Northern Oil and Gas, Inc. (NOG) Key Metrics
NOG valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.89B
- Enterprise value
- $5.14B
- P/E (TTM)
- — 10-yr median 5.5
- Forward P/E
- 4.6
- PEG ratio
- 7.35
- Price / sales
- 1.4 10-yr median 1.3
- Price / book
- 1.2 10-yr median 1.6
- EV / EBITDA
- 16.0 10-yr median 3.9
- Dividend yield
- 6.63% $1.80 a year
- Beta
- 0.92
NOG key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNOG valuation Price multiples at each fiscal year-end price.
NOG returns How much profit the business earns on the capital it uses.
NOG per-share figures Results divided by the shares outstanding at year-end.
NOG financial health Debt, liquidity and how easily interest is covered.
NOG efficiency & capital use Working capital cycle and where the cash goes.
NOG valuation history
NOG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NOG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NOG cash returned to shareholders
NOG price vs earnings per share
NOG key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.13B | $3.76B | $3.41B | $2.67B | $1.30B | $374.4M | $905.8M | $535.1M | — | — |
| Enterprise value | $4.51B | $6.12B | $5.24B | $4.19B | $2.09B | $1.32B | $2.01B | $1.38B | — | — |
| P/E ratio | 55.0 | 7.2 | 3.7 | 3.5 | 203.8 | — | — | 3.7 | — | — |
| Price / sales | 1.0 | 1.7 | 1.8 | 1.3 | 1.3 | 1.2 | 1.5 | 1.1 | — | — |
| Price / book | 1.0 | 1.6 | 1.7 | 3.6 | 6.0 | — | 1.6 | 1.2 | — | — |
| Price / free cash flow | 8.4 | — | — | — | — | 7.8 | — | — | — | — |
| Price / operating cash flow | 1.4 | 2.7 | 2.9 | 2.9 | 3.3 | 1.1 | 2.7 | 2.2 | — | — |
| EV / sales | 2.2 | 2.8 | 2.7 | 2.1 | 2.1 | 4.1 | 3.3 | 2.8 | — | — |
| EV / EBITDA | 4.3 | 3.9 | 3.2 | 3.8 | 10.1 | — | 9.4 | 3.9 | — | — |
| EV / free cash flow | 17.9 | — | — | — | — | 27.6 | — | — | — | — |
| Earnings yield | 1.8% | 13.8% | 27.0% | 28.9% | 0.5% | −242.0% | −8.4% | 26.9% | — | — |
| Free cash flow yield | 11.9% | −7.1% | −19.9% | −16.1% | −15.2% | 12.8% | −25.3% | −43.0% | — | — |
| Dividend yield | 8.1% | 4.3% | 3.6% | 2.7% | 2.6% | 9.1% | 7.8% | 114.8% | — | — |
| Shareholder yield (dividends + buybacks) | 10.8% | 6.8% | 3.9% | 7.8% | 2.6% | 9.2% | 9.5% | 119.0% | — | — |
| Share price at fiscal year-end | $21.47 | $37.16 | $37.07 | $30.82 | $20.58 | $8.76 | $23.40 | $22.60 | $20.50 | $27.50 |
| Per share | ||||||||||
| Revenue per share | $21.10 | $21.37 | $20.71 | $22.91 | $15.48 | $7.58 | $15.53 | $20.86 | — | — |
| Earnings per share | $0.39 | $5.14 | $10.03 | $8.92 | $0.10 | −$21.20 | −$1.97 | $6.07 | — | — |
| Operating cash flow per share | $15.16 | $13.91 | $12.85 | $10.71 | $6.29 | $7.76 | $8.78 | $10.32 | — | — |
| Free cash flow per share | $2.55 | −$2.63 | −$7.38 | −$4.98 | −$3.13 | $1.12 | −$5.93 | −$9.73 | — | — |
| Cash per share | $0.14 | $0.09 | $0.09 | $0.03 | $0.15 | $0.03 | $0.42 | $0.10 | — | — |
| Book value per share | $21.41 | $22.91 | $22.24 | $8.60 | $3.42 | −$5.22 | $14.43 | $18.16 | — | — |
| Tangible book value per share | $21.41 | $22.91 | $22.24 | $8.60 | $3.42 | −$5.22 | $14.43 | $18.16 | — | — |
| Dividends per share | $1.75 | $1.60 | $1.35 | $0.85 | $0.54 | $0.80 | $1.83 | $25.95 | — | — |
| Capex per share | $12.61 | $16.54 | $20.23 | $15.69 | $9.43 | $6.64 | $14.70 | $20.04 | — | — |
| Debt per share | $24.12 | $23.40 | $19.94 | $17.60 | $12.76 | $22.10 | $28.89 | $35.83 | — | — |
| Shares outstanding | 99.3M | 101.3M | 92.1M | 86.7M | 63.0M | 42.7M | 38.7M | 23.7M | — | — |
| Change in shares outstanding | −1.9% | +10.0% | +6.2% | +37.6% | +47.4% | +10.4% | +63.5% | — | — | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 1.7% | 23.8% | 66.1% | 161.0% | — | — | −15.4% | — | — | — |
| Return on invested capital (ROIC) | 8.3% | 15.0% | 33.7% | 51.9% | 8.7% | −55.8% | 3.0% | 32.8% | 3.8% | −13.7% |
| Return on assets (ROA) | 0.7% | 10.3% | 25.1% | 35.2% | 0.5% | −65.2% | −4.5% | 13.5% | −1.7% | −50.4% |
| Return on tangible assets | 0.7% | 9.3% | 20.6% | 26.9% | 0.4% | −103.9% | −4.0% | 9.6% | −1.5% | −68.0% |
| Free cash flow margin | 12.1% | −12.3% | −35.6% | −21.7% | −20.2% | 14.7% | −38.2% | −46.6% | −20.7% | 5.5% |
| Income quality (OCF / net income) | 38.84 | 2.71 | 1.28 | 1.20 | 62.33 | — | — | 1.70 | — | — |
| Financial health | ||||||||||
| Total debt | $2.40B | $2.37B | $1.84B | $1.53B | $803.6M | $944.8M | $1.12B | $848.4M | $1.96B | $1.67B |
| Cash & short-term investments | $14.3M | $8.9M | $8.2M | $2.5M | $9.5M | $1.4M | $16.1M | $2.4M | $102.2M | $6.5M |
| Net debt | $2.38B | $2.36B | $1.83B | $1.52B | $794.1M | $943.4M | $1.10B | $846.0M | $1.86B | $1.66B |
| Debt / equity | 1.13 | 1.02 | 0.90 | 2.05 | 3.74 | — | 2.00 | 1.97 | — | — |
| Debt / assets | 0.44 | 0.42 | 0.41 | 0.53 | 0.53 | 1.08 | 0.59 | 0.56 | 3.10 | 3.86 |
| Net debt / EBITDA | 2.27 | 1.49 | 1.13 | 1.37 | 3.85 | — | 5.14 | 2.42 | 15.60 | — |
| Current ratio | 1.09 | 0.92 | 1.32 | 0.93 | 0.66 | 0.69 | 0.65 | 0.99 | 1.24 | 0.61 |
| Quick ratio | 1.09 | 0.92 | 1.32 | 0.80 | 0.63 | 0.40 | 0.62 | 0.48 | 1.23 | 0.59 |
| Interest coverage | 3.6 | 5.3 | 8.3 | 10.6 | 1.3 | -14.4 | 0.7 | 5.0 | 0.9 | -3.6 |
| Working capital | $46.7M | −$43.5M | $123.6M | −$24.5M | −$112.2M | −$56.8M | −$70.4M | −$3.1M | $29.2M | −$30.5M |
| Invested capital | $4.51B | $4.68B | $3.88B | $2.27B | $1.01B | $720.1M | $1.66B | $1.28B | $1.37B | $1.17B |
| Tangible asset value | $2.13B | $2.32B | $2.05B | $745.3M | $215.1M | −$223.3M | $558.6M | $429.9M | −$490.8M | −$487.4M |
| Net current asset value | −$2.70B | −$2.78B | −$1.93B | −$1.81B | −$1.09B | −$969.8M | −$1.21B | −$845.4M | −$970.3M | −$872.1M |
| Graham number | $13.71 | $51.47 | $70.83 | $41.54 | $2.79 | — | — | $49.79 | — | — |
| Graham net-net per share | −$30.13 | −$29.17 | −$23.33 | −$21.94 | −$18.24 | −$23.74 | −$32.19 | −$39.71 | — | — |
| Capital allocation | ||||||||||
| Dividends paid | $173.4M | $162.0M | $123.9M | $73.3M | $34.1M | $34.1M | $70.9M | $614.4M | — | — |
| Share buybacks (net) | $57.0M | $94.5M | $8.0M | $135.7M | $0 | $439,000 | $15.1M | $22.2M | $668,389 | $1.4M |
| Dividend payout ratio | 447.4% | 31.1% | 13.4% | 9.5% | 536.9% | — | — | 427.6% | — | — |
| Dividends + buybacks / free cash flow | 91.1% | — | — | — | — | 72.4% | — | — | — | 16.1% |
| Capex / revenue | 59.8% | 77.4% | 97.7% | 68.5% | 60.9% | 87.6% | 94.7% | 96.1% | 53.3% | 58.3% |
| Capex / operating cash flow | 83.2% | 118.9% | 157.4% | 146.5% | 149.8% | 85.6% | 167.5% | 194.3% | 163.7% | 91.4% |
| Capex / depreciation | 1.54 | 2.26 | 3.83 | 5.41 | 1.28 | 1.75 | 2.71 | 3.96 | 2.01 | 1.52 |
| Stock-based compensation / revenue | 0.7% | 0.6% | 0.3% | 0.3% | 0.4% | 1.3% | 1.3% | 0.8% | 1.5% | 2.2% |
| SG&A / revenue | 2.9% | 2.3% | 2.5% | 2.4% | 3.1% | 5.7% | 3.9% | 2.9% | 8.5% | 9.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 69.3 | 67.6 | 61.8 | 42.8 | 49.5 | 101.1 | 62.5 | 53.6 | 69.2 | 109.1 |
| Days of inventory on hand | — | — | 8.1 | 14.5 | 28.5 | 34.5 | 57.9 | 91.9 | 3.1 | 101.2 |
| Days payables outstanding | 54.2 | 54.4 | 59.0 | 52.8 | 47.6 | 62.3 | 96.6 | 180.1 | 209.9 | 181.1 |
| Cash conversion cycle (days) | 15.1 | 13.2 | 10.9 | 4.4 | 30.4 | 73.3 | 23.8 | -34.5 | -137.6 | 29.2 |
| Receivables turnover | 5.27 | 5.40 | 5.91 | 8.54 | 7.37 | 3.61 | 5.84 | 6.80 | 5.28 | 3.35 |
| Payables turnover | 6.74 | 6.71 | 6.18 | 6.91 | 7.67 | 5.86 | 3.78 | 2.03 | 1.74 | 2.02 |
| Inventory turnover | — | — | 44.87 | 25.24 | 12.82 | 10.58 | 6.31 | 3.97 | 118.75 | 3.61 |
| Asset turnover | 0.38 | 0.43 | 0.52 | 0.90 | 0.81 | 0.23 | 0.35 | 0.46 | 0.42 | 0.27 |
| Average receivables | $397.9M | $400.8M | $322.7M | $232.6M | $132.3M | $89.7M | $103.0M | $72.6M | $42.4M | $47.7M |
| Average payables | $210.7M | $197.8M | $160.6M | $97.0M | $50.6M | $52.6M | $102.4M | $114.3M | $74.6M | $60.7M |
| Average inventory | — | — | $22.1M | $26.6M | $30.3M | $29.1M | $61.3M | $58.4M | $1.1M | $33.9M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from NOG's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NOG valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Northern Oil and Gas traded at 55.0 times earnings, against a 10-year median of 5.5. Northern Oil and Gas earned a return on equity of 1.7% and a return on invested capital of 8.3% in fiscal 2025. It ended the year with $2.4 billion of debt and $14.3 million in cash and short-term investments, net debt of $2.4 billion. It returned $230.4 million to shareholders: $173.4 million in dividends and $57.0 million in share buybacks, 91% of free cash flow.
See the NOG income statement, the NOG chart for price history, or the NOG stock overview for the latest quote and news.
NOG key metrics FAQ
What is Northern Oil and Gas's P/E ratio?
Northern Oil and Gas traded at 55.0 times earnings at the end of fiscal 2025.
What is Northern Oil and Gas's EV/EBITDA?
Northern Oil and Gas's enterprise value was 4.3 times EBITDA at the end of fiscal 2025 (enterprise value $4.5 billion, EBITDA $1.0 billion); the current EV/EBITDA is 16.0.
What is Northern Oil and Gas's return on equity?
Northern Oil and Gas's return on equity (ROE) was 1.7% in fiscal 2025: net income of $38.8 million on average shareholders' equity of $2.2 billion.
What is Northern Oil and Gas's ROIC?
Northern Oil and Gas's return on invested capital was 8.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Northern Oil and Gas have?
Northern Oil and Gas had total debt of $2.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.13 and $2.4 billion of net debt (2.27 times EBITDA).
What is Northern Oil and Gas's dividend yield?
Northern Oil and Gas's forward dividend yield is 6.63%. Northern Oil and Gas paid $173.4 million in dividends in fiscal 2025 ($1.75 per share), a payout ratio of 447.4%.
Does Northern Oil and Gas buy back its shares?
Yes. Northern Oil and Gas spent $57.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −1.9% over the year, to 99.3M..
What is Northern Oil and Gas's free cash flow yield?
Northern Oil and Gas generated $252.8 million of free cash flow in fiscal 2025, a free cash flow yield of 11.9% on its market value at year-end ($2.1 billion).
What is Northern Oil and Gas's current ratio?
Northern Oil and Gas's current ratio was 1.09 at the end of fiscal 2025: current assets were 1.09 times current liabilities.