Northern Oil and Gas, Inc. (NOG) Financial Ratios
26 years of historical data (2000–2025) · Energy · Oil & Gas Exploration & Production
EV/EBITDA
↓
3.11
↓-34% vs avg
5yr avg: 4.73
30Y Low2.4·High51.0
P/FCF
8.13
-4% vs avg
5yr avg: 8.43
30Y Low7.8·High19.2
P/B Ratio
↓
0.91
↓-67% vs avg
5yr avg: 2.78
30Y Low0.4·High9.2
ROE
↓
1.7%
↑-97% vs avg
5yr avg: 51.1%
30Y Low-340%·High161%
Debt/EBITDA
↓
1.68
↓-11% vs avg
5yr avg: 1.87
30Y Low0.2·High8.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NOG Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Northern Oil and Gas, Inc. trades at 49.8x earnings, 186% above its 5-year average of 17.4x, sitting at the 75th percentile of its historical range. Compared to the Energy sector median P/E of 15.5x, the stock trades at a premium of 223%. On a free-cash-flow basis, the stock trades at 8.1x P/FCF, roughly in line with the 5-year average of 8.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.1B | $2.1B | $3.8B | $3.4B | $2.7B | $1.3B | $374M | $906M | $535M | $128M | $168M |
| Enterprise Value | $4.4B | $4.5B | $6.1B | $5.2B | $4.2B | $2.1B | $1.3B | $2.0B | $1.4B | $1.0B | $994M |
| P/E Ratio → | 49.85 | 55.05 | 7.23 | 3.70 | 3.67 | — | — | — | 3.72 | — | — |
| P/S Ratio | 0.98 | 1.02 | 1.74 | 1.79 | 1.35 | 1.33 | 1.16 | 1.51 | 1.08 | 0.57 | 1.05 |
| P/B Ratio | 0.91 | 1.00 | 1.62 | 1.67 | 3.58 | 6.03 | — | 1.62 | 1.24 | — | — |
| P/FCF | 8.13 | 8.43 | — | — | — | — | 7.84 | — | — | — | 19.24 |
| P/OCF | 1.37 | 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
NOG EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Northern Oil and Gas, Inc.'s enterprise value stands at 3.1x EBITDA, 34% below its 5-year average of 4.7x. The Energy sector median is 7.8x, placing the stock at a 60% discount on an enterprise-value basis.
| 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 | 3.11 | 3.16 | 3.88 | 3.26 | 3.80 | 9.55 | — | 7.56 | 2.47 | 8.38 | — |
| EV / EBIT | 7.23 | 19.20 | 7.30 | 4.61 | 4.90 | 31.86 | — | 460.73 | 5.91 | 16.89 | — |
| EV / FCF | — | 17.85 | — | — | — | — | 27.59 | — | — | — | 113.76 |
NOG Profitability
Margins and return-on-capital ratios measuring operating efficiency
Northern Oil and Gas, Inc. earns an operating margin of 29.3%, significantly above the Energy sector average of 13.8%. Operating margins have compressed from 58.8% to 29.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 1.7% is modest, trailing the sector median of 7.2%. ROIC of 10.0% represents solid returns on invested capital versus a sector median of 6.2%.
Margins
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% |
Return on Capital
| 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% |
NOG Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Northern Oil and Gas, Inc. carries a Debt/EBITDA ratio of 1.7x, which is manageable (36% below the sector average of 2.6x). Net debt stands at $2.4B ($2.4B total debt minus $14M cash). Interest coverage of just 1.4x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 |
NOG Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.09x means Northern Oil and Gas, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.32x to 1.09x over the past 3 years.
| 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 | — | 60.96 | 72.15 | 71.54 | 49.94 | 72.45 | 79.98 | 65.86 | 71.20 | 77.63 | 85.11 |
NOG Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Northern Oil and Gas, Inc. returns 11.8% to shareholders annually — split between a 9.0% dividend yield and 2.8% buyback yield. The payout ratio exceeds 100% at 447.4%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 2.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 9.0% | 8.1% | 4.3% | 3.6% | 1.9% | 0.4% | — | — | — | — | — |
| Payout Ratio | 447.4% | 447.4% | 31.1% | 13.4% | 6.7% | 77.6% | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 1.8% | 13.8% | 27.1% | 27.3% | — | — | — | 26.9% | — | — |
| FCF Yield | 12.3% | 11.9% | — | — | — | — | 12.8% | — | — | — | 5.2% |
| Buyback Yield | 2.8% | 2.7% | 2.5% | 0.2% | 2.0% | 0.0% | 0.0% | 1.7% | 4.1% | 0.5% | 0.8% |
| Total Shareholder Yield | 11.8% | 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 |
Peer Comparison
Compare NOG with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NOGYou | $2B | 49.8 | 3.1 | 8.1 | 32.2% | 29.3% | 1.7% | 10.0% | 1.7 |
 VTLE | $693M | -3.8 | 4.5 | — | 31.4% | -1.2% | -6.3% | -0.3% | 3.6 |
 CIVI | $2B | 3.2 | 1.9 | 2.6 | 41.2% | 29.0% | 13.1% | 10.8% | 1.3 |
 TPVG | $203M | 4.1 | 8.6 | — | 83.5% | 77.9% | 14.1% | 7.2% | 6.2 |
 BATL | $20M | -0.5 | 4.0 | — | 10.8% | -4.0% | 6.3% | -1.5% | 4.2 |
 GPOR | $3B | 7.5 | 4.6 | 10.5 | 70.7% | 37.9% | 23.9% | 14.8% | 1.0 |
 FANG | $52B | 32.0 | 6.6 | 9.9 | 35.2% | 32.7% | 4.0% | 6.7% | 1.5 |
 SM | $3B | 4.8 | 2.5 | 5.4 | 31.9% | 26.1% | 14.3% | 8.9% | 1.1 |
 HAL | $29B | 23.3 | 10.3 | 17.4 | 15.7% | 10.2% | 12.2% | 10.2% | 2.4 |
 SLB | $72B | 20.5 | 11.1 | 15.1 | 18.2% | 15.3% | 13.5% | 12.1% | 1.7 |
 BKR | $58B | 22.5 | 12.9 | 22.8 | 23.6% | 12.8% | 14.4% | 12.7% | 1.5 |
| Energy Median | — | 15.5 | 7.8 | 13.8 | 33.7% | 13.8% | 7.2% | 6.2% | 2.6 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 26 years · Updated daily
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NOG — Frequently Asked Questions
Quick answers to the most common questions about buying NOG stock.
What is Northern Oil and Gas, Inc.'s P/E ratio?
Northern Oil and Gas, Inc.'s current P/E ratio is 49.8x. The historical average is 43.7x. This places it at the 75th percentile of its historical range.
What is Northern Oil and Gas, Inc.'s EV/EBITDA?
Northern Oil and Gas, Inc.'s current EV/EBITDA is 3.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.9x.
What is Northern Oil and Gas, Inc.'s ROE?
Northern Oil and Gas, Inc.'s return on equity (ROE) is 1.7%. The historical average is -3.0%.
Is NOG stock overvalued?
Based on historical data, Northern Oil and Gas, Inc. is trading at a P/E of 49.8x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Northern Oil and Gas, Inc.'s dividend yield?
Northern Oil and Gas, Inc.'s current dividend yield is 8.98% with a payout ratio of 447.4%.
What are Northern Oil and Gas, Inc.'s profit margins?
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.
How much debt does Northern Oil and Gas, Inc. have?
Northern Oil and Gas, Inc.'s Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.