Does NORTHERN OIL & GAS, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores NORTHERN OIL & GAS, INC. (NOG) 44.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 92, returns on capital 39, balance-sheet safety 0, capital discipline 24.

How has NOG's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 44.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

NORTHERN OIL & GAS, INC.

NOG · Materials · $2.1B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power92

Median gross margin 80.8% over 10y, stable.

Returns on capital39

Median ROIC 9.9%, above the 9% hurdle in 50% of years.

Balance-sheet safety0

Net debt/EBITDA 9.7x, interest coverage 1x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $21.19
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

NORTHERN OIL & GAS, INC. booked $2.5B of revenue in FY2025 in the Materials sector and kept 80.9% of it as gross profit — a high-margin business by that measure. After every other cost, 1.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $14.2M (FY2009) to $2.5B (FY2025) — about 38.1% a year compounded over 16 years.

It earned 3.5% on invested capital in FY2025, with a median of 8.9% across 17 filed years. The Returns on Capital filter above scores it 39/100.

The balance sheet carried $2.4B of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

The share count rose 185.1% between FY2008 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (92/100) and Balance-Sheet Safety the weakest (0/100), which is how NOG lands at 44/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$2.5B FY2025

Gross marginRevenue kept after cost of goods80.9% FY2025

Return on invested capitalOperating profit on the capital employed3.5% FY2025

Owner earningsCash an owner could take out$143.7M FY2018

Gaps in a line mean that item isn’t in NOG’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale44.0 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — NOG has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#88 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#86OEC ORION S.A.44.4 out of 100, Shallow moatShallow moat
#87APOG APOGEE ENTERPRISES, INC.44.1 out of 100, Shallow moatShallow moat
#89TTI TETRA Technologies, Inc.43.4 out of 100, Shallow moatShallow moat
#90MLM MARTIN MARIETTA MATERIALS INC43.3 out of 100, Shallow moatShallow moat

Compare NOG with its nearest peers →All Materials companies on the Index →

Common questions about NOG

Does NORTHERN OIL & GAS, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores NORTHERN OIL & GAS, INC. (NOG) 44.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 92, returns on capital 39, balance-sheet safety 0, capital discipline 24.
How has NOG's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 44.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell NOG. See the disclaimer.