	1,557	1,770	1,687	2,076	1,854	1,934	1,894	1,947	2,386	2,304
Total Depreciation and Amortization (D&A)	67	78	96	108	136	153	176	179	188	207	208
Debt-free, Cash-free Net Working Capital to Revenue	-0.81%	-1.08%	2.22%	-0.35%	-8.37%	5.33%	-2.41%	-2.89%	2.57%	-2.36%	-3.14%
Debt-free Net Working Capital to Revenue	-0.21%	-0.92%	2.50%	0.32%	-7.62%	5.71%	-0.77%	-2.51%	3.94%	-1.96%	-1.76%
Net Working Capital to Revenue	-0.33%	-1.56%	2.32%	0.32%	-7.62%	5.71%	-0.77%	-2.51%	3.94%	-1.96%	-1.76%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$7.39	$1.71	$4.01	$1.89	$0.28	$3.91	$0.12	$1.38	$3.00	$0.71	$1.41
Adjusted Weighted Average Basic Shares Outstanding	78.59M	78.56M	84.92M	88.80M	92.77M	91.48M	100.44M	100.27M	99.49M	99.85M	98.56M
Adjusted Diluted Earnings per Share	$6.77	$2.33	$3.98	$1.88	$0.28	$3.89	$0.11	$1.36	$2.96	$0.71	$1.39
Adjusted Weighted Average Diluted Shares Outstanding	86.14M	86.68M	85.41M	89.11M	93.74M	92.06M	101.64M	101.99M	100.72M	101.27M	99.99M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	77.87M	85.27M	85.36M	93.02M	100.51M	100.87M	101.06M	100.17M	99.83M	99.11M	98.70M
Normalized Net Operating Profit after Tax (NOPAT)	603	117	360	191	30	421	42	167	326	108	172
Normalized NOPAT Margin	76.20%	31.66%	61.81%	39.98%	9.46%	52.99%	10.60%	29.84%	43.26%	21.02%	28.49%
Pre Tax Income Margin	73.87%	39.16%	58.55%	43.40%	1.73%	56.41%	3.65%	32.33%	52.71%	17.06%	30.86%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	30.54	7.11	12.60	7.47	1.15	13.26	1.38	5.81	11.78	2.93	5.24
NOPAT to Interest Expense	30.47	7.11	12.21	5.96	5.52	11.52	1.11	4.44	8.85	2.39	3.91
EBIT Less CapEx to Interest Expense	15.32	-15.36	-3.05	-4.19	-16.41	3.37	-9.35	0.57	1.42	-12.65	-0.70
NOPAT Less CapEx to Interest Expense	15.26	-15.36	-3.44	-5.70	-12.04	1.63	-9.63	-0.81	-1.52	-13.19	-2.03
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	5.98%	9.48%	7.01%	8.47%	18.27%	13.43%	23.32%	26.52%	18.56%	31.13%	25.26%
Augmented Payout Ratio	8.66%	16.52%	11.75%	12.49%	24.31%	14.30%	26.68%	36.23%	26.84%	49.29%	39.08%

Frequently Asked Questions About Northern Oil and Gas' Financials

When does Northern Oil and Gas's fiscal year end?

According to the most recent income statement we have on file, Northern Oil and Gas' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Northern Oil and Gas' net income changed over the last 9 years?

Northern Oil and Gas' net income appears to be on an upward trend, with a most recent value of $520.31 million in 2024, falling from -$975.35 million in 2015. The previous period was $922.97 million in 2023. Find out what analysts predict for Northern Oil and Gas in the coming months.

What is Northern Oil and Gas's operating income?

Northern Oil and Gas's total operating income in 2024 was $837.83 million, based on the following breakdown:

Total Gross Profit: $1.80 billion
Total Operating Expenses: $958.11 million

How has Northern Oil and Gas revenue changed over the last 9 years?

Over the last 9 years, Northern Oil and Gas' total revenue changed from $275.06 million in 2015 to $2.23 billion in 2024, a change of 709.2%.

How much debt does Northern Oil and Gas have?

Northern Oil and Gas' total liabilities were at $3.28 billion at the end of 2024, a 34.8% increase from 2023, and a 257.3% increase since 2015.

How much cash does Northern Oil and Gas have?

In the past 9 years, Northern Oil and Gas' cash and equivalents has ranged from $1.43 million in 2020 to $102.18 million in 2017, and is currently $8.93 million as of their latest financial filing in 2024.

How has Northern Oil and Gas' book value per share changed over the last 9 years?

Over the last 9 years, Northern Oil and Gas' book value per share changed from -3.14 in 2015 to 23.25 in 2024, a change of -840.7%.

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This page (NYSE:NOG) was last updated on 5/4/2025 by MarketBeat.com Staff

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Northern Oil and Gas (NOG) Financials

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