Northern Oil and Gas, Inc. — Earnings Quality Grade F
NOG · Energy
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 61 days, change -5 days YoY
AR growth -10.2% vs revenue growth -3.2%
Revenue -3.2%, CFFO 6.9%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -25.2% vs revenue -3.2%. Normal
SG&A/Gross Profit = 9.1%, excellent (<30%)
Gross margin swung -6.4pp (38.6% → 32.2%)
Cash Flow Quality
CFFO far exceeds NI (ratio 38.8x). Non-cash charges depressing profits
FCF < 50% of Net Income for 2 years
Accruals ratio = -27.1%. Low accruals
Cash $0.0B covers only 1% of debt $2.4B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 2.3x. Healthy
Other assets grew 567.5% vs revenue -3.2%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
No goodwill
Manipulation Score
M-Score = -2.66 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25