The business behind the dividend
| Measure | NOG | Median | Formula |
|---|---|---|---|
| Return on equity | 1.8% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 5.4% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $253.59m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 9.9% | 15.0% | Operating income ÷ revenue |
| Net margin | 1.6% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.13x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.43x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.09x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 51.25x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 38.84x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Owner earnings — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 1.8% | 22.4% | 45.1% | 103.8% | 3.0% | — | -13.7% | 33.4% | — | — | 22.4% |
| Return on capital employed | 5.4% | 17.9% | 28.9% | 37.6% | 7.7% | -116.6% | 3.3% | 34.3% | 12.4% | -66.4% | 7.7% |
| Operating margin | 9.9% | 37.6% | 51.8% | 43.0% | 8.0% | -259.6% | 11.8% | 63.7% | 28.9% | -158.2% | 11.8% |
| Net margin | 1.6% | 23.4% | 42.6% | 38.9% | 0.7% | -279.6% | -16.2% | 21.2% | -4.4% | -202.5% | 0.7% |
| Debt to equity | 1.13x | 1.02x | 0.90x | 2.05x | 3.73x | — | 2.00x | 1.93x | — | — | 1.93x |
| Current ratio | 1.09x | 0.92x | 1.32x | 0.93x | 0.66x | 0.69x | 0.65x | 0.99x | 1.24x | 0.61x | 0.92x |
| Cash conversion | 38.84x | 2.71x | 1.28x | 1.20x | — | — | — | 1.70x | — | — | 1.70x |
How it compares in energy
Among the 31 energy companies here measured on free cash flow, Northern Oil & Gas pays out less than 7 of them. The median for that group is 35.7%, against this company’s 68.4%.
Closest on free cash flow
- EOG Resources (EOG) 55.0%
- Matador Resources (MTDR) 60.5%
- Exxon Mobil (XOM) 73.0%
- Chevron (CVX) 76.9%
Same sector and same denominator, so the figures are comparable. All 40 in energy →