Northern Oil & GAS, Inc. (NOG) intrinsic value & 10-year financials
Northern Oil & GAS, Inc. (NOG) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 37.1% a year to $2.5B, with an average return on invested capital of 4.5%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $27.16
- Market cap
- $2.7B
- Revenue (FY2025)
- $2.5B
- Revenue growth (10-yr CAGR)
- 37.1%
- ROIC (10-yr avg)
- 4.5%
- Free cash flow (FY2025)
- $1.5B
NOG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.5B | $38.8M | $0.39 | $1.5B | 9.9% | 3.3% |
| FY2024 | $2.2B | $520.3M | $5.14 | $1.4B | 37.6% | 15.0% |
| FY2023 | $2.2B | $923.0M | $10.03 | $1.2B | 51.8% | 33.7% |
| FY2022 | $2.0B | $773.2M | $8.92 | $923.8M | 43.0% | 51.9% |
| FY2021 | $975.1M | $6.4M | -$0.13 | $395.9M | 8.0% | 8.7% |
| FY2020 | $324.1M | -$906.0M | -$21.55 | $331.4M | -259.6% | -70.7% |
| FY2019 | $472.4M | -$76.3M | -$0.20 | $338.6M | 11.8% | 3.8% |
| FY2018 | $678.9M | $143.7M | $0.61 | $244.2M | 63.7% | 52.6% |
| FY2017 | $209.3M | -$9.2M | -$0.15 | $73.0M | 28.9% | 14.3% |
| FY2016 | $144.9M | -$293.5M | -$4.80 | $101.7M | -158.2% | -67.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NORTHERN OIL & GAS, INC. is a consistent compounder, expanding top-line revenue at 37.1% annually over the past decade.
NORTHERN OIL & GAS, INC. has historically struggled to out-earn its cost of capital, averaging just 4.5% ROIC.
Over the decade, NORTHERN OIL & GAS, INC. shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NORTHERN OIL & GAS, INC. is modeled at -6.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-1.31 per share.