NOG Financials Northern Oil & Gas, Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 28 h ago Overview →

Growth & profitability

Revenue has grown 35.0% per year over the past 5 years.
Operating margin has expanded, at 9.9% in the latest year.
Free cash flow has grown 1.9% per year over the past 5 years.

Financial health

Total debt ($2.4B) exceeds cash ($14M); net debt is $2.4B.
Total debt has grown slower than revenue (20.4% vs 35.0% per year).
Operating income covered interest expense 1.4× in the latest year.
Total debt is 9.7× EBITDA.

Shareholder returns

Dividends have been paid for 5 consecutive years, consuming 447.4% of earnings.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$2.5B	$39M	80.9%	9.9%	—	$2.4B	$14M
2024	$2.2B	$520M	80.7%	37.6%	—	$2.4B	$9M
2023	$2.2B	$923M	84.0%	51.8%	—	$1.8B	$8M
2022	$1.6B	$773M	83.4%	54.3%	—	$1.5B	$3M
2021	$497M	$6M	65.6%	15.7%	—	$803M	$10M
2020	$552M	-$906M	78.9%	-152.3%	—	$945M	$1M
2019	$472M	-$76M	74.8%	11.8%	—	$1.1B	$16M
2018	$679M	$144M	90.2%	63.7%	$244M	$830M	$2M
2017	$209M	-$9M	76.2%	28.9%	$73M	$979M	$102M
2016	$145M	-$293M	68.5%	-158.2%	—	$833M	$6M
2015	$275M	-$975M	0.0%	-407.0%	—	$835M	$3M
2014	$595M	$164M	0.0%	51.3%	—	—	$9M
2013	$336M	$53M	0.0%	35.1%	$222M	—	$6M
2012	$312M	$72M	0.0%	41.4%	$198M	—	$13M
2011	$149M	$41M	0.0%	45.0%	$85M	—	$6M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$5M	-$523M	-2480.0%	-13022.1%	—	$2.6B	$37M
Dec '25	$610M	-$71M	80.4%	-5.5%	—	$2.4B	$14M
Sep '25	$557M	-$129M	78.7%	-22.6%	—	$2.3B	$32M
Jun '25	$707M	$100M	82.8%	24.9%	—	$2.4B	$26M
Mar '25	$602M	$139M	81.1%	38.1%	—	$2.3B	$34M
Dec '24	$515M	$72M	77.4%	25.8%	—	$2.4B	$9M
Sep '24	$754M	$298M	85.8%	57.6%	—	$2.0B	$34M
Jun '24	$561M	$139M	82.0%	39.0%	—	$1.9B	$8M
Mar '24	$396M	$12M	73.4%	13.2%	—	$1.9B	$32M
Dec '23	$794M	$389M	87.1%	61.0%	—	$1.8B	$8M
Sep '23	$314M	$26M	73.7%	13.5%	—	$2.1B	$13M
Jun '23	$477M	$168M	82.3%	49.3%	—	$1.7B	$15M
Mar '23	$582M	$340M	86.6%	61.9%	—	$1.8B	$6M
Dec '22	$370M	$145M	80.3%	45.2%	—	$1.5B	$3M
Sep '22	$792M	$583M	91.3%	76.4%	—	$1.2B	$9M
Jun '22	$441M	$251M	85.4%	61.2%	—	$1.1B	$1M
Mar '22	-$33M	-$207M	265.6%	574.2%	—	$1.1B	$3M
Dec '21	$319M	$175M	84.2%	59.6%	—	$803M	$10M
Sep '21	$132M	$13M	67.1%	20.5%	—	$858M	$2M
Jun '21	$25M	-$91M	-72.1%	-302.0%	—	$802M	$5M

Valuation over time

How the market has priced NOG against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 4.2× (Mar '23) to 53.9× (Jun '26).
The price-to-sales ratio has fallen from 2.0× (Mar '23) to 0.8× (Jun '26).
The dividend yield has risen from 1.6% (Mar '23) to 8.3% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is NOG growing its revenue and profit?

Over the past 5 years, Northern Oil & Gas, Inc.'s revenue has grown 35.0% per year. These are computed facts, not advice.

How much debt does NOG have?

As of FY2025, Northern Oil & Gas, Inc. reported $2.4B of total debt against $14M of cash; operating income covered interest expense 1.4×.

What is NOG's profit margin?

In FY2025, gross margin was 80.9%, operating margin 9.9%, and net margin 1.6%.

What is NOG's P/E ratio?

As of Jun '26, Northern Oil & Gas, Inc. traded at a price-to-earnings ratio of about 53.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.