Northern Oil and Gas, Inc.

NOGNYSEEnergy● Active

$21.42

+$0.44(+2.07%)

Market Cap$2.3B

P/E Ratio—

52W High$32.62

52W Low$20.18

Avg Volume2.8M

Open$21.21

Beta0.69

Free Cash Flow Financials Revenue

Northern Oil and Gas, Inc. (NOG) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NOG · free cash flow · updated Jun 8, 2026

Core FCF metrics

NOG · FCF · TTM · margin & CAGR

Free cash flow was $252.8M for FY2025 (fiscal year ending 2025-12-31), up 189.3% year-over-year The FCF margin was 12.1%. Five-year CAGR stands at +39.6%.

FY2025 Free Cash Flow$252.8M▲ +189.3% YoY

Trailing 12M (TTM)−$749.4MTrailing 4Q sum · TTM negative vs latest FY positive

FCF Margin12.1%$252.8M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGR+39.6%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NOG · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$1.51B(1.25B)$252.8M▲ +189.3%12.1%

FY2024$1.41B(1.69B)−$283.2M▲ +57.2%-13.1%

FY2023$1.18B(1.85B)−$661.9M▼ 53.5%-34.7%

FY2022$928.4M(1.36B)−$431.4M▼ 118.6%-21.7%

FY2021$396.5M(594M)−$197.3M▼ 513.2%-20.2%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NOG · P/FCF · FCF yield · FCF per share

Northern Oil and Gas, Inc. (NOG) valuation ratios are currently unavailable — market cap, share count, or TTM data could not be retrieved from our data provider.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

Valuation ratios are unavailable — market cap, share count, or TTM data could not be retrieved. Individual metrics are shown where available.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

NOG · cash flow statement · operating / investing / financing

For FY2025, Northern Oil and Gas, Inc. generated $1.51B in operating cash flow and spent 1.25B in capital expenditures, yielding $252.8M in free cash flow.

Operating Activities

+$1.51B

Cash from core business operations

2025-12-31

Investing Activities

−$1.25B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$247.5M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($1.51B) − |CapEx| (1.25B) = FCF ($252.8M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Energy)

NOG vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Northern Oil and Gas, Inc.YOU

NOG

$252.8M+189.3%12.1%

Exxon Mobil Corporation

Energy · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Northern Oil and Gas, Inc. (NOG) reported free cash flow of $252.8M for FY2025 (fiscal year ending 2025-12-31), up 189.3% year-over-year. The FCF margin was 12.1%.

Based on available data, Northern Oil and Gas, Inc. has maintained positive free cash flow for at least 3 fiscal year(s). FCF peaked at $252.8M in FY2025. The 5-year CAGR stands at +39.6%.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NOG free cash flow · 8 questions

Northern Oil and Gas, Inc. free cash flow was $252.8M for FY2025, up 189.3% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$749.4M.

NOG free cash flowNOG FCFNOG FCF 2025NOG free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Northern Oil and Gas, Inc. · Northern Oil and Gas, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026