Northern Oil and Gas (NOG) Financials

$23.67 -0.40 (-1.65%)

As of 03:51 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-975	-293	216	144	-77	-921	-8.40	728	923	520	39
Consolidated Net Income / (Loss)	-975	-293	-9.19	144	-76	-906	6.36	773	923	520	39
Net Income / (Loss) Continuing Operations	-975	-293	216	144	-76	-906	6.36	773	923	520	39
Total Pre-Tax Income	-1,178	-295	-11	144	-76	-906	6.59	776	1,001	681	63
Total Operating Income	-1,119	-229	60	433	56	-841	78	853	1,122	838	246
Total Gross Profit	275	99	384	612	354	436	326	1,310	1,819	1,796	2,002
Total Revenue	275	145	433	679	472	552	497	1,571	2,166	2,226	2,476
Operating Revenue	203	160	448	494	601	324	497	1,571	2,166	2,226	2,476
Total Cost of Revenue	0.00	46	50	67	119	116	171	261	347	430	474
Operating Cost of Revenue	-	46	50	67	119	116	171	261	347	430	474
Total Operating Expenses	1,394	329	99	180	298	1,277	248	457	697	958	1,756
Selling, General & Admin Expense	19	15	19	15	24	19	30	47	51	60	74
Marketing Expense	74	16	21	45	58	30	77	158	160	157	131
Depreciation Expense	138	61	60	120	210	162	141	251	486	741	815
Impairment Charge	1,164	237	0.00	0.00	6.40	1,067	-	-	0.00	0.00	703
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	0.00	0.00	33
Total Other Income / (Expense), net	-58	-66	-70	-289	-132	-65	-71	-77	-121	-157	-183
Interest Expense	58	66	70	259	102	64	72	80	135	158	183
Interest & Investment Income	-	-	-	0.00	-	-1.02	1.04	0.99	-1.02	0.26	-0.57
Other Income / (Expense), net	-0.03	-0.02	0.12	-30	-29	-0.18	-0.30	1.67	15	0.44	0.64
Income Tax Expense	-202	-1.40	-1.57	-0.06	0.00	-0.17	0.23	3.10	78	161	24
Basic Earnings per Share	($16.08)	($4.80)	($0.15)	$6.08	($2.00)	($21.55)	($0.13)	$9.26	$10.09	$5.21	$0.40
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	97.71M
Diluted Earnings per Share	($16.08)	($4.80)	($0.15)	$6.07	($2.00)	($21.55)	($0.13)	$8.92	$10.03	$5.14	$0.39
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	99.31M
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	97.29M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	-	$1.64	$1.80

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	26	389	12	139	298	72	139	100	-129	-71	-523
Consolidated Net Income / (Loss)	26	389	12	139	298	72	139	100	-129	-71	-523
Net Income / (Loss) Continuing Operations	26	389	12	139	298	72	139	100	-129	-71	-523
Total Pre-Tax Income	5.42	448	14	181	397	88	186	132	-169	-86	-696
Total Operating Income	42	484	52	219	434	133	229	176	-126	-34	-655
Total Gross Profit	231	691	291	460	647	398	488	585	438	490	-125
Total Revenue	314	794	396	561	754	515	602	707	557	610	5.03
Operating Revenue	314	794	396	561	754	515	602	707	557	610	5.03
Total Cost of Revenue	83	102	105	101	107	117	114	121	118	120	130
Operating Cost of Revenue	83	102	105	101	107	117	114	121	118	120	130
Total Operating Expenses	189	207	239	241	213	266	259	409	564	524	530
Selling, General & Admin Expense	13	10	13	16	12	18	17	19	17	21	26
Marketing Expense	42	46	51	49	15	43	36	36	29	31	38
Depreciation Expense	134	151	174	177	186	205	206	206	199	204	197
Impairment Charge	-	-	-	0.00	0.00	-	0.00	116	319	-	268
Total Other Income / (Expense), net	-37	-36	-38	-38	-37	-45	-43	-44	-43	-52	-41
Interest Expense	37	37	38	38	37	45	43	44	43	52	43
Other Income / (Expense), net	0.02	0.08	0.06	0.06	0.14	0.18	-0.14	0.05	0.07	0.03	1.57
Income Tax Expense	-21	59	2.85	43	99	16	47	32	-40	-15	-173
Basic Earnings per Share	$0.28	$3.91	$0.12	$1.38	$3.00	$0.71	$1.41	$1.02	($1.33)	($0.70)	($5.31)
Weighted Average Basic Shares Outstanding	92.77M	91.48M	100.44M	100.27M	99.49M	99.85M	98.56M	98.06M	97.12M	97.71M	98.50M
Diluted Earnings per Share	$0.28	$3.89	$0.11	$1.36	$2.96	$0.71	$1.39	$1.00	($1.33)	($0.67)	($5.31)
Weighted Average Diluted Shares Outstanding	93.74M	92.06M	101.64M	101.99M	100.72M	101.27M	99.99M	99.39M	97.12M	99.31M	98.50M
Weighted Average Basic & Diluted Shares Outstanding	100.51M	100.87M	101.06M	100.17M	99.83M	99.11M	98.70M	97.59M	97.60M	97.29M	105.79M
Cash Dividends to Common per Share	-	-	-	-	$0.42	-	$0.45	$0.45	$0.45	-	$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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-5.95	3.10	96	-100	14	-15	8.09	-6.99	5.67	0.74	5.37
Net Cash From Operating Activities	247	102	73	244	340	332	396	928	1,183	1,409	1,505
Net Cash From Continuing Operating Activities	247	102	73	244	340	332	396	928	1,183	1,409	1,505
Net Income / (Loss) Continuing Operations	-975	-293	-9.19	144	-76	-906	6.36	773	923	520	39
Consolidated Net Income / (Loss)	-975	-293	-9.19	144	-76	-906	6.36	773	923	520	39
Depreciation Expense	138	61	60	120	210	162	141	251	486	741	815
Amortization Expense	3.45	4.30	4.62	4.58	2.60	4.14	3.35	2.85	6.62	8.27	8.38
Non-Cash Adjustments To Reconcile Net Income	1,171	242	7.23	209	30	1,076	20	5.21	-2.70	13	728
Changes in Operating Assets and Liabilities, net	-90	88	11	-233	173	-4.51	226	-104	-230	127	-85
Net Cash From Investing Activities	-289	-91	-119	-475	-569	-284	-634	-1,403	-1,862	-1,675	-1,252
Net Cash From Continuing Investing Activities	-289	-91	-119	-475	-569	-284	-634	-1,403	-1,862	-1,675	-1,252
Purchase of Property, Plant & Equipment	-0.09	-73	-105	-217	-340	-284	-594	-1,360	-1,862	-1,675	-1,252
Net Cash From Financing Activities	36	-7.83	142	130	243	-62	246	467	685	267	-247
Net Cash From Continuing Financing Activities	36	-7.83	142	130	243	-62	246	467	685	267	-247
Repayment of Debt	-304	-69	-193	-603	-753	-140	-1,475	-1,028	-1,187	-457	-1,321
Repurchase of Common Equity	-	0.00	0.00	-22	-15	0.00	0.00	-55	-8.00	-94	-58
Payment of Dividends	-	-	-	-	0.00	0.00	-34	-73	-124	-162	-173
Issuance of Debt	150	63	336	614	953	78	1,318	1,743	1,491	984	1,313
Issuance of Common Equity	-	0.00	0.00	142	0.00	0.00	438	0.00	515	0.00	0.00
Other Financing Activities, net	190	-1.40	-0.67	-0.68	-13	-0.44	-0.84	-38	-2.62	-3.79	-7.89

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-1.85	-4.76	24	-25	27	-25	25	-7.72	5.79	-17	23
Net Cash From Operating Activities	264	342	392	340	386	290	407	362	423	313	324
Net Cash From Continuing Operating Activities	264	342	392	340	386	290	407	362	423	313	324
Net Income / (Loss) Continuing Operations	26	389	12	139	298	72	139	100	-129	-71	-523
Consolidated Net Income / (Loss)	26	389	12	139	298	72	139	100	-129	-71	-523
Depreciation Expense	134	151	174	177	186	205	206	206	199	204	197
Amortization Expense	1.89	1.99	1.92	2.10	2.12	2.13	2.11	2.19	1.99	2.09	2.00
Non-Cash Adjustments To Reconcile Net Income	1.19	0.70	4.59	2.94	1.39	3.61	3.56	119	323	283	272
Changes in Operating Assets and Liabilities, net	101	-200	200	20	-102	8.17	57	-65	28	-106	375
Net Cash From Investing Activities	-613	-378	-407	-223	-382	-663	-265	-327	-353	-308	-635
Net Cash From Continuing Investing Activities	-613	-378	-407	-223	-382	-663	-265	-327	-353	-308	-635
Purchase of Property, Plant & Equipment	-650	-361	-407	-198	-382	-705	-265	-331	-353	-308	-635
Net Cash From Financing Activities	347	31	39	-142	23	347	-118	-43	-65	-22	334
Net Cash From Continuing Financing Activities	347	31	39	-142	23	347	-118	-43	-65	-22	334
Repayment of Debt	-142	-319	-78	-133	-105	-141	-115	-276	-136	-795	-327
Repurchase of Common Equity	-	-	-20	-35	-14	-25	-15	-35	-	-7.80	-0.03
Payment of Dividends	-34	-35	-40	-40	-40	-42	-42	-44	-44	-44	-44
Issuance of Debt	523	95	180	66	182	556	55	318	115	825	480
Issuance of Common Equity	-	290	-	-	-	-	0.00	-	-	-	228
Other Financing Activities, net	-	-	-2.71	-	-	-1.08	-1.49	-5.75	-	-0.65	-2.82

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	2025
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	12/31/2025
Total Assets	721	432	632	1,504	1,905	872	1,523	2,875	4,484	5,604	5,409
Total Current Assets	122	47	153	228	133	126	215	320	509	501	586
Cash & Equivalents	3.39	6.49	102	2.36	16	1.43	9.52	2.53	8.20	8.93	14
Accounts Receivable	51	36	47	96	108	71	194	271	371	390	350
Prepaid Expenses	0.89	1.58	2.33	12	1.96	1.42	3.42	2.01	2.49	5.27	37
Current Deferred & Refundable Income Taxes	0.00	1.40	0.79	1.21	0.21	-	0.00	0.34	3.25	38	18
Other Current Assets	66	1.58	0.60	116	6.52	52	8.84	44	125	59	167
Plant, Property, & Equipment, net	589	376	473	1,203	1,749	735	1,253	2,483	3,932	5,082	4,746
Plant, Property & Equipment, gross	2,349	2,432	2,588	3,437	4,192	4,406	5,062	6,541	8,473	10,354	11,531
Accumulated Depreciation	1,759	2,056	2,115	2,234	2,443	3,671	3,809	4,058	4,542	5,272	6,785
Total Noncurrent Assets	10	8.43	6.28	72	24	11	54	72	43	21	77
Other Noncurrent Operating Assets	10	8.43	5.49	72	24	11	54	72	43	21	77
Total Liabilities & Shareholders' Equity	721	432	632	1,504	1,905	872	1,523	2,875	4,484	5,604	5,409
Total Liabilities	919	919	1,123	1,074	1,347	1,095	1,308	2,130	2,437	3,283	3,283
Total Current Liabilities	78	77	124	232	203	182	328	345	386	544	539
Accounts Payable	65	56	93	55	69	36	65	129	193	203	219
Accrued Expenses	7.89	6.09	6.34	83	110	69	106	122	148	291	321
Other Current Liabilities	0.19	11	19	19	12	4.17	136	60	19	25	0.00
Total Noncurrent Liabilities	841	842	1,000	842	1,143	913	980	1,785	2,051	2,739	2,744
Long-Term Debt	835	833	979	830	1,118	880	803	1,525	1,836	2,369	2,395
Asset Retirement Reserve & Litigation Obligation	5.63	6.99	8.56	12	17	18	26	32	38	46	51
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	-	-	0.00	68	228	248
Other Noncurrent Operating Liabilities	0.00	1.89	12	0.11	8.42	15	151	228	109	96	50
Commitments & Contingencies	0.00	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	2,126
Total Preferred & Common Equity	-198	-487	-491	430	559	-223	215	745	2,048	2,320	2,126
Total Common Equity	-198	-487	-491	430	559	-223	215	745	2,048	2,320	2,126
Common Stock	440	444	450	1,227	1,432	1,557	1,989	1,746	2,125	1,878	1,645
Retained Earnings	-638	-931	-941	-797	-873	-1,780	-1,774	-1,001	-78	443	481

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	Q2 2025	Q3 2025	Q1 2026
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	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,471	3,343	3,665	4,305	4,634	4,725	5,055	5,675	5,702	5,494	5,515
Total Current Assets	377	396	386	470	413	414	519	522	588	542	473
Cash & Equivalents	9.13	6.07	15	13	32	7.78	34	34	26	32	37
Accounts Receivable	318	274	265	364	331	360	317	410	410	334	395
Prepaid Expenses	2.29	2.33	2.49	2.57	2.57	2.65	12	5.08	6.52	6.82	19
Current Deferred & Refundable Income Taxes	-	0.00	0.50	0.00	3.14	2.34	37	9.85	12	17	14
Other Current Assets	47	113	103	91	44	41	119	63	134	153	7.68
Plant, Property, & Equipment, net	2,015	2,916	3,217	3,789	4,205	4,266	4,480	5,138	5,093	4,939	5,022
Plant, Property & Equipment, gross	5,996	7,068	7,475	8,180	8,921	9,157	9,556	10,619	10,895	11,258	12,270
Accumulated Depreciation	3,981	4,152	4,258	4,391	4,715	4,891	5,076	5,481	5,802	6,319	7,249
Total Noncurrent Assets	80	31	62	46	16	45	56	15	21	12	20
Other Noncurrent Operating Assets	80	31	62	46	16	45	56	15	21	12	20
Total Liabilities & Shareholders' Equity	2,471	3,343	3,665	4,305	4,634	4,725	5,055	5,675	5,702	5,494	5,515
Total Liabilities	1,762	2,295	2,249	2,897	2,632	2,656	2,742	3,273	3,289	3,250	3,730
Total Current Liabilities	382	345	379	602	428	466	420	564	488	495	899
Accounts Payable	143	134	154	235	156	150	152	231	174	160	235
Accrued Expenses	115	162	179	155	162	216	237	273	310	335	402
Other Current Liabilities	116	29	17	178	82	73	2.56	33	4.12	0.58	262
Total Noncurrent Liabilities	1,381	1,949	1,870	2,294	2,204	2,191	2,322	2,708	2,801	2,754	2,831
Long-Term Debt	1,169	1,757	1,673	2,057	1,939	1,875	1,953	2,311	2,366	2,346	2,552
Asset Retirement Reserve & Litigation Obligation	30	33	35	37	40	41	43	47	48	49	53
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	31	7.29	71	113	211	275	299	263	76
Other Noncurrent Operating Liabilities	182	160	132	193	154	162	115	76	88	96	150
Commitments & Contingencies	0.00	0.00	0.00	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	2,413	2,244	1,784
Total Preferred & Common Equity	709	1,048	1,416	1,408	2,002	2,068	2,314	2,402	2,413	2,244	1,784
Total Common Equity	709	1,048	1,416	1,408	2,002	2,068	2,314	2,402	2,413	2,244	1,784
Common Stock	1,855	1,709	1,909	1,874	2,068	1,996	1,943	1,821	1,732	1,692	1,826
Retained Earnings	-1,146	-661	-493	-467	-66	72	371	582	681	552	-42

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-53.77%	-47.36%	199.29%	56.68%	-30.42%	16.89%	-10.02%	216.07%	37.93%	2.75%	11.23%
EBITDA Growth	-304.06%	83.26%	176.16%	322.86%	-54.71%	-382.61%	132.86%	399.91%	46.93%	-2.58%	-32.61%
EBIT Growth	-466.76%	79.51%	126.43%	565.01%	-93.53%	-3,324.09%	109.23%	1,000.81%	32.98%	-26.26%	-70.60%
NOPAT Growth	-512.58%	79.52%	126.38%	922.03%	-91.02%	-1,615.51%	112.77%	1,029.97%	21.76%	-38.12%	-76.27%
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%	-92.55%
EPS Growth	-697.77%	70.15%	96.88%	1,662.86%	-153.11%	-977.50%	99.40%	6,961.54%	12.44%	-48.75%	-92.41%
Operating Cash Flow Growth	-9.93%	-58.75%	-28.39%	234.76%	39.09%	-2.37%	19.53%	134.17%	27.46%	19.04%	6.86%
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%	298.70%
Invested Capital Growth	-58.97%	-46.26%	13.90%	240.61%	25.53%	-56.41%	41.24%	123.65%	69.43%	20.65%	-3.75%
Revenue Q/Q Growth	-42.17%	-12.72%	108.19%	36.71%	-52.25%	0.00%	0.00%	3.37%	24.27%	-11.12%	4.00%
EBITDA Q/Q Growth	-57.73%	47.46%	-1.26%	188.81%	-60.16%	-16.21%	308.81%	1.16%	31.60%	-15.79%	-13.52%
EBIT Q/Q Growth	-42.53%	40.90%	-9.02%	357.12%	-93.51%	-8.18%	132.28%	-2.53%	38.59%	-29.53%	-40.33%
NOPAT Q/Q Growth	-42.53%	40.90%	-74.79%	733.70%	-91.78%	-8.55%	144.56%	-2.58%	32.07%	-33.10%	-51.87%
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%	-78.61%
EPS Q/Q Growth	-39.34%	35.48%	-475.00%	245.95%	-125.94%	0.00%	0.00%	-8.42%	18.42%	-38.22%	-77.97%
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%	1.51%
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%	1,785.89%
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%	-0.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	68.45%	88.52%	90.18%	74.83%	78.93%	65.62%	83.40%	83.98%	80.69%	80.87%
EBITDA Margin	-355.63%	-113.12%	28.78%	77.69%	50.57%	-122.27%	44.64%	70.61%	75.22%	71.32%	43.21%
Operating Margin	-406.97%	-158.38%	13.96%	63.72%	11.75%	-152.34%	15.69%	54.32%	51.79%	37.64%	9.93%
EBIT Margin	-406.98%	-158.39%	13.99%	59.37%	5.52%	-152.37%	15.63%	54.43%	52.48%	37.66%	9.96%
Profit (Net Income) Margin	-354.60%	-202.72%	-2.12%	21.16%	-16.16%	-164.08%	1.28%	49.23%	42.61%	23.38%	1.57%
Tax Burden Percent	82.81%	99.52%	85.41%	100.04%	100.00%	99.98%	96.47%	99.60%	92.23%	76.42%	61.81%
Interest Burden Percent	105.21%	128.60%	-17.76%	35.64%	-292.43%	107.70%	8.49%	90.81%	88.03%	81.22%	25.44%
Effective Tax Rate	0.00%	0.00%	0.00%	-0.04%	0.00%	0.00%	3.53%	0.40%	7.77%	23.58%	38.19%
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%	3.29%
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%	-1.44%
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%	-1.55%
Return on Equity (ROE)	-340.28%	85.69%	1.88%	-471.30%	-15.44%	-540.37%	-155.74%	161.02%	66.09%	23.82%	1.74%
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%	7.11%
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%	4.48%
Return on Assets (ROA)	-70.98%	-50.91%	-1.73%	13.45%	-4.48%	-65.24%	0.53%	35.16%	25.08%	10.32%	0.70%
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%	1.74%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	-784	-161	42	433	39	-589	75	850	1,035	640	152
NOPAT Margin	-284.88%	-110.87%	9.77%	63.75%	8.23%	-106.64%	15.13%	54.11%	47.76%	28.77%	6.14%
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%	4.73%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	37.26%	26.64%	13.65%	3.36%
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%	19.13%
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%	3.00%
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	506.97%	226.91%	22.87%	26.46%	63.08%	231.27%	49.93%	29.08%	32.19%	43.05%	70.94%
Earnings before Interest and Taxes (EBIT)	-1,119	-229	61	403	26	-841	78	855	1,137	838	246
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-978	-164	125	527	239	-675	222	1,109	1,629	1,587	1,070
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	0.99
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	0.99
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	0.85
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	54.06
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.83%	3.12%	4.20%	4.41%	8.38%
Earnings Yield	0.00%	0.00%	174.53%	18.26%	0.00%	0.00%	0.00%	33.10%	25.91%	14.03%	1.85%
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	0.99
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	1.81
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	4.18
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	18.16
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	29.46
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	2.97
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	13.64
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	1.13
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	1.13
Financial Leverage	2.83	-2.43	-1.75	-29.26	2.04	6.16	-216.26	2.47	1.22	0.97	1.08
Leverage Ratio	4.79	-1.68	-1.09	-35.03	3.45	8.28	-293.18	4.58	2.64	2.31	2.48
Compound Leverage Factor	5.04	-2.16	0.19	-12.48	-10.09	8.92	-24.89	4.16	2.32	1.88	0.63
Debt to Total Capital	130.99%	241.20%	200.48%	67.39%	66.68%	130.93%	78.88%	67.32%	47.27%	50.52%	52.98%
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%	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%	52.98%
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	-30.99%	-141.20%	-100.48%	32.61%	33.32%	-30.93%	21.12%	32.68%	52.73%	49.48%	47.02%
Debt to EBITDA	-0.85	-5.08	7.85	1.68	4.68	-1.40	3.62	1.38	1.13	1.49	2.24
Net Debt to EBITDA	-0.85	-5.04	7.03	1.68	4.61	-1.40	3.58	1.38	1.12	1.49	2.23
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	2.24
Debt to NOPAT	-1.07	-5.19	23.13	2.05	28.78	-1.61	10.68	1.81	1.77	3.70	15.76
Net Debt to NOPAT	-1.06	-5.15	20.71	2.05	28.36	-1.60	10.56	1.80	1.77	3.69	15.67
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	15.76
Altman Z-Score	-5.76	-4.42	-0.96	1.03	-0.01	-5.29	-0.66	1.65	2.21	1.67	1.13
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.06%	0.00%	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	1.09
Quick Ratio	0.70	0.55	1.21	0.43	0.61	0.40	0.62	0.79	0.98	0.73	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	135	135	-5.39	-508	-301	355	-225	-423	-564	-165	328
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%	120.19%
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	1.79
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	8.22
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	1.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.25	0.81	0.64	0.28	0.40	0.42	0.71	0.59	0.44	0.45
Accounts Receivable Turnover	4.00	3.32	10.48	9.48	4.62	6.16	3.76	6.76	6.75	5.86	6.69
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	0.23	0.30	1.02	0.81	0.32	0.44	0.50	0.84	0.68	0.49	0.50
Accounts Payable Turnover	0.00	0.75	0.67	0.90	1.91	2.21	3.37	2.69	2.16	2.17	2.25
Days Sales Outstanding (DSO)	91.15	110.02	34.83	38.49	79.05	59.25	97.17	54.02	54.08	62.33	54.52
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)	0.00	485.28	547.87	405.73	190.96	165.03	108.19	135.85	168.96	167.95	162.40
Cash Conversion Cycle (CCC)	91.15	-375.25	-513.04	-367.24	-111.91	-105.77	-11.02	-81.83	-114.88	-105.62	-107.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	639	343	391	1,332	1,672	729	1,030	2,303	3,901	4,707	4,530
Invested Capital Turnover	0.25	0.29	1.18	0.79	0.31	0.46	0.57	0.94	0.70	0.52	0.54
Increase / (Decrease) in Invested Capital	-918	-296	48	941	340	-943	301	1,273	1,599	806	-176
Enterprise Value (EV)	1,051	983	1,001	1,673	1,959	1,306	2,033	3,732	5,390	6,070	4,477
Market Capitalization	219	156	124	787	857	363	1,239	2,199	3,563	3,710	2,096
Book Value per Share	($3.14)	($7.73)	($7.35)	$1.11	$1.38	($4.87)	$3.25	$9.57	$20.37	$23.25	$21.79
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	$21.79
Total Capital	638	345	488	1,318	1,677	722	1,019	2,281	3,883	4,690	4,522
Total Debt	835	833	979	888	1,118	945	803	1,536	1,836	2,369	2,395
Total Long-Term Debt	835	833	979	830	1,118	880	803	1,525	1,836	2,369	2,395
Net Debt	832	826	877	886	1,102	944	794	1,533	1,827	2,360	2,381
Capital Expenditures (CapEx)	0.02	73	105	217	340	284	594	1,360	1,845	1,692	1,252
Debt-free, Cash-free Net Working Capital (DFCFNWC)	41	-37	-73	53	-87	7.22	-122	-17	115	-52	32
Debt-free Net Working Capital (DFNWC)	44	-31	29	55	-70	8.65	-112	-14	124	-44	47
Net Working Capital (NWC)	44	-31	29	-3.11	-70	-57	-112	-24	124	-44	47
Net Nonoperating Expense (NNE)	192	133	52	289	115	317	69	77	112	120	113
Net Nonoperating Obligations (NNO)	837	831	882	902	1,114	952	814	1,557	1,854	2,386	2,404
Total Depreciation and Amortization (D&A)	141	66	64	124	213	166	144	254	493	749	823
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%	1.31%
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%	1.89%
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%	1.89%
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	$0.40
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	97.71M
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	$0.39
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	99.31M
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	$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	97.29M
Normalized Net Operating Profit after Tax (NOPAT)	31	5.40	42	303	43	158	75	850	1,035	640	607
Normalized NOPAT Margin	11.34%	3.73%	9.77%	44.61%	9.17%	28.58%	15.13%	54.11%	47.76%	28.77%	24.51%
Pre Tax Income Margin	-428.19%	-203.68%	-2.48%	21.16%	-16.16%	-164.11%	1.33%	49.43%	46.20%	30.59%	2.53%
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	1.35
NOPAT to Interest Expense	-13.43	-2.45	0.60	1.67	0.38	-9.24	1.04	10.69	7.66	4.06	0.83
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	-5.49
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	-6.01
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%	447.37%
Augmented Payout Ratio	0.00%	0.00%	0.00%	15.45%	-19.80%	0.00%	536.87%	16.52%	14.30%	49.29%	596.49%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	97,294,661.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	97,294,661.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-5.37
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-60.34%	114.24%	-31.92%	17.67%	140.03%	-35.10%	51.91%	26.04%	-26.14%	18.49%	-99.16%
EBITDA Growth	-73.46%	158.99%	-51.15%	14.70%	249.09%	-46.71%	91.71%	-3.41%	-87.84%	-49.25%	-203.96%
EBIT Growth	-92.98%	188.82%	-85.90%	-8.29%	922.35%	-72.57%	338.71%	-19.54%	-128.96%	-125.46%	-385.12%
NOPAT Growth	-66.10%	150.95%	-88.32%	-12.17%	59.45%	-74.25%	308.21%	-20.43%	-127.00%	-121.88%	-367.27%
Net Income Growth	-95.52%	168.05%	-96.59%	-17.44%	1,042.99%	-81.56%	1,097.50%	-28.13%	-143.25%	-198.65%	-476.20%
EPS Growth	-95.86%	66.95%	-97.24%	-27.66%	957.14%	-81.75%	1,163.64%	-26.47%	-144.93%	-194.37%	-482.01%
Operating Cash Flow Growth	-4.66%	19.13%	45.61%	10.62%	46.20%	-15.21%	3.90%	6.35%	9.68%	7.70%	-20.57%
Free Cash Flow Firm Growth	-145.86%	-6.57%	21.55%	57.71%	67.92%	40.82%	44.45%	5.01%	14.13%	121.89%	91.36%
Invested Capital Growth	85.63%	69.43%	39.68%	27.71%	22.27%	20.65%	19.55%	19.96%	7.00%	-3.75%	-8.64%
Revenue Q/Q Growth	-34.12%	152.73%	-50.05%	41.48%	34.39%	-31.67%	16.92%	17.39%	-21.25%	9.62%	-99.18%
EBITDA Q/Q Growth	-48.62%	257.76%	-64.18%	74.24%	56.36%	-45.39%	28.84%	-12.21%	-80.31%	127.85%	-363.54%
EBIT Q/Q Growth	-82.22%	1,040.22%	-89.18%	318.12%	98.21%	-69.40%	73.01%	-23.31%	-171.33%	73.10%	-1,832.15%
NOPAT Q/Q Growth	7.33%	105.65%	-90.01%	298.21%	94.86%	-66.79%	58.43%	-22.38%	-166.13%	73.09%	-1,835.29%
Net Income Q/Q Growth	-84.44%	1,389.23%	-97.02%	1,093.83%	115.40%	-75.98%	93.84%	-28.35%	-229.61%	45.20%	-639.19%
EPS Q/Q Growth	-85.11%	1,289.29%	-97.17%	1,136.36%	117.65%	-76.01%	95.77%	-28.06%	-233.00%	49.62%	-692.54%
Operating Cash Flow Q/Q Growth	-14.27%	29.75%	14.54%	-13.18%	13.30%	-24.75%	40.36%	-11.12%	16.85%	-26.11%	3.51%
Free Cash Flow Firm Q/Q Growth	14.34%	16.01%	8.66%	35.66%	35.02%	-54.96%	14.26%	-10.02%	41.26%	139.51%	-133.84%
Invested Capital Q/Q Growth	12.31%	11.97%	0.90%	0.66%	7.52%	10.48%	-0.02%	1.01%	-4.09%	-0.62%	-5.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	73.72%	87.14%	73.40%	82.01%	85.82%	77.36%	81.06%	82.82%	78.74%	80.35%	-2,479.98%
EBITDA Margin	56.74%	80.31%	57.59%	70.92%	82.51%	65.95%	72.68%	54.35%	13.59%	28.25%	-9,032.09%
Operating Margin	13.52%	61.00%	13.20%	39.04%	57.58%	25.76%	38.08%	24.92%	-22.59%	-5.55%	-13,022.13%
EBIT Margin	13.52%	61.01%	13.21%	39.05%	57.60%	25.79%	38.16%	24.93%	-22.58%	-5.54%	-12,990.99%
Profit (Net Income) Margin	8.32%	49.00%	2.93%	24.71%	39.60%	13.92%	23.08%	14.09%	-23.19%	-11.59%	-10,396.64%
Tax Burden Percent	481.84%	86.87%	80.31%	76.42%	75.13%	81.63%	74.81%	75.57%	76.46%	82.19%	75.13%
Interest Burden Percent	12.76%	92.46%	27.59%	82.79%	91.51%	66.14%	80.85%	74.78%	134.29%	254.51%	106.52%
Effective Tax Rate	-381.82%	13.13%	19.69%	23.58%	24.87%	18.37%	25.19%	24.43%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	42.35%	37.01%	6.22%	17.44%	27.98%	10.87%	16.03%	11.14%	-8.54%	-2.08%	-3,803.61%
ROIC Less NNEP Spread (ROIC-NNEP)	31.35%	35.15%	4.57%	15.83%	26.61%	9.15%	14.49%	9.56%	-10.46%	-4.05%	-3,806.29%
Return on Net Nonoperating Assets (RNNOA)	48.05%	42.93%	5.56%	16.27%	28.77%	8.88%	13.95%	9.03%	-9.78%	-4.36%	-4,380.50%
Return on Equity (ROE)	90.40%	79.94%	11.77%	33.71%	56.74%	19.75%	29.98%	20.17%	-18.32%	-6.44%	-8,184.11%
Cash Return on Invested Capital (CROIC)	-30.73%	-18.18%	-11.87%	-4.67%	4.68%	-3.84%	0.05%	-1.23%	0.39%	7.11%	-0.89%
Operating Return on Assets (OROA)	6.96%	35.92%	6.56%	19.22%	30.82%	11.38%	18.00%	12.33%	-10.19%	-2.49%	-4,362.24%
Return on Assets (ROA)	4.28%	28.85%	1.45%	12.16%	21.19%	6.14%	10.89%	6.97%	-10.46%	-5.21%	-3,491.09%
Return on Common Equity (ROCE)	90.40%	79.94%	11.77%	33.71%	56.74%	19.75%	29.98%	20.17%	-18.32%	-6.44%	-8,184.11%
Return on Equity Simple (ROE_SIMPLE)	48.24%	0.00%	29.69%	27.32%	36.20%	0.00%	26.96%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	204	421	42	167	326	108	172	133	-88	-24	-458
NOPAT Margin	65.13%	52.99%	10.60%	29.84%	43.26%	21.02%	28.49%	18.84%	-15.82%	-3.88%	-9,115.49%
Net Nonoperating Expense Percent (NNEP)	11.00%	1.86%	1.64%	1.61%	1.37%	1.72%	1.54%	1.58%	1.93%	1.96%	2.67%
Return On Investment Capital (ROIC_SIMPLE)	-	10.83%	-	-	-	2.31%	3.64%	2.79%	-1.92%	-0.52%	-10.57%
Cost of Revenue to Revenue	26.28%	12.86%	26.60%	17.99%	14.18%	22.64%	18.94%	17.18%	21.26%	19.65%	2,579.98%
SG&A Expenses to Revenue	4.17%	1.30%	3.38%	2.81%	1.65%	3.59%	2.83%	2.71%	3.12%	3.38%	525.91%
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	60.21%	26.14%	60.19%	42.97%	28.24%	51.61%	42.98%	57.90%	101.34%	85.90%	10,542.16%
Earnings before Interest and Taxes (EBIT)	42	484	52	219	434	133	230	176	-126	-34	-653
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	178	637	228	398	622	340	438	384	76	172	-454
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.55	1.74	1.98	1.82	1.53	1.60	1.25	1.16	1.08	0.99	1.59
Price to Tangible Book Value (P/TBV)	2.55	1.74	1.98	1.82	1.53	1.60	1.25	1.16	1.08	0.99	1.59
Price to Revenue (P/Rev)	2.06	1.64	2.00	1.82	1.42	1.67	1.23	1.09	1.02	0.85	1.51
Price to Earnings (P/E)	5.37	3.86	6.66	6.65	4.24	7.13	4.63	4.60	13.36	54.06	0.00
Dividend Yield	3.61%	4.20%	3.95%	4.25%	4.58%	4.41%	5.59%	6.14%	7.14%	8.38%	6.16%
Earnings Yield	18.63%	25.91%	15.01%	15.05%	23.61%	14.03%	21.62%	21.75%	7.49%	1.85%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.62	1.38	1.49	1.42	1.28	1.29	1.12	1.08	1.04	0.99	1.25
Enterprise Value to Revenue (EV/Rev)	3.23	2.49	2.96	2.72	2.18	2.73	2.17	1.99	1.99	1.81	2.85
Enterprise Value to EBITDA (EV/EBITDA)	4.55	3.31	4.22	3.90	2.90	3.82	2.93	2.88	3.83	4.18	30.01
Enterprise Value to EBIT (EV/EBIT)	6.86	4.74	7.17	7.05	4.59	7.24	5.19	5.28	11.46	18.16	0.00
Enterprise Value to NOPAT (EV/NOPAT)	7.18	5.21	8.18	8.09	5.71	9.48	6.84	6.97	14.99	29.46	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	4.99	4.55	4.49	4.20	3.74	4.31	3.70	3.55	3.19	2.97	3.77
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	30.18	0.00	2,714.06	0.00	271.97	13.64	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.46	0.90	0.97	0.91	0.84	1.02	0.96	0.98	1.05	1.13	1.43
Long-Term Debt to Equity	1.46	0.90	0.97	0.91	0.84	1.02	0.96	0.98	1.05	1.13	1.43
Financial Leverage	1.53	1.22	1.21	1.03	1.08	0.97	0.96	0.94	0.93	1.08	1.15
Leverage Ratio	3.20	2.64	2.62	2.41	2.52	2.31	2.34	2.33	2.31	2.48	2.67
Compound Leverage Factor	0.41	2.44	0.72	1.99	2.30	1.53	1.89	1.74	3.11	6.30	2.85
Debt to Total Capital	59.37%	47.27%	49.20%	47.55%	45.78%	50.52%	49.03%	49.51%	51.11%	52.98%	58.85%
Short-Term Debt 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%
Long-Term Debt to Total Capital	59.37%	47.27%	49.20%	47.55%	45.78%	50.52%	49.03%	49.51%	51.11%	52.98%	58.85%
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	40.63%	52.73%	50.80%	52.45%	54.22%	49.48%	50.97%	50.49%	48.89%	47.02%	41.15%
Debt to EBITDA	1.66	1.13	1.39	1.30	1.04	1.49	1.29	1.33	1.90	2.24	14.29
Net Debt to EBITDA	1.65	1.12	1.37	1.30	1.02	1.49	1.27	1.31	1.87	2.23	14.08
Long-Term Debt to EBITDA	1.66	1.13	1.39	1.30	1.04	1.49	1.29	1.33	1.90	2.24	14.29
Debt to NOPAT	2.63	1.77	2.70	2.70	2.04	3.70	3.00	3.21	7.43	15.76	-5.71
Net Debt to NOPAT	2.61	1.77	2.66	2.69	2.00	3.69	2.95	3.17	7.33	15.67	-5.63
Long-Term Debt to NOPAT	2.63	1.77	2.70	2.70	2.04	3.70	3.00	3.21	7.43	15.76	-5.71
Altman Z-Score	0.99	1.73	1.34	1.45	1.68	1.25	1.25	1.25	0.96	0.95	0.30
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	0.78	1.32	0.96	0.89	1.23	0.92	0.92	1.21	1.10	1.09	0.53
Quick Ratio	0.62	0.98	0.85	0.79	0.84	0.73	0.79	0.89	0.74	0.68	0.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,403	-1,178	-1,076	-692	-450	-697	-598	-658	-386	153	-52
Operating Cash Flow to CapEx	40.57%	94.82%	96.34%	172.22%	101.02%	41.16%	156.37%	109.32%	120.01%	101.48%	50.99%
Free Cash Flow to Firm to Interest Expense	-37.87	-32.27	-28.38	-18.37	-12.22	-15.41	-13.63	-14.80	-8.99	2.94	-1.21
Operating Cash Flow to Interest Expense	7.12	9.38	10.34	9.03	10.47	6.41	9.29	8.15	9.85	6.02	7.60
Operating Cash Flow Less CapEx to Interest Expense	-10.43	-0.51	-0.39	3.79	0.11	-9.17	3.35	0.69	1.64	0.09	-7.30
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.51	0.59	0.50	0.49	0.54	0.44	0.47	0.49	0.45	0.45	0.34
Accounts Receivable Turnover	5.11	6.75	6.54	6.61	7.36	5.86	6.57	6.70	7.31	6.69	4.67
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	0.60	0.68	0.56	0.55	0.61	0.49	0.52	0.55	0.51	0.50	0.37
Accounts Payable Turnover	1.68	2.16	2.58	2.57	2.14	2.17	2.26	2.83	3.01	2.25	2.10
Days Sales Outstanding (DSO)	71.37	54.08	55.80	55.22	49.59	62.33	55.60	54.51	49.90	54.52	78.19
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)	216.85	168.96	141.62	142.02	170.33	167.95	161.17	128.86	121.33	162.40	173.73
Cash Conversion Cycle (CCC)	-145.48	-114.88	-85.81	-86.80	-120.74	-105.62	-105.58	-74.35	-71.43	-107.88	-95.53
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,484	3,901	3,936	3,962	4,260	4,707	4,706	4,753	4,559	4,530	4,299
Invested Capital Turnover	0.65	0.70	0.59	0.58	0.65	0.52	0.56	0.59	0.54	0.54	0.42
Increase / (Decrease) in Invested Capital	1,607	1,599	1,118	860	776	806	769	791	298	-176	-407
Enterprise Value (EV)	5,628	5,390	5,867	5,623	5,466	6,070	5,273	5,138	4,735	4,477	5,358
Market Capitalization	3,583	3,563	3,961	3,756	3,547	3,710	2,996	2,798	2,420	2,096	2,844
Book Value per Share	$15.13	$20.37	$19.85	$20.47	$23.10	$23.25	$24.24	$24.45	$23.00	$21.79	$18.34
Tangible Book Value per Share	$15.13	$20.37	$19.85	$20.47	$23.10	$23.25	$24.24	$24.45	$23.00	$21.79	$18.34
Total Capital	3,465	3,883	3,941	3,943	4,267	4,690	4,713	4,779	4,590	4,522	4,336
Total Debt	2,057	1,836	1,939	1,875	1,953	2,369	2,311	2,366	2,346	2,395	2,552
Total Long-Term Debt	2,057	1,836	1,939	1,875	1,953	2,369	2,311	2,366	2,346	2,395	2,552
Net Debt	2,044	1,827	1,906	1,867	1,919	2,360	2,277	2,340	2,314	2,381	2,514
Capital Expenditures (CapEx)	650	361	407	198	382	705	261	331	353	308	635
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-146	115	-48	-60	64	-52	-76	74	15	32	-464
Debt-free Net Working Capital (DFNWC)	-133	124	-15	-52	99	-44	-43	100	47	47	-426
Net Working Capital (NWC)	-133	124	-15	-52	99	-44	-43	100	47	47	-426
Net Nonoperating Expense (NNE)	178	32	30	29	28	37	33	34	41	47	64
Net Nonoperating Obligations (NNO)	2,076	1,854	1,934	1,894	1,947	2,386	2,304	2,340	2,314	2,404	2,514
Total Depreciation and Amortization (D&A)	136	153	176	179	188	207	208	208	201	206	199
Debt-free, Cash-free Net Working Capital to Revenue	-8.37%	5.33%	-2.41%	-2.89%	2.57%	-2.36%	-3.14%	2.88%	0.65%	1.31%	-24.67%
Debt-free Net Working Capital to Revenue	-7.62%	5.71%	-0.77%	-2.51%	3.94%	-1.96%	-1.76%	3.89%	1.98%	1.89%	-22.70%
Net Working Capital to Revenue	-7.62%	5.71%	-0.77%	-2.51%	3.94%	-1.96%	-1.76%	3.89%	1.98%	1.89%	-22.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.28	$3.91	$0.12	$1.38	$3.00	$0.71	$1.41	$1.02	($1.33)	($0.70)	($5.31)
Adjusted Weighted Average Basic Shares Outstanding	92.77M	91.48M	100.44M	100.27M	99.49M	99.85M	98.56M	98.06M	97.12M	97.71M	98.50M
Adjusted Diluted Earnings per Share	$0.28	$3.89	$0.11	$1.36	$2.96	$0.71	$1.39	$1.00	($1.33)	($0.67)	($5.31)
Adjusted Weighted Average Diluted Shares Outstanding	93.74M	92.06M	101.64M	101.99M	100.72M	101.27M	99.99M	99.39M	97.12M	99.31M	98.50M
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	100.51M	100.87M	101.06M	100.17M	99.83M	99.11M	98.70M	97.59M	97.60M	97.29M	105.79M
Normalized Net Operating Profit after Tax (NOPAT)	30	421	42	167	326	108	172	245	135	-24	-271
Normalized NOPAT Margin	9.46%	52.99%	10.60%	29.84%	43.26%	21.02%	28.49%	34.73%	24.26%	-3.88%	-5,381.29%
Pre Tax Income Margin	1.73%	56.41%	3.65%	32.33%	52.71%	17.06%	30.86%	18.64%	-30.33%	-14.10%	-13,838.08%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.15	13.26	1.38	5.81	11.78	2.93	5.24	3.97	-2.92	-0.65	-15.34
NOPAT to Interest Expense	5.52	11.52	1.11	4.44	8.85	2.39	3.91	3.00	-2.05	-0.46	-10.76
EBIT Less CapEx to Interest Expense	-16.41	3.37	-9.35	0.57	1.42	-12.65	-0.70	-3.49	-11.13	-6.58	-30.23
NOPAT Less CapEx to Interest Expense	-12.04	1.63	-9.63	-0.81	-1.52	-13.19	-2.03	-4.46	-10.25	-6.39	-25.66
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	18.27%	13.43%	23.32%	26.52%	18.56%	31.13%	25.26%	27.54%	94.64%	447.37%	-28.27%
Augmented Payout Ratio	24.31%	14.30%	26.68%	36.23%	26.84%	49.29%	39.08%	42.27%	136.13%	596.49%	-35.14%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, investor-focused snapshot of Northern Oil & Gas (NOG) using the last four years of quarterly data from the cash flow, income statement, and balance sheet. The bullets highlight notable trends and potential implications for retail investors.

Operating cash flow from continuing operations remained robust in 2025, averaging roughly $360–420 million per quarter. Example quarterly figures: Q1 2025 = $407,426,000; Q2 2025 = $362,112,000; Q3 2025 = $423,120,000; Q4 2025 = $312,630,000.
Dividend payments have been stable and predictable, with a quarterly cash dividend of $0.45 per share in 2025 (roughly $41.7–$44.3 million per quarter, totaling about $170–180 million for the year).
Gross margins remained solid in late 2024–2025. For example, Q4 2025 gross profit was $490,299,000 on revenue of $610,179,000 (about 80% gross margin), and Q4 2024 gross profit was $398,392,000 on $514,976,000 revenue (about 77%).
In Q4 2025, the company tapped the debt market with a debt issuance of $825,000,000, providing liquidity to fund capex and ongoing operations.
Revenue levels remained sizable and relatively resilient across 2025 quarters, with Q2 2025 revenue at $706,809,000 and Q4 2025 at $610,179,000 (Q1 2025: $602,098,000; Q3 2025: $556,637,000).
Earnings per share were positive in the early part of 2025, with Q1 2025 Basic EPS of $1.41 and Q2 2025 Basic EPS of $1.02, signaling periods of meaningful profitability when oil markets and costs aligned.
Profitability shows notable quarterly volatility in 2025. Net income from continuing operations was $138,982,000 in Q1 2025, $99,585,000 in Q2 2025, but swung to negative territory with -$129,074,000 in Q3 2025 and -$70,732,000 in Q4 2025.
Capex intensity remained high in 2025, with quarterly property, plant & equipment purchases ranging from about $260.6 million (Q1) to $352.6 million (Q3) and $308.1 million (Q4), indicating ongoing capital expenditure to support production growth.
Profitability deteriorated in the back half of 2025, as evidenced by negative net income in Q3 and Q4 2025 (Q3 net income continuing operations = -$129,074,000; Q4 = -$70,732,000).
Impairment charges weighed on results in 2025. For Q3 2025, impairment expense was $318,674,000, a sizable one-time charge that suppressed operating income and net income for that quarter.

05/21/26 03:52 PM ETAI Generated. May Contain Errors.

Northern Oil and Gas Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Northern Oil and Gas' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Northern Oil and Gas' net income appears to be on an upward trend, with a most recent value of $38.76 million in 2025, falling from -$975.35 million in 2015. The previous period was $520.31 million in 2024. Check out Northern Oil and Gas' forecast to explore projected trends and price targets.

Northern Oil and Gas' total operating income in 2025 was $245.85 million, based on the following breakdown:

Total Gross Profit: $2.00 billion
Total Operating Expenses: $1.76 billion

Over the last 10 years, Northern Oil and Gas' total revenue changed from $275.06 million in 2015 to $2.48 billion in 2025, a change of 800.1%.

Northern Oil and Gas' total liabilities were at $3.28 billion at the end of 2025, a 0.0% decrease from 2024, and a 257.2% increase since 2015.

In the past 10 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 $14.30 million as of their latest financial filing in 2025.

Over the last 10 years, Northern Oil and Gas' book value per share changed from -3.14 in 2015 to 21.79 in 2025, a change of -794.2%.

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Financial statements for NYSE:NOG last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Northern Oil and Gas (NOG) Financials

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Northern Oil and Gas (NOG) Financials

Annual Income Statements for Northern Oil and Gas

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Quarterly Cash Flow Statements for Northern Oil and Gas

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Financials Breakdown Chart

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When does Northern Oil and Gas' financial year end?

How has Northern Oil and Gas' net income changed over the last 10 years?

What is Northern Oil and Gas' operating income?

How has Northern Oil and Gas' revenue changed over the last 10 years?

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How has Northern Oil and Gas' book value per share changed over the last 10 years?

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