Northern Oil and Gas, Inc. (NOG) 10-Year Financial Performance & Capital Metrics

NOG • • Industrial / General

EnergyOil & Gas E&PMineral & Royalty CompaniesLarge-Scale Mineral Owners

AboutNorthern 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. The company primarily holds interests in the Williston Basin, the Appalachian Basin, and the Permian Basin in the United States. As of December 31, 2021, it owned working interests in 7,436 gross producing wells; and had proved reserves of 287,682 million barrels of oil equivalent. The company is based in Minnetonka, Minnesota.Show more

Revenue $2.16B +13.5%
EBITDA $1.58B -1.8%
Net Income $520M -43.6%
EPS (Diluted) 5.14 -48.8%
Gross Margin 38.64% -19.4%
EBITDA Margin 72.96% -13.5%
Operating Margin 38.72% -34.2%
Net Margin 24.05% -50.3%
ROE 23.82% -64.0%
ROIC 14.69% -46.4%
Debt/Equity 1.02 +13.9%
Interest Coverage 5.31 -35.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 83.6%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 29.2%
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Shares diluted 10.0% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y17.49%

5Y29.19%

3Y30.43%

TTM1.51%

Profit (Net Income) CAGR

10Y12.26%

5Y-

3Y334.09%

TTM-78.36%

EPS CAGR

10Y-15.25%

5Y-

3Y-

TTM-78.75%

ROCE

10Y Avg-3.66%

5Y Avg7.17%

3Y Avg32.65%

Latest18.3%

Peer Comparison

Large-Scale Mineral Owners

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TPLTexas Pacific Land Corporation	22.81B	330.94	16.78	11.75%	61.68%	34.82%	2.02%	0.00
BSMBlack Stone Minerals, L.P.	3B	14.15	12.30	-12.31%	67.81%	24.36%	12.84%	0.02
DMLPDorchester Minerals, L.P.	1.12B	23.31	10.94	-1.39%	35.84%	16.69%	11.79%	0.00
NOGNorthern Oil and Gas, Inc.	2.2B	22.56	4.39	13.46%	8.26%	8.07%		1.02
KRPKimbell Royalty Partners, LP	1.16B	12.46	-0.16	13.72%	11.14%	4.66%	21.54%	0.28

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	202.68M	159.72M	223.99M	493.92M	601.24M	324.07M	975.09M	1.99B	1.91B	2.16B
Revenue Growth %	-0.53%	-0.21%	0.4%	1.21%	0.22%	-0.46%	2.01%	1.04%	-0.04%	0.13%
Cost of Goods Sold+	211.44M	122.44M	129.84M	231.73M	386.87M	308.24M	388.6M	670.14M	993.15M	1.33B
COGS % of Revenue	1.04%	0.77%	0.58%	0.47%	0.64%	0.95%	0.4%	0.34%	0.52%	0.61%
Gross Profit+	-8.77M	37.28M	94.15M	262.19M	214.37M	15.83M	586.49M	1.32B	913.86M	835.98M
Gross Margin %	-0.04%	0.23%	0.42%	0.53%	0.36%	0.05%	0.6%	0.66%	0.48%	0.39%
Gross Profit Growth %	-1.06%	5.25%	1.53%	1.78%	-0.18%	-0.93%	36.05%	1.24%	-0.31%	-0.09%
Operating Expenses+	1.25B	327.83M	18.99M	14.57M	158.86M	857.07M	508.53M	462.46M	-208M	-1.85M
OpEx % of Revenue	6.16%	2.05%	0.08%	0.03%	0.26%	2.64%	0.52%	0.23%	-0.11%	-0%
Selling, General & Admin	19.04M	14.76M	18.99M	14.57M	23.62M	18.55M	30.34M	47.2M	46.8M	50.46M
SG&A % of Revenue	0.09%	0.09%	0.08%	0.03%	0.04%	0.06%	0.03%	0.02%	0.02%	0.02%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-30.09K	-1.1M	20.91K	890.97K	135.24M	838.53M	478.19M	415.26M	-254.8M	-52.32M
Operating Income+	-1.12B	-229.31M	60.49M	432.63M	55.51M	-841.24M	77.96M	853.19M	1.12B	837.83M
Operating Margin %	-5.52%	-1.44%	0.27%	0.88%	0.09%	-2.6%	0.08%	0.43%	0.59%	0.39%
Operating Income Growth %	-4.67%	0.8%	1.26%	6.15%	-0.87%	-16.16%	1.09%	9.94%	0.31%	-0.25%
EBITDA+	-981.62M	-168.06M	120M	552.41M	265.71M	-679.12M	218.79M	1.1B	1.61B	1.58B
EBITDA Margin %	-4.84%	-1.05%	0.54%	1.12%	0.44%	-2.1%	0.22%	0.56%	0.84%	0.73%
EBITDA Growth %	-3.05%	0.83%	1.71%	3.6%	-0.52%	-3.56%	1.32%	4.05%	0.46%	-0.02%
D&A (Non-Cash Add-back)	137.77M	61.24M	59.5M	119.78M	210.2M	162.12M	140.83M	251.27M	486.02M	740.9M
EBIT	-1.12B	-230.41M	59.52M	230.52M	4.36M	-847.7M	65.61M	856.67M	1.14B	838.53M
Net Interest Income+	-58.36M	-64.49M	-70.29M	-86.89M	-80.68M	-58.5M	-59.02M	-80.33M	-135.66M	-157.72M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	58.36M	64.49M	70.29M	86.89M	80.68M	58.5M	59.02M	80.33M	135.66M	157.72M
Other Income/Expense	-58.39M	-65.59M	-71.26M	-103.99M	-131.83M	-64.96M	-71.36M	-76.85M	-121.12M	-157.01M
Pretax Income+	-1.18B	-294.9M	-10.76M	143.63M	-76.32M	-906.21M	6.59M	776.34M	1B	680.82M
Pretax Margin %	-5.81%	-1.85%	-0.05%	0.29%	-0.13%	-2.8%	0.01%	0.39%	0.52%	0.31%
Income Tax+	-202.42M	-1.4M	-1.57M	-55K	0	-166K	233K	3.1M	77.77M	160.51M
Effective Tax Rate %	0.83%	1%	0.85%	1%	1%	1%	0.96%	1%	0.92%	0.76%
Net Income+	-975.36M	-293.49M	-9.19M	143.69M	-76.32M	-906.04M	6.36M	773.24M	922.97M	520.31M
Net Margin %	-4.81%	-1.84%	-0.04%	0.29%	-0.13%	-2.8%	0.01%	0.39%	0.48%	0.24%
Net Income Growth %	-6.96%	0.7%	0.97%	16.63%	-1.53%	-10.87%	1.01%	120.56%	0.19%	-0.44%
Net Income (Continuing)	-975.36M	-293.49M	-9.19M	143.69M	-76.32M	-906.04M	6.36M	773.24M	922.97M	520.31M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-160.81	-48.00	-1.50	6.07	-2.00	-21.55	-0.13	8.40	10.03	5.14
EPS Growth %	-6.98%	0.7%	0.97%	5.05%	-1.33%	-9.78%	0.99%	65.62%	0.19%	-0.49%
EPS (Basic)	-160.81	-48.00	-1.50	6.08	-2.00	-21.55	-0.13	9.26	10.09	5.21
Diluted Shares Outstanding	6.07M	6.12M	6.24M	23.68M	38.71M	42.74M	62.99M	86.67M	92.06M	101.27M
Basic Shares Outstanding	6.07M	6.11M	6.13M	23.62M	38.71M	42.74M	62.99M	78.56M	91.48M	99.85M
Dividend Payout Ratio	-	-	-	-	-	-	0.78%	0.07%	0.13%	0.31%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	128.81M	46.89M	152.76M	228.41M	133.04M	125.63M	215.33M	320.49M	509.41M	500.74M
Cash & Short-Term Investments	3.39M	6.49M	102.18M	2.36M	16.07M	1.43M	9.52M	2.53M	8.2M	8.93M
Cash Only	3.39M	6.49M	102.18M	2.36M	16.07M	1.43M	9.52M	2.53M	8.2M	8.93M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	51.45M	37.24M	47.64M	96.35M	108.48M	71.02M	193.55M	271.67M	373.78M	427.72M
Days Sales Outstanding	92.65	85.11	77.63	71.2	65.86	79.98	72.45	49.94	71.54	72.15
Inventory	66.3M	1.58M	604.98K	116.14M	0	0	0	0	0	0
Days Inventory Outstanding	114.45	4.72	1.7	182.93	-	-	-	-	-	-
Other Current Assets	66.3M	1.59M	2.33M	128.23M	7.59M	52.71M	5.94M	37.31M	78.22M	51.8M
Total Non-Current Assets+	605.13M	384.64M	479.5M	1.28B	1.77B	746.46M	1.31B	2.55B	3.97B	5.1B
Property, Plant & Equipment	589.32M	376.21M	473.22M	1.2B	1.75B	735.2M	1.25B	2.48B	3.93B	5.08B
Fixed Asset Turnover	0.34x	0.42x	0.47x	0.41x	0.34x	0.44x	0.78x	0.80x	0.49x	0.43x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	6.8M	0	66.94M	0	0	0	15.75M	0	9.83M
Other Non-Current Assets	15.81M	1.63M	5.49M	72.07M	23.63M	11.26M	54.2M	56.02M	43.28M	11.08M
Total Assets+	733.95M	431.53M	632.25M	1.5B	1.91B	872.09M	1.52B	2.88B	4.48B	5.6B
Asset Turnover	0.28x	0.37x	0.35x	0.33x	0.32x	0.37x	0.64x	0.69x	0.43x	0.39x
Asset Growth %	-0.64%	-0.41%	0.47%	1.38%	0.27%	-0.54%	0.75%	0.89%	0.56%	0.25%
Total Current Liabilities+	78.12M	77.44M	123.58M	231.53M	203.48M	182.47M	327.56M	344.97M	385.76M	544.27M
Accounts Payable	65.32M	56.15M	93.15M	55.02M	69.39M	35.8M	65.46M	128.58M	192.67M	202.87M
Days Payables Outstanding	112.76	167.38	261.87	86.66	65.47	42.4	61.49	70.03	70.81	55.77
Short-Term Debt	0	0	0	18.18M	0	65M	0	0	0	0
Deferred Revenue (Current)	0	0	0	-1000K	0	0	0	0	0	0
Other Current Liabilities	188.77K	10.52M	19.25M	58.62M	12.09M	4.66M	136M	70.31M	18.93M	24.62M
Current Ratio	1.65x	0.61x	1.24x	0.99x	0.65x	0.69x	0.66x	0.93x	1.32x	0.92x
Quick Ratio	0.80x	0.59x	1.23x	0.48x	0.65x	0.69x	0.66x	0.93x	1.32x	0.92x
Cash Conversion Cycle	94.34	-77.56	-182.54	167.48	-	-	-	-	-	-
Total Non-Current Liabilities+	853.43M	841.51M	999.52M	842.25M	1.14B	912.92M	980.17M	1.78B	2.05B	2.74B
Long-Term Debt	835.29M	832.63M	979.32M	830.2M	1.12B	879.84M	803.44M	1.53B	1.84B	2.37B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	0	0	104.58K	0	0	0	0	68.49M	228.04M
Other Non-Current Liabilities	5.63M	8.89M	20.19M	12.05M	25.18M	33.08M	176.74M	259.53M	146.78M	141.78M
Total Liabilities	931.55M	918.95M	1.12B	1.07B	1.35B	1.1B	1.31B	2.13B	2.44B	3.28B
Total Debt+	847.8M	832.63M	979.32M	830.2M	1.12B	944.84M	803.44M	1.53B	1.84B	2.37B
Net Debt	844.41M	826.14M	877.14M	827.85M	1.1B	943.41M	793.92M	1.52B	1.83B	2.36B
Debt / Equity	-	-	-	1.93x	2.00x	-	3.73x	2.05x	0.90x	1.02x
Debt / EBITDA	-	-	8.16x	1.50x	4.21x	-	3.67x	1.38x	1.14x	1.50x
Net Debt / EBITDA	-	-	7.31x	1.50x	4.15x	-	3.63x	1.38x	1.14x	1.50x
Interest Coverage	-19.18x	-3.56x	0.86x	4.98x	0.69x	-14.38x	1.32x	10.62x	8.27x	5.31x
Total Equity+	-197.6M	-487.42M	-490.84M	429.86M	558.64M	-223.3M	215.13M	745.26M	2.05B	2.32B
Equity Growth %	-1.26%	-1.47%	-0.01%	1.88%	0.3%	-1.4%	1.96%	2.46%	1.75%	0.13%
Book Value per Share	-32.58	-79.68	-78.65	18.16	14.43	-5.22	3.42	8.60	22.24	22.91
Total Shareholders' Equity	-197.6M	-487.42M	-490.84M	429.86M	558.64M	-223.3M	215.13M	745.26M	2.05B	2.32B
Common Stock	63.12K	63.26K	66.79K	378.33K	406K	448K	479K	487K	503K	501K
Retained Earnings	-637.89M	-931.38M	-940.57M	-796.88M	-873.2M	-1.78B	-1.77B	-1B	-77.79M	442.52M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.76B	-2.06B	-2.11B	-2.23B	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	247.02M	101.89M	72.97M	244.26M	339.75M	331.69M	396.47M	928.42M	1.18B	1.41B
Operating CF Margin %	1.22%	0.64%	0.33%	0.49%	0.57%	1.02%	0.41%	0.47%	0.62%	0.65%
Operating CF Growth %	-0.1%	-0.59%	-0.28%	2.35%	0.39%	-0.02%	0.2%	1.34%	0.27%	0.19%
Net Income	-975.35M	-293.49M	-9.19M	143.69M	-76.32M	-906.04M	6.36M	773.24M	922.97M	0
Depreciation & Amortization	137.77M	61.24M	59.5M	119.78M	210.2M	162.12M	140.83M	251.27M	486.02M	740.9M
Stock-Based Compensation	5.23M	3.46M	3.29M	4M	7.96M	4.12M	3.62M	5.66M	5.66M	11.97M
Deferred Taxes	-202.35M	313.39M	-785K	365K	210K	210K	233K	-571K	76.86M	159.55M
Other Non-Cash Items	1.26B	5.79M	27M	2.17M	198.09M	1.04B	331.24M	-38.78M	-202.06M	550.13M
Working Capital Changes	23.96M	11.5M	-6.84M	-25.73M	-391K	34.14M	-85.81M	-62.4M	-106.14M	-53.89M
Change in Receivables	27.7M	15.6M	-9.72M	-49.12M	-11.54M	37.64M	-122.16M	-74.9M	-101.32M	-52.17M
Change in Inventory	0	0	-353.32K	26.09M	0	0	0	0	0	0
Change in Payables	-4.55M	-365.1K	2.61M	-2.28M	-16.93M	-1.09M	14.09M	-338K	-15.24M	-4.41M
Cash from Investing+	-288.94M	-90.96M	-119.24M	-474.52M	-569.13M	-283.93M	-634.43M	-1.4B	-1.86B	-1.67B
Capital Expenditures	-289.15M	-93.15M	-119.41M	-474.59M	-230.34M	-283.93M	-593.78M	-1.36B	-1.85B	-1.69B
CapEx % of Revenue	1.43%	0.58%	0.53%	0.96%	0.38%	0.88%	0.61%	0.68%	0.97%	0.78%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	210.52K	2.19M	171.45K	67.69K	-338.79M	1K	0	-1K	0	0
Cash from Financing+	35.97M	-7.83M	141.97M	130.43M	243.09M	-62.4M	246.06M	467.37M	684.69M	266.83M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-34.15M	-73.27M	-123.94M	-161.97M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-5.69M	-428.51K	-14.03M	113.26M	-25.2M	-885K	-18.45M	-45.69M	-14.51M	-5.71M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-42.13M	8.74M	-46.44M	-230.32M	-229.38M	47.76M	-197.32M	-431.36M	-661.93M	-283.19M
FCF Margin %	-0.21%	0.05%	-0.21%	-0.47%	-0.38%	0.15%	-0.2%	-0.22%	-0.35%	-0.13%
FCF Growth %	0.79%	1.21%	-6.31%	-3.96%	0%	1.21%	-5.13%	-1.19%	-0.53%	0.57%
FCF per Share	-6.95	1.43	-7.44	-9.73	-5.93	1.12	-3.13	-4.98	-7.19	-2.80
FCF Conversion (FCF/Net Income)	-0.25x	-0.35x	-7.94x	1.70x	-4.45x	-0.37x	62.33x	1.20x	1.28x	2.71x
Interest Paid	55.21M	0	0	0	78.6M	55.11M	46.95M	74.93M	128.94M	152.06M
Taxes Paid	3.26M	0	0	0	0	0	0	3.67M	3.83M	332K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-340.28%	-	-	33.43%	-15.44%	-540.37%	2.96%	161.03%	66.09%	23.82%
Return on Invested Capital (ROIC)	-75.83%	-34.9%	12.52%	39.47%	2.85%	-53%	6.76%	39.05%	27.39%	14.69%
Gross Margin	-4.33%	23.34%	42.03%	53.08%	35.65%	4.88%	60.15%	66.25%	47.92%	38.64%
Net Margin	-481.24%	-183.75%	-4.1%	29.09%	-12.69%	-279.58%	0.65%	38.94%	48.4%	24.05%
Debt / Equity	-	-	-	1.93x	2.00x	-	3.73x	2.05x	0.90x	1.02x
Interest Coverage	-19.18x	-3.56x	0.86x	4.98x	0.69x	-14.38x	1.32x	10.62x	8.27x	5.31x
FCF Conversion	-0.25x	-0.35x	-7.94x	1.70x	-4.45x	-0.37x	62.33x	1.20x	1.28x	2.71x
Revenue Growth	-53.04%	-21.19%	40.23%	120.51%	21.73%	-46.1%	200.89%	103.65%	-3.97%	13.46%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Oil and Gas	-	-	324.05M	-	-	1.9B	2.15B
Oil and Gas Growth	-	-	-	-	-	-	13.40%
Oil	450.1M	574.6M	305.2M	-	-	1.65B	1.9B
Oil Growth	-	27.66%	-46.88%	-	-	-	15.29%
Natural Gas and NGL	-	-	-	-	-	251.68M	254.22M
Natural Gas and NGL Growth	-	-	-	-	-	-	1.01%
Williston	-	-	-	-	1.06B	-	-
Williston Growth	-	-	-	-	-	-	-
Permian	-	-	-	-	415.73M	-	-
Permian Growth	-	-	-	-	-	-	-
Product and Service, Other	-	-	-	3K	-	-	-
Product and Service, Other Growth	-	-	-	-	-	-	-
Natural Gas And NGL	43.8M	26.6M	18.8M	-	-	-	-
Natural Gas And NGL Growth	-	-39.27%	-29.32%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Northern Oil and Gas, Inc. (NOG) has a price-to-earnings (P/E) ratio of 4.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Northern Oil and Gas, Inc. (NOG) reported $2.19B in revenue for fiscal year 2024. This represents a 1273% increase from $159.7M in 2011.

Northern Oil and Gas, Inc. (NOG) grew revenue by 13.5% over the past year. This is steady growth.

Yes, Northern Oil and Gas, Inc. (NOG) is profitable, generating $181.2M in net income for fiscal year 2024 (24.0% net margin).

Dividend & Returns

Yes, Northern Oil and Gas, Inc. (NOG) pays a dividend with a yield of 7.09%. This makes it attractive for income-focused investors.

Northern Oil and Gas, Inc. (NOG) has a return on equity (ROE) of 23.8%. This is excellent, indicating efficient use of shareholder capital.

Northern Oil and Gas, Inc. (NOG) had negative free cash flow of $166.7M in fiscal year 2024, likely due to heavy capital investments.

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