vs
Side-by-side financial comparison of New Fortress Energy Inc. (NFE) and NORTHERN OIL & GAS, INC. (NOG). Click either name above to swap in a different company.
NORTHERN OIL & GAS, INC. is the larger business by last-quarter revenue ($610.2M vs $326.2M, roughly 1.9× New Fortress Energy Inc.). NORTHERN OIL & GAS, INC. runs the higher net margin — -11.6% vs -259.7%, a 248.1% gap on every dollar of revenue. On growth, New Fortress Energy Inc. posted the faster year-over-year revenue change (-7.0% vs -72.6%). NORTHERN OIL & GAS, INC. produced more free cash flow last quarter ($43.2M vs $-134.8M). Over the past eight quarters, NORTHERN OIL & GAS, INC.'s revenue compounded faster (4.3% CAGR vs -26.8%).
New Fortress Energy Inc. is a global energy infrastructure firm developing, owning and operating LNG import/export terminals, natural gas supply networks and low-carbon projects. It serves utility, industrial and public sector clients across the Americas and Caribbean, delivering affordable, lower-emission energy resources.
Marathon Oil Corporation was an American company engaged in hydrocarbon exploration. In November 2024, it was acquired by ConocoPhillips and absorbed into the company.
NFE vs NOG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $326.2M | $610.2M |
| Net Profit | $-847.1M | $-70.7M |
| Gross Margin | 35.5% | — |
| Operating Margin | -193.0% | — |
| Net Margin | -259.7% | -11.6% |
| Revenue YoY | -7.0% | -72.6% |
| Net Profit YoY | -277.4% | -198.7% |
| EPS (diluted) | $-3.03 | $-0.73 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $610.2M | ||
| Q4 25 | $326.2M | $610.2M | ||
| Q3 25 | $240.3M | $556.6M | ||
| Q2 25 | $228.1M | $706.8M | ||
| Q1 25 | $384.9M | $602.1M | ||
| Q4 24 | $350.7M | $515.0M | ||
| Q3 24 | $446.0M | $753.6M | ||
| Q2 24 | $291.2M | $560.8M |
| Q1 26 | — | $-70.7M | ||
| Q4 25 | $-847.1M | $-70.7M | ||
| Q3 25 | $-263.0M | $-129.1M | ||
| Q2 25 | $-546.5M | $99.6M | ||
| Q1 25 | $-175.4M | $139.0M | ||
| Q4 24 | $-224.4M | $71.7M | ||
| Q3 24 | $9.3M | $298.4M | ||
| Q2 24 | $-88.9M | $138.6M |
| Q1 26 | — | — | ||
| Q4 25 | 35.5% | 80.4% | ||
| Q3 25 | 18.1% | 78.7% | ||
| Q2 25 | 8.4% | 82.8% | ||
| Q1 25 | 21.4% | 81.1% | ||
| Q4 24 | 17.6% | 77.4% | ||
| Q3 24 | 27.1% | 85.8% | ||
| Q2 24 | 23.8% | 82.0% |
| Q1 26 | — | — | ||
| Q4 25 | -193.0% | -5.5% | ||
| Q3 25 | -37.4% | -22.6% | ||
| Q2 25 | -170.3% | 24.9% | ||
| Q1 25 | -3.3% | 38.1% | ||
| Q4 24 | 65.0% | 25.8% | ||
| Q3 24 | 17.8% | 57.6% | ||
| Q2 24 | 12.3% | 39.0% |
| Q1 26 | — | -11.6% | ||
| Q4 25 | -259.7% | -11.6% | ||
| Q3 25 | -109.4% | -23.2% | ||
| Q2 25 | -239.6% | 14.1% | ||
| Q1 25 | -45.6% | 23.1% | ||
| Q4 24 | -64.0% | 13.9% | ||
| Q3 24 | 2.1% | 39.6% | ||
| Q2 24 | -30.5% | 24.7% |
| Q1 26 | — | $-0.73 | ||
| Q4 25 | $-3.03 | $-0.67 | ||
| Q3 25 | $-0.96 | $-1.33 | ||
| Q2 25 | $-1.99 | $1.00 | ||
| Q1 25 | $-0.65 | $1.39 | ||
| Q4 24 | $-1.10 | $0.71 | ||
| Q3 24 | $0.03 | $2.96 | ||
| Q2 24 | $-0.42 | $1.36 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $226.5M | $14.3M |
| Total DebtLower is stronger | $8.2B | — |
| Stockholders' EquityBook value | $182.6M | $2.1B |
| Total Assets | $10.6B | $5.4B |
| Debt / EquityLower = less leverage | 44.78× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $14.3M | ||
| Q4 25 | $226.5M | $14.3M | ||
| Q3 25 | $145.2M | $31.6M | ||
| Q2 25 | $551.1M | $25.9M | ||
| Q1 25 | $447.9M | $33.6M | ||
| Q4 24 | $492.9M | $8.9M | ||
| Q3 24 | $90.8M | $34.4M | ||
| Q2 24 | $133.0M | $7.8M |
| Q1 26 | — | — | ||
| Q4 25 | $8.2B | $2.4B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $8.9B | $2.4B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $1.9B |
| Q1 26 | — | $2.1B | ||
| Q4 25 | $182.6M | $2.1B | ||
| Q3 25 | $1.1B | $2.2B | ||
| Q2 25 | $1.3B | $2.4B | ||
| Q1 25 | $1.8B | $2.4B | ||
| Q4 24 | $1.9B | $2.3B | ||
| Q3 24 | $1.6B | $2.3B | ||
| Q2 24 | $1.6B | $2.1B |
| Q1 26 | — | $5.4B | ||
| Q4 25 | $10.6B | $5.4B | ||
| Q3 25 | $12.0B | $5.5B | ||
| Q2 25 | $12.0B | $5.7B | ||
| Q1 25 | $13.1B | $5.7B | ||
| Q4 24 | $12.9B | $5.6B | ||
| Q3 24 | $12.0B | $5.1B | ||
| Q2 24 | $11.4B | $4.7B |
| Q1 26 | — | — | ||
| Q4 25 | 44.78× | 1.13× | ||
| Q3 25 | — | 1.05× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 0.96× | ||
| Q4 24 | 4.74× | 1.02× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.91× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-76.2M | $312.6M |
| Free Cash FlowOCF − Capex | $-134.8M | $43.2M |
| FCF MarginFCF / Revenue | -41.3% | 7.1% |
| Capex IntensityCapex / Revenue | 18.0% | 31.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $312.6M | ||
| Q4 25 | $-76.2M | $312.6M | ||
| Q3 25 | $-171.0M | $423.1M | ||
| Q2 25 | $-329.0M | $362.1M | ||
| Q1 25 | $-7.2M | $407.4M | ||
| Q4 24 | $445.3M | $290.3M | ||
| Q3 24 | $-20.0M | $385.8M | ||
| Q2 24 | $113.9M | $340.5M |
| Q1 26 | — | $43.2M | ||
| Q4 25 | $-134.8M | — | ||
| Q3 25 | $-231.6M | — | ||
| Q2 25 | $-726.7M | — | ||
| Q1 25 | $-262.3M | — | ||
| Q4 24 | $-210.3M | — | ||
| Q3 24 | $-367.0M | — | ||
| Q2 24 | $-493.2M | — |
| Q1 26 | — | 7.1% | ||
| Q4 25 | -41.3% | — | ||
| Q3 25 | -96.4% | — | ||
| Q2 25 | -318.6% | — | ||
| Q1 25 | -68.2% | — | ||
| Q4 24 | -60.0% | — | ||
| Q3 24 | -82.3% | — | ||
| Q2 24 | -169.3% | — |
| Q1 26 | — | 31.5% | ||
| Q4 25 | 18.0% | — | ||
| Q3 25 | 25.2% | — | ||
| Q2 25 | 174.4% | — | ||
| Q1 25 | 66.3% | — | ||
| Q4 24 | 187.0% | — | ||
| Q3 24 | 77.8% | — | ||
| Q2 24 | 208.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 3.64× | ||
| Q1 25 | — | 2.93× | ||
| Q4 24 | — | 4.05× | ||
| Q3 24 | -2.15× | 1.29× | ||
| Q2 24 | — | 2.46× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NFE
Segment breakdown not available.
NOG
| Oil and Gas Sales | $447.7M | 73% |
| Gain on Commodity Derivatives, Net | $159.3M | 26% |
| Other Revenue | $3.1M | 1% |
