NOG NYSE
Northern Oil and Gas, Inc.
1W: +2.2%
1M: +23.7%
3M: +33.8%
YTD: +27.9%
1Y: +30.6%
3Y: -21.2%
5Y: +34.6%
$28.15
-0.33 (-1.16%)
Weekly Expected Move ±4.6%
$26
$27
$28
$30
$31
Credit Risk of going bust: higher than 67% of companies Debt: 47.6% of company value Bonds: $254.6M held by 225 funds, 325 bp over Treasuries → details ▾
Of US companies ranked in the middle of the pack, about 1 in 580 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $1.85 (down 93%), Northern Oil and Gas, Inc. would be worth roughly what it owes.
Total debt $2.72B against a stock market value of $3.00B.
Distance to default 3.62 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $1.36B (short-term plus half of long-term), stock volatility 45.3%; Altman Z'' -0.03. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
If the stock fell to about $1.85 (down 93%), Northern Oil and Gas, Inc. would be worth roughly what it owes.
Total debt $2.72B against a stock market value of $3.00B.
Distance to default 3.62 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $1.36B (short-term plus half of long-term), stock volatility 45.3%; Altman Z'' -0.03. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
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Cash Flow Trends
Operating Cash Flow
$1.5B
+6.9% ▲
5Y CAGR: +35.3%
Capital Expenditures
$1.3B
+26.0% ▲
5Y CAGR: +34.6%
Free Cash Flow
$253M
+189.3% ▲
5Y CAGR: +39.6%
Dividends Paid
$173M
-7.1% ▼
Buybacks
$57M
+39.7% ▲
Net Change in Cash
$5M
+627.1% ▲
Cash Flow Composition
Year-over-Year Growth
View Full Cash Flow Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| — Operating Activities — | |||||
| Net Income | $6M | $773M | $923M | $0 | $39M |
| Depreciation & Amort. | $141M | $251M | $486M | $741M | $815M |
| Stock-Based Comp. | $4M | $6M | $6M | $12M | $15M |
| Change in Working Capital | -$86M | -$62M | -$106M | -$54M | $70M |
| Other Non-Cash Items | $331M | -$39M | -$202M | $550M | $543M |
| Operating Cash Flow | $396M | $928M | $1.2B | $1.4B | $1.5B |
| — Investing Activities — | |||||
| Capital Expenditures | -$594M | -$1.4B | -$1.8B | -$1.7B | -$1.3B |
| Acquisitions (Net) | -$41M | -$43M | -$17M | $17M | $0 |
| Investment Purchases | $0 | $0 | $0 | $0 | $0 |
| Investment Sales | $0 | $0 | $0 | $0 | $0 |
| Other Investing | $0 | -$1K | $0 | $0 | $0 |
| Investing Cash Flow | -$634M | -$1.4B | -$1.9B | -$1.7B | -$1.3B |
| — Financing Activities — | |||||
| Net Debt Issuance | -$139M | $722M | $316M | $529M | -$14M |
| Stock Repurchased | $0 | -$55M | -$8M | -$94M | -$57M |
| Dividends Paid | -$34M | -$73M | -$124M | -$162M | -$173M |
| Other Financing | -$18M | -$46M | -$15M | -$6M | -$3M |
| Financing Cash Flow | $246M | $467M | $685M | $267M | -$247M |
| Net Change in Cash | $8M | -$7M | $6M | $738K | $5M |
| Cash End of Period | $10M | $3M | $8M | $9M | $14M |
| Free Cash Flow | -$197M | -$431M | -$662M | -$283M | $253M |