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Side-by-side financial comparison of NORTHERN OIL & GAS, INC. (NOG) and SM Energy Co (SM). Click either name above to swap in a different company.
SM Energy Co is the larger business by last-quarter revenue ($704.9M vs $610.2M, roughly 1.2× NORTHERN OIL & GAS, INC.). On growth, SM Energy Co posted the faster year-over-year revenue change (-17.3% vs -72.6%). Over the past eight quarters, SM Energy Co's revenue compounded faster (12.2% CAGR vs 4.3%).
Marathon Oil Corporation was an American company engaged in hydrocarbon exploration. In November 2024, it was acquired by ConocoPhillips and absorbed into the company.
SM Energy Company is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.
NOG vs SM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $610.2M | $704.9M |
| Net Profit | $-70.7M | — |
| Gross Margin | — | — |
| Operating Margin | — | 25.9% |
| Net Margin | -11.6% | — |
| Revenue YoY | -72.6% | -17.3% |
| Net Profit YoY | -198.7% | — |
| EPS (diluted) | $-0.73 | $0.94 |
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 | $704.9M | ||
| Q3 25 | $556.6M | $811.6M | ||
| Q2 25 | $706.8M | $792.9M | ||
| Q1 25 | $602.1M | $844.5M | ||
| Q4 24 | $515.0M | $852.0M | ||
| Q3 24 | $753.6M | $643.6M | ||
| Q2 24 | $560.8M | $634.6M |
| Q1 26 | $-70.7M | — | ||
| Q4 25 | $-70.7M | — | ||
| Q3 25 | $-129.1M | $155.1M | ||
| Q2 25 | $99.6M | $201.7M | ||
| Q1 25 | $139.0M | $182.3M | ||
| Q4 24 | $71.7M | — | ||
| Q3 24 | $298.4M | $240.5M | ||
| Q2 24 | $138.6M | $210.3M |
| Q1 26 | — | — | ||
| Q4 25 | 80.4% | — | ||
| Q3 25 | 78.7% | — | ||
| Q2 25 | 82.8% | — | ||
| Q1 25 | 81.1% | — | ||
| Q4 24 | 77.4% | — | ||
| Q3 24 | 85.8% | — | ||
| Q2 24 | 82.0% | — |
| Q1 26 | — | — | ||
| Q4 25 | -5.5% | 25.9% | ||
| Q3 25 | -22.6% | 30.4% | ||
| Q2 25 | 24.9% | 37.2% | ||
| Q1 25 | 38.1% | 32.7% | ||
| Q4 24 | 25.8% | 33.7% | ||
| Q3 24 | 57.6% | 51.4% | ||
| Q2 24 | 39.0% | 44.0% |
| Q1 26 | -11.6% | — | ||
| Q4 25 | -11.6% | — | ||
| Q3 25 | -23.2% | 19.1% | ||
| Q2 25 | 14.1% | 25.4% | ||
| Q1 25 | 23.1% | 21.6% | ||
| Q4 24 | 13.9% | — | ||
| Q3 24 | 39.6% | 37.4% | ||
| Q2 24 | 24.7% | 33.1% |
| Q1 26 | $-0.73 | — | ||
| Q4 25 | $-0.67 | $0.94 | ||
| Q3 25 | $-1.33 | $1.35 | ||
| Q2 25 | $1.00 | $1.76 | ||
| Q1 25 | $1.39 | $1.59 | ||
| Q4 24 | $0.71 | $1.63 | ||
| Q3 24 | $2.96 | $2.09 | ||
| Q2 24 | $1.36 | $1.82 |
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 | $368.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $4.8B |
| Total Assets | $5.4B | $9.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $14.3M | — | ||
| Q4 25 | $14.3M | $368.0M | ||
| Q3 25 | $31.6M | $162.3M | ||
| Q2 25 | $25.9M | $101.9M | ||
| Q1 25 | $33.6M | $54.0K | ||
| Q4 24 | $8.9M | — | ||
| Q3 24 | $34.4M | $1.7B | ||
| Q2 24 | $7.8M | $487.9M |
| 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 | $4.8B | ||
| Q3 25 | $2.2B | $4.7B | ||
| Q2 25 | $2.4B | $4.6B | ||
| Q1 25 | $2.4B | $4.4B | ||
| Q4 24 | $2.3B | $4.2B | ||
| Q3 24 | $2.3B | $4.1B | ||
| Q2 24 | $2.1B | $3.8B |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $5.4B | $9.3B | ||
| Q3 25 | $5.5B | $9.1B | ||
| Q2 25 | $5.7B | $9.0B | ||
| Q1 25 | $5.7B | $8.8B | ||
| Q4 24 | $5.6B | $8.6B | ||
| Q3 24 | $5.1B | $8.0B | ||
| Q2 24 | $4.7B | $6.7B |
| 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 | $451.9M |
| Free Cash FlowOCF − Capex | $43.2M | — |
| FCF MarginFCF / Revenue | 7.1% | — |
| Capex IntensityCapex / Revenue | 31.5% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $312.6M | — | ||
| Q4 25 | $312.6M | $451.9M | ||
| Q3 25 | $423.1M | $505.0M | ||
| Q2 25 | $362.1M | $571.1M | ||
| Q1 25 | $407.4M | $483.0M | ||
| Q4 24 | $290.3M | $578.4M | ||
| Q3 24 | $385.8M | $452.3M | ||
| Q2 24 | $340.5M | $476.4M |
| Q1 26 | $43.2M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | 7.1% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | 31.5% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 3.26× | ||
| Q2 25 | 3.64× | 2.83× | ||
| Q1 25 | 2.93× | 2.65× | ||
| Q4 24 | 4.05× | — | ||
| Q3 24 | 1.29× | 1.88× | ||
| Q2 24 | 2.46× | 2.27× |
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% |
SM
Segment breakdown not available.
