Northern OceanNTNOF 44 ROE % is -27.83% as of Mar. 2026. 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 957 Oil & Gas companies, Northern Ocean ranks worse than 86.42% on this metric.
ROE % is calculated as Net Income divided by its average Total Stockholders Equity over a certain period of time. Northern Ocean's annualized net income for the quarter that ended in Mar. 2026 was $-92.6 Mil. Northern Ocean's average Total Stockholders Equity over the quarter that ended in Mar. 2026 was $332.5 Mil. Therefore, Northern Ocean's annualized ROE % for the quarter that ended in Mar. 2026 was -27.83%.
The historical rank and industry rank for Northern Ocean's ROE % or its related term are showing as below:
NTNOF'
s ROE % Range Over the Past 10 Years
Min: -29.49 Med: -15.32 Max: -1.52
Current: -29.49
During the past 7 years, Northern Ocean's highest ROE % was -1.52%. The lowest was -29.49%. And the median was -15.32%.
NTNOF's ROE % is ranked worse than 86.42% of 957
companies
in the Oil & Gas industry
Industry Median: 5.71
vs NTNOF: -29.49
Northern Ocean (OTCPK:NTNOF) ROE % Explanation
ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.
The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:
Note:
The net income data used here is four times the quarterly (Mar. 2026) net income data. The Revenue data used here is four times the quarterly (Mar. 2026) revenue data. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.
* 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.
Be Aware
Net Income is used.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their ROE %s can be extremely high.
Northern Ocean ROE % Related Terms
Northern Ocean ROE % Historical Data
* Premium members only.
The historical data trend for Northern Ocean's ROE % 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 ROE %, along with its competitors' market caps and ROE % 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 ROE % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Northern Ocean's ROE % distribution charts can be found below:
* The bar in red indicates where Northern Ocean's ROE % 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.
In the calculation of annual ROE %, the net income of the last fiscal year and the average total shareholder equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
ROE % is displayed in the 30-year financial page.
Northern Ocean (NTNOF) has a ROE % of -27.83% as of Mar. 2026. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Northern Ocean and its competitors. According to the industry distribution chart, Northern Ocean ranks #827 out of 957 companies in the Oil & Gas industry, placing it in the top 86.4%.
Is Northern Ocean's ROE % too high?
Northern Ocean's current ROE % is -27.83%. Based on the distribution chart, Northern Ocean ranks #827 out of 957 companies in the Oil & Gas industry, which is in the bottom quartile 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 ROE % compare to NE and RIG?
According to the Oil & Gas industry distribution chart, Northern Ocean ranks #827 out of 957 companies for ROE %. This places Northern Ocean in the lower half of its industry. The industry median ROE % is 5.71. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROE % for an Oil & Gas company?
The median ROE % among Oil & Gas companies is 5.71, based on 957 companies in the industry. Companies in the top quartile (top 25%) have a ROE % significantly above this median, while those in the bottom quartile fall well below. However, ROE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Northern Ocean and its competitors. For the Oil & Gas industry, the median ROE % is 5.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Northern Ocean's current ROE % is -27.83%. 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 ROE % is -27.83%. 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 ROE % calculated?
ROE % is calculated from a company's financial statements. For Northern Ocean (NTNOF), the current ROE % is -27.83% 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 (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:
ROE %: -27.83%
GF Value™: $0.40 vs. price of $0.82 (105% above fair value)
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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