Northern Oil & Gas
Through the investors’ lenses
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 0/3
| Measure | NOG | Checked against | |
|---|---|---|---|
| Owner earnings | — | positive | — |
| Return on equity | 1.8% | median 11.7% | ✗ |
| Debt to equity | 1.13x | median 0.79x | ✗ |
| Operating margin | 9.9% | median 15.0% | ✗ |
Passes 0 of 3. To be clear: Warren Buffett has never said anything about Northern Oil & Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
Terry Smith 1/4
| Measure | NOG | Checked against | |
|---|---|---|---|
| Return on capital employed | 5.4% | median 10.1% | ✗ |
| Cash conversion | 38.84x | median 1.78x | ✓ |
| Operating margin | 9.9% | median 15.0% | ✗ |
| Debt to equity | 1.13x | median 0.79x | ✗ |
Passes 1 of 4. To be clear: Terry Smith has never said anything about Northern Oil & Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
Charlie Munger 0/3
| Measure | NOG | Checked against | |
|---|---|---|---|
| Return on capital employed | 5.4% | median 10.1% | ✗ |
| Return on equity | 1.8% | median 11.7% | ✗ |
| Operating margin | 9.9% | median 15.0% | ✗ |
Passes 0 of 3. To be clear: Charlie Munger has never said anything about Northern Oil & Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
Chuck Akre 1/3
| Measure | NOG | Checked against | |
|---|---|---|---|
| Return on equity | 1.8% | median 11.7% | ✗ |
| Debt to equity | 1.13x | median 0.79x | ✗ |
| Cash conversion | 38.84x | median 1.78x | ✓ |
Passes 1 of 3. To be clear: Chuck Akre has never said anything about Northern Oil & Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
Philip Fisher 0/4
| Measure | NOG | Checked against | |
|---|---|---|---|
| Operating margin | 9.9% | median 15.0% | ✗ |
| Net margin | 1.6% | median 10.2% | ✗ |
| Return on capital employed | 5.4% | median 10.1% | ✗ |
| Operating margin, held or improving | 9.9% | 10-yr median 11.8% | ✗ |
Passes 0 of 4. To be clear: Philip Fisher has never said anything about Northern Oil & Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
Walter Schloss 0/2
| Measure | NOG | Checked against | |
|---|---|---|---|
| Current ratio | 1.09x | median 1.25x | ✗ |
| Debt to equity | 1.13x | median 0.79x | ✗ |
Passes 0 of 2. To be clear: Walter Schloss has never said anything about Northern Oil & Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
Benjamin Graham 0/3
| Measure | NOG | Checked against | |
|---|---|---|---|
| Current ratio | 1.09x | 2.00x published | ✗ |
| Long-term debt to working capital | 51.25x | 1.00x published | ✗ |
| Positive earnings, ten years running | 5 yrs | 10 published | ✗ |
Passes 0 of 3. To be clear: Benjamin Graham has never said anything about Northern Oil & Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
Joel Greenblatt 0/1
| Measure | NOG | Checked against | |
|---|---|---|---|
| Return on capital employed | 5.4% | median 10.1% | ✗ |
Passes 0 of 1. To be clear: Joel Greenblatt has never said anything about Northern Oil & Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
Peter Lynch 0/2
| Measure | NOG | Checked against | |
|---|---|---|---|
| Debt to equity | 1.13x | median 0.79x | ✗ |
| Net margin | 1.6% | median 10.2% | ✗ |
Passes 0 of 2. To be clear: Peter Lynch has never said anything about Northern Oil & Gas. These are the company’s own figures put through the tests he described. What he looks at, and why →
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 447.7% | whySwings with the commodity price, not the business. |
| Operating cash flow | 11.5% | whyBefore capital spending. |
| Free cash flow | 68.4% | whyWhat producers set distributions against. Check for variable or special dividends before reading a trend. |
Spread between highest and lowest: 436.2 percentage points. Same filings, different denominators.
Coverage rating 36 / 100 — Strained. ? Peer standing 11/50Direction 15/30Stability 10/20
The arithmetic
- GAAP earnings — dividends declared per share $1.75 ÷ diluted EPS $0.390
- Operating cash flow — dividends paid $173m ÷ operating cash flow $1,505m
- Free cash flow — dividends paid $173m ÷ (operating cash flow $1,505m − capex $1,252m)
Where the figures came from
- 10-K filed 2026-02-26 · accession 0001104485-26-000008
All public at sec.gov — you should not have to take our word for it.
Caveats on this company
- DPS derived from dividends paid ($1.75); no per-share tag filed
Computed straight from SEC XBRL. A number that looks wrong to you is more useful to us than agreement — tell us.
What the free cash flow payout ratio measures, and where every company here sits on it.
Also on: uncovered on earnings, covered on the basis that applies · rated strained · when it files.
When this changes
Every figure above is recomputed whenever Northern Oil & Gas files. The monthly letter carries what filed, what moved, and one finding computed across every company here.