Northern Oil and Gas shows its operating margin is negative at -24.2%, and its net margin is negative at -27.5%, with a gross margin of 59.9%, an operating margin of -24.2%, an EBITDA margin of 21.9%, and a net margin of -27.5%. Operating margin had the largest decline, falling by 41.5 percentage points, while the other available margins also weakened.
NOG margin history
Looking back over the last 3 years, Northern Oil and Gas recorded average margins of 72.33% gross, 20.08% operating, 53.63% EBITDA, and 10.84% net. The current gross, operating, EBITDA, and net margins are all below their three-year averages.
NOG margin expansion
All available margins declined year over year, led by operating margin with a decline of 41.5 percentage points.
NOG Gross margin
The average gross margin for Northern Oil and Gas was 72.33% during the last 3 years. At present, the current gross margin for Northern Oil and Gas is 59.9%, 12.4 percentage points below its three-year average. The gross margin for Northern Oil and Gas moved between 59.9% in Sep 2026 and 77.2% in Jun 2025.
NOG Operating margin
Looking back over the last 3 years, Northern Oil and Gas recorded an average operating margin of 20.08%. Northern Oil and Gas's current operating margin is -24.2% and is 44.3 percentage points below its three-year average. The highest operating margin for Northern Oil and Gas was 51.8% in Dec 2023, while the lowest was -34% in Mar 2026.
NOG EBITDA margin
Across the last 3 years, Northern Oil and Gas had an average EBITDA margin of 53.63%. At present, Northern Oil and Gas's current EBITDA margin is 21.9%, which is 31.7 percentage points below its three-year average. Looking back over the last 3 years, Northern Oil and Gas's EBITDA margin reached 75% at its highest point in Sep 2024 and 8.4% at its lowest in Mar 2026.
NOG Net margin
Across the last 3 years, Northern Oil and Gas's net margin stood at 10.84%. Compared with its three-year average, Northern Oil and Gas's current net margin is -27.5% and is 38.3 percentage points below its three-year average. Net margin was highest at 42.6% in Dec 2023 and lowest at -33.2% in Mar 2026.
NOG margin group comparison
Northern Oil and Gas's gross margin of 59.9% is above the Energy sector and the industry average. Compared to its Energy sector average of 42.6%, Northern Oil and Gas's gross margin is 41% higher.
NOG margin peer comparison
Frequently asked questions
What is Northern Oil and Gas's gross margin?
As of Sep 30, 2026, NOG has a gross margin of 59.9%.
What is Northern Oil and Gas's operating margin?
As of Sep 30, 2026, NOG has an operating margin of -24.2%.
What is Northern Oil and Gas's EBITDA margin?
As of Sep 30, 2026, NOG has an EBITDA margin of 21.9%.
What is Northern Oil and Gas's net margin?
As of Sep 30, 2026, NOG has a negative net margin of -27.5%.
What are the average margins of NOG?
Across the last 3 years, NOG averaged 72.3% gross, 20.1% operating, 53.6% EBITDA, and 10.8% net.
What are the highest historical margins of NOG?
Across the 5-year period, NOG posted its highest margins at 79.7% gross in Mar 2023, 64.2% operating in Mar 2023, 78.2% EBITDA in Mar 2023, and 60.4% net in Mar 2023.
What are the lowest historical margins of NOG?
In the last 5 years, the lowest margins reported by NOG were 34.7% gross in Mar 2022, -34% operating in Mar 2026, 8.4% EBITDA in Mar 2026, and -33.2% net in Mar 2026.