Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026
NORTHERN OIL & GAS, INC. (NOG)
A forensic read on NORTHERN OIL & GAS, INC. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.3
Altman Z-score
Clean
Earnings quality
2
Forensic signals
-29.1%
ROE
$2.0B
Market cap
9.32%
Dividend yield
NORTHERN OIL & GAS, INC. earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 1.3, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
3%Return on invested capital.Return on invested capital is 3% and slipping from 34% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+4.9%/yrShare-count dilution.Diluted share count changed +15% over the last 3 years to FY2025 (+4.9%/yr). The count is GROWING — existing holders are being diluted. That's ~4.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~15%.
Key fundamentals
Net Margin1.6%
Debt / Equity1.13x
Free Cash Flow$1.50B
Latest Revenue$2.48B
Return on Equity1.8%
Revenue Growth YoY+11.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on NORTHERN OIL & GAS, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about NOG's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown