Valuation, from the filing
| Public float | $2.70B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $27.75 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 69.7× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 1.1× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 1.3× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
69.7× earnings today, against a median of 5.6× across 6 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $2.70B | 69.7× | |
| 2024-06-30 | $3.60B | 6.9× | |
| 2023-06-30 | $3.10B | 3.4× | |
| 2022-06-30 | $1.90B | 2.5× | |
| 2021-06-30 | $1.10B | 172.9× | |
| 2018-06-30 | $606.10M | 4.2× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Crude Petroleum & Natural Gas filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Effective tax rate | 38.2% | 89th | |
| Long-term debt / equity | 1.13x | 86th | |
| SBC / revenue | 0.6% | 23th | |
| Current ratio | 1.09x | 66th | |
| Revenue YoY growth | 11.2% | 65th | |
| Gross margin | 80.9% | 58th | |
| Operating margin | 9.9% | 54th | |
| Net margin | 1.6% | 46th |
NORTHERN OIL & GAS, INC. (NOG) reported revenue of $1.92B and net income of -$486.02M for the fiscal year ended 2026-06-30. This page shows 1 annual period of income statement, balance sheet and cash flow figures normalized from NORTHERN OIL & GAS, INC.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Crude Petroleum & Natural Gas.
Income
| Metric | 2026-06-30 |
|---|---|
| Revenue | $1.92B |
| Cost of revenue | $495.03M |
| Gross profit | $1.42B |
| Operating income | -$461.95M |
| Net income | -$486.02M |
| Research & development | Unavailable |
| Weighted-average diluted shares | Unavailable |
| Pretax income | -$640.18M |
| Income tax expense | -$154.16M |
| Diluted EPS | Unavailable |
| Selling, general & administrative | Unavailable |
| General & administrative | $78.93M |
| Selling & marketing | Unavailable |
Balance
| Metric | 2026-06-30 |
|---|---|
| Cash & equivalents | $47.60M |
| Total assets | $5.83B |
| Current assets | $502.10M |
| Total liabilities | $3.83B |
| Current liabilities | $630.49M |
| Total equity incl. NCI | $2.00B |
| Temporary (mezzanine) equity | Unavailable |
| Inventory | Unavailable |
| Accounts receivable | $377.82M |
| Goodwill | Unavailable |
| Long-term debt | $2.72B |
| Accounts payable | $206.28M |
Cash flow
| Metric | 2026-06-30 |
|---|---|
| Operating cash flow | $1.38B |
| Capital expenditures | Unavailable |
| Investing cash flow | -$1.68B |
| Financing cash flow | $321.38M |
| Net change in cash | $21.75M |
| Stock-based compensation | $16.13M |
| Common dividends paid | $179.25M |
| Common share repurchases | $57.05M |
| Depreciation & amortization | Unavailable |
Derived
| Metric | 2026-06-30 |
|---|---|
| Free cash flow | Unavailable |
| Gross margin | 74.2% |
| Operating margin | -24.1% |
| FCF margin | Unavailable |
| SBC / revenue | 0.8% |
| Current ratio | 0.80x |
| Revenue YoY growth | -25.6% |
| Net margin | -25.4% |
| R&D / revenue | Unavailable |
| CapEx / revenue | Unavailable |
| Long-term debt / equity | 1.37x |
| Effective tax rate | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open NOG in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.