Northern OceanNTNOF 44 PB Ratio is 0.78 as of Jun. 27, 2026, which is 111% above its 10-year median of 0.37. GuruFocus rates NTNOF with a GF Score™ of 44/100 and a GF Value™ of $0.40 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 923 Oil & Gas companies, Northern Ocean ranks better than 75.41% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-06-27), Northern Ocean's share price is $0.82. Northern Ocean's Book Value per Share for the quarter that ended in Mar. 2026 was $1.06. Hence, Northern Ocean's PB Ratio of today is 0.78.
The historical rank and industry rank for Northern Ocean's PB Ratio or its related term are showing as below:
NTNOF'
s PB Ratio Range Over the Past 10 Years
Min: 0.06 Med: 0.37 Max: 0.89
Current: 0.79
During the past 7 years, Northern Ocean's highest PB Ratio was 0.89. The lowest was 0.06. And the median was 0.37.
NTNOF's PB Ratio is ranked better than 75.41% of 923
companies
in the Oil & Gas industry
Industry Median: 1.39
vs NTNOF: 0.79
During the past 12 months, Northern Ocean's average Book Value Per Share Growth Rate was -33.50% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was -25.30% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was -28.70% per year.
During the past 7 years, the highest 3-Year average Book Value Per Share Growth Rate of Northern Ocean was -23.80% per year. The lowest was -34.00% per year. And the median was -24.75% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Northern Ocean PB Ratio Related Terms
Northern Ocean PB Ratio Historical Data
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The historical data trend for Northern Ocean's PB Ratio 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 Drilling subindustry, Northern Ocean's PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Northern Ocean's PB Ratio distribution charts can be found below:
* The bar in red indicates where Northern Ocean's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Northern Ocean's PB Ratio for today is calculated as follows:
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Northern Ocean (NTNOF) has a PB Ratio of 0.78 as of Jun. 27, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Northern Ocean and its competitors. This is 111% above median its historical median of 0.37. Over the past decade, Northern Ocean's PB Ratio has ranged from 0.06 to 0.89. According to the industry distribution chart, Northern Ocean ranks #227 out of 923 companies in the Oil & Gas industry, placing it in the top 24.6%.
Is Northern Ocean's PB Ratio too high?
Northern Ocean's current PB Ratio of 0.78 is 111% above median its 10-year median of 0.37. Over the past 10 years, this metric has ranged from a low of 0.06 to a high of 0.89. The Oil & Gas industry median PB Ratio is 1.39. Northern Ocean's value of 0.78 is 43.9% below this industry median. Based on the distribution chart, Northern Ocean ranks #227 out of 923 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Northern Ocean has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Northern Ocean's PB Ratio compare to NE and RIG?
According to the Oil & Gas industry distribution chart, Northern Ocean ranks #227 out of 923 companies for PB Ratio. This places Northern Ocean in the top 25% of its industry — outperforming the majority of peers. The industry median PB Ratio is 1.39. Northern Ocean's value of 0.78 is 43.9% below this benchmark. Historically, Northern Ocean's own PB Ratio has ranged from 0.06 to 0.89 over the past decade. While the company's 10-year median is 0.37 vs. the industry median of 1.39, 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 PB Ratio for an Oil & Gas company?
The median PB Ratio among Oil & Gas companies is 1.39, based on 923 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Northern Ocean's current PB Ratio of 0.78 is 43.9% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Northern Ocean and its competitors. For the Oil & Gas industry, the median PB Ratio is 1.39 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Northern Ocean's current PB Ratio is 0.78, which is 111% above median its own 10-year median of 0.37. 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 (NTNOF) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.40, compared to a current price of $0.82 — trading 105% above its estimated fair value. The current PB Ratio is 0.78, which is 111% above median its 10-year median of 0.37 and 43.9% below the Oil & Gas industry median of 1.39. Northern Ocean's overall GF Score™ is 44/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Northern Ocean (NTNOF), the current PB Ratio is 0.78 as of Jun. 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 Ocean (NTNOF) Overvalued in 2026?
Based on GuruFocus' analysis, Northern Ocean stock appears to be overvalued.
The current stock price of $0.82 is trading 105% above its estimated GF Value™ of $0.40.
GuruFocus considers Northern Ocean to be Significantly Overvalued.
Key valuation signals for NTNOF:
PB Ratio: 0.78 (111% above median its 10-year median of 0.37)
GF Value™: $0.40 vs. price of $0.82 (105% above fair value)
Industry Position: 43.9% below the Oil & Gas median (#227 of 923)
No single metric tells the full story. See the NTNOF 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.
44GF Score
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