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 year | Northern OIL & GASNOG, 2025 | Viper 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 |