Is the business good?
How good a business is NOG?
Northern Oil and Gas, Inc. earns −12% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−12%
Return on invested capital · cost of capital 9.0% · 21 points below what the capital costs: growth destroys value
- Operating margin
- −34%
Operating margin · Oil & Gas E&P median 30% · 12 months to Q1 2026
- Share count, year on year
- −1.5%
Share count, year on year · bought back, each share owns more of the company
- Gross margin
- 74%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −152% |
| FY2021 | 16% |
| FY2022 | 54% |
| FY2023 | 52% |
| FY2024 | 38% |
| FY2025 | 9.9% |
Details›
- Gross margin12 months to Q1 2026
- 74%
- Operating margin12 months to Q1 2026
- −34%
- Net margin12 months to Q1 2026
- −33%
- Free cash flow margin
- −11%
- Revenue, trailing twelve months
- $1.88B
- Free cash flow, trailing twelve months
- −$201M
- Net income, trailing twelve months
- −$623M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −12%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.