NORTHERN OIL & GAS, INC.
Company Stats
- Market Cap
- $2.4B
- as of Sep 30, 2026
- Enterprise Value
- $4.8B
- Shares Outstanding
- 106.5M
- Free Float
- 53.6%
Income Statement
- Revenue
- $2.5B
- Operating Income
- $245.8M
- Net Income
- $38.8M
- Revenue Growth, 3Y
- 16.4%
- FCF Margin, 3Y Avg
- 59.5%
- FCF Margin, Worst Year
- 54.6%
Cash Flow
- Free Cash Flow
- $1.5B
- FCF Yield
- 61.7%
- Owner FCF Yield
- 61.1%
Balance Sheet
- Cash & Equivalents
- $14.3M
- Total Debt
- $2.4B
- Net Debt
- $2.4B
- Net Debt / EBIT
- 9.80x
Returns & Capital
- Dividends Paid
- $173.4M
- Dividend Yield
- 7.1%
- Dividend Payout, 3Y Avg
- 164.0%
- Share Repurchases
- $57.0M
- Buyback Yield, 3Y Avg
- 2.2%
- SBC, 3Y Avg
- $11.0M
Cash Flow by Year
| Year | Revenue | FCF | Margin |
|---|---|---|---|
| FY2025 | $2.5B | $1.5B | 60.8% |
| FY2024 | $2.2B | $1.4B | 63.3% |
| FY2023 | $2.2B | $1.2B | 54.6% |
| FY2022 | $1.6B | $923.8M | 58.8% |
| FY2021 | $496.9M | $395.9M | 79.7% |
Annual filing data through FY ended December 31, 2025; shares and float as of October 27, 2026. Yields and enterprise value use the calculated market cap above, at its as-of date. Ratios are our calculations from reported figures.
Stronger demand supports expansion as pricing diverges
Energy Earnings: Demand Runs Hot, Capex Stays Disciplined