NOGNorthern Oil and Gas, Inc.
Is it safe?
Forensics clean, with a caveat: clean books and quality strong, but big price swings.
Mixed, watch the balance sheet Altman Z-score, a bankruptcy-risk model from five balance-sheet ratios.
Reported earnings show no manipulation flags Beneish M-score, a forensic model that detects earnings-manipulation patterns (receivables outrunning sales, margins slipping, accrual-heavy profit).
High fundamental quality Piotroski F-score, nine pass/fail tests of year-over-year financial health across profitability, balance sheet and efficiency. 7 to 9 is strong, 0 to 3 weak.
Investment-grade balance sheet. A rule of thumb on leverage, not a credit rating.
Large price swings, high volatility. Worst drawdown -93% · now 18% below its 52-week high.
Unless marked, from SEC EDGAR, as of Dec 31, 2025.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can NOG take a bad year?
The deepest fall in NOG's price history on file is −93%; it is 18% below its high today.
Net debt · as at Q2 2026 · debt less the cash on hand
- Altman Z-score
- 1.14
Altman Z-score · distress zone, below 1.8
- Cash runway
- 0.1 years
Cash runway · burning $73M a quarter at the current rate
- Annualised volatility
- 48%
Annualised volatility · roughly twice as jumpy as the market
Details›
- Total debtQ2 2026
- $2.72B
- Cash and short-term investments
- $48M
- Net debt
- $2.68B
- Operating profit, trailing twelve months
- −$462M
- Debt / equity
- 1.37×
- Annualised volatilitytwo years of daily moves
- 48%
- Worst drawdown on file
- −93%
- Below its 52-week high
- 18%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.