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NORTHERN OIL & GAS, INC. NOG

NYSE · stock · Crude Petroleum & Natural Gas · website · IPO 2006-02-21

NORTHERN OIL & GAS, INC. statistics & valuation

Market cap$2.1B
P / E53.8×
P / S0.8×
P / B1.0×
Dividend yield8.32%
Net margin1.6%
Return on equity1.8%
Net debt$2.4B
Enterprise value USD$4.5B
Earnings yield EBIT/EV5.5%
Return on capital5%
Graham number -43.1%$13.71

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($13.71); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
-202.50% -4.40% 21.20% -16.20% -164.10% 0.70% 38.90% 42.60% 23.40% 1.60% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
-158.20% 28.90% 63.70% 11.80% -152.30% 8.00% 43.00% 51.80% 37.60% 9.90% 2016201720182019202020212022202320242025
Return on equity (%)
33.40% -13.70% 3.00% 103.80% 45.10% 22.40% 1.80% 2016201720182019202020212022202320242025
Shares outstanding
63.3M 66.8M 378.3M 40.6M 45.9M 77.3M 86.7M 100.8M 101.3M 99.3M 2016201720182019202020212022202320242025
Net debt ($)
$826.1M $877.1M $827.8M $1.10B $943.4M $793.9M $1.52B $1.83B $2.36B $2.38B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
-68.00% -1.50% 9.60% -4.00% -103.90% 0.40% 26.90% 20.60% 9.30% 0.70% 2016201720182019202020212022202320242025
Free cash flow margin (%)
70.20% 34.90% 36.00% 2016201720182019202020212022202320242025
Debt / equity (×)
1.93× 2.00× 3.73× 2.05× 0.90× 1.02× 1.13× 2016201720182019202020212022202320242025
EPS ($)
-$4.80 -$0.15 $6.07 -$2.00 -$21.55 -$0.13 $8.92 $10.03 $5.14 $0.39 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

NORTHERN OIL & GAS, INC. trades at about 61.8× earnings — above its 10-year norm (10-year range 3.3×–384.6×, median 23.3×).

3.3× 384.6×

Shaded band = 10-year range (3.3×–384.6×); dot = today's 61.8×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin9.9%37.6%51.8%43.0%8.0%-152.3%11.8%63.7%28.9%-158.2%
Net margin1.6%23.4%42.6%38.9%0.7%-164.1%-16.2%21.2%-4.4%-202.5%
FCF margin———————36.0%34.9%70.2%
Return on assets0.7%9.3%20.6%26.9%0.4%-103.9%-4.0%9.6%-1.5%-68.0%
Return on equity1.8%22.4%45.1%103.8%3.0%405.7%-13.7%33.4%1.9%60.2%
Debt / equity1.13×1.02×0.90×2.05×3.73×-4.23×2.00×1.93×-2.00×-1.71×
Current ratio1.090.921.320.930.660.690.650.991.240.61

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.