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Side-by-side financial comparison of NORTHERN OIL & GAS, INC. (NOG) and REV Group, Inc. (REVG). Click either name above to swap in a different company.
REV Group, Inc. is the larger business by last-quarter revenue ($664.4M vs $610.2M, roughly 1.1× NORTHERN OIL & GAS, INC.). REV Group, Inc. runs the higher net margin — 4.3% vs -11.6%, a 15.9% gap on every dollar of revenue. On growth, REV Group, Inc. posted the faster year-over-year revenue change (11.1% vs -72.6%). REV Group, Inc. produced more free cash flow last quarter ($53.7M vs $43.2M). Over the past eight quarters, REV Group, Inc.'s revenue compounded faster (6.5% CAGR vs 4.3%).
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NOG vs REVG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $610.2M | $664.4M |
| Net Profit | $-70.7M | $28.9M |
| Gross Margin | — | 15.4% |
| Operating Margin | — | 7.1% |
| Net Margin | -11.6% | 4.3% |
| Revenue YoY | -72.6% | 11.1% |
| Net Profit YoY | -198.7% | -30.7% |
| EPS (diluted) | $-0.73 | $0.57 |
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 | $610.2M | $664.4M | ||
| Q3 25 | $556.6M | $644.9M | ||
| Q2 25 | $706.8M | $629.1M | ||
| Q1 25 | $602.1M | $525.1M | ||
| Q4 24 | $515.0M | $597.9M | ||
| Q3 24 | $753.6M | $579.4M | ||
| Q2 24 | $560.8M | $616.9M |
| Q1 26 | $-70.7M | — | ||
| Q4 25 | $-70.7M | $28.9M | ||
| Q3 25 | $-129.1M | $29.1M | ||
| Q2 25 | $99.6M | $19.0M | ||
| Q1 25 | $139.0M | $18.2M | ||
| Q4 24 | $71.7M | $41.7M | ||
| Q3 24 | $298.4M | $18.0M | ||
| Q2 24 | $138.6M | $15.2M |
| Q1 26 | — | — | ||
| Q4 25 | 80.4% | 15.4% | ||
| Q3 25 | 78.7% | 15.8% | ||
| Q2 25 | 82.8% | 15.2% | ||
| Q1 25 | 81.1% | 13.3% | ||
| Q4 24 | 77.4% | 13.2% | ||
| Q3 24 | 85.8% | 13.5% | ||
| Q2 24 | 82.0% | 12.5% |
| Q1 26 | — | — | ||
| Q4 25 | -5.5% | 7.1% | ||
| Q3 25 | -22.6% | 8.8% | ||
| Q2 25 | 24.9% | 7.9% | ||
| Q1 25 | 38.1% | 5.3% | ||
| Q4 24 | 25.8% | 5.8% | ||
| Q3 24 | 57.6% | 4.9% | ||
| Q2 24 | 39.0% | 3.7% |
| Q1 26 | -11.6% | — | ||
| Q4 25 | -11.6% | 4.3% | ||
| Q3 25 | -23.2% | 4.5% | ||
| Q2 25 | 14.1% | 3.0% | ||
| Q1 25 | 23.1% | 3.5% | ||
| Q4 24 | 13.9% | 7.0% | ||
| Q3 24 | 39.6% | 3.1% | ||
| Q2 24 | 24.7% | 2.5% |
| Q1 26 | $-0.73 | — | ||
| Q4 25 | $-0.67 | $0.57 | ||
| Q3 25 | $-1.33 | $0.59 | ||
| Q2 25 | $1.00 | $0.38 | ||
| Q1 25 | $1.39 | $0.35 | ||
| Q4 24 | $0.71 | $1.03 | ||
| Q3 24 | $2.96 | $0.35 | ||
| Q2 24 | $1.36 | $0.28 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $14.3M | $34.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $416.3M |
| Total Assets | $5.4B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $14.3M | — | ||
| Q4 25 | $14.3M | $34.7M | ||
| Q3 25 | $31.6M | $36.0M | ||
| Q2 25 | $25.9M | $28.8M | ||
| Q1 25 | $33.6M | $31.6M | ||
| Q4 24 | $8.9M | $24.6M | ||
| Q3 24 | $34.4M | $50.5M | ||
| Q2 24 | $7.8M | $38.2M |
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — |
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.1B | $416.3M | ||
| Q3 25 | $2.2B | $387.3M | ||
| Q2 25 | $2.4B | $357.8M | ||
| Q1 25 | $2.4B | $428.8M | ||
| Q4 24 | $2.3B | $435.1M | ||
| Q3 24 | $2.3B | $394.6M | ||
| Q2 24 | $2.1B | $379.7M |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $5.4B | $1.2B | ||
| Q3 25 | $5.5B | $1.2B | ||
| Q2 25 | $5.7B | $1.2B | ||
| Q1 25 | $5.7B | $1.2B | ||
| Q4 24 | $5.6B | $1.2B | ||
| Q3 24 | $5.1B | $1.3B | ||
| Q2 24 | $4.7B | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | 1.13× | — | ||
| Q3 25 | 1.05× | — | ||
| Q2 25 | 0.98× | — | ||
| Q1 25 | 0.96× | — | ||
| Q4 24 | 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 | $312.6M | $76.9M |
| Free Cash FlowOCF − Capex | $43.2M | $53.7M |
| FCF MarginFCF / Revenue | 7.1% | 8.1% |
| Capex IntensityCapex / Revenue | 31.5% | 3.5% |
| Cash ConversionOCF / Net Profit | — | 2.66× |
| TTM Free Cash FlowTrailing 4 quarters | — | $190.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $312.6M | — | ||
| Q4 25 | $312.6M | $76.9M | ||
| Q3 25 | $423.1M | $60.3M | ||
| Q2 25 | $362.1M | $117.0M | ||
| Q1 25 | $407.4M | $-13.1M | ||
| Q4 24 | $290.3M | $68.6M | ||
| Q3 24 | $385.8M | $14.4M | ||
| Q2 24 | $340.5M | $40.1M |
| Q1 26 | $43.2M | — | ||
| Q4 25 | — | $53.7M | ||
| Q3 25 | — | $48.7M | ||
| Q2 25 | — | $105.6M | ||
| Q1 25 | — | $-18.0M | ||
| Q4 24 | — | $63.3M | ||
| Q3 24 | — | $8.5M | ||
| Q2 24 | — | $34.2M |
| Q1 26 | 7.1% | — | ||
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | 7.6% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | -3.4% | ||
| Q4 24 | — | 10.6% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 5.5% |
| Q1 26 | 31.5% | — | ||
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 1.0% | ||
| Q2 24 | — | 1.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.66× | ||
| Q3 25 | — | 2.07× | ||
| Q2 25 | 3.64× | 6.16× | ||
| Q1 25 | 2.93× | -0.72× | ||
| Q4 24 | 4.05× | 1.65× | ||
| Q3 24 | 1.29× | 0.80× | ||
| Q2 24 | 2.46× | 2.64× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NOG
| Oil and Gas Sales | $447.7M | 73% |
| Gain on Commodity Derivatives, Net | $159.3M | 26% |
| Other Revenue | $3.1M | 1% |
REVG
| Specialty Vehicles | $507.4M | 76% |
| Recreational Vehicles | $157.2M | 24% |
