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Northern Oil & GasNOG -1.51%60 EV-to-OCF is 3.95 as of Aug. 27, 2026, which is 20% below its 10-year median of 4.94. GuruFocus rates NOG with a GF Score™ of 60/100 and a GF Value™ of $31.31 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 1,024 Oil & Gas companies, Northern Oil & Gas ranks better than 59.86% on this metric.
EV-to-OCF is calculated as enterprise value divided by its cash flow from operations. As of today, Northern Oil & Gas's Enterprise Value is $5,450 Mil.
Northern Oil & Gas's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 was $1,381 Mil. Therefore, Northern Oil & Gas's EV-to-OCF for today is 3.95.
The historical rank and industry rank for Northern Oil & Gas's EV-to-OCF or its related term are showing as below:
NOG'
s EV-to-OCF Range Over the Past 10 Years
Min: 2.96 Med: 4.94 Max: 14.6
Current: 3.95
During the past 13 years, the highest EV-to-OCF of Northern Oil & Gas was 14.60. The lowest was 2.96. And the median was 4.94.
NOG's EV-to-OCF is ranked better than 59.86% of 1024
companies
in the Oil & Gas industry
Industry Median: 5.635
vs NOG: 3.95
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Northern Oil & Gas (NYSE:NOG) EV-to-OCF Explanation
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Northern Oil & Gas's PE Ratio (TTM) for today is calculated as:
Northern Oil & Gas's share price for today is $26.02.
Northern Oil & Gas's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $-5.180.
* 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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Cash Flow from Operations is an important financial metric because it represents the cash generated from operating activities at a company's disposal. Companies with a low EV-to-OCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Northern Oil & Gas EV-to-OCF Related Terms
Northern Oil & Gas EV-to-OCF Historical Data
* Premium members only.
The historical data trend for Northern Oil & Gas's EV-to-OCF 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.
For the Oil & Gas E&P subindustry, Northern Oil & Gas's EV-to-OCF, along with its competitors' market caps and EV-to-OCF 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 Oil & Gas EV-to-OCF vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Northern Oil & Gas's EV-to-OCF distribution charts can be found below:
* The bar in red indicates where Northern Oil & Gas's EV-to-OCF falls into.
Northern Oil & Gas's current Enterprise Value is $5,450 Mil.
Northern Oil & Gas's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $1,381 Mil.
* 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 Oil & Gas (NOG) has a EV-to-OCF of 3.95 as of Aug. 27, 2026. This is 20% below median its historical median of 4.94. Over the past decade, Northern Oil & Gas' EV-to-OCF has ranged from 2.96 to 14.60. According to the industry distribution chart, Northern Oil & Gas ranks #411 out of 1024 companies in the Oil & Gas industry, placing it in the top 40.1%.
Is Northern Oil & Gas' EV-to-OCF too high?
Northern Oil & Gas' current EV-to-OCF of 3.95 is 20% below median its 10-year median of 4.94. Over the past 10 years, this metric has ranged from a low of 2.96 to a high of 14.60. The Oil & Gas industry median EV-to-OCF is 5.64. Northern Oil & Gas' value of 3.95 is 29.9% below this industry median. Based on the distribution chart, Northern Oil & Gas ranks #411 out of 1024 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Northern Oil & Gas has a GF Score™ of 60/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Northern Oil & Gas' EV-to-OCF compare to MNR and TALO?
According to the Oil & Gas industry distribution chart, Northern Oil & Gas ranks #411 out of 1024 companies for EV-to-OCF. This puts Northern Oil & Gas in the upper half of its industry. The industry median EV-to-OCF is 5.64. Northern Oil & Gas' value of 3.95 is 29.9% below this benchmark. Historically, Northern Oil & Gas' own EV-to-OCF has ranged from 2.96 to 14.60 over the past decade. While the company's 10-year median is 4.94 vs. the industry median of 5.64, Northern Oil & Gas 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 EV-to-OCF for an Oil & Gas company?
The median EV-to-OCF among Oil & Gas companies is 5.64, based on 1,024 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-OCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-OCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Northern Oil & Gas's current EV-to-OCF of 3.95 is 29.9% 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 EV-to-OCF mean?
A high EV-to-OCF can signal that a stock is expensive relative to its fundamentals. For the Oil & Gas industry, the median EV-to-OCF is 5.64 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Northern Oil & Gas's current EV-to-OCF is 3.95, which is 20% below median its own 10-year median of 4.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Northern Oil & Gas stock overvalued right now?
Based on GuruFocus' analysis, Northern Oil & Gas (NOG) is currently considered Modestly Undervalued. The stock's GF Value™ is $31.31, compared to a current price of $26.02 — trading 16.9% below its estimated fair value. The current EV-to-OCF is 3.95, which is 20% below median its 10-year median of 4.94 and 29.9% below the Oil & Gas industry median of 5.64. Northern Oil & Gas' overall GF Score™ is 60/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-OCF calculated?
EV-to-OCF is calculated from a company's financial statements. For Northern Oil & Gas (NOG), the current EV-to-OCF is 3.95 as of Aug. 27, 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 Oil & Gas (NOG) Overvalued in 2026?
Based on GuruFocus' analysis, Northern Oil & Gas stock appears to be undervalued.
The current stock price of $26.02 is trading 16.9% below its estimated GF Value™ of $31.31.
GuruFocus considers Northern Oil & Gas to be Modestly Undervalued.
Key valuation signals for NOG:
EV-to-OCF: 3.95 (20% below median its 10-year median of 4.94)
GF Value™: $31.31 vs. price of $26.02 (16.9% below fair value)
Industry Position: 29.9% below the Oil & Gas median (#411 of 1024)
No single metric tells the full story. See the NOG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Northern Oil & Gas Inc is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil and natural gas properties. Its principal business is crude oil and natural gas exploration, development, and production. The company's oil and natural gas sales come from three geographic areas in the United States: the Williston Basin (North Dakota and Montana), the Permian Basin (New Mexico and Texas), the Uinta Basin, and the Appalachian Basin (Pennsylvania and Ohio).
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