Latest Ratios: P/E Ratio 59.3x · EV/EBITDA 3.4x · ROE 1.7%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.5B | $2.1B | $3.8B | $3.4B | $2.7B | $1.3B | $374M | $906M | $535M | $128M | $168M |
| Enterprise Value | $4.9B | $4.5B | $6.1B | $5.2B | $4.2B | $2.1B | $1.3B | $2.0B | $1.4B | $1.0B | $994M |
| P/E Ratio → | 59.33 | 55.05 | 7.23 | 3.70 | 3.67 | — | — | — | 3.72 | — | — |
| P/S Ratio | 1.20 | 1.02 | 1.74 | 1.79 | 1.35 | 1.33 | 1.16 | 1.51 | 1.08 | 0.57 | 1.05 |
| P/B Ratio | 1.08 | 1.00 | 1.62 | 1.67 | 3.58 | 6.03 | — | 1.62 | 1.24 | — | — |
| P/FCF | 9.96 | 8.43 | — | — | — | — | 7.84 | — | — | — | 19.24 |
| P/OCF | 1.67 | 1.42 | 2.67 | 2.88 | 2.88 | 3.27 | 1.13 | 2.67 | 2.19 | 1.75 | 1.65 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.15 | 2.83 | 2.75 | 2.11 | 2.14 | 4.07 | 3.34 | 2.76 | 4.49 | 6.23 |
| EV / EBITDA | 3.43 | 3.16 | 3.88 | 3.26 | 3.80 | 9.55 | — | 7.56 | 2.47 | 8.38 | — |
| EV / EBIT | 7.98 | 19.20 | 7.30 | 4.61 | 4.90 | 31.86 | — | 460.73 | 5.91 | 16.89 | — |
| EV / FCF | — | 17.85 | — | — | — | — | 27.59 | — | — | — | 113.76 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.2% | 32.2% | 38.6% | 47.9% | 66.3% | 60.1% | 4.9% | 35.7% | 53.1% | 42.0% | 23.3% |
| Operating Margin | 29.3% | 29.3% | 38.7% | 58.8% | 43.0% | 8.0% | -259.6% | 9.2% | 87.6% | 27.0% | -143.6% |
| Net Profit Margin | 1.9% | 1.9% | 24.0% | 48.4% | 38.9% | 0.7% | -279.6% | -12.7% | 29.1% | -4.1% | -183.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.7% | 1.7% | 23.8% | 66.1% | 161.0% | 3.0% | -540.4% | -15.4% | 33.4% | — | — |
| ROA | 0.7% | 0.7% | 10.3% | 25.1% | 35.2% | 0.5% | -65.2% | -4.5% | 13.5% | -1.7% | -50.4% |
| ROIC | 10.0% | 10.0% | 14.7% | 27.4% | 39.1% | 6.8% | -53.0% | 2.9% | 39.5% | 12.5% | -34.9% |
| ROCE | 12.4% | 12.4% | 18.3% | 33.8% | 45.8% | 8.3% | -70.3% | 3.7% | 48.6% | 14.0% | -45.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.13 | 1.13 | 1.02 | 0.90 | 2.05 | 3.73 | — | 2.00 | 1.93 | — | — |
| Debt / EBITDA | 1.68 | 1.68 | 1.50 | 1.14 | 1.38 | 3.67 | — | 4.21 | 1.50 | 8.16 | — |
| Net Debt / Equity | — | 1.12 | 1.02 | 0.89 | 2.04 | 3.69 | — | 1.97 | 1.93 | — | — |
| Net Debt / EBITDA | 1.67 | 1.67 | 1.50 | 1.14 | 1.38 | 3.63 | — | 4.15 | 1.50 | 7.31 | — |
| Debt / FCF | — | 9.42 | — | — | — | — | 19.75 | — | — | — | 94.51 |
| Interest Coverage | 1.36 | 1.36 | 5.32 | 8.38 | 10.66 | 1.11 | -14.49 | 0.05 | 2.65 | 0.85 | -3.57 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.09 | 1.09 | 0.92 | 1.32 | 0.93 | 0.66 | 0.69 | 0.65 | 0.99 | 1.24 | 0.61 |
| Quick Ratio | 1.09 | 1.09 | 0.92 | 1.32 | 0.93 | 0.66 | 0.69 | 0.65 | 0.48 | 1.23 | 0.59 |
| Cash Ratio | 0.03 | 0.03 | 0.02 | 0.02 | 0.01 | 0.03 | 0.01 | 0.08 | 0.01 | 0.83 | 0.08 |
| Asset Turnover | — | 0.39 | 0.39 | 0.43 | 0.69 | 0.64 | 0.37 | 0.32 | 0.33 | 0.35 | 0.37 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 2.00 | 214.61 | 77.41 |
| Days Sales Outstanding | — | 64.11 | 72.15 | 71.54 | 49.94 | 72.45 | 79.98 | 65.86 | 71.20 | 77.63 | 85.11 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.5% | 8.1% | 4.3% | 3.6% | 1.9% | 0.4% | — | — | — | — | — |
| Payout Ratio | 447.4% | 447.4% | 31.1% | 13.4% | 6.7% | 77.6% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.7% | 1.8% | 13.8% | 27.1% | 27.3% | — | — | — | 26.9% | — | — |
| FCF Yield | 10.0% | 11.9% | — | — | — | — | 12.8% | — | — | — | 5.2% |
| Buyback Yield | 2.3% | 2.7% | 2.5% | 0.2% | 2.0% | 0.0% | 0.0% | 1.7% | 4.1% | 0.5% | 0.8% |
| Total Shareholder Yield | 9.8% | 10.8% | 6.8% | 3.9% | 4.0% | 0.4% | 0.0% | 1.7% | 4.1% | 0.5% | 0.8% |
| Shares Outstanding | — | $99M | $101M | $92M | $87M | $63M | $43M | $39M | $24M | $6M | $6M |
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying NOG stock.
Northern Oil and Gas, Inc.'s current P/E ratio is 59.3x. The historical average is 43.7x. This places it at the 83th percentile of its historical range.
Northern Oil and Gas, Inc.'s current EV/EBITDA is 3.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.9x.
Northern Oil and Gas, Inc.'s return on equity (ROE) is 1.7%. The historical average is -3.0%.
Based on historical data, Northern Oil and Gas, Inc. is trading at a P/E of 59.3x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Northern Oil and Gas, Inc.'s current dividend yield is 7.55% with a payout ratio of 447.4%.
Northern Oil and Gas, Inc. has 32.2% gross margin and 29.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Northern Oil and Gas, Inc.'s Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Thin net margin persistence
Metrics are mathematically derived from official filings.
Margin Recovery Masks Structural Drag
Gross margin rebounded to 47.3% in 2026Q2 from 21.3% in 2025Q4, per reported figures, yet net margin remains thin at 31.8%, suggesting interest and hedging costs persistently erode operating leverage.
The 2026Q2 gross margin of 47.3% represents a sharp recovery from the 2025Q4 trough, likely reflecting improved commodity realizations or lower per-unit costs. However, the gap between operating margin (47.3%) and net margin (31.8%) indicates that interest expense and derivative losses consume a significant portion of operating profit, a pattern consistent with prior quarters. This suggests that while top-line pricing power is recovering, the bottom line remains vulnerable to financial costs and non-cash adjustments, warranting close monitoring of interest coverage and hedging effectiveness.
Return on Capital Volatile but Recovering
ROIC swung from 2.7% in 2026Q1 to 5.9% in 2026Q2, per financial statements, while ROE recovered to 12.5% from -26.7%, indicating that capital efficiency is improving but remains highly sensitive to commodity price swings.
The 2026Q2 ROIC of 5.9% is a marked improvement from the 1.3% in 2025Q4, but it remains below the 8.0% achieved in 2024Q3, suggesting that the company has not yet regained its peak capital efficiency. The volatility in ROE, from -26.7% to 12.5% within one quarter, underscores the impact of derivative mark-to-market adjustments and commodity price fluctuations on reported equity returns. Investors should assess whether this recovery is sustainable by examining the underlying cash flow generation, as the non-operator model's capital deployment is lumpy and may not reflect steady-state returns.
Working Capital Efficiency Strained by Timing
DSO improved to 49 days in 2026Q2 from 73 days in 2025Q4, per reported data, while DPO rose to 51 days, suggesting better collection and payment timing, but the current ratio of 0.80 indicates tight liquidity.
The improvement in DSO from 73 to 49 days over two quarters suggests more efficient revenue collection, possibly due to higher commodity prices or better billing practices. DPO also increased to 51 days, indicating NOG is taking longer to pay its operators, which may provide a short-term cash buffer. However, the current ratio of 0.80 in 2026Q2, down from 1.21 in 2025Q2, signals that current liabilities exceed current assets, a common feature for E&Ps with revolving credit facilities but still a point of concern given the lumpy capex timing inherent in the non-operated model.
Leverage Creeps Higher Amid Expansion
Debt-to-equity rose to 1.37 in 2026Q2 from 0.97 in 2024Q1, per SEC filings, while interest coverage improved to 8.49 from negative levels, indicating that debt service is becoming more comfortable but leverage remains elevated.
The increase in D/E from 0.97 to 1.37 over ten quarters reflects NOG's debt-funded acquisition strategy, particularly into the Permian and Appalachian basins. Despite this, interest coverage of 8.49 in 2026Q2 is a significant improvement from the negative readings in 2025Q3 and 2025Q4, suggesting that operating income is now sufficient to cover interest expenses. However, the D/EBITDA ratio of 5.00 in 2026Q2, while down from 8.47 in 2025Q4, remains above the 3.0-4.0 range typical for investment-grade E&Ps, indicating that leverage is still a key risk if commodity prices decline.
Liquidity Buffer Thins to Critical Levels
Current ratio fell to 0.80 in 2026Q2 from 1.21 in 2025Q2, per financial statements, with cash at $47.6M, indicating a tightening liquidity position that could strain under adverse commodity price movements.
The current ratio of 0.80 suggests that NOG's current liabilities exceed its current assets, a common situation for E&Ps that rely on revolving credit facilities to fund operations. The quick ratio is identical at 0.80, indicating that inventory is not a significant factor, which is typical for an oil and gas producer. While the company has access to a credit facility, the thin liquidity buffer, combined with negative free cash flow in several quarters, implies that a sustained downturn in commodity prices could force NOG to draw down on its revolver or reduce capital returns. Investors should monitor the availability under the credit facility and the company's ability to manage working capital timing.
Misapplied Metric: Net Margin
Net margin is the most misapplied ratio for NOG, as it is distorted by non-cash derivative adjustments and interest expenses, per reported data, obscuring the company's true cash-generating ability.
For a non-operator E&P like NOG, net margin is heavily influenced by mark-to-market changes on commodity derivatives and interest expense, which can cause large swings in net income that do not reflect underlying cash flow. For example, in 2026Q1, net margin was -96.1% despite positive operating cash flow of $323.6M, highlighting the disconnect. Analysts should instead focus on cash-adjusted EBITDA or operating cash flow margin, which better capture the company's ability to generate cash from its non-operated interests. The 2026Q2 operating cash flow margin of 43.4% (OCF/revenue) versus net margin of 31.8% illustrates this divergence, suggesting that net margin understates the company's cash generation potential.