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Northern OceanOSL:NOL 64 Debt-to-Equity is 0.31 as of Mar. 2026, which is 69% below its 10-year median of 0.99. GuruFocus rates OSL:NOL with a GF Score™ of 64/100 and a GF Value™ of kr6.14 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 809 Oil & Gas companies, Northern Ocean ranks better than 61.19% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Northern Ocean's Debt-to-Equity or its related term are showing as below:
OSL:NOL'
s Debt-to-Equity Range Over the Past 10 Years
Min: -195.53 Med: 0.99 Max: 1.37
Current: 0.31
During the past 7 years, the highest Debt-to-Equity Ratio of Northern Ocean was 1.37. The lowest was -195.53. And the median was 0.99.
OSL:NOL's Debt-to-Equity is ranked better than 61.19% of 809
companies
in the Oil & Gas industry
Industry Median: 0.45
vs OSL:NOL: 0.31
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Northern Ocean Debt-to-Equity Related Terms
Northern Ocean Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Northern Ocean's Debt-to-Equity can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
OSL:NOL vs NE, RIG, VAL: Debt-to-Equity Comparison
For the Oil & Gas Drilling subindustry, Northern Ocean's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Northern Ocean Debt-to-Equity vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Northern Ocean's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Northern Ocean's Debt-to-Equity falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Northern Ocean (OSL:NOL) has a Debt-to-Equity of 0.31 as of Mar. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Northern Ocean and its competitors. This is 69% below median its historical median of 0.99. According to the industry distribution chart, Northern Ocean ranks #314 out of 809 companies in the Oil & Gas industry, placing it in the top 38.8%.
Is Northern Ocean's Debt-to-Equity too high?
Northern Ocean's current Debt-to-Equity of 0.31 is 69% below median its 10-year median of 0.99. The Oil & Gas industry median Debt-to-Equity is 0.45. Northern Ocean's value of 0.31 is 31.1% below this industry median. Based on the distribution chart, Northern Ocean ranks #314 out of 809 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Northern Ocean has a GF Score™ of 64/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Northern Ocean's Debt-to-Equity compare to NE and RIG?
According to the Oil & Gas industry distribution chart, Northern Ocean ranks #314 out of 809 companies for Debt-to-Equity. This puts Northern Ocean in the upper half of its industry. The industry median Debt-to-Equity is 0.45. Northern Ocean's value of 0.31 is 31.1% below this benchmark. While the company's 10-year median is 0.99 vs. the industry median of 0.45, Northern Ocean has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for an Oil & Gas company?
The median Debt-to-Equity among Oil & Gas companies is 0.45, based on 809 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Northern Ocean's current Debt-to-Equity of 0.31 is 31.1% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Northern Ocean and its competitors. For the Oil & Gas industry, the median Debt-to-Equity is 0.45 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Northern Ocean's current Debt-to-Equity is 0.31, which is 69% below median its own 10-year median of 0.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Northern Ocean stock overvalued right now?
Based on GuruFocus' analysis, Northern Ocean (OSL:NOL) is currently considered Modestly Overvalued. The stock's GF Value™ is kr6.14, compared to a current price of kr7.44 — trading 21.2% above its estimated fair value. The current Debt-to-Equity is 0.31, which is 69% below median its 10-year median of 0.99 and 31.1% below the Oil & Gas industry median of 0.45. Northern Ocean's overall GF Score™ is 64/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Northern Ocean (OSL:NOL), the current Debt-to-Equity is 0.31 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Northern Ocean (OSL:NOL) Overvalued in 2026?
Based on GuruFocus' analysis, Northern Ocean stock appears to be overvalued.
The current stock price of kr7.44 is trading 21.2% above its estimated GF Value™ of kr6.14.
GuruFocus considers Northern Ocean to be Modestly Overvalued.
Key valuation signals for OSL:NOL:
Debt-to-Equity: 0.31 (69% below median its 10-year median of 0.99)
GF Value™: kr6.14 vs. price of kr7.44 (21.2% above fair value)
Industry Position: 31.1% below the Oil & Gas median (#314 of 809)
No single metric tells the full story. See the OSL:NOL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Northern Ocean Ltd is an international offshore drilling contractor for the oil and gas industry. The company acquires and operates modern drilling assets and is engaged in offshore contract drilling in benign and harsh environments, including ultra-deep-water environments. It owns a semi-submersible rig, Deepsea Mira. The company earns revenue mainly from drilling contracts for rigs.
64GF Score
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