NOGNorthern Oil and Gas, Inc.
Is the business good?
The checks split: 7 of 9 health tests passed, but margins compressing.
High fundamental quality. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is NOG?
Northern Oil and Gas, Inc. earns −7.8% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 17 points below what the capital costs: growth destroys value
- Operating margin
- −24%
Operating margin · Oil & Gas E&P median 25% · 12 months to Q2 2026
- Share count, year on year
- +8.8%
Share count, year on year · shareholders own a smaller slice than a year ago
- 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 Q2 2026
- 74%
- Operating margin12 months to Q2 2026
- −24%
- Net margin12 months to Q2 2026
- −25%
- Free cash flow margin
- −15%
- Revenue, trailing twelve months
- $1.92B
- Free cash flow, trailing twelve months
- −$294M
- Net income, trailing twelve months
- −$486M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −7.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.