undamentalytics Newsletter

Northern OIL & GAS vs Viper Energy

Northern OIL & GAS is the larger business, with $2.48bn of revenue in fiscal 2025 against $1.40bn for Viper Energy (1.8 times as much). Viper Energy grew faster (62.0% against 11.2%). Northern OIL & GAS kept more of each dollar of sales as profit: a net margin of 1.6% against -4.9%. Viper Energy carries less debt relative to equity (49.1% against 114.0%).

Latest fiscal yearNorthern OIL & GASNOG, 2025Viper EnergyVNOM, 2025
Revenue $2.48bn $1.40bn
Revenue growth 11.2% 62.0%
Net income $38.8m −$68.0m
Operating margin 9.9% -10.0%
Net margin 1.6% -4.9%
Return on equity 1.7% -2.2%
Free cash flow $1.50bn —
Cash $14.3m $13.0m
Total debt $2.42bn $2.19bn
Debt to equity 114.0% 49.1%
Dividend per share — —
Dividend yield 6.5% —
Share buybacks $57.0m —
Employees 64 —
Market value $2.69bn $8.66bn
Price vs our value range Below our value range —
Moat score 55 (Moderate) —
Insider trades, 12 months 3 buys, 0 sales 0 buys, 0 sales

Each figure is from the company's latest annual report and links to the page it comes from. Fiscal years can end on different dates. Market value and the value verdict use the delayed price shown on the stock pages. Not a recommendation.

Go deeper

Figures from each company's latest annual report filed with the SEC (10-K or 20-F), as reported, with the fiscal year shown. Not investment advice. How we read filings: methodology.